Investment OVERVIEW: 4 TH QUARTER 2016 DANA EQUITY STRATEGIES.

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1 Investment DANA Advisors OVERVIEW: 4 TH QUARTER 2016 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. Dana Equity Strategies (inception date) Founded in 1980 Employee-owned Domestic equity, taxable and taxexempt fixed income, and ESG asset manager Manage $7.2 billion as of December 31, 2016 Headquartered in Brookfield, Wisconsin Dana Large Cap Equity Strategy June 1999 Dana Large Cap Value Strategy June 2001 Dana Large Cap Growth Strategy February 2001 Dana Socially Responsible Equity Strategy January 2000 Dana Carbon Sensitive SRI Equity Strategy November 2012 Dana Catholic Equity Strategy January 2000 Dana Small Cap Equity Strategy July 1999 Dana All Cap Equity Strategy March 2001 Dana Balanced Strategy December 1987 Dana Fixed Income Strategies (inception date) Dana Limited Volatility Bond Strategy December 1991 Dana Intermediate Bond Strategy September 1995 Dana Socially Responsible Bond Strategy March 2011 Dana Municipal Bond Strategy December 1986 Dana Preferred Income Strategy March 2010 Dana Strategic Income Strategy July 2010

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 2016 / 2015 / 2014 / 2013 / 2012 Dana Investment Advisors has been recognized as the top place to work 2016 Best Places to Work in Money Management by Pensions & Investments. This is the fifth year in a row Dana Investment Advisors has been awarded this industry distinction. We are honored that Pensions & Investments has again recognized us for our strong culture, dedication to our employees, and social impact stated Mark Mirsberger, Firm CEO, adding, Our strong family/employee culture directly impacts our client experience as clients benefit from working with and developing strong relationships with a passionate team that essentially has little to no turnover for decades.

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 % 49.3% 78.4% 24.1% Dana s sector neutral investment approach recognizes it is very difficult to predict future sector performance. Dana s Risk Approach: are the groundwork for our repeatable and consistent investment process. 51.7% 35.6% 2.0% 1.0% -6.9% -7.7% 46.6% 36.1% 28.8% 19.6% S&P 500 Sector Performance 29.1% 12.8% 36.5% 23.7% 32.4% 20.0% -17.7% -24.5% 59.9% 45.2% 27.6% 26.9% 19.9% 13.9% 28.8% 23.9% 43.1% 41.5% 29.0% 25.3% 10.1% 7.0% 27.3% 23.5%? 42.3% 23.0% 23.4% -7.0% -13.3% 34.8% 16.0% 4.9% 21.5% 15.8% -31.6% 38.8% 22.9% 12.7% 18.3% 40.7% 20.1% 6.6% 21.7% 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% 5.9% s 18.4% 13.9% 17.4% 13.2% -10.5% -20.0% 27.9% 12.1% 2.2% 19.5% 11.6% -34.7% 17.1% 19.5% 6.1% 15.3% 28.4% 15.2% 3.4% 16.4% 10.0% 9.6% 9.3% -2.0% 16.0% 2.3% -11.6% -12.8% 4.5% -17.7% -20.7% -40.0% -12.3% -13.0% -13.7% -26.0% -24.5% -27.6% -33.0% -35.9% 22.4% 21.1% 10.8% 8.2% 13.3% 6.0% 9.2% 2.1% 1.3% 0.4% 0.4% -7.4% 18.9% 14.3% 13.8% 7.9% 9.8% 8.5% 5.4% -14.3% -35.9% -41.5% -43.7% -47.1% 14.8% 11.3% 11.2% 6.8% 14.2% 12.2% 10.5% 5.5% 4.7% 2.4% -0.6% -9.7% 15.0% 14.7% 10.8% 4.4% 26.1% 25.6% 25.1% 13.2% 9.8% 9.7% 6.9% 3.0% -1.5% -2.7% -4.9% -8.4% 15.9% 13.9% 6.1% 5.4% -8.0% -16.6% -41.0% -32.5% -37.6% 3.3% 0.2% -9.1% 7.8% -20.8% -57.0% 2.6% 2.8% -17.1% 1.7% 11.5% -7.8% -21.1% Real Estate 3.7% -2.5% 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 DANA RANK or 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 More attractive risk reward opportunity Industry dynamics Sector Performance Industry Performance Relative valuation model Value-to-growth model Estimate revisions model Position weight Sector weight