2 q13 all cap equity r3000 and r3000v

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FOR CONSULTANT USE ONLY OR USE WITH PROSPECTIVE CLIENT IN ONE ON ONE PRESENTATION. NOT FOR PUBLIC DISTRIBUTION

All Cap Equity

1E4881 8/13 exp. 10/13


All Cap Equity

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ABOUT Eagle Asset Management

Information as of June 30, 2013

*Includes Eagle Boston Investment Management, Inc., a wholly owned subsidiary of Eagle Asset Management, Inc.

and ClariVest Asset Management LLC, an affiliate of Eagle Asset Management, Inc.

I More than 35 years of investment management experience for institutional investors

I Eagle and its affiliates manage $27.8 billion in assets* with investment offices in Boston,

Stowe, San Diego and St. Petersburg

I Employs more than 180 people, including 65 investment professionals*

I Eagle is structured as a series of independent investment teams dedicated to proprietary

fundamental research with a focus on consistent performance and alpha generation

I Established operating infrastructure provides high level of client service and support,

enabling investment teams to focus on investment management

I Stable, conservatively managed NYSE-listed parent company

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INVESTMENT TEAM All Cap Equity

James F. Short, CFA, CFP, CIMAClient Portfolio Manager

Chris KouffmanResearch Associate

David Blount, CFA, CPAPortfolio Co-manager

Consumer Discretionary, Consumer Staples,

Telecommunications

Ed Cowart, CFAPortfolio Co-manager

Energy, Technology

John Pandtle, CFAPortfolio Co-managerFinancials (non-REIT)

Materials, Utilities

Jeff Vancavage, CFAPortfolio Co-manager

Healthcare, Industrials, REITs

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TEAM ASSETS

All Cap

Equity

Large Cap

Value

Equity

Income

The Eagle All Cap Equity team currently manages $3.2 billion* in three primary investment

disciplines:

About 60 percent of All Cap Equity stocks are also held in other disciplines.

*As of June 30, 2013

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MISSION STATEMENT All Cap Equity

Eagle’s All Cap Equity program strives to:

I Utilize a VARG (Value and Reasonable Growth) philosophy where we focus

on sensible valuations and solid fundamentals that keep us from investing at

the edges of the market where we see the most risk

I Maintain a high conviction portfolio that utilizes strong risk management and

a steadfast stock selection discipline

I Generate superior long-term, risk-adjusted performance vs. the Russell 3000

Value with downside protection over a market cycle

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DISTINGUISHING FEATURES

VARGValue and Reasonable Growth

I Our VARG philosophy is the

mirror image of GARP (Growth at

a Reasonable Price) and keeps

us from investing at the edges

of the market where we see the

most risk.

I We avoid:

– “Deep Value”: cheap stocks

with poor fundamentals

I – “Momentum Investing”: non-

sustainable growth

FU

ND

AM

EN

TA

LS

Momentum

Investing

Deep

Value

ExpensiveCheap

Exc

elle

nt

De

teri

ora

tin

g

VALUATION

VARG

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All Cap EquityRussell 3000 Value Index

Portfolio

Growth-driven CriteriaValuation-driven Criteria

Risk Management

INVESTMENT PROCESS

Fundamental analysis

Typically 30-50 stocks

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Valuation-driven Criteria I Less than the Market: – P/E to growth rate – Price/Sales and Price/Book – Enterprise value/EBITDA I Price to Free Cash Flow is less than industry peers I Public market value attractive relative to private market value

Growth-driven Criteria I Sound business with stabilizing or improving earnings outlook

I Evolutionary catalysts to "unlock" unrealized value

I Disciplined capital-allocation model

I Shareholder-oriented management

Risk Management I Philosophy: Avoid “value traps” with a bias toward quality I Discipline:

– Thorough investment thesis with value targets – Focus on quality metrics – Daily meetings to monitor/review sectors/stocks – Weekly strategy/risk meetings I Trim stocks when they become too large of a position

Portfolio I Market capitalization: greater than $100 million at time of purchase

I Typical number of holdings: 30-50

I Typical position size: 2 to 3 percent at time of purchase

I Maximum position size: 5%

I Sector weightings: generally +/- 10 percentage points relative to the Russell 3000 Value Index

INVESTMENT PROCESS

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BUY DISCIPLINE All Cap Equity

FU

ND

AM

EN

TA

LS

Cardinal

FinancialHome Depot

SPXEOG

Resources

ExpensiveCheap

Exc

elle

nt

De

teri

ora

tin

g

VALUATION

Examples are as of June 30, 2013. There is no guarantee that the investment goals/objectives will be met.

Buy companies that fall in the VARG target area.

I Cardinal Financial boasts high-quality management, franchise strength and superior asset quality.

I SPX has leading technologies in attractive end markets with secular drivers, margin expansion opportunities, and a strong growth outlook.

I Home Depot has the opportunity to leverage increasing sales per square foot as the housing market and economy recover.

I EOG Resources is a high quality energy exploration and production company with exposure to all of the major North American unconventional (shale) plays.

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SELL DISCIPLINE All Cap Equity

A position is sold or trimmed in the following instances:

I Price appreciation to level where valuation case can no longer be made

I Trim position size above 5%

I Trim absolute industry weighting above 25%

I New investment idea is relatively more attractive

I Fundamentals of the company or industry deteriorate

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SELL DISCIPLINE All Cap Equity

Examples are as of June 30, 2013. There is no guarantee that the investment goals/objectives will be met.

FU

ND

AM

EN

TA

LS

ExpensiveCheap

Exc

elle

nt

De

teri

ora

tin

g

VALUATION

Sell companies that move out

of the VARG target area.

I Hudson Pacific Properties benefited from strong stock performance that pushed valuation beyond our target

I The Blackstone Group bought Equity Office Properties at a significant premium at what was, at the time, the second-largest leveraged buyout in U.S. history.

I Bank of America’s deteriorating fundamentals made it less attractive than other stocks in the industry that traded at similar valuations.

I Sprint was showing expenditures on the horizon which would limit the company’s cash flow production, limiting the stock’s potential upside.

FU

ND

AM

EN

TA

LS

Hudson Pacific

Properties

Equity Office Properties

Bank of America

Sprint

ExpensiveCheap

Exc

elle

nt

De

teri

ora

tin

g

VALUATION

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SECTOR ALLOCATION All Cap Equity(Composite data shown as of June 30, 2013)

Generally sector weightings are +/- 10 percentage points of benchmark weightings; however, there may be industries that do not meet our stringent investment criteria and therefore may

result in a greater than 10 percentage-point sector weighting variance from the benchmark sector weighting.

Source: FactSet, Eagle research.

Economic sector All Cap EquityRussell 3000

Index

Russell 3000

Value Index

Consumer Discretionary 13.04% 13.06% 8.89%

Consumer Staples 5.76% 9.34% 6.84%

Energy 14.15% 9.59% 14.60%

Financials 19.78% 17.67% 29.33%

Health Care 13.88% 12.40% 11.22%

Industrials 13.68% 11.22% 9.25%

Information Technology 14.73% 17.12% 7.31%

Materials 2.23% 3.69% 3.46%

Telecommunication Services 2.75% 2.54% 2.82%

Utilities 0.00% 3.36% 6.29%

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PORTFOLIO CONSTRUCTION All Cap Equity(Composite data shown as of June 30, 2013)

1 Generally sector weightings are +/- 10 percentage points of benchmark weightings; however, there may be industries that do not meet our stringent investment criteria and therefore

may result in a greater than 10 percentage-point sector weighting variance from the benchmark sector weighting.2 Weighted harmonic average3 Weighted average

Source: FactSet, Eagle research.

All Cap Equity Construction

Market Capitalizationgenerally greater than $100 million

Typical Number Of Hold-ings

30 to 50

Typical Position Sizes 2% to 3%

Maximum Position Size 5%

Sector Weightings1+/- 10 percentage points relative to

benchmark

Typical Cash Levels less than 5%

Anticipated Annual Turn-over

35% to 40%

All Cap Equity Characteristics

StatisticsAll Cap

Equity

Russell

3000

Index

Russell

3000

Value Index

Estimated EPS Growth Rate (3-5 Yr.)3

11.61% 11.63% 9.18%

Dividend Yield 1.59% 1.98% 2.30%

Price/Earnings2 (Next 12 Months)

13.03x 14.17x 12.93x

Price/Book Value2 1.97x 2.30x 1.64x

Price/Cash Flow2 9.53x 9.43x 8.00x

Median ROE 13.28% 9.42% 7.94%

Weighted Average LT Debt/Capital

51.54% 35.02% 34.90%

Weighted Average Market Cap

$59.69 B $88.20 B $90.57 B

Small Cap Allocation: Up to 15 percent

Mid Cap Allocation: 20-30 percent

Large Cap Allocation: 55-65 percent

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PORTFOLIO SUMMARY All Cap Equity (Composite data shown as of June 30, 2013)

All Cap Equity GrossRussell 3000

Index

Russell 3000

Value Index

One year 35.29% 21.46% 25.28%

Three years 24.47% 18.63% 18.41%

Five years 12.94% 7.25% 6.83%

Seven years 9.91% 5.84% 4.57%

10 years 11.66% 7.81% 7.90%

Since inception (Oct. 1, 1999)

9.20% 4.31% 5.93%

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PORTFOLIO SUMMARY All Cap Equity (Composite data shown as of June 30, 2013)

Performance statistics relative to the

Russell 3000 Value Index

Portfolio statistics Five years

Alpha 5.95

Beta 1.00

Up Market Capture 136.15

Down Market Capture 95.41

Information Ratio 1.08

Residual Risk 5.53

Tracking Error 5.91

Batting Average 0.800

Following the VARG philosophy, the All Cap

Equity portfolio has generated superior risk-

adjusted returns over the long-term.

Performance statistics relative to the

Russell 3000 Index

Portfolio statistics Five years

Alpha 5.33

Beta 1.04

Up Market Capture 140.47

Down Market Capture 98.64

Information Ratio 1.05

Residual Risk 5.07

Tracking Error 5.21

Batting Average 0.700

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RISK MANAGEMENT All Cap Equity (Composite data shown as of June 30, 2013)

With constant oversight, the All Cap Equity Portfolio has performed well in up

and down markets.

Up/down market capture vs. Russell 3000 Index

Five-year Ten-year Since Inception

0

50

100

150

Up Down

136.15

95.41

0

50

100

150

Up Down

129.56

92.86

0

50

100

150

Up Down

131.96

95.47

Up/down market capture vs. Russell 3000 Value Index

Five-year Ten-year Since Inception

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SUMMARY

Our VARG philosophy keeps us from investing at the edges of the market where we see

the most risk. We focus on sensible valuations and solid fundamentals causing us to avoid:

- Cheap stocks with poor fundamentals - High-quality companies that are excessively priced

- Momentum stocks that have non-sustainable growth

We strive to provide clients with above-market investment performance and downside

protection over a market cycle. We rank among the top decile of all-cap managers on

returns, alpha and information ratio over long-term periods.

We manage risk through our quality bias, our diversified portfolio construction, and an

effective sell discipline. Our risk management discipline and portfolio of conviction has

helped us avoid many of the market disasters or pitfalls of years past. We recognize that

“what we do not own is just as important as what we do own.”

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PERFORMANCE All Cap Equity (Composite data shown gross of fees as of June 30, 2013)

*Returns from Oct. 1, 1999, through Dec. 31, 1999.

Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation.

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Year to Date

Gross Gross Gross Gross GrossRussell 3000

Index

Russell 3000

Value Index

1999 2.28% 2.28%* 16.22%* 5.14%*

2000 1.47% -5.11% 11.74% 4.50% 12.43% -7.46% 8.04%

2001 -5.25% 6.35% -9.92% 11.95% 1.62% -11.46% -4.33%

2002 6.98% -8.67% -16.93% 7.01% -13.15% -21.54% -15.20%

2003 -3.12% 13.23% 2.47% 11.76% 25.62% 31.06% 31.13%

2004 6.00% 2.68% 1.60% 9.16% 20.71% 11.95% 16.94%

2005 -1.39% 1.10% 4.74% 2.60% 7.15% 6.12% 6.87%

2006 4.61% 0.39% 2.39% 5.91% 13.89% 15.72% 22.33%

2007 3.52% 7.47% -0.05% -5.05% 5.58% 5.14% -1.02%

2008 -4.08% -3.96% -1.99% -22.65% -30.16% -37.31% -36.25%

2009 -8.66% 19.98% 17.05% 5.24% 35.00% 28.34% 19.74%

2010 9.68% -15.12% 13.05% 12.94% 18.87% 16.93% 16.24%

2011 9.38% -0.30% -15.76% 15.51% 6.11% 1.03% -0.09%

2012 11.75% -5.86% 8.44% 4.09% 18.75% 16.43% 17.56%

2013 12.37% 6.66% 19.85% 14.06% 15.78%

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FOOTNOTES All Cap Equity

Gross Composite

Return

Russell 3000 Value

Benchmark* Return

Russell 3000 Benchmark*

Return

Composite Dispersion

Number of Portfolios

Assets ($ Millions)

Percent of Eagle’s

Assets

Total Firm Assets

($ Millions)

1999

2000 12.43% 8.03% -7.46% 0.20% 10 1.8 0.03% 6,131

2001 1.62% -4.33% -11.45% N.M 33 11.7 0.20% 5,867

2002 -13.15% -15.20% -21.55% 0.88% 44 11.2 0.20% 5,685

2003 25.62% 31.13% 31.04% 1.14% 47 14.4 0.18% 8,151

2004 20.71% 16.94% 11.95% 0.82% 50 16.7 0.16% 10,394

2005 7.15% 6.87% 6.13% 1.18% 51 14.3 0.12% 11,584

2006 13.89% 22.33% 15.74% 1.16% 40 7.2 0.06% 12,952

2007 5.59% -1.02% 12.56% 2.64% 41 11.5 0.08% 14,224

2008 -30.17% -36.25% -37.31% 0.63% 34 3.9 0.04% 10,538

2009 35.00% 19.74% 28.33% 1.13% 24 4.0 0.03% 13,668

2010 18.87% 16.24% 16.93% 0.69% 27 5.2 0.03% 16,468

2011 6.11% -0.09% 1.02% 0.74% 49 13.6 0.08% 16,578

2012 18.75% 17.56% 16.43% 1.01% 117 33.3 0.17% 19,165

Notes:

1. Eagle Asset Management, Inc. ("Eagle") has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

2. Results are time weighted and calculated monthly for the periods beginning January 1, 2001. Prior to that, results were calculated quartery. The composites are size-weighted by beginning-of-month asset values.

3. The Composite Dispersion is a size weighted standard deviation of annual returns for those accounts that were in the composite for the entire year. Dispersion is not meaningful (N.M.) because there was only 1 portfolio in the composite for the full year.

4. See Note # 5 which refers to Fees and Transaction Costs within Notes to Schedules of Rates of Return.

5.* The benchmarks are the (a) RUSSELL 3000 VALUE Index and the (b) RUSSELL 3000 Index which have been derived from published sources and have not been examined by independent accountants.

6. The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The three year standard deviation is not presented for 1999 through 2010 because monthly benchmark returns were

not applicable and is not required for periods prior to 2011.

7. Figures include accounts under Eagle's management from their respective inception dates, including accounts of clients no longer with the firm.

8. No selective periods of presentation have been utilized. Data from all accounts have been continuous from their inception to the present or to the cessation of the client relationship with the firm.

9. No alteration of composites as presented here has occurred because of changes in personnel or other reasons at any time.

10. A complete list and description of firm composites and calculation of performance results is available upon request. The composite creation date for GIPS® purposes was October 1, 1999. Performance is based upon U.S. dollar returns.

11. From composite creation thru 2012, non-fee paying accounts were below 1%.

All Cap Equity – Designed to provide investors with long-term capital appreciation through equity ownership of companies with typical market capitalization in the $1 billion to $100 billion range, and purchased at a discount to the estimated value of the security. All Cap

Value Equity invests in under valued small, medium, and large cap companies with potential to retain their value in all economic climates and to increase their value over time. As of December 31, 2012, the composite contains less than 1% of accounts that did not pay fees.

The definition of the accounts included in All Cap Equity Composite is as follows:

1999 - 2011 The All Cap Equity Composite reported on herein from inception through current is defined as all retail accounts with the above defined objective.

2012 The All Cap Equity Composite was re-defined January 1, 2012 to include all accounts managed in the All Cap Equity income strategy including accounts where assets exceeded $2,000,000 and granted Eagle brokerage discretion for executing portfolio transactions

regardless of fee schedules. Prior to January 1, 2012 the composite was called the “Retail All Cap Value Equity Composite” and did not include accounts where account assets were greater than $2,000,000 (i.e. Institutional accounts). Starting January 1, 2012 the benchmark

was changed to the RUSSELL 3000, which is more in accordance to the management style of the composite.

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Last Year Last 3 Years Last 5 Years Last 7 YearsYears

Last 10(10.0)

0.010.020.030.040.0

10th Percentile 32.06 19.35 12.40 8.11 13.2325th Percentile 26.48 18.54 8.85 6.86 10.07

Median 24.24 17.32 6.82 6.35 8.7675th Percentile 20.32 15.96 5.61 3.55 7.8690th Percentile 18.82 14.03 3.39 2.33 6.08

Eagle All Cap Equity - Gross A 35.29 24.47 12.94 9.91 11.66Russell 3000 Index B 21.46 18.63 7.25 5.84 7.81

Russell 3000 Value Index C 25.28 18.41 6.83 4.57 7.90

A (5)

A (1)

A (9) A (4) A (12)B (68) B (21)

B (41) B (53)B (77)

C (44)

C (29)

C (49) C (62)

C (73)

PERFORMANCE VS. PEERS All Cap Equity(Composite data shown gross of fees as of June 30, 2013)

Returns vs. Peers for All Cap Equity

Group: All Cap Value

(Various Time Periods ending June 30, 2013)

Eagle All Cap Equity inception date is Oct. 1, 1999.

Source: CAI; Eagle Research


Ret

urns

21E4881 8/13 exp. 10/13


ReturnsDeviationStandard

SquaredR- Alpha Beta

RatioInformation

RiskResidual

ErrorTracking

(10.0)

0.0

10.0

20.0

30.0

40.0

10th Percentile 12.40 28.57 0.99 5.37 1.24 0.88 7.47 10.1925th Percentile 8.85 25.06 0.97 3.31 1.10 0.66 5.75 8.46

Median 6.82 24.39 0.96 (0.62) 1.03 (0.14) 4.73 5.9075th Percentile 5.61 20.48 0.93 (1.88) 0.89 (0.38) 3.75 4.1890th Percentile 3.39 14.91 0.91 (4.26) 0.64 (0.78) 3.01 3.51

Eagle All Cap Equity - Gross A 12.94 23.92 0.96 5.33 1.04 1.05 5.07 5.21Russell 3000 Index B 7.25 22.38 1.00 0.00 1.00 0.00 0.00 0.00

A (9)

A (53)

A (51)A (10) A (48) A (4) A (34) A (62)B (41)

B (68)

B (1)

B (41) B (66) B (41) B (100) B (99)


Statistics for All Cap Equity Relative to the Russell 3000


(For Five Years Ending June 30, 2013)



Past performance does not guarantee or indicate future results. Please see important footnotes in the back of this presentation. 22E4881 8/13 exp. 10/13




RatioInformation

RiskResidual

ErrorTracking

(15.0)

(5.0)

5.0

15.0

25.0

35.0


Median 6.82 24.39 0.95 0.01 0.99 0.00 5.49 6.9075th Percentile 5.61 20.48 0.92 (1.22) 0.86 (0.20) 3.59 5.6590th Percentile 3.39 14.91 0.89 (3.53) 0.61 (0.56) 2.63 2.96

Eagle All Cap Equity - Gross A 12.94 23.92 0.95 5.95 1.00 1.08 5.53 5.91Russell 3000 Value Index B 6.83 23.30 1.00 0.00 1.00 0.00 0.00 0.00

A (9)

A (53)

A (47)A (10)

A (48)A (17) A (49) A (58)B (49)

B (57)

B (4)

B (53)

B (48)

B (53) B (98) B (97)


Statistics for All Cap Equity Relative to the Russell 3000 Value


(For Five Years Ending June 30, 2013)







RatioInformation

RiskResidual

ErrorTracking

(10.0)

0.0

10.0

20.0

30.0




A (4)

A (54)

A (57)A (1) A (56) A (5) A (34) A (52)B (53)

B (67)

B (1)

B (53) B (66) B (52) B (99) B (100)




(For Seven Years Ending June 30, 2013)







RatioInformation

RiskResidual

ErrorTracking

(5.0)

5.0

15.0

25.0

35.0



Eagle All Cap Equity - Gross A 9.91 20.84 0.94 5.30 0.98 0.99 5.34 5.64Russell 3000 Value B 4.57 20.62 1.00 0.00 1.00 (0.70) 0.00 0.00

A (4)

A (54)

A (41)A (3)

A (59)A (7) A (51) A (59)B (62)

B (56)

B (2)

B (62)

B (50)

B (100) B (99) B (98)




(For Seven Years Ending June 30, 2013)







RatioInformation

RiskResidual

ErrorTracking

(5.0)

5.0

15.0

25.0


Median 8.76 18.62 0.93 1.76 1.06 0.23 4.05 5.6475th Percentile 7.86 16.08 0.89 (0.01) 0.90 0.00 3.70 3.9090th Percentile 6.08 12.07 0.83 (1.96) 0.67 (0.37) 2.91 3.27


A (12)

A (62)

A (49)A (13) A (65) A (6) A (38) A (54)

B (77)

B (68)

B (2)

B (75) B (66) B (75) B (99) B (99)




(For 10 Years Ending June 30, 2013)







RatioInformation

RiskResidual

ErrorTracking

(5.0)

0.0

5.0

10.0

15.0

20.0

25.0


Median 8.76 18.62 0.93 1.68 1.00 0.24 4.85 5.9175th Percentile 7.86 16.08 0.89 0.11 0.87 0.03 3.49 4.7690th Percentile 6.08 12.07 0.84 (1.74) 0.64 (0.27) 2.91 3.06

Eagle All Cap Equity - Gross A 11.66 17.81 0.93 3.83 0.96 0.79 4.86 5.11Russell 3000 Value B 7.90 17.93 1.00 0.00 1.00 (0.46) 0.00 0.00

A (12)

A (62)

A (49)A (12)

A (63) A (12)

A (49) A (57)B (73)

B (59)

B (1)

B (83)

B (52)

B (93) B (99) B (99)




(For 10 Years Ending June 30, 2013)





RISK VS. RETURN All Cap Equity(Composite data shown gross of fees as of June 30, 2013)

Risk vs. Return for All Cap Equity

(Five years ending June 30, 2013)

15.0 17.5 20.0 22.5 25.0 27.5 30.0 32.0(6.0)

(1.0)

4.0

9.0

14.0

19.0

CAI:All Cap Value

Eagle All Cap Equity - Gross

Russell 3000 Value Index

Russell 3000 Index

Ret

urns

Standard Deviation

.



Standard Deviation Returns

All Cap Equity 23.92 12.94%

Russell 3000 22.38 7.25%

Russell 3000 Value 23.45 6.83%

28E4881 8/13 exp. 10/13


REPRESENTATIVE HOLDINGS All Cap Equity(Composite data shown as of June 30, 2013)

The information presented is for a representative account and for illustrative purposes only and should not be used as the sole basis for an investment decision. Actual account holdings will

vary depending on the size of an account, cash flows within an account, and restrictions on an account. This list of representative holdings is intended to show the types of securities Eagle may

own in this program. No inference should be drawn that Eagle portfolios will hold these stocks in the future. References to specific securities are not intended as representative of investment

recommendations by Eagle, past or present. Under no circumstances does the information contained represent a recommendation or solicitation to buy, hold or sell any security and it should

not be assumed that the securities transactions or holdings discussed were or will prove to be profitable. All holdings are subject to change daily. Material regarding individual securities is

based on information obtained from third-party sources that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.

Atwood Oceanics (Energy, $3.4 B Market Cap)

Global offshore drilling contractor

Honeywell (Industrials, $62.4 B Market Cap)

Diversified technology and manufacturing company

American Campus Communities (Financials, $4.3 B Market Cap)

REIT that manages high quality student housing

Apple (Information Technology, $372.2 B Market Cap)

Personal computer and mobile communications device manufacturer

DIRECTV (Consumer Discretionary, $35.2 B Market Cap)

Digital entertainment services

29E4881 8/13 exp. 10/13


PORTFOLIO MANAGEMENT All Cap Equity

ED COWART, CFAPortfolio Co-manager I Joined Eagle in 1999

I 41 years of experience as a portfolio manager and research director

I A.B., Dartmouth College (1969)

I Earned his Chartered Financial Analyst designation in 1977

DAVID BLOUNT, CFA, CPAPortfolio Co-manager I Joined Eagle in 1993

I 29 years of investment experience as a portfolio co-manager and analyst

I B.S. in finance, University of Florida (1983)

I Certified Public Accountant


JOHN PANDTLE, CFAPortfolio Co-manager I Was at Eagle from 1999-2002; returned in 2009

I 19 years of investment experience as a portfolio manager and analyst

I B.B.A. in finance, University of Georgia (1993)


JEFF VANCAVAGE, CFAPortfolio Co-manager I Joined Eagle in 2001

I 14 years of investment-related experience

I B.S. in aeronautical science, Embry-Riddle Aeronautical University (1990)

I M.B.A., University of Florida (2001)

I Earned his Chartered Financial Analyst designation in 2006 30E4881 8/13 exp. 10/13


CHRIS KOUFFMAN Research Associate I Joined Eagle in 2004

I 10 years of investment experience

I B.A. in economics, Georgetown University (2003)

JAMES F. SHORT, CFA, CFP, CIMA® Director of Institutional Client RelationsSenior Vice President, Client Portfolio Manager I Joined Eagle in 2004

I 22 years of investment experience, including time as a chief investment officer and portfolio manager

I B.A. in government, College of William and Mary (1990)

I M.B.A. in economics and investment management, University of Georgia (1996)

I Holds numerous certifications, including Chartered Financial Analyst (2002), Certified Financial Planner (2000)

and Certified Investment Management Analyst (2003)

TEAM BIOGRAPHIES All Cap Equity

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FOOTNOTES All Cap Equity

The risks associated with Value investing are based on the potential for a company’s stock price to rise based upon anticipated changes in the market or within the company itself. As with

all equity investing, there is the risk that a company will not achieve its expected earnings results, or that an unexpected change in the market or within the company will occur, both of which

may adversely affect investment results. Of course, other factors relating to a company or to general market conditions may also contribute to price declines. Value stocks have historically

been sensitive to economic cycles and investor sentiment that can affect volatility and risk. As with all equity investing, there is the risk that a company will not achieve its expected earnings

results, or that an unexpected change in the market or within the company will occur, both of which may adversely affect investment results. The biggest risk of equity investing is that returns

can fluctuate and investors can lose money. Not every investment opportunity will meet all of the stringent investment criteria mentioned to the same degree. Trade-offs must be made, which

is where experience and judgment play a key role. Accounts are invested at the discretion of the portfolio manager and may take up to 60 days to become fully invested.

Past performance does not guarantee or indicate future results. No inference should be drawn by present or prospective clients that managed accounts will achieve similar performance in the

future. Investment in a portfolio, investment manager or security should not be based on past performance alone. Because accounts are individually managed, returns for separate accounts

may be higher or lower than the average performance stated. Individual portfolio/performance results may vary due to market conditions, trading costs and certain other factors, which may

be unique to each account. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long

term, especially during periods of downturn in the market. Investing involves risk and you may incur a profit or a loss. Investment returns and principal value will fluctuate so that an investor’s

portfolio, when redeemed, may be worth more or less than their original cost. Diversification does not ensure a profit or guarantee against a loss.

All performance data is shown on a time-weighted and size-weighted basis and is shown before the deduction of management fees, custodial fees and miscellaneous charges to client

accounts; all performance is shown after transaction costs. Calculations include reinvestment of all income and gains. Performance figures include all internal, retail Value accounts of Eagle

Asset Management, a St. Petersburg, Florida-based firm. A client’s return will be reduced by the advisory fees. Eagle’s fees are set forth in Eagle’s Form ADV, Part II. Over a period of five years,

an advisory fee of 1 percent could reduce the total value of a client’s portfolio by 5 percent or more. Investing in equities may result in a loss of capital. Current performance may be lower or

higher than the performance information quoted.

Performance results through 2012 have been examined by an internationally recognized accounting firm. Performance data for the current year has not been audited and are subject to

revision. Thus, the composite returns shown here may be revised and Eagle will publish any revised performance data. Eagle believes that the performance shown is reasonably representative

of its management style and is sufficiently relevant for consideration by a potential or existing client.

Index Definition

The Russell 3000 Value Index measures the performance of the broad value segment of U.S. equity value universe. It includes those Russell 3000 companies with lower price-to-book

ratios and lower forecasted growth values. Index returns do not reflect the deduction of fees, trading costs or other expenses. The index is referred to for comparative purposes only and the

composition of an index is different from the composition of the accounts included in the performance shown. Indices are unmanaged and one cannot invest directly in the index.

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DEFINITIONS Important Terms

Alpha – Alpha is a measure of the difference between a manager’s actual returns and its expected performance, given its level of risk as measured by Beta. A positive Alpha figure

indicates the manager has performed better than its Beta would predict. A negative Alpha indicates the manager performed worse than expected based on its level of risk. Thus it is

possible for a manager to outperform an index and still have a negative Alpha. In general, however, the higher the Alpha the better.

Batting Average – A measure of a manager’s ability to beat the market consistently. It is calculated by dividing the number of quarters (or months) in which the manager beat or

matched an index by the total number of quarters (or months) in the period. For example, a manager who meets or outperforms the market every quarter in a given period would

have a batting average of 100. A manager who beats the market half of the time would have a batting average of 50.

Beta – Beta is a measure of a manager’s sensitivity to market movements. In general, the larger the Beta, the more volatile the historical performance. Beta compares the manager’s

excess return over Treasury bills to the benchmark’s excess return over Treasury bills. By definition the Beta of the index is 1.00. A Beta of 1.10 shows that a manager has per-

formed 10 percent better than its benchmark in up markets and 10 percent worse in down markets. Conversely, a Beta of 0.85 indicates that the manager is expected to perform

15 percent worse than the market’s excess return during up markets and 15 percent better during down markets.

Down-Market Capture Ratio – A measure of managers’ performance in down markets relative to the market itself. A down market is one in which the market’s quarterly return is

less than zero.

Information Ratio – The information ratio, as defined by alpha over residual risk, is a risk measure that is used to determine the amount of excess return over a specific benchmark

per unit of risk associated with the securities within the portfolio and can, by definition, be diversified away. This risk measure helps determine the degree in which the “bets” taken

within the portfolio are paying off. Negative Information Ratios are considered not meaningful and are represented with an NM.

R2 – The usefulness of most benchmark dependant statistics are reliant upon a statistically significant R2 measurement. R2 reflects the percentage of a manager’s movements that

can be explained by movements in its benchmark index. An R2 of 1.00 indicates all movements of a manager can be explained by movements in the index. Likewise, an R2 measure

of 0.35 reveals that only 35 percent of the manager’s movements can be explained by movements in the index. An R2 of 0.65 or higher is required for the benchmark dependant

statistics to be meaningful.

Sharpe Ratio – Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. The ratio is equal to the

excess return divided by the Standard Deviation of the portfolio. The higher the Sharpe Ratio is the better the portfolio’s historical risk-adjusted performance.

Sortino Ratio – The Sortino ratio measures the risk-adjusted return of an investment asset, portfolio or strategy. It is a modification of the Sharpe Ratio but penalizes only those

returns falling below a user-specified target, or required rate of return, while the Sharpe Ratio penalizes both upside and downside volatility equally.

Standard Deviation – Standard Deviation is a measure of the dispersal or uncertainty in a random variable. For example, if a financial variable is highly volatile, it has a high Standard

Deviation. Standard Deviation is frequently used as a measure of the volatility of a random financial variable.

Up-Market Capture Ratio – Up-market capture ratio is a measure of managers’ performance in up markets relative to the market itself. An up market is one in which the market’s

quarterly return is greater than or equal to zero.

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