Crm global citywire_presentaton_book_3_2011

CRM Global Opportunity Cramer Rosenthal McGlynn, LLC

520 Madison Avenue

New York, NY 10022

T 212.326.5325

www crmllc.comwww crmfunds.com

March 2011

Table of Contents

Organization one

Philosophy & Process two

Strategy three

Summary four

Appendix fi ve

4Organization Philosophy & Process Strategy Summary Appendix

CRM Global Opportunity As of March 2011

One-on-One Presentation Not for Distribution

Investing with Clarity for Over Three DecadesDistinguishing Characteristics

Founded

Founders

Chairman

President

Assets

Ownership

Staff

1973

Gerald Cramer, Edward Rosenthal

& Ronald McGlynn

Ronald McGlynn

Jay Abramson

$15.3 billion

As of March 2011

Cramer Rosenthal McGlynn, Inc.

19 Active Employees

Wilmington Trust Company

65 Employees

25 Investment Analysts

4 Traders

9 Client Service

Experience—more than three decades Origination as All Cap investors

Time tested investment results

Institutional knowledge base

Commitment Philosophy & Process—identifiable and repeatable

High quality research team

Team environment—strong culture and continuity

Our Clients Alignment of Interests




Strategy Inception Assets StatusSmall/Mid Cap Value 1973 $3,259 million Soft-Closed

Small Cap Value 1995 $1,759 million Soft-Closed

Mid Cap Value 1998 $7,839 million Soft-Closed

All Cap Value 2002 $536 million Open

Large Cap Opportunity 2005 $1,392 million* Open

Global Opportunity 2009 $114 million Open

International Opportunity 2009 $22 million Open

Alternatives 1993 $343 million Open*includes assets of CRM's Private Client Group

UCITS Offerings Inception Assets StrategyCRM U.S. Equity Opportunities Fund 2010 $475 million All Cap Value

CRM Global Opportunities Fund 2011 $2 million Global Opportunity

Our Greatest Asset:Our Globally Diverse Client Base

Individual

Institutional Mutual Funds

Corporations

Endowments &

Foundations

Foreign

Public &

Taft-Hartley

Sub-Advisory

Client Base

Institutional SMA Clients




Why CRM Global Opportunity Strategy?

Boutique culture, intense research driven processEquity investing is our sole focus. As a firm, we have invested according to same philosophy for 38 years

while carefully managing asset growth.

True active management

Our active share has consistently been above 90% since the inception of the global opportunity strategy1

.

Stock selection has been primary source of alpha generation – a differentiator amongst global equity

managers which tend to rely on allocation effect.

Deep team with diverse experienceA team of more than 20 analysts many who were previously practitioners in their fields and have an average of 16 years of financial experience.

Unique, relatively concentrated portfolioAcross our universe of approximately 50 global actively managed equity funds, the majority of our portfolio

(over 50%) is not currently held by any other fund2

.

We seek to invest in 50-70 holdings, allowing stock picking to drive performance.

1 Active share is defined as a measure of the percentage of the portfolio that differs from its benchmark2 Based on analysis of data from Morningstar as of March 31, 2011

Competitive Advantage




Meet the TeamInvestment Research

Strategy LeadsGlobal OpportunityJay Abramson

Milu Komer

International OpportunityMilu Komer

Small Cap ValueMike Caputo

Kevin Chin

Small/Mid Cap Value

Mid Cap ValueJay Abramson

Chip Rewey

Large Cap OpportunityJay Abramson

All Cap ValueJay Abramson

Mike Caputo

Kevin Chin

Chip Rewey

Jay Abramson

26 Years Financial Experience

BSE The Wharton School of the

University of Pennsylvania

JD University of Pennsylvania Law School

Adriano Almeida, CFA


MS Embry-Riddle Aeronautical University

MBA Columbia Business School

Andrey Belov, Ph.D.


MS Moscow Institute of Physics and

Technology

PhD Princeton University

Ian Bitner


BS Indiana University

Mike Caputo


BA University of Notre Dame

MBA The Wharton School of the


Kevin Chin


BS Columbia University

Sackett Cook


BA Tulane University

Tom DeBourcy


BS The Wharton School of the


Brittain Ezzes


BA Brown University

Ryan Fox


BA Connecticut College

Bernard Frojmovich


BS CUNY Brooklyn College

MBA NYU Stern School of Business

Brian Harvey, CFA


BS Fairfi eld University

Milu Komer


BA Wellesley College

MBA The Wharton School of the


Rob Maina


BS Fairfi eld University

Ron McGlynn


BA Williams College


Mimi Morris


BA Williams College


Madison Nazamy


BBA Baruch College

Thad Pollock


BS Yale University

Jeff Reich, MD


BA Binghamton University

MD Weill Medical College of Cornell

University

Chip Rewey, CFA


BS Boston College

MBA Duke University

Jonathan Ruch


BA Cornell University

Andrew Singer, CFA


BA Tufts University

MBA Babson College F.W. Olin Graduate

School of Business

Martin Teng, CFA


MS, BS University of Illinois

MBA MIT Sloan School of Management

Investment Team2

1. Financial experience may include experience in the fi nancial services or consulting sector, including, among other areas, tax consulting, investment banking, research analysis.




Opportunistic Value InvestorsEquity Style Spectrum

ValueBankruptcy /

Distressed

Growth Venture

Deep Value GARP Momentum

ankruptcy / Growth Venture

Core

CRM’s Global and International focus is core, with a value bias. A fair label would be relative value, which allows for thoughtful, opportunistic investing within the framework of our valuation discipline.




Investing at the Intersection of Change & Neglect

The intellectual coherence of our investment philosophy is a genuine strength. Every company we buy and hold is characterized by three attributes: change, neglect and valuation.

Change

The global financial markets are rich with change. Every day the markets present investors with

mergers, divestitures, restructurings, new management teams or new products and expanded markets.

Neglect

Especially in its early stages, change tends to be greeted with uncertainty, expressed as investor

neglect - manifested through behavioral finance, low analytical coverage, negative to neutral stock

ratings and low institutional ownership.

Valuation

When change meets neglect, the intrinsic value of a company may exceed the current stock price.

At the intersection of change and neglect with attractive valuation, CRM seeks the potential for

substantial outperformance with lower downside risk.

The conviction to invest before the rewards of change are realized requires an investment process

grounded in intensive original research.

Investment Philosophy




The Identifiable & Repeatable ProcessInvestment Process Overview

The dedicated leadership of our CIO and Portfolio Manager catapults the intensive and collaborative research process and strategy management at the Firm.

Idea Generation

Team Structure

Work-in-Process List

Due Diligence

Investment Decision The Portfolio

Sell Discipline

Risk Management

“As investors, we believe that a

carefully constructed portfolio

consisting of high quality stocks at

low valuation should outperform at

a relatively low level of risk. With

our dedication to in-depth company

analysis, this level of performance

is what we strive for within our

strategies.”

Milu Komer

Senior Portfolio Manager




Investment Universe for CRM Global OpportunityInvestment Process

42,000 Stocks

Intial Global Equity

Universe

4,200 Stocks

Practical Universe

for Global strategy

1,600 Stocks

Idea Generation

Universe

Through a series of screens we are able to generate the investible universe of stocks. These 1,600 stocks are the starting block for our sector teams to source CRM's investment ideas.

Tailored Sector Team Screens

Special Situation ScreensMarket Capitalization

greater than $1 billion

Daily Turnover >

$1 million USD




The Team's Idea GenerationInvestment Process

Uncovering Change, Neglect & Low Valuation

Quantitative ScreensNegative Investor Sentiment & Minimal Wall Street Coverage

Price & Neglect

Performance Disappointments

QualitativeLeverage Themes Across Strategies - Horizontally & Vertically

Company's Business Plan

Management Decision Making

Industry Dynamics

Due Diligence on Existing Holdings

Institutional Knowledge Base

CRM StrategiesInitial Stock Universe & Market Cap Ranges (in billions)

Small Small/Mid Mid Large All Global International

$400

$12

$6

$1.5

$1

$0.5

$0.1

1,500-

1,800

Stocks2,800-

3,000

Stocks

1,000-

1,300

Stocks

1,300-

1,500

Stocks

CRM

Stocks

$3 4,000-

4,200

Global

Stocks

2,000-

2,200

Non-U.S.

Stocks




Investment Process

Sector LeadsBusiness ServicesRob Maina

Consumer DiscretionaryMike Caputo

Consumer StaplesThad Pollock

FinancialBrian Harvey

HealthcareJeff Reich

UtilitiesJay Abramson

Energy &

IndustrialsChip Rewey

Technology &

TelecommunicationsKevin Chin

Business ServicesKevin Chin

Tom DeBourcy

Milu Komer

Rob Maina

Jonathan Ruch

Consumer DiscretionaryMike Caputo

Kevin Chin

Ryan Fox

Mimi Morris

Jonathan Ruch

Consumer StaplesJay Abramson

Mike Caputo

Ryan Fox

Mimi Morris

Thad Pollock

EnergyAdriano Almeida, CFA

Milu Komer

Rob Maina

Chip Rewey, CFA

Martin Teng, CFA

FinancialSackett Cook

Bernard Frojmovich

Brian Harvey, CFA

Thad Pollock

Chip Rewey, CFA

HealthcareAndey Belov, Ph.D.

Tom DeBourcy

Thad Pollock

Jeff Reich, MD

IndustrialsAdriano Almeida, CFA

Ian Bitner

Brittain Ezzes

Milu Komer

Chip Rewey, CFA

Andrew Singer, CFA

Technology &

TelecommunicationsAndey Belov, Ph.D.

Kevin Chin

Tom DeBourcy

Brittain Ezzes

Rob Maina

Jonathan Ruch

UtilitiesJay Abramson

Adriano Almeida, CFA

Chip Rewey, CFA

*Please note that the analysts

highlighted in red are part of our

international team:

InternationalAndey Belov, Ph.D.

Sackett Cook

Ryan Fox

Milu Komer

Madison Nazamy

Martin Teng, CFA

Sector Teams

Leveraging the CRM Sector Teams

StrategiesGlobal Opportunity

International Opportunity

The strength of the CRM Sector Teams

will be relied upon for, research and

contribution to the Global strategy, lead

by Jay Abramson and Milu Komer.

The International strategy is lead by

Milu Komer and a dedicated investment

team.




The Decision to InvestInvestment Process

The final decision to invest is made by the Portfolio Managers who generally consider the following:

Emphasize bottom-up, fundamental analysis

Create a proprietary financial model and assess the valuation

Sensitivity to core assumptions

Conduct all level management interviews and company visits

Contact customers, suppliers and competitors

Establish the Investment Case and Target Price, seeking at least

50% upside over a 2 year investment horizon

An Investment Case is established for holdings in the

CRM Global Opportunity, which identifies the expected

quality, neglect, valuation and risk. The Investment

Case is key in maintaining our sell discipline.

Past performance is not indicative of future results.

Sample CompanyCRM Investment CaseAnalyst: Milu Komer

Country: Luxembourg

Sector: Energy

Company Description

Company is one of the leading seamless pipes manufactur-

ers globally. The company is a key supplier to both the inde-

pendent oil majors and state owned oil companies providing

value added and highly customized products. Company has

production facilities strategically positioned across the world

which gives the company a competitive advantage in a more

fl exible production and cost effective structure. Company

has a superior sales and distribution network and is a leader

in technology versus its peers. Company is achieving over

30% EBITDA margins and ROIC of over 20% which we

believe is sustainable over the medium term. We expect the

capex spending will continue to increase over the next few

years especially in the unconventional areas like oil sands,

deepwater, and the Caspian region which are the key focus

areas for Company. Through its global platform, Tenaris

provides a complete solution to investors which includes the

seamless pipe, premium connection and servicing. Tenaris

presents a compelling investment opportunity and we be-

lieve that the shares are worth $40, representing signifi cant

upside from current levels.




Portfolio Construction

Both our buy and sell disciplines revolve around our Investment Case for each individual investment. The final decision to invest/sell is made by the Portfolio Managers:

Buy DisciplineFocus on bottom-up fundamental company research, identifying a high quality of management and overall business franchise

Understand the investment’s risks and rewards subject to strategy’s risk controls and existing holdings.

Portfolio Holdings: 50-70 stocks with an investment horizon of about 2 years

Conviction Weighting: 1-5% position size

Sell DisciplineDependence on the original Investment Case

A stock will be sold when one of more of the following occurs:

Target price is attained, company reaches our fair valuation•

Company’s loss of pricing power and erosion of margin of returns•

Management complacency and fundamentals of the Investment Case deteriorate•

After a decision to sell is made, investment is replaced by a higher conviction stock or one with a greater risk/reward profile.

Investment Process




Investment ProcessManaging the Risk with Fundamental and Quantitative Controls

Risk is controlled within the following framework:

Portfolio Holdings 50-70 stocks

Conviction Weighting 1-5% position size

Country Exposure +/- 15% benchmark

Sector Exposure +/- 15% benchmark

Emerging Markets Exposure 25% maximum in Global strategy

The weights in the portfolio are determined by the

trade off between risk and return.

Upside Potential to Target Price

Sensitivity of Valuation to Key Assumptions

FACTSET - Northfield Portfolio Optimizer

Impact on Portfolio Risk Parameters




The Strategy and Top PositionsGlobal Opportunity

Strategy Inception Date December 31, 2008 Market Capitalization Focus Greater than $1 billion

Total Assets in Strategy $114 million Number of Holdings 50 - 70

Products Separately Managed Account, CRM Global Opportunity Fund, UCITS Maximum Security Position, Country & Sector Exposure 5% at market, +/- 15% MSCI World

Mutual Fund Tickers CRIWX, CRMWX Portfolio Fully invested at all time

UCITS ISINs: IE00B5QLZN93, IE00B5LDGW66, IE00B3WKDY34

The Top Ten Holdings list above is presented to illustrate examples of the securities which were held in the Global Opportunity strategy on the date indicated and may not be representative of the current or future investment of the strategy. It should not be assumed

that investments in the securities not identifi ed on this list were or will be profi table. CRM will furnish, upon request, a list of all securities purchased, sold or held in the strategy during the 12 months preceding the date indicated.

The Top Ten Country Sector % in StrategyKURARAY CO., LTD. Japan Materials 2.0

St. Jude Medical, Inc. United States Health Care 2.0

SeaDrill Limited Norway Energy 1.9

Vallourec SA France Industrials 1.9

Tyco International Ltd. United States Industrials 1.9

Barratt Developments PLC United Kingdom Consumer Discretionary 1.9

Credicorp Ltd. Peru Financials 1.9

NIKON CORPORATION Japan Consumer Discretionary 1.8

Teck Resources Limited Canada Industrials 1.7

JGC CORPORATION Japan Materials 1.7

Total 18.6




GICS Sectors & Regional ExposuresGlobal Opportunity

Consumer Discretionary

FinancialsEnergyConsumer Staples

Health Care Information Technology

Industrials Materials Telecommunication Services

Utilities

20

15

10

5

Africa/Middle East

CanadaAsia/Pacifi c ex-Japan

Emerging Markets

JapanEurope ex-UK

50

40

30

20

10

The sector breakdown chart above is presented to illustrate examples of sectors which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.

Source: FactSet Research Systems Inc.

The regional breakdown chart above is presented to illustrate examples of regions which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.


CRM Global Opportunity

MSCI World Index

United Kingdom United States




GICS Sectors & Regional ExposuresGlobal Opportunity

Consumer Discretionary

FinancialsEnergyConsumer Staples

Health Care Information Technology

Industrials Materials Telecommunication Services

Utilities

20

15

10

5

50

40

30

20

10

The sector breakdown chart above is presented to illustrate examples of sectors which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.


The regional breakdown chart above is presented to illustrate examples of regions which were held in the Global Opportunity strategy as of the date indicated and may not be representative of the portfolio's current or future investments.


CRM Global Opportunity

MSCI ACWI Index

Africa/Middle East

CanadaAsia/Pacifi c ex-Japan

Asia Emerging Markets

JapanEurope ex-UK

Latin America United Kingdom United States




Annualized & Calendar Year PerformanceGlobal Opportunity

The information on the Funds’ performance represent past performance, which does not guarantee future results. If you invest in a Fund, your investment return and principal value will fluctuate, so that your shares,

when redeemed, may be worth more or less than their original cost. The Funds’ current performance may be lower or higher than the performance listed. Performance data current to the most recent month-end may be

obtained at www.crmfunds.com. Performance of this fund reflects fee waivers in effect. The performance information includes a comparison to various benchmarks, which are rebalanced annually.*This is an annualized

performance number.

Investors should carefully consider the investment objectives, risks, charges and expenses of the CRM Funds before investing. To request a prospectus with this and other information about the Funds, please call

800.276.2883 or visit www.crmfunds.com. It should be read carefully before investing.

The Fund is subject to risks, which are described in the prospectus. In particular, when compared to mutual funds that focus on larger capitalization companies, shares of the Fund may be more volatile because of the

exposure to smaller and mid capitalization companies, which may have more limited product lines and fewer capital resources. The Fund’s value investing strategy also involves risks.

The benchmarks referenced are as follows: MSCI World Index is the Fund’s benchmark.

CRM Global Opportunity Fund

Institutional Shares

MSCI World Index

MSCI ACWI Index

MTD QTD YTD 1 Year ICD*

0.79 2.40 2.40 20.22 31.09

-0.99 4.80 4.80 13.45 20.57

-0.10 4.42 4.42 14.08 22.72




Stock SelectionThe Primary Driver of Performance

Sources of Alpha by Region

Sources of Alpha by Sector

Attribution information is presented for the CRM Global Opportunity Fund Institutional Shares and may not be representative of the strategy’s current or future investments. The source of the information for all attribution is FactSet Research Systems, Russell Sectors and holdings based.

Holdings are subject to change at any time. Please see page 27 for statistic defi nitions.




Risk and Return StatisticsMarch 31, 2011

Return vs. Risk

Risk/Return vs. MSCI ACWI Index

Rolling 6-month Performance Since Inception

Risk/Return vs. MSCI World Index

Source: FactSet Research Systems

Please see performance disclosure language found on page 23 and page 27 for statistic defi nitions.

'09 '10

-10

0

10

20

30

40

50

Rolling 6 Month Windows

Rolling Multi-Horizon Chart01/2009 to 03/2011

CRM Global Opportunity - Inst MSCI The World Index - Net Return MSCI AC World Index - Net Return

-6 -4 -2 0 2 4 6Tracking Error

10

15

20

25

30

Annu

alize

d Retu

rn

Tracking Error Vs Annualized Return01/2009 to 03/2011

CRM Global Opportunity - Inst MSCI AC World Index - Net Return MSCI The World Index - Net Return

AnlzdReturn

AnlzdStdDev

SharpeRatio

MaxDrawdown

TrackingError

InfoRatio

-20

-10

0

10

20

30

Multi-Statistic Chart01/2009 to 03/2011

CRM Global Opportunity - Inst MSCI The World Index - Net Return

AnlzdReturn

AnlzdStdDev

SharpeRatio

MaxDrawdown

TrackingError

InfoRatio

-20

-10

0

10

20

30

Multi-Statistic Chart01/2009 to 03/2011

CRM Global Opportunity - Inst MSCI AC World Index - Net Return




March 31, 2011Risk and Return Statistics

April 2010 - March 2011

Annualized

Excess

Returns

Tracking

Error

Sharpe Ratio Beta Annualized

Return

Annualized

Standard

Deviation

Annualized

Alpha

Active Share

(Avg.)

CRM Global Opportunity 6.80 6.37 0.92 1.13 20.25 21.84 4.71 94.00

MSCI World Index - - 0.72 1.00 13.45 18.54 - -

Source: FactSet Research Systems

Please see performance disclosure language found on page 23. Please see page 27 for statistic defi nitions.

April 2010 - March 2011

Annualized

Excess

Returns

Tracking

Error

Sharpe Ratio Beta Annualized

Return

Annualized

Standard

Deviation

Annualized

Alpha

Active Share

(Avg.)


MSCI ACWI Index - - 0.76 1.00 14.08 18.26 - -

CRM Global Opportunity vs. MSCI World Index

CRM Global Opportunity vs. MSCI ACWI Index

January 2009 - March 2011


MSCI ACWI Index - - 1.11 1.00 22.68 20.31 - -

January 2009 - March 2011


MSCI World Index - - 1.01 1.00 20.54 20.12 - -



Active Share A measure of the percentage of the portfolio that differs from its benchmark.

Allocation Effect Portion of excess return attributable to the PM’s ability to effectively allocate assets relative to the passive index.

Annualized Alpha A measure of the incremental return of a product when the market is stationary.

Annualized Excess Return The calculated returns in excess of a benchmark.

Annualized Return The geometric mean of the product's returns with respect to one year.

Annualized Standard Deviation A measure of the average deviations of a return series from its mean.

Beta The measure of the portfolio's volatility in reference to the benchmark.

Tracking Error A measure of the amount of active risk that is being taken by a manager.

Sharpe Ratio A measurement of effi ciency utilizing the relationship between annualized risk-free return and standard deviation.

Downside Capture % A measure of the product's performance in down markets relative to the market itself.

Upside Capture % A measure of the product's performance in up markets relative to the market itself.

Selection Effect Portion of excess return attributable to the PM’s ability to effectively pick better performing securities relative to the passive index.

Interaction Effect Portion of excess return resulting from the interaction of the asset allocation and security selection decisions.

Total Effect The total effect is the summation of the Allocation Effect, Selection Effect and the Interaction Effect.

The Definitions




Investing With Clarity for Over Three DecadesHistory of the Firm

Cramer Rosenthal McGlynn, LLC is a leading value manager. We believe our track record, spanning almost 40 years, is testament to our success in serving clients

and providing strong investment performance. Clients benefi t from consistent application of one cohesive philosophy and process, implemented by a team with

diverse experience in appraising the intrinsic value of companies.

CRM’s founding partners, Gerry Cramer, Ed Rosenthal and Ron McGlynn, met in the 1970s. Sharing a fascination for investing in changing companies neglected by

other investors, they founded CRM in 1973 as a value investment specialist. To implement their vision, they created an investment process designed to capitalize

on the returns and minimize the risks inherent in changing companies.

After the painful market decline of 1973-1974, many investors lost interest in stocks, creating a climate of neglect. The challenges of the early 1970s led the

founders of our fi rm to formulate the rationale for investing we follow today. They saw fi rsthand the opportunities inherent in companies experiencing change while

operating in an environment of low investor expectations. While inspired by personal experience, the validity of CRM’s strategy is supported by numerous academic

studies dating from the genesis of the modern stock market to the present.

By the early 1980s, the success of CRM’s investment process led to several positive developments. Our track record attracted institutional clients, helping our

fi rm to grow assets under management and build resources. Jay Abramson joined the fi rm, and over time expanded our team of talented research analysts. The

advent of institutional investors and a new generation of talent in turn brought improvements to the investment process. Specifi cally, we developed more in-depth

approaches to due diligence and formalized valuation techniques.

What began as a collective gleam in three investors’ eyes has turned into an investment company with a 38-year track record based on a proven investment

process. While we have grown as an organization, we nonetheless remain true to our entrepreneurial origins, evident in the shared excitement with which analysts

team up to pursue a new opportunity.




Capitalizing on Change and NeglectInvestment Philosophy

Our track record, spanning almost 40 years, is testament to our success in serving clients and providing strong investment performance. Clients benefi t from

consistent application of one cohesive philosophy and process, implemented by a team with diverse experience in appraising the intrinsic value of companies. The

intellectual coherence of our investment philosophy is a genuine strength. Companies we buy and hold are typically characterized by three attributes: change,

neglect and valuation.

Change

The global fi nancial markets are rich with change. Every day the markets present investors with mergers, divestitures, restructurings, new management teams or

new products and expanded markets.

Neglect

Especially in its early stages, change tends to be greeted with uncertainty, expressed as investor neglect — manifested through behavioral fi nance, low analytical

coverage, negative to neutral stock ratings and low institutional ownership.

Valuation

When change meets neglect, the intrinsic value of a company may exceed the current stock price. At the intersection of change and neglect with attractive

valuation, CRM fi nds the potential for substantial outperformance.

The conviction to invest before the rewards of change are realized requires an investment process grounded in intensive original research.




Biographies of Investment ProfessionalsExecutives

Jay B. Abramson – President

Jay has been with CRM since 1985. As Chief Investment Offi cer, he maintains overall responsibility for the fi rm’s investment team. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton

School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefi ore Medical Center.

Christopher C. Barnett – Executive Vice President

Chris joined CRM in 1997 and as Director of Marketing, he is responsible for marketing and client service, as well as maintaining relationships with the consulting community. Prior to CRM, Chris worked in

the fi xed income department at Ark Asset Management. He received a BA in history from the University of Richmond.

Carlos A. Leal, CPA – Executive Vice President, Chief Financial Offi cer

Carlos joined the fi rm in 1999. Prior to CRM, Carlos was an Audit Senior Manager within the Financial Service Group of Ernst & Young LLP. He received a BBA from Iona College.

Ronald H. McGlynn – Chairman

Ron is one of the cofounders of CRM and his primary role is Chief Executive Offi cer at the fi rm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard &

Poor’s InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the

Board of Trustees at Winthrop University Hospital.

Steven A. Yadegari, Esq. – Senior Vice President, General Counsel

Steve joined the fi rm in 2005. Prior to CRM, he worked at the New York offi ces of K&L Gates and Proskauer Rose. Steve also has served as Senior Counsel at the U.S. Securities and Exchange Commission.

Steve sits on the Board of Directors of the Association for Confl ict Resolution of Greater New York, where he is currently serving as President of the organization. Steve is an adjunct professor at the Benjamin

N. Cardoza School of Law and NYU School of Continuing Education and Professional Studies. Steve has received a BA from Brandeis University and earned his JD from the Benjamin N. Cardozo School of Law.




Biographies of Investment ProfessionalsResearch & Trading

Jay B. Abramson – President

Jay has been with CRM since 1985. As Chief Investment Offi cer, he maintains overall responsibility for the fi rm’s investment team. Prior to CRM, Jay earned his CPA. He received a BSE from The Wharton

School of the University of Pennsylvania and a JD from the University of Pennsylvania Law School. Jay is a Trustee and Chairman of the Investment Committee for Montefi ore Medical Center.

Adriano F. Almeida, CFA

Adriano joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group. Previously, he was a portfolio manager with Louis Dreyfus Highbridge Energy and Dalton, Greiner,

Hartman, Maher & Co. Adriano has additional experience as a senior managing analyst with The Dreyfus Corporation and as the Head of Research and Applications at Physical Acoustics Corporation. He

received a MS from Embry-Riddle Aeronautical University and an MBA from Columbia Business School.

Andrey A. Belov, Ph.D. - Vice President

Andrey joined CRM in 2009 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was a senior research analyst responsible for global

technology investments at Bernstein Global Value Equities, a unit of AllianceBernstein. Prior to Bernstein, Andrey was a management consultant at McKinsey & Company, where he led projects in the high

technology, telecommunications and aerospace industries. He earned a MS from Moscow Institute of Physics and Technology and a PhD from Princeton University.

Ian Bitner

Ian joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group. Previously, he was a senior analyst at BroadArch Capital; and prior to BroadArch, Ian covered fi nancial ser-

vices as an investment banking analyst at Banc of America Securities. He earned a BS from Indiana University's Kelley School of Business.

Michael J. Caputo – Senior Vice President

Mike joined CRM in 2002 and he currently serves as a portfolio manager and senior research analyst in our investment group. Prior to CRM, Mike was a vice president in Corporate Finance at Morgan Stanley.

He earned a BA from the University of Notre Dame and an MBA from The Wharton School of the University of Pennsylvania.

Kevin M. Chin – Senior Vice President

Kevin has been with the fi rm since 1989 and he currently serves as a portfolio manager and senior research analyst in our investment group. Prior to CRM, Kevin was a fi nancial analyst for the Mergers and

Acquisitions Department of Morgan Stanley and a risk arbitrager with Credit Suisse First Boston. He received a BS from Columbia University.

Sackett S. Cook

Sackett joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was a senior analyst and portfolio manager with Dia-

mondback Capital and MENEMSHA Capital Group, respectively. He has additional experience as a global fi nancial analyst with Execution Ltd., UBS Warburg and Fox-Pitt, Kelton. He received a BA from Tulane

University.

Thomas P. Cook – Vice President

Tom joined CRM in 1996 and he is a trader for CRM’s investment team. Previously, he was employed as a trader at Gabelli Asset Management. Tom attended Fordham University where he earned a CBA BS in

accounting. He is a member of St. Francis Prep Alumni Board of Directors.

Thomas DeBourcy

Tom joined the fi rm in 2007 and his primary role is a research analyst in CRM’s investment group. Previously, he was an analyst at Deutsche Bank Securities in the health care group. Tom received a BS from

The Wharton School of the University of Pennsylvania.




Biographies of Investment ProfessionalsResearch & Trading

Brittain Ezzes

Brittain joined the fi rm in 2010 and her primary role is researched analyst in CRM’s investment group. Previously, she was an analyst and Managing Director with MissionPoint Capital Partners and Iridian

Asset Management, respectively. Brittain has additional experiences as an associate at the merchant banking fund SG Capital Partners, and as a business analyst with Price Waterhouse, LLP. She received a

BA from Brown University.

Ryan D. Fox

Ryan joined the fi rm in 2010 and his primary role is research analyst in CRM’s investment group focusing on international equities. Previously, he was an assistant portfolio manager and equity analyst at

GE Asset Management. He received a BA from Connecticut College and is a Level 2 CFA candidate and a Certifi ed GE Black Belt.

Bernard C. Frojmovich

Bernie joined the fi rm in 2009 and his primary role is research analyst in CRM’s investment group. Previously, he was a vice president and investor on the U.S. Small and Mid-Cap Value Equity Team at

BlackRock Investment Management. Prior to BlackRock, Bernie covered fi nancial services as an investment analyst at Morgan Stanley Investment Management and a credit analyst at JPMorgan Chase. He

earned a BS from CUNY, Brooklyn College and an MBA from New York University's Leonard N. Stern School of Business.

Scott L. Geller – Senior Vice President

Scott joined CRM in 1993 and he is Director of Trading. Before CRM, Scott was an assistant vice president on the trading desk at Rothschild, Inc. Scott earned a BBA from Baruch College of the City

University of New York. Scott is a member of the National Organization of Investment Professionals.

Brian M. Harvey, CFA – Vice President

Brian joined the fi rm in 2005 and he is a senior research analyst in CRM's investment group. Prior to CRM, he was an equity research analyst at Fox-Pitt, Kelton. Brian also spent four years as accountant in

the fi nancial services audit practice at KPMG LLP and earned his CPA designation. He received a BS from Fairfi eld University.

Milu E. Komer – Senior Vice President

Milu joined CRM in 2008 and she serves as a portfolio manager and senior research analyst in the fi rm’s investment group, focusing on the international and global strategies. Prior to joining the fi rm, Milu

was Vice President at Neuberger Berman Management Inc. and Neuberger Berman, LLC where she served as an analyst, associate portfolio manager and portfolio manager since 2001. In addition, she

previously served as an associate in the J.P. Morgan Securities Debt Capital Markets Group and as a Foreign Exchange Trader in the Emerging Markets Group at Citibank. Milu began her career as a Financial

Analyst in the International Equity Research and Asset Management Divisions of Goldman Sachs’ London offi ce. She received a BA from Wellesley College and an MBA from The Wharton School of the Univer-

sity of Pennsylvania.

Robert Maina – Vice President

Rob joined the fi rm in 2005 and his primary role is a senior research analyst in CRM’s investment group. Previously, Rob worked at Copper Beech Capital Management, a long/short fund focusing on the

technology sector, and also CIBC World Markets, Donaldson, Lufkin & Jenrette and Arthur Andersen & Company LLP. He received a BS from Fairfi eld University's School of Business.

Rosanna Mangone – Assistant Vice President

Rosanna joined CRM in 2006 and she is a trader at the fi rm. Most recently, she worked at Moon Capital Management trading orders in the U.S., Europe and emerging markets. Rosanna also worked in

trading at The Dreyfus Corporation, S.A.C. Capital Advisors LLC, Gordon Haskett Capital Corp. and Soros Fund Management. Rosanna received a B.A. in business from St. Johns University.

Ronald H. McGlynn – CEO and Chairman

Ron is one of the cofounders of CRM and his primary role is Chief Executive Offi cer at the fi rm. Before CRM, Ron was a portfolio manager and an investment analyst for Chase Manhattan Bank, Standard &

Poor's InterCapital and Oppenheimer & Company. He earned a BA from Williams College and an MBA from Columbia University Business School. Ron serves as chairman of the Investment Committee on the

Board of Trustees at Winthrop University Hospital.




Mimi B. Morris

Mimi Morris joined the fi rm in 2010 and her primary role is a research analyst in CRM’s investment group. Prior to CRM, Mimi was a Director at Telsey Advisory Group where she was an equity analyst and

consultant. She has additional fi nancial experience from Merrill Lynch, Columbia House Company and Donaldson, Lufkin, and Jenrette. She received a BA from Williams College and an MBA from Columbia

Business School.

Madison Nazamy

Madison joined the fi rm in 2008 and her primary role is research associate in CRM's investment group focusing on international equities. Prior to CRM, Madison was at Neuberger Berman, LLC; and previous

to Neuberger, she worked as a hedge fund and mutual fund accountant. She received a BBA from Baruch College.

Thaddeus D. Pollock – Vice President

Thad joined the fi rm in 2003 and his primary role is a senior research analyst in CRM’s investment group. Prior to CRM, he spent three years as an analyst in Corporate Finance at Lehman Brothers. Thad

received a BS from Yale University.

Jeffrey B. Reich, MD – Vice President

Jeff joined CRM in 2007 and his primary role is a senior research analyst in CRM’s investment group. Prior to CRM, Jeff was a portfolio manager/senior analyst and principal at Merlin Bio Med Group. He

earned his BA from Binghamton University and his MD from Weill Medical College of Cornell University, where he was also an Assistant Clinical Professor in the Department of Neurology and Neuroscience for

10 years.

Robert ‘Chip’ L. Rewey, III, CFA – Senior Vice President

Chip joined CRM in 2003 and he is a senior portfolio manager and senior research analyst on our investment team. Before joining CRM, he was a portfolio manager/senior analyst at Sloate, Weisman, Murray

& Co., Inc., a boutique money management fi rm. He received a BA from the Carroll School of Management, Boston College and an MBA from Fuqua School of Business at Duke University.

Jonathan Ruch - Vice President

Jon joined the fi rm in 2005 and his primary role is a research analyst in CRM's investment group. Prior to CRM, he spent two years with Morgan Stanley's Venture Capital group and two years as an analyst

in the Corporate Finance division at Morgan Stanley. Jon earned a BA in economics from Cornell University.

Andrew Singer, CFA

Andrew joined the fi rm in 2009 and his primary role is research analyst in CRM’s investment group. Previously, he was an equity analyst at BlackRock; and prior to BlackRock, Andrew was an equity analyst

at Evergreen Investments and a senior associate within equity research at Credit Suisse First Boston. He earned a BA from Tufts University and an MBA from F.W. Olin Graduate School of Business at Babson

College.

Martin Teng, CFA

Martin joined the fi rm in 2006 and his primary role is a research analyst in CRM’s investment group. Prior to CRM, he was a research analyst at SG Cowen and Needham & Company. Martin received a BS

and MS from the University of Illinois and an MBA from MIT’s Sloan School of Management.

Research & TradingBiographies of Investment Professionals




Christopher C. Barnett – Executive Vice President

Chris joined CRM in 1997 and as Director of Marketing, he is responsible for marketing and client service, as well as maintaining relationships with the consulting community. Prior to CRM, Chris worked in

the fi xed income department at Ark Asset Management. He received a BA in history from the University of Richmond.

James D. Brown – Assistant Vice President

James joined CRM in 2008. His primary role at CRM is in marketing mutual funds and separately managed accounts through Broker-Dealers. For the past thirteen years, Jimmy worked in marketing at

Scotsman Capital Management, Lazard Asset Management and J.M. Hartwell. He received a BA in Human and Organizational Development from Vanderbilt University.

Maura McNulty – Vice President

Maura joined the fi rm in 2001. Her primary responsibility at CRM is providing client service. Prior to joining the fi rm, she was an institutional equity sales associate at AG Edwards & Sons, Inc. She earned a

BA in mathematical economics from Colgate University.

Serra Sonmez, CFA – Vice President

Serra joined CRM in 2005. She is responsible for client service. Previously, Serra was a manager of Client Service at Meridian Capital Partners, Inc. Serra also worked at Advent Capital Management, LLC.

She received a BBA in fi nance from the College of William & Mary.

Harris Swenson, CFA – Vice President

Harris joined the fi rm in 2003 and he is responsible for marketing at CRM. Prior to joining CRM, Harris worked in the commercial real estate group at Cravath, Swain & Moore, LLP. He received a BA from the

University of North Carolina at Chapel Hill.

Addison R. West – Vice President

Addison joined CRM in 2004. His primary role is in mutual fund distribution for the fi rm. Prior to joining CRM, Addison worked for three years in sales and marketing at Pilgrim Baxter & Associates. He

received a BA in political science from Amherst College.

Biographies of Investment ProfessionalsMarketing & Client Service




GIPS® Compliance Verification StatementBeacon Verification Services

GIPS® Compliance Verifi cation StatementCramer Rosenthal McGlynn, LLCIssued March 17, 2011

The following report issued by Beacon Verifi cation Services, (“Beacon”) is for a fi rm-wide GIPS® Verifi cation of Cramer Rosenthal McGlynn, LLC’s (“CRM”) claim of compliance with the Global Investment

Performance Standards (GIPS®) for the period December 31, 2004 through September 30, 2010.

CRM received a fi rm-wide GIPS® Verifi cation for the period January 1, 1989 to December 31, 2004 from predecessor verifi ers. As dictated by the GIPS®, we are relying on the work of the predecessor verifi ers

in formulating our opinion. The fi rm’s composite presentations include returns prior to December 31, 2004 that were verifi ed by the predecessor verifi ers; however, the scope of our verifi cation is limited to the

period December 31, 2004 through September 30, 2010. We have examined whether CRM (1) complied with all the composite construction requirements of the GIPS® on a fi rm-wide basis and (2) designed

its processes and procedures to calculate and present performance results in compliance with the GIPS® for the period December 31, 2004 through September 30, 2010. CRM’s management is responsible

for compliance with the GIPS® and the design of the processes and procedures that present the fi rm’s performance results in accordance with the GIPS®. Beacon’s responsibility is to express an opinion on

CRM’s compliance based on its verifi cation procedures.

Beacon has completed this fi rm-wide GIPS® Verifi cation in accordance with the verifi cation procedures set forth in the GIPS®. It is Beacon’s opinion that CRM has complied with all the composite

construction requirements of the GIPS® on a fi rm-wide basis. Furthermore, it is Beacon’s opinion that CRM’s processes and procedures were designed to calculate and present performance results in

compliance with the GIPS® for the period December 31, 2004 through September 30, 2010. In performing the fi rm-wide verifi cation addressed above, it is not Beacon’s responsibility to express an opinion

on any particular composite presentation. CRM is responsible for the production and distribution of materials presented in conformity with the GIPS®.

In performing the fi rm-wide verifi cation addressed above, it is not Beacon’s responsibility to express an opinion on any particular composite presentation. CRM is responsible for the production and

distribution of materials presented in conformity with the GIPS®.

Beacon Verifi cation Services




CRM Global Opportunity StrategyFunds, Terms and Conditions

Separately Managed Accounts

Minimum Size: $25 million

Funds

Name of Fund: CRM Global Opportunities Fund CRM Global Opportunity Fund

Type of Fund: UCITS Open-Ended Mutual Fund

Administrator: Citi Fund Services (Ireland), Ltd. BNY Mellon

Custodian: Citibank International plc Ireland PFPC/BNY Mellon

Auditors: KPMG KPMG

Legal Counsel: Maples and Calder Bingham LLP

Listing: Ireland U.S.

Subscription: Daily Daily

Fiscal Year End: December June

Share Class Currency: USD USD

Share Classes: A B C Individual Institutional

Minimum Investment: $1,000 $100,000 $100,000 $1,000 $1 million

Redemption Fee: 1.00% None None 1.50% 1.50%

ISIN: IE00B5QLZN93 IE00B5LDGW66 IE00B3WKDY34 US12628J6001 US12628J5011

Cramer Rosenthal McGlynn, LLC

520 Madison Avenue

New York, NY 10022

T 212.326.5325

www crmllc.comwww crmfunds.com

Crm global citywire_presentaton_book_3_2011

Documents

chief executive ofcer

regional breakdown chart

monteore medical center

chase manhattan bank

chief investment ofcer

wide verication addressed

factset research systems

low institutional ownership