Performance | Hamlin Capital Management

Fund	1 Year	3 Year	5 Year	10 Year	SINCE INCEP
Equity Income	59.5	11.0	11.1	11.1	10.1
S&P 500	56.4	16.8	16.3	13.9	7.7
DVY	61.3	10.3	10.8	11.9	N/A
IWD	56.1	10.8	11.6	10.8	7.1

Fund	1 Mo	3 Mo	1 Year	3 Year	5 Year	10 Year	Since Inception
Equity Income	7.8%	12.5%	59.5%	11.0%	11.1%	11.1%	10.1%
S&P 500	4.4	6.2	56.4	16.8	16.3	13.9	7.7
DVY	9.5	19.6	61.3	10.3	10.8	11.9	N/A
IWD	6.0	11.3	56.1	10.8	11.6	10.8	7.1

Fund	1 Mo	3 Mo	1 Year	3 Year	5 Year	10 Year	Since Inception
Equity Income	7.8%	12.7%	60.9%	11.9%	12.1%	12.1%	11.1%
S&P 500	4.4	6.2	56.4	16.8	16.3	13.9	7.7
DVY	9.5	19.6	61.3	10.3	10.8	11.9	N/A
IWD	6.0	11.3	56.1	10.8	11.6	10.8	71

Year	Equity Income	S&P 500	DVY	IWD
2001	1.0%	-11.9%	N/A	-6.2
2002	0.9	-22.1	N/A	-15.6
2003	30.4	28.7	7.1	30.1
2004	22.8	10.9	17.9	16.1
2005	20.8	4.9	2.8	6.6
2006	7.9	15.8	19.4	22.5
2007	4.0	5.5	-5.7	-0.7
2008	-28.6	-37.0	-32.9	-36.5
2009	21.0	26.5	11.1	19.2
2010	20.7	15.1	17.8	15.5
2011	10.2	2.1	11.8	0.1
2012	11.0	16.0	10.5	17.5
2013	32.7	32.4	28.9	32.1
2014	11.0	13.7	14.9	13.2
2015	-4.5	1.4	-2.1	-4.0
2016	14.9	12.0	21.6	17.3
2017	15.8	21.8	14.8	13.5
2018	-7.0	-4.4	-6.3	-8.4
2019	21.5	31.5	22.6	26.1
2020	5.4	18.4	-4.9	2.7

Year	Equity Income	S&P 500	DVY	IWD
2001	1.7%	-11.9%	N/A	-6.2
2002	1.6	-22.1	N/A	-15.6
2003	31.3	28.7	7.1	30.1
2004	23.7	10.9	17.9	16.1
2005	21.8	4.9	2.8	6.6
2006	9.0	15.8	19.4	22.5
2007	5.1	5.5	-5.7	-0.7
2008	-27.7	-37.0	-32.9	-36.5
2009	22.4	26.5	11.1	19.2
2010	21.8	15.1	17.8	15.5
2011	11.2	2.1	11.8	0.1
2012	12.2	16.0	10.5	17.5
2013	33.9	32.4	28.9	32.1
2014	11.9	13.7	14.9	13.2
2015	-3.7	1.4	-2.1	-4.0
2016	15.9	12.0	21.6	17.3
2017	16.9	21.8	14.8	13.5
2018	-6.2	-4.4	-6.3	-8.4
2019	22.6	31.5	22.6	26.1
2020	6.3	18.4	-4.9	2.7

The performance shown is that of the Hamlin Equity Only Composite. As such, it is not representative of any particular account and not every client’s account will be identical.

The DVY is the Dow Jones Select Dividend ETF which tracks the Dow Jones US Select Dividend Index, an index of relatively high dividend paying U.S. equities.

The IWD is the iShares Russell 1000 Value ETF which tracks the Russell 1000 Value index, an index which measures the performance of the Value segment of the U.S. equity universe as measured by price-to-book ratios and lower forecasted growth values.

Equity Only Composite consists of fully discretionary accounts that are comprised of any amount of common stocks and cash. There is no minimum account size or time period to be included in the composite. Returns include the effect of foreign currency exchange rates. The exchange rate source for the composite is IDSI/IDC – FT Interactive Data Corporation. The S&P 500 index is provided solely as a widely recognized index. The index is in no way indicative of the strategy employed in this composite. It is the position of Hamlin Capital Management, LLC (“Hamlin”) that a meaningful benchmark is not available for this strategy due to the frequent and customized changes in allocation in individual accounts. Benchmark returns are not covered by the report of independent verifiers.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investing entails the risk of loss of principal. The U.S. Dollar is the currency used to express performance. Returns are presented net of custodial and management fees and includes the reinvestment of all income. Net of fee performance was calculated using actual management fees. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Composite performance is presented net of foreign withholding taxes, where applicable, for the period prior to October 1, 2016, and gross of foreign dividend withholding taxes thereafter. Composite performance accrues dividends starting October 1, 2016.

The management fee schedule is as follows: 1.00% on all assets. Actual investment advisory fees incurred by clients may vary.

Hamlin is an independent registered investment advisory firm. Hamlin invests in fixed income and equities for separately managed accounts, as well as funds. In January 2004, Hamlin merged with RRH Capital Management Inc. and the performance returns are linked. The firm maintains a complete list and description of composites, which is available upon request. A copy of our current written disclosure statement discussing our advisory services and fees continues to remain available for your review upon request.

The Equity Only Composite was created April 1, 2006. Hamlin claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Hamlin has been independently verified for the periods January 1, 2001 through December 31, 2008 by Ashland Partners & Company LLP. ACA Performance Services began verification for Hamlin on January 1, 2009 through March 31, 2021. A firm that claims compliance with the GIPS standards must establish policies and procedure for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Equity Only Composite has had a performance examination for the periods January 1, 2001 through March 31, 2021. The verification and performance examination reports are available upon request. The policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.