CDK Global, Inc.

Clarkston Capital Partners' (CCP) investment approach is based on a quality and value investment philosophy. The firm's equity investment philosophy is based on the belief that the best way to achieve long-term stock portfolio performance is to buy quality companies that are undervalued in the market. The primary objective of CCP's fixed income philosophy is capital preservation. The firm's equity strategies include: the Clarkston Small-Mid Cap Equity Strategy, the Clarkston Large-Cap Equity Strategy, and the Clarkston Dividend Strategy. All strategies are governed by the firm's disciplined investment methodology which results in a concentrated portfolio of quality businesses. CCP invests in stocks of individual quality companies with sustainable competitive advantages resulting in consistently high Cash Returns on Net Operating Assets (CRONOA) and management teams capable of generating high returns on capital. When appropriate,CCP's fixed income portfolios are constructed to minimize risk while generating consistent cash flow. Clarkston Capital invests primarily in municipal state general obligations rated at least AA by the major rating agencies, U.S. Treasuries and high grade corporate bonds issued by firms with strong balances sheets, sustainable competitive advantages and consistent free cash flow generation. All fixed income holdings will be investment grade or better at the time of investment and current maturities will be less than 10 years.

RRAM employ a highly disciplined, proprietary investment approach which they refer to as \"Absolute Value.\" The strategy incorporates the most proven and enduring principles of value equity investing, with a specific avoidance of the pitfalls associated with the common Deep Value and Relative Value investment styles. The objective of this approach is to generate attractive, sustainable, low volatility returns over the long-term, with emphasis on minimizing downside portfolio risk. Their approach is based on four principal tenants: a focus on excellent companies trading at compelling prices; bottom-up portfolio construction; a focus on less efficient areas of the equity market; and risk aversion. RRAM's strategies include: Small Cap Value and Small-Mid Cap Value; Dividend All-Cap Value and Dividend All-Cap Value II; Long-Short Equity; and Focused Absolute Value.

TSW uses a combination of fundamental and quantitative analysis as the basis for their investment processes. Their typical assignments involve a specific strategy, such as \"mid-cap value\" or \"core plus fixed income\" in which they use a variety of equity and/or fixed income processes to select securities that are designed to outperform a specific industry benchmark. In other instances, usually for high net-worth clients, the strategies may be combined in order to produce a \"balanced portfolio\" to meet a specific client asset allocation objective or industry benchmark. TSW's strategies include: Equity (Domestic and International), Strategic High Income, Fixed Income, Custom Balanced, and WPS (long/short equity).