About Miller/Howard Investments

Miller/Howard Investments Inc. was founded in 1984 as an institutional research firm providing quantitative and technical research on large-capitalization stocks to clients such as Fidelity, CIGNA, USF&G, Delta Airlines, John Templeton, George Soros, Federal Express, and many others.* In 1989, while investigating alternatives to traditional fixed-income vehicles, we conducted a landmark study of the long-term returns of utilities as an asset class. Our research revealed the income-generating, wealth-building potential of dividends over the long term. Based on these findings, we began managing our first utilities portfolio in 1991 founded on our philosophy that internal compounding (high current dividend income plus dividend growth) is the key to building long-term wealth. We hold to the adage, "slow and steady wins the race." (Listen to The Miller/Howard Story.)

Founder Lowell Miller, a leading expert on utilities, energy, and infrastructure as well as broad market dividend-growth companies, has been a keynote speaker and member of many industry panels, has appeared on Louis Rukeyser's Wall $treet Week and Bloomberg TV, and is regularly quoted in the national financial media. The strong investment team we have built has more than 175 years of combined investment experience.

Miller/Howard Investments' headquarters in Woodstock, NY, features a rooftop array of solar panels.

Our evolution has been significantly influenced by the results of our utility study and the concept of a repeating-business model. In May 1997, we initiated the Income-Equity Strategy, which expands that model to nearly all sectors of the market and emphasizes stable companies that have a high current yield, rising dividend, and that may contain a hidden "growth kicker" that's not built into the stock's price.

Miller/Howard continues to evolve with development of disciplined investment strategies that provide investors with various levels of current income and dividend growth generated by companies with real assets, such as MLPs, companies that provide essential services, and broad market, dividend-focused stocks.

*The clients mentioned above are former subscribers of our research service. They were not chosen based on any selective criteria other than the fact that they were subscribers. It is not known whether or not they approve or disapprove of Miller/Howard Investments Inc.

© 2018 Miller/Howard Investments, Inc.

Investment products: are not FDIC insured - May lose value - Are not bank guaranteed

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs, and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment, or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns — past, hypothetical, or otherwise — are not indicative of future performance. Investment Decisions: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline, or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance, and investment time horizon.

Past performance does not guarantee future results.

DISCLOSURE

Investment products: are not FDIC insured - May lose value - Are not bank guaranteed

Opinions and estimates offered constitute Miller/Howard Investments' judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. All investments carry a certain degree of risk, including possible loss of principal. It is important to note that there are risks inherent in any investment and there can be no assurance that any asset class will provide positive performance over any period of time. The material may also contain forward-looking statements that involve risk and uncertainty, and there is no guarantee they will come to pass.

The information above is from sources deemed to be reliable and is provided strictly for the convenience of our investors and their advisors. These materials are solely informational. Legal, accounting and tax restrictions, transaction costs, and changes to any assumptions may significantly affect the economics of any transaction. The information and analyses contained herein are not intended as tax, legal, or investment advice and may not be suitable for your specific circumstances; accordingly, you should consult your own tax, legal, investment, or other advisors, at both the outset of any transaction and on an ongoing basis, to determine such suitability. Any investment returns — past, hypothetical, or otherwise — are not indicative of future performance. Investment Decisions: Do not use this report as the sole basis for investment decisions. Do not select an allocation, investment discipline, or investment manager based on performance alone. Consider, in addition to performance results, other relevant information about each investment manager, as well as matters such as your investment objectives, risk tolerance, and investment time horizon.

Past performance does not guarantee future results.