Our Philosophy
High
Quality
Stocks
+
High
Dividend
Yield
+
Dividend
Growth
=
Income and Opportunity

We believe that financially strong companies with rising dividends offer the most consistent performance as well as the highest added value. Over the long term, numerous studies have shown that dividend-paying stocks outperform non-dividend-paying stocks, and companies that increase their dividends generally perform the best.

Stock prices may fluctuate, but dividends are always positive, and over time, increases in dividends can induce increases in the price of the equity generating those dividends.

"High quality" is an assessment we make based on many factors, including balance sheet strength plus a company's ESG (Environmental, Social, and Governance) policies and practices. Our overall investment philosophy drives our objectives — to generate total returns in line with or better than the broad equity market and to provide a high and rising stream of income with modest volatility and low correlation.

Infrastructure assets provide the framework for economic growth and social development. They are the core and the essence of a modern economy. Growth of the economy and markets is dependent on the services they provide. We believe we are at the beginning of a considerable wave of investment in real productive infrastructure assets.

In addition, MLPs are a fine example of our firm's basic investment philosophy: High Quality Stocks + High Yield + Growth Of Yield = High Total Return. Numerous studies, including our own, show that financially strong stocks with rising dividends offer the most consistent performance, as well as the highest added value. Focusing on MLPs with growth of distributions provides many benefits to investors: inflation hedge, ability to meet annual expenses from income alone, and positive signal from management about future prospects for a company, to name a few. See our strategies.

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© 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.