DIVIDEND GROWTH STRATEGY

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1 DIVIDEND GROWTH STRATEGY The investment objective of Griffin s Dividend is long-term capital appreciation and income. The Strategy invests primarily in large and mid-capitalization dividend paying stocks that are conservatively financed and trading at a discount to the investment managers assessment of intrinsic value. The key to the Strategy s success over time has been a disciplined approach to stock picking and portfolio construction. A focus on dividends and low P/E multiples is a major piece of the puzzle. In addition, non-traditional valuation and quality metrics like Free Cash Flow Yield and Return on Invested Capital have enhanced the Strategy s ability to perform well in all market environments. The Strategy s focus on dividends and valuation has led to superior long term returns while outperforming it s benchmarks by an average of 1,079 basis points a year during the last four down markets. The combination of superior long term returns with significantly less risk makes this one of Wall Street s most dynamic Strategies. >HIGH DIVIDEND GROWTH & YIELD Despite the fact that dividends have accounted for 41% of total stock market returns since 1926, it is often statistically ignored. Numerous studies have shown that dividends not only matter for total return, but also for assessing the quality of a company. Dividends rarely increase unless a company has complete confidence in its own future. > LOW P/E Companies in the lowest quartile by P/E ratio have outperformed those in the highest quartile by P/E ratio for the past 39 years by a margin of 650 basis points a year and outperformed the S&P 500 by 350 basis points a year. > HIGH RETURN ON INVESTED CAPITAL Long term earnings growth can only be achieved if a company can reinvest excess cash at returns similar to, or higher than, their existing business. A high and rising return on invested capital is a key metric when determining both management s discipline and a company s long term prospects. > HIGH FREE CASH FLOW YIELD One of the most important measures of a company s health is how much cash it can generate. Earnings alone are not enough to give you an accurate picture of a company s ability to generate cash. Free Cash Flow Yield helps us analyze what returns you would expect over time if you bought the entire company. As of CHARACTERISTICS GAM DIVIDEND GROWTH ishares Russell 1000 P/E: x 19.0x EPS: 5 Year Est. Growth 9.6% 10.6% DIV :3 Year Trailing Growth 10.7% 7.2% Dividend Yield 2.6% 1.9% RISK METRICS GAM DIVIDEND GROWTH Russell 1000 BETA (10 YR) ALPHA (10 YR) SHARPE RATIO (10 YR) STANDARD DV (10 YR) This supplemental information contained in this brochure shows the equity returns carved out of the GAM Dividend Growth composite. The supplemental information is presented to show a fair comparison of the equity returns of the composite versus the appropriate benchmark.

2 Technology Healthcare Financial Services Consumer Discretionary Industrials Consumer Staples Energy REITS Materials & Processing Utilities Telecommunic ations Sector Weightings Top Holdings 30.00% 25.00% 20.00% 22.7% 19.9% 18.1% 17.3% Griffin Asset Management Dividend ishares Russell 1000 TOP HOLDINGS WEIGHTING Berkshire Hathaway (BRK) 6.6% Wells Fargo (WFC) 3.5% 15.00% 12.9% 10.00% 5.00% 0.00% 13.6% 14.6% 3.9% 12.5% 14.0% 10.4% 9.7% 8.1% 5.5% 3.8% 3.2% 3.2% 0.0% 4.2% 0.0% 0.0% 2.4% International Business Machines (IBM) 3.3% Walgreens Boots Alliance (WBA) 3.2% Boeing (BA) 3.2% Honeywell (HON) 3.2% Illinois Tool Works (ITW) 3.2% Abbott Labs (ABT) 3.1% Exxon Mobil (XOM) 3.1% AbbVIe (ABBV) 3.0% Portfolio Construction Stock Selection Process 1. DIVIDEND GROWTH 3-5 year estimated and trailing dividend growth rate of 7.5% 2. DIVIDEND YIELD Portfolio Yield that is greater than the benchmark 3. STOCK HOLDINGS A concentrated portfolio of names 4. SECTOR WEIGHTINGS No sector weighting limit 5. PAYOUT RATIO Payout ratio <50% 6. PE RATIO PE ratio that is less than the benchmarks 7. FREE CASH FLOW YIELD FCF Yield above the long term Risk Free Rate Investment Team Doug Famigletti is the co-portfolio manager of the Griffin Asset Management Dividend. Mr. Famigletti is a Chartered Financial Analyst (CFA). He earned his BA in Economics from Hamilton College in 1994 Tom Famigletti is the co-portfolio manager of the Griffin Asset Management Dividend. Mr. Famigletti has a B.A. in Economics from Hofstra University. He is a member of the New York Society of Security Analysts. Mr. LoBue is the Head Trader for the Griffin Asset Management Dividend. He is responsible for executing, allocating, and confirming of all company trades. Mr. LoBue graduated Summa Cum Laude from Farleigh Dickinson University with a BA in Entrepreneurial Studies in Mr. LoBue holds the Certificate in Investment Performance Measurement (CIPM) designation from CFA Institute Qualitative Analysis 1. DIVIDEND GROWTH: Consistent history of increasing dividends and favoring dividend increases over stock buy-backs 2. FREE CASH FLOW: We invest in companies that convert an average of 100% of earnings into free cash flow over five years 3. RETURN ON CAPITAL: Companies earning more than their cost of capital, grow and maintain high rates of ROC have sustainable models 4. BALANCE SHEET: Marginal changes over long periods of time help us identify positive and negative trends in key balance sheet metrics 5. PAYOUT RATIO: We focus on quality of dividends instead of absolute yield and look for a payout ratio of less than 50% which gives companies room to growth their dividend Quantitative Analysis 1. PE: Proprietary valuation screens help us analyze the last 5 and 10 years earnings, PE ratios and volatility of earnings to determine a potential price range to buy a stock 2. EV/EBITDA: EV/EBITDA allows us to compare the valuation of companies on an apples to apples basis. Our proprietary valuation screen helps us analyze long term trends in capital structure and valuation of the entire Enterprise 3. FREE CASH FLOW YIELD: Proprietary valuation screens are used to analyze the trends in all the components of Free Cash Flow and Free Cash Flow Yield over the last 5 years to help identify a good price to buy a stock Sell Discipline Quantitative Sell Discipline 1. PE: We use a proprietary valuation model to determine the normal distribution of PE multiples. We will sell part of a position based on our PE valuation model. We would sell an entire position if the valuation was 3 standard deviations away from the mean 2. FCF YIELD: We use a proprietary valuation model to determine the normal distribution of a stocks FCF YIELD. We will sell part of a position based on valuation if the stock does not present a reasonable FCF Yield relative to the historical range and relative to the Risk Free Rate 3. EV/EBITDA: We use a proprietary valuation model to determine the normal distribution of a stocks EV/EBITDA multiple. Similar to our PE model, our EV/EBITDA valuation tool will be used to sell a part of a position when a stock screens expensive in our model 4. PERCENT OF PORTFOLIO: No specific limit on maximum position size since we want to have the flexibility to let a stock run. It is rare that we let a position account for over 7.5% of the portfolio for an extended period of time Qualitative Discipline 1. CHANGE IN DIVIDEND POLICY dividend cut no dividend growth over three years management steering cash away from dividends in favor of buy-backs or acquisitions 2. FUNDAMENTAL DETERIORATION IN BUSINESS earnings to cash conversion over a cycle of less than 80% low quality earnings that aren t driven by revenue growth management is inefficient in their use of cash market share loss in key business units 3. DRAMATIC INCREASE IN LEVERAGE changes in capital structure including a decrease in cash and an increase in debt net debt is more important than actual debt This supplemental information contained in this brochure shows the equity returns carved out of the GAM Dividend Growth composite. The supplemental information is presented to show a fair comparison of the equity returns of the composite versus the appropriate benchmark.

3 Annual Returns Dividend Growth Total Return Strategy (Gross) Dividend Growth Total Return Strategy (Net) Primary Total Return Dividend Equity Component (Gross) Dividend Equity Component (Net) Primary Equity Risk and Growth of an Investment: December 31, 1994 through June 30, 2017 Rate of Return BETA ALPHA Sharpe Ratio Standard Deviation GAM Equity Net +10.1% Primary Equity +8.2% GAM Total Return Net +8.8% Primary Total Return +7.1% Downside Capture This supplemental material complements the GIPS compliant composite presentation which is provided at the end of this brochure.. This supplemental information shows the equity returns carved out of the composite. The supplemental information is presented to show a fair comparison of just the equity returns versus the appropriate benchmark.

4 Year Gross of Fees Net of Fees Primary Secondary Dispersion Number of Portfolios *Total Strategy Total Composite Total Firm % % +8.44% +9.04% 0.77% 18 $205,9 $153.6 $ % -2.48% +0.86% +1.29% 0.44% 22 $190.0 $140.8 $ % % +8.00% +9.9% 0.53% 24 $224.9 $168.5 $ % % % 1.94% 20 $202.9 $152.5 $ % % +9.83% % 0.46% 19 $177.6 $127.5 $ % +2.52% +1.26% +1.40% 0.45% 19 $163.8 $116.5 $ % +9.50% +9.85% % 0.78% 22 $161.9 $123.3 $ % % % % 4.09% 23 $170.5 $116.1 $ % % % % 3.16% 21 $154.2 $102.8 $ % +2.54% +5.63% +5.71% 2.14% 20 $170.4 $131.8 $ % % % %.46% 20 $176.1 $133.9 $ % +1.49% +5.06% +5.53%.99% 20 $167.0 $119.7 $ % +8.01% +7.41% +8.90% 1.07% 17 $191.4 $129.1 $ % % % % 1.39% 15 $198.0 $106.1 $ % % % % 4.08% 17` $161.3 $95.1 $ % -2.15% -5.54% % 2.27% 14 $168.3 $113.9 $ % +9.48% -1.97% -6.31% 1.89% 13 $152.9 $114.0 $ % +0.77% % % 2.98% 13 $152.9 $114.0 $ % % % % 1.7% 12 $155.7 $117.5 $ % % % % 5.3% 10 $139.9 $93.6 $ % % % % 3.7% 10 $88.4 $72.0 $ % % % % 0.2% 4 $49.3 $49.3 $49.3

5 Griffin Asset Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Griffin Asset Management has been independently verified for the periods January 1, 1998 through December 31, Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The GAM Dividend Composite has been examined for the periods January 1, 1998 through December 31, The verification and performance examination reports are available upon request. > Firm Information Griffin Asset Management is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisors Act of Griffin Asset Management is an independent investment management firm that is not affiliated with any parent organization. Griffin Asset Management was formed on January 1 st, 2006 as a result of the merger between its two predecessor firms Hovey, Youngman Associates, Inc. and Griffin Asset Management, LLC. Griffin Asset Management manages traditional and alternative investment strategies for individuals and institutions including, Value, Growth, Covered Call, Dividend Growth, Balanced, and Fixed Income. A complete list and description of firm composites are available upon request. Please call us at or at info@griffinasset.com. > Composite Characteristics The Composite (formerly known as the Griffin Asset Management Value Strategy) includes all discretionary, fee-paying, tax exempt portfolios with a market value of over $100,000, a Dividend for the equity investments and a Total Return investment objective. Beginning on 12/31/15 the composite uses two benchmarks. The risk benchmark is 60% of the Russell 1000 Index and 40% of the Treasury Bill Index. This benchmark is used to compare the composite returns to a benchmark with similar risk characteristics as measured by Beta and Standard Deviation since inception. The allocation benchmark is 75% of the Russell 1000 Index and 25% of the Treasury Bill Index. This benchmark is used to compare the composite returns to a benchmark with similar allocations between equities, bonds and cash. In the periods of the allocation benchmark was 90% Russell 1000 and 10% Treasury Bills. For periods prior to 2015, the firm presented a primary/allocation and a secondary benchmark whose weights and components changed over time to better represent the investment strategy. A timeline including the date of each benchmark change, description and reason for the changes are included below. The primary benchmark was comprised of various blends for the following periods: , 75% Russell 1000 and 25% US T-bill; , 90% Russell and 10% US T-bill; , 75% Russell and 25% US T-bill. The secondary benchmark was comprised of various blends for the following periods: , 75% S&P 500 and 25% US T-bill; , 90% S&P 500 and 10% US T-bill; , 75% S&P 500 and 25% US T-bill. In 1998 the blends of the benchmarks were changed to better reflect the strategy. In 2003 the benchmark changed due to the portfolio manager s view that the equity markets were less attractive and a higher exposure to cash and fixed income was prudent. September 30, 2010, the strategy was renamed from the Value Tax Free Total Return Composite to the Dividend Composite. Also at this time, the primary and secondary benchmarks were changed retroactively. The primary index (S&P500 blend) became the secondary index; and the secondary index (Russell blend) became the primary index. Further, the Russell index used changed from the Russell 1000 Value to the Russell 1000 because it was determined that the strategy was more representative of a core versus just value strategy and has a much higher correlation versus core benchmarks than versus value benchmarks. > Dividend Definition The Griffin Asset Management Dividend primarily invests in large and mid capitalization dividend paying stocks of high-quality companies at a discount to their intrinsic value. The Strategy seeks to build a diversified portfolio of exceptional companies that are leaders in their respective businesses and have a history of prudent allocation of shareholder capital. The primary goal of the Strategy is to preserve capital in the short to intermediate term by taking less risk than the overall market. The secondary goal is to generate superior returns with less risk over the long term. > Composite Methodology Valuations and returns are computed and stated in U.S. Dollars. Returns are displayed Gross and Net of Investment Management Fees. Gross of Fees performance calculations are presented Gross of Investment Management Fees and Net of Trading Fees. Net of Fees returns are presented Net of Trading Fees and Net of Investment Management Fees. Our software system, Advent, is able to calculate Net of Fees returns for all accounts. Therefore, for the calendar years 2006 through the present, our Net of Fees returns are calculated by Advent. Prior to calendar year 2006 the Net of Fees returns were calculated in Excel by using an asset weighted fee for each quarter. Gross and Net of Fees returns are calculated gross of withholding taxes on foreign dividends. There are no performance fees in this composite and therefore net of fees returns include all deducted fees. Internal dispersion is calculated using the dollar-weighted standard deviation of all portfolios that were included in the composite for the entire year. > Supplemental Information The information in this presentation on pages 1-4 that is referred to as supplemental information shows just the equity returns carved out of this composite. The supplemental information is presented to show a fair comparison of just the equity returns versus the appropriate benchmark. > Standard Deviation As of , the Three-Year annualized Ex-Post Standard Deviation of the Composite was 7.7% and for the primary benchmark, 8.1%, and for the secondary benchmark, 7.7%.As of , the Three-Year annualized Ex-Post Standard Deviation of the Composite was 8.4% and for the primary benchmark, 7.9%, and for the secondary benchmark, 7.9%. As of , the Three-Year annualized Ex-Post Standard Deviation of the Composite was 6.89% and for the primary benchmark, 7.19%, and for the secondary benchmark, 6.73%. As of , the Three-Year annualized Ex-Post Standard Deviation of the Composite was 8.5% and for the primary benchmark, 9.19%, and for the secondary benchmark, 8.95%. As of , the Three-Year annualized Ex-Post Standard Deviation of the Composite was 10.68% and for the primary benchmark, 11.55%, and for the secondary benchmark, 11.32%. As of , the Three-Year annualized Ex-Post Standard Deviation of the Composite was 12.75% and for the primary benchmark, 14.2%, and for the secondary benchmark, 14.0%. > Other Disclosures Upon request, we will personally meet with you and provide you with information regarding performance results, investment strategies and our advisory fees. The following fee schedule is negotiable: 1.25% on first $2Mil, 1.00% on the next $3Mil and.75% on balance. This composite was created in March of A complete list and description of firm composites is available upon request. Additional information regarding policies for calculating and reporting returns is available upon request. *Total Strategy since inception include all assets within the strategy but are not included in this composite for one or all of the following reasons: account size, time in the strategy, unable to fully implement strategy, strategy assets are commingled with other strategy type assets. This information is supplemental and included for the purpose of showing our commitment to this strategy. Past performance is no guarantee of future results. Although Griffin Asset Management, may take efforts to mitigate risks, certain risks cannot be eliminated or controlled and there are no guarantees that any risk management strategies or investment strategies implemented will be successful notwithstanding such efforts to mitigate risk. The information contained herein has been obtained from sources that are believed to be reliable. However, Griffin does not independently verify the accuracy of this information and makes no representations as to its accuracy or completeness.