Conduct proprietary research Set up & down price targets Document and present investment recommendation

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1 FOR PROFESSIONAL CLIENTS AND, IN SWITZERLAND, FOR QUALIFIED INVESTORS ONLY. IN THE MIDDLE EAST, PROVIDED SOLELY FOR USE BY THE INTENDED RECIPIENT. Mellon Dynamic Large Cap Value Strategy All information as at 30 September 2018, unless otherwise stated. Introduction to Mellon Mellon is a global multi-specialist investment manager dedicated to serving clients with a full spectrum of researchdriven solutions. With roots dating back to the 1800s, Mellon has been innovating across asset classes for generations and has the combined scale and capabilities to offer clients a broad range of single and multi-asset strategies. Established: AUM (USD, billions): Location: Investment focus: Boston, Pittsburgh, San Francisco, London 2, Singapore 2, Hong Kong 2 Active equity, active fixed income and index, multi-asset & multi-factor Why Mellon Dynamic Large Cap Value Strategy? All-weather US equity strategy with purity of approach: An opportunistic and disciplined US equity strategy, focused on delivering consistent outperformance that is driven by stock selection. The Strategy seeks to be fully invested in US equity securities and, as such, does not hold non-us equities, ADRs, fixed income, derivatives or other security types. Value with a catalyst: Follows a risk-controlled, time-tested and repeatable process that combines quantitative screens and indepth research to uncover stocks at the intersection of valuation, fundamentals and business improvement. By focusing on more than value alone, the investment team is able to avoid value traps and the risk of initiating a position in a name too early. High alpha with moderate tracking error: The Strategy employs a bottom-up approach to portfolio construction, with stocks selected based on the firm s own in-depth fundamental analysis. This approach, combined with a holding range of stocks and relatively tight sector constraints has enabled to the Strategy to deliver consistent outperformance with moderate tracking error. Seasoned team backed by deep research resources: The Strategy is managed by the firm s dedicated Large Cap Value team. This small, focused team has 24 years average industry experience. The portfolio managers are supported by a large team of career industry analysts along with quantitative research analysts, ESG and strategy specialists. Strategy key facts ASSET CLASS: REGION: INVESTMENT OBJECTIVE: PERFORMANCE TARGET: PERFORMANCE COMPOSITE: BENCHMARK: Equities US Long-term capital appreciation To outperform the benchmark by 2.0%-4.0% (gross of fees) per annum over a full market cycle (typically five years) US Dynamic Large Cap Value Russell 1000 Value Index COMPOSITE INCEPTION: 1 January 1994 STRATEGY AUM (USD MILLIONS): BASE CURRENCY: TYPICAL NUMBER OF HOLDINGS: LEAD PORTFOLIO MANAGER: AVAILABILITY: TOTAL RETURN 7,598.9 USD Brian Ferguson Strategy performance 16% 14% 12% 10% 8% 6% 4% 2% 0% Segregated account, pooled fund Source: evestment. Performance calculated as total return, income reinvested, gross of fees, in USD. Fees and charges apply and can have a material effect on the performance of your investment. Mellon claims compliance with the Global Investment Performance Standards (GIPS). Please see performance disclosures on page 3. Performance presented for measurement periods prior to 1 February 2018 represents the portable performance results of a prior affiliated firm which have been linked to the on-going track record for this composite. evestment collects information directly from investment management firms and other sources believed to be reliable. evestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and are not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on our systems and other important considerations such as fees may be applicable. Not for general distribution Q year 3 years (ann.) 5 years (ann.) 10 years (ann.) Mellon was formed on 31 January 2018, through the merger of The Boston Company and Standish into Mellon Capital. Effective 2 January 2019, the combined firm was renamed Mellon Investments Corporation. 2. Location of affiliated entity providing services. Source of assets under management data: BNY Mellon Investment Management EMEA Ltd and Mellon. Where applicable, AUM includes discretionary and non-discretionary assets and assets managed by investment personnel acting in their capacity as officers of affiliated entities.

2 Investment philosophy The Large Cap Value team believes that investment success is achieved through a philosophy that is value-oriented, researchdriven and risk-controlled: Value-oriented The team focuses on equities that are attractively valued relative to the market, sector and stock history. It seeks to avoid value traps and being early by combining traditional valuation measures with companies that exhibit business improvement and strong fundamentals. The team seeks to identify stocks at the intersection of value, fundamentals and business improvement. Research-driven Alpha opportunities Attractive valuation Business improvement Strong fundamentals The generation and utilisation of proprietary fundamental research is a cornerstone of the investment approach. The research generated by the portfolio managers and the firm s active equity Global Research team is focused on the future, but with due emphasis placed on understanding the past. Recognising that one size does not fit all, the team is appropriately flexible in utilising the most relevant analytical approach. Risk-controlled Risk controls are employed at all levels of the portfolio construction process to minimise unintended exposures and ensure that performance is driven by stock selection. Up and down price targets are set before establishing new positions. Investment process The Strategy follows a disciplined and repeatable portfolio construction process, encompassing three major steps: Step 1: Universe screening The portfolio construction process begins with the review of all potential US equity securities in order to identify roughly 10 for inclusion on a fundamental working list. The investment team uses quantitative screens, but also employs qualitative screens to uncover alpha opportunities not yet reflected in quantitative data. Either method can identify a security for potential consideration. Ultimately, this step focuses the team s fundamental research effort. Step 2: Fundamental analysis Using its working list of securities, the investment team conducts fundamental research consistent with assigned sector coverage. A large number of research inputs are utilised, including the firm s proprietary active equity Global Research team, but there is no one-size-fits-all approach. Ultimately, the relevant analyst makes a buy/pass recommendation supported by up/down price targets, investment thesis factors (valuation, fundamentals, business improvement), and potential risks. Step 3: Portfolio construction Mellon Dynamic Large Cap Value Strategy: Investment process The lead portfolio manager makes the final determination as to whether a security is added to the portfolio and the size of the position. Importantly during this final step, decisions are made in the context of the overall risk profile of the portfolio. The result is a large cap value portfolio that is attractive from a risk/reward standpoint and is consistent with the client s overall investment objective and related guidelines. Universe screening Fundamental analysis Portfolio construction Screen broad Russell 1000 US equity universe 1 Employ front-end quant screens Utilise proprietary fundamental screens Identify stocks with attractive valuation, strong fundamentals and business improvement Conduct proprietary research Set up & down price targets Document and present investment recommendation Finalise investment decision Implement trading strategy Ensure adherence to guidelines and risk management Develop working list Recommend stocks at the intersection of value, fundamentals and business improvement Construct portfolio with attractive risk-adjusted return potential 1. The Russell 1000 Index is being shown for comparison purposes only and is not the benchmark for this strategy. The Russell 1000 Index measures the performance of the large-cap segment of the US equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 Index represents approximately 92% of the US market.

3 Past performance is not a guide to future performance. The value of investments can fall. Investors may not get back the amount invested. Geographic Concentration Risk: The Strategy primarily invests in a single market which may have a significant impact on the value of the portfolio. Please note, in the following disclosure, BNY Mellon Asset Management North America refers to the combined firm formed when The Boston Company and Standish merged into Mellon Capital. Effective 2 January 2019, the combined firm was renamed Mellon Investments Corporation. Performance disclosures Period Grossof-Fees Net-of- Fees 3 Yr Annualized Standard Deviation Number of Portfolios Internal Dispersion Total Assets (USD Million) Total Firm Assets (USD Million) % % % 15.67% 15.36% % $928 $26, % 25.32% 19.69% 20.30% 21.10% % $1,336 $34, % 14.90% 15.51% 22.79% 23.18% % $3,187 $39, % -5.89% 0.39% 21.61% 20.69% % $4,262 $37, % 18.41% 17.51% 18.35% 15.51% % $5,215 $41, % 38.27% 32.53% 15.39% 12.70% % $6,726 $47, % 10.71% 13.45% 10.28% 9.20% % $7,058 $48, % -1.95% -3.83% 11.97% 10.68% % $6,093 $36, % 18.73% 17.34% 12.55% 10.77% % $6,713 $38, % 15.34% 13.66% 12.11% 10.20% % $6,032 $43,644 N/M = not meaningful Compliance statement BNY Mellon Asset Management North America Corporation (BNY Mellon AMNA) claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. BNY Mellon AMNA has been independently verified for the years 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. Verification does not ensure the accuracy of any specific composite presentation. The US Dynamic Large Cap Value composite has been examined for the years The verification and performance examination reports are available upon request. The 3-year annualized standard deviation calculations may include prior period returns not covered by a performance examination. Definition of the Firm BNY Mellon Asset Management North America Corporation ( BNY Mellon AMNA ) is a registered investment advisor and subsidiary of The Bank of New York Mellon Corporation ( BNY Mellon ). The Firm also includes assets managed by BNY Mellon AMNA personnel acting as dual officers of affiliated companies. Prior to 1 February 2018, the firm was defined as Mellon Capital Management Corporation ( Mellon Capital ) a subsidiary of The Bank of New York Mellon Corporation ( BNY Mellon ). The Firm was redefined on 1 February 2018 following a merger with affiliated firms The Boston Company Asset Management, LLC ( TBCAM ) and Standish Mellon Asset Management Company LLC ( Standish ) which were also registered investment advisors and subsidiaries of BNY Mellon. Firm Assets Firm Assets presented through 31 December 2017 represent the Firm Assets of the BNY Mellon AMNA prior affiliated firm TBCAM which merged with Standish and MCM to form BNY Mellon AMNA on 1 February 2018.

4 Description The US Dynamic Large Cap Value creation date is 1 December The is composed of all fee-paying, discretionary accounts managed by BNY Mellon AMNA in this investment style. Prior to 1 January 2010 the composite excluded accounts domiciled outside of the U.S. The US Dynamic Large Cap Value is an equity strategy that primarily invests in large capitalization U.S. value companies. Large capitalization companies are those with a market capitalization within the same general range as the issuers included in the benchmark. The strategy can invest in American Depositary Receipts. Portfolios join the the first full calendar month under management. Prior to 1 November 2015, portfolios that came under management on the twenty-first day of the month or earlier joined the the following month; portfolios that came under management after the twenty-first day of the month joined the after one full calendar month under management. Terminated portfolios remain in the historical record through the last full calendar month under management. s include realized and unrealized gains and losses plus accrued income. The performance of the is based in U.S. dollars. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The does not include the performance of accounts with investment restrictions that significantly hinder BNY Mellon AMNA from fully implementing its intended strategy. A complete list of the firm s composite descriptions is available upon request. The s benchmark is the Russell 1000 Value Index. The benchmark is used for comparative purposes only and is not covered by the Report of Independent Accountants. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity market. Performance Portability Performance is presented to show the performance of all fee-paying portfolios with substantially similar investment objectives, policies and strategies, which were managed at a prior firm affiliated with BNY Mellon AMNA until 1 February Performance results from the prior affiliated firm were linked to the results achieved at BNY Mellon AMNA beginning on 1 February 2018 in compliance with the GIPS Guidance Statement on Performance Record Portability. Risk Measures The internal dispersion of annual returns is measured by the standard deviation of asset-weighted returns of portfolios that participated in the for the full year. A standard deviation is not presented for periods with fewer than six portfolios participating for the full year. The 3-year annualized standard deviation is calculated using 36 one-month composite and benchmark returns. Minimum Account Size To Be Included In To be included in the, portfolios must meet the minimum account size requirement of $1 million. Cash Flow Policy Effective 1 November 2015, any portfolio that experiences a client-initiated cash flow (on a net daily basis) that is 30% or more of the portfolio s prior day ending market value is removed temporarily from the for that month and the portfolio is readmitted the next month. From 1 January 2006 through 31 October 2015 any portfolio that experienced a client-initiated cash flow (on a net daily basis) that was 30% or more of the portfolio s beginning-of-month market value was removed temporarily from the. In addition, effective 1 January 2011 through 31 December 2012, non-us, unitized investment fund portfolios with client-initiated net daily cash flows in excess of 1% of the portfolio value were excluded from the that month and readmitted the following month. Fee Schedule Except where noted, performance is stated gross of management fees. Effective 1 January 2010, net performance is calculated by subtracting the highest current management fee for the strategy from the gross performance, on a monthly basis. The current standard fee schedule for the Dynamic Large Cap Value strategy is as follows: 55 Basis Points on the first $25 million 45 Basis Points on the next $25 million 35 Basis Points on the next $50 million 25 Basis Points thereafter

5 FOR MORE INFORMATION ON THIS STRATEGY PLEASE VISIT OUR WEBSITE Important information For Professional Clients and, in Switzerland, for Qualified Investors only. In the Middle East, provided solely for use by the intended recipient. This is a financial promotion and is not investment advice. Investment Managers are appointed by BNY Mellon Investment Management EMEA Limited (BNYMIM EMEA) or affiliated fund operating companies to undertake portfolio management activities in relation to contracts for products and services entered into by clients with BNYMIM EMEA or the BNY Mellon funds. Any views and opinions are those of the investment manager, unless otherwise noted. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and its subsidiaries. The Bank of New York Mellon, DIFC Branch (the Authorised Firm ) is communicating these materials on behalf of The Bank of New York Mellon, Investment Management EMEA Limited ( BNYMIM EMEA ). BNYMIM EMEA is a wholly owned subsidiary of The Bank of New York Mellon Corporation. This material is intended for Professional Clients only and no other person should act upon it. The Authorised Firm is regulated by the Dubai Financial Services Authority and is located at Dubai International Financial Centre, The Exchange Building 5 North, Level 6, Room 601, P.O. Box , Dubai, UAE. The strategy is only being offered to a limited number of investors who are willing and able to conduct an independent investigation of the risks involved in an investment in such strategy. This document does not constitute an offer to the public and is for the use only of the named addressee and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee s consideration thereof). The strategy has not been and will not be registered with the Qatar Central Bank or under any laws of the State of Qatar. No transaction will be concluded in your jurisdiction and any inquiries should be made to BNY Mellon at Dubai International Financial Centre, The Exchange Building 5 North, Level 6, Room 601, P.O. Box , Dubai, UAE. Issued in the UK and Europe (excluding Switzerland) UAE, Dubai, Jordan, Oman, Kuwait, Bahrain and Qatar by BNY Mellon Investment Management EMEA Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No Authorised and regulated by the Financial Conduct Authority. Issued in Switzerland by BNY Mellon Investments Switzerland GmbH, Talacker 29, CH-8001 Zürich, Switzerland. Authorised and regulated by the FINMA. PC February T /18