Opinions are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

© 2017 Smead Capital Management (SCM), All Rights Reserved.www.smeadcap.com

3rd Quarter 2017 Webcast

Smead Value Fund

This material is provided for informational purposes only and should not be construed as investment advice. Forecasts and opinions reflect the personal

judgments of the presenter and may not reflect those of Smead Capital Management. Statements and opinions are subject to change.

2

Today’s Agenda

Performance, Characteristics and Top 10 HoldingsCole Smead, CFA, Portfolio Manager

Featured Stock: Target Corp.Tony A. Scherrer, CFA, Portfolio Manager

Buying Value in a Good Ol' Bull MarketBill Smead, Lead Portfolio Manager

*Institutional Shares were renamed I1 shares on 11/21/2014 with a new ticker SVFFX

Investor Shares Gross Expense Ratio 1.26%A Shares Gross Expense Ratio 1.22%I1 Shares Gross Expense Ratio 1.00%

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877-807-4122. Performance for SVFAX (w/load) reflects maximum sales charge of 5.75%. Performance for SVFAX does not reflect maximum sales charge of 5.75%. If reflected, the load would reduce the performance amount quoted. SVFAX appliesa maximum Deferred Sales Charge on Class A shares only to purchases of $1,000,000 or more that are redeemed within 18 months ofpurchase. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

Investor Class shares of the Fund commenced operations on January 2, 2008. I1 Class shares of the Fund commenced operations on December 18, 2009. Performance shown for I1 Class shares prior to its inception reflects the performance of Investor Class shares. Class A shares of the Fund commenced operations on January 24, 2014. Performance shown for Class A shares prior to its inception reflects the performance of Investor Class shares, adjusted to reflect Class A expenses.

Performance data is annualized for periods longer than one year. Performance data is cumulative for periods shorter than one year.3

Quarter-End PerformanceTotal Returns (%) as of September 30, 2017

Qtr YTD 1 Year 3 Year 5 YearSince

Inception

Smead Value Fund Investor Class (SMVLX) 4.85% 15.68% 20.42% 9.17% 14.03% 8.23%

Smead Value Fund A Share w/ load (SVFAX) -1.15% 9.06% 13.57% 7.06% 12.61% 7.40%

Smead Value Fund A Share w/o load (SVFAX) 4.88% 15.73% 20.51% 9.19% 13.96% 8.06%

Smead Value Fund I1 Share Class (SVFFX)* 4.93% 15.92% 20.74% 9.47% 14.33% 8.44%

Russell 1000 Value Index 3.11% 7.92% 15.12% 8.53% 13.20% 6.72%

S&P 500 Index 4.48% 14.24% 18.61% 10.81% 14.22% 8.01%

Past performance does not guarantee future results. P/E: Price to earnings ratio.4

Smead Value FundKey Facts and Characteristics as of September 30, 2017

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. 5

Smead Value FundTop Ten Holdings as of September 30, 2017

4.42%

4.43%

4.85%

4.89%

5.19%

5.42%

5.44%

5.68%

6.08%

6.16%

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00%

Walgreens Boots Alliance Inc

Lennar Corp

Aflac Inc

eBay Inc

Bank of America Corporation

JPMorgan Chase & Co

American Express Co

Berkshire Hathaway Inc B

Amgen Inc

NVR Inc

Percentage of Fund

Current and future holdings are subject to change at any time and are not recommendations to buy or sell any security. 6

Portfolio Additions / DeletionsThird Quarter 2017

> Buys:– The Kroger Co. (KR)

> Adds to position weightings:– Target Corp. (TGT)– Walgreens Boots Alliance Inc. (WBA)

> Trims to position weightings:– eBay Inc. (EBAY)– NVR Inc. (NVR)– PayPal Holdings Inc. (PYPL)– Scripps Networks Interactive Inc. A (SNI)

7

Today’s Agenda

Performance, Characteristics and Top 10 HoldingsCole Smead, CFA, Portfolio Manager

Featured Stock: Target Corp.Tony A. Scherrer, CFA, Portfolio Manager

Buying Value in a Good Ol' Bull MarketBill Smead, Lead Portfolio Manager

CFA is a registered trademark owned by the CFA Institute.

Past performance is no guarantee of future results. Current and future holdings are subject to change at any time and are not recommendations to buy or sell any security. 8

1. Meets an economic need

2. Strong competitive advantage (wide moats or barriers to entry)

3. Long history of profitability and strong operating metrics

4. Generates high levels of free cash flow (FCF)

5. Available at a low price in relation to intrinsic value

Featured Stock: Target Corp.

Our Eight Criteria

Favored, but not required

Required over entire holding period

May also relate to timing/portfolio weighting

For companies that don’t meet one of these, we believe our required criteria will ultimately correct or overwhelm.

6. Management’s history of shareholder friendliness

7. Strong balance sheet

8. Strong insider ownership(preferably with recent purchases)

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Featured Stock: Target Corp.Target Corp.: Meets an Economic Need

Past performance is no guarantee of future results. Source: https://corporate.target.com/press/corporatehttps://corporate.target.com/annual-reports/2016/financials/financial-highlights

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Featured Stock: Target Corp.Target Corp.: Meets an Economic Need

Past performance is no guarantee of future results. Source: https://corporate.target.com/press/corporate

Past performance is no guarantee of future results. Source: https://corporate.target.com/press/corporate11

Featured Stock: Target Corp.Target Corp.: Strong Competitive Advantage

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Featured Stock: Target Corp.Target Corp.: Long History of Profitability & Operating Metrics

Past performance is no guarantee of future results. Source: Factset. ROA: Return on Assets, ROE: Return on Equity, ROTC: Return on Total Capital, and ROIC: Return on Invested Capital. Data for the time period 1/1/2012-1/31/2017.

13

Featured Stock: Target Corp.Target Corp.: High Levels of Free Cash Flow

Past performance is no guarantee of future results. Source: Factset. Cash flow chart data for the time period 1/1/2010-7/31/2017. Use of cash chart data for the time period 1/1/2012-1/31/2017.

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Featured Stock: Target Corp.Target Corp.: Low Price in Relation to Intrinsic Value

Past performance is no guarantee of future results. Source: Bloomberg. Data for the time period 1/1/1998-9/30/2017.

Pric

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Featured Stock: Target Corp.Target Corp.: History of Shareholder Friendliness

Past performance is no guarantee of future results. Source: Bloomberg. Dividends are not guaranteed and companies that pay dividends can stop paying dividends without notice. Shares outstanding: data for the time period 1/1/2009-1/31/2017. Return chart data for the time period 1/1/1980-9/30/2017. Target Corp chart data for the time period 1/1/1997-9/30/2017.

12 M

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Featured Stock: Target Corp.Target Corp.: Strong Balance Sheet

Past performance is no guarantee of future results. Source: FactSet. CFO: cash flow from operations. Data for the fiscal years mentioned. Target’s fiscal year ends on the Saturday nearest January 31.

Past performance is no guarantee of future results. Source: EZ-Insider; Target 2017 Proxy Guidelines. Data as of 9/30/2017.17

Featured Stock: Target Corp.Target Corp.: Insider Ownership

18

Today’s Agenda

Performance, Characteristics and Top 10 HoldingsCole Smead, CFA, Portfolio Manager

Featured Stock: Target Corp.Tony A. Scherrer, CFA, Portfolio Manager

Buying Value in a Good Ol' Bull MarketBill Smead, Lead Portfolio Manager

Opinions are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security.

© 2017 Smead Capital Management (SCM), All Rights Reserved.www.smeadcap.com

Presented by:Lead Portfolio Manager Bill Smead

Buying Value in a Good Ol' Bull Market

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Agenda

S&P 500 Valuation

Composition of the S&P 500 Index

Where is the Value?

How Do We Find It?

Past performance is no guarantee of future results. Source: http://archive.fortune.com/magazines/fortune/fortune_archive/2001/12/10/314691/index.htm21

S&P 500 ValuationBuffett’s Favorite

Past performance is no guarantee of future results. Source: https://www.advisorperspectives.com/dshort/updates/2017/08/03/market-cap-to-gdp-an-updated-look-at-the-buffett-valuation-indicator. Data for the time period 1/1/1970-8/31/2017.

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S&P 500 ValuationVersus GDP

Past performance is no guarantee of future results. Source: Bloomberg. Data for the time period 1/1/1970-9/30/2017.23

S&P 500 ValuationDividend Yield Versus History

Divid

end

12 M

onth

Yie

ld -

Gros

s

Past performance is no guarantee of future results. Source: https://www.bespokepremium.com/think-big-blog/sp-500-pe-ratio-crosses-above-22/. Data for the time period 1/1/1954-1/31/2017.24

S&P 500 ValuationP/E Ratio

Past performance is no guarantee of future results. Source: https://www.forbes.com/sites/investor/2017/03/20/is-the-market-expensive-buffett-says-no/#7585d3c8704a25

S&P 500 ValuationVersus 10-Year Treasury Rates

Past performance is no guarantee of future results. Source: GMO Quarterly Letter 2Q 2017. Data for the time periods 1/1/1925-12/31/2010 and 1/1/1962-3/31/2017.26

S&P 500 ValuationJeremy Grantham / Ben Inker’s Argument

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Agenda

S&P 500 Valuation

Composition of the S&P 500 Index

Where is the Value?

How Do We Find It?

Past performance is no guarantee of future results. Source: http://www.martincp.com/value-turn-coming-june-1-2017/. Data for the time period 1/1/1997-5/31/2017.28

Composition of the S&P 500 IndexProlonged Growth Market

Pric

e

Past performance is no guarantee of future results. Source: Burton Gordon Malkiel, “A Random Walk Down Wall Street.” Data as of 12/31/1972 and 12/31/1980. Nifty Fifty refers to the 50 popular large-cap stocks on the New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks, or "Blue-chip" stocks.

29

Composition of the S&P 500 IndexNifty 50

Past performance is no guarantee of future results. Source: BigCharts. Nifty Fifty refers to the 50 popular large-cap stocks on the New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks, or "Blue-chip" stocks.30

Composition of the S&P 500 IndexNifty 50

The S&P 500 (Jan 11, 1973 –Oct 03, 1974)

was down 48%.

The Nifty Fifty fared much worse.

Coca-Cola (KO)

General Electric (GE)

Avon (AVP)

Disney (DIS)

Past performance is no guarantee of future results. Source: Bloomberg. Data for the time period 12/31/1997-3/10/2003.31

Composition of the S&P 500 IndexTech Bubble

32

Agenda

S&P 500 Valuation

Composition of the S&P 500 Index

Where is the Value?

How Do We Find It?

33

Where is the Value?Fama / French: Valuation Effects in the US – Annually 1927-2012

Past performance is no guarantee of future results. Source: Dimensional Fund Advisors (http://www.dfaus.com/philosophy/dimensions.html). In US dollars. US value and growth research index data provided by Fama/French. The S&P data are provided by Standard & Poor’s Index Services Group. US small market data provided by the Center for Research in Security Prices, University of Chicago. Non-US developed markets value data provided by Fama/French from Bloomberg and MSCI securities data. Non-US developed markets small data compiled by Dimensional from Bloomberg, Style Research, London Business School, and Nomura Securities data. MSCI World ex USA Index is gross of foreign withholding taxes on dividends; copyright MSCI 2013, all rights reserved.

Indices are not available for direct investment; therefore, their performance does not reflect the expenses associated with the management of an actual portfolio. Compound returns have an assumed rate of return, are hypothetical, and are not representative of any specific type of investment. Standard deviation is one method of measuring risk and performance, and is presented as an approximation.

34

Where is the Value?

Past performance is no guarantee of future results. Source: “Growth versus Value and Large-Cap versus Small-Cap Stocks in International Markets”; W Scott Bauman; C Mitchell Conover; Robert E Miller. Financial Analysts Journal; Mar/Apr 1998

Bauman / Conover / Miller: Valuation Effects Internationally - 1986-1996

35

Where is the Value?Dreman: Correlation of Returns by P/E Quintile

Past performance is no guarantee of future results. Source: http://www.dreman.com/about-dreman/the-potential-advantages-of-a-contrarian-strategy/. Data for the time period 1/1/1970-12/31/2010.

36

Where is the Value?Francis Nicholson: Story holds true over static holding periods

Past performance is no guarantee of future results. Source: Francis Nicholson study – shown in “Contrarian investment strategies: the next generation”, By David N. Dreman; Pg 143.

Past performance is no guarantee of future results. Source: Source: GMO, LLC White Paper – “The Trouble with Value”, by Ben Inker, July 2005.37

Where is the Value?Point of Maximum Pessimism

P/E: A Predictor of Next Year’s Earnings Growth …but Inversely Predicts Performance!

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Where is the Value?Current Market Opportunity

Past performance is no guarantee of future results. Source: Smead Capital Management and Bloomberg. P/E: Price-to-Earnings Ratio.

Past performance is no guarantee of future results. Source: Oaktree Capital memo “Yet Again?” September 7, 2017.39

Where is the Value?Marks

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Where is the Value?Homebuilders

Past performance is no guarantee of future results. Source: https://www.wsj.com/articles/what-will-the-housing-market-do-next-1491211806. Data for the time period 1/1/1960-12/31/2016. LEN (Lennar), NVR (NVR, Inc.), HD (Home Depot), CMCSK (Comcast), SNI (Scripps Networks Interactive) and DIS (Disney).

41

Where is the Value?Media

Past performance is no guarantee of future results. Source: http://www.businessinsider.com/cable-tv-subscriber-losses-q2-chart-2017-6. Data for the time period 1/1/2012 – 12/31/2016. Data for 2017 and 2018 is estimated.

Past performance is no guarantee of future results. Source: https://www.bloomberg.com/news/articles/2017-04-07/stores-are-closing-at-a-record-pace-as-amazon-chews-up-retailers. Data for the time period 1/1/2000-9/30/2017.42

Where is the Value?Retail

Past performance is no guarantee of future results. Source: Bloomberg. Data for the time period 7/15/2016-7/15/2017.43

Where is the Value?Retail

Pric

e

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Where is the Value?Healthcare

Past performance is no guarantee of future results. Source: Bloomberg. Data for the time period 1/1/1998-9/30/2017.

Rela

tive

P/E

Ratio

45

Where is the Value?Healthcare

Past performance is no guarantee of future results. Source: Bloomberg. Data for the time period 1/1/2015-9/30/2017, data estimated through 12/31/2025.

46

Agenda

S&P 500 Valuation

Composition of the S&P 500 Index

Where is the Value?

How Do We Find It?

47

How Do We Find It?

Past performance is no guarantee of future results. Source: GMO monthly data 1/1982-12/2003.

Relative Performance of High Quality U.S. Stocks vs. Low Quality

48

How Do We Find It?Benefits of Patient Capital and Higher Active Share

Past performance is no guarantee of future results. Source: http://www.thinkadvisor.com/2015/08/31/why-and-when-active-managers-shine-and-how-to-spot. Data for the time period 1/1/1995 – 12/31/2013.

49

Agenda

S&P 500 Valuation

Composition of the S&P 500 Index

Where is the Value?

How Do We Find It?

50

Today’s Agenda

Performance, Characteristics and Top 10 HoldingsCole Smead, CFA, Portfolio Manager

Featured Stock: Target Corp.Tony A. Scherrer, CFA, Portfolio Manager

Buying Value in a Good Ol' Bull MarketBill Smead, Lead Portfolio Manager

12 Month Yield is the sum of a fund's total trailing 12-month interest and dividend payments divided by the last month's ending share price (NAV) plus any capital gains distributed over the same period. Basis point: A basis point is one hundredth of one percent, used chiefly in expressing differences of interest rates.Bond Ratings: All fund securities have been rated by a Nationally Recognized Statistical Ratings Organization such as Moody’s, Standard & Poor’s or Fitch. When a bond is rated by more than one organization, Smead Value Fund uses the highest rating available. Credit quality ratings pertain to the underlying securities of the fund and not to the fund itself. Book Value: A company's common stock equity as it appears on a balance sheet, equal to total assets minus liabilities, preferred stock, and intangible assets such as goodwill.Capital expenditure, or CapEx, are funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment.Cash Flow: A revenue or expense stream that changes a cash account over a given period.Cash Flow From Operating Activities (CFO): Cash flow from operating activities is reported on the cash flow statement in a company's quarterly and annual reports.CDS Spread: The buyer of the protection in a credit default swap pays a premium to the seller, and this premium is called the CDS spread.Cash dividend coverage ratio: a ratio that helps in estimating the company’s ability to meet its dividend payouts using only operating cash flows.Debt/Equity: A measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity.Debt/Total Capital: A company's debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined.Dividend yield is represented as a percentage and can be calculated by dividing the dollar value of dividends paid in a given year per share of stock held by the dollar value of one share of stock.Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company's operating performance. Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. Fixed-charge coverage ratio: A measure of a firm's ability to meet its fixed-charge obligations.Free Cash flow: measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income. Free cash flow per share is a measure of a company's financial flexibility that is determined by dividing free cash flow by the total number of sharesoutstanding. Free cash flow to sales (FCF Sales) is a valuation ratio that measures a company's surplus cash flow against sales revenues.Free cash flow yield is an overall return evaluation ratio of a stock, which standardizes the free cash flow per share a company is expected to earn against its market price per share.Gross national product (GNP) is an estimate of total value of all the final products and services produced in a given period by the means of production owned by a country's residents.Gross margin: A company's total sales revenue minus its cost of goods sold (COGS), divided by total sales revenue.The indicated yield is a way to forecast a stock's annual dividend yield. Leverage: The relationship of debt to equity.51

Definitions

The Mortgage Credit Availability Index (MBA Index) provides the only standardized quantitative index that is solely focused on mortgage credit. It is calculated using several factors related to borrower eligibility (credit score, loan type, loan-to-value ratio, etc.). These metrics and underwriting criteria for over 95 lenders/investors are combined by MBA using data made available via the AllRegs® Market Clarity® product and a proprietary formula derived by MBA to calculate the MCAI, a summary measure which indicates the availability of mortgage credit at a point in time.MSCI World ex US Index: A market capitalization weighted index designed to provide a broad measure of equity-market performance throughout the world.Intrinsic value is the actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors.Mutual Fund Portfolio Turnover: A measure of the trading activity in the fund's portfolio of investments. In other words, how often securities are bought and sold.Net margin: is the percentage of revenue remaining after all operating expenses, interest, taxes and preferred stock dividends (but not common stock dividends) have been deducted from a company's total revenue.Nifty Fifty refers to the 50 popular large-cap stocks on the New York Stock Exchange in the 1960s and 1970s that were widely regarded as solid buy and hold growth stocks, or "Blue-chip" stocks. Operating Cash Flow (OCF): refers to the amount of cash a company generates from the revenues it brings in, excluding costs associated with long-term investment on capital items or investment in securitiesOperating margin: a margin ratio used to measure a company's pricing strategy and operating efficiency.The price-to-cash-flow ratio is the ratio of a stock's price to its cash flow per share. The price-to-book ratio (P/B Ratio) is a ratio used to compare a stock's market value to its book value.Price/Earnings (P/E): the ratio of a firm’s closing stock price & its trailing 12 months’ earnings/share. Price to tangible book value (PTBV) is a valuation ratio expressing the price of a security compared to its hard, or tangible, book value as reported in the company's balance sheet. Pretax profit margin: a company's earnings before tax as a percentage of total sales or revenues. A REIT, or Real Estate Investment Trust, is a company that owns or finances income-producing real estate. Return on assets (ROA) is an indicator of how profitable a company is relative to its total assets. Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity.Return on total capital is a profitability ratio that measures profit earned by a company using both its debt and equity capitalReturn on invested capital (ROIC) is a profitability ratio. It measures the return that an investment generates for those who have provided capital, i.e. bondholders and stockholders. Russell 1000 Index: The Russell 1000 Index is an index that represents the highest-ranking 1,000 stocks in the Russell 3000 Index, which represents about 90% of the total market capitalization of that index.S&P 500 Index: A market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation.Standard deviation is a measure of the dispersion of a set of data from its mean.The Wilshire 5000 Total Market Index: A market-capitalization-weighted index of the market value of all stocks actively traded in the US.

52

Definitions

Past performance is no guarantee of future results.

Consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The statutory and summary prospectuses contain this and other information about the Fund and is available at www.smeadcap.com or by calling 877-807-4122. Read carefully before investing.

Mutual fund investing involves risk. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund.

Information provided does not constitute investment advice and no investment decisions should be made based on any information provided. Information reflects the views of Smead Capital Management as of a particular time. Such views are subject to change without notice. Information regarding holdings, allocations and other allocations are for illustrative purposes only and may not be representative of current or future investments or allocations. This information is not a recommendation to purchase or sell a security or follow any strategy or allocation. Any forward-looking statements or forecasts are based on assumptions and actual results may vary from any statements or forecasts. While Smead Capital Management has used reasonable efforts to obtain information from reliable sources, no representations or warranties are made as to the accuracy, reliability or completeness of Fourth-party information presented in this material. This material is not to be duplicated or recreated without prior written consent of Smead Capital Management.

Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.

The Smead Value Fund is distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. and Smead Capital Management are not affiliated.

Disclosures

53

| Questions & Answers

Email info@smeadcap.com or call 877.701.2883

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SVF000304 Exp. 1/31/2018