Miller/Howard Investments, Inc.

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, œslow and steady wins the race. Founder Lowell Miller, a leading expert on utilities, energy, and listed 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 150 years of combined investment experience. The mission of Miller/Howard Investments is to give our clients, whether individual or institutional, a realistic way to achieve their short- and long-term financial goals. Our boutique firm provides investment vehicles that generate sustainable income and opportunity for appreciation, derived from stocks that have solid current dividend yield and strong dividend growth. We do rigorous research to seek out high-quality companies that are contributing to the economy in meaningful ways, and have demonstrated a strong commitment to good governance, the environment, and social responsibility.