Dreman city wire presentation 2011

1DREMANVALUE MANAGEMENT

CITYWIRE TRADE MISSION USACITYWIRE TRADE MISSION USA20112011

June 20th – 22nd 2011For Use By Financial Professionals Only

Not to be shown or distributed to the public.

DREMAN VALUE MANAGEMENT


U.S. Equity Market Outlook

Macro FactorsInflation WatchCommodity Super-cycleUS $ Outlook

ValuationLarge vs. Small


Inflationary Signs Continue to Abound Around the World

Prices in China increased 5.4% year over year– the biggest jump since July 2008

Mattel recently reported that it is has passed through a high single-digit percentage increase in prices (which retailers have accepted) - the materials cost of making Ken and Barbie have gone up.

Walmart’s CEO, Bob Simon, recently stated that inflation is “going to be serious” and Walmart is already “seeing cost increases starting to come through at a pretty rapid rate”

Commodity price pressures are also visible in Europe - where the headline inflation rate for March was revised up to a two year high of 2.7%

Inflation in India rose to almost 9% in March - compared with 8.3% in February.


Inflation in Commodities

Source: Factset, 04/15/2011

Commodities12 month Price

Change%Silver 140.9%Coffee 118.3%Cotton 116.0%Corn 103.9%Tin 71.9%Wheat 51.7%Palladium 40.8%Sugar 34.5%Oil 31.7%Gold 28.3%Aluminum 22.8%Copper 21.1%Cattle (live) 18.9%Hogs 18.5%

Property of Dreman Value Management, LLC. Do not reproduce without prior consent.


GOLD

'01 '02 '03 '04 '05 '06 '07 '08 '09 '100

200

400

600

800

1,000

1,200

1,400

1,600 Gold , NYMEX Near Term ($/ozt) - Close

Source: FactSet, (4/15/2001 to 4/15/2011) Property of Dreman Value Management, LLC. Do not reproduce without prior consent.


SILVER

'01 '02 '03 '04 '05 '06 '07 '08 '09 '100

5

10

15

20

25

30

35

40

45 Silver, London AM/PM Fixing ($ /ozt) - Close

Source: FactSet (4/15/2001 to 4/15/2011)Property of Dreman Value Management, LLC. Do not reproduce without prior consent.


Extremely Accommodative FED!

Source: Federal Reserve Bank of St. Louis as of 3/24/10.



10

30

50

70

90

110

Dec-69

Dec-72

Dec-75

Dec-78

Dec-81

Dec-84

Dec-87

Dec-90

Dec-93

Dec-96

Dec-99

Dec-02

Dec-05

Dec-08

Purchasing Power ParityThe Loss of Purchasing Power

(Consumer Price Index, 12/31/69–12/31/10)

Source: Bloomberg, as of 12/31/10.

In 1971, Bretton Woods ended and our modern-

day paper-currency regime began.

Over the years, inflation rose. As a result, $100 in 1970 is now worth only

$17.16.



0.01

0.1

1

10

100

1000

10000

100000

1000000

10000000

1802 1840 1880 1920 1960 2010

Stocks

Bonds

T-Bills

Gold

Dollar

1980

Stocks Win By a MileTotal Return Indexes 1802 – 2010

(Inflation Adjusted)

Past performance is no guarantee of future results. Sources: Dreman Foundation and Jeremy J. Siegel, Stocks for the Long Run (McGraw-Hill, 1994),

reproduced with permission of the McGraw-Hill Companies.

One of the easiest ways to invest, buying blue-chip stocks, is also the best -providing strong returns over time.


S&P 500 Valuation Based on P/E

Source: Factset Property of Dreman Value Management, LLC. Do not reproduce without prior consent.


Review of

The Dreman Contrarian Strategy


The Historical but Largely Unrecognized Advantage of Low-P/E stock

Data Source: Compustat North America and FactSet Fundamentals Americas; Date of Data: 1970 – 2010.Do not reproduce without prior consent. Performance is historical and does not guarantee future results.

19.2%17.9%

15.4% 15.1%13.2%

15.7%13.2% 12.6% 12.2%

10.7%11.5%

8.4% 8.8% 8.6%7.6%

0%

5%

10%

15%

20%

$250M to $1B $1-2 Billion $2-5 Billion $5-10 Billion >$10 Billion

High P/E Market Low P/E

Source: Dreman Value Management, LLC. Past performance is no guarantee of future results. This illustration does not represent the performance of any Dreman Portfolio. Property of Dreman Value Management, LLC. Do not reproduce without

prior consent. 7

Average annual returns by market capitalization broken down by P/E, 1970-2010


Cumulative Returns for Value and Growth Strategies

Stock Universe: Largest 1500 Companies 1970-2010

In addition to low P/E, strategies that employ low price-to-cash flow (P/CF), low price-to-book value (P/BV), or high yield (low price-to-dividend, or P/D) also outperform the market. This chart shows the results of investing $1,000,000 at the beginning of 1970 and rebalancing annually for the following 41 years, reinvesting dividends. The initial investment would have grown to well over $200 million in low P/E, P/BV or P/CF stocks, and to $127 million in stocks with the highest dividend yield, compared to only $87 million for the market. These auxiliary contrarian measures figure prominently in DVM’s investment decision process.

Data Source: Compustat North America and FactSet Fundamentals Americas; Date of Data: 1970 – 2010. Performance is historical and does not guarantee future results. Property of Dreman Value Management, LLC. Do not reproduce without prior consent.

8

$0

$50

$100

$150

$200

$250

$300

$350

19701973

19761979

19821985

19881991

19941997

20002003

20062009

Mill

ions

Low P/E -- $327 M

Low P/BV -- $242 M

Low P/CF -- $216 M

High Yield -- $127 M

Market -- $87 M

Low Yield -- $28 M

High P/E -- $26 M

High P/BV -- $24 M

High P/CF -- $21 M

Annualized Return

7.7%High P/CF

8.1%High P/BV

8.3%High P/E

8.5%Low Yield

11.5%Market

12.5%High Yield

14.0%Low P/CF

14.3%Low P/BV

15.2%Low P/E


Contrarian Performance in Market DownturnsReturns in 51 down-market quarters, 1970–2010

(Stock Universe: Compustat Largest 1500 Companies: 1970-2010)

-7.11

-5.22-5.42

-3.48

-7.58

-10%

-8%

-6%

-4%

-2%

0%

Low P/E Low P/CF Low P/BV Low P/D S&P 500

Ave

rage

Qua

rter

ly R

etur

n

Data Source: Compustat North America and FactSet Fundamentals Americas; Date of Data: 1970 – 2010.Do not reproduce without prior consent. Performance is historical and does not guarantee future results.

9


Impact of All Positive and Negative SurprisesStock Universe: Compustat Largest 1500 Companies

1973 – 2010

6.1%

0.0%1.3%

-7.0%

-15%

-10%

-5%

0%

5%

10%

Mar

ket-

Adj

uste

d R

etur

n

Lowest-P/E Quintile Highest-P/E Quintile

1 Year

0% = MarketReturn

PositiveSurprises

NegativeSurprises

Dreman Value Management takes advantage of the high rate of analyst forecast error by positioning in out-of-favor, low P/E stocks. This is because positive and negative surprises affect “best” (high P/E) and “worst” (low P/E) stocks in a diametrically opposite manner. Following a surprise quarter, low P/E stocks with positive surprises outperform the market by 6.1% in the following year. But positive surprises have a far less significant effect on favorite stocks — returning 0.0% in the following year. Conversely, negative surprises are devastating to high P/E stocks (7.0% below market after one year), but go essentially unnoticed by low P/E stocks. The net result is that out-of-favor, low P/E stocks outperform higher P/E stocks over time.

Data Sources: First Call Consensus Estimates, I/B/E/S, Compustat North America, FactSet Fundamentals Americas, and FactSet Estimates; Date of Data: Quarter 1, 1973 – Quarter 4, 2010.

Do not reproduce without prior consent. Performance is historical and is not indicative of future results. 6


Forecast Error as a Percent of Reported Earnings1973 – 2010

Source: Updated from Contrarian Investment Strategies: The Next Generation, by David Dreman, 1998, Simon and Schuster.Data Sources: First Call Consensus Estimates, I/B/E/S, and A-N Research Corp; Date of Data: Quarter 1, 1973 – Quarter 4, 2010

Source: Dreman Value Management, LLC. Past performance is no guarantee of future results. This illustration does not represent the performance of any Dreman Portfolio. Property of Dreman Value Management, LLC. Do not reproduce without prior consent.

4

3132

41

292725

27

3540

484543

5252

4542

57

65

545250

4247

3130343336

373434

30303035

40

50

38

0%

20%

40%

60%

80%

'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 05' '07 '09

Average Analysts Error: 40%Median Analysts Error: 38%

Fore

cast

Err

or


The Probability Game1973 – 2010

1 Quarter 30% 66% 62%

4 Quarters 1/131 1/5 1/7

10 Quarters 1/197,500 1/61 1/113

20 Quarters 1/39 Billion 1/3,800 1/12,700

Source: First Call Consensus Estimates, I/B/E/S International Data, and A-N Research Corp; Date of Data: Quarter 1, 1973 – Quarter 4, 2010.

Do not reproduce without prior consent

The Chances of a Stock Surviving Without a 5% Earnings Surprise

Any Surprise Negative Surprise Positive Surprise


Benefitting from Investor Over-reaction*

*Chart represents performance of the Dow Jones Industrial Average through 12 major postwar crises. The Dow Jones Industrial Average (DJIA) is generally accepted as a measure of US stock market performance. Returns assume reinvestment of all distributions, and, unlike fund returns, do not reflect fees or expenses. It is not possible to invest directly in the DJIA. The

original chart can be found in Contrarian Investment Strategies: The Next Generation, 1998, by David Dreman.

Source: Dreman Value Management, LLC. Past performance is no guarantee of future results. This illustration does not represent the performance of any Dreman Portfolio. Property of Dreman Value Management, LLC. Do not reproduce without prior consent.

1 Year Later 2 Years LaterTotal Return After Crisis

Market Low After CrisisBerlin Blockade 6/13/49 46.10% 70.10%Korean War 7/13/50 34.8 53.5Cuban Missile Crisis 6/26/62 37.3 67.8Kennedy Assassination 11/22/1963 30.2 44.8Gulf of Tonkin 6/8/64 16.1 20.61969 Stock Market Break 5/26/70 49.6 69.31973–74 Stock Market Break 12/6/74 47.8 82.4Iran Hostage/Oil Crisis 4/21/80 37.5 22.21987 Stock Market Crash 10/19/1987 28.9 69.61990 Persian Gulf War 10/11/1990 29.2 39.6Russian Bond Default 8/31/98 46.1 53.6Hi-Tech-Dot.Com Crash 10/9/02 36.1 44.42008-09 Liquidity Crisis 3/5/09 65.0 95.1Average Return 38.80% 56.40%


Dreman Investment Process


Three Sources of Alpha

Exploit Information

Traditional Managers

Exploit Behavior

Behavioral Managers

Better “Model”

Quant Managers



Investment Process Drivers

Disciplined Investment Process

Multiple Driven: Low P/E, Low P/CF, Low P/B, Low P/S

Dividend Yield

Strong Financial Condition

Broad Industry Diversification



Apply quantitative filterPrice momentumEarnings revision

Screen value universewith market cap > $8 billion

Low P/E by industry

Conduct fundamental researchAnalyze financial data

Earnings/cash flow/ROICBalance sheet

Business model

•

Construct portfolioValuation + judgment

Stock selection

Dreman Investment Process



CHARACTERISTICSCHARACTERISTICS&&

PERFORMANCEPERFORMANCE


Dreman Value Equity CompositePortfolio Structure

As of March 31, 2011

Source: FactSet. Please note that the information presented above is intended to supplement the full composite presentation, which can be found in the appendix. Data may be subject to change. The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell. The above characteristics are from a representative portfolio. Actual account characteristics may differ due to individual account restrictions and limitations.

Consumer Discretionary 9.4% 8.1%Consumer Staples 8.6% 8.8%Energy 17.4% 13.4%Financials 23.9% 27.7%Health Care 12.7% 11.8%Industrials 6.2% 9.8%Information Technology 8.0% 5.7%Materials 7.2% 3.5%Telecommunication Services 2.1% 4.7%Utilities 3.9% 6.6%Cash 0.7% --

Total 100.0% 100.0%

Value Equity

Russell 3000® Value

Sector Weightings

Bank of America Corp. 2.9%BP PLC ADS 2.7%ConocoPhillips 2.4%Altria Group Inc. 2.4%Citigroup Inc. 2.4%Anadarko Petroleum Corp. 2.4%Apache Corp. 2.3%Pfizer Inc. 2.3%Transocean Ltd. 2.3%Wells Fargo & Co. 2.3%

Total 24.4%

Top Ten Holdings

Value Equity Russell 3000® ValueNumber of Holdings 50 1,944Weighted Avg. Market Capitalization ($mm) 62,972 67,369Dividend Yield 2.3% 2.1%P/E Ratio NTM (Median) 11.44x 14.91x


Dreman Value Equity CompositeAnnualized Performance


18.6% 17.5%15.6%

41.6% 40.5%

33.6%

3.3% 2.4% 1.1% 1.2% 0.3%

-2.0%-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1 Year 2 Year 3 Year Since Inception (11/30/2007)

Dreman Value Equity (Gross of Fees) Dreman Value Equity (Net of Fees) Russell 3000 Value®

Source: CAPS 4.0. Past performance is not indicative of future results. Please refer to the full disclosure presentation, which can be found in the appendix.


International Value CompositePortfolio Structure


Source: FactSet. Please note that the information presented above is intended to supplement the full disclosure presentation, which can be found in the appendix. Data may be subject to change. The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell. The above characteristics are from a representative portfolio. Actual account characteristics may differ due to individual account restrictions and limitations.

Consumer Discretionary 1.5% 8.6%Consumer Staples 8.1% 4.5%Energy 20.6% 14.9%Financials 22.2% 29.2%Health Care 11.7% 5.1%Industrials 9.8% 11.2%Information Technology 3.2% 3.8%Materials 11.2% 9.0%Telecommunication Services 9.5% 7.1%Utilities 1.3% 6.5%Cash 0.6% --

Total 100.0% 100.0%

International Value

Russell Global x US® Value

Sector Weightings

International Value Russell Global x US® Value Number of Holdings 51 4,761Weighted Avg. Market Capitalization ($mm) 67,837 41,671Dividend Yield 3.6% 3.1%P/E Ratio - NTM (median) 10.13x 11.60x

BP PLC 2.6%ING Groep N.V. 2.2%Deutsche Bank AG 2.2%Banco Santander S.A. 2.1%Unilever PLC 2.1%Statoil ASA 2.1%British American Tobacco PLC 2.1%Total S.A. 2.1%HSBC Holdings PLC 2.1%Covidien PLC 2.0%

Total 21.6%

Top Ten Holdings


Western Europe 61.9% Eastern Europe 4.1%Pacific Rim 18.7% South America 3.3%North America 9.4% Middle East 1.9%

Regional Breakdown

United Kingdom 29.6% Spain 4.2%Canada 9.4% France 4.1%Germany 8.1% Russia 4.1%Japan 5.8% Hong Kong 4.0%Netherlands 4.3% Australia 3.8%

Total 77.4%

Top 10 Country Breakdown

International Value CompositePortfolio Structure




International Value CompositeAnnualized Performance



15.8% 14.9%12.3%

42.8%41.6%

35.9%

30.4% 29.3%

21.8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

1 Year 2 Year Inception (10/31/2008)

Dreman International Value (Gross) Dreman International Value (Net) Russell Global x-US Value TR®


Large Cap Value CompositePortfolio Structure


Consumer Discretionary 6.8% 8.0%Consumer Staples 5.1% 9.4%Energy 28.4% 13.8%Financials 23.4% 26.9%Health Care 11.8% 12.4%Industrials 14.3% 9.4%Information Technology 5.0% 5.3%Materials 4.1% 3.2%Telecommunication Services -- 5.1%Utilities -- 6.6%Cash 1.2% --

Total 100.0% 100.0%

Sector WeightingsLarge Cap

ValueRussell

1000® ValueAnadarko Petroleum Corp. 5.3%Devon Energy Corp. 5.0%Apache Corp. 4.4%Eaton Corp. 3.7%Pfizer Inc. 3.6%ConocoPhillips 3.4%Wells Fargo & Co. 3.2%BHP Billiton Ltd. ADS 3.2%General Electric Co. 2.9%Altria Group Inc. 2.9%

Total 37.6%

Top Ten Holdings

Large Cap Value Russell 1000® ValueNumber of Holdings 43 665Weighted Avg. Market Capitalization ($mm) 78,555 73,317Dividend Yield 1.8% 2.1%P/E Ratio NTM (Median) 11.0x 14.5x



Large Cap Value Composite Annualized Performance



15.1%14.0%15.2%15.7%

-1.0%-2.0%

0.6%

2.4%

0.0%

-1.0%

1.4%

2.6%3.5% 2.5%

4.6% 4.5%3.8%2.8%4.5%

3.3%

10.9%9.9% 10.3%9.3%

-5%

0%

5%

10%

15%

20%

1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Since Inception(January 1991)

Dreman Large Cap Value (Gross) Dreman Large Cap Value (Net) Russell 1000 Value Index S&P 500

Dreman ValueManagement &

predecessor firms

®


Mid Cap Value CompositePortfolio Structure



Consumer Discretionary 10.1% 10.9%Consumer Staples 6.6% 6.4%Energy 10.1% 12.3%Financials 23.5% 29.0%Health Care 9.3% 5.4%Industrials 12.1% 10.7%Information Technology 15.1% 6.3%Materials 5.7% 5.4%Telecommunication Services -- 1.9%Utilities 5.9% 11.7%Cash 1.6% --

Total 100.0% 100.0%

Mid Cap Value

Russell Midcap® Value

Sector Weightings

Discover Financial Services 1.7%Biogen Idec Inc. 1.7%Arrow Electronics Inc. 1.6%Zimmer Holdings Inc. 1.6%ENSCO PLC ADS 1.6%Norfolk Southern Corp. 1.6%Big Lots Inc. 1.6%Lorillard Inc. 1.6%CIGNA Corp. 1.6%Ultra Petroleum Corp. 1.6%

Total 16.2%

Top Ten Holdings

Mid Cap Value Russell Midcap® ValueNumber of Holdings 68 536Weighted Avg. Market Capitalization ($mm) 8,757 8,170Dividend Yield 2.0% 1.9%P/E Ratio NTM (Median) 12.15x 14.90x


Mid Cap Value CompositeAnnualized Performance


®


21.3%20.2% 22.3%

6.2% 5.2% 6.6%5.7%

4.7%4.0%

9.3%8.2%8.2%

9.8%8.7% 8.7%

0%

5%

10%

15%

20%

25%

1 Year 3 Year 5 Year 7 Year Since Inception(January 2004)

Dreman Mid Cap Value (Gross) Dreman Mid Cap Value (Net) Russell Midcap Value


Small-Mid Cap Value CompositePortfolio Structure



Total 100.0% 100.0%

Sector WeightingsSmall-Mid Cap Value

Russell 2500® ValueSuperior Energy Services Inc. 1.6%

Atwood Oceanics Inc. 1.5%Lubrizol Corp. 1.5%Textainer Group Holdings Ltd. 1.5%Crane Co. 1.5%IAMGOLD Corp. 1.4%Hubbell Inc. (Cl B) 1.4%DST Systems Inc. 1.4%Coeur d'Alene Mines Corp. 1.4%Cal Dive International Inc. 1.4%

Total 14.6%

Top Ten Holdings

Small-Mid Cap Value Russell 2500® ValueNumber of Holdings 77 1,623 Weighted Avg. Market Capitalization ($mm) 3,629 2,860Dividend Yield 1.7% 1.8%P/E Ratio NTM (Median) 12.44x 15.44x



Small-Mid Cap Value Composite Annualized Performance


25.5% 24.2%

22.7%

9.7%8.6% 8.0%

6.2%5.1%

2.8%

0%

10%

20%

30%

1 Year 3 Year Since Inception (November 2006)

Dreman Small-Mid Cap Value (Gross) Dreman Small-Mid Cap Value (Net) Russell 2500 Value®



Institutional Small Cap Value CompositePortfolio Structure




Total 100.0% 100.0%

Sector WeightingsInstitutional

Small Cap ValueRussell

2000® ValueNew Gold Inc. 1.4%Gammon Gold Inc. 1.2%GATX Corp. 1.2%EnerSys Inc. 1.2%Atwood Oceanics Inc. 1.2%Wolverine World Wide Inc. 1.2%Brink's Co. 1.2%HealthSpring Inc. 1.2%Brinker International Inc. 1.2%Superior Energy Services Inc. 1.2%

Total 12.2%

Top Ten Holdings

Institutional Small Cap Value Russell 2000® ValueNumber of Holdings 104 1,279Weighted Avg. Market Capitalization ($mm) 1,899 1,226Dividend Yield 1.7% 1.9%P/E Ratio NTM (Median) 14.14x 15.55x


Institutional Small Cap Value CompositeAnnualized Performance


19.4%18.3% 20.6%

9.6%8.5%

6.8% 6.9%5.8%

2.2%

12.1%11.0%

6.1%

12.9%11.7%

9.0%

15.5%14.4%

11.7%

0%

5%

10%

15%

20%

25%

1 Year 3 Year 5 Year 7 Year 10 Year Since Inception(June 1991)

Dreman Institutional Small Cap Value (Gross of Fees) Dreman Institutional Small Cap Value (Net of Fees)Russell 2000 Value


Dreman ValueManagement &

predecessor firms

®


APPENDIXAPPENDIX


Dreman Value Equity CompositeHistorical Performance

Source: CAPS 4.0. Past performance is not indicative of future results. .+ + Annualized Return performance includes returns from when the composite was created and incepted on November 30, 2007. +Partial year performance.

2Q10 3Q10 4Q10 1Q11 1 Year 3 Year Inception 11/2007

-11.3 15.1 10.7 4.9 18.6 3.3 1.2

-11.5 14.9 10.4 4.6 17.5 2.4 0.3-11.1 10.1 10.9 6.5 15.6 1.1 -2.0

Dreman Value Equity (Gross of Fees)

Russell 3000® ValueDreman Value Equity (Net of Fees)

Quarterly & Annualized Performance % (As of March 31, 2011)

Period

Gross-of-Fees

Return (%)

Net-of-Fees

Return (%)

Russell 3000®

Value (%)

Composite 3-Yr St. Dev

(%)

Benchmark 3-Yr St. Dev

(%)

Number of

Portfolios

Internal Dispersion*

(%)

Total Composite

Assets ($ USD Million)

% of Firm Assets

Total Firm Assets ($ USD

Millions)11/2007 - 12/2007+ 0.19 0.12 -0.96 1 9.7 0.06 17,066

2008 -39.1 -39.7 -36.3 1 5.8 0.07 7,747 2009 32.7 31.6 19.8 3 22.5 0.53 4,276 2010 22.6 21.6 16.2 27.7 23.5 2 16.2 0.33 4,925

Annualized Return** -0.2 -1.1 -4.1

*Internal dispersion is calculated using the asset-weighted standard deviation of all portfo lios that were included for the entire year. Internal dispersion is not presented for years when there were 5 portfo lios or less in the composite.


Dreman Value Equity CompositePerformance Disclosures

1. DVM is a division of Dreman Value Management, L.L.C. (“Dreman”), an independent investment management firm and registered advisor established on July 1, 1997. DVM manages a variety of assets, including equities and fixed income among others. For the period from 1991 through June 30, 1997, David Dreman was the Chief Investment Officer of Dreman’s predecessor firm and was responsible for executing all investment management decisions. Performance returns for periods prior to July 1, 1997 is from accounts maintained by DVM’s predecessor firm. Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. Effective June 30, 2009, the methodology used to determine total composite assets, number of portfolios and percent of firm assets has changed. The new method of calculation is based on end of period assets whereas the previous method used beginning of next period assets. This change has been made due to an upgrade in the program used to calculated composite performance. This change effects all time periods beginning July 1, 2009. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.

2. DVM’s Value Equity Composite began November 2007. This Composite includes all of the Firm’s accounts or portfolios that are managed by the Firm on a fully discretionary basis in an All Capitalization trading style (no account minimum), and without regard to tax sensitivity. Fully discretionary accounts include accounts that have investment restrictions, where the restriction accounts for less than 5% of the total portfolio value. Portfolios within the composite generally invest in securities with below market P/E ratios and market capitalizations greater than $1 billion.

3. The Dreman Value Equity composite benchmark is the Russell 3000® Value Index. The Russell 3000® Value Index measures the performance of those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values. The Firm maintains a complete list and description of all composites, which is available upon request.

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

5. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross-of-fees performance returns are presented before management and custodial fees but after all trading expenses. Returns are presented net of non-reclaimable withholding taxes. Net-of-fees performance returns are calculated by deducting the highest fee of 0.2188% from the quarterly gross composite return. The annual fee schedule is as follows: 0.75% on the first $20,000,000, 0.70% on the next $30,000,000 and 0.65% on assets greater than $50,000,000. Additional information regarding polices for calculating and reporting returns is available upon request. Please refer to the ADV Part II for all composite fee schedules. Actual investment advisory fees incurred by clients may vary.

6. DVM’s Value Equity Discretionary composite was incepted and created on November 30, 2007. Prior to July 1, 2010 the composite was known as the Dreman All Cap Value Composite. The firm maintains a complete list and description of all composites, which is available upon request.

7. Internal dispersion is calculated using the asset weighted standard deviation of annual gross returns of those portfolios that were included in the composite for the entire year. For those years when less than five portfolios were included in the composite for the full year, no dispersion measure is presented.

8. The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period.

Dreman Value Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared this report in compliance with the GIPS standards. Dreman Value Management has been independently verified for the periods July 1, 1997- June 30, 2010. Beginning July 1, 2005 Dreman has been verified by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dreman Value Equity composite has been examined for the periods November 3, 2007 – June 30, 2010. The verification and performance examination reports are available upon request.

The performance data quoted above represents past performance. Past performance is not indicative of future results, and periodically, current performance may be lower or higher than the performance data quoted. 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 individual account restrictions and limitations. To obtain the most recent month-end performance, please contact us at [email protected] or 1.800.952.6667.

This material has been prepared for investors and investment professionals, including broker-dealers and investment advisers.


International Value Composite Quarterly & Annualized Performance (%)


Source: CAPS 4.0. Performance is historical and does not guarantee future results. **Annualized Return performance includes returns from when the composite was created and incepted on October 31, 2008. +Partial year performance.

2Q10 3Q10 4Q10 1Q11 1 Year 2 Year Inception (10/31/2008)

Dreman International Value (Gross) -13.5 15.8 7.4 7.7 15.8 42.8 30.4Dreman International Value (Net) -13.7 15.5 7.2 7.5 14.9 41.6 29.3Russel Global® x-US Value -13.5 16.2 7.3 4.2 12.3 35.9 21.8


Period

Gross-of-Fees

Return (%)

Net-of-Fees

Return (%)

Russell Global® x-US Value

(%)

Composite 3-Yr St Dev

(%)

Benchmark 3-Yr St Dev

(%)

Number of

Portfolios


(%)

Total Composite


% of Firm Assets


Millions)10/2008 - 12/2008+ 4.6 4.5 -0.6 1 0.1 0.00 7,747

2009 54.2 53.0 41.1 1 0.2 0.00 4,276 2010 9.3 8.4 10.2 2 56.6 1.15 4,925

Annualized Return** 30.0 28.9 22.3



International Value CompositePerformance Disclosures

1. DVM is a division of Dreman Value Management, L.L.C. (“Dreman”), an independent investment management firm and registered advisor established on July 1, 1997. DVM manages a variety of assets, including equities and fixed income among others. For the period from 1991 through June 30, 1997, David Dreman was the Chief Investment Officer of Dreman’s predecessor firm and was responsible for executing all investment management decisions. Performance returns for periods prior to July 1, 1997 is from accounts maintained by DVM’s predecessor firm. Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.

2. The Dreman International Value composite began on October 31, 2008. This Composite includes all of the Firm’s accounts or portfolios that are managed by the Firm on a fully discretionary basis in an International value trading style (no account minimum), and without regard to tax sensitivity. Fully discretionary accounts include accounts that have investment restrictions, where the restriction accounts for less than 5% of the total portfolio value. Portfolios within this composite usually invest 80% or more of its assets in equity securities of issuers located outside of theUS, or which derive a significant portion of their business or profits from outside the US.

3. The International Value composite benchmark is the Russell Global® x-US Value Index. The Russell Global® x-US Value Index measures the performance of those Russell Global companies with lower price-to-book ratios and lower forecasted growth values. The Firm maintains a complete list and description of all composites, which is available upon request. Returns for the Russell Global® x-US Value Index are presented net of non-reclaimable withholding taxes. Taxes vary according to a company’s country of incorporation within the index. The tax rate applied is the rate applied to non-resident institutions that do not benefit from taxation treaties. Russell uses Exchange Data International (Global Tax) to determine country tax rates. The exchange rate source for the benchmark is Ex Shares.


5. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross-of-fees performance returns are presented before management and custodial fees but after all trading expenses. Returns are presented net of non-reclaimable withholding taxes. Net-of-fees performance returns are calculated by deducting the highest fee of 0.2125% from the quarterly gross composite return. The annual fee schedule is as follows: 0.85% on the first $20,000,000, 0.80% on the next $30,000,000 and 0.75% on assets greater than $50,000,000. Additional information regarding polices for calculating and reporting returns is available upon request. Please refer to the ADV Part II for all composite fee schedules. Actual investment advisory fees incurred by clients may vary.

6. DVM’s International Value Discretionary composite was incepted and created on October 31, 2008. The firm maintains a complete list and description of all composites, which is available upon request.



Dreman Value Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared this report in compliance with the GIPS standards. Dreman Value Management has been independently verified for the periods July 1, 1997- June 30, 2010. Beginning July 1, 2005 Dreman has been verified by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dreman International Value composite has been examined for the periods November 1, 2008 – June 30, 2010. The verification and performance examination reports are available upon request.




Large Cap Value CompositeHistorical Performance

2Q10 3Q10 4Q10 1Q11 1 Year 3 Year 5 Year 7 Year 10 Year Since Inception (1/1991)

Dreman Large Cap Value (Gross of Fees)

-15.0 13.2 13.1 5.8 15.1 -1.0 0.0 3.5 3.8 10.9

Dreman Large Cap Value (Net of Fees)

-15.2 12.9 12.9 5.5 14.0 -2.0 -1.0 2.5 2.8 9.9

Russell 1000® Value -11.2 10.1 10.5 6.5 15.2 0.6 1.4 4.6 4.5 10.3

S&P 500® -11.4 11.3 10.8 5.9 15.7 2.4 2.6 4.5 3.3 9.3


Source: CAPS 4.0. +Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. For more information, please refer to the full disclosure presentation, which can be found in the appendix. Please note that the Large Cap Value composite may purchase shares of the Russell 1000® Index and S&P 500® Index futures on a temporary basis in lieu of investing in equity securities. The Large Cap Value composite intends to remain substantially invested in equity securities. Past performance is not indicative of future results.

Period

Gross-of-Fees

Return (%)

Net-of-Fees

Return (%)

Russell 1000®

Value (%)

S&P 500®

(%)


(%)

Russell 1000®

Value 3-Yr St. Dev (%)

Number of

Portfolios


(%)

Total Composite


% of Firm Assets


Millions)2001 2.7 1.7 -5.6 -11.9 17.0 14.7 9 0.6 5,365 87.8 5,9782002 -17.2 -18.1 -15.5 -22.1 20.2 17.0 9 0.3 4,787 77.8 6,2462003 32.6 31.4 30.0 28.7 17.0 16.0 9 0.4 6,592 69.9 8,9282004 14.5 13.4 16.5 10.9 16.5 14.8 9 0.2 7,877 60.6 12,5192005 8.8 7.7 7.1 4.9 10.2 9.5 20 0.2 9,335 61.9 14,338

2006+ 18.6 17.5 22.3 15.8 6.7 6.7 23 0.3 11,560 59.4 19,1912007 -0.4 -1.4 -0.2 5.5 7.6 8.1 23 0.7 10,094 61.0 17,0662008 -44.3 -45.0 -36.9 -37.0 16.5 15.4 8 0.3 4,007 52.7 7,7472009 28.2 26.9 19.7 26.5 23.7 21.1 16 669 15.6 4,2762010 15.8 14.7 15.5 15.1 26.6 23.2 12 0.2 728 14.8 4,925

Annualized Return 3.2 2.2 3.3 1.4



Large Cap Value CompositePerformance Disclosures


2. DVM’s Large Capitalization Value Composite began in January of 1991. The composite shows the firm’s performance results from its commencement of operations on July 1, 1997 and is linked to the returns of its predecessor firm prior to July 1, 1997. David Dreman was the Chief Investment Officer for all predecessor firms from 1981 to June 30, 1997. This Composite includes all of the Firm’s accounts or portfolios that are in excess of $1,000,000 in market value, that are managed by the Firm on a fully discretionary basis in a large capitalization trading style without regard to any tax sensitivity. Prior to July 1, 2009 the composite had a minimum account size requirement of $5,000,000. Fully discretionary accounts include accounts that have investment restrictions, where the restriction accounts for less than 5% of the total portfolio value. Portfolios in the composite generally invest in securities with below market P/E ratios and market capitalizations greater than $8 billion.

3. The Large Cap Value composite benchmarks are the Russell 1000® Value Index and the S&P 500® Index. The Russell 1000® Value Index is a subset of the Russell 1000® Index and measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The S&P 500® Index includes 500 blue chip, large cap stocks, which together represent about 75% of the total U.S. equities market.


5. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross-of-fees performance returns are presented before management and custodial fees but after all trading expenses. Returns are presented net of non-reclaimable withholding taxes. Net-of-fees performance returns are calculated by deducting the highest fee of 0.25% from the quarterly gross composite return. The annual fee schedule is as follows: 1.00% on the first $3,000,000, 0.65% on the next $17,000,000, 0.60% on the next $30,000,000 and 0.55% on assets greater than $50,000,000. Please refer to the ADV Part II, for all composite fee schedules. Actual investment advisory fees incurred by clients may vary.

6. DVM’s Large Cap Value composite was incepted on January 1, 1991 and the composite was created on July 1, 1997. The firm maintains a complete list and description of all composites, which is available upon request. DVM’s Large Cap Value composite performance results are linked to the performance track record of the Large Cap Value portfolios of DVM’s predecessor firms.



Dreman Value Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared this report in compliance with the GIPS standards. Dreman Value Management has been independently verified for the periods July 1, 1997- June 30, 2010. Beginning July 1, 2005 Dreman has been verified by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dreman Large Cap Value composite has been examined for the periods July 1, 1997 – June 30, 2010. The verification and performance examination reports are available upon request.

The performance data quoted above represents past performance. Past performance is not indicative of future results, and periodically, current performance may be lower or higher than the performance data quoted. 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 individual account restrictions and limitations. To obtain the most recent month-end performance, please contact us at [email protected] or 1.800.952.6667. This material has been prepared for investors and investment professionals, including broker-dealers and investment advisers.


Mid Cap Value CompositeHistorical Performance

2Q10 3Q10 4Q10 1Q11 1 Year 3 Year 5 Year 7 YearSince

Inception (1/2004)

Dreman Mid Cap Value (Gross of Fees)

-10.3 12.8 11.5 7.5 21.3 6.2 5.7 9.3 9.8

Dreman Mid Cap Value (Net of Fees)

-10.5 12.6 11.3 7.2 20.2 5.2 4.7 8.2 8.7

Russell Midcap® Value -9.6 12.1 12.2 7.4 22.3 6.6 4.0 8.2 8.7

Source: CAPS 4.0. +Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. For more information, please refer to the full disclosure presentation, which can be found in the appendix. Past performance is not indicative of future results.


Period

Gross-of-Fees

Return (%)

Net-of-Fees

Return (%)

Russell Midcap®

Value %


(%)


(%)

Number of

Portfolios


(%)

Total Composite


% of Firm Assets

Total Firm Assets ($ USD Million)

2004 22.2 21.0 23.7 1 0.9 0.0 12,5192005 13.8 12.7 12.7 2 12.6 0.1 14,3382006+ 18.8 17.7 20.2 4 65.5 0.3 19,1912007 6.7 5.7 -1.4 8.2 9.1 3 101.8 0.6 17,0662008 -38.7 -39.4 -38.4 18.0 18.7 2 144.6 1.8 7,7472009 40.4 39.0 34.2 23.1 25.0 2 181.9 4.3 4,2762010 20.4 19.3 24.8 25.3 27.1 2 207.6 4.2 4,925

Annualized Return 9.0 7.9 7.9

*Internal dispersion is calculated using the asset-w eighted standard deviation of all portfolios that w ere included for the entire year. Internal dispersion is not presented for years w hen there w ere 5 portfolios or less in the composite.


Mid Cap Value CompositePerformance Disclosures

1. DVM is a division of Dreman Value Management, L.L.C. (“Dreman”), an independent investment management firm and registered advisor established on July 1, 1997. DVM manages a variety of assets, including equities and fixed income among others. For the period from 1991 through June 30, 1997, David Dreman was the Chief Investment Officer of Dreman’s predecessor firm and was responsible for executing all investment management decisions. Performance returns for periods prior to July 1, 1997 is from accounts maintained by DVM’s predecessor firm. Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. Effective June 30, 2009, the methodology used to determine total composite assets, number of portfolios and percent of firm assets has changed. The new method of calculation is based on end of period assets whereas the previous method used beginning of next period assets. This change has been made due to an upgrade in the program used to calculated composite performance. This change effects all time periods beginning July 1, 2009. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request. .

2. DVM’s Mid Capitalization Value Composite began in December of 2004. This Composite includes all of the Firm’s accounts or portfolios that are in excess of $800,000 in market value, that are managed by the Firm on a fully discretionary basis in a mid-capitalization trading style without regard to tax sensitivity. Fully discretionary accounts include accounts that have investment restrictions, where the restriction accounts for less than 5% of the total portfolio value. Portfolios in the composite generally invest in securities with below market P/E ratios and market capitalizations between $2 and $15 billion.

3. The Mid Cap Value composite’s primary benchmark is the Russell Midcap® Value Index. The primary benchmark, the Russell Midcap® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks in this index are also members of the Russell 1000® Value Index.


5. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross-of-fees performance returns are presented before management and custodial fees but after all trading expenses. Returns are presented net of non-reclaimable withholding taxes. Net-of-fees performance returns are calculated by deducting the highest fee of 0.25% from the quarterly gross composite return. The annual fee schedule is as follows: 0.90% on the first $20,000,000, 0.70% on the next $30,000,000 and 0.65% on assets greater than $50,000,000. Please refer to the ADV Part II for all composite fee schedules. Actual investment advisory fees incurred by clients may vary.

6. DVM’s Mid Cap Value composite was incepted and created in January, 2004. The firm maintains a complete list and description of all composites, which is available upon request.



Dreman Value Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared this report in compliance with the GIPS standards. Dreman Value Management has been independently verified for the periods July 1, 1997- June 30, 2010. Beginning July 1, 2005 Dreman has been verified by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dreman Mid Cap Value composite has been examined for the periods January 1, 2004 – June 30, 2010. The verification and performance examination reports are available upon request.




Small-Mid Cap Value CompositeHistorical Performance

2Q10 3Q10 4Q10 1Q11 1 Year 3 YearSince

Inception (11/2006)

Dreman Small-Mid Cap Value (Gross of Fees)

-10.2 13.5 13.2 8.8 25.5 9.7 6.2

Dreman Small-Mid Cap Value (Net of Fees)

-10.5 13.2 13.0 8.6 24.2 8.6 5.1

Russell 2500® Value -10.2 11.4 13.8 7.7 22.7 8.0 2.8


Source: CAPS 4.0. +Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. + + Annualized Return performance includes returns from when the composite was created and incepted on November 1, 2006. For more information, please refer to the full disclosure presentation, which can be found in the appendix. Past performance is not indicative of future results.

Period

Gross-of-Fees Return

(%)

Net-of-Fees

Return (%)

Russell 2500®

Value (%)


(%)


(%)

Number of

Portfolios


(%)

Total Composite


% of Firm Assets


Millions)11/2006-12/2006+ 5.5 5.2 4.3 1 652 3.4 19,191

2007 3.8 2.8 -7.3 2 522 3.2 17,066

2008 -32.4 -33.1 -32.0 2 261 3.3 7,747

2009 30.6 29.3 27.7 22.9 24.6 2 273 6.4 4,276

2010 24.1 22.9 24.8 25.4 27.0 1 274 5.6 4,925

Annualized Return++ 4.5 3.4 1.1

*Internal dispersion is calculated using the asset-weighted standard deviation o f all portfo lios that were included for the entire year. Internal dispersion is not presented for years when there were 5 portfo lios or less in the composite.


Small-Mid Cap Value CompositePerformance Disclosures


2. The Small-Mid Capitalization Value Composite began November 2006. This Composite includes all of the Firm’s institutional portfolios that are in excess of $800,000 in market value, that are managed by the Firm on a fully discretionary basis in a small-mid capitalization trading style and without regard to tax sensitivity. Fully discretionary accounts include accounts that have investment restrictions, where the restriction accounts for less than 5% of the total portfolio value. Portfolios in the composite generally invest in securities with below market P/E ratios and market capitalizations between $700 million and $7 billion.

3. The Small-Mid Cap Value composite benchmark is the Russell 2500® Value Index. The Russell 2500® Value Index Measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.



6. DVM’s Small-Mid Cap Value composite was incepted and created in November, 2006. The firm maintains a complete list and description of all composites, which is available upon request.



Dreman Value Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared this report in compliance with the GIPS standards. Dreman Value Management has been independently verified for the periods July 1, 1997- June 30, 2010. Beginning July 1, 2005 Dreman has been verified by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dreman Small-Mid Cap Value composite has been examined for the periods December 1, 2006 – June 30, 2010. The verification and performance examination reports are available upon request.




Institutional Small Cap Value CompositeHistorical Performance

2Q10 3Q10 4Q10 1Q11 1 Year 3 Year 5 Year 7 Year 10 Year Inception (6/1991)

-9.7 10.1 13.6 5.7 19.4 9.6 6.9 12.1 12.9 15.5

-9.9 9.9 13.3 5.5 18.3 8.5 5.8 11.0 11.7 14.4

-10.6 9.7 15.4 6.6 20.6 6.8 2.2 6.1 9.0 11.7

Dreman Institutional Small Cap Value (Gross of Fees)

Dreman Institutional Small Cap Value (Net of Fees)



Source: CAPS 4.0. +Effective January 1, 2006, Dreman’s wrap-fee SMA/UMA assets were re-defined as a separate division under the name Dreman Asset Management (“DAM”). Prior to January 1, 2006, total firm assets included assets managed by Dreman. Effective January 1, 2006, total firm assets include only the assets of DVM. For more information, please refer to the full disclosure presentation, which can be found in the appendix. Past performance is not indicative of future results.

Period

Gross-of-Fees

Return (%)

Net-of-Fees

Return (%)


(%)

Composite 3-Yr St Dev

(%)

Benchmark 3-Yr St Dev

(%)

Number of

Portfolios


(%)

Total Composite


% of Firm Assets


millions)2001 8.6 7.5 14.0 19.1 14.7 1 21 0.3 5,9782002 -11.6 -12.5 -11.4 20.4 17.4 4 20 0.3 6,2462003 48.6 47.3 46.0 19.4 18.4 5 0.3 38 0.4 8,9282004 32.2 31.0 22.3 17.1 17.5 5 0.7 46 0.4 12,5192005 10.4 9.3 4.7 13.9 14.1 9 0.3 65 0.5 14,3382006+ 32.2 31.0 23.5 13.8 12.3 15 0.3 433 2.1 19,1912007 0.3 -0.7 -9.8 13.3 12.6 14 0.7 508 3.0 17,0662008 -25.1 -25.9 -28.9 18.1 19.1 13 0.5 440 5.2 7,7472009 30.8 29.5 20.6 22.6 25.6 19 1.0 2660 62.2 4,2762010 20.5 19.3 24.5 24.9 28.4 20 0.3 3511 71.3 4,925

Annualized Return 12.5 11.4 8.4



Institutional Small Cap Value CompositePerformance Disclosures


2. DVM’s Small Capitalization Value Institutional Composite began June 1991. The composite shows the firm’s performance results from its commencement of operations on July 1, 1997 and is linked to the returns of its predecessor firm prior to July 1, 1997. David Dreman was the Chief Investment Officer for all predecessor firms from 1981 to June 30, 1997. This Composite includes all of the Firm’s accounts or portfolios that are in excess of $1,000,000 in market value, that are managed by the Firm on a fully discretionary basis in a small capitalization trading style without regard to tax sensitivity. Prior to July 1, 2009 the composite had a minimum account size requirement of $3,000,000. Portfolios within the Small Cap Value Institutional Compositecontain less than 200 securities each. Fully discretionary accounts include accounts that have investment restrictions, where the restriction accounts for less than 5% of the total portfolio value. Portfolios in the composite generally invest in securities with below market P/E ratios and market capitalizations between $300 million and $2.5 billion.

3. The Institutional Small Cap Value composite benchmarks are the Russell 2000® Value Index. The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.



6. DVM’s Institutional Small Cap Value composite was incepted on June 1, 1991 and the composite was created on July 1, 1997. The firm maintains a complete list and description of all composites, which is available upon request. DVM’s Institutional Small Cap Value composite performance results are linked to the performance track record of the Institutional Small Cap Value portfolios of DVM’s predecessor firms.



Dreman Value Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared this report in compliance with the GIPS standards. Dreman Value Management has been independently verified for the periods July 1, 1997- June 30, 2010. Beginning July 1, 2005 Dreman has been verified by Ashland Partners & Company LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Dreman Institutional Small Cap Value composite has been examined for the periods July 1, 1997 – June 30, 2010. The verification and performance examination reports are available upon request.

The performance data quoted above represents past performance. Past performance is not indicative of future results, and periodically, current performance may be lower or higher than the performance data quoted. 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 individual account restrictions and limitations. To obtain the most recent month-end performance, please contact us at [email protected] or 1.800.952.6667.This material has been prepared for investors and investment professionals, including broker-dealers and investment advisers.


The preceding materials have been prepared by Dreman Value Management (“DVM”), to provide clients and prospective clients with information concerning the investment results achieved by DVM and David Dreman, the Chief Investment Officer of the firm.

We believe that it is important for you to understand what performance information means, and the limitations on the use of such information. As you know, past performance is not a indicative of future results. The enclosed information includes data prepared in conformity with certain industry standards referred to below. It also includes supplemental data prepared using the same criteria that extends the periods presented for your consideration to reflect the results of all accounts currently managed by Mr. Dreman, Mr. Hoover and Mr. Roach as well as accounts managed by Mr. Dreman as Chief Investment Officer of predecessor firms during earlier periods. In order to understand the information presented, it is important that you read and evaluate the information contained in the notes presented below. They supply important information and will help you to understand the tables.

The information provided includes the performance results of discretionary accounts managed during the covered periods, and excludes accounts that were not managed continuously during the period, or which are managed according to different criteria set by a client, and not under the general discretion of DVM.

IMPORTANT DISCLOSURES

The information presented in this presentation has been developed internally and/or obtained from sources which DVM believes to be reliable; however, DVM does not guarantee the accuracy, adequacy or completeness of such information nor do we guarantee the appropriateness of any strategy referred to for any particular investor. There is no guarantee that any opinion, forecast, estimate, or objective will be achieved. Forecasts and estimates have certain inherent limitations, and unlike actual data, do not reflect actual market conditions.

This presentation is provided for informational purposes only an should not be construed as a recommendation or offer of any particular security, strategy or investment product. This presentation reflects the opinion of the commentator(s) on the date made and is subject to change at any time without notice and does not constitute tax, legal, or investment advice to, or particular recommendation for, any investor.

Dreman city wire presentation 2011

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