Behavioral Finance 360°Behavioral View May 2015 A Tale of Two Portfolios, or More Applicably a Portfolio in Transition: Conclusion More Oil & Gas Drilling % of Energy Exposure 8% Oil & Gas Equipment & Services 15% Oil & Gas Exploration & Production 15% 38% Oil & Gas Storage & Transporta Less Sensitivity to Absolute Price of Oil 6/30/2013 0% Oil & Gas Refining & Marketing 45% Integrated Oil & Gas 18% Coal & Consumable Fuels More 6/30/2014 0% 62% % of Energy Exposure Oil & Gas Drilling 12% Oil & Gas Equipment & Services 24% Oil & Gas Exploration & Production 5% 41% Oil & Gas Storage & Transporta Less Sensitivity to Absolute Price of Oil As the price of oil collapsed, our behavioral large cap value strategy dynamically shifted energy exposure from a stance that was positioned to capture the high price of oil to one that was less susceptible to the price of oil. Below are three different periods showing the energy exposure of a Behavioral Large Cap Value representative account. The first two cuts show how we were positioned at peak oil, the last how the portfolio had shifted exposure as the price of oil declined. In the first two time periods, notice how our overall exposure to subindustries that are more levered to the absolute price of oil is little changed. Contrast this with the 12/31/14 portfolio. Note how the portfolio dynamically adjusted to sub-industries less driven by the absolute price of oil. 0% Oil & Gas Refining & Marketing 41% Integrated Oil & Gas 18% Coal & Consumable Fuels 0% 59% % of Energy Exposure More Less Sensitivity to Absolute Price of Oil Our Behavioral based strategies are specifically designed to trade on actual 12/31/2014 shifts in fundamentals and sentiment, not Oil & Gas Drilling 4% market “head fakes.” Over time more often Oil & Gas Equipment & Services 12% than not the market will go one direction in Oil & Gas Exploration & Production 0% 16% the short term only to turn on a dime and Oil & Gas Storage & Transporta 22% head the other direction. As the price of oil continues to climb the odds are increasing Oil & Gas Refining & Marketing 62% that the portfolio will self-adjust and gain Integrated Oil & Gas 0% more exposure to those sub-industries that Coal & Consumable Fuels 0% 84% have greater exposure to the absolute level Source: Sterling Capital Management Analytics of oil as it becomes more attractive to own them.

That said it is futile to try to game the investment process. As of this time, our investment process has not adjusted the portfolios due to this increase in oil price. One should be rest-assured, if the trend persists (and or the price of oil doesn’t go back down and fundamentals support an adjustment), much as we saw the adjustment occur on the way down to holdings less sensitive to the price of oil, we will likely see the portfolio positions adjust and ultimately own more names that are levered to the absolute price of oil. FOR INSTITUTIONAL USE ONLY.

NOT TO BE DISTRIBUTED OR COMMUNICATED TO THE GENERAL PUBLIC The opinions contained in the preceding commentary reflect those of Sterling Capital Management LLC, and not those of BB&T Corporation or its executives. The stated opinions are for general information only and are not meant to be predictions or an offer of individual or personalized investment advice. This information and these opinions are subject to change without notice.

Any type of investing involves risk and there are no guarantees. Sterling Capital Management LLC does not assume liability for any loss which may result from the reliance by any person upon such information or opinions. 4 .