Portfolio Manager Sub-advised by Sterling Capital Management, LLC Managed by Timothy P. Beyer, CFA Portfolio Manager 16 years investment experience Joined Sterling Capital Management, LLC in 2004 Mr. Beyer earned a BSBA in Finance from East Carolina University Investment Style Mid-cap value universe Value-oriented philosophy Bottum-up approach Research-driven process

Buy Strategy We look for: Companies selling at a large discount to its underlying value A business that generates substantial levels of free cash flow A quality, shareholder-oriented management team with the ability to allocate capital to increase shareholder value Companies that exhibit numerous investment opportunities, attractive returns and competitive advantages Sell Strategy We will consider selling a stock if: The company's price exceeds our estimate of fair value Key fundamentals change and progress cannot be demonstrated Oversized positions need to be trimmed More attractive opportunities arise