Why Active U.S. Dividend All Cap Value?

R. Andrew Beck

President & CEO

Senior Portfolio Manager

November 2017

Why Active U.S. Dividend All Cap Value?

R. Andrew Beck

President & CEO

Senior Portfolio Manager

November 2017

Why U.S. EquityA

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ION

Market is large, diverse, liquid, stable, and well-regulated.

Many non-U.S. investors remain under-allocated to U.S. equity due to home country bias.

Allocations are commonly exclusive to large cap, resulting in lower return potential.

Economic growth in the U.S. is accelerating.

Unemployment and inflation remain very low.

Housing is robust.

U.S. equity represents more than 50% of the MSCI All-Country World Index.

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ON

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Y

Why U.S. Equity

Oil/Dollar/Geopolitics

Fiscal Policy

Valuations/Earnings

Monetary Policy/Credit Trends

CEO/Investor Sentiment

A moderately defensive posture is warranted.

Data shown as of September 30, 2017. Source: River Road Asset Management LLC, FactSet Research Systems Inc., and Ned Davis Research Inc. Past performance is not a guide to the future.

Why dividendsA

vg. A

nnu

aliz

ed

Retu

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Avg. A

nnu

aliz

ed

Sta

ndard

Devia

tion

10.23%

3.90%

8.70%

0%

6%

12%10.05%

2.96%

8.34%

0%

6%

12% 21.82%

6.04%

8.70%

0%

6%

12%

18%

24%

16.21

24.02

17.13

0

6

12

18

24

30

16.42

24.34

17.38

0

6

12

18

24

30

16.08

24.21

17.06

0

6

12

18

24

30

Dividend-paying S&P 500 Stocks Equal Weighted Non Dividend-paying S&P 500 Stocks Equal Weighted S&P 500 Equal Weighted

For more than 45 years, dividend-paying stocks have significantly outperformed over trailing 5-, 10-, and 20-year periods.

Why dividends

Returns based on monthly equal-weighted geometric average of total returns of S&P 500 component stocks, with components reconstituted monthly. ©Copyright 2017 Ned Davis Research Inc. Further distribution

prohibited without prior permission. All rights reserved. See NDR Disclaimer at www.ndr.com/copyright.html. Past performance is not a guide to the future.

Why dividendsReturns of S&P 500 stocks by dividend policy

Source: S&P Capital IQ Compustat, Ned Davis Research Inc.

Portfolio Performance Statistics

Analysis Dates: 31/01/1972 30/09/2017

PortfolioGain/

Annum %

Growth of

$100

Dividend Growers & Initiators 10.0 $7,785

All Dividend-Paying Stocks 9.2 $5,514

S&P 500 Equal-Weighted Total Return 7.6 $2.875

Dividend Payers w/No Change in Dividends 7.4 $2,587

Non-Dividend Paying Stocks 2.6 $317

Dividend Cutters & Eliminators -0.4 $82

Why dividends

Performance Conviction Demand

Data shown as of September 30, 2017. Universe: U.S. listed equity; TTM yield > 2%; mkt cap > $300 MM. Source: River Road Asset Management LLC and FactSet Research Systems Inc.

Why All Cap?

An all-cap approach provides the largest, richest dividend investment universe

# of Companies

(>2% Yield)

Wtd Avg

Yield

Mkt Cap < $3 B 470 6.02%

$3 B < Mkt Cap < $15 B 321 5.18%

Mkt Cap > $15 B 225 3.69%

Why All Cap?

Dividend investors gain a clear advantage by adding a mid- and small-cap tilt!

The benefits of a dividend focus are relatively limited for a large cap portfolio, but “…offers a noteworthy

and consistent return benefit to small-cap and mid-cap investors.”

High-dividend payers have

outperformed non dividend payers.

The benefit is largest for growth and

small-cap firms!

Chart shows total return. Source: River Road Asset Management LLC, FactSet Research Systems Inc., and Russell Investment Group. Past performance is not a guide to the future.

Why Value?

Many investors focus solely on yield, losing sight of the value of the underlying asset – increasing the risk

of losses in the future.

Performance is shown gross and net of fees. The bottom table shows the four largest drawdowns of the Russell 3000 Value in the last 10 years and the corresponding gross of fees Composite return over the

period. Source: River Road Asset Management LLC, FactSet Research Systems Inc., Russell Investment Group, and Standard & Poor’s. Past performance is no guarantee of future results. Shown as

supplemental information to the Composite presentation. Please see appendix for the disclosure presentation.

Why Active?

Down

<0%

Moderate 0-

10% Strong >10% All

DAV average return - Gross 3.87% 7.49% 14.99% 9.41%

DAV average return - Net 3.12% 6.75% 14.23% 8.67%

R3V average return -1.65% 3.61% 15.06% 6.64%

Periods of gross DAV outperformance 33 of 33 32 of 32 19 of 44 84 of 109

100% 100% 43% 77%

DAV average return - Gross 3.81% 5.71% 14.57% 9.41%

DAV average return - Net 3.10% 4.97% 13.81% 8.67%

S&P average return -1.91% 2.27% 15.14% 7.44%

Periods of gross DAV outperformance 16 of 16 44 of 44 15 of 49 75 of 109

100% 100% 31% 69%

River Road’s Dividend All-Cap Value (DAV) Strategy has consistently outperformed in long-term “down” and

“moderate” markets and fared well in “strong” markets.

Rigid rules of passive strategies inhibit flexibility for risk control.

10/10/07 - 3/9/09 6/24/15 - 2/11/16 9/19/14 - 10/15/14 1/16/14 - 2/3/14

(517 days) (233 days) (27 days) (19 days)

DAV Composite - Gross -47.09% -10.93% -6.25% -4.77%

DAV Composite - Net -36.71% -11.34% -6.34% -4.80%

Russell 3000 Value -59.87% -16.50% -7.75% -6.03%

Out/Underperformance 12.75% 5.57% 1.50% 1.26%

APPENDICES

14

Aviva Investors US Equity Income Fund

Performance

Source: Lipper as at 31 October 2017. Performance shown for share class 2, Acc, GBP net of fees. Inception date: 8 July 2011. Past performance is not a guide to the future.

3m

%

6m

%

1 year

%

3 years (p.a.)

%

5 years (p.a.)

%

Since Inception (p.a.)

%

Aviva Investors US Equity Income Fund SC2 1.52 1.00 6.44 15.24 16.41 13.81

Russell 3000 Value 1.91 2.74 8.76 15.02 17.94 15.16

Relative -0.38 -1.69 -2.14 0.19 -1.29 -1.17

-5

0

5

10

15

20

3 month 6 month 1 yr 3 yrs (p.a.) 5 yrs (p.a.) Since Inception (p.a.)

%

Aviva Investors US Equity Income Fund SC2

Russell 3000 Value

Relative

2016

%

2015

%

2014

%

2013

%

2012

%

Aviva Investors US Equity Income Fund SC2 43.00 0.82 17.76 30.57 2.16

Russell 3000 Value 41.23 1.42 19.71 30.22 12.38

Relative 1.25 -0.59 -1.63 0.26 -9.10

15

Aviva Investors US Equity Income Fund II

Performance

Source: Lipper as at 31 October 2017. Performance shown for share class 2, Acc, GBP, net of fees. Inception date: 9 September 2013. Past performance is not a guide to the future.

3m

%

6m

%

1 year

%

3 years (p.a.)

%

Since Inception (p.a.)

%

Aviva Investors US Equity Income Fund II SC2 1.27 1.09 6.15 14.84 14.15

Russell 3000 Value 1.91 2.74 8.76 15.02 15.42

Relative -0.63 -1.61 -2.41 -0.16 -1.10

-5.00

0.00

5.00

10.00

15.00

20.00

3 month 6 month 1 yr 3 yrs (p.a.) Since Inception (p.a.)

%

Aviva Investors US Equity Income Fund II SC2

Russell 3000 Value

Relative

2016

%

2015

%

2014

%

2013 (S.I.)

%

Aviva Investors US Equity Income Fund II SC2 41.89 0.52 16.92 7.28

Russell 3000 Value 41.23 1.42 19.71 9.31

Relative 0.47 -0.89 -2.33 -2.03

16

8 July 2011 – 8 February 2012

(158 days)

10 April 2015 – 16 June 2016

(299 days)

1 August 2013 – 3 April 2014

(169 days)

Aviva Investors US Equity Income

Fund-15.47% -18.46% -7.33%

Russell 3000 Value (GBP) -21.39% -18.80% -9.79%

Out / Underperformance +5.92% +0.34% +2.46%

Aviva Investors US Equity Income Fund

Largest three drawdowns

Source: Bloomberg. As at 31 October 2017. Performance shown for share class 2, Acc, GBP, net of fees. The table shows the three largest drawdowns of the Russell 3000 Value in GBP since inception

of the Aviva Investors US Equity Income Fund on 8 July 2011. Days shown are days from peak to its recovery of the Russell 3000 Value in GBP. Past performance is not a guide to the future.

17

Firm, Composite, and Performance:

River Road Asset Management, LLC (“RRAM”) is a registered investment adviser formed in April 2005 and is majority owned by Affiliated Managers Group, Inc. This presentation may be presented by an employee of Affiliated Managers Group, Inc., AMG Funds, or another AMG entity, which are affiliates of RRAM.

The Dividend All-Cap Value Composite contains fully discretionary equity income accounts that seek long-term capital appreciation and high current income by investing primarily in a diversified, all-cap basket of income producing equity securities that trade at a discount to our valuation as determined using RRAM’s

proprietary Absolute Value® approach. The composite is primarily invested in dividend paying common stocks. The composite may also be invested in a broad range of foreign stocks, publicly traded partnerships, convertible preferred stocks, Real Estate Investment Trusts (“REITs”), investment companies, and

royalty income trusts. RRAM employs a value-driven, bottom-up approach. The official benchmark for the composite was changed to the Russell 3000 Value from the Russell 3000 on July 1, 2007. RRAM determined that the Russell 3000 Value represents a more appropriate benchmark for the composite as

determined by a process of evaluation which began once the Dividend All-Cap Value Composite completed its three-year track record in October 2006. All other indices listed throughout the presentation are shown for additional information only. The composite was created on April 1, 2005. In addition to the normal

risks associated with investing, investments in smaller companies typically exhibit higher volatility. As of January 1, 2016 there is no minimum account size for this composite. The minimum account size was $250,000 previously. RRAM claims compliance with the Global Investment Performance Standards (GIPS®)

and has prepared and presented this report in compliance with the GIPS® standards. RRAM has been independently verified for the periods April 1, 2005 through June 30, 2017. 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 Dividend All-Cap Value Composite has been examined for the periods of April 1, 2005 to June 30, 2017. The verification and performance examination reports

are available upon request. The firm maintains a complete list and description of composites and policies for valuing portfolios, calculating performance, and preparing compliant presentations which are available upon request by contacting Thomas D. Mueller, CFA, CPA at (502) 371-4100 or

thomas.mueller@riverroadam.com.

Results are based on fully discretionary accounts under management, including those accounts no longer with RRAM. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Throughout the presentation composite performance is presented gross of

investment management fees, after the deduction of trading costs and includes the reinvestment of income. Composite performance is also presented gross of foreign withholding taxes on dividends, interest income, and capital gains.

Performance presented prior to April 1, 2005 occurred while the original members of the Portfolio Management Team were affiliated with a prior firm and those Portfolio Management Team members were the only individuals primarily responsible for selecting the securities to buy and sell. A review of this track record

for compliance with portability requirements of the GIPS® standards was conducted by Ashland Partners & Company.

Affect of Management Fees:

A client’s return will be reduced by investment management fees and other expenses incurred by the client. The collection of fees produces a compounding effect on the total rate of return net of investment management fees. As an example, the affect of investment management fees on the total value of a client’s

portfolio assuming (a) quarterly fee assessment, (b) $1,000,000 investment, (c) portfolio return of 8% a year, and (d) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over 10 years.

A fee schedule is an integral part of a complete presentation. The standard fee schedule for Dividend All-Cap Value Composite individually managed accounts is as follows: first $10 MM is 0.85% of assets, next $15 MM is 0.80% of assets, next $25 MM is 0.75% of assets, and thereafter is 0.65% of assets. This

information can also be found in RRAM’s Form ADV Part 2. Actual fees may vary.

Holdings:

The holdings are presented to illustrate an example of the securities in which the portfolio may be invested and may not be representative of the portfolio’s current or future investments. There is no assurance that any of the stocks may be purchased or may be held in a portfolio. The stocks identified may not

represent all of the investments held by a portfolio. The holdings may change at any time. It should not be assumed that any investment was or will be profitable. The holdings are shown as supplementary information only and complement the Composite presentation. Past performance is no guarantee of future

results. RRAM will provide you with a list of all recommendations made within the past year if you so request.

DAV Disclosures

18

Characteristics:

The tables are presented to illustrate the characteristics and sector weightings that reflect how an example portfolio may be invested and may not be representative of a dividend all-cap portfolio’s current or future investments. The characteristics may change at any time and it is not known whether underlying

portfolio investments were or will be profitable. The characteristics are shown as supplementary information only and complement the Composite presentation. Past performance is no guarantee of future results. Most company share-related characteristics exclude outliers. Outlier exclusion methods include

interquartile and inverse interquartile; the universe for determining outliers is the Russell 3000. For more information, please contact RRAM.

Attribution:

Sector, Industry Group, Industry, or Sub-industry group levels are provided from the Global Industry Classification Standard (“GICS”), developed and exclusively owned by MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”), unless otherwise stated that they have been reclassified or classified

by RRAM. Reclassifications/classifications by RRAM are not supported by S&P or MSCI. All GICS data is provided “As Is” with no warranties. RRAM does classify securities that are not automatically classified by MSCI and S&P. Discrepancies between official RRAM reported performance and the performance

values found in attribution analysis may occur due to the varied methodologies between RRAM and FactSet Research Systems, Inc. Russell pricing is used for all periods beyond 6/4/2001; FactSet pricing is substituted for periods prior to this date which may increase Russell performance discrepancies. Attribution

analysis is calculated using cumulative returns which are then annualized for all periods greater than one year. Holdings based attribution analysis is generated for all periods in which the start date is prior to 2007. Holdings based attribution is less precise; performance discrepancies may be greater for these

periods.

Representative Portfolios:

Where indicated throughout this presentation, the data presented is based on representative portfolios within the DAV strategy. Since no single representative portfolio is available to represent the strategy since inception, different representative portfolios are used for different periods (using the same selection

criteria) to create a continuous representative portfolio. For any periods prior to 4/1/2006, DAV Composite data was used and combined with the representative portfolio data because underlying transaction information for representative portfolios is not available in the necessary format prior to 4/1/2006. All

representative portfolio data is shown as supplemental information to the DAV Composite presentation.

Annual Information: Performance presented net of fees is after the deduction of trading costs and management fees and includes the reinvestment of income. Net of fee performance is calculated using actual management fees. For periods including non-fee paying accounts, net was calculated for those accounts by

applying the highest fee schedule effective at that time.

The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

Sources: River Road Asset Management LLC; FactSet Research Systems Inc.; and Russell Investment Group

DAV Disclosures

USD (millions) Number of Accounts

Composite

Gross

Composite

Net

Russell 3000

Value Russell 3000

% of Non-Fee

Paying

Assets

Composite

Dispersion Composite

Russell 3000

Value

2016 5,439 2,134 71 21.47% 20.75% 18.40% 0.05% 0.2% 10.38 10.97

2015 6,287 1,698 76 -3.57% -4.19% -4.13% 0.05% 0.2% 10.44 10.74

2014 7,823 2,361 90 10.66% 9.95% 12.70% 0.05% 0.4% 8.54 9.36

2013 10,255 2,637 103 33.69% 32.82% 32.69% 0.3% 9.70 12.90

2012 7,122 1,822 96 10.27% 9.54% 17.55% 0.2% 11.23 15.81

2011 5,618 1,185 56 6.17% 5.42% -0.10% 0.2% 14.29 21.04

2010 4,020 450 37 20.20% 19.32% 16.23% 0.3% 17.20 23.49

2009 3,624 229 12 22.07% 21.21% 19.76% 0.3% 15.66 21.34

2008 2,597 81 6 -27.39% -27.91% -36.25% N.A. 12.80 15.53

2007 2,693 43 Five or Fewer 1.92% 1.17% -1.01% N.A. 7.47 8.29

N.A. - Information for Composite Dispersion is not statistically meaningful due to an insuff icient number of portfolios in the composite for the entire year.

DAV

Annual Performance Results

Year End

Total Firm

Assets

(millions)

Composite Assets 3-Year Ex-Post Std Dev

19

Past performance is not a guide to the future.

Except where stated as otherwise, the source of all information is River Road Asset Management LLC as at 31 October 2017.

Any opinions expressed are based on the views of River Road Asset Management and they should not be relied upon as indicating any guarantee of return from an investment managed by River Road Asset

Management. No part of this document is intended to constitute advice or recommendations of any nature.

Past performance is not a guide to the future. The funds use the Russell® 3000 Value Index as a performance indicator. This is not an official benchmark of the funds. Russell Investment Group is the source and

owner of trademarks, service marks and copyrights related to the Russell indices. Russell® is a trademark of Russell Investment Group. The Aviva Investors US Equity Income Fund was launched on 8 July 2011

and may differ from the U.S. comparable strategy (DAV) that was launched on 1 October 2003 and the Aviva Investors US Equity Income Fund II was launched on 9 September 2013 and may differ from the

U.S. comparable strategy (DAV II) that was launched on 1 January 2011.

In both cases, this is because of structure, currency movements and the effect of taxation and charges. The value of an investment and any income from it may go down as well as up. Investors may not get back

the original amount invested. When funds invest in overseas assets, the value will go up and down in line with movements in exchange rates. Investments in smaller companies may be less liquid than in large

companies and price swings may be greater than in larger companies. Therefore they are generally a higher risk investment than larger companies.

For further information please read the latest Key Investor Information Document and Supplementary Information Document. Copies of these documents and the Prospectus can be obtained from Aviva Investors

UK Fund Services Limited, 1 Undershaft, London, EC3P 3DQ or by contacting our Relationship Management Team on 0800 0154773* or email them on fund&salessupport@aviva.co.uk

*Telephone calls may be recorded for training and monitoring purposes.

Issued by Aviva Investors UK Fund Services Limited, the Authorised Fund Manager. Registered in England No. 1973412. Authorised and regulated in the UK by the Financial Conduct Authority. Firm Reference

No. 119310. Registered address: 1 Undershaft, London, EC3P 3DQ. An Aviva company. www.avivainvestors.co.uk

RA17/1478/31122017

Important information