Quality Value – Large Cap Value

¹ Benchmark: S&P 500 Value ² Not shown because 36 monthly returns are not available. ³ The composite’s internal dispersion is not presented for those periods marked “N/A” because the composite did not have at least six portfolios for the entire annual period. ⁴ Results shown for the year 2012 represent partial period performance from October 1, 2012 through December 31,2012. ⁵ Gross of fees Performance for the period September 30, 2012 to September 30, 2013 is supplemental information. During that period, one account in the composite had a bundled fee. The net performance for that period is reduced by the total bundled fee, which is comprised of the custodial fees and transactions costs, plus management fees.

The 3-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. Standard deviation is not required for periods prior to 2011. Xponance,® Inc. (“Xponance®”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Xponance® has been independently verified for the periods from November 1, 1998 through December 31, 2019. A copy of the verification reports are available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. . GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

On August 31, 2018, FIS Group, Inc. (“FIS Group”) acquired Piedmont Investment Advisors, Inc.’s (“PIA”) predecessor, Piedmont Investment Advisors, LLC. Xponance,® Inc. (“Xponance®”) is an independent, registered investment adviser and is the successor registrant under the Investment Advisers Act of 1940 (the “Advisers Act”) to both FIS Group and its wholly-owned subsidiary, PIA. Pursuant to a corporate rebranding and consolidation strategy, Xponance® was established effective April 1, 2020, to leverage the long histories of its predecessor entities in providing customized investment management products to institutional clients. FIS Group (through its former subsidiaries, Fiduciary Investment Solutions, Inc. and FIS Funds Management, Inc.) managed assets since 1996 and PIA (through its former affiliate Piedmont Investment Advisors, LLC) began managing assets in 2000. The firm maintains a complete list of composite descriptions, which is available upon request.

Total firm asset presented through, and including, Calendar Year 2019 represent total firm asset for FIS Group as, prior to April 1, 2020, this composite was managed by legacy firm FIS Group. Total firm assets presented for periods after April 1, 2020 represent the total firm assets of Xponance.

Quality Value – Large Cap Composite contains fully discretionary equity income accounts and for comparison purposes is measured against the S&P 500 Value Index. The product typically has between 45and 50 holdings. This strategy invests in names with strong cash flow, above average dividend yield, and a demonstrated willingness to increase return of capital to investors. The focus is on companies that have a consistent dividend and earnings growth profile, that are highly profitable, and are also disciplined in capital allocation. These criteria result in the creation of a portfolio with high quality names and fortress balance sheets. The Quality Value product was created on September 30, 2012.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. Xponance® maintains a significant cash flow policy. A significant cash flow has been defined as any client requested cash withdrawal where we must execute trades to generate the requested cash. We will remove the cash from the account the day we raise the cash; therefore, significant cash flows out of an account will be treated as a temporary account and the member account will remain in the composite.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. During the period September 30, 2012 to September 30, 2013, net of performance was calculated by reducing the gross of fees performance by the entire bundled fee of 1.50%, which is comprised of the custodial fee and transaction costs, plus Piedmont’s management fee.

The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The management fee schedule for the composite is as follows: First $50mm:45 bps; Next $50mm: 40 bps; Over $100mm: 30bps

Fees are charged to clients on a quarterly basis. Fees are calculated as a percentage of assets under management and vary based upon the type of product and the total amount of assets under management. The percentage fee is expressed terms of basis points (“BPS”) for our products. One hundred basis points equal 1%. All fees are negotiable.

Effective January 1, 2021, the composite name was changed from Core Value to Quality Value and the benchmark was changed from the S&P 500 Index to the S&P 500 Value Index for all periods. The screening criteria used in constructing the buy list for this strategy eliminates all companies that do not pay dividends. It also results in choosing names with a value orientation. Using the S&P 500 as a benchmark for this portfolio is a misalignment because the benchmark is dominated by large cap technology names that do not pay dividends and yet have a sizable impact on performance. Given the value orientation of this strategy and the absence of high growth names, the S&P 500 Value benchmark is a more suitable benchmark for performance comparisons for this portfolio.