ashland partners & company llpcomposite construction requirements of the global investment...

Ashland Partners & Company LLP

GIPS® • Audit and Tax • Consulting and AUP • Surprise Custody • Cyber SecurityPerformance Attestation Services • SSAE 16 • Vendor Due Diligence • QPAM Exemption Audit

Independent Accountant's Verification Report

Ms. Vicki Lynn Ellis, Chief Compliance OfficerSymons Capital Management, Inc.:

We have examined whether (1) Symons Capital Management, Inc. (the "Firm") has complied with all the composite construction requirements of the Global Investment Performance Standards (GIPS® standards) on a firm-wide basis for the periods from January 1, 1996, to September 30, 2016, and (2) the Firm's policies and procedures are designed to calculate and present performance results in compliance with the GIPS standards as of September 30, 2016. The Firm's management is responsible for compliance with the GIPS standards and the design of its policies and procedures. Our responsibility is to express an opinion based on our examination.

Scope of WorkOur examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Firm's compliance with the previously mentioned requirements; evaluating the design of the Firm's policies and procedures previously referred to; and performing the procedures for a verification required by the GIPS standards and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.

OpinionIn our opinion, in all material respects,

the Firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis for the periods from January 1, 1996, to September 30, 2016; and

the Firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards as of September 30, 2016.

This report does not relate to any composite presentation of the Firm that may accompany this report, and accordingly, we express no opinion on any such performance.

Ashland Partners & Company LLPJanuary 6, 2017



Independent Accountant's Verification and Performance Examination Report


We have examined whether (1) Symons Capital Management, Inc. (the "Firm") has complied with all the composite construction requirements of the Global Investment Performance Standards (GIPS® standards) on a firm-wide basis for the periods from January 1, 1996, to September 30, 2016, and (2) the Firm's policies and procedures are designed to calculate and present performance results in compliance with the GIPS standards as of September 30, 2016. We have also examined the accompanying performance presentation and Annual Disclosure Presentation of the Firm's Symons Value Composite for the periods from January 1, 2000, to September 30, 2016. The Firm's management is responsible for compliance with the GIPS standards, the design of its policies and procedures and for the Quarterly Performance and Annual Disclosure Presentations. Our responsibility is to express an opinion based on our examination.

Scope of WorkOur examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Firm's compliance with the previously mentioned requirements; evaluating the design of the Firm's policies and procedures previously referred to; examining, on a test basis, evidence supporting the accompanying composite compliant presentation; and performing the procedures for a verification and performance examination required by the GIPS standards and such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.




Also, in our opinion, in all material respects, the Firm has

constructed the Symons Value Composite and calculated the Symons Value Composite performance for the periods from January 1, 2000, to September 30, 2016, in compliance with the GIPS standards; and

prepared and presented the Annual Disclosure Presentation of the Firm's Symons Value Composite for the periods from January 1, 2000, to September 30, 2016, in compliance with the GIPS standards.

This report does not contain an opinion on the accuracy of any composite presentation of the Firm other than the Annual Disclosure Presentation of the Firm's Symons Value Composite for the periods from January 1, 2000, to September 30, 2016.


SYMONS CAPITAL MANAGEMENT, INC.SYMONS VALUE COMPOSITEQUARTERLY PERFORMANCE PRESENTATION - PAGE 1 OF 2

Ashland Partners & Company LLP • 525 Bigham Knoll, Suite 200 • Jacksonville, OR 97530 • T: 541.857.8800 • www.ashlandpartners.com

Asset-Weighted Performance Gross and Net of Management FeesResults have been calculated in U.S. Dollars

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Annual

2016 Gross 8.59% 3.10% (2.97%) 8.63%*Net 8.32% 2.85% (3.19%) 7.85%*

2015 Gross (0.78%) (0.59%) (0.24%) 1.92% 0.28%Net (1.02%) (0.83%) (0.47%) 1.68% (0.67%)

2014 Gross 4.44% 3.78% (2.87%) 3.47% 8.94%Net 4.19% 3.53% (3.10%) 3.22% 7.89%

2013 Gross 9.78% (0.12%) 1.24% 6.81% 18.57%Net 9.52% (0.36%) 0.99% 6.56% 17.43%

2012 Gross 4.64% 1.36% 3.54% (1.68%) 7.98%Net 4.38% 1.12% 3.30% (1.93%) 6.93%

2011 Gross 3.47% 0.38% (4.25%) 8.27% 7.68%Net 3.22% 0.14% (4.48%) 8.01% 6.64%

2010 Gross 4.37% (8.35%) 10.33% 5.52% 11.36%Net 4.08% (8.59%) 10.02% 5.24% 10.17%

2009 Gross (8.43%) 12.86% 10.92% 1.99% 16.92%Net (8.68%) 12.55% 10.63% 1.72% 15.65%

2008 Gross (3.10%) 4.48% (0.59%) (12.59%) (12.03%)Net (3.36%) 4.19% (0.87%) (12.82%) (12.98%)

2007 Gross 1.80% 6.22% (1.54%) (2.70%) 3.60%Net 1.53% 5.94% (1.80%) (2.96%) 2.49%

2006 Gross 4.71% (2.66%) 7.47% 5.89% 16.00%Net 4.42% (2.93%) 7.19% 5.61% 14.73%

SYMONS CAPITAL MANAGEMENT, INC.SYMONS VALUE COMPOSITEQUARTERLY PERFORMANCE PRESENTATION - PAGE 2 OF 2


2005 Gross 3.42% 0.78% 6.87% 0.52% 11.97%Net 3.13% 0.50% 6.57% 0.24% 10.71%

2004 Gross 6.54% (0.57%) 2.96% 10.08% 20.06%Net 6.24% (0.85%) 2.67% 9.77% 18.71%

2003 Gross (5.39%) 13.94% 1.21% 11.64% 21.81%Net (5.67%) 13.62% 0.92% 11.34% 20.42%

2002 Gross 5.39% (7.06%) (17.63%) 7.65% (13.15%)Net 5.10% (7.34%) (17.89%) 7.34% (14.17%)

2001 Gross (0.11%) 9.25% (5.51%) 15.36% 18.96%Net (0.40%) 8.94% (5.80%) 15.04% 17.58%

2000 Gross 7.27% 1.22% 3.72% 8.80% 22.53%Net 6.96% 0.93% 3.43% 8.50% 21.15%

* Represents non-annualized partial period performance ending on September 30, 2016.

Past performance is not indicative of future results. The Independent Accountant’s Verification andPerformance Examination Report and the Annual Disclosure Presentation are an integral part of thispresentation.





SYMONS VALUE COMPOSITE ANNUAL DISCLOSURE PRESENTATION

*Performance represents a partial year-to-date return for this year through 9/30/2016. N.A. – 3 Year Ex-Post Standard Deviation is not applicable for this period.

The Symons Value Composite was created in October 1986 and consists of all fully discretionary portfolios that are managed in the Value style. The Symons Value investment discipline seeks to invest in securities of companies with established, sustainable businesses whose current prices provide the prospect of long-term appreciation with limited downside price risk. From October 1, 2005 to January 1, 2009, the composite was named the Symons Alpha Value Composite. Prior to October 1, 2005, the composite was named the Symons Value Composite. The minimum account size for this composite is $50,000. For comparison purposes the composite is measured against the Russell 3000® Value and S&P 500® indices. Both benchmarks are unmanaged indices. A direct investment in an index may involve different liquidity, risks and tax considerations. SCM may invest in securities outside of those represented in the indices. Effective October 1, 2005, Symons Capital Management, Inc. substituted the benchmark Russell 3000® Value Index for the Russell 2000® Index because the Russell 3000® Value Index provides a superior representation of our portfolio management and stock selection style, being a broad-based index that includes large-, mid-, and small-capitalization stocks, in contrast to the Russell 2000® Index, which primarily encompasses only small-capitalization stocks. Russell 3000® Value returns are shown for the entire composite history. Returns are presented since the beginning of Colin Symons’ tenure as portfolio manager on January 1, 2000. Results are based on fully discretionary accounts under management, including those accounts no longer managed by the firm. The U.S. Dollar is the currency used to express performance. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross of fees returns are presented before management and custodial fees, but after all trading expenses. Net of fee performance was calculated using actual management fees. Prior to July 2015, net of fee performance was calculated using actual management and sub-advisory fees. Past performance is not indicative of future results.

Firm Assets Composite Assets Annual Performance Results Standard Deviation

Year End

Total Firm Assets

(millions)

U.S. Dollars

(millions)

% Non-Fee

Paying Accts

Number of

Accounts Composite

Gross Composite

Net

Russell 3000® Value

S&P 500®

3 Yr Ex-Post

Std Deviation Composite

3 Yr Ex-Post

Std Deviation S&P 500®

3 Yr Ex-Post

Std Deviation


Composite Dispersion

2000 79.80 50.18 0.00% 114 22.53% 21.15% 8.04% (9.10%) N.A. N.A. N.A. 8.32%

2001 91.82 70.65 0.00% 126 18.96% 17.58% (4.33%) (11.89%) N.A. N.A. N.A. 1.74%

2002 102.45 81.48 0.00% 179 (13.15%) (14.17%) (15.18%) (22.10%) N.A. N.A. N.A. 1.43%

2003 118.71 97.98 0.00% 182 21.81% 20.42% 31.14% 28.68% N.A. N.A. N.A. 1.83%

2004 149.81 117.51 0.00% 188 20.06% 18.71% 16.94% 10.88% N.A. N.A. N.A. 1.22%

2005 183.22 139.56 0.00% 211 11.97% 10.71% 6.85% 4.91% N.A. N.A. N.A. 1.11%

2006 274.04 177.68 0.00% 244 16.00% 14.73% 22.34% 15.79% N.A. N.A. N.A. 0.82%

2007 301.13 187.95 0.00% 250 3.60% 2.49% (1.01%) 5.49% N.A. N.A. N.A. 1.27%

2008 253.59 180.07 0.00% 251 (12.03%) (12.98%) (36.25%) (37.00%) N.A. N.A. N.A. 1.39%

2009 308.03 177.31 1.38% 250 16.92% 15.65% 19.76% 26.46% N.A. N.A. N.A. 1.18%

2010 394.36 200.62 1.36% 254 11.36% 10.17% 16.23% 15.06% N.A. N.A. N.A. 0.71%

2011 445.63 303.11 1.49% 307 7.68% 6.64% (0.10%) 2.11% N.A. N.A. N.A. 0.53%

2012 463.79 331.76 1.41% 322 7.98% 6.93% 17.55% 16.00% 9.15% 15.09% 15.81% 0.38%

2013 526.15 392.37 1.46% 332 18.57% 17.43% 32.69% 32.39% 7.59% 11.94% 12.90% 0.92%

2014 520.60 403.61 1.64% 329 8.94% 7.89% 12.70% 13.69% 7.17% 8.97% 9.36% 0.35%

2015 460.26 358.81 1.91% 312 0.28% (0.67%) (4.13%) 1.38% 7.69% 10.47% 10.74% 0.32%

*2016 499.02 375.03 2.00% 300 8.63% 7.85% 10.40% 7.84%

The investment management fee is: 1.25% on the first $1 million; 1.00% on the next $4 million; 0.90% on the next $5 million; 0.80% on the next $15 million; 0.70% on the next $25 million; and 0.60% above $50 million. Actual investment advisory fees incurred by clients may vary. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to 2012, because 36 monthly composite returns were not available until December 31, 2012. Securities purchased by Symons Capital Management, Inc. are listed on a major exchange with published values. Month-end valuations as shown on custodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to or greater than 5% of a portfolio's market value would cause the portfolio to be revalued and accounted for properly so as not to distort performance. Additional information regarding the policies for valuing portfolios, calculating performance and preparing compliant presentations is available upon request. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization, established in 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Prior to October 1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and description of composites, which is available upon request.

Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verified for the periods January 1, 1996 through September 30, 2016 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 Symons Value composite has been examined for the periods July 1, 1998 through September 30, 2016 by Ashland Partners & Company, LLP. Verification and performance examination reports are available upon request.





We have examined whether (1) Symons Capital Management, Inc. (the "Firm") has complied with all the composite construction requirements of the Global Investment Performance Standards (GIPS® standards) on a firm-wide basis for the periods from January 1, 1996, to September 30, 2016, and (2) the Firm's policies and procedures are designed to calculate and present performance results in compliance with the GIPS standards as of September 30, 2016. We have also examined the accompanying performance presentation and Annual Disclosure Presentation of the Firm's Symons Small Cap Value Composite for the periods from October 1, 2006, to September 30, 2016. The Firm's management is responsible for compliance with the GIPS standards, the design of its policies and procedures and for the Quarterly Performance and Annual Disclosure Presentations. Our responsibility is to express an opinion based on our examination.






constructed the Symons Small Cap Value Composite and calculated the Symons Small Cap Value Composite performance for the periods from October 1, 2006, to September 30, 2016, in compliance with the GIPS standards; and

prepared and presented the Annual Disclosure Presentation of the Firm's Symons Small Cap Value Composite for the periods from October 1, 2006, to September 30, 2016, in compliance with the GIPS standards.

This report does not contain an opinion on the accuracy of any composite presentation of the Firm other than the Annual Disclosure Presentation of the Firm's Symons Small Cap Value Composite for the periods from October 1, 2006, to September 30, 2016.


SYMONS CAPITAL MANAGEMENT, INC.SYMONS SMALL CAP VALUE COMPOSITEQUARTERLY PERFORMANCE PRESENTATION




2016 Gross 5.14% 6.42% 1.15% 13.18%*Net 4.90% 6.19% 0.94% 12.44%*

2015 Gross 1.07% 1.33% (4.89%) 5.44% 2.71%Net 0.84% 1.10% (5.09%) 5.21% 1.80%

2014 Gross (1.36%) 1.86% (5.44%) 5.47% 0.21%Net (1.59%) 1.63% (5.66%) 5.23% (0.71%)

2013 Gross 7.14% 2.35% 2.03% 4.62% 17.05%Net 6.87% 2.14% 1.82% 4.39% 16.01%

2012 Gross 5.78% (3.73%) 4.11% (0.83%) 5.15%Net 5.54% (3.95%) 3.87% (1.03%) 4.22%

2011 Gross 8.16% (6.34%) (14.93%) 8.00% (6.93%)Net 7.86% (6.58%) (15.13%) 7.74% (7.87%)

2010 Gross 9.34% (4.85%) 10.39% 14.54% 31.55%Net 9.08% (5.06%) 10.12% 14.28% 30.32%

2009 Gross (7.25%) 32.14% 20.75% 4.75% 55.02%Net (7.48%) 31.83% 20.48% 4.51% 53.59%

2008 Gross (3.64%) (7.11%) (5.91%) (28.32%) (39.64%)Net (3.86%) (7.34%) (6.17%) (28.51%) (40.24%)

2007 Gross 8.19% 5.64% (0.57%) (2.50%) 10.80%Net 8.19% 5.64% (0.72%) (2.71%) 10.38%

2006 Gross 11.51%Net 11.51%



SYMONS SMALL CAP VALUE COMPOSITE

ANNUAL DISCLOSURE PRESENTATION


Year End

Total Firm Assets

(millions)

U.S. Dollars

(millions)

% Non-Fee Paying Accts

Number of

Accounts Composite

Gross Composite

Net


Russell 2000®

3 Yr Ex-Post Std

Deviation Composite

3 Yr Ex-Post Std

Deviation Russell 2000® Value

3 Yr Ex-Post Std

Deviation Russell 2000®


2006 274.04 1.54 100.00% Five or fewer N.A. N.A. N.A. N.A.

2007 301.13 7.33 23.37% 10 10.80% 10.38% (9.78%) (1.57%) N.A. N.A. N.A. 0.53%

2008 253.59 7.50 13.03% 21 (39.64%) (40.24%) (28.92%) (33.79%) N.A. N.A. N.A. 1.38%

2009 308.03 12.90 14.96% 23 55.02% 53.59% 20.58% 27.17% N.A. N.A. N.A. 3.78%

2010 394.36 18.84 13.65% 25 31.55% 30.32% 24.50% 26.85% N.A. N.A. N.A. 1.18%

2011 445.63 23.89 9.61% 31 (6.93%) (7.87%) (5.50%) (4.18%) N.A. N.A. N.A. 0.56%

2012 463.79 24.17 9.93% 31 5.15% 4.22% 18.05% 16.35% 14.43% 19.89% 20.20% 0.60%

2013 526.15 21.85 12.15% 27 17.05% 16.01% 34.52% 38.82% 11.18% 15.82% 16.45% 0.85%

2014 520.60 18.16 14.70% 22 0.21% (0.71%) 4.22% 4.89% 8.91% 12.79% 13.12% 0.22%

2015 460.26 15.92 16.50% 18 2.71% 1.80% (7.47%) (4.41%) 8.46% 13.46% 13.96% 0.35%

*2016 499.02 17.49 16.92% 18 13.18% 12.44% 15.49% 11.46% *Performance represents a partial year-to-date return for this year through 9/30/2016. N.A – Annual Dispersion and/or 3 Year Ex-Post Standard Deviation is not applicable for this period.

The Symons Small Cap Value Composite was created in October 2006 and consists of all fully discretionary portfolios that are managed in the Small Cap Value style. The investment objective for the Symons Small Cap Value investment discipline is long-term capital appreciation achieved by investing in companies with market capitalizations of two billion dollars or less, that can be purchased at attractive valuations. The minimum account size for initial inclusion in this composite is $250,000. As of September 16, 2015, the Symons Small Cap Composite has been renamed Symons Small Cap Value Composite. For comparison purposes the composite is measured against the Russell 2000® Value, and secondarily, the Russell 2000® indices. Effective September 16, 2015, the Russell 2000® Value index replaced the Russell 2000® index as the primary benchmark. Effective October 1, 2012, Symons Capital Management, Inc. substituted the Russell 2000® Value index for the S&P 500® index as a secondary benchmark. The Russell 2000® Value index primarily includes small capitalization value stocks that better represent our portfolio management and stock selection style than the S&P 500® index, which primarily includes only large-capitalization stocks and the Russell 2000® index, which primarily encompasses small capitalization stocks. The Russell 2000® Value and Russell 2000® indices are shown for the entire history. Both benchmarks are unmanaged indices. A direct investment in an index may involve different liquidity, risks and tax considerations. SCM may invest in securities outside of those represented in the indices. Results are based on fully discretionary accounts under management, including those accounts no longer managed by the firm. The U.S. Dollar is the currency used to express performance. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross of fees returns are presented before management and custodial fees, but after all trading expenses. Net of fee performance was calculated using actual management fees. Past performance is not indicative of future results. The investment management fee is: 1.25% on the first $1 million; 1.00% on the next $9 million; 0.90% on the next $15 million; 0.80% on the next $25 million; and 0.70% above $50 million. Actual investment advisory fees incurred by clients may vary. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to 2012, because 36 monthly composite returns were not available until December 31, 2012.

Securities purchased by Symons Capital Management, Inc. are listed on a major exchange with published values. Month-end valuations as shown on custodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to or greater than 5% of a portfolio's market value would cause the portfolio to be revalued and accounted for properly so as not to distort performance. Additional information regarding the policies for valuing portfolios, calculating performance and preparing compliant presentations is available upon request. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization, established in 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Prior to October 1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and description of composites, which is available upon request. Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verified for the periods January 1, 1996 through September 30, 2016 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 Symons Small Cap Value composite has been examined for the periods from October 1, 2006 through September 30, 2016 by Ashland Partners & Company, LLP. The verification and performance examination reports are available upon request.





We have examined whether (1) Symons Capital Management, Inc. (the "Firm") has complied with all the composite construction requirements of the Global Investment Performance Standards (GIPS® standards) on a firm-wide basis for the periods from January 1, 1996, to September 30, 2016, and (2) the Firm's policies and procedures are designed to calculate and present performance results in compliance with the GIPS standards as of September 30, 2016. We have also examined the accompanying performance presentation and Annual Disclosure Presentation of the Firm's Symons Concentrated Small Cap Value Composite for the periods from January 1, 2014, to September 30, 2016. The Firm's management is responsible for compliance with the GIPS standards, the design of its policies and procedures and for the Quarterly Performance and Annual Disclosure Presentations. Our responsibility is to express an opinion based on our examination.






constructed the Symons Concentrated Small Cap Value Composite and calculated the Symons Concentrated Small Cap Value Composite performance for the periods from January 1, 2014, to September 30, 2016, in compliance with the GIPS standards; and

prepared and presented the Annual Disclosure Presentation of the Firm's Symons Concentrated Small Cap Value Composite for the periods from January 1, 2014, to September 30, 2016, in compliance with the GIPS standards.

This report does not contain an opinion on the accuracy of any composite presentation of the Firm other than the Annual Disclosure Presentation of the Firm's Symons Concentrated Small Cap Value Composite for the periods from January 1, 2014, to September 30, 2016.


SYMONS CAPITAL MANAGEMENT, INC.SYMONS CONCENTRATED SMALL CAP VALUE COMPOSITEQUARTERLY PERFORMANCE PRESENTATION




2016 Gross 3.41% 11.48% 2.47% 18.13%*Net 3.41% 11.48% 2.47% 18.13%*

2015 Gross 8.66% (0.72%) (5.91%) 9.24% 10.89%Net 8.66% (0.72%) (5.91%) 9.24% 10.89%

2014 Gross (0.05%) 0.62% (2.44%) 10.18% 8.10%Net (0.05%) 0.62% (2.44%) 10.18% 8.10%



SYMONS CONCENTRATED SMALL CAP VALUE COMPOSITE ANNUAL DISCLOSURE PRESENTATION


Year End

Total Firm Assets

US Dollars (millions)

Composite Assets

US Dollars (millions)

% Non-Fee Paying

Accounts

Number of

Accounts Composite

Gross Composite

Net


Russell 2000®

3 Year Ex-Post

Standard Deviation Composite

3 Yr Ex-Post Std

Deviation Russell 2000® Value

3 Year Ex-Post

Standard Deviation

Russell 2000®


2014 520.60 0.13 100% Five or fewer 8.10% 8.10% 4.22% 4.89% N.A. N.A. N.A. N.A.

2015 460.26 0.16 100% Five or fewer 10.89% 10.89% (7.47%) (4.41%) N.A. N.A. N.A. N.A.

*2016

499.02 0.27 100% Five or fewer 18.13% 18.13% 15.49% 11.46% N.A. N.A. N.A. N.A.

* Performance represents a partial year-to-date return for this year through 9/30/2016. N.A. – Annual Dispersion and/or 3 Year Ex-Post Standard Deviation is not applicable for this period.

Symons Concentrated Small Cap Value Composite was created on January 1, 2014 and consists of all fully discretionary portfolios that are managed in the Concentrated Small Cap Value style, excluding wrap accounts. The Symons Concentrated Small Cap Value (CSCV) strategy is a long-only stock portfolio that invests primarily in a concentrated portfolio of generally 12 to 18 companies with market capitalizations generally below $3 billion that we believe can be purchased at attractive prices relative to fair value. Cash is generally limited to 6% or less of fully invested portfolios. The target holding period for investments in the strategy is generally greater than one year, and is intended to generate positive returns over a 3 to 5 year period. Portfolios may be rebalanced quarterly for weighting. There is no minimum value requirement for inclusion in the composite. As of June 5, 2015, the Symons Concentrated Small Cap Composite has been renamed Symons Concentrated Small Cap Value Composite. For comparison purposes the composite is measured primarily against the Russell 2000® Value index, and secondarily, the Russell 2000® index. Both benchmarks primarily include small capitalization stocks that are representative of SCM's Concentrated Small Cap Value portfolio management and stock selection style. Both benchmarks are unmanaged indices. A direct investment in an index may involve different liquidity, risks and tax considerations. SCM may invest in securities outside of those represented in the indices. Results are based on fully discretionary accounts under management, including those accounts no longer managed by the firm. The U.S. Dollar is the currency used to express performance. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Returns include the effect of foreign currency exchange rates. Returns are presented gross and net of management fees and include the reinvestment of all income. Gross of fees returns are presented before management and custodial fees, but after all trading expenses. Net of fee performance was calculated using actual management fees. Since all current composite accounts are non-fee-paying, net returns shown in this presentation do not reflect the deduction of management fees. Past performance is not indicative of future results. The investment management fee is 1.50% on all assets. Actual investment advisory fees incurred by clients may vary. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. It is not presented because, with five or fewer accounts in the composite, the information is not statistically meaningful. Three-year annualized ex-post standard deviation of the composite and benchmark are not presented prior to December 31, 2016, because monthly composite returns for the past 36 months were not available prior to that date. Securities purchased by Symons Capital Management, Inc. are listed on a major exchange with published values. Month-end valuations as shown on custodian account statements are used to calculate portfolio assets and returns. Any cash flow equal to or greater than 5% of a portfolio's market value would cause the portfolio to be revalued and accounted for properly so as not to distort performance. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Symons Capital Management, Inc. is an independent investment management firm, not affiliated with any parent organization, established in 1983 and registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Prior to October 1, 2001, the firm was known as Dollins Symons Management, Inc. The firm maintains a complete list and description of composites, which is available upon request. Symons Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Symons Capital Management, Inc. has been independently verified for the periods January 1, 1996 through September 30, 2016 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 Symons Concentrated Small Cap Value composite has been examined for the periods from January 1, 2014 through September 30, 2016 by Ashland Partners & Company, LLP. The verification and performance examination reports are available upon request.

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