!!! 5 Separate Accounts

Large Cap Value Strategy

Objective

We look to remain consistent in our investment style and protect capital by using the time-tested contrarian value approach. The performance target for the Large Cap Value portfolio is to exceed the broad market (S&P 500® Index) and the Russell 1000® Value Index, over a full market cycle.

Strategy

Our Large Cap Value strategy is based on a disciplined, low P/E approach to stock selection. We invest in large cap companies that our research concludes to be undervalued and prove to exhibit strong fundamentals and historic earnings.

The Large Cap team led by Nelson Woodard, Portfolio Manager, invests in companies with market capitalizations above $8 billion. The team focuses on eliminating stocks with above-market valuations by comparing financial ratios such as the price-to-earnings, price-to-book and price-to-cash flow.

Through extensive bottom-up research and rigorous fundamental analysis, we form our Large Cap Value portfolio, which is well-diversified across 45-55 companies with the goal of achieving superior long-term performance results while managing volatility and risk.

Nelson Woodard, PhD (Managing Director and Lead Portfolio Manager), David Dreman (Founder, Chairman & Chief Investment Officer)

Inception Date: 7/1997

Performance Summary

Large Cap Value Separate Account Performance

Benchmark:Russell 1000® Value Index

Asset-Weighted Returns as of 3/31/2015
Last 3 Months YTD 1 Year 3 Years 5 Years 7 Years 10 Years Inception 11/30/2002
Gross Total Return -1.19% -1.19% 4.10% 13.00% 10.84% 5.04% 4.93% 7.60%
Total Return Net of Fees -1.92% -1.92% 1.07% 9.73% 7.63% 1.98% 1.87% 4.48%
Index Total Return -0.72% -0.72% 9.32% 16.43% 13.75% 7.73% 7.21% 9.05%
Net of fees performance assumes a maximum charged by the sponsor to be 3%.

Definition of the Firm

Dreman Asset Management (“DAM”) is a division of Dreman Value Management, L.L.C. (“Dreman”), an independent investment management firm and registered investment adviser established on July 1, 1997. DAM participates in a number of wrap-fee SMA/UMA sponsor programs with several large financial institutions. These institutions provide separately managed account services to their clients. From November 30, 2002 through Septmber 30, 2010, historical performance for the DAM Large Cap Value Wrap Composite is based on a representative Wrap-fee SMA/UMA model account. The model account was incepted and created on November 30, 2002. As of October 1, 2010 performance is based on a composite of performance reported by various Large Cap Value Wrap-fee sponsors. Dreman maintains a complete list of products and descriptions for strategies which is available upon request.

Valuation

Valuations are computed and performance is reported in U.S. Dollars.

Benchmark

The benchmark for our Large Cap Value Wrap-fee SMA/UMA Representative Model Account is the Russell 1000® Value Index. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected growth values. The Russell 1000® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The market indices used herein have been included for purposes of comparison of an investment in the relevant strategy to an investment in certain well-known, broad-based equity benchmarks. The statistical data regarding such indices have been obtained from Factset and returns are calculated assuming all dividends and income are reinvested. The volatility of these indices may be materially different from that of funds and accounts of DAM.  These indices are unmanaged, with no fees, expenses or taxes. It is not possible to invest directly in an unmanaged index; however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of an unmanaged index.

Fees

Gross-of-fees performance returns are presented before all management and custodial fees but after all trading expenses. Returns are presented net of non-reclaimable withholding taxes. Returns are presented gross and net of management fees and include the reinvestment of all dividends and income. Net-of-fees performance returns are calculated by deducting the highest wrap sponsor’s bundled fee of 0.75% per quarter from the quarterly gross representative Wrap-Fee/SMA Model return. Actual investment advisory fees incurred by clients may vary.

Past performance does not guarantee future results, and periodically, current performance may be lower or higher than the performance data quoted. There is no assurance that any securities discussed herein remain in any fund or account of DAM at the time that you receive this or that securities sold have not been repurchased. All investments involve risk including the potential loss of all principal invested. The investment return and principal value of an account will fluctuate so that a client’s account may be worth more or less than its original value. Actual account performance may differ due to; among other things, the timing of investments and withdrawals, individual account restrictions and limitations and differing tax treatment. To obtain the most recent month-end performance, please contact us at rfi@dreman.com or 1.877.830.6004. This material has been prepared for investors and investment professionals, including broker-dealers and investment advisers.