U.S. SMID-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: Does not exceed the largest market capitalization in the Russell 2500 Value Index
• Dividend Requirement: Equal to or greater than 1%
• Relative Valuation: 10 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: 65-75
• Inception Date: 3/31/2003
• Investment Vehicles: Separate Account