PERFORMANCE DISCLOSURE

Firm: Minneapolis Portfolio Management Group, LLC (“MPMG”) was incorporated in December 2003 and began operating in 2004. MPMG is an independent investment adviser registered with the United States Securities and Exchange Commission that invests in both domestic and international small-, mid-, and large-cap equity securities. Policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.

The All Cap Value Composite (“ACV Composite”) utilized by MPMG was created and incepted on January 1, 1995 by MPMG’s founder, Phillip Grodnick, while associated with Salomon Smith Barney, Inc. Data from January of 1995 through March of 2000 represents the performance of accounts managed by Phillip Grodnick while associated with Salomon Smith Barney, Inc. Data from April of 2000 through March of 2004 represents accounts managed by Phillip and Harrison Grodnick while associated with Wachovia Securities, LLC. Data from April 2004 through June 2011 represents accounts managed by Phillip and Harrison Grodnick at MPMG. Rob Britton joined MPMG as a portfolio manager in July 2011. These results reflect the performance of all accounts under management for at least one calendar quarter that have been managed during the times listed above on a discretionary basis, using the same strategy.

Calculation Methodology: Returns for periods longer than one year are annualized. Results are size and time-weighted and net of expenses, excluding the effect of all income taxes, and unless otherwise noted, reflect reinvestment of interest, income, and/or realized capital gains. All realized and unrealized capital gains, losses, dividends and interest from investments and cash balances are included. The composite is asset-weighted, using end of quarter market value. Dispersion is presented as the standard deviation of the individual component portfolio returns around the aggregate composite return on an asset weighted basis. The results are expressed in U.S. Dollars. Because MPMG’s accounts are individually managed and clients may impose restrictions on management, account performance may vary.

Benchmark: A benchmark of 100% of the S&P 500 Index has been calculated. The S&P 500 Index contains 500 U.S. industrial, transportation, utility and financial companies. It is capitalization-weighted calculated on a total return basis with dividends reinvested. The NYSE Composite Index (Symbol: NYA) is a measure of the changes in aggregate market value of approximately 2,000 NYSE-listed U.S. and non-U.S. stocks, adjusted to eliminate the effects of capitalization changes, new listings and delisting’s. It is weighted using free-float market capitalization, and calculated on both price and total return basis. The Russell 3000 Value Index is a market-capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 3000 Index, which measures how U.S. stocks in the equity value segment perform. Included in the Russell 3000 Value Index are stocks from the Russell 3000 Index with lower price-to-book ratios and lower expected growth rates

Selection Criteria: The ACV Composite includes all discretionary accounts with no client-imposed restrictions that are managed in accordance with the ACV Composite strategy. Performance data for all accounts has been calculated from each account’s first full quarter of management through the date of this report or the last full quarter of management prior to cessation of the account.

Composites: Additional information regarding MPMG’s policies for calculating performance results, including a complete list and description of all MPMG composites and performance results, is available upon request.

Fees: The performance results are shown net of actual fees from 3Q 2004 - present, a 2% model fee for 2Q 2000-3Q 2004, and a 2.2% model fee for 1995-1Q 2000. Model fees represent the highest fee charged to any account managed by MPMG while associated with Salomon Smith Barney and, subsequently, Wachovia Securities, LLC. Investment advisory fees may vary significantly from client to client. MPMG’s investment advisory fees begin at 2%, and may decline based on factors such as (but not limited to) the amount of assets under management, the nature of the assets, the type of analysis required to manage the account, the level of service required by the client and the overall relationship of the client with MPMG. The fees charged for wrap programs typically include investment management fees, transaction costs and, in some cases, custody fees.

Since no one investment program is suitable for all types of investors, this information is provided for informational purposes only. Past performance is not a guarantee of future results. You should review your investment objectives, risk tolerance and liquidity needs before selecting a suitable investment program.