At Cooke & Bieler, L.P., our priority has always been to establish and maintain a strong relationship with our clients. To this end, we have always vigilantly guarded your privacy and unauthorized access to the personal information to which you have entrusted us. To maintain your trust and confidence, we will continue to do so unless we are required to disclose information about you to comply with the law, at your direction or to provide you with our services. We will continue to maintain our policy of protecting your privacy and personal information as we have always done. Above all, this means we will not sell any information or share personal information with any parties without your consent.

WHAT INFORMATION DO WE COLLECT, MAINTAIN AND COMMUNICATE?

Cooke & Bieler, L.P. collects and maintains your personal information from you, your legal representative or custodian bank at time of account establishment and periodically as changes occur so we can provide investment management services to you. The information we collect and maintain about you may include:

• Name, address and phone number
• Social security or tax identification number
• Assets
• Income
• Investment Activity

This personal data, as well as any ancillary information that may come into our possession during the course of normal business (such as brokers who execute trades on your behalf) will only be used for purposes of opening and maintaining account information, facilitating smooth flow of executing orders and maintaining your investment portfolio.

Cooke & Bieler, L.P. will not disclose any personal information about you or your account unless one of the following conditions is met:

We receive your prior written consent; or we believe the recipient is your authorized representative; or we are permitted by law to disclose information to the recipient.

HOW WE PROTECT YOUR PERSONAL INFORMATION

To maintain our privacy commitment at Cooke & Bieler, L.P. we have instituted firm-wide practices to safeguard the information that we maintain about you. These practices include:

Adopting policies and procedures to place physical, electronic and other safeguards to keep your personal information safe. Such policies include protecting unauthorized access to computer systems with passwords and firewalls.

Limiting access to personal information to those employees who need it to perform their job duties and require our employees to maintain this policy in and out of the office.

Requiring third parties that perform services for us to agree by contract to keep your information strictly confidential. We are requesting our vendors sign a confidentiality amendment to our existing agreements with them and require that those executed in the future contain such language.

Furthermore, we do not extract information from those visiting our web site except to provide them with additional information as requested.

As we strive to maintain our obligations to the federal law and to continue to provide you with protection of your privacy, we will deliver to you on an annual basis our current policy. Should our relationship become inactive in the future, we will continue to protect your personal information in the same manner as when you were an active client.