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55 South Lake Avenue Suite 750 Pasadena, CA 91101 Phone (626) 568-2792

L OMBARDIA C APITAL P ARTNERS LLC. CONTRARIAN INVESTING. Al Polit, CFA Managing Director Portfolio Manager, International & Global Value Equities. 55 West Monroe Street    Suite 3125  Chicago, IL 60603 Phone (312) 269-1062. 55 South Lake Avenue Suite 750 Pasadena, CA 91101

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55 South Lake Avenue Suite 750 Pasadena, CA 91101 Phone (626) 568-2792

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  1. LOMBARDIA CAPITAL PARTNERS LLC CONTRARIAN INVESTING Al Polit, CFA Managing Director Portfolio Manager, International & Global Value Equities 55 West Monroe Street    Suite 3125  Chicago, IL 60603 Phone (312) 269-1062 55 South Lake Avenue Suite 750 Pasadena, CA 91101 Phone (626) 568-2792

  2. Lombardia Capital Partners LLC was previously known as Valenzuela Capital Partners LLC. It changed its name to Lombardia Capital Partners LLC on July 17, 2006. This was solely a name change and the firm did not change its investment process or personnel at that time. The Lombardia Capital Partners Large Cap Value Equity Strategy is an actively managed DISCLOSURES Lombardia Capital Partners LLC and employees shall have no obligation to update or amend any information or opinion contained herein, and the frequency of subsequent publications, if any, remain in the discretion of the author and the Firm. This material is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This information discusses general market activity, industry or sector trends, or other broad-based economic, market, or political conditions and should not be construed as investment advice. This publication does not constitute an offer or solicitation of any transaction in any securities referred to herein. Any recommendation contained herein may not be suitable for all investors. Although the information contained in the subject report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This publication and any recommendation contained herein speak only as of the date hereof and are subject to change without notice. This report may not be reproduced, distributed, or published without the prior consent of Lombardia Capital Partners LLC. Page 2

  3. “Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” - Benjamin Graham Page 3

  4. ABSOLUTE VALUE INVESTING - BASIC FOUNDATIONS • The Basics... • Intrinsic Value • Margin of Safety • The key to investment success is to look at stocks like small pieces of a business that are up for sale like a rationale businessperson. • Offering... • Downside Protection • Capital Appreciation Potential Page 4

  5. “...many shall be restored that now are fallen; and many shall fall that are now in honor...” - Horace, Ars Poetica Page 5

  6. “BURGERNOMICS” Page 6

  7. Euro integration or disintegration High public debt levels & anemic economic growth Default insurance costs soaring Liquidity issue or insolvent Sovereign buyers strike Sovereign default or restructuring Italian & Spanish contagion Bank capital and funding options Upcoming bank stress tests A second “euro” EUROPE - MARKET CONCERNS General Government Debt to GDP Ratio Italian VS. German 10-yr Bond Spreads Page 7

  8. EUROPE - OPPORTUNITIES • Increased transparency • Market discipline • Increasing privatization of state assets • ATTRACTIVE EQUITY VALUATIONS Page 8

  9. High public debt levels (most domestically-funded) Nuclear shutdown Political circus Public financial institutions Deflation Inefficient utilization of corporate balance sheets Lifetime employment “Amakudari” Poor corporate governance JAPAN - CONCERNS Page 9

  10. Public financial institutions reform Adoption of shareholder-friendly practices Some unwinding of cross-shareholdings Increased loan demand ATTRACTIVE EQUITY VALUATIONS JAPAN - OPPORTUNITIES Page 10

  11. The unknown Use of shell companies Inflationary pressures Negative real rates Labor constraints Chinese “white elephant” projects Unbalanced economies Undisciplined spending Poor corporate governance EMERGING MARKETS - CONCERNS Page 11

  12. In general, expensive valuations Growth, but what is the cost and return Conflicts of interest Poor disclosure Limited shareowner rights EMERGING MARKETS – OPPORTUNITIES? Page 12

  13. THE NEXT EMERGING MARKET? Page 13

  14. MSCI EAFE VALUE VS. GROWTH Value has underperformed Growth last 7 years Value has outperformed Growth over long periods Page 14 Note: Results greater than one year have been annualized and data is net of withholding taxes ending 6/30/11.

  15. “Conventional wisdom is the surest path to underperformance.” Page 15

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