Quality Dividend Value Portfolio Investment Philosophy

During the past three decades, we have never wavered from our core commitment to Quality Investing. Our investment philosophy emphasizes risk control, quality, consistency, and discipline. The Company invests for the long term and ignores passing investment fads. This philosophy results in a low-risk, low-turnover portfolio.

Our Dividend Value strategy emphasizes quality, risk control, consistency and discipline.

We invest in companies that exhibit the following characteristics:

• Superior Financial Strength
• Regular Dividend Payment and Above-Market Yield
• Steady Stream of Cash Flow Sufficient to Cover Dividend Payments
• Strong Competitive Position