The purpose of Pembroke Perspectives is to provide insight into our investment philosophy, our current strategy, and how we manage our portfolios. Pembroke Perspectives is not intended to provide specific information about the firm and its activities. Any individual securities mentioned in this report are for informational purposes only. Holdings are subject to change at any time. Factual information has been taken from sources we believe to be reliable, but its accuracy, completeness or interpretation cannot be guaranteed. Information and opinions expressed are those of Pembroke Management Ltd. Information is current as of the date appearing in this material only and subject to change without notice. This information does not constitute, and should not be construed as, investment advice or recommendations with respect to the securities mentioned nor does it constitute an offering of securities or an offering of any kind.