Mid Cap Dividend Growth Strategy

Mid Cap Dividend Growth Strategy Product Level Investment Process Stock Universe Companies that have increased their dividends with market capitalizations of $1 billion to $15 billion Stock Selection Top ranked stocks within each sector based on our multi-factor fundamental model Mid Cap Dividend Growth Strategy Benchmark: Russell Mid Cap Inception: December 31, 2010 Description: Focused on companies that have consistently increased their dividends. Any stock that pays a dividend, that in our opinion has strong prospects for dividend growth, qualifies for purchase. Market capitalizations of $1 billion to $15 billion. Sector Selection We are benchmark aware, however sector weightings are largely a byproduct of underlying security selection Portfolio Approximately 40 holdings made up of companies that have consistently increased their dividends Page 1

Average Annual Return Average Annual Return Dividend Growth Leads Mid Cap Stocks 16.0% 14.0% 12.0% 10.0% 8.0% Mid Cap Stocks: June 30, 1992 Dec. 31, 2012 13.1% 10.8% 9.8% 9.5% 7.7% 30.0% 25.0% 20.0% 15.0% 20.7% Mid Cap Dividend Growth by Decade 27.2% 16.4% 13.8% 20.0% 15.5% 6.0% 10.0% 7.5% 8.0% 4.0% 5.0% 2.0% 0.0% Div Growers & Initiators Flat Div Payers Russell Mid Cap Non Div Payers Div Cutters 0.0% 1982-1992 1992-2002 2002-2012 Div Growers & Initiators Flat Div Payers RMID Non Div Payers Div Cutters 15.0% 14.0% 13.0% 12.0% 11.0% 10.0% 9.0% Mid Cap Stocks: June 30, 1992 Dec. 31, 2012 Div Growers Flat Div Payers RMID Non Div Payers 6/30/1992 12/31/2012 Div Grower & Initiator Flat Div Payer Russell Mid Cap Growth of $10,000 Volatility (SD) Upside Capture Downside Capture $110,991 16.2% 93.7% 62.5% $73,891 17.2% 91.9% 78.7% $62,145 18.9% 100% 100% 8.0% Non Div $53,647 26.7% 125.9% 141.7% Payer 7.0% Div Cutters 6.0% Div Cutter $42,316 27.5% 103.6% 118.5% 13.0% 18.0% 23.0% 28.0% Risk (Standard Deviation) * Copyright 2012 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html. For data vendor disclaimers refer to www.ndr.com/vendorinfo/. The information presented is intended to illustrate the performance of Large Cap stocks according to their dividend policy. This is not the performance of the firm and there is no guarantee that investors will experience the type of performance reflected in this table. Dividend growers included stocks that raised their existing dividend, or initiated a new dividend during the previous 12 months. Past performance is not a guarantee of future results. Please refer to the Appendix for additional disclosures. Page 2

Effectiveness of Copeland s Multi-Factor Ranking Model 20.0% 18.0% 17.5% 16.0% 14.0% 13.5% 13.2% 13.0% 12.0% 11.2% 10.0% 9.4% 9.4% 8.0% 7.3% 6.0% 4.0% 2.0% 0.0% Copeland 1st Quintile Copeland 2nd Quintile Copeland 3rd Quintile All Dividend Achievers Copeland 4th Quintile Copeland 5th Quintile S&P 500 Equal Weight Russell 3000 The above illustration shows the effectiveness of our proprietary multi-factor ranking model across all capitalization ranges from 12/31/90 to 12/31/12 Our top quintile has outperformed our 5 th quintile by 550 bps and the Russell 3000 by 830 bps annualized for over 20 years A singular focus on the highest ranked Dividend Growth companies has produced superior risk adjusted returns across all capitalization ranges *Source: FactSet / Copeland Capital Management. The information presented is intended to illustrate the performance of all dividend growth stocks with market capitalizations above $250 mil according to their ranking in our proprietary model. This is not the performance of the firm and there is no guarantee that investors will experience the type of performance reflected in this table. Past performance is not a guarantee of future results. Please refer to the Appendix for additional disclosures. Page 3

Mid Cap Dividend Growth 12/31/12 Page 4 Past performance is no guarantee of future results. Please refer to the Appendix for additional disclosures.

Mid Cap Dividend Growth 12/31/12 Top 10 Holdings are for informational purposes only and should not be deemed a recommendation to buy the specific securities in the Top 10 Holdings list. Holdings are subject to change, may not be representative of current holdings and are subject to risk. Please refer to the Appendix for additional disclosures. Page 5

Mid Cap Dividend Growth 12/31/12 Page 6 Past performance is no guarantee of future results. Please refer to the Appendix for additional disclosures and Net Performance.

Mid Cap Dividend Growth 12/31/12 Page 7 Past performance is no guarantee of future results. Please refer to the Appendix for additional disclosures and Net Performance.

Mid Cap Dividend Growth 12/31/12 Page 8 Past performance is no guarantee of future results. Please refer to the Appendix for additional disclosures and Net Performance.

Mid Cap Dividend Growth 12/31/12 Page 9 Past performance is no guarantee of future results. Please refer to the Appendix for additional disclosures and Net Performance.

Portfolio Characteristics Mid Cap Dividend Growth Russell Mid Cap Average Market Capitalization $5.8 Billion $8.8 Billion Median Market Capitalization $5.3 Billion $4.3 Billion EPS Growth - Past 5 Years 21.3% 6.0% P/E Ratio (NTM) 18.6x 17.5x Dividend Yield 2.7% 1.7% Dividend Growth Rate (average) - Past 5 Years 15.1% 4.5% Number of Holdings 41 Turnover 1 year 30.8% Data shown: December 31, 2011 December 31, 2012 Source: Bloomberg Page 10 Past performance in not a guarantee of future results. Please refer to the Appendix for additional disclosures.

Footnotes and Disclosures : Mid Cap Dividend Growth Composite Copeland Capital Management, LLC (CCM) is a registered investment adviser that is 100% owned by its employees. Copeland claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. Copeland has been independently verified for the period September 30, 2009 through September 30, 2010 by Kreischer Miller. 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 verification, performance examination reports, policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Copeland created this composite on December 31, 2010. Copeland Capital Management, LLC claims compliance with the CFA Institute Asset Manager Code of Professional Conduct. This claim has not been verified by the CFA Institute. Copeland s Mid Cap Dividend Growth Composite represents all discretionary managed accounts managed by Copeland in the Mid Cap Dividend Growth style. Copeland uses a proprietary, quantitative model to screen more than 1500 companies, primarily included in the Russell Mid Cap index (a), to identify the best companies demonstrating the strongest cash flow and dividend growth for a portfolio of approximately 30 to 40 stocks. The computations of gross and net returns both assume the reinvestment of all dividends, interest, and capital gains. Gross returns include transaction costs but do not include Copeland's management fees. Net returns reflect the deduction of Copeland's management fee at 1%, the highest charged for a Mid Cap Dividend Growth Composite account, and include transaction costs. Returns for periods of greater than one year are annualized. Dispersion in the annual rates of return for the composite is measured using the asset-weighted standard deviation method. The standard deviation is presented in percentage points of return. Accounts are added to the composite in their first full calendar quarter after being invested in this style with Copeland. Terminated accounts are removed from this composite after the final full quarter under Copeland management. A minimum asset size of $100,000 is required for inclusion in the composite. A complete list and description of Copeland s composites is available upon request. Additional information regarding Copeland s policies and procedures for calculating and reporting performance is available upon request. Holdings are for informational purposes only and should not be deemed a recommendation to buy the specific securities mentioned. Holdings are subject to change, may not be representative of current holdings, and are subject to risk. Past performance is not indicative of future performance. After-tax results will vary from the returns presented here for those accounts that are subject to taxation. Performance results of the Mid Cap Dividend Growth Composite are based on U.S. dollar returns. Footnotes: % of Annual or Three Year Market Annual Performance # of Internal Total Most Recent Ex Value (in Portfolios Dispersion (b) Firm Quarter Post millions) Russell Mid Assets Gross-of-Fees Net-of-Fees Dispersion Cap 2012 3 0.8% N/A $4.1 < 1.0% 11.7% 10.9% 17.3% 2011 2 N/A N/A 2.2 1.0 11.5 10.6-1.5 (a) The Russell Mid Cap Index is comprised of the 800 smallest companies in the Russell 1000 Index. This index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. You cannot invest directly in an index. (b) Internal dispersion is calculated using the asset-weighted standard deviation of all portfolios that were included in the composite for the entire year. There were no accounts in the composite that had been open for an entire year; as such, a measure of dispersion is not applicable. Copeland Capital Management s standard advisory fee schedule is as follows: 1.00% on the first $10 million of assets, 0.75% on the next $15 million of assets and 0.50% above $25 million of assets. This standard fee schedule is subject to change at the firm s discretion. Page 11

Disclosures Performance Disclosure - The data quoted in this presentation represents past performance and does not indicate future returns. Returns for periods of greater than one year are annualized. Gross returns include transaction costs but do not include Copeland's management fees. Total return is calculated assuming reinvestment of all dividends, interest and capital gains. After-tax results will vary from the returns presented here for those accounts that are subject to taxation. Performance results of the Dividend Growth Composites are based on U.S. dollar returns. Accounts are added to the composite in their first full calendar quarter after being invested in this style with Copeland. Terminated accounts are removed from this composite after the final full quarter under Copeland management. A minimum asset size of $100,000 is required for inclusion in each of the composites. A complete list and description of Copeland s composites is available upon request. Additional information regarding Copeland s policies and procedures for calculating and reporting performance is available upon request. Fee Disclosures Copeland s fees can be found in our ADV Part II which is available by calling 484-530-4300 and requesting a copy or on our website at www.copelandcapital.com. Sector Returns Disclosures The sector returns presented on the previous page are the S&P 500 Index sector return, are not indicative of how Copeland will perform, and do not reflect fees, expenses or sales charges. Past performance is not a guarantee of future results. You cannot invest directly in an Index. GIPS Compliance Standards - Ethical standards to be used by investment managers for creating performance presentations that ensure fair representation and full disclosure of investment performance results. Global Investment Professional Standards were created by the Chartered Financial Analyst Institute and governed by the GIPS Executive Committee. They are standardized guidelines for reporting the ability of an investment firm to make profits for investors. Verification reports can be obtained by calling 484-530-4300 and requesting a copy. Copeland Capital Management claims compliance with the Global Investment Performance Standards (GIPS ). To receive a list of composite descriptions of Copeland Capital Management and/or a presentation that complies with the GIPS standards, contact us at 484-530-4300 to request a copy. Index Disclosures - The Copeland Risk Managed Dividend Growth Index (CDGR Index). The CDGR Index performance is the result of actual performance from October 1, 2010 to present and the back tested performance using the methodology employed in the Risk Managed Dividend Growth Strategy prior to that date. The Index is sponsored by the Fund s investment advisor (which is controlled by the Fund s portfolio manager) and its affiliates. You cannot invest directly in an Index. Page 12

Disclosures Continued Index Disclosures continued - The Risk Managed Dividend Growth Index is the exclusive property of Copeland Capital Management, LLC ( Copeland ). Copeland has contracted with The NASDAQ OMX Group, Inc. (collectively, with its subsidiaries and affiliates, NASDAQ OMX ) to calculate and maintain the Risk Managed Dividend Growth Index. NASDAQ OMX shall have no liability for any errors or omissions in calculating the Risk Managed Dividend Growth Index. You cannot invest directly in an Index. The S&P 500 Index consists of 500 stocks chosen for market size, liquidity and industry group representation. It is a market value weighted index with each stock's weight in the Index proportionate to its market value. You cannot invest directly in an Index. The Russell Mid Cap Index is comprised of the 800 smallest companies in the Russell 1000 Index. The Russell 1000 Index measures the performance of the 1000 large cap U.S. companies based on total market capitalization, which represents approximately 92% of the investable U.S. equity market. The Russell 2000 Index is comprised of the smallest 2000 companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Mergent Dividend Achievers Index, is comprised of companies that are incorporated in the United States or its territories, trade on the NYSE, NASDAQ or AMEX, and have increased their annual regular dividend payments for the last ten or more consecutive years. It is listed on the American Stock Exchange under ticker "DAA". You cannot invest directly in an index. Average Market Capitalization - The average market cap gives you a measure of the size of the companies in which an equity fund invests. Median Market Capitalization - A market capitalization figure where half of the securities in a portfolio have a higher market capitalization and half have a lower one. EPS Growth Earnings Per Share Growth illustrates the growth of earnings per share over time. P/E Ratio - The Price-to-Earnings Ratio of a stock is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. PEG Ratio - The Price/Earnings To Growth Ratio is a valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share (EPS), and the company's expected growth. Page 13

Disclosures Continued Dividend Yield - The company's total annual dividend payments divided by its market capitalization, or the dividend per share, divided by the price per share. Dividend Growth Rate - The annualized percentage rate of growth that a particular stock's dividend undergoes over a period of time. R-squared measures the strength of the linear relationship between the portfolio and the benchmark. R-squared at 1.00 implies perfect linear relationship and zero implies no relationship exists. Annual Excess Return the excess return is the rate of return above and beyond that of the risk-free rate, which is usually the t-bill rate. Standard deviation is a measure of the variability of returns - the higher the standard deviation, the greater the range of performance (i.e., volatility). Alpha is a measure of the difference between actual returns and expected performance, given the level of risk as measured by beta, where beta measures sensitivity to index movements. Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. Information Ratio is a measure of the risk-adjusted return of a security or a portfolio in comparison to the returns of a benchmark. The Sharpe ratio is a risk-adjusted measure, calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the portfolio's historical adjusted performance. The upside capture ratio measures the manager's overall performance to the benchmark's overall performance, considering only quarters that are positive in the benchmark. An up capture ratio of more than 1.0 indicates a manager who outperforms the relative benchmark in the benchmark's positive quarters. The downside capture ratio is the ratio of the manager's overall performance to the benchmark's overall performance, considering only quarters that are negative in the benchmark. A down capture ratio of less than 1.0 indicates a manager that outperformed the benchmark in the benchmark's negative quarters. Tracking Error is a measure of how closely a portfolio follows the index to which it is benchmarked. Page 14