Investment OVERVIEW: 4 TH QUARTER 2017 DANA EQUITY STRATEGIES.

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1 Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2017 DANA EQUITY STRATEGIES

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

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 Manage $7.5 billion as of December 31, 2017 Headquartered in Brookfield, Wisconsin We ve never wavered from our goal of providing above market returns while reducing volatility for our clients.

4 DANA INVESTMENT ADVISORS AWARDS AND RECOGNITION Pensions & Investments Best Places to Work Award Dana Investment Advisors has been recognized as the top place to work 2017 Best Places to Work in Money Management by Pensions & Investments. This is the sixth year in a row Dana Investment Advisors has been awarded this industry distinction. We are honored that Pensions & Investments has again recognized us for our strong culture, dedication to our employees, and social impact stated Mark Mirsberger, Firm CEO, adding, Our strong family/employee culture directly impacts our client experience as clients benefit from working with and developing strong relationships with a passionate team that essentially has little to no turnover for decades. Impact Manager of the Year Award Dana s Social ESG Equity Strategy Dana Investment Advisors has been named the SMA Impact Manager of the Year by Envestnet PMC. This was the 11 th annual SMA Awards by Envestnet and the first time an award was given in the Impact space. Dana s Director of Equities and Portfolio Manager, Duane Roberts, notes that contrary to many investors conception, integrating environmental, social and governance (ESG) criteria into the portfolio management process may enhance financial returns. We have delivered consistent, superior investment performance over the Social ESG Equity Strategy s 15 year history. SMA U.S. Large Cap Equity Manager of the Year Dana Investment Advisors has been named the SMA U.S. Large Cap Equity Manager of the Year by Envestnet PMC. This was the 10th annual SMA Awards by Envestnet PMC, formerly Prima Capital, and recognizes managers that consistently outperform their peers over time, following a clearly defined sustainable and repeatable alpha strategy. Firm CEO Mark Mirsberger - This recognition is the result of hard work and dedication of our talented investment team and highlights that staying true to a superior investment process with disciplined risk controls can lead to consistent out-performance.

5 DANA ESG PROCESS ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) OVERVIEW Universe: The union of the Russell 3000 Index and S&P 1500 Index (approximately 3000 stocks) ESG STRUCTURAL RISK CONTROLS SECTOR NEUTRAL, EQUAL WEIGHTED, FULLY INVESTED TO MINIMIZE VOLATILITY AND FOCUS ON STOCK SELECTION AS PRIMARY VALUE ADD F INANCIAL Quantitative Models Fundamental Analysis Derive relative ESG rank from 120 E, S and G variables Incorporate multiple third-party ESG data vendors Compute relative rank to target top 30% of companies ( stocks) Reconcile contradictory scores Evaluate sector specific ESG drivers Assess materiality on future earnings I N T E G R A T I O N Compute sector relative rank based on valuation, growth and quality Utilize earnings, cash flow and growth metrics, and balance sheet variables Focus on higher-ranking securities by sector ( stocks) DuPont analysis Earnings estimates and revisions Uses of cash flow Quantitative Models Fundamental Analysis Review potential systematic litigation, regulatory, and environmental risks Persistence of competitive advantages Organic versus inorganic growth STOCKS WITH STRONGESG AND FINANCIAL CHARACTERISTICS BY SECTOR ADVOCACY PROXY VOTING, LETTERS AND RESOLUTIONS, CORPORATE ENGAGEMENT

6 DANA CATHOLIC ESG EQUITY STRATEGY ESG PROCESS Dana s holistic process is Comprehensive, Balanced, Thoughtful and it adheres to the faith-based guidelines set forth by the U.S. Conference of Catholic Bishops (USCCB) Comprehensive: Dana s proprietary quantitative Environmental, Social and Governance (ESG) model combines over 120 E, S and G variables to rank approximately 3,000 U.S. stocks. Balanced: An ESG rank is calculated for each stock by equally weighting the factors using a geometric mean that helps to identify companies with favorable performance across all E, S and G considerations. Thoughtful: Dana integrates ESG criteria into Dana s stock selection process, resulting in positive, best-in-class representation. Advocacy efforts are aligned and consistent with process. Faith-Based: Dana s faith-based investing incorporates the U.S. Conference of Catholic Bishops guidance to protect human life and dignity, economic justice, and the environment. Exclusions Environmental Social Governance Advocacy Embryonic Stem Cell Research Contraceptives and Abortion Adult Entertainment Tobacco Gambling Weapons Climate Change Impacts and Metrics Fines and Regulatory Actions Environmental Disclosures and Policies Board Accountability Workforce Diversity Human Rights Policies Product and Workplace Safety Labor Rights and Policies Animal Testing Board Composition CEO Compensation Audit and Accounting Board Independence Corporate Transparency Proxy Guidelines Sign-on Letters and Resolutions Corporate Engagement Partnerships with Mission-aligned Nonprofits

7 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Investment Philosophy We strive to generate excess risk-adjusted returns through a consistent and disciplined investment process. Structural Risk Controls Idea Generation Fundamental Analysis Sell Discipline

8 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Idea Generation Fundamental Analysis Sell Discipline Structural Risk Controls Relative Valuation Sector Neutral Equal Weighting Position Size Limits Fully Invested % 51.7% 2.0% -6.9% 46.6% 28.8% 29.1% 36.5% 32.4% -17.7% 59.9% 27.6% 19.9% 28.8% 43.1% 29.0% 10.1% 27.3% 38.8% 24.1% 23.0% 20.0% 17.4% 16.0% 2.3% -11.6% -12.8% -16.6% 35.6% 23.4% 14.5% 13.2% 4.5% -17.7% -20.7% -40.0% -41.0% 1.0% -13.0% Dana s sector neutral investment approach recognizes it is very difficult to predict future sector performance. Dana s Risk Approach: Structural Risk Controls are the groundwork for our repeatable and consistent investment process. -7.0% -8.3% -10.5% -12.3% -13.7% -26.0% -32.5% -7.7% -13.3% -16.4% -20.0% -24.5% -27.6% -33.0% -35.9% -37.6% 36.1% 34.8% 29.8% 27.9% 22.4% 21.1% 13.3% 9.2% 3.3% Source: Dana Investment Advisors; Bloomberg and FactSet Data Systems 19.6% 16.0% 16.0% 12.1% 10.8% 8.2% 6.0% 2.1% 0.2% 12.8% 4.9% 3.7% 2.2% 1.3% 0.4% 0.4% -7.4% -9.1% S&P 500 Sector Performance 23.7% 21.5% 19.8% 19.5% 18.9% 14.3% 13.8% 7.9% 7.8% 20.0% 15.8% 15.5% 11.6% 9.8% 8.5% 5.4% -14.3% -20.8% -24.5% -31.6% -33.6% -34.7% -35.9% -41.5% -43.7% -47.1% -57.0% 45.2% 38.8% 17.3% 17.1% 14.8% 11.3% 11.2% 6.8% 2.6% 26.9% 22.9% 19.7% 19.5% 14.2% 12.2% 10.5% 5.5% 2.8% 13.9% 12.7% 6.3% 6.1% 4.7% 2.4% -0.6% -9.7% -17.1% 23.9% 18.3% 17.7% 15.3% 15.0% 14.7% 10.8% 4.4% 1.7% 41.5% 40.7% 35.6% 28.4% 26.1% 25.6% 25.1% 13.2% 11.5% 25.3% 20.1% 16.0% 15.2% 9.8% 9.7% 6.9% 3.0% -7.8% 7.0% 6.6% 5.9% 3.4% -1.5% -2.7% -4.9% -8.4% -21.1% 23.5% 21.7% s 18.4% 16.4% 15.9% 13.9% 6.1% 5.4% Real Estate 3.7% -2.5% 23.8% 23.0% 22.2% 22.0% s 21.3% 13.5% 11.8% Real Estate 10.8% -1.1% -1.3% 2018?

9 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Valuations Idea Generation Fundamental Analysis Idea Generation (Quantitative Analysis) Growth Sell Discipline Estimate Revisions The idea generation phase RELATIVE VALUATION MODEL VALUE RELATIVE TO GROWTH MODEL ESTIMATE REVISIONS MODEL leverages our propriety models to generate segmented data that efficiently focuses our research on improving or deteriorating trends within sectors, industries DANA RANK or individul companies. We feel this dynamic component is a key advantage and provides a platform that focuses our stock selection.

10 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Business Model & Management Idea Generation Fundamental Analysis Fundamental Analysis Profitability Cash Flow Sell Discipline Earnings Decomposition Fundamental analysis is the basis for all of Dana s investment decisions Business Model Profitability Cash Flow Earnings Decomposition Quality of Management Quality of governance Competitive advantages ROE / ROA Margins Impact of leverage Operating Free Capital requirements Uses of cash Estimates and execution Surprise history components and revision trends Earnings quality Earnings history

11 DANA EQUITY STRATEGIES INVESTMENT PHILOSOPHY AND PROCESS Structural Risk Controls Fundamental Characteristics Idea Generation Fundamental Analysis Sell Discipline Relative Strength Model Ranking Sell Discipline Rebalance Fundamental analysis drives the Dana sell discipline Fundamental Characteristics Relative Strength Model Ranking Rebalance Company execution More attractive risk reward opportunity Industry dynamics Sector Performance Industry Performance Relative valuation model Value-to-growth model Estimate revisions model Position weight Sector weight

12 DANA ESG PROCESS PROXY VOTING HIGHLIGHTS Proxy guidelines are consistent with our quantitative modeling and advocacy efforts Environmental For reports on climate change impacts, GHG emissions reduction and renewable energy targets For policies that limit global warming to 2 degrees centigrade For reports on water use risks and water efficiency targets For disclosure of environmental impact of fracking and other practices For avoidance of conflict minerals Social For proposals to implement human rights standards and codes of conduct For proposals to improve access to health care For proposals to implement humane treatment of animals For proposals to end predatory lending practices For proposals to increase diversity in the workforce Governance For an independent chairman of the board For proposals to adopt a simple majority vote standard For disclosure of disparity between executive compensation and employees median wage For disclosure on political spending and lobbying Against excessive pay packages Against directors serving on four or more boards, three or more for active CEOs