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All investments contain risk and may lose value. This material is for general information purposes and should not be used as the sole basis to make any investment decision. Views expressed are not intended to be relied upon as research regarding a particular industry, investment or the markets in general, nor is it intended to predict performance of any investment or serve as a recommendation to buy or sell securities.

The portfolio manager’s views and opinions expressed are subject to change without notice and may differ from others in the firm, or the firm as a whole. The portfolio manager’s comments may include estimated and/or forecasted views, which are believed to be based on reasonable assumptions within the bounds of current and historical information. Due to various risks and uncertainties, actual events/results or performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained herein may be relied upon as a guarantee, promise, assurance or a representation as to the future. In the event of new information or changed circumstances, Hotchkis & Wiley (“H&W“) reserves the right to change its investment perspective and outlook and has no obligation to provide revised assessments and/or opinions. H&W is not responsible for any damages or losses arising from any use of this information. Information obtained from independent sources is considered reliable, but H&W cannot guarantee its accuracy or completeness.

The security highlighted is for illustrative purposes only and is not an investment recommendation. The security was selected based on non-performance based criteria and its ability to demonstrate and better explain our investment process since the security meets our stringent value and risk criteria. The security was selected from one or more of our strategies and represents only a small portion of the respective strategy’s holdings. The security does not represent all of the securities purchased, sold, or recommended for advisory clients, and may not be indicative of current or future investments. No assumptions should be made that the security highlighted, or all investment decisions were, or will be profitable.  Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.

Artificial Intelligence (AI); Application Programming Interface (API) tiering is the practice of dividing access to an API into distinct levels—or tiers—based on usage volume, feature availability, cost, or performance; Bear is an investor who expects a security or market to decline and often uses strategies like short selling to profit from that downturn; Consumption-based pricing (also known as usage-based or pay-as-you-go pricing) is a model where customers are charged based on their actual consumption of a product or service rather than a flat monthly fee; Earnings before interest and taxes (EBIT) measures a company's net income before income tax and interest expenses are deducted; Gross Domestic Product (GDP) quantifies the overall economic activity and strength of a country by calculating the monetary value of all finished goods and services produced within its borders in a specific timeframe; Gross Revenue Retention (GRR), also known as Gross Dollar Retention (GDR) measures the percentage of recurring revenue that is retained over a specific period of time. GRR captures lost recurring revenue due to customers leaving or lowering their usage commitments; Operating expenses (OpEx) are the costs that a company incurs for running its day-to-day operations; Research and development (R&D) is a company's effort to explore technological advancements and scientific research to gain competitive advantages; Seat-based revenue (or per-user pricing) is a model where a business charges customers a recurring, flat fee for every individual user or "seat" that accesses their software or service; and White-collar worker typically works in an office setting, performing administrative or managerial tasks.

As of June 30, 2026, Workday Inc. was held in our Large Cap Fundamental Value, Large Cap Disciplined Value, Mid-Cap Value, Value Opportunities, Global Value, and other strategies. A complete list of portfolio holdings is available upon request.

Investing in equity securities have greater risks and price volatility than U.S. Treasuries and bonds, where the price of these securities may decline due to various company, industry, and market factors. Investing in foreign as well as emerging markets involves additional risk such as greater volatility, political, economic, and currency risks and differences in accounting methods. Investing in smaller, medium-sized and/or newer companies involves greater risks not associated with investing in large company stocks, such as business risk, significant stock price fluctuations and illiquidity.

A value-oriented investment approach involves the risk that value stocks may remain undervalued or may not appreciate in value as anticipated. Value stocks can perform differently from the market as a whole or from other types of stocks and may be out of favor with investors and underperform growth stocks for varying periods of time.

Except where otherwise indicated, the information contained in this presentation is based on matters as they exist as of the date of preparation of such material and not as of the date of distribution or any future date. Recipients should not rely on this material in making any future investment decision.

Principal Risks Disclosure for the firm’s strategies are described in Part 2A of Form ADV of H&W.

Past performance is not indicative of future performance.

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