(PUB) Investing 2015

7

Septemb er 2015

Morningstar FundInvestor

Data through August 31, 2015 FINRA members: For internal or institutional use only. Sound Shore Investor

Ticker SSHFX

Yield 0.5%

Total Assets $2,181 mil

Mstar Category Large Value

Benchmark 1: Russell 1000 Value TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 08-06-15 „

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Above Avg QQQQ Above Avg

4 4 4 1 1 4 4 1

20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive ¶ Neutral

10.0

Performance

People Parent

Performance Quartile (within Category)

* ( * * * ( ) & & * ( 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 08-15 36.63 39.19 35.68 22.76 28.58 31.82 29.53 34.91 49.05 48.79 45.84 6.80 16.56 2.58 -35.60 26.64 12.13 -6.18 19.32 41.53 11.76 -5.58 -0.25 -5.69 2.75 1.25 6.95 -3.37 -6.57 1.81 9.00 -1.70 0.54 1.89 0.76 -2.92 1.40 0.18 -2.93 -8.29 3.32 9.14 -1.93 -2.70 0.18 0.57 0.54 0.72 0.96 0.71 1.05 1.03 0.92 2.06 0.51 6.62 15.99 2.04 -36.32 25.69 11.42 -7.23 18.29 40.61 9.69 -6.09 0.07 0.21 0.21 0.26 0.22 0.20 0.33 0.30 0.32 1.01 0.25 2.51 3.30 4.33 0.00 0.00 0.00 0.00 0.00 0.00 5.06 0.00 0.99 0.92 0.92 0.92 0.94 0.94 0.94 0.94 0.93 0.92 . 0.20 0.54 0.50 0.80 0.89 0.66 0.69 0.89 0.77 1.92 . 35 71 44 37 30 69 86 6 2 30 58

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 08-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

5.09 -1.40 -19.19 12.05 -6.18 14.93 -4.86 4.70 4.22 19.32 11.60 6.40 7.46 10.91 41.53 3.57 5.01 -0.19 2.96 11.76

.

62

66

84

111

97

64

61

56

44

47

2,265 2,880 2,738 1,623 2,117 1,930 1,592 1,498 2,067 1,788 1,555

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-15 Total Stocks: 37 Share change since 12-31-14

0.90 -0.32

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Western Asset Instl US Tr T The AES Corporation Thermo Fisher Scientific T American International Gr T General Electric Co

—

— 4.90

1 Yr 3 Yr 5 Yr

-4.67 16.92 15.03

3 Mo 6 Mo

-8.47 -1.04 -2.55 -8.16 -1.43 -2.84 -4.67 -1.19 -5.15 16.92 3.00 2.60 15.03 0.35 -0.84 6.56 0.38 -0.60 6.96 0.95 2.80

78 9,153 80 9,184 63 9,533 2 15,982 16 20,140 26 18,872 20 27,424

Utilities Industrl

-10.68 3.26 0.04 3.05 0.30 3.04 8.18 2.93 -0.57 2.91 — 2.91 -0.96 2.90 -8.11 2.88 -4.48 2.87 -11.69 2.78 -8.24 2.76 -4.31 2.67 -17.71 2.66 1.05 2.66 -17.25 2.66 — 2.67 46.06 1.23 3.83 1.39 12.98 2.66 26.56 1.04 2.69 0.60 34.09 0.91 5.47 1.96 3.07 0.23 3.21 0.32 22.34 2.02 19.84 0.79 2.63 0.36 13.77 1.15 3.44 0.58 — 2.82 % of Stocks Rel Bmark 1

High QQQQQ High QQQQ Avg QQQQ

High

+Avg +Avg

1 Yr

Hlth Care Finan Svcs Finan Svcs Finan Svcs Finan Svcs Finan Svcs Hlth Care Finan Svcs Finan Svcs Technology Comm Svcs Cnsmr Cyc Finan Svcs Cnsmr Cyc Energy

10 Yr Incept

6.56

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

10.97

Y Aon PLC

T BP PLC ADR T Citigroup Inc

Other Measures

Standard Index

Best Fit Index

Alpha

1.0

0.6

T Bank of America Corporati T Capital One Financial Cor

Beta

1.10

1.10

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

89

90

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

15.44 14.01

3

1.26 0.89 0.98

54 50 53

Oracle Corporation

Technology -16.59 2.84

14 23

Standard Deviation

11.15 16.92

T Sanofi ADR T Invesco Ltd T CIT Group Inc T Microsoft Corp

5.51

Mean

Sharpe Ratio

1.46

Potential Capital Gain Exposure: 26% of assets

Morningstar's Take by Gregg Wolper 08-06-15 Sound Shore Fund's consistent, moderate strategy, impressive continuity of management, and strong long- term performance give it a Morningstar Analyst Rating of Silver. This fund is value-oriented and focused, holding about 40 stocks. But with both aspects managers Harry Burn, Gibbs Kane, and John DeGulis take a restrained approach. They say they don't look for turnaround candidates at lowest ebb, because the risk is too great that such firms won't recover. So they wait until signs of improvement appear, and then invest, willing to forgo the first gains. Similarly, while the portfolio is compact, no stock gets more than 3.5% of assets, so one error won't inflict too much damage. Burn and Kane have managed the fund for 30 years; DeGulis, who joined as an analyst in the mid-1990s, was named a manager in 2003. The four-person analyst team is also long-tenured. The team's moderate-value approach was illustrated when it sold down the fund's energy-related stocks in the second half of 2014 before and during the oil-price collapse, helping limit the pain. The managers acknowledge that they didn't foresee the

T Vodafone Group PLC ADR

T CBS Corp Class B

crash coming, but their process led them to sell Schlumberger SLB in August when it hit their price target. Once oil prices started to fall, they cut in half their stakes in Baker Hughes BHI and Weatherford International WFT in October and sold the rest by year-end. They say history shows that when Saudi authorities take serious action to restrain prices, the effects last a long time. Conversely, a recent purchase shows their willingness to jump into a complex situation. They say they bought Merck MRK because several new drugs in the pipeline show promise, though the rewards won't arrive soon, and because of a reduction of concern about an existing drug, in addition to an appealing dividend and balance sheet. This fund's returns haven't beaten the S&P 500 over the five- and 10-year periods through July 31, 2015, which is disappointing. But it was doing so before value stocks vastly underperformed during the past year. And it is in the large-value Morningstar Category's top quartile for all standard periods beyond one year. It's worth a look.

T Citizens Financial Group Y International Paper Co T Applied Materials Inc

Technology -34.25 2.64

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Market Cap % Giant 42.2 Large 35.9 Mid 21.9 Small 0.0 Micro 0.0 Avg $mil: 44,892

Value Blend Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings 16.06

0.99 0.94 0.89 1.07 0.85 1.15 0.41 0.35 -0.63 0.70

Price/Book Price/Sales

1.82 1.21

Price/Cash Flow 9.19 Dividend Yield % 2.38

Growth Measures

% Rel Category

Long-Term Erngs 10.24

Book Value

2.01 0.76 -2.39

Composition - Net

Sales

Cash 4.9 Stocks 95.0 Bonds 0.0 Other 0.2 Foreign 11.6 (% of Stock)

Address:

Sound Shore Fund Inc Columbus, OH 43219

Minimum Purchase: Min Auto Inv Plan:

$10000 Add: — IRA: $2000

Cash Flow

$10000 Add: $50

Historical Erngs 2.79

800-551-1980

Sales Fees:

No-load

Web Address:

www.soundshorefund.com

Management Fee:

0.75%, 0.03%A

Profitability

%

Inception:

05-17-85

Actual Fees:

Mgt:0.75% Dist:—

Return on Equity Return on Assets

15.76

Advisor:

Sound Shore Management Inc

Expense Projections: Income Distribution:

3Yr:$293 5Yr:$509 10Yr:$1131

6.59

Subadvisor:

None

Semi-Annually

Net Margin

14.41

A

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©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.