Investment OVERVIEW: 4TH QUARTER 2015 DANA EQUITY STRATEGIES.

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1 Investment DANA Advisors OVERVIEW: 4TH QUARTER 2015 DANA EQUITY

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 and socially responsible equity, taxable and tax-exempt fixed income asset manager Manage $6.5 billion as of December 31, 2015 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 Impact Manager of the Year Award Dana s Socially Responsible Equity Strategy Dana Investment Advisors has been named the SMA Impact Manager of the Year by Envestnet PMC. This was the 11th 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 Socially Responsible 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. Pensions & Investments Best Places to Work Award 2015 / 2014 / 2013 / 2012 Dana Investment Advisors has been recognized as one of the 2015 Best Places to Work in Money Management by Pensions & Investments. This is the fourth year in a row Dana Investment Advisors has been awarded this industry distinction. We are proud and honored that Pensions & Investments has recognized us for our progressive work environment and our dedication to our employees, stated Mark Mirsberger, Firm CEO, adding, We believe we best serve our clients by best serving our team and their families. As an independent, 100% Employee-owned company, this belief speaks to heart of our shared values.

5 Investment Philosophy We strive to generate excess risk-adjusted returns through a consistent and disciplined investment process.

6 Relative Valuation Sector Neutral Equal Weighting Position Size Limits Fully Invested S&P 500 Sector Performance Dana s sector neutral investment approach recognizes it is very difficult to predict future sector performance % 78.4% 51.7% 29.1% 2.0% -6.9% 46.6% 28.8% 36.5% 32.4% -17.7% 59.9% 27.6% 19.9% 28.8% 43.1% 29.0%? 49.3% 42.3% 24.1% 23.0% 35.6% 23.4% 1.0% -7.0% -7.7% -13.3% 36.1% 34.8% 19.6% 16.0% 12.8% 4.9% 23.7% 21.5% 20.0% 15.8% -24.5% -31.6% 45.2% 38.8% 26.9% 22.9% 13.9% 12.7% 23.9% 18.3% 41.5% 40.7% 25.3% 20.1% Dana s Risk Approach 39.6% 20.0% 14.5% -8.3% -16.4% 29.8% 16.0% 3.7% 19.8% 15.5% -33.6% 17.3% 19.7% 6.3% 17.7% 35.6% 16.0% are 13.9% 10.0% 9.6% 17.4% 16.0% 2.3% 13.2% 4.5% -17.7% -10.5% -12.3% -13.0% -20.0% -24.5% -27.6% 27.9% 22.4% 21.1% 12.1% 10.8% 8.2% 2.2% 1.3% 0.4% 19.5% 18.9% 14.3% 11.6% 9.8% 8.5% -34.7% -35.9% -41.5% 17.1% 14.8% 11.3% 19.5% 14.2% 12.2% 6.1% 4.7% 2.4% 15.3% 15.0% 14.7% 28.4% 26.1% 25.6% 15.2% 9.8% 9.7% the groundwork for our repeatable and consistent investment process. 9.3% -11.6% -20.7% -13.7% -33.0% 13.3% 6.0% 0.4% 13.8% 5.4% -43.7% 11.2% 10.5% -0.6% 10.8% 25.1% 6.9% -2.0% -12.8% -40.0% -26.0% -35.9% 9.2% 2.1% -7.4% 7.9% -14.3% -47.1% 6.8% 5.5% -9.7% 4.4% 13.2% 3.0% -8.0% -16.6% -41.0% -32.5% -37.6% 3.3% 0.2% -9.1% 7.8% -20.8% -57.0% -17.1% 1.7% 2.6% 2.8% 11.5% -7.8% Source: Bloomberg and FactSet Data Systems

7 Valuations (Quantitative Analysis) Growth 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 or DANA RANK individul companies. We feel this dynamic component is a key advantage and provides a platform that focuses our stock selection.

8 Business Model & Management Profitability Cash Flow 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 Earnings history ROE / ROA Margins Impact of leverage Operating Free Capital requirements Uses of cash Estimates and execution Surprise history components and revision trends Earnings quality

9 Fundamental Characteristics Relative Strength Model Ranking Rebalance Fundamental analysis drives the Dana sell discipline Fundamental Characteristics Relative Strength Model Ranking Rebalance Company execution Sector Performance Relative valuation Position weight More attractive risk reward opportunity Industry Performance model Value-to-growth model Sector weight Industry dynamics Estimate revisions model