LUTHER KING CAPITAL MANAGEMENT LKCM SMID CAP EQUITY COMPOSITE Second Quarter, 2016 Update

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1 LUTHER KING CAPITAL MANAGEMENT LKCM SMID CAP EQUITY COMPOSITE Second Quarter, 2016 Update Performance ** 2nd QTR 2016 YTD Years Annualized 5 Years Annualized Since Inception Annualized * LKCM SMID Cap Equity Composite (gross) 3.59% (1.06)% 5.77% 4.97% 8.51% LKCM SMID Cap Equity Composite (net) 3.39% (1.47)% 4.83% 3.99% 7.47% Russell 2500 Index 3.57% 3.98% 8.61% 9.48% 8.11% Small to mid-sized companies, as measured by the Russell 2500, gained 3.6% in 2Q16 with most of the gains coming in April and May as a continuation of the rally that began in February. June was volatile, especially around the Brexit vote, but ended the month flat. From the Benchmark s peak last summer, it s been a volatile year as the market spent most of that time in either a bear market or in correction territory but has battled back to only being down 7% from its high. The U.S. economy continues on its slow, but still expansionary, growth path. The Index of Leading Indicators remains positive but has decelerated. The Brexit vote clearly increased global growth uncertainties and, as a result, the Federal Reserve may back away from its gradual rising Fed Funds rate outlook. Global and U.S. interest rates have fallen dramatically during 1H16. For the U.S economy, employment trends still remain positive, housing is still improving, while auto sales have slowed. The Industrial side of the economy, after suffering through its own recession, is beginning to level out. Inflation is up a little driven by wage inflation, but inflation expectations have declined. Normally the Fed would be increasing the Federal Funds rate to get ahead of higher inflation, but the underlying economy does not appear to be strong enough to support higher rates. Our slow, steady growth outlook remains intact. Our positive outlook is not without risks. Current trouble spots are global growth prospects, namely foreign economies and continued fallout from the Brexit decision. Overall, we expect to see modest revenue and profit growth, continued stock buybacks, dividend increases, and additional merger and acquisition activity. With slower earnings growth and market valuations higher than normal, additional market volatility and lower overall returns would not surprise us. For the benchmark in 2Q16, Materials was the best performing sector while the Utilities posted another strong quarter and led the benchmark by a wide margin on a year-to-date basis. Materials continue to rebound from a very oversold position from earlier this year and the high dividend yield Utilities continue to benefit from lower interest rates. Consumer Discretionary was the only sector to decline during the quarter. For the year, Healthcare has been the worst performing sector. Lower quality characteristics, lower ROE s, higher debt, and unprofitable companies outperformed in the quarter along with higher dividend companies. Value stocks outperformed growth stocks again and year-to-date value stocks have a sizeable lead. For 1H16, higher dividend yield was the most positive characteristic while unprofitable companies was the worst. The LKCM SMID Cap Equity Composite performed basically in line with the benchmark in 2Q16 and thus remains behind for 1H16. During the quarter, our overall stock selection decisions were positive while our sector allocation decisions were a drag to our relative performance. Our performance benefited from positive stock selection in the Consumer Discretionary, Industrials and Healthcare sectors. In addition, one of our investments was acquired for a significant premium. Detractors during the quarter were our stocks in the Financials (hurt by lower interest rates) and Technology sectors and being underweight the Utilities sector. As a higher quality, growth tilting strategy with a bias against Utilities, we were pleased with our 2Q results given that many of our strategy s attributes were not in favor during the quarter. For 1H16, our strategy s underperformance can be mostly attributed to our zero weight in the best performing sector, Utilities, stock selection weakness in the Financials sector caused by the significant and unexpected decline in interest rates and our growth style bias. We remain confident our higher quality investment strategy remains prudent during this period of higher market volatility. Our investment strategy is to maximize our internal, research-intensive process and to identify competitively advantaged companies that generate strong financial returns with good reinvestment opportunities and purchase these stocks at attractive prices. We believe this strategy of investing in competitively advantaged companies with viable strategies to increase the value of their businesses will continue to be beneficial for our investors. Our goal is to generate superior returns over time relative to our benchmark by consistently executing our strategy and to minimize the risk (volatility) of the portfolio with a focus on achieving long term capital appreciation. * 4/1/05 6/30/16 ** This presentation is supplemental to the attached full disclosure presentation. Past performance is not indicative of future results.

2 LKCM SMID CAP EQUITY COMPOSITE June 30, 2016 CO-MANAGERS: STEVEN R. PURVIS, CFA J. LUTHER KING, JR., CFA INCEPTION: April 1, 2005 INVESTMENT STRATEGY: CONTACT: Provide superior performance with lower volatility relative to our benchmark with a focus on achieving long term capital appreciation through long-term investment in competitivelyadvantaged small-cap and mid-cap companies. Mark L. Johnson, CFA Luther King Capital Management (817) mjohnson@lkcm.com TEN LARGEST HOLDINGS 6/30/2016 * PORTFOLIO RESULTS PORTFOLIO CHARACTERISTICS HEALTHCARE SERVICES GROUP INC 3.1 % (Benchmark - Russell 2500) CHARLES RIVER LABS INTL 2.8 % (Since Inception) ACUITY BRANDS INC 2.7 % 1.20% Net FORTUNE BRANDS 2.6 % ALPHA 0.23% POOL CORPORATION 2.6 % BETA FIRST CASH FINL SVCS INC 2.6 % R 2 89% SOVRAN SELF STORAGE INC 2.6 % MARTIN MARIETTA MATERIALS 2.4 % TAKE TWO INTERACTIVE 2.4 % UP CAPTURE 90% 86% PRIVATEBANCORP INC 2.4 % 26.0 % DOWN CAPTURE 84% 87% *The largest ten holdings are at6/30/16 and may not reflect current holdings. RETURN ON SHAREHOLDERS EQUITY 19% LONG TERM DEBT TO TOTAL CAPITAL 29% P/E (Fwd 4 Qtrs) WTD AVG. MARKET CAPITALIZATION TOTAL SMID CAP EQUITY COMPOSITE ASSETS *Turnover rate is based on a representative portfoio for a rolling one year period ending 6/30/16. 24x $5,066 Million $117 Million #HOLDINGS 52 PORTFOLIO TURNOVER* 69% ACTIVE SHARE 95% LESS RISK MORE RISK 13% 12% 11% LKCM SMID CAP EQUITY COMPOSITE MORE RETURN ATTRIBUTION (2Q 2016) Avg. Portfolio Weight Portfolio Contribution Avg. Benchmark Weight Benchmark Contribution TOTAL RETURN 10% 9% 8% 7% 6% 5% 4% LKCM SMID CAP 7.47% TR Net* 17.21% SD Net ** 3% 13% 14% 15% 16% 17% 18% 19% 20% 21% 22% 23% TR = Total Return Russell % TR* 18.21% SD** STANDARD DEVIATION SD = Standard Deviation LESS RETURN FINANCIALS 14.4% -0.2% 25.5% 1.2% INFORMATION TECHNOLOGY 18.5% -0.2% 14.9% 0.3% INDUSTRIALS 16.6% 1.1% 14.9% 0.2% CONSUMER DISCRETIONARY 12.9% 0.6% 13.9% -0.4% HEALTH CARE 17.1% 1.3% 11.4% 0.6% MATERIALS 6.1% 0.7% 6.5% 0.5% UTILITIES 0.0% 0.0% 5.2% 0.5% ENERGY 4.8% 0.2% 3.5% 0.4% CONSUMER STAPLES 5.4% 0.2% 3.3% 0.2% TELECOMM SERVICE 0.0% 0.0% 0.8% 0.0% CASH & EQUIVALENTS 4.3% 0.0% 0.0% 0.0% TOTAL PORTFOLIO 100.0% 3.6% 100.0% 3.6% Source: Thomson Reuters (Thomson One Portfolio). *Total Return Since Inception (4/01/05 to 6/30/2016) Annualized **Standard deviation and performance characteristics reporting period (4/01/05 to 6/30/2016) This presentation is supplemental to the attached full disclosure presentation. Past performance is not indicative of future results. Sources: LKCM Smid Cap Equity Composite, Zephyr Associates, Inc., Thomson Reuters (Thomson One Portfolio)

3 LKCM SMID Cap Equity Composite Net Cumulative Returns Since Inception (4/1/05 6/30/16) PERCENT TOTAL RETURN Since Three Years Five Years Ten Years Inception Year-to-Date (Annualized) (Annualized) (Annualized) (Annualized) 1/1/16-7/1/13-7/1/11-7/1/06-4/1/05-6/30/16 6/30/16 6/30/16 6/30/16 6/30/16 LKCM SMID Cap Equity Composite (gross) -1.06% 5.77% 4.97% 7.63% 8.51% LKCM SMID Cap Equity Composite (net) -1.47% 4.83% 3.99% 6.57% 7.47% Russell 2500 Index 3.98% 8.61% 9.48% 7.32% 8.11% 140.4% 124.9% LKCM Smid Cap Equity Composite Russell 2500 Index The performance results should be reviewed along with the attached full disclosure presentation. Past performance is not indicative of future results.

4 LKCM SMID Cap Equity Composite Net Performance 50% 40% 33.9% 36.8% 30% 20% 17.9% 10% 0% -10% 3.4% 3.6% 4.0% -1.5% -0.7% -2.9% -4.4% 7.1% 8.7% -2.0% -2.5% 7.5% 8.1% -20% -30% -40% -50% 2nd QTR 2016 Year to Date 1/1/16-6/30/ Since Inception* 4/1/05-6/30/16 LKCM Smid Cap Equity Composite Russell 2500 Index The performance results should be reviewed along with the attached full disclosure presentation. Past performance is not indicative of future results. * Time periods over one year are annualized.

5 LUTHER KING CAPITAL MANAGEMENT SMID CAP EQUITY COMPOSITE FULL DISCLOSURE PRESENTATION AS OF JUNE 30, 2016 SMID Cap Eq Comp Total Return Russell Annual 3-Year Annualized Standard Deviation Russell Gross Net 2500 Standard SMID Cap 2500 Number of SM ID Cap Eq Composite Assets Year of Fees of Fees Index Deviation Eq Comp Index Accounts (millions) Total Percentage Firm of Firm Assets Assets (millions) 2016 (1/1-6/30) % % 3.98 % NA % NA % NA % % NA NA NA NA NA NA NA NA NA NA NA NA NA NA Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year and/or the period is a partial year and/or the information was not required. Luther King Capital Management (LKCM) is a registered investment adviser under the Investment Advisers Act of 1940 and is defined as an independent investment management firm. LKCM claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. LKCM has been independently verified for the periods January 1, 1992 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 SMID Cap Equity Composite has been examined for the periods April 1, 2005 to December 31, The verification and performance examination reports are available upon request. Verification does not ensure the accuracy of any specific composite presentation. The firm-wide verification and composite performance examination for the period January 1, 2014 through December 31, 2014 is currently being conducted. The SMID Cap Equity Composite contains all fully discretionary taxable and non-taxable, fee-paying small to mid-cap equity accounts under management, including applicable registered investment companies for which LKCM serves as investment adviser or subadviser. Our small-mid cap strategy seeks to achieve long-term capital appreciation and investment returns that exceed the applicable benchmark while attempting to manage portfolio risk and volatility. Our small-mid cap strategy seeks to achieve its investment objective through fundamental analysis of individual companies and seeks high quality companies based on various criteria, such as profitability levels, balance sheet quality, competitive advantages, market share positions, ability to generate excess cash flows, meaningful management ownership stakes, reinvestment opportunities, and relative valuation. The strategy typically purchases securities of companies with market capitalizations between $1.25 billion and $10 billion at the initial time of purchase. For comparison purposes, the composite is measured against the Russell 2500 Index, which is a market capitalization weighted index that includes small and medium capitalization securities and is generally representative of the range of market capitalization of securities comprising the composite. April 1, 2005 is the effective creation date of the SMID Cap Equity Composite. During December 2006, the composite name was changed from SMID Composite to SMID Cap Equity Composite to more accurately describe the strategy. Quarterly performance from April 1, 2005 to June 30, 2016 is available upon request. The annual standard deviation presented is an asset-weighted calculation of performance dispersion for accounts in the composite the entire year. The SMID Cap Equity Composite included portfolio(s) that pay a bundled fee, which includes all charges for trading costs, portfolio management, custody, and other administrative fees. The yearend percent of composite assets is as follows: 2008, 7.85%; 2009, 8.20%; 2010, 7.26%; 2011, 5.60%; 2012, 2.39%; 2013, 2.42%; 2014, 2.25%. Gross returns for bundled fee portfolio(s) are presented as supplemental information as they do not reflect the deduction of any trading costs, fees, or expenses. Net returns for bundled fee portfolio(s) reflect the deduction of all charges for trading costs, portfolio management, custody, and other administrative fees. Ten years annualized compound return ending June 30, 2016: SMID Cap Equity Composite 7.63% (gross), 6.57% (net); Russell 2500 Index 7.32%. The current management fee schedule for this composite is as follows: 1% on the first $5,000,000;.75 of 1% on the next $5,000,000;.50 of 1% above $10,000,000; minimum annual fee $30,000. Fees for registered investment companies for which LKCM serves as adviser or subadviser are calculated and paid quarterly in arrears, at annualized rates up to 0.75% of such fund's average daily net assets. In some instances, LKCM voluntarily waives these fees and/or reimburses the applicable fund in order to maintain a designated expense ratio. LKCM may adjust or otherwise negotiate management fees in its discretion and, therefore, clients may have a different fee schedule. For a complete list of our management fees, please see our Form ADV, Part 2A. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Effective January 2010, this composite is to stay over 80% invested in stocks at all times. Effective January 1, 2005, new accounts are added quarterly when the account is at least 75% invested and fully representative of investment style. Prior to January 1, 2005, accounts were added soon after inception on a quarterly basis and/or when considered fully representative of investment style. A complete list and description of the firm's composites is available upon request. Terminated accounts are included through the last full calendar quarter under management. Results are presented before taxes, both gross of management fees (which is net of commissions and other transaction costs) and net of actual management fees, and includes the reinvestment of all income. The U.S. dollar is the currency used to express performance. Past performance is not indicative of future results.

6 LUTHER KING CAPITAL MANAGEMENT SMID CAP EQUITY COMPOSITE PERFORMANCE RESULTS* APRIL1, 2005 JUNE 30, 2016 Total Return Russell Gross Net Cash 2500 of Fees of Fees Equities Equivalents Index Annualized Returns Ending 6/30/16 1 Year (9.88) % (10.60) % (9.13) % 0.01 % (3.67) % 2 Years (2.47) (3.31) (1.76) Years Years Years Years Years Years Years Years Years /4 Years *The results shown above should be reviewed along with Luther King Capital Management's full disclosure presentation. If you have not received a copy of the full disclosure presentation, please contact Luther King Capital Management for a copy. Segment returns, equities only and cash only, are supplemental information to this composite. Past performance is not indicative of future results.

7 GLOSSARY OF TERMS Alpha represents the excess return of the composite over the expected market return. Beta measures the risk or volatility of the composite relative to the market as a whole. 2 R measures the correlation of composite returns to the benchmark. Up Capture measures the percentage of benchmark performance captured by the composite during up quarters. Down Capture measures the percentage of benchmark performance captured by the composite during down quarters.