December 31, 2013

Who We AreWood Asset Management is an SEC registered investment advisory firm with over $350 million of assets under management. For over 20 years, we have successfully managed a broad range of equity and balanced strategies for institutions and individuals alike. With a singular focus on the management of money and a dedication to the satisfaction of our clients’ expectations, we offer the unique benefits of a boutique firm but with the resources usually attributable to much larger investment management companies.

Dividend Income

Wood Asset Management, LLC 1605 Main Street . Suite 904Sarasota . FL 34236

TEL941.361.2195

FAX941.906.9494

WEBwww.woodasset.com

ObjectiveThe Dividend Income strategy seeks to provide a growing level of income that exceeds the average yield on the Russell 1000 Value Index with less volatility.

Philosophy and ProcessWe believe that dividends matter for two reasons. Historically the income component has been a meaningful contributor to total return. Secondly, the characteristics of dividend paying stocks generally leads to higher quality companies that are more focused on not only creating, but realizing shareholder value.

Our primary emphasis is on companies that we believe are attractively valued, with a history of paying a dividend, supported by a healthy cash flow profiles and secure balance sheets. This focus is complimented by a top-down approach, which influences our sector positioning. Depending on our assessment of the macro economic landscape and our conviction in the outlook, we will strategically add or reduce exposure to certain sectors.

Why Invest With Wood Asset Management?• Time-tested strategies over 20 years of market cycles

• As a fee-only advisor, our interests are aligned with the interests of our clients

• Commitment of integrity, professionalism and full customization through separate account administration

• Full transparency of separate accounts, including portfolio trading and advisor fees

• Frequent client communication through meetings, conference calls and market commentary

Portfolio CompositionStrategy

Composite*Current P/E (Fiscal Year 1) 15.4Forward P/E (Fiscal Year 2) 14.2P/B (Weighted Average) 2.6Dividend Yield (Weighted Avg.) 3.6%Median Market Cap (Billions) $40.8Weighted Avg. Mkt Cap (Billions) $89.55 Year Portfolio Beta 1.03Annual Turnover 35.7%Number of Positions 31

Utilities

Telecom

Materials

Info Tech

Industrials

Health Care

Financial

Energy

Cons Staples

Cons Discr

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

3.8%

10.7%

9.1%

6.6%

9.1%

11.4%

25.6%

9.5%

8.6%

3.6%Strategy Sector Allocation

Top 10 HoldingsGeneral Electric 5.4% Dow Chemical 3.8%J P Morgan Chase 4.9% Occidental Petrol 3.8%Merck & Company 4.4% BlackRock 3.7%Johnson & Johnson 4.4% BB&T Corp 3.7%Vodafone Group ADR 4.2% Eaton Corp PLC 3.6%

Dividend Income Strategy SummaryStrategy Inception: 9/30/2008Strategy AUM: $5.5 MillionStrategy Accounts: 14Total Firm AUM: $350 MillionTarget Holdings: 30 – 50Benchmark: Russell 1000 Value

* Based on the model portfolio. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities identified herein will be part of the portfolio at the time you receive this report.