SYMONS CAPITAL MANAGEMENT

“Investment Risk Managers Generating Above-Benchmark Returns with Below-Benchmark Risks Over Full Market Cycles.”

Symons Capital Management, Inc. 650 Washington Road, Suite 800 Pittsburgh, PA 15228 412-344-7690 www.symonscapital.com

1 SYMONS CONTENTS CAPITAL MANAGEMENT

I. Overview 13 STEP SIX – Portfolio Oversight and Sell Decision 1 Symons Capital Management 14 CONCLUSION: Why Symons Capital Management II. Our People, Process, Risk Management and Performance 15 Market Cycle Returns — Value 2 Representative Institutional Client List 15.a Risk Statistics — Value 3 Investment Team 15.b Performance Statistics — Value 4 Six-Step Investment Process 15.c Portfolio Statistics – Value 5-6 STEP ONE – Macro Economic 16.a Small Cap Value Overview and Market Analysis 16.b Performance Statistics – Small Cap Value 7 STEP TWO — Initial Idea Generation 16.c Portfolio Statistics – Small Cap Value 8 STEP THREE – Preliminary Valuation 9-10 STEP FOUR – Exhaustive Fundamental III. Appendix Analysis 17-22 Colleagues’ Biographies 11-12 STEP FIVE – Portfolio Construction and Risk Management 23-25 Disclosures

WWW.SYMONSCAPITAL.COM SYMONS OVERVIEW OVERVIEW CAPITAL MANAGEMENT

 PEOPLE: Chief Investment Officer in place since January 2000. Proven, stable and skilled investment team in place for next two decades.

 PROCESS: Intellectually independent, macro top-down and fundamental bottom-up, holistic risk/reward research process that is disciplined, flexible and repeatable, that steers portfolios away from clouds on the horizon and toward opportunities.

 RISK MANAGEMENT AND PERFORMANCE: Boutique equity manager that has generated material capital protection and material net-alpha over full market cycles.

 COMMITMENT: SCM’s principals and retirement plan invest almost $8.8 million of their assets side-by-side with clients.

WWW.SYMONSCAPITAL.COM 1 SYMONS REPRESENTATIVE INSTITUTIONAL CLIENT LIST CAPITAL MANAGEMENT

CORPORATE / BUSINESS 1st Summit Bank Counsel Trust Company AmeriServ Trust and Financial Services Lawyers Mutual Insurance Co Benefit Plans Administrative Services, Inc. Quatrini Rafferty Buchanan Ingersoll & Rooney United States Telecom Association Community Bank Systems

PUBLIC FUNDS / TAFT HARTLEY Western PA Electrical Employees

CHARITABLE Botstiber Foundation Third Presbyterian Church Classic Car Club of America Museum Visiting Nurse Association of Northern New Jersey Rancho Research Institute, Inc. Westminster Presbyterian Church Los Angeles Firemen’s Relief Association

Note: The clients identified in this List were selected based on a variety of factors, including name recognition, industry, geographic region and investment mandate. The investment performance of the accounts managed by Symons Capital, including those identified on this List, was not considered. The List is neither a statement of a client’s experience with, nor an endorsement of, Symons Capital by the clients identified in the List. It is not known whether the clients identified in the List approve or disapprove of Symons Capital’s advisory services.

WWW.SYMONSCAPITAL.COM 2 SYMONS INVESTMENT TEAM INVESTMENT TEAM CAPITAL MANAGEMENT

Colin E. Symons, CFA Richard F. Foran, MPH Chief Investment Officer Vice President, Research and Portfolio Manager Years of experience: 13 Years of experience: 19 Sector Coverage: Healthcare Energy Industrials Utilities Financials Real Estate

Joshua I. Armstrong, CFA Matthew S. Wickline, CFA Vice President, Research Vice President, Research Years of experience: 9 Years of experience: 8

Sector Coverage: Sector Coverage: Technology Consumer Discretionary Materials Consumer Staples Telecom

WWW.SYMONSCAPITAL.COM 3 SYMONS SIX-STEP INVESTMENT PROCESS CAPITAL MANAGEMENT

Practical top-down forward-looking macro views of long-term economic, Macro Economic and Market Analysis business and demographic cycles data and short-term economic data to STEP ONE identify risks and opportunities in order to steer the ship in the right direction

Initial Stock Idea Generation Cull entire publicly traded stock universe for initial ideas using macro ideas, STEP TWO proprietary quantitative screens, and opportunistic circumstances

Examine initial stock ideas using standard analyst’s spreadsheets Preliminary Stock Valuation (e.g., revenue and margin trends) and quality of business factors STEP THREE (e.g., barriers to entry) to identify potentially attractive stocks

Exhaustive, critical fundamental analysis of remaining stocks: detailed Exhaustive Fundamental Stock Analysis analysis of SEC filings, conference call transcripts, management’s business STEP FOUR plan, etc., to identify both opportunities and potential problems (red flags)

Portfolio Construction and Risk Control Build economic-risk diversified portfolio, going beyond traditional STEP FIVE sector diversification to reduce coincident economic drivers

Other side of risk-reward analysis – monitor and sell stocks at Portfolio Oversight and Sell Decision appropriate time and valuation, based on macro and fundamental STEP SIX analysis of evolving market environments

RESULT: Repeatable FLEXIBLE investment process that generates consistent long-term capital protection and net alpha IN CHANGING MARKETS.

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 STEP ONE

MACRO ECONOMIC ANALYSIS (Long-Term)

Develop practical, top-down, holistic view of the investment world

Read broad-ranging news sources such as Hedgeye, Zero Hedge, Bloomberg, and individual commentators

Think independently about big picture – economic data, demographics, cycles, interest rates, inflation, Fed policy, stock valuations to weigh risks and opportunities

Use developed long-term macro overview to build investment themes/portfolio tilts to best reach the goal of superior full market cycle risk/reward management

Steered Away From Risks: Steered Toward Opportunities:

1999 - Exited technology stocks 1999 - Added housing stocks 2004 - Exited housing stocks 2000-2002 - Added energy stocks 2007 - Exited financial stocks 2006 - Added food and recession-resistant stocks 2014 - Exited energy stocks 2008 - Added high quality (stable revenue/low debt) stocks

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 STEP ONE

MACRO ECONOMIC ANALYSIS (Short-Term)

Focus on shorter-term time horizons by considering Growth, Inflation and government Policy data (GIP), to position portfolio to protect against risks of market environment shifts while identifying sensible opportunities

Consider GROWTH data including GDP, PMI and ISM reports; INFLATION data including dollar strength, CPI and commodity prices; and Fed/Treasury POLICY monetary and fiscal guidance; all to help gauge short-term market change possibilities

Use technical momentum analysis (e.g., volume, volatility, trends) to help determine when market or sector momentum is changing, to identify potential turning or inflection points relevant to investment themes and sector tilts

Review stocks in identified sector to think about whether and how to scale into or out of sector

 STEP ONE SUMMARY STEP ONE provides macro insights for building big picture, long-term and short-term, roadmaps for market and sector risk/reward tilts in order to manage through market changes.

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 STEP TWO

INITIAL IDEA GENERATION (5-50 stocks)

Multiple approaches are used to identify possible investment ideas, with varying emphasis depending on particular circumstances and potential opportunities:

Use STEP ONE insights to focus on particular sectors, industries and stocks – tilt or weight screens to the environment

Use internally developed custom screens to look at a stock’s valuation vs. its own historical valuation, its historical valuation relative to the market, industry and sector, its shareholder yield over time, and its relative performance over time

Use general reading and news criteria screens such as earnings announcements, 52-week lows, sudden price drops

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 STEP THREE

PRELIMINARY VALUATION (0-5 stocks)

Goal is to determine whether a STEP TWO stock potentially merits STEP FOUR consideration:

Generally examine fundamental financial and business factors of each company

Manipulate standard research analyst’s spreadsheet data, altering assumptions to look at stocks on a cash flow and enterprise valuation (debt plus equity) basis over time and range of possibilities going forward

Examine factors such as revenue growth, operating and net profit margins, balance sheet strength and financing costs, efficiency of operations, barriers to entry and industry economics, chart of stock price movement

Examine factors over the years, business issues, cash flow stability based on sustained product need, shareholder yield (dividends + stock buybacks + debt reduction/market cap)

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 STEP FOUR

EXHAUSTIVE FUNDAMENTAL ANALYSIS

Exhaustive analysis of SEC filings, MD&A, conference call transcripts, and other data and news sources:

Go beyond initial quantitative and fundamental analysis to ponder future risk/reward potential of the company: Possible changes in capital structure Possible uses of operating cash flow What can go right or wrong with management's business plan and the risk of being wrong Contemplate all valuation factors that may change over time Search for red flags – e.g., major product launch, narrow customer base, reliance on credit markets, litigation/regulation uncertainties

Explore potential for market valuation change. Valuation metrics can vary in importance depending on the type of business: Assets are important for basic energy companies Return on assets and asset risk exposure are important for financial companies Revenue growth is important for technology and health care companies Profit margin is important for technology companies Market share is important for food and beverage companies

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 STEP FOUR

EXHAUSTIVE FUNDAMENTAL ANALYSIS (CONTINUED)

Analyze operating efficiencies and competitive advantages: Length of product life cycles Barriers to entry by competitors Ability to generate cash flow to increase book value and sustain growth Cost structure Distribution system Brand recognition Operational scale Intellectual property

Analyze quality of management, particularly concerning quality of information disclosed by management and its use of operating cash flow.

 STEP FOUR SUMMARY For a stock to survive STEP FOUR, a broad range of metrics will be examined and questioned in-depth in order to identify stocks with sensible downside risk and attractive upside potential.

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 STEP FIVE

PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT

Portfolio Diversification

Go beyond Sector & Industry Diversification to Economic Diversification

Recognize that some sectors and industries have co-dependencies on common economic drivers, such as rate of economic growth, rate of inflation, slope of yield curve, and labor markets, resulting in similar risk exposures for multiple sectors and industries

Examples: Generally – Technology attractive with up growth and up inflation; Utilities attractive with down growth and down inflation; Retail attractive with up growth and down inflation; REITs attractive with down growth and up inflation; consumer staples attractive with slow growth

Be aware of stocks that have business or economic relationships with other holdings

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 STEP FIVE

PORTFOLIO CONSTRUCTION AND RISK MANAGEMENT (CONTINUED)

Portfolio Parameters

Portfolios managed by SCM hold a limited number of stocks, usually between 25 and 40 for Value, and between 40 and 60 for Small Cap Value, with no initial position generally exceeding 5% of portfolio value in Value, or 4% in Small Cap Value; typical holding period is about three years and typical portfolio turnover is about 39% for Value

Preference is to be fully invested; but cash may be a byproduct of the investment process when attractively valued stocks are in limited supply, with result that SCM may hold up to approximately 20% in cash at times, rather than purchase stocks that fail to meet our investment criteria

 STEP FIVE SUMMARY Overall, STEP FIVE is about understanding where we are taking risks with each stock and why, as well as understanding what relationships there may be among various stocks in the portfolio that may create coincident risks should market changes occur.

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 STEP SIX

PORTFOLIO OVERSIGHT AND SELL DECISION

Each position is monitored daily for news and price movement by the individual analyst covering the sector; each position may be appropriately scaled back or sold based on changes in the macro or fundamental environment that influences sector/industry exposures and company specific factors

Generally, a stock is scaled back or sold for one of three reasons:

1) Our investment process uncovers a better investment opportunity, requiring us to sell a good stock in order to buy a better stock

2) A stock reaches full valuation, where downside risk potential appears to outweigh upside reward potential

3) Macro factors or a stock’s fundamentals, either internally or externally (sector or industry fundamentals), have changed

WWW.SYMONSCAPITAL.COM 13 SYMONS CONCLUSION: WHY SYMONS CAPITAL MANAGEMENT CAPITAL MANAGEMENT

PEOPLE, PROCESS, RISK MANAGEMENT, PERFORMANCE AND COMMITMENT

Independent boutique firm with a single focus on intellectually independent macro and fundamental equity research and portfolio management to protect capital and generate material net-alpha over full market cycles

Disciplined, low-risk, time-tested investment process with top-tier, long-term risk metrics and performance based on teamwork, creative brainpower, discipline and flexibility

By managing risk and holding sensible valuations, able to protect capital, have less fear of downturns, preserve purchasing power and thereby able to exploit price opportunities one stock at a time

Firm and its principals invest side-by-side with clients in every stock

Every colleague shares in the success of the firm

Regular, quarterly client communications process

By declining less in down markets, takes less time and less risk to recover the drawdown, thereby leading to benchmark outperformance and greater wealth creation over full market cycles

WWW.SYMONSCAPITAL.COM 14 SYMONS MARKET CYCLE RETURNS — VALUE CAPITAL MANAGEMENT

FULL MARKET CYCLE HALF CYCLE DOWN NET-RETURNS MARKET NET-RETURNS • 1/1/2000 through 9/30/2007 (7.75 Years) • 1/1/2000 through 12/31/2002 (3 Years) Symons Value Total Return: 134.57% Symons Value Total Return: 22.27% Symons Value Annual Compound Rate: 11.63% Symons Value Annual Compound Rate: 6.93% S&P 500® Total Return: -37.61% S&P 500® Total Return: 18.02% S&P 500® Annual Compound Rate: -14.55% S&P 500® Annual Compound Rate: 2.16% • 10/1/2007 through 3/31/2009 (1.5 Years) • 10/1/2007 through 06/30/2017 (9.75 Years) Symons Value Total Return: -22.89% Symons Value Total Return: 71.62% Symons Value Annual Compound Rate: -15.91% Symons Value Annual Compound Rate: 5.70% S&P 500® Total Return: -45.80% S&P 500® Annual Compound Rate: -33.53% S&P 500® Total Return: 96.10% • 7/1/2011 through 9/30/2011 (0.25 Years) S&P 500® Annual Compound Rate: 7.15% Symons Value Total Return: -4.48% • 1/1/2000 through 06/30/2017 (17.50 Years) S&P 500® Total Return: -13.87% Symons Value Total Return: 302.42% • 7/1/2015 through 9/30/2015 (0.25 Years) Symons Value Annual Compound Rate: 8.28% Symons Value Total Return: -0.47% S&P 500® Total Return: -6.44% S&P 500® Total Return: 131.57% Note: This data is presented as supplemental information to the fully compliant S&P 500® Annual Compound Rate: 4.92% GIPS® presentation on pages 23 and 24. Please see page 25 for additional disclosure information. Returns include the reinvestment of all income and dividends. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results.

WWW.SYMONSCAPITAL.COM 15 SYMONS RISK STATISTICS — VALUE CAPITAL MANAGEMENT

SYMONS VALUE COMPOSITE (net of fees) PEER RANKINGS – for periods ending 06-30-2017 Category % Ranking* Metric 5 Yr 7 Yr 10 Yr Since 1/1/2000 Std Dev 4% 1% 1% 2% Note: This data is presented as supplemental Sharpe Ratio 96% 27% 9% 3% information to the fully compliant GIPS® Sortino Ratio 64% 3% 5% 2% presentation on pages 23 and 24. Please see page 25 for additional disclosure Max Drawdown 1% 1% 1% 1% information. Beta 1% 1% 1% 2% Returns include the reinvestment of all income. Net of fee performance was calculated using Downside Capture 2% 1% 1% 2% actual management fees. Past performance is not indicative of future results. Symons Value Composite (net of fees) Percentile Ranking vs. Zephyr Large Value Universe (Morningstar)* METRICS DEFINITIONS

Standard Deviation – Maximum Drawdown – Measures the degree of variation of a portfolio’s returns around the Measures the maximum loss in any losing period during a portfolio’s portfolio's mean (average) return. A high standard deviation means that investment record. It is the percentage retrenchment from the portfolio's the portfolio is volatile. A low standard deviation means that the portfolio peak value to its valley value. is generally consistent in producing similar returns. Beta – Sharpe Ratio – Measures a portfolio’s volatility relative to broad market movements. Measures a portfolio’s return relative to its risk, with the return being the With the market given a beta of 1.00, a portfolio with a beta of 0.50 portfolio's return above the risk-free Treasury bill rate and the risk being will participate only half as much in market movements, so that a lower the portfolio’s standard deviation. The higher the Sharpe ratio the better number means less portfolio volatility than the market. the portfolio’s risk-adjusted performance. Downside Capture – Sortino Ratio – Measures the percentage of market losses incurred by a portfolio when Similar to the Sharpe Ratio, but measures only a portfolio’s downside risk. markets are down, compared to losses incurred by the market. The lower The higher the Sortino Ratio the better the portfolio’s downside risk protection. the number the better.

WWW.SYMONSCAPITAL.COM 15.a SYMONS PERFORMANCE STATISTICS — VALUE CAPITAL MANAGEMENT

Symons Capital Management, Inc. — Symons Value Composite Zephyr StyleADVISOR: Symons Capital Management, Inc.

Manager Performance January 2000 – June 2017 (Single Computation)

Symons Value Composite (gross of fees) Symons Value Composite (net of fees) S&P 500® Value S&P 500®

January 2000 - June 2017: Summary Statistics — Supplemental information to the full composite disclosure presentation.

EXCESS RETURN CUMULATIVE STANDARD RISK-ADJ. UP CAPTURE DOWN CAPTURE ALPHA BETA NUMBER OF MODERN PORTFOLIO THEORY STATISTICS RETURN vs. MARKET RETURN DEVIATION PERFORMANCE vs. MARKET vs. MARKET vs. MARKET vs. MARKET OBSERVATIONS Symons Value Composite (gross of fees) 9.44% 4.52% 384.31% 12.03% 11.74% 80.37% 36.45% 6.24% 0.61 70 Symons Value Composite (net of fees) 8.28% 3.36% 302.58% 12.00% 10.21% 75.36% 39.96% 5.12% 0.61 70 S&P 500® 4.92% 0.00% 131.44% 15.98% 4.91% 100.00% 100.00% 0.00% 1.00 70 S&P 500® Value 5.81% 0.89% 168.61% 16.47% 5.73% 100.57% 93.59% 1.02% 0.99 70

MEDIAN YTD 1 YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS 12 YEARS ANALYSIS PERIOD LARGE CAP VALUE PEER GROUP RANKING (SOURCE ZEPHYR)*** RANK 429 MNG 429 MNG 407 MNG 378 MNG 353 MNG 323 MNG 285 MNG 182 MNG Symons Value Composite (gross of fees) 68.61% 69.59% 99.63% 88.73% 97.09% 95.36% 28.85% 27.49% 5.04% Symons Value Composite (net of fees) 81.51% 80.03% 99.71% 92.66% 98.93% 98.59% 57.81% 58.65% 17.88% S&P 500® 15.86% 3.55% 38.70% 3.13% 17.13% 7.82% 11.79% 17.12% 82.04% S&P 500® Value 43.87% 62.63% 57.51% 19.89% 29.93% 34.14% 61.56% 47.46% 68.00%

Note: This data is presented as supplemental information to the fully compliant GIPS® presentation on pages 23 and 24. Please see page 25 for additional disclosure information. Returns include the reinvestment of all income and dividends. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results.

*** Zephyr creates domestic equity universes based on investment style / fund behavior using the Morningstar, Mobius, Nelson’s, PSN, and eVestment Alliance databases. Ratings were presented by Zephyr StyleADVISOR as the result of surveys created and conducted by Zephyr. SCM did not pay a fee to participate in these surveys.

WWW.SYMONSCAPITAL.COM 15.b SYMONS PORTFOLIO STATISTICS — VALUE (AS OF 06/30/2017) CAPITAL MANAGEMENT

SECTOR WEIGHTINGS TOP 10 SECURITY HOLDINGS

PG & E Corp. 5.05% Utilities Consumer Staples 26.08% Health Care 4.84% Alliant Energy Corp. 4.38% Utilities Utilities 22.79% Information 3.34% Entergy Corp. 4.18% Utilities Real Estate 7.86% Technology Industrials 3.13% Target Corp. 3.90% Consumer Consumer 6.19% Discretionary Discretionary Financials 2.96% Dominion Resources, Inc. 3.87% Utilities Energy 2.06% Telecommunication 6.17% Public Storage 3.69% Real Estate Services Materials 0.00% Hershey Company 3.36% Consumer Staples General Mills, Inc. 3.51% Consumer Staples Rogers Communications, Inc. 3.41% Telecommunication PORTFOLIO HIGHLIGHTS Services Alphabet Inc. 3.34% Information Wtd Avg Mkt Cap: 60.90 B Smallest Mkt Cap: 0.54 B Technology Median Mkt Cap: 18.69 B Dividend Yield: 2.89% Note: This data is presented as supplemental information to the fully compliant GIPS® presentation Median 18.09 on pages 23 and 24. Please see page 25 for additional disclosure information. Number of 33 Trailing P/E: The securities identified and described do not represent all of the securities purchased, sold or Securities: recommended for client accounts. The reader should not assume that an investment in the Median 18.51 securities identified will be profitable. Largest Mkt Cap: 635.34 B Forward P/E:

WWW.SYMONSCAPITAL.COM 15.c SYMONS SMALL CAP VALUE OVERVIEW CAPITAL MANAGEMENT

SUMMARY OF SMALL CAP VALUE PORTFOLIO MANAGEMENT PARAMETERS

One investment team – One research process

Typically hold 40-60 stocks

Smaller individual positions – no initial position great than 4%

Average holding period is two-three years

Average annual turnover less than 50%

Narrower market cap range

Domestically focused

WWW.SYMONSCAPITAL.COM 16.a SYMONS PERFORMANCE STATISTICS — SMALL CAP VALUE CAPITAL MANAGEMENT

Symons Capital Management, Inc. — Small Cap Value Composite Zephyr StyleADVISOR: Symons Capital Management, Inc.

Manager Performance October 2006 – June 2017 (Single Computation)

Symons Small Cap Value Composite (gross of fees) Symons Small Cap Value Composite (net of fees) S&P SmallCap 600® S&P SmallCap 600® Value

October 2006 - June 2017: Summary Statistics — Supplemental information to the full composite disclosure presentation.

EXCESS RETURN CUMULATIVE STANDARD RISK-ADJ. UP CAPTURE DOWN CAPTURE ALPHA BETA NUMBER OF MODERN PORTFOLIO THEORY STATISTICS RETURN vs. MARKET RETURN DEVIATION PERFORMANCE vs. MARKET vs. MARKET vs. MARKET vs. MARKET OBSERVATIONS Symons Small Cap Value Composite (gross of fees) 7.98% -1.44% 128.22% 18.65% 8.15% 81.76% 85.08% 0.02% 0.86 43 Symons Small Cap Value Composite (net of fees) 7.07% -2.35% 108.29% 18.64% 7.21% 78.50% 87.16% -0.82% 0.86 43 S&P SmallCap 600® 9.42% 0.00% 163.24% 19.24% 9.42% 100.00% 100.00% 0.00% 1.00 43 S&P SmallCap 600® Value 8.49% -0.93% 139.93% 20.02% 8.26% 99.29% 105.52% -1.07% 1.03 43

MEDIAN YTD 1 YEAR 3 YEARS 5 YEARS 7 YEARS 10 YEARS ANALYSIS PERIOD SMALL CAP VALUE PEER GROUP RANKING (SOURCE ZEPHYR)*** RANK 259 MNG 259 MNG 238 MNG 222 MNG 197 MNG 175 MNG 165 MNG Symons Small Cap Value Composite (gross of fees) 74.93% 4.46% 93.87% 6.71% 89.73% 93.03% 57.38% 35.45% Symons Small Cap Value Composite (net of fees) 84.65% 5.18% 94.72% 19.11% 94.11% 95.89% 79.20% 60.50% S&P SmallCap 600® 5.81% 21.24% 30.94% 6.54% 5.73% 4.34% 4.75% 6.25% S&P SmallCap 600® Value 14.96% 59.54% 42.23% 17.57% 7.27% 11.11% 18.27% 22.90%

Note: This data is presented as supplemental information to the fully compliant GIPS® presentation on pages 23 and 24. Please see page 25 for additional disclosure information. Returns include the reinvestment of all income and dividends. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results. *** Zephyr creates domestic equity universes based on investment style / fund behavior using the Morningstar, Mobius, Nelson’s, PSN, and eVestment Alliance databases. Ratings were presented by Zephyr StyleADVISOR as the result of surveys created and conducted by Zephyr. SCM did not pay a fee to participate in these surveys.

WWW.SYMONSCAPITAL.COM 16.b SYMONS PORTFOLIO STATISTICS — SMALL CAP VALUE (AS OF 06/30/2017) CAPITAL MANAGEMENT

SECTOR WEIGHTINGS TOP 10 SECURITY HOLDINGS

Utilities 25.20% Industrials 4.42% South Jersey Industries, Inc. 5.19% Utilities Consumer Staples 22.08% Information 3.16% Cal-Maine Foods, Inc. 3.68% Consumer Staples Consumer 9.11% Technology Cott Corp. 3.61% Consumer Staples Discretionary Health Care 1.40% Otter Tail Corp. 3.57% Utilities Real Estate 6.67% Telecommunication 0.00% Vista Outdoor, Inc. 3.23% Consumer Financials 6.01% Services Discretionary Energy 5.95% Materials 0.00% Agree Realty Corp. 2.95% Real Estate Northwest Natural Gas Company 2.84% Utilities Washington Real Estate PORTFOLIO HIGHLIGHTS Investment Trust 2.74% Real Estate

Wtd Avg Mkt Cap: 1.77 B Smallest Mkt Cap: 0.08 B Callon Petroleum 2.70% Energy

Median Mkt Cap: 1.67 B Dividend Yield: 2.63% American States Water Company 2.64% Utilities

® Number of 42 Median 19.42 Note: This data is presented as supplemental information to the fully compliant GIPS presentation Trailing P/E: on pages 23 and 24. Please see page 25 for additional disclosure information. Securities: The securities identified and described do not represent all of the securities purchased, sold or Median 19.74 recommended for client accounts. The reader should not assume that an investment in the Largest Mkt Cap: 4.65 B Forward P/E: securities identified will be profitable.

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APPENDIX

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PORTFOLIO MANAGEMENT TEAM

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Colin E. Symons, CFA Chief Investment Officer Richard F. Foran, MPH and Portfolio Manager Vice President, Research

Mr. Symons, who holds the Chartered Financial Analyst Mr. Foran joined Symons Capital Management as Vice President, designation, is Chief Investment Officer and Portfolio Manager of Research in May 2004, after a highly successful 16-year career the Symons Capital Management Value, Small Cap Value and in analytical biochemistry and clinical research at The Johns Concentrated Small Cap Value strategies. In conjunction with his Hopkins University and the University of Pittsburgh. Mr. Foran portfolio management responsibilities, he oversees and is also served as Coordinator of Clinical Studies at the Health principally responsible for the company’s independent equity Studies Research Center in the Department of Epidemiology, research. Mr. Symons joined Symons Capital Management in July University of Pittsburgh, with responsibilities for the 1997 after working as a software developer in Washington and administration and management of clinic staff and operations for New York, concentrating on financial services applications for all research studies conducted in the Center. Mr. Foran holds a entities such as Chase Manhattan Bank and the Internal Bachelor of Science in Biology from St. Francis (PA) University Revenue Service. While he was a software developer, Mr. and a Master of Public Health in Epidemiology from the Symons earned the prestigious designation of Microsoft University of Pittsburgh. Mr. Foran works daily with the Chief Certified Solution Developer. Mr. Symons earned his BA at Investment Officer on the firm’s equity research. Williams College in three years, at age 20.

WWW.SYMONSCAPITAL.COM 17 SYMONS SYMONS CAPITAL COLLEAGUE BIOGRAPHIES CAPITAL MANAGEMENT

Joshua I. Armstrong, CFA Matthew S. Wickline, CFA Vice President, Research Vice President, Research

Mr. Armstrong, who holds the Chartered Financial Analyst Mr. Wickline, who holds the Chartered Financial Analyst designation, joined Symons Capital in November 2011 as Vice designation, joined Symons Capital in September 2016 as Vice President, Research. Prior to joining Symons Capital, Mr. President, Research. Mr. Wickline works closely with our Chief Armstrong held a series of positions of increasing responsibility Investment Officer and our Research Team in implementing the within the institutional investment industry. He served as firm’s portfolio management decisions and trading. Prior to joining Consulting Analyst at Yanni Partners, a Division of GBS Symons Capital, Mr. Wickline spent 7 years as an Equity Analyst Investment Consulting, and as Operations Manager at the Bank at C.S. McKee Investment Managers in Pittsburgh. Mr. Wickline holds a Bachelor of Science in Business Administration with of New York Mellon. Additionally, he worked as a Systems concentrations in Finance and Investment Management from Analyst at the University of Pittsburgh. Mr. Armstrong earned Duquesne University (cum laude) and is currently earning his his BS degree in Business and Computer Systems from Grove Master of Business Administration with a concentration in City College. He subsequently earned an MS in Information Finance from the University of Pittsburgh’s Katz Graduate School Systems and an MBA (with a finance concentration) from the of Business. University of Pittsburgh. Mr. Armstrong is a trustee of the Scaife Family Foundation.

WWW.SYMONSCAPITAL.COM 18 SYMONS CAPITAL MANAGEMENT

EXECUTIVE MANAGEMENT TEAM

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Edward L. Symons, Jr., J. D. Michael P. Czajka Chairman and Founder Chief Executive Officer

Mr. Symons is Chairman and Founder of Mr. Czajka joined Symons Capital Symons Capital Management. He began his Management in August 2005 as investment career in January 1980 as a Managing Director. Mr. Czajka is a founder of the company, and has a record of 25-year veteran of the financial services more than 30 years of successful, industry, is principally responsible for independent investment management. Before devoting his full institutional business development for Symons Capital and professional attention to Symons Capital Management in 1997, Mr. oversees the firm’s Malvern office, which he founded. Mr. Czajka Symons was a tenured Professor of Law at the University of has worked in positions of increasing responsibility for several of Pittsburgh School of Law. Mr. Symons co-authored the principal text the investment industry’s largest firms, such as Schwab then used at American law schools regarding banking law, as well as Institutional, focusing on service to financial advisers, pension the only text used for teaching the regulation of financial institutions consultants, banks, family offices and retirement plan providers. (covering banks, insurance companies and securities firms, including Immediately before joining Symons Capital, Mr. Czajka mutual funds). Before joining the law faculty, Mr. Symons served as consistently ranked among the most successful sales executives an Assistant Attorney General for the Commonwealth of for one of Wall Street’s most renowned investment managers, as Pennsylvania, assigned as Chief Counsel for the Pennsylvania Vice President of Institutional Marketing for Fred Alger & Department of Banking. Mr. Symons earned an undergraduate Company. Mr. Czajka’s entrepreneurial bent includes the degree from Cornell University and his law degree (summa cum experience and challenge of the successful startup, laude) from the University of Pittsburgh School of Law. Mr. Symons development, operation and ultimate sale of a business in his was a director of St. Clair Hospital from 1995 through 2013 and was native Philadelphia area. In August 2006, Mr. Czajka was Chairman of the Hospital’s Foundation from 1996 through 2006. promoted to Chief Executive Officer.

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Louis J. Iovannone Jr., CIMA® President

Mr. Iovannone joined Symons Capital Management in April 2013 as President. Mr. Iovannone began his career in the financial services industry in the mid-1990s. He is primarily responsible for Symons Capital’s business development in the defined contribution and defined benefit retirement plan marketplace, and oversees the Marlton, NJ office. Mr. Iovannone most recently held the position of Senior Vice President of Manchester Advisors, the Investment Advisory division of a large national retirement plan administration firm. His responsibilities included business development, product development and oversight of the day to day operations of the firm. Prior to becoming SVP, Mr. Iovannone held the positions of Vice President and Chief Investment Officer of Manchester Advisors. Mr. Iovannone also served on the national investment committee for Alliance Benefit Group, a consortium of the top independent retirement plan firms. Earlier in his career, Mr. Iovannone served in various supervisory roles as a registered investment advisory representative. Mr. Iovannone graduated cum laude from the Wharton School of the University of Pennsylvania, earned his Certified Investment Management Analyst (CIMA) designation at the Wharton School, and is a member of the Investment Management Consultants Association.

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Vicki Lynn Ellis Frank L. Fournier Chief Compliance Officer Chief Operating Officer

Ms. Ellis joined Symons Capital Management in August 2001 as Mr. Fournier joined Symons Capital Management in October 2007 Executive Vice President. Ms. Ellis brings over three decades of as Vice President, Trading. Mr. Fournier works closely with our Chief securities industry experience to Symons Capital Management, in Investment Officer and our Research Team in implementing the firm’s particular with respect to sales management, compliance and portfolio management decisions and trading. In August 2012, portfolio administration. Prior to joining Symons Capital Mr. Fournier assumed the additional responsibilities of Chief Operating Officer. Mr. Fournier brought to Symons Capital over Management, Ms. Ellis served as Vice President of Operations and 16 years of financial industry and accounting experience. For the Branch Operations Manager for Smith Barney for fifteen years and previous eight years, Mr. Fournier held positions of increasing as an Associate Financial Adviser with Legg Mason for three years. responsibility with Sovereign Bank, then one of the twenty largest She is an honors graduate of the University of Pittsburgh. In 2006, banks in the United States, ultimately serving as Vice President, Ms. Ellis was named our Chief Compliance Officer as she leads our Director of Regulatory Reporting. Earlier in his career, Mr. Fournier efforts to meet and exceed the CFA Institute’s Global Investment spent four years in auditing and four years in capital leasing, gaining Performance Standards and the SEC’s compliance requirements, numerous promotions. Mr. Fournier earned his degree in Business in addition to her daily client relations management role. Administration, with a major in Accounting, from Slippery Rock University.

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Teresa L. Svidro Margaret E. Svidro Vice President, Administration Vice President, Support Services

Ms. Svidro joined Symons Capital Management in Ms. Svidro joined Symons Capital Management in December 1997 after a wide array of experience at the September 2007 after a 33 year career at the University of University of Pittsburgh. Ms. Svidro worked for 15 years in Pittsburgh involving a range of responsibilities, ultimately the School of Law Dean’s office, budget office and faculty serving as Financial Coordinator, Payroll. Ms. Svidro earned support department. As the school’s budget director, she her degree in history from the University of Pittsburgh, and managed a $20 million annual budget. Ms. Svidro earned a holds a Public Notary commission in Pennsylvania. degree in biology from the University of Pennsylvania. Ms. Svidro’s responsibilities at Symons Capital encompass Ms. Svidro oversees the firm’s budget and financial a wide array of support services, including new accounts operations, as well as the daily processing of the firm’s processing, individual client services and liaison with client and portfolio data. custodians of clients’ assets.

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SCHEDULE OF COMPARATIVE PERFORMANCE STATISTICS (06-30-2017) S&P NUMBER OF ANNUAL 3 YEAR EX-POST 3 YEAR EX-POST 3 YEAR EX-POST VALUE OF % NON-FEE % TOTAL TOTAL FIRM GROSS NET S&P 500® ACCOUNTS IN COMPOSITE STD DEVIATION STD DEVIATION STD DEVIATION COMPOSITE PAYING FIRM ASSETS ASSETS YEAR OF FEES OF FEES 500® VALUE COMPOSITE DISPERSION** COMPOSITE** S&P 500®** S&P 500® VALUE** (USD MILLIONS) ASSETS IN COMPOSITE (USD MILLIONS) 2000 22.53% 21.15% -9.10% -0.52% 114 8.32% n/a n/a n/a 50.18 0.00% 62.88% 79.80 2001 18.96% 17.58% -11.89% -8.18% 126 1.74% n/a n/a n/a 70.65 0.00% 76.94% 91.82 2002 -13.15% -14.17% -22.10% -16.61% 179 1.43% n/a n/a n/a 81.48 0.00% 79.53% 102.45 2003 21.81% 20.42% 28.68% 30.35% 182 1.83% n/a n/a n/a 97.98 0.00% 82.53% 118.71 2004 20.06% 18.71% 10.88% 15.02% 188 1.22% n/a n/a n/a 117.51 0.00% 78.43% 149.81 2005 11.97% 10.71% 4.91% 8.71% 211 1.11% n/a n/a n/a 139.56 0.00% 76.17% 183.22 2006 16.00% 14.73% 15.79% 20.78% 244 0.82% n/a n/a n/a 177.68 0.00% 64.83% 274.04 2007 3.60% 2.49% 5.49% 1.99% 250 1.27% n/a n/a n/a 187.95 0.00% 62.41% 301.13 2008 -12.03% -12.98% -37.00% -39.22% 251 1.39% n/a n/a n/a 180.07 0.00% 71.00% 253.59 2009 16.92% 15.65% 26.46% 21.18% 250 1.18% n/a n/a n/a 177.31 1.38% 57.56% 308.03 2010 11.36% 10.17% 15.06% 15.10% 254 0.71% n/a n/a n/a 200.62 1.36% 50.87% 394.36 2011 7.68% 6.64% 2.11% -0.48% 307 0.53% n/a n/a n/a 303.11 1.49% 68.02% 445.63 2012 7.98% 6.93% 16.00% 17.68% 322 0.38% 9.15% 15.09% 15.75% 331.76 1.41% 71.53% 463.79 2013 18.57% 17.43% 32.39% 31.99% 332 0.92% 7.59% 11.94% 12.97% 392.37 1.46% 74.57% 526.15 2014 8.94% 7.89% 13.69% 12.36% 329 0.35% 7.17% 8.97% 9.46% 403.61 1.64% 77.53% 520.60 2015 0.28% -0.67% 1.38% -3.13% 312 0.32% 7.69% 10.47% 10.60% 358.81 1.91% 77.96% 460.26 * Performance represents a partial period return for this year. 2016 7.86% 6.83% 11.96% 17.40% 300 0.45% 7.90% 10.59% 10.73% 367.55 1.97% 75.95% 483.91 2017* ** n/a — Annual Dispersion and/or 3 Year Ex-Post Standard 4.52% 4.03% 9.34% 4.85% 288 n/a n/a n/a n/a 365.64 1.60% 76.32% 479.08 Deviation not applicable for this period. COMPOSITE NOTES 1. The Symons Value Composite was created in October 1986 and consists of all fully discretionary portfolios that are managed in the 5. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Value style. The Symons Value investment discipline seeks to invest in securities of companies with established, sustainable businesses Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to 2012, because 36 monthly whose current prices provide the prospect of long-term appreciation with limited downside price risk. The minimum account size for this composite returns were not available until December 31, 2012. composite is $50,000. 6. Securities purchased by Symons Capital Management, Inc. are listed on a major exchange with published values. Generally, month-end 2. For comparison purposes the composite is measured primarily against the S&P 500® index, and secondarily against the S&P 500® Value valuations as shown on custodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to or ® ® ® index. Effective April 1, 2017, the S&P 500 index replaces the Russell 3000 Value index as a primary benchmark, and the S&P 500 greater than 5% of a portfolio’s market value would cause the portfolio to be revalued and accounted for properly so as not to distort ® Value index replaces the S&P 500 index as a secondary benchmark, since Russell index returns are no longer available without paying performance. Additional information regarding the policies for valuing portfolios, calculating performance and preparing compliant substantial annual licensing fees. Both benchmarks are unmanaged indices that primarily include large capitalization stocks that are presentations is available upon request. representative of Symons Capital Management Inc.’s Value portfolio management and stock selection style. A direct investment in an 7. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization, index may involve different liquidity, risks and tax considerations. The Adviser may invest in securities outside of those represented in the established in 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. indices. S&P 500® returns are shown for the entire composite history. Prior to October 1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and description 3. Returns are presented since the beginning of Colin Symons’ tenure as portfolio manager on January 1, 2000. Results are based on fully of composites, which is available upon request. discretionary accounts under management, including those accounts no longer managed by the firm. The U.S. Dollar is the currency ® used to express performance. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and 8. Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared capital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verified and include the reinvestment of all income. Gross of fees returns are presented before management and custodial fees, but after all for the periods January 1, 1996 through March 31, 2017 by Ashland Partners & Company, LLP. Verification assesses whether (1) the trading expenses. Net of fee performance was calculated using actual management fees. Prior to July 2015, net of fee performance was firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s calculated using actual management and sub-advisory fees. Past performance is not indicative of future results. policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. 4. The investment management fee is: 1.25% on the first $1 million; 1.00% on the next $4 million; 0.90% on the next $5 million; 0.80% on the 9. The Symons Value composite has been examined for the periods July 1, 1998 through March 31, 2017 by Ashland Partners & Company, next $15 million; 0.70% on the next $25 million; and 0.60% above $50 million. Actual investment advisory fees incurred by clients may vary. LLP. Firm verification and composite performance examination reports are available upon request.

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SCHEDULE OF COMPARATIVE PERFORMANCE STATISTICS (06-30-2017)

S&P NUMBER OF ANNUAL 3 YEAR EX-POST 3 YEAR EX-POST 3 YEAR EX-POST VALUE OF % NON-FEE % TOTAL TOTAL FIRM GROSS NET S&P 600® ACCOUNTS IN COMPOSITE STD DEVIATION STD DEVIATION STD DEVIATION COMPOSITE PAYING FIRM ASSETS ASSETS YEAR OF FEES OF FEES 600® VALUE COMPOSITE DISPERSION** COMPOSITE** S&P 600®** S&P 600® VALUE** (USD MILLIONS) ASSETS IN COMPOSITE (USD MILLIONS)

2006* (10-01) 11.51% 11.51% 7.85% 8.39% 2 n/a n/a n/a n/a 1.54 100.00% 0.56% 274.04 2007 10.80% 10.38% -0.30% -5.54% 10 0.53% n/a n/a n/a 7.33 23.37% 2.43% 301.13 2008 -39.64% -40.24% -31.07% -29.51% 21 1.38% n/a n/a n/a 7.50 13.02% 2.95% 253.59 2009 55.02% 53.59% 25.57% 22.85% 23 3.78% n/a n/a n/a 12.90 14.96% 4.19% 308.03 2010 31.55% 30.32% 26.31% 24.72% 25 1.18% n/a n/a n/a 18.84 13.65% 4.78% 394.36 2011 -6.93% -7.87% 1.02% -1.38% 31 0.56% n/a n/a n/a 23.89 9.61% 5.36% 445.63 2012 5.15% 4.22% 16.33% 18.21% 31 0.60% 14.43% 18.96% 19.95% 24.17 9.93% 5.21% 463.79 2013 17.05% 16.01% 41.31% 39.98% 27 0.85% 11.18% 15.37% 15.95% 21.85 12.15% 4.15% 526.15 2014 0.21% -0.71% 5.76% 7.54% 22 0.22% 8.91% 12.36% 12.68% 18.16 14.70% 3.49% 520.60 2015 2.71% 1.80% -1.97% -6.67% 18 0.35% 8.46% 13.18% 13.42% 15.92 16.50% 3.46% 460.26 * Performance represents a partial period return for this year. 2016 20.04% 19.00% 26.56% 31.32% 18 0.66% 9.24% 14.95% 15.48% 18.33 16.37% 3.79% 483.91 ** n/a — Annual Dispersion and/or 3 Year Ex-Post Standard 2017* 6.05% 5.59% 2.79% 0.86% 17 n/a n/a n/a n/a 18.85 14.45% 3.94% 479.08 Deviation not applicable for this period.

COMPOSITE NOTES 1. The Symons Small Cap Value Composite wwas created in October 2006 and consists of all fully discretionary portfolios that are 5. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. managed in the Small Cap Value style. The investment objective for the Symons Small Cap Value investment discipline is long-term Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to 2012, because 36 monthly capital appreciation achieved by investing in companies that can be purchased at attractive valuations. The minimum account size for composite returns were not available until December 31, 2012. initial inclusion in this composite is $250,000. 6. Securities purchased by SCM are listed on a major exchange with published values. Generally, month-end valuations as shown on 2. For comparison purposes the composite is measured primarily against the S&P SmallCap 600® index, and secondarily against the S&P custodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to or greater than 5% of a SmallCap 600® Value index. Effective April 1, 2017, the S&P SmallCap 600® index replaces the Russell 2000® Value index as a primary portfolio’s market value would cause the portfolio to be revalued and accounted for properly so as not to distort performance. Additional benchmark, and the S&P SmallCap 600® Value index replaces the Russell 2000® index as a secondary benchmark, since Russell index information regarding the policies for valuing portfolios, calculating performance and preparing compliant presentations is available returns are no longer available without paying substantial annual licensing fees. Both benchmarks are unmanaged indices that primarily upon request. include small capitalization stocks that are representative of Symons Capital Management Inc.'s Small Cap Value portfolio management 7. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization, and stock selection style. A direct investment in an index may involve different liquidity, risks and tax considerations. The Adviser may established in 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. invest in securities outside of those represented in the indices. S&P SmallCap 600® returns are shown for the entire composite history. Prior to October 1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and description 3. Results are based on fully discretionary accounts under management, including those accounts no longer managed by the firm. The U.S. of composites, which is available upon request. Dollar is the currency used to express performance. Composite performance is presented net of foreign withholding taxes on dividends, 8. Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared interest income, and capital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net and presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verified of management fees and include the reinvestment of all income. Gross of fees returns are presented before management and custodial for the periods January 1, 1996 through March 31, 2017 by Ashland Partners & Company, LLP. Verification assesses whether (1) the fees, but after all trading expenses. Net of fee performance was calculated using actual management fees. Past performance is not firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s indicative of future results. policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. 4. The investment management fee is: 1.25% on the first $1 million; 1.00% on the next $9 million; 0.90% on the next $15 million; 0.80% 9. The Symons Small Cap Value composite has been examined for the periods from October 1, 2006 through March 31, 2017 by Ashland on the next $25 million; and 0.70% above $50 million. Actual investment advisory fees incurred by clients may vary. Partners & Company, LLP. The verification and performance examination reports are available upon request.

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IMPORTANT DISCLOSURE INFORMATION

Past performance may not be indicative of future results. Returns do not represent those of any individual investor. Individual investor returns may vary based on timing of investment. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by Symons Capital Management, Inc.) or product will be profitable or equal the corresponding indicated performance level(s). The Investment Process described in this document is subject to change. The portfolio manager may deviate from established guidelines based on market conditions and what we believe to be the best interest of our clients. Please remember to contact Symons Capital Management, Inc. if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. A copy of our current written disclosure statement discussing our advisory services and fees is available for your review upon request.

The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.

Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, or the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your account holdings do or will correspond directly to any comparative indices.

This document is intended for investor information and broker-dealer/financial institution use only. Do not copy or distribute.

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