View DGHM’s ESG Principles DGHM AllCap Value ESG Team Leader: Donald Porter, CFA Launch Date: April 1, 2015 THE FIRM DGHM employs a fundamental, value-driven investment philosophy that focuses specifically on domestic equity across the market capitalization spectrum. Our team of 10 Sector Specialists combines quantitative tools with rigorous fundamental analysis. These specialists are experts in their fields and utilize a time-tested, disciplined approach to purchase high quality companies at compelling valuations. We are committed to value creation over the long term. We strive for consistent * alpha generation, yielding superior risk-adjusted results across our product line. Established in 1982, DGHM currently manages $2.0 billion in assets. DGHM ALLCAP VALUE ESG PORTFOLIO DGHM’s AllCap Value ESG portfolio is modeled after the flagship DGHM AllCap Value strategy, introduced in 1983. The investment objective is long-term capital appreciation achieved through a diversified portfolio of US-listed equity securities. A parallel objective is to further optimize our focus on quality companies through ESG analysis. All investments are required to satisfy the rigorous quantitative and fundamental analysis applied to DGHM’s legacy products. The fund eliminates businesses with negative social impacts, including tobacco, gaming, consumer firearms, adult entertainment, and alcohol-related stocks, while seeking to upgrade the portfolio’s ESG weighted average score. The result is a portfolio of companies that meet both DGHM’s ESG standards and its stringent valuation, financial strength, and profitability criteria. It is important to note that ESG factors alone will not make a company investable. The fund will comprise approximately 30 to 40 equity securities above $1 billion in market capitalization with initial and maximum position sizes of 2.5% and 6% of assets, respectively. The fund will remain within a 75% to 125% band of the benchmark sector weight (Russell 3000 Value) and target cash to less than 3% of assets. Agnostic to market capitalization, the portfolio has the flexibility to invest in the most compelling small, mid, and large cap companies. Investors benefit from one relationship across the market capitalization spectrum. FUND OBJECTIVES      COMPETITIVE EDGE Achieve superior risk-adjusted returns versus the Russell 3000 Value Index High-conviction portfolio; Active share above 90% Apply quantitative and fundamental ESG analysis to existing quality value style Will not invest in businesses with negative social impacts, including tobacco, gaming, consumer firearms, adult entertainment, and alcohol-related stocks Strategy focuses on generating alpha through stock selection: no major sector bets, fully invested (targeting 3% cash or lower)       10 Sector Specialists with over 25 years of experience on average Sector-focused fundamental analysis across the market capitalization spectrum Proprietary valuation approach utilized since inception Integrated ESG analysis and weighted scoring methodology Superior expertise trading illiquid small cap positions Vigilant risk management KEY COMPONENTS OF ESG SCORES Environmental Pillar  Energy efficiency/carbon emissions  Water intensity  Raw material sourcing  Toxic emissions and waste  Packaging material and waste  Electronic waste  Violations  Opportunities in clean technology Social Pillar  Labor management and diversity  Health and safety standards  Supply chain labor standards  Human capital development  Product safety and quality  R&D investment  Privacy and data safety Governance Pillar  Board independence  Qualifications and diversity  Voting  Executive compensation  Ownership  Accounting transparency  Business ethics  Corruption and instability Dalton, Greiner, Hartman, Maher & Co., LLC | 565 Fifth Avenue, Suite 2101, New York, NY 10017 | Phone: 212-557-2445 | Fax: 212-557-4898 | www.dghm.com DGHM AllCap Value ESG PORTFOLIO CHARACTERISTICS ECONOMIC SECTOR ALLOCATION DGHM AllCap Value ESG Weighted Average Market Cap $43,433 Enterprise Value/EBITDA 8.7x Free Cash Flow Yield 5.3% 2014 Estimated P/E 14.7x 5-Year EBITDA ROA (excluding cash) 17.6% 5-Year CAGR EBITDA/SHR 12.4% Net Debt (Cash) / Total Cap % 14.7% Active Share (vs. Russell 3000 Value) 90.4% Consumer Cyclicals 12.5% Utilities 8.9% Tech 6.8% Cash 2.6% Financials 29.7% Non-Cyclicals 14.3% Industrial Cyclicals 25.1% This is supplemental information. ACTIVE SIZE MANAGEMENT TOP 10 HOLDINGS Pfizer Inc. 4.5% Delta Air Lines, Inc. 3.3% Wisconsin Energy Corporation 3.3% JPMorgan Chase & Co. 3.3% Public Service Enterprise Group Inc 3.3% Invesco Ltd. 3.0% Regal Beloit Corporation 3.0% Lincoln National Corporation 3.0% Suncor Energy Inc. 2.8% SunTrust Banks, Inc. 2.8% Small < $4B Mid $4B–$25B Large > $25B 100% 80% 60% 40% 20% 0% Total % of AllCap Value ESG portfolio This is supplemental information. This is supplemental information. TEAM STRUCTURE CONTACT INFORMATION Jeff Baker, CFA Healthcare, Energy Bruce Geller, CFA Capital Goods, Retail Tim Dalton, CFA Miscellaneous Financials David Dusenbury, CFA Insurance, Miscellaneous Financials Peter Gulli, CFA Banks, Consumer Staples Industry Specific Expertise Randy Watsek, CFA Utilities, Consumer Services, Telecom Services Doug Chudy, CFA Basic Materials, Consumer Durables * 4/1/2015 32.2% Joshua Waltuch Technology Donald Porter, CFA Business Services, Transport, Aerospace/Defense Ed Turville, CFA (Real Estate Management Services Group) Dalton, Greiner, Hartman, Maher & Co., LLC 565 Fifth Avenue, Suite 2101 New York, NY 10017 Main: (212) 557-2445 www.dghm.com Michael S. Dunn Vice President Direct: (212) 400-2230/Mobile: (917)574-5283 Email: [email protected] Erin A. Gilroy Vice President Direct: (212) 557-4996/Mobile: (917) 280-5520 Email: [email protected] Real Estate DGHM AUM includes third party platform assets for which DGHM does not have full conditional authority, and which have been excluded from the definition of the firm for GIPS purposes. The assets consist of direct wrap relationships of $78 million as of March 31, 2015. Dalton, Greiner, Hartman, Maher & Co., LLC | 565 Fifth Avenue, Suite 2101, New York, NY 10017 | Phone: 212-557-2445 | Fax: 212-557-4898 | www.dghm.com