CORBYN INVESTMENT MANAGEMENT, INC.

INVESTMENT PROGRAMS

Strategic Value — The objective of this investment program is primarily capital appreciation with some income generation. To achieve this goal, equity and fixed income holdings will tend to be in fewer, more concentrated positions compared to other Corbyn account types. This account strategy may also experience a higher rate of turnover and on occasion we may invest a substantial portion of the account in “event-driven” equity or fixed-income securities such as workouts and special situations.

Capital Appreciation — The objective of this investment program is capital appreciation with some income generation. The account is invested primarily in equity securities, but will also have exposure to fixed income securities. That exposure will focus both on securities capable of providing equity-like returns as well as fixed income securities where the primary attribute is the generation of attractive fixed income streams. Income generation is a secondary consideration.

Balanced — The objective of this investment program is capital appreciation, with income generation an important, but secondary, goal. Balanced accounts, the largest number of accounts managed by Corbyn, are invested in both equity and fixed income securities. The relative weighting between these security types will vary depending on available investment opportunities and market conditions. The ratio of equity to fixed income investments is lower than that of the capital appreciation account classification.

Income Oriented — The primary objective of this investment program is to generate current income, with the achievement of capital appreciation a secondary consideration. To attain this objective, Corbyn invests primarily in fixed income investments with either income or capital appreciation potential. Equity investments may be included; however, they will comprise a much smaller portion of the portfolio.

Strategic Income — The principal objective of this investment program is total return, primarily resulting from current income, but also some capital appreciation. To accomplish this objective, we employ a flexible strategy of investing in fixed income securities including convertible bonds, corporate bonds, and preferred stocks. There is a heavy emphasis on high-yielding convertible bonds, where the focus is on the yield-to-expected-maturity, not the conversion feature of the bonds. The goal is to achieve total returns that are less dependent upon general interest rate moves with low correlation to movements in the equity markets.