Investment DANA FIXED INCOME STRATEGIES.

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1 Investment DANA Advisors

2 THE WISE CHOICE HERITAGE A strong family culture Since our founding in 1980, Dana has remained independent and Employee-owned. Our investment firm is built on trust, integrity, and professional experience. QUALITY Excellence in meeting client expectations Dana strives to provide personalized client service and excellence in everything it does. We are uncompromising in our efforts to deliver superior results to clients. EXPERTISE Focus on what we do best Dana has assembled an investment team with diverse skill sets and specialized knowledge. We are adept at navigating challenging market environments and developing customized solutions. CONSISTENCY Adherence to a uniform process Dana implements a uniform investment process to minimize volatility and improve consistency of returns. We seek repeatable and predictable results to most effectively grow cumulative wealth. Investment DANA Advisors 2

3 DANA INVESTMENT ADVISORS Dana Investment Advisors was built on the belief that adhering to a defined investment process allows our professionals to focus on the fundamentals of consistent outperformance through security selection. Founded in 1980 Employee-owned Domestic equity, taxable and tax-exempt fixed income, and ESG asset manager $7.45 billion of assets under advisement as of December 31, 2018 Headquartered in Brookfield, Wisconsin We ve never wavered from our goal of providing above market returns while reducing volatility for our clients. 2019/01/31 Pensions & investments Best Places to Work award 2018 / 2017 / 2016 / 2015 / 2014 / 2013 / 2012 We are delighted to be named to Pension & Investments Best Places to Work in Money Management. Dana Investment Advisors is one of only five firms to have received this recognition for seven consecutive years, since P&I began its program in CEO Mark Mirsberger stated, Being named to Pensions and Investments Best Places to Work list for the seventh year in a row is a great honor. A lot is asked of our employees as we work in a very demanding field. High employee satisfaction and retention lead to strong client relationships and business results. It should come as no surprise that we integrate these insights into our research process to help us identify investible companies benefiting from similar values and practices. 3

4 Investment Philosophy We strive to generate excess risk-adjusted returns through a consistent and disciplined investment process. 10/29/2018 4

5 Attractive Income Consistent Risk-Adjusted Returns Principal Preservation Risk Parameters Tax Situation We believe that a well-diversified investment portfolio should contain a variety of fixed income strategies to produce repeatable and predictable results, making it easier to grow cumulative wealth. Dana therefore applies a uniform investment process to improve consistency of returns and reduce volatility. Diversification Stable Returns Lower Volatility 10/29/2018 5

6 Economic Policy Monetary Policy Market Cycle Recovery Expansion Contraction Recession Geopolitics U.S. GROSS DOMESTIC PRODUCT (GDP) 10% U.S. Gross Domestic Product (GDP) Chained Prices, 2009 Prices, SAAR 12/30/1988 through 09/28/2018 U.S. Recession Periods (gray bars) 10% 8% 8% 6% 6% 4% 2% % 2% 0% 0% -2% -2% -4% -4% -6% -6% -8% -8% 2019/01/23-10% -10% FactSet Research Systems FactSet Research Systems 6

7 Fundamental Analysis Cash Flows Credit Research Liquidity 2019/01/ Yield 12/31/ (YE 2015) Oct '15 Rate Nov '15 Dec '15 Jan '16 Yield 7/08/ (2016 Low) Feb '16 Mar '16 Apr '16 May '16 Yield 12/16/ (2016 High) Jun '16 Jul '16 Aug '16 Sep '16 Oct '16 U.S. 10 YEAR TREASURY YIELD Yield 12/30/ (YE 2016) Rate Nov '16 Dec '16 Jan '17 Rate Feb '17 Mar '17 Yield 3/13/ (2017 High) Apr '17 Rate May '17 Jun '17 Jul '17 Yield 9/08/ (2017 Low) Aug '17 Sep '17 Oct '17 Yield 12/29/ (YE 2017) Rate Nov '17 Dec '17 Yield 1/02/ (2018 Low) Jan '18 Rate Feb '18 Mar '18 Apr '18 Yield 10/08/ (2018 High) Rate May '18 Jun '18 Jul '18 Rate Aug '18 Sep '18 Yield 12/31/ (YE 2018) Oct '18 Nov '18 Dec ' Rate FactSet Research Systems Historically, forecasting the direction of interest rates has proven to be difficult and inconsistent. Instead of relying on consensus forecasts, Dana constructs duration controlled portfolios that perform consistently over a variety of interest rate cycles. 7

8 Structure Analysis Bullet Securities Amortizing Securities Callable Securities Serial Bonds Security Selection Security Analysis Spread Analysis Duration Analysis Convexity Analysis Maturity Analysis Coupon Analysis (Fixed / Floating) Correlation Effects Diversification Position Sizing Fixed Income Yield Sector Target Portfolio Sector Structure Structure Security Security Duration Quality 10/29/2018 8

9 Performance Review Investment Policy Compliance Market Analysis Performance Review Investment Policy Compliance Market Analysis Tracking Error Attribution Credit Ratings Duration Maturity Restriction Industry Concentration Environmental, Social, and Governance Evaluation Spread Analysis Low Quality versus High Quality 10/29/2018 9

10 Investment Committee Review Risk Controls Fixed Income Committee Review Internal Controls Best Execution Custodian Reconciliation Accounting Compliance Macro Economics Monetary Policy Sector Rotation Security Selection Compliance Custodian Reconciliation Investment Committee Fixed Income Committee Internal Controls Risk controls are a critical element in our investment process. A dynamic market environment calls for ongoing monitoring of portfolio risks to ensure responsible capital growth. 10/29/

11 Investment DANA Advisors Physical Address: Swenson Drive Suite 400 Waukesha, Wisconsin Mailing Address: P.O. Box 1067 Brookfield, Wisconsin (262) (800)