Opinions expressed are those of Smead Capital Management, are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

© 2020 Smead Capital Management, All Rights Reserved.www.smeadcap.comFOR INSTITUTIONAL INVESTOR USE ONLY

U.S. Large Cap EquityAs of June 30, 2020

Smead Capital Appreciation Strategy

Past performance is no guarantee of future results.2

Smead Capital Management Overview

> A contrarian approach– Founded in 2007

– Headquartered in Phoenix, AZ

– Assets under management as of June 30, 2020: $1.6 billion

Smead Capital Management is a Phoenix-based investment firm that manages a high quality, U.S. large-cap value portfolio with boringly dry turnover. The company was formed to allow investors to benefit from long-term ownership of common stocks meeting the firm’s eight proprietary investment criteria.

The strategy seeks long-term capital appreciation through concentrated positions and therefore will maintain approximately 25-30 companies in its portfolio. The strategy is managed by Lead Portfolio Manager Bill Smead and Co-Portfolio Managers Cole Smead, CFA and Tony Scherrer, CFA.

“Investing is the only sphere of life where victory, security and success is always to the minority and never to the majority.”

-John Maynard Keynes

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Investment Team Bios

William Smead – Chief Investment OfficerWhitman College, B.A. EconomicsWilliam is the founder of Smead Capital Management, where he oversees the firm. As Chief Investment Officer he is responsible for all investment and portfolio decisions and reviewing the implementation of those decisions. Prior to starting Smead Capital Management he was Portfolio Manager of the Smead Investment Group of Wachovia Securities. He has over 38 years of experience in the investment industry.

Cole Smead, CFA – President & Portfolio ManagerWhitman College, B.A. Economics/HistoryCole is a member of the investment committee that oversees the management of the firm’s separate accounts and mutual funds. He has been with the firm since its founding in 2007. Prior to joining Smead Capital Management in 2007, Cole was a Financial Advisor with Wachovia Securities in Scottsdale, AZ.

Tony Scherrer, CFA – Director of Research & Portfolio ManagerSeattle Pacific University, B.A. FinanceTony brings more than 24 years of professional investment experience in the financial services industry. Tony administrates the investment process from the investment committee’s idea creation to the forensic note taking for strategy research. Prior to joining Smead Capital Management in 2008, Tony was a Vice President and Senior Portfolio Manager at U.S. Trust and Harris Private Bank. He has been involved with this strategy since joining the firm in 2008.

CFA® is a registered trademark owned by the CFA Institute.

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Investment Philosophy and Portfolio Traits

Our Investment Philosophy

1. Valuation matters dearly to investment success

2. We are business owners on behalf of our clients and shareholders

3. We seek out high-quality businesses to focus our research

Portfolio Traits

> Generally U.S. domiciled

> Typically 25-30 securities

> Typically 40-50% of portfolio in top ten holdings

> Portfolio weightings driven by:

– Our Eight Investment Criteria

– Stock performance

> Low turnover (~15-25%)

> Time frame:

– Buy criteria assumes a 3- to 5-year holding period

– Desired holding periods are 5+ years

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Eight Investment Criteria

Our portfolio managers evaluate and purchase stocks based on the following Eight Investment Criteria:

> Required over entire holding period

1. Meets an economic need

2. Strong competitive advantage (wide moats or barriers to entry)

3. Long history of profitability and strong operating metrics

4. Generates high levels of free cash flow

5. Available at a low price in relation to intrinsic value

> Favored, but not required

6. Management’s history of shareholder friendliness

7. Strong balance sheet

8. Strong insider ownership (preferably with recent purchases)

Every company we own must satisfy the required criteria. For companies that do not also meet the favored criteria, we believe these short-term conditions will be ultimately corrected or overwhelmed by the required criteria.

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Sell Discipline

Risk Management

> Successful investments likely to be trimmed if weighting becomes outsized (in the 8-10% range)

Change in Thesis

> Company fundamentals violate our Eight Investment Criteria

> Maniacal pricing

Downside Protection

> When a security falls 15-20% from our purchase price or relative to a peer group, the portfolio managers execute a formal, intensified review

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Portfolio Holdings

Past performance is no guarantee of future results. The securities identified above are the holdings of a representative account for the strategy and do not represent all of the securities purchased or recommended for our clients and it should not be assumed that investing in these securities was or will be profitable.

As of June 30, 2020Ticker Weighting % S&P GICS Sector

NVR Inc NVR 6.53 Consumer DiscretionaryAmgen Inc AMGN 6.47 Health CareTarget Corp TGT 6.47 Consumer DiscretionaryAmerican Express Co AXP 5.57 FinancialsLennar Corp LEN 5.54 Consumer DiscretionaryDiscovery Inc Class A DISCA 5.52 Communication ServiceseBay Inc EBAY 5.11 Consumer DiscretionaryThe Home Depot Inc HD 4.37 Consumer DiscretionaryJPMorgan Chase & Co JPM 4.23 FinancialsBank of America Corp BAC 3.90 FinancialsMerck & Co Inc MRK 3.82 Health CareChevron Corp CVX 3.59 EnergyComcast Corp Class A CMCSA 3.26 Communication ServicesQualcomm Inc QCOM 3.25 Information TechnologyThe Walt Disney Co DIS 2.86 Communication ServicesWells Fargo & Co WFC 2.84 FinancialsD.R. Horton Inc DHI 2.81 Consumer DiscretionaryBerkshire Hathaway Inc Class B BRK.B 2.70 FinancialsPfizer Inc PFE 2.66 Health CareSimon Property Group Inc SPG 2.58 Real EstateAccenture PLC Class A ACN 2.33 Information TechnologyMacerich Co MAC 2.24 Real EstateCredit Acceptance Corp CACC 2.02 FinancialsBooking Holdings Inc BKNG 1.48 Consumer DiscretionaryAmerco Inc UHAL 0.98 IndustrialsCarter's Inc CRI 0.94 Consumer DiscretionaryUlta Beauty Inc ULTA 0.90 Consumer DiscretionaryStarbucks Corp SBUX 0.68 Consumer DiscretionaryPayPal Holdings Inc PYPL 0.64 Information TechnologyCash 3.72

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Sector Weighting and Asset AllocationAs of June 30, 2020

Past performance is no guarantee of future results. Source: Smead Capital Management. A representative portfolio from the Capital Appreciation Composite was used to generate information for the sector weightings and asset allocation. The above information is for illustrative purposes only and should not be construed as investment advice. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Smead Capital Management. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in Smead Capital Management's presentation thereof.

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Smead Capital Appreciation Russell 1000 Value TR Index S&P 500 TR Index

Asset Allocation

Stock 96.3% Cash 3.7%

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Trailing Returns (%)As of June 30, 2020

Past performance is no guarantee of future results. Source: Smead Capital Management. Capital Appreciation Composite Gross & Net of Fees performance numbers for all time periods are preliminary. The Capital Appreciation Composite includes all fully discretionary accounts invested in equities of U.S. companies and American Depository Receipts (ADRs) whose objective is long-term capital appreciation with a relatively concentrated portfolio which may typically own 25 to 30 different securities. The top 10 holdings may constitute greater than 50% of portfolio assets. These accounts are primarily concerned with appreciation, not high dividend yield. This composite was created in March 2008. A complete list of composite descriptions is available upon request. Valuations are computed and performance is reported in U.S. dollars. Past performance is not indicative of future results. As with any investment vehicle there is always the potential for gains as well as the possibility of losses. On December 31, 2008, 48% of the composite is composed of non-fee paying portfolios. As a result of the verification, certain previously reported composite information has been changed to reflect changes in composite membership. Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Composite and benchmark returns are presented net of non-reclaimable withholding taxes and reflect the reinvestment of dividends and other earnings. Net-of-fees returns are calculated by deducting the actual management fees paid each quarter. The standard advisory fee is 0.85% on the market value. Fees may be negotiated in lieu of the standard fee schedule. Please see important disclosures at the back of this presentation.

22.19

-16.81

-8.63

5.23 6.04

14.06

9.46

21.91

-17.20

-9.48

4.24 5.12

13.18

8.66

14.29

-16.26

-8.84

1.824.64

10.41

6.20

20.54

-3.08

7.5110.73 10.73

13.99

9.40

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

Q2 2020 YTD 1 Year 3 Year 5 Year 10 Year Since Inception(3/1/2008)

Smead Capital Appreciation - Gross of Fees Capital Appreciation Composite - Net of Fees Russell 1000 Value TR Index S&P 500 TR Index

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Attribution Analysis

Past performance is no guarantee of future results. The quarter end holdings of the Capital Appreciation Strategy’s representative account were provided to Morningstar to generate the selection effects. The securities identified above do not represent all of the securities purchased or recommended for our clients and it should not be assumed that investing in these securities was or will be profitable. This information is for illustrative purposes only and should not be construed as investment advice.

Selection Effects (Recent Quarter) – 4/1/2020 to 6/30/2020

Attribution vs. Russell 1000 Value (3 Year)

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Past performance is no guarantee of future results. The returns listed above are annualized and gross of fees. The quarter end holdings of the Capital Appreciation Strategy’s representative account were provided to Morningstar to generate the information listed above. This information is for illustrative purposes only and should not be construed as investment advice. Residual is the Reported Total - Attribution Total. Please see important disclosures at the back of this presentation.

Attribution Analysis – 7/1/2017 to 6/30/2020

Portfolio Weights

Benchmark Weights

Portfolio Rescaled

Weights

Benchmark Rescaled

WeightsPortfolio

ReturnBenchmark

ReturnPortfolio

ContributionBenchmark

ContributionAllocation

EffectSelection

EffectActive

ReturnCommunication Services 13.08 6.65 13.08 6.64 0.34 5.80 0.29 0.36 0.40 -0.65 -0.25Consumer Discretionary 26.46 5.48 26.46 5.47 17.49 -0.59 5.07 -0.06 -0.35 5.23 4.89Consumer Staples 5.20 8.22 5.20 8.23 -10.81 3.57 -0.69 0.32 -0.17 -0.82 -0.99Energy 1.46 9.46 1.46 9.48 -56.53 -12.42 -2.07 -1.03 0.45 -0.78 -0.33Financials 27.98 24.06 27.98 24.09 0.92 -2.25 0.69 -0.48 -0.05 1.07 1.03Health Care 15.20 14.37 15.20 14.36 8.36 8.58 1.40 1.28 -0.03 0.01 -0.02Industrials 0.70 8.55 0.70 8.56 -13.27 -2.24 -0.14 -0.28 0.33 -0.18 0.15Information Technology 6.14 8.12 6.14 8.13 31.01 15.18 1.93 1.26 -0.20 0.94 0.74Materials 0.00 3.70 0.00 3.70 2.24 0.00 0.04 -0.01 0.00 -0.01Real Estate 0.80 4.96 0.80 4.97 -73.30 -0.84 -0.93 -0.05 0.05 -0.71 -0.66Utilities 0.00 6.35 0.00 6.36 6.21 0.00 0.39 -0.31 0.00 -0.31Cash 2.97 0.00 2.97 0.00 1.82 0.06 0.00 -0.01 0.00 -0.01Attribution Total 100.00 99.92 100.00 100.00 5.67 1.75 5.67 1.75 0.11 4.11 4.22Excluded 0.00 0.06Total 100.00 100.00 5.67 1.75Reported Total 1.82Residual(Reported - Attribution Total) 0.07

Attribution vs. Russell 1000 Value (5 Year)

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Past performance is no guarantee of future results. The returns listed above are annualized and gross of fees. The quarter end holdings of the Capital Appreciation Strategy’s representative account were provided to Morningstar to generate the information listed above. This information is for illustrative purposes only and should not be construed as investment advice. Residual is the Reported Total - Attribution Total. Please see important disclosures at the back of this presentation.

Attribution Analysis – 7/1/2015 to 6/30/2020

Portfolio Weights

Benchmark Weights

Portfolio Rescaled

Weights

Benchmark Rescaled

WeightsPortfolio

ReturnBenchmark

ReturnPortfolio

ContributionBenchmark

ContributionAllocation

EffectSelection

EffectActive

ReturnCommunication Services 14.09 5.62 14.10 5.61 -1.61 5.67 -0.12 0.32 0.32 -1.51 -1.20Consumer Discretionary 25.46 5.04 25.43 4.99 14.14 0.97 4.10 0.03 -0.72 4.25 3.52Consumer Staples 4.31 8.05 4.32 8.07 -9.95 5.33 -0.59 0.47 -0.06 -0.84 -0.90Energy 0.89 10.81 0.89 10.83 -56.53 -8.09 -1.41 -0.79 0.89 -0.54 0.35Financials 28.27 24.44 28.28 24.43 4.85 2.77 1.74 0.83 0.12 0.76 0.89Health Care 16.24 13.33 16.25 13.35 4.90 7.77 0.97 1.23 -0.06 -0.59 -0.66Industrials 0.75 9.23 0.75 9.25 2.04 4.72 0.02 0.45 -0.09 -0.05 -0.14Information Technology 6.48 8.85 6.49 8.85 25.18 15.18 1.71 1.44 -0.22 0.70 0.48Materials 0.00 3.32 0.00 3.33 7.30 0.00 0.19 -0.09 0.00 -0.09Real Estate 0.49 4.88 0.49 4.90 -73.30 2.04 -0.63 0.09 0.09 -0.50 -0.41Utilities 0.00 6.38 0.00 6.40 9.05 0.00 0.61 -0.36 0.00 -0.36Cash 3.01 0.00 3.01 0.00 1.30 0.05 0.00 -0.10 0.00 -0.10Attribution Total 100.00 99.96 100.00 100.00 5.69 4.55 5.69 4.55 -0.28 1.67 1.39Excluded 0.00 0.04Total 100.00 100.00 5.69 4.55Reported Total 4.63Residual(Reported - Attribution Total) 0.08

Attribution vs. S&P 500 (3 Year)

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Past performance is no guarantee of future results. The returns listed above are annualized and gross of fees. The quarter end holdings of the Capital Appreciation Strategy’s representative account were provided to Morningstar to generate the information listed above. This information is for illustrative purposes only and should not be construed as investment advice. Residual is the Reported Total - Attribution Total. Please see important disclosures at the back of this presentation.

Attribution Analysis – 7/1/2017 to 6/30/2020

Portfolio Weights

Benchmark Weights

Portfolio Rescaled

Weights

Benchmark Rescaled

WeightsPortfolio

ReturnBenchmark

ReturnPortfolio

ContributionBenchmark

ContributionAllocation

EffectSelection

EffectActive

ReturnCommunication Services 13.08 10.06 13.08 10.17 0.34 10.48 0.29 1.19 0.02 -1.24 -1.21Consumer Discretionary 26.46 9.85 26.46 9.94 17.49 16.65 5.07 1.77 1.35 0.26 1.60Consumer Staples 5.20 7.36 5.20 7.44 -10.81 4.99 -0.69 0.43 0.38 -1.05 -0.67Energy 1.46 5.18 1.46 5.23 -56.53 -12.41 -2.07 -0.64 0.02 -0.88 -0.86Financials 27.98 13.45 27.98 13.57 0.92 0.10 0.69 0.06 -1.66 0.45 -1.20Health Care 15.20 14.40 15.20 14.50 8.36 10.22 1.40 1.66 -0.10 -0.23 -0.33Industrials 0.70 9.49 0.70 9.58 -13.27 1.84 -0.14 0.19 0.91 -0.24 0.67Information Technology 6.14 20.90 6.14 21.09 31.01 28.94 1.93 6.23 -3.04 0.08 -2.96Materials 0.00 2.36 0.00 2.36 5.03 0.00 0.15 0.15 0.00 0.15Real Estate 0.80 2.90 0.80 2.93 -73.30 6.08 -0.93 0.20 0.00 -0.94 -0.94Utilities 0.00 3.17 0.00 3.20 6.61 0.00 0.23 0.15 0.00 0.15Cash 2.97 0.00 2.97 0.00 1.82 0.06 0.00 -0.36 0.00 -0.36Attribution Total 100.00 99.11 100.00 100.00 5.67 10.77 5.67 10.77 -2.18 -3.79 -5.97Excluded 0.00 0.88Total 100.00 100.00 5.67 10.77Reported Total 10.73Residual(Reported - Attribution Total) -0.04

Attribution vs. S&P 500 (5 Year)

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Past performance is no guarantee of future results. The returns listed above are annualized and gross of fees. The quarter end holdings of the Capital Appreciation Strategy’s representative account were provided to Morningstar to generate the information listed above. This information is for illustrative purposes only and should not be construed as investment advice. Residual is the Reported Total - Attribution Total. Please see important disclosures at the back of this presentation.

Attribution Analysis – 7/1/2015 to 6/30/2020

Portfolio Weights

Benchmark Weights

Portfolio Rescaled

Weights

Benchmark Rescaled

WeightsPortfolio

ReturnBenchmark

ReturnPortfolio

ContributionBenchmark

ContributionAllocation

EffectSelection

EffectActive

ReturnCommunication Services 14.07 9.80 14.08 9.88 -2.31 12.63 -0.22 1.43 0.26 -2.93 -2.67Consumer Discretionary 25.53 9.92 25.49 9.94 15.02 14.82 4.41 1.76 1.16 0.03 1.20Consumer Staples 4.29 8.13 4.29 8.18 -7.19 7.70 -0.52 0.74 0.22 -1.00 -0.78Energy 0.88 5.91 0.88 5.94 -56.53 -9.18 -1.44 -0.60 0.61 -0.63 -0.02Financials 28.31 13.53 28.32 13.59 5.34 4.73 1.93 0.76 -0.94 0.36 -0.58Health Care 16.27 14.73 16.28 14.81 6.21 7.94 1.23 1.51 -0.14 -0.31 -0.45Industrials 0.74 9.73 0.74 9.79 2.04 6.65 0.02 0.72 0.48 -0.10 0.39Information Technology 6.43 19.09 6.44 19.22 26.24 23.44 1.79 5.34 -2.42 0.14 -2.28Materials 0.00 2.54 0.00 2.55 6.06 0.00 0.21 0.16 0.00 0.16Real Estate 0.48 2.88 0.48 2.91 -73.30 7.84 -0.65 0.27 0.01 -0.67 -0.66Utilities 0.00 3.18 0.00 3.20 10.33 0.00 0.36 0.02 0.00 0.02Cash 3.00 0.00 3.01 0.00 1.28 0.05 0.00 -0.40 0.00 -0.40Attribution Total 100.00 99.44 100.00 100.00 6.37 10.74 6.37 10.74 -0.97 -5.11 -6.08Excluded 0.00 0.54Total 100.00 100.00 6.37 10.74Reported Total 10.72Residual(Reported - Attribution Total) -0.02

Capital Appreciation Composite Presentation

*For the period March 1, 2008 (inception) to December 31, 2008.Firm: Smead Capital Management (“SCM”) is an independently owned investment advisor that is not affiliated with any parent organization. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.Basis of Presentation: SCM claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. SCM has been independently verified for the periods July 1, 2007 to December 31, 2019. 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 Capital Appreciation Composite has been examined for the periods March 1, 2008 to December 31, 2019. The verification and examination reports are available upon request.Composite Criteria: The Capital Appreciation Composite includes all fully discretionary accounts invested in equities of U.S. companies and American Depository Receipts (ADRs) whose objective is long-term capital appreciation with a relatively concentrated portfolio, which may typically own 25 to 30 different securities. The top 10 holdings may constitute greater than 50% of portfolio assets. These accounts are primarily concerned with appreciation, not high dividend yield. Accounts managed to the strategy will invest in companies with market capitalization within the range of the Russell 1000® Value Index.Composite Creation: This composite was created in March 2008. A complete list of composite descriptions is available upon request. Valuations are computed and performance is reported in U.S. dollars. Past performance is not indicative of future results. As with any investment vehicle there is always the potential for gains as well as the possibility of losses. On December 31, 2008, 48% of the composite is composed of non-fee paying portfolios. Comparison with Market Index: The benchmark is the Russell 1000 Value Index. The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The returns for the index do not include any transaction costs, management fees or other costs. Benchmark returns are not covered by the report of independent verifiers.Fees Calculation: Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Composite and benchmark returns are presented net of non-reclaimable withholding taxes and reflect the reinvestment of dividends and other earnings. Net-of-fees returns are calculated by deducting the actual management fees paid each quarter. The standard advisory fee is 0.85% on the market value. Fees may be negotiated in lieu of the standard fee schedule.Internal Dispersion: Internal dispersion is calculated using the asset-weighted standard deviation of annual gross returns of those portfolios that wereincluded in the composite for the entire year. For years where less than six portfolios were included in the composite for the full year, the measure is not statistically representative and is not presented.”Standard Deviation: The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. It is not required to be presented for annual periods prior to 2011 or when a full three years of performance is not yet available.

YearTotal Return

Gross of FeesTotal ReturnNet of Fees

Russell 1000Value Index

InternalDispersion

3 YearStandard Deviation

Composite

3 YearStandard Deviation

Benchmark# of PortfoliosEnd of Period

TotalComposite

AssetsEnd of Period

(Millions)

Total Firm Assets

End of Period(Millions)

2008* -32.17% -32.36% -31.34% n/a n/a n/a 32 11 1482009 30.30% 29.54% 19.70% 1.00% n/a n/a 23 37 1672010 13.00% 12.37% 15.51% 0.42% n/a n/a 39 87 1712011 5.74% 5.16% 0.39% 0.32% 18.64% 20.69% 91 119 1702012 29.16% 28.20% 17.51% 0.62% 15.24% 15.51% 107 221 2722013 39.18% 38.10% 32.53% 0.56% 12.96% 12.70% 95 700 7622014 15.72% 14.93% 13.45% 0.20% 10.23% 9.20% 35 1,045 1,1502015 2.58% 1.85% -3.83% 0.16% 11.80% 10.68% 26 1,658 2,2572016 4.52% 3.70% 17.34% 0.20% 11.63% 10.77% 25 1,467 2,0142017 26.36% 25.10% 13.66% 0.17% 11.63% 10.20% 29 1,669 2,2652018 -3.62% -4.53% -8.27% 0.18% 11.71% 10.83% 33 1,512 1,9642019 27.60% 26.43% 26.54% 0.30% 11.77% 11.85% 31 1,873 2,302