Oakbrook, IL – May 24, 2022 – QSV Equity Investors has been awarded multiple PSN Top Guns
distinctions by Informa Financial Intelligence’s PSN manager database, North America’s longest running
database of investment managers. QSV was honored with 6 Star, 5 Star and 4 Star Top Gun ratings for
its Quality Value Midcap strategy in the Mid Value Universe for Q1 2022, highlighting risk-adjusted results
over the trailing three- and five-year periods.

“Volatile markets are currently a fact of life,” noted QSV co-founder and Chief Investment Officer Randy
Hughes. “Ongoing Top Guns recognition by Informa Financial Intelligence is gratifying, as it highlights the
competitive risk-adjusted returns that QSV has delivered for our clients.”

Through a combination of Informa Financial Intelligence’s proprietary performance screens, *PSN Top Guns
(*free registration to view Top Guns) ranks products in six proprietary categories in over 50 universes. This
is a well-respected quarterly ranking and is widely used by institutional asset managers and investors.
Informa Financial Intelligence is part of Informa PLC, a leading provider of critical decision-making solutions
and custom services to financial institutions.

Quality Value Midcap received the 4 Star rating, which is awarded to strategies with an r-squared of 0.80
or greater relative to the style benchmark for the recent five-year period. Moreover, the strategy’s returns
must exceed the style benchmark for the three latest three-year rolling periods. The top ten returns for the
latest three-year period then become the 4 Star Top Guns. The Quality Value Midcap strategy received 5
Star recognition, awarded to those strategies that had an r-squared of 0.80 or greater relative to the style
benchmark for the recent five-year period. Additionally, the strategy’s returns must have exceeded the
style benchmark for the three latest three-year rolling periods. Products are then selected which have a
standard deviation for the five-year period equal or less than the median standard deviation for the peer
group. The top ten returns for the latest three-year period then become the 5 Star Top Guns. Lastly, the
Quality Value Midcap strategy received the 6 Star rating. To attain this rating, the strategy had an r-squared
of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, the strategy’s
returns exceeded the style benchmark for the three latest three-year rolling periods. Products are then
selected which have a standard deviation for the five-year period equal or less than the median standard
deviation for the peer group. The top ten information ratios for the latest five-year period then become
the 6 Star Top Guns.

QSV manages three fundamental strategies, Quality Value Midcap, Select Value, and Quality Value
Smallcap, all of which seek to reward clients with performance that is above their benchmarks and peers
over a full market cycle with less volatility. QSV’s investment team invests alongside its clients in small
and mid-cap businesses they believe can sustain high returns on invested capital through durable
competitive advantages. Markets currently present investors with elevated levels of risk and QSV
believes that selectively owning durable businesses purchased at reasonable valuations will be key to
preserving and growing wealth.

“Congratulations to QSV Equity Investors for being recognized as a PSN Top Gun,” said Ryan Nauman,
Market Strategist at Informa Financial Intelligence’s Zephyr. “This highly esteemed designation allows us to
recognize success, excellence and performance of leading investment managers each quarter.”

The complete list of PSN Top Guns and an overview of the methodology can be found on
https://psn.fi.informais.com/

For more details on the methodology behind the PSN Top Guns Rankings or to purchase PSN Top Guns
Reports, contact Margaret Tobiasen at Margaret.tobiasen@informa.com.

For more details on the specific performance and characteristics of QSV’s strategies, including a fully
GIPS compliant presentation, please visit www.qsvequityinvestors.com.

About QSV Equity Investors, LLC

QSV Equity Investors is an employee-owned asset management firm that invests alongside its clients
in high conviction portfolios of quality small and mid-capitalization businesses. QSV manages these
portfolios of publicly traded companies for individuals, family offices and institutions. Based in Oakbrook
Terrace, Illinois, QSV was founded in 2016 by Jeff Kautz and Randy Hughes, investment professionals who
previously held senior roles at Perkins Investment Management and have invested together for 25 years.

About Informa Financial Intelligence’s Zephyr

Financial Intelligence, part of the Informa Intelligence Division of Informa plc, is a leading provider of
products and services helping financial institutions around the world cut through the noise and take
decisive action. Informa Financial Intelligence’s solutions provide unparalleled insight into market
opportunity, competitive performance and customer segment behavioral patterns and performance
through specialized industry research, intelligence, and insight. IFI’s Zephyr portfolio supports asset
allocation, investment analysis, portfolio construction, and client communications that combine to help
advisors and portfolio managers retain and grow client relationships. For more information about IFI, visit
https://financialintelligence.informa.com. For more information about Zephyr’s PSN Separately Managed
Accounts data, visit https://financialintelligence.informa.com/products-and-services/data-analysis-and-tools/psn-sma.

Media Contact:

Dave Mertens
QSV Equity Investors, LLC
dmertens@ballastequity.com
(630) 376-4392