U.S. Large-Cap Value

• Investment Philosophy: Undervalued stocks with a dividend yield and a fundamental catalyst provide the opportunity for superior long-term total returns
• Market Capitalization: $2 Billion and greater
• Dividend Requirement: Equal to or greater than current S&P 500 yield
• Relative Valuation: 20 year history
         Yield
         Price to Book
         Price to Earnings
         Price to Cash Flow
• Fundamental Catalyst: Unique to company
• Activity: Consistent execution of our well-defined buy/sell discipline leads to activity
• Average Number of Holdings: 65-80
• Strategy Inception Date:  9/30/1985
• Investment Vehicles: Separate Account; Daily Valued Collective Trust