Since Inception (Annualized) Dividend Growth Strategy (gross of fees) Dividend Growth Strategy (net of fees)

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1 Portfolio Update: Third Quarter 2018 The Dividend Growth Portfolio (the Portfolio ) increased +6.49% gross of fees (6.36% net of fees) in the third quarter of 2018, behind the S&P 500 Index, which increased +7.71% for the quarter, and the +8.80% return of the Morningstar U.S. Dividend Growth Index. Year to date the Portfolio has increased +7.93% gross of fees (+7.55% net of fees) versus % for the S&P 500 and a +8.59% increase for the Morningstar Index. 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception (Annualized) Dividend Growth Strategy (gross of fees) Dividend Growth Strategy (net of fees) +6.49% +7.93% % % % +8.95% +7.60% +6.36% +7.55% % % % +8.23% +6.73% S&P 500 Index +7.71% % % % % % +9.23% Morningstar US Dividend Growth Index +8.80% +8.59% % % % % +9.93% Inception date: April 1, Performance is presented net of RMB Asset Management s maximum management fee and transaction costs. Performance is not net of RMB s Wealth Management advisory fee (if applicable). Please see important disclosures at the end of this document. Past performance is not indicative of future performance, and there is a risk of loss of all or part of your investment. We were disappointed with the Portfolio s moderate underperformance in the third quarter, as well as our year-to-date relative returns, which remain behind the two passive benchmarks. From a traditional attribution perspective, the Portfolio s underperformance in the third quarter was almost completely driven by stock selection, with a modest positive contribution from sector allocation. Our stock selection in the Technology, Health Care and Energy sectors were negative, but partially offset by positive selection in the Consumer Discretionary sector. We will discuss our individual holdings impact on performance in a bit. The third quarter market environment had relatively low volatility and the market moved significantly higher. When we penned you last quarter, we opined that a much choppier market environment could become the new norm in subsequent quarters, but this did not play out at all in the third. Continuing the storyline from Q2, the escalating trade war between the U.S. and many of its key trading partners, most notably China, dominated domestic headlines. On a positive note, the U.S. came to an agreement with Mexico and Canada as the quarter closed out, cementing a replacement to NAFTA that should hopefully provide an amicable trade framework for years to come. However the trade dispute with China does not seem to have a near-term resolution in sight as both parties appear far apart in negotiations and each continues to ratchet tariffs higher. The potential damage to global economic growth in a prolonged trade war should not be taken lightly, thus an eventual resolution to these disputes is important. The 10-year Treasury yield resumed an upward trend from 2.86% to 3.05% in the third quarter and continues to move higher as we write this letter. The year-to-date dichotomy between the bond market and stock market is remarkable, with each sending opposite signals. The Fed has kept a hawkish bent with a third 25-basis-point rate hike in September and signs of another hike in December with a bias toward three and potentially four increases in U.S. economic indicators have remained fairly robust with GDP accelerating throughout the year, and job growth persisted despite unemployment hitting a 49-year low. By most accounts, the U.S. is at or near what most economists would consider full employment as it is getting harder to find qualified labor for available jobs. We would be remiss if we did not mention that the third quarter also brought us the 10-year anniversary of the failure of Lehman Brothers and onslaught of the financial crisis, reminding us how far we have come from those dark days a decade ago. 1

2 Second-quarter earnings reports released in the third quarter remained strong, even when excluding the obvious benefit from lower corporate tax rates. Revenues and profit margins continue to surprise positively. We believe that third quarter earnings, which are soon to be reported as we write this letter, will continue to show strong growth (current consensus for the S&P 500 is 22% growth) and forward outlooks will remain relatively positive. That said, with stock prices high and sentiment bullish, the bar to hurdle to get prices even higher is not an easy one. We will watch closely for any change in management s tone toward demand for their products and services. This will be the second quarter where the tariff and trade issue will be front and center. Despite the uncertainty around global trade, domestic economic growth has accelerated this year. Lower corporate and individual tax rates have clearly helped, but also reduced government regulation and increased consumer and business confidence spurred rising estimates for GDP growth. On the negative side, we have seen a slowdown in the U.S. housing market as unsustainable rates of appreciation have cooled and demand has softened moderately. Rising interest rates may be having an impact, although mortgage rates have kept fairly low compared to long-term norms. Outside the U.S., the upturn in growth in most major economies around the world has lost momentum, hurting the goldilocks scenario of a synchronized global economy. The U.S. dollar also had a strong run relative to most developed and emerging market currencies. The divergence in the U.S. and international stock markets is rather stark with the U.S. market dramatically outperforming. Dividend Growth THIRD QUARTER 2018 CONTRIBUTION REPORT Ranked by Basis Point Contribution Top Contributors Basis Point Contribution Return Lowe s Cos Inc % Apple Inc % Microsoft Corp % Union Pacific Corp % Snap-On Inc % Bottom Detractors Microchip Technology Inc % Schlumberger Ltd Com % TE Connectivity Ltd % Chevron Corp % Morgan Stanley % Past performance is not indicative of future performance, and there is a risk of loss of all or part of your investment. The above does not represent all holdings in the Portfolio. To obtain a copy of RMB s calculation methodology and a list of all holdings with contribution analysis, please contact your service team. The data provided is supplemental. Please see important disclosures at the end of this document. Our message about equity valuations is unchanged from our previous letters as valuations still appear fairly full today, although not excessive given rapidly rising earnings estimates. In fact, despite the near-11% increase our underlying benchmark year to date, price/earnings (P/E) multiples contracted moderately as earnings have risen faster than prices. That said, the market is a forward discounting mechanism, and we have to ask ourselves if this is this as good as it gets and are we nearing peak earnings in 2019 or This is difficult to answer with any degree of confidence, but we have a hard time seeing much P/E multiple expansion from current levels given it feels like we are getting late in the economic and market cycle. As always, macro market predictions are difficult to make and we remain focused on opportunistic, bottom-up stock selection, continuing to manage a concentrated yet diversified portfolio of high-quality individual companies that can grow their earnings and dividends for years into the future. No matter what happens with the current market cycle, we believe the strategy positions us to outperform over the long run without taking undue risk. Contributors and Detractors The Portfolio s largest contributor to performance in the first quarter of 2018 was Lowe s, the home improvement retailer. The stock moved materially higher on further optimism that its new CEO would make major operational changes to the business helping it close the gap to chief rival, Home Depot (HD). As we penned last quarter, we think a fresh management team has an opportunity to improve Lowe s same store sales, margins and return on invested capital, all of which would be good for the share price. This self-help aspect to the story combined with a cyclical tailwind to home repair and remodeling from a strong 2

3 consumer will play out over the next couple of years. Lowe s remains the Portfolio s second largest position at quarter-end, however a lot of this good news is getting discounted in the share price. Apple, a company that needs no introduction, was the second biggest contributor. The stock responded well to a better-than-expected second quarter earnings report, which showed double-digit revenue growth and a positive outlook for the current quarter. They also debuted their new lineup of iphones in September, which continue to remain remarkably resilient despite a mature smartphone market. While the stock price reflects a lot of the current positive fundamentals, we continue to believe it can grind higher over time and return capital to shareholders given its large cash balance and substantial free cash flow. Apple is a mid-sized position at quarter-end. On the negative side of the performance ledger we had a few names whose prices underperformed the market in the quarter, adversely affecting the Portfolio s overall return. Microchip Technology, a developer and manufacturer of semiconductors, declined after a weak fiscal first quarter report and increasing concerns that the overall industry could be facing a cyclical headwind soon. Microchip s management team have been strong executors over the past few years we have held the stock and we believe the near-term issues they are experiencing with their acquisition of Microsemi are fixable in the next few quarters and the stock can rerate higher. Microchip is a mid-sized position and we may look to increase the size should the stock decline further, absent any new reports. Schlumberger, the large oil services company, was the second biggest detractor. The stock declined as the long awaited earnings recovery from an improving energy market continues to be pushed out further. It is one of our lowest conviction ideas in the Portfolio and is appropriately sized as one of the smallest positions. Portfolio Activity During the third quarter we did not make any new purchases or exit any full positions from the Portfolio. We did some modest changing of position sizes, but the lineup of companies remained the same. For many managers it would be highly unusual to go a full quarter without purchasing a new idea, but for us it does happen from time-to-time given our concentrated portfolios, long term investment horizon and desired low turnover. While we always want new ideas competing for capital to get into the portfolio, we also strive to own very high-quality growing businesses in which we can compound value for years, not months or quarters. Outlook TOP 10 HOLDINGS AS OF 09/30/18 Company % of Assets Lowe s Cos Inc 5.75% American Tower Corp 5.67% Microsoft Corp 5.64% Union Pacific Corp 5.34% Snap-On Inc 5.16% Becton, Dickinson, and Co 5.03% Amgen Inc 4.94% Apple Inc 4.79% CME Group Inc 4.52% Morgan Stanley 4.38% Holdings are subject to change. Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Past performance is not indicative of future performance, and there is a risk of loss of all or part of your investment. The data provided is supplemental. Please see disclosures at the end of this document. From when we last wrote you three months ago, market conditions feel like they reverted back to 2017 s low volatility, melt up environment. It is hard to say how long this resumption of exuberance can last, and the first few trading days of the fourth quarter have brought more volatility. The upcoming corporate earnings report season that is about to kick off will refocus the market back on individual company fundamentals, which likely remain healthy for U.S. companies. As a result of inflationary pressures from a tighter labor market, commodity, energy, and transportation costs will stay in focus as companies with pricing power look to protect margins. From a revenue growth perspective, near-term U.S. economic data points have remained quite positive, which should create a solid demand environment. U.S. employment is extremely healthy with unemployment hitting 18-year lows and several pockets of scarcity for skilled labor in various industries becoming more common. We believe real wage growth should be positive for consumer spending, particularly for lower-income consumers, which have not seen much benefit the last several years. Rising wages present a challenge for corporate margins however, which are already operating at peak levels. High levels of business and consumer confidence persist, and we have seen an 3

4 increase in capital investment after several years of stagnant spending. The benefits of tax reform lowering both individual and corporate rates are continuing to filter into the U.S. economy as well. If the trade war with China does not become too impactful, the intermediate U.S. economic outlook has strong momentum. Inflation remains an area of concern to keep an eye on as it has been years since we have seen any extended period of sustained inflation that would cause the Fed to get more aggressive raising interest rates. Overall, we continue to be quite constructive on the momentum in U.S. corporate earnings growth, which is the biggest longterm driver of stock prices. However, much of this seems to be priced into the stock market already, such that we do not see a margin of safety should earnings have a whiff of disappointment. Earnings growth in 2019 mathematically will slow dramatically as the lower corporate tax rate anniversaries, but could still be above long-term average growth if the economic cycle cooperates. Wall Street earnings estimates more than a year out are often too optimistic and never catch major inflection points, but the market seems to understand this phenomenon. The overall market multiple currently sits modestly above its long-term average. As always, we may opine on our view of the market but we do not pretend to have any true skill in predicting where the market is heading in the short- or intermediate-term. Market timing is a very difficult, if not impossible, task with which to add value. We continue to focus the Portfolio s efforts on owning companies with good secular growth prospects, strong economic moats, underleveraged balance sheets, and superior management teams. These are companies we believe can compound value for shareholders for years into the future. While the opportunities to find highquality dividend growth companies selling at reasonable valuations are not abundant, we continue our bottom-up search to optimize the Portfolio. Our disciplined investment process focuses more on individual company fundamentals and less on the overall market. We also believe that a strategy focused on high quality companies can distinguish itself in a more volatile market environment. Thank you for the continued trust you place in us to manage your assets. If you have any questions, please do not hesitate to contact us. 4

5 Past performance is not indicative of future results, and there is a risk of loss of all or part of your investment. The opinions and analyses expressed in this letter are based on RMB Capital Management, LLC s ( RMB Capital ) research and professional experience, and are expressed as of the date of our mailing of this letter. Certain information expressed represents an assessment at a specific point in time and is not intended to be a forecast or guarantee of future performance, nor is it intended to speak to any future time periods. RMB Capital makes no warranty or representation, express or implied, nor does RMB Capital accept any liability, with respect to the information and data set forth herein, and RMB Capital specifically disclaims any duty to update any of the information and data contained in this letter. The information and data in this letter does not constitute legal, tax, accounting, investment, or other professional advice. The information provided in this letter should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in the Portfolio at the time you receive this letter or that securities sold have not been repurchased. The securities discussed do not represent the entire Portfolio and in the aggregate may represent only a small percentage of their holdings. It should not be assumed that any securities transaction or holding discussed was or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. A complete list of security recommendations made during the past 12 months is available upon request. An investment cannot be made directly in an index. The index data assumes reinvestment of all income and does not account for fees, taxes or transaction costs. The investment strategy and types of securities held by the comparison index may be substantially different from the investment strategy and types of securities held by your account. The Morningstar U.S. Dividend Growth Index is a subset of the Morningstar US Market Index, a broad market index representing 97% of U.S. equity market capitalization. It is a benchmark consisting of securities that: (i) pay qualified dividends. (ii) are screened for a minimum of five years of uninterrupted annual dividend growth. The S&P 500 includes 500 leading companies in leading industries of the U.S. economy. The S&P 500 focuses on the large-cap segment of the market and covers approximately 75% of U.S. equities. The Russell 3000 measures the performance of the largest 3000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually. 5

6 RMB Capital Management, LLC Dividend Growth Equity Composite // Annual Disclosure Presentation Organization RMB Capital Management, LLC ( RMB ) is an independent investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of RMB was established in RMB claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. RMB has been independently verified for the period April 1, 2005 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 Dividend Growth Equity composite has been examined for the period April 1, 2005 through December 31, The verification and performance examination reports are available upon request. RMB maintains a complete list and description of composites, which are also available upon request. Description The Dividend Growth Equity Composite product reflects the performance of fully discretionary dividend growth equity accounts, which have an investment objective of long-term growth using a portfolio of primarily large-cap stocks and, for comparison purposes, is measured against the S&P 500, a market proxy. The Dividend Growth Equity Composite was created on April 1, 2005 and includes all accounts that are managed in accordance with the Dividend Growth Equity investment style, except for portfolios with substantial restrictions. An account is included in the Composite on the first day of the first full month following becoming fully invested. An account is removed from the Composite as of the last day of its last full month. Account performance is based on total assets in the account, including cash and cash equivalents. Results are based on fully discretionary accounts under management, including those accounts no longer managed by RMB. Valuations and returns are computed and stated in U.S. Dollars. ANNUAL PERFORMANCE RELATIVE TO STATED BENCHMARK Year End Total Firm Assets as of 12/31 ($M) Composite Assets USD ($M) # of Accounts Managed Annual Performance Results Composite Gross-of-Fees (%) Composite Net-of-Fees (%) S&P 500 (%) Composite 3-YR ST DEV (%) S&P YR ST DEV (%) % Non-Fee Composite Paying Assets Dispersion (%) , , , , , , , , , , N/A N/A , N/A N/A , N/A N/A * *Results shown for the year 2005 represent partial period performance from April 1, 2005 through December 31, Fees Effective January 1, 2011, RMB s management fee schedule is as follows: 0.50% on the first $3.0 million, 0.475% on the next $2.0 million, 0.450% on the next $5.0 million, 0.425% on the next $15.0 million, and 0.400% over $25.0 million. Actual investment advisory fees incurred by clients may vary. Composite performance is presented on a gross-of-fees and net-of-fees basis and includes the reinvestment of all income. Gross-of-fees returns are reduced by the portion of bundled fee that includes trading costs and all fees other than portfolio management. The net returns are reduced by all actual fees and transactions costs incurred. In addition to a management fee, some accounts pay a bundled fee based on the percentage of assets under management. Other than brokerage commissions, this fee covers all charges for trading, custody, and other administrative expenses. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the Composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Minimum Value Threshold The account minimum in the Dividend Growth Equity product is currently $100.0 thousand. Comparison with Market Indices RMB compares its Composite returns to a variety of market indices such as the S&P 500. The index represents unmanaged portfolios whose characteristics differ from the Composite portfolios; however, it tends to represent the investment environment existing during the time period shown. The returns of the index do not include any transaction costs, management fees, or other costs. Benchmark returns presented are not covered by the report of independent verifiers. Other Past performance is no guarantee of future performance. Historical rates of return may not be indicative of future rates of return. Individual client performance returns may be different than the composite returns listed. Total Firm Assets as of 12/31 for the years 2010, 2011, and 2012 have been revised to exclude assets from personal trading accounts that were included in previously reported figures. 6