Morningstar Direct Presentation Studio Samples Morningstar® DirectSM Presentation Studio Samples

Table of Contents

Fact Sheet Samples for Single Investments …………………………………………………………. Section 1

Workbook Samples for Multiple Investments ………………………………………………………... Section 2

Plan Report Sample ……………………………………………………………………………….. Section 3

Asset Allocation Samples…………………………………………………………………………. Section 4

Additional Samples (Asset Flows, Equity/Total Attribution and more) ………………………………… Section 5

© 2015 Morningstar, Inc. All rights reserved. Presentation Studio Fact Sheet Samples for Single Investments Monthly Manager A Analysis - As of 5/31/2012

Qualita�ve Analyst Commentary Investment Growth

This is a good loca�on to enter you custom analysis. These notes can be saved Time Period: 6/1/2007 to 5/31/2012 within the Direct product and referenced in each report or report template. 136.0 These notes can be shared across the pla�orm if you should choose. 127.0

Once a template is created and approved by compliance, or any other in house 118.0 process that may exist, it can be accessed a number of different ways. These 109.0 reports or templates can be run using a batch scheduler and distributed. These can also be accessed through a publishing tool that would allow each individual 100.0 rep to access a comparison or report template and run it on an ad­hoc basis. 91.0

All templates or reports will have the ability to combine in house research along 82.0 with customized charts, graphs and data tables. The ability to combine your qualita�ve notes and your in house data with exis�ng Morningstar data will 73.0 provide you with a very efficient way of ge�ng quality, �mely informa�on to 64.0 your field folks. We can discuss this in greater detail if interested 55.0

46.0

37.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A S&P 500 TR

Returns Drawdown 16.0 Time Period: 6/1/2007 to 5/31/2012 14.0 0.0 12.0 ­5.0

10.0 ­10.0

8.0 ­15.0

6.0 ­20.0

4.0 ­25.0

2.0 ­30.0 0.0 ­35.0 ­2.0 ­40.0 ­4.0 ­45.0 ­6.0 ­50.0

Return ­8.0 YTD 1 YR 2 YR 3 YR 4 YR 5 YR ­55.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A S&P 500 TR Manager A S&P 500 TR Rolling Performance vs. Peers Trailing Returns Time Period: 6/1/2005 to 5/31/2012 YTD 1 YR 2 YR 3 YR 5 YR 7 YR 1st to 25th Percen�le 26th Percen�le to Median 51st to 75th Percen�le 76th to 100th Percen�le Manager A 6.30 ­6.50 3.54 7.04 1.41 4.42 0.0 S&P 500 TR 5.16 ­0.41 12.00 14.92 ­0.92 3.52

25.0

50.0 Calendar Year Returns

75.0 YTD 2011 2010 2009 2008 2007 Manager A 6.30 ­16.94 15.99 15.87 ­28.21 38.49 100.0 S&P 500 TR 5.16 2.11 15.06 26.46 ­37.00 5.49 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03

Return 2009 2010 2011 2012

Manager A S&P 500 TR

Source: Morningstar Direct Monthly Manager A Analysis - As of 5/31/2012

Returns­Based Style Holdings­Based Style Holdings­Based Style Trail Time Period: 6/1/2004 to 5/31/2012 Time Period: 6/30/2005 to 5/31/2012 Giant Giant

Russell Top 200 Russell Top 200 Value TR USD Growth TR USD Mid Large

Russell Mid Cap Russell Mid Cap Mid Large Value TR USD Growth TR USD

Russell 2000 Russell 2000 Value TR USD Growth TR USD Micro Small Deep­Val Core­Val Core Core­Grth High­Grth Micro Small Deep­Val Core­Val Core Core­Grth High­Grth

Manager A S&P 500 TR Manager A 3/31/2012 S&P 500 TR 5/31/2012 Manager A 6/30/2005 3/31/2012 S&P 500 TR 6/30/2005 5/31/2012

Equity Sectors Por�olio Date: 3/31/2012 Cons So�ware Hardware Media Telecom Healthcare Cons Serv Bus Serv Finl Serv Indus Mat Energy U�li�es Goods Manager A 0.00 4.14 0.49 0.00 0.00 0.00 13.04 26.56 48.57 0.31 6.89 0.00 S&P 500 TR 4.20 10.64 3.17 6.74 11.22 8.75 3.18 15.31 11.00 11.21 11.28 3.30

Risk­Reward Upside­Downside Capture Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 7.0 150.0

5.0 120.0

3.0 90.0 1.0 60.0 ­1.0

30.0 ­3.0

­5.0 0.0 Return Ra�o Capture Up 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Std Dev Down Capture Ra�o Manager A S&P 500 TR Manager A S&P 500 TR Market Performance Time Period: 6/1/2007 to 5/31/2012

Up Down Informa�on Up Down Ba�ng Period Period Alpha Beta Ra�o Capture Capture Average Percent Percent (geo) Ra�o Ra�o

Manager A 51.67 48.33 50.00 2.69 0.87 0.18 95.16 86.99 S&P 500 TR 55.00 45.00 100.00 0.00 1.00 100.00 100.00

Source: Morningstar Direct ABC Krone Investments Europa Euro

Manager A Europa - Snapshot Investment Strategy

Investment Area Europe ABC Krone Investments Europa investerer i minimum 17 selskaber. Den valgte

Annual Report Net Expense Ratio 2.15 strategi skal give porteføljemanageren mulighed for at skabe et afkast, der ligger over benchmark. Samtidigt vil restriktionerne og antallet af aktier være Exchange OMX NORDIC EXCHANGE COPENHAGEN A/S medvirkende til at fastholde et acceptabelt risikoniveau. ABC Krone Investments Primary Prospectus Benchmark MSCI Europe NR USD anbefaler en investeringshorisont på minimum 4 år, da kursudsvingene på det

Morningstar Rating Overall ÙÙÙÙ europæiske aktiemarked i perioder kan være relativt store.

Fund Legal Structure Open Ended Investment Company

Broad Category Group Equity

Base Currency Danish Krone

Region of Sale Denmark

Operations Manager Biography

Fund Size 17,334,453.32 Christian Meyer AM , Copenhagen since 9/19/2008 Annual Report Net Expense Ratio 2.15

Max Front Load 1.89

Deferred Load 0.64

Subadvised No

Closed to New Inv No

Enhanced Index No

Trailing Returns Performance

As of Date: 5/31/2012 Time Period: 6/1/2007 to 5/31/2012

Excess Return Inv Bmk1 Return 1 month -4.25 1.82 Return -4.94 -6.82 3 months -2.10 5.69 Std Dev 19.33 18.25 6 months 14.30 12.60 YTD 11.02 11.41 Excess Return 1.88 0.00 1 year 0.08 11.83 Information Ratio (arith) 0.36 3 years 11.25 3.57 5 years -4.94 1.88 R2 92.98 100.00 10 years 0.38 -0.67 Tracking Error 5.20 0.00 15 years 2.05 -1.45

Risk Market Performance

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012

Inv Bmk1 Inv Bmk1 Return -4.94 -6.82 Up Period Percent 46.67 41.67 Down Period Percent 53.33 58.33 Std Dev 19.33 18.25 Best Month 14.26 14.17 Downside Deviation 3.27 0.00 Worst Month -14.70 -12.76 Alpha 2.35 0.00 Best Quarter 18.03 18.57 Beta 1.02 1.00 Worst Quarter -21.98 -21.98 R2 92.98 100.00 Up Capture Ratio 106.98 100.00 Sharpe Ratio (arith) -0.39 -0.52 Down Capture Ratio 97.96 100.00 Tracking Error 5.20 0.00 R2 92.98 100.00

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Rolling Alpha Rolling Beta

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012

Rolling Window: 2 Years 1 Month shift Rolling Window: 2 Years 1 Month shift

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

10.0 1.4

5.0 1.2

0.0 1.0

-5.0 0.8

-10.0 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 0.6 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Alpha 2010 2011 2012 Beta 2010 2011 2012

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

Rolling Returns Performance Relative to Peer Group

Rolling Window: 2 Years 1 Month shift Peer Group (5-95%): Open End Funds - Europe/HKG/TWN/SGP - Europe Large-Cap Blend Equity 45.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 37.5 40.0 30.0 22.5 20.0 15.0 7.5 0.0 0.0 -7.5 -15.0 -22.5 -20.0 -30.0 -37.5

-40.0 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 -45.0 Return

Return -52.5 2010 2011 2012 YTD 2011 2010 2009 2008 2007

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

Rolling Excess Return Calendar Year Returns

Rolling Window: 2 Years 1 Month shift Data Point: Return

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile % of % of % of % of % of % of Peer Peer Peer Peer Peer Peer YTD 2011 2010 2009 2008 2007 10.0 Group Group Group Group Group Group Beaten Beaten Beaten Beaten Beaten Beaten

5.0 Manager A Europa 11.02 100 -8.32 75 14.36 78 27.58 37 -44.20 46 2.16 56

MSCI Europe NR USD -0.39 22 -8.08 77 11.10 47 31.60 66 -43.65 54 2.69 62

0.0 Median 1.61 -10.42 11.32 29.38 -43.94 1.61

Average 1.61 -10.59 11.30 29.58 -43.26 1.71 -5.0 5th Percentile 6.41 -3.19 19.11 39.90 -33.40 8.47

25th Percentile 3.42 -8.26 13.82 33.11 -40.82 4.16

-10.0 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 50th Percentile 1.61 -10.42 11.32 29.38 -43.94 1.61

Excess Return (geo) Excess Return 2010 2011 2012 75th Percentile -0.29 -13.05 8.55 25.71 -46.05 -0.98

95th Percentile -2.69 -17.90 3.21 18.66 -50.96 -4.73 Manager A Europa MSCI Europe NR USD

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Rolling Information Ratio Rolling Tracking Error

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012

Rolling Window: 2 Years 1 Month shift Rolling Window: 2 Years 1 Month shift

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

1.5 12.5

0.8 10.0

0.0 7.5

-0.8 5.0

-1.5 2.5

-2.3 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 0.0 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Information Ratio (arith) Information Ratio 2010 2011 2012 Tracking Error 2010 2011 2012

Manager A Europa MSCI World NR USD Manager A Europa MSCI Europe NR USD

Rolling Batting Average Rolling Down Percent Ratio

Rolling Window: 2 Years 1 Month shift Rolling Window: 2 Years 1 Month shift

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

100.0 0.9

82.3 0.7

64.6 0.5

46.9 0.2

29.2 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 0.0 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Batting Average 2010 2011 2012 Down Percent Ratio 2010 2011 2012

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

Rolling Up Percent Ratio Rolling Sharpe Ratio

Rolling Window: 2 Years 1 Month shift Rolling Window: 2 Years 1 Month shift

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 1st to 25th Percentile 26th Percentile to Median 51st to 75th Percentile 76th to 100th Percentile

1.0 0.0 0.8 25.0 0.6

0.4 50.0

0.2 75.0 0.0

-0.2 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 100.0 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Up Percent Ratio 2010 2011 2012 Sharpe Ratio (arith) 2010 2011 2012

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Relative Weights Weighting Effect

Time Period: 2/1/2012 to 4/30/2012 Time Period: 2/1/2012 to 4/30/2012

Consumer Discretionary Underperform Outperform Overweight Consumer Staples 30.00

Energy Relative Weight

Financials 5

Health Care 15.00 Industrials

2 Information Technology

4 3 Materials

Telecommunication Services 6 5 Underweight 0.00 2 Utilities

4 1 -15.0 -7.5 0.0 7.5 15.0 22.5

Attribution Detail - Selection Effect 3 1 -15.00 Time Period: 2/1/2012 to 4/30/2012

Benchmark: MSCI Europe NR USD

3.00

2.50 -30.00 -7.50 -6.00 -4.50 -3.00 -1.50 0.00 1.50 3.00 4.50 6.00 7.50 2.00 Relative Return

1.50

1.00 Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Financials -14.49 -4.52 0.70 1 Health Care -6.86 3.06 -0.21 0.50 2 Consumer Discretionary 9.43 4.26 0.41 2 Consumer Staples -1.87 7.13 -0.14 0.00 3 Energy -12.17 -2.97 0.37 3 Information Technology 6.13 -0.37 -0.09 -0.50 4 Telecommunication Services -6.51 -5.35 0.36 4 Materials 5.68 -0.87 -0.01

Selection Effect -1.00 Consumer Consumer Energy Financials Health Industrials Information Materials TelecommunicationUtilities Unclassified 5 Industrials 20.72 0.70 0.15 5 Unclassified -0.02 4.12 0.00 Discretionary Staples Care Technology Services GICS Sector 6 Utilities -0.03 -2.77 0.01 Manager A Europa

Manager A Europa - Market Performance Cumulative Attribution Effects

Time Period: 6/1/2007 to 5/31/2012 Time Period: 2/1/2012 to 4/30/2012

Inv Bmk1 GICS Sector- Cumulative Attribution Effects Attribution Effect % Cumulative Allocation Effect Excess Return 1.88 0.00 12.00 Cumulative Selection Effect Cumulative Interaction Effect Alpha 2.35 0.00 9.00 Cumulative Active Return

R2 92.98 100.00 6.00

Tracking Error 5.20 0.00 3.00

Information Ratio (arith) 0.36 0.00

Treynor Ratio (arith) -7.38 -9.41 -3.00

Up Capture Ratio 106.98 100.00 -6.00

Down Capture Return -3.81 -3.89 4.00

Attribution Effects Up Number Ratio 0.96 1.00 Allocation Effect 2.00 Selection Effect Down Number Ratio 0.89 1.00 Interaction Effect 0.00 Active Return Up Percent Ratio 0.68 0.00 -2.00

Down Percent Ratio 0.51 0.00 2-29-2012 3-31-2012 4-30-2012

Batting Average 58.33 100.00

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Investment Growth 12 mths Relative Cumulative Performance 12 mths.

Time Period: 6/1/2011 to 5/31/2012 Time Period: 6/1/2011 to 5/31/2012

105.0 12.6%

102.5 11.2%

9.8% 100.0

8.4% 97.5 7.0% 95.0 5.6% 92.5 4.2% 90.0 2.8%

87.5 1.4%

85.0 0.0%

82.5 -1.4%

80.0 -2.8% 6/2011 7/2011 8/2011 9/2011 10/2011 11/2011 12/2011 1/2012 2/2012 3/2012 4/2012 5/2012 6/2011 7/2011 8/2011 9/2011 10/2011 11/2011 12/2011 1/2012 2/2012 3/2012 4/2012 5/2012

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

Investment Growth 36 mths. Relative Cumulative Performance 36 mths.

Time Period: 6/1/2009 to 5/31/2012 Time Period: 6/1/2009 to 5/31/2012

145.0 16.5%

140.0 13.8%

11.0% 135.0

8.3% 130.0 5.5% 125.0 2.8% 120.0 0.0% 115.0 -2.8%

110.0 -5.5%

105.0 -8.3%

100.0 -11.0%

95.0 -13.8% 8/2009 11/2009 2/2010 5/2010 8/2010 11/2010 2/2011 5/2011 8/2011 11/2011 2/2012 5/2012 8/2009 11/2009 2/2010 5/2010 8/2010 11/2010 2/2011 5/2011 8/2011 11/2011 2/2012 5/2012

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

Investment Growth 60 mths. Relative Cumulative Performance 60 mths.

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012

106.8 8.4% 100.0 7.0%

93.3 5.6%

86.5 4.2%

79.8 2.8%

73.0 1.4%

66.3 0.0%

59.5 -1.4%

52.8 -2.8%

46.0 -4.2%

39.3 -5.6%

32.5 -7.0% 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

GICS Sectors Asset Allocation

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012

Inv Bmk1 %

Energy % 0.00 11.70 Stock 97.5

Materials % 16.44 9.59 Bond 0.0

Industrials % 32.27 10.78 Cash 2.5

Consumer Discretionary % 17.35 8.93 Other 0.0

Consumer Staples % 12.36 15.21 Total 100.0

Healthcare % 4.74 12.47

Financials % 4.79 17.31

Information Technology % 7.83 2.93

Telecom Services % 0.00 6.46

Utilities % 4.23 4.64

Top Holdings Holdings-Based Style Trail

Portfolio Date: 5/31/2012 Time Period: 6/30/2007 to 5/31/2012

Position Market Portfolio Style Box Sector t Value Weighting % (mil)

Air Liquide SA É Industrial Materials 10.43 8.08 ge Gian

Rolls-Royce Holdings PLC É Industrial Materials 10.42 8.07 id Lar Johnson Matthey PLC È Industrial Materials 10.26 7.95

Reckitt Benckiser Group PLC É Consumer Goods 10.23 7.92 mall M

Spectris PLC Ì Consumer Goods 9.86 7.63 Micro S SGS Ltd. É Software 6.31 4.89 Deep-Val Core-Val Core Core-Grth High-Grth

Bunzl PLC Ë Business Services 6.24 4.83 Manager A Europa 6/30/2007 5/31/2012 MSCI Europe NR USD 6/30/2007 5/31/2012

Aggreko PLC É Business Services 6.16 4.77 Returns-Based Style

Svenska Handelsbanken È Financial Services 6.02 4.67 Time Period: 6/1/2007 to 5/31/2012

Novo Nordisk A/S É Health Care 5.97 4.62

Prosegur SA Security Company Ì Business Services 5.87 4.55

Burberry Group PLC É Consumer Goods 5.77 4.47 MSCI AC MSCI AC Americas PR Europe PR Swatch Group AG É Consumer Goods 5.67 4.39 USD USD

Hennes & Mauritz AB É Consumer Services 5.64 4.37

SKF, Group È Industrial Materials 5.62 4.35

Ebro Foods S.A Ê Consumer Goods 5.34 4.14 MSCI AC Far MSCI Japan East Ex Japan PR USD Fortum Oyj Ç Utilities 5.33 4.13 PR USD

Ekornes ASA Í Consumer Goods 4.78 3.70 Manager A Europa MSCI Europe NR USD

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Price Multiples Style Exposure

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012

Inv Bmk1 Inv Bmk1

P/E Ratio (TTM) (Long) 14.80 9.76 Equity Style Large Cap % 74.51 89.45

P/B Ratio (TTM) (Long) 2.94 1.27 Equity Style Mid Cap % 21.69 10.21 Equity Style Small Cap % 3.80 0.35 P/S Ratio (TTM) (Long) 1.72 0.71 Equity Style Value % 12.27 40.31 P/C Ratio (TTM) (Long) 12.12 6.00 Equity Style Core % 22.35 28.59 Debt to Capital % (trailing) (Long) 38.45 36.22 Equity Style Growth % 65.38 31.10 Net Margin % (trailing) (Long) 13.47 11.93 Market Cap Giant % 25.62 58.82 ROA % (TTM) (Long) 10.62 7.17 Market Cap Large % 48.89 30.57

ROA % (TTM) (Long) 10.62 7.17 Market Cap Mid % 21.69 10.26

ROE % (TTM) (Long) 23.10 20.07 Market Cap Small % 3.80 0.13

Average Market Cap (mil) (Long) 9,146.62 27,346.80 Market Cap Micro % 0.00 0.22

Relative to Peer Group Holding Based Equity Style Valuation

Peer Group: Open End Funds - Europe/HKG/TWN/SGP - Europe Large-Cap Blend Equity Time Period: 6/1/2007 to 5/31/2012

100.0 1st to 25th Percentile 26th Percentile to Median 51st to 75th Percentile 76th to 100th Percentile 90.0 0.0 80.0

70.0 25.0 60.0

50.0

50.0 40.0

30.0

75.0 20.0

10.0

100.0 0.0 Expense Ratio Turnover Ratio % Fund Size Manager Tenure (Longest) Manager Tenure (Average) 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A Europa MSCI Europe NR USD Value % Core % Growth %

Return Based Historical Style Exposure Holding Based Equity Style Capitalization

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012

100.0 100.0

90.0 90.0

80.0 80.0

70.0 70.0 60.0 60.0 50.0 50.0 40.0 40.0 30.0 30.0 20.0 20.0 10.0

10.0 0.0 8/2009 11/2009 2/2010 5/2010 8/2010 11/2010 2/2011 5/2011 8/2011 11/2011 2/2012 5/2012 0.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 MSCI AC Americas USD MSCI AC Europe USD MSCI AC Far East Ex Japan USD MSCI Japan USD Large Cap % Mid Cap % Small Cap %

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Asset Allocation

Time Period: 6/1/2007 to 5/31/2012

100.0

90.0

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Stock Bond Cash Other

Equity Regional Exposure

Time Period: 6/1/2007 to 5/31/2012

100.0

87.5

75.0

62.5

50.0

37.5

25.0

12.5

0.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

North America % Latin America % United Kingdom % Europe dev % Europe emrg % Africa/Middle East % Australasia % Japan % Asia dev % Asia emrg %

Equity Sectors (GICS)

Time Period: 6/1/2007 to 5/31/2012

100.0

87.5

75.0

62.5

50.0

37.5

25.0

12.5

0.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Energy % Materials % Industrials % Consumer Discretionary % Consumer Staples % Healthcare % Financials % Information Technology % Telecom Services % Utilities %

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

Turnover Ratio # Holdings

Time Period: 1/1/2008 to 12/31/2011 Time Period: 6/1/2007 to 5/31/2012 150.0 166.0

129.0 100.0

92.0

50.0 55.0

0.0 18.0 2008 2009 2010 2011 2007 2008 2009 2010 2011 2012 Turnover Ratio % Turnover Ratio Stock Holdings (Long) # of

Manager A Europa Manager A Europa

Net Expense Ratio (TER) AUM

Time Period: 1/1/2008 to 12/31/2011 Time Period: 6/1/2007 to 5/31/2012 2.5 20,000,000.0

18,000,000.0 2.0

16,000,000.0 1.5 14,000,000.0 1.0 12,000,000.0

Ratio 0.5 10,000,000.0

0.0 8,000,000.0 2008 2009 2010 2011 2007 2008 2009 2010 2011 2012 Annual Report Net Expense Annual Report Total Market Value(Long)

Manager A Europa Manager A Europa

P/E (TTM) P/B (TTM)

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 25.0 4.0

3.5 20.0 3.0

15.0 2.5

2.0 10.0 1.5

5.0 1.0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 P/E Ratio (TTM) (Long) P/E Ratio (TTM) P/B Ratio (TTM) (Long)

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD ABC Krone Investments Europa Euro

P/S (TTM) P/C (TTM)

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 2.0 14.0

1.8 12.0

1.5 10.0 1.3 8.0 1.0

6.0 0.8

0.5 4.0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 P/S Ratio (TTM) (Long) P/S Ratio (TTM) P/C Ratio (TTM) (Long)

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

LT Earnings Growth Net Margin

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 12.5 16.0

10.0 14.0

7.5 12.0

5.0 10.0 ) rowth (Long) 2.5 8.0

0.0 6.0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 Equity Style Factor LT Earn G Equity Style (trailing) (Long Net Margin %

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

ROA (TTM) ROE (TTM)

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 14.0 30.0

12.0 25.0

10.0 20.0 8.0

15.0 6.0

4.0 10.0 2007 2008 2009 2010 2011 2012 2007 2008 2009 2010 2011 2012 ROA % (TTM) (Long) ROA % (TTM) (Long) ROE %

Manager A Europa MSCI Europe NR USD Manager A Europa MSCI Europe NR USD

ABC Krone Investments Europa Return Date: 5/31/2012 MSCI Europe NR USD Benchmark 1: S&P 500 Manager A Return Date: 5 Years Ending 9/30/2011 Portfolio Date: 9/30/2011

Risk/Reward Performance

Inv Bmk1 Cat Avg 37.50 Return 2.81 1.05 0.69 30.00 22.50 Std Dev 17.69 19.13 20.15 15.00 Alpha 1.73 0.00 -0.22 7.50 Beta 0.88 1.00 1.03 0.00 R2 91.20 100.00 95.13 -7.50 -15.00 Tracking Error 5.73 0.00 4.49 -22.50 Information Ratio (arith) 0.31 -0.08 -30.00 Excess Return 1.75 0.00 -0.37 -37.50 Sharpe Ratio 0.21 0.12 0.11 -45.00 Return Sortino Ratio 0.29 0.16 0.14 2001 2002 2003 2004 2007 2008 2009 2010 2011 YTD

Risk-Reward Manager A S&P 500 TR US LG Category 15.00 2001 2002 2003 2004 2007 2008 2009 2010 2011 YTD 11.00 Manager A -12.59 -9.63 27.95 15.07 19.78 -37.16 29.23 16.93 -0.14 18.13 7.00 S&P 500 TR -11.89 -22.10 28.68 10.88 5.49 -37.00 26.46 15.06 2.11 16.44 3.00 US LG Category -21.80 -27.66 28.41 7.84 13.16 -40.90 35.22 15.40 -2.56 15.94 -1.00 -5.00 -9.00 Manager A - Equity Sectors (GICS) Holdings-Based Style -13.00 Portfolio Date: 8/31/2012 Return 0.00 10.00 20.00 30.00 40.00 50.00 % Giant Std Dev Energy % 5.3

Investment Growth Materials % 3.9

120.00 Industrials % 5.0 Consumer Discretionary % 22.8

110.00 Mid Large Consumer Staples % 9.9 100.00 Healthcare % 10.7 90.00 Financials % 11.8

80.00 Information Technology % 30.4 Micro Small Deep-Val Core-Val Core Core-Grth High-Grth 70.00 Telecom Services % 0.0 Utilities % 0.1 Top 15 Holdings 60.00 Total 100.0 Portfolio 50.00 Weighting % 40.00 Asset Allocation 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 Apple Inc 9.91 Inv Bmk1 Cat Avg Google, Inc. Class A 4.95 Manager A 114.84 S&P 500 TR 105.37 US LG Category 103.93 Cash % 4.87 0.00 2.64 Berkshire Hathaway Inc Class A 3.28 Investment Strategy Coca-Cola Co 2.59 Equity % 94.91 99.73 96.75 Wells Fargo & Co 2.45 The investment seeks capital appreciation. The fund Bond % 0.16 0.00 0.50 normally invests primarily in common stocks. It Walt Disney Co 2.32 invests in securities of companies whose value the Other % 0.06 0.27 0.10 McDonald's Corporation 2.27 advisor believes is not fully recognized by the public. TJX Companies 1.97 The fund invests in domestic and foreign issuers. It Inv Bmk1 Cat Avg Noble Energy Inc 1.82 invests in either "growth" stocks or "value" stocks or Price/Earnings 19.32 14.93 18.25 both. The fund uses fundamental analysis of factors Amazon.com Inc 1.65 such as each issuer's financial condition and industry Price/Book 3.12 2.13 3.20 Colgate-Palmolive Company 1.60 position, as well as market and economic conditions to select investments. Price/Sales 2.28 1.31 1.68 Visa, Inc. 1.56 Biogen Idec Inc 1.49 Price/Cash Flow 13.17 9.08 12.26 MasterCard Incorporated Class A 1.16 Equity Style Box (Long) É È É Discovery Communications Inc Class A 1.04

Source: Morningstar Direct Norden 31 Mai 2011

Norden Caractéristiques Actif net total 341.69 Global Investment Fund Sector (GIFS) Nordic Equity Valeur Liquidative 111.96 Morningstar Rating Overall ÙÙÙÙÙ Devise Euro Performances* (as of 26/05/2011) Classification AMF Actions internationales Currency: Euro Valorisation Daily Eligible PEA Yes 1 mois YTD 3 ans 5 ans 18/06/2002 Base Currency Euro Manager A -4.56 3.80 15.38 0.00 6.86 Société de gestion 11/28/1994 MSCI Nordic Countries NR LCL -5.50 2.69 6.53 -5.53 5.48 Region of Sale European Cross-Border MSCI EMU EUR -5.51 -4.96 -2.69 -12.86 -2.67 Frais de gestion 1.99 *Ces performances sont données à titre indicatif et s'apprécient à l'issue de la durée de placement recommandée Conditions de souscriptions 4.00 (1) Depuis le 01/07/06 (anciennement Alfred Berg Nordic) 18/06/02 : reprise de la gestion Commission de rachat 0.00 Catégorie Morningstar Europe OE Nordic Equity Performances annuelles Conditions de souscription 2010 2009 2008 2007 2006 Les demandes des souscription et de rachat sont centralisées chaque jour à 11 heures et sont exécutées sur la base de la prochaine valeur liquidative. Manager A -13.44 33.83 70.85 -47.42 -0.69 Le prospectus simplifié est disponible sur simple demande auprès de la société ou sur le site internet. MSCI Nordic Countries NR LCL -15.94 24.46 34.71 -46.55 10.84 MSCI EMU EUR -17.48 -0.43 23.06 -46.58 5.32 CONTACTS Ratios de risque Souscriptions /rachats Joe Smith 01.45.13.02.89 (fax 01.44.13.09.30) 1 an 3 ans Informations complémentaires : Standard Deviation 27.04 21.70 Jane Smith 01.45.13.01.77 Tracking Error 6.33 6.00 Publication des VL www.abc.fr Information Ratio (arith) 0.52 1.44 Beta 0.98 1.01

Courbe de performance

Time Period: 6/1/2007 to 5/31/2012 120.0 110.0

100.0

90.0

80.0

70.0

60.0

50.0

40.0

30.0

20.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A 96.6 MSCI Nordic Countries NR LCL 72.5 MSCI EMU PR EUR 48.4

Les performances passées ne préjugent pas des performances futures

Norden - Equity Sectors MSCI Nordic Countries - Equity Sectors Manager A - Top Holdings

% % Position Energy % 9.4 Energy % 9.2 Market Portfolio Style Box Materials % 5.9 Materials % 7.5 Value Weighting % (mil) Industrials % 18.6 Industrials % 23.1 Novo Nordisk A/S É 20.77 5.48 Consumer Discretionary % 14.2 Consumer Discretionary % 8.3 Ericsson Telephone Company È 17.67 4.66 Consumer Staples % 7.7 Consumer Staples % 3.3 Statoil ASA Ç 17.40 4.59 Healthcare % 7.5 Healthcare % 13.1 Nordea Bank AB Ç 15.61 4.11 Financials % 14.7 Financials % 18.7 DNB ASA. Ç 14.94 3.94 Information Technology % 7.3 Information Technology % 7.5 Volvo Corporation È 13.73 3.62 Telecom Services % 12.4 Telecom Services % 7.7 Hennes & Mauritz AB É 13.40 3.53 Millicom International Cellular SA DR È 13.31 3.51 Utilities % 2.4 Utilities % 1.5 Carlsberg AS È 13.01 3.43 Total 100.0 Total 100.0 Svenska Cellulosa AB Ç 11.34 2.99

Equity Sectors Monthly Estimated Fund-Level Net Flow

Portfolio Date: 3/31/2012 Time Period: 6/1/2011 to 5/31/2012

nthly) 50,000,000.0 0.0

Equity Equity Equity Equity om Share Class (Mo Equity Equity Equity Equity Econ Econ Econ Econ Econ Econ Econ Econ Sector Sector Sector Sector Sector Sector Sector Sector -50,000,000.0 Consumer Financial Consumer Communication Healthcare % Energy % Industrials % Technology % 8/2011 11/2011 2/2012 5/2012 Cyclical % Services % Defensive % Services % el Net Flow - Aggr fr Estimated Fund-Lev

Manager A 16.05 12.75 10.68 7.46 12.36 9.45 17.70 7.28 Manager A

Note for Manager A Note for Manager A

La Sicav est gérée par ABC depuis le 31 mai 2002. Créée en 1992 à la Banque Vernes, Les marchés nordiques ont rebondi sur le mois, alors que la majorité des sociétés publiait de bons résultats pour le premier trimestre. Si le NORDEN est la seule Sicav de droit français, investie dans les actions des quatre pays portefeuille a été stimulé par les bons chiffres de SKF, Ericsson, Volvo et Millicom, il a en revanche souffert de conditions temporairement plus nordiques : Suède, Finlande, Danemark et Norvège. difficiles pour Electrolux (hausse des coûts matières), Nobia (améliorations plus lentes que prévus) et Husqvarna (problèmes de production). L’OPCVM n’a pas d’indicateur de référence. Sur la durée de placement recommandée, la La sicav a ainsi légèrement sousperformé l'indice sur la période, pénalisée également par les hausses de Sandvik et Yara dont nous sommes comparaison pourra toutefois être faite avec l’indice MSCI Nordic. absents. Suite à la forte rotation du mois de mars, la composition du portefeuille n'a que très peu varié en avril, notre seul mouvement significatif étant un renforcement en KONE, société finlandaise d'installation et de maintenance d'ascenseurs dont la valorisation ne nous semble pas refléter pleinement le potentiel de création de valeur.

Lazard Frères Gestion SAS 11, rue d’Argenson 75008 Paris – Tél : 01 44 13 01 79 – Fax : 01 44 13 09 30 Ce document est remis à titre d’information aux porteurs de parts ou actionnaires dans le cadre de la réglementation en vigueur. Les instruments ou valeurs figurant dans ce document sont soumis aux fluctuations du marché et aucune garantie ne saurait être donnée sur leur performance ou leur évolution future. Les informations contenues dans ce document n’ont pas fait l’objet d’un examen ou d’une certification par les commissaires aux comptes de l’OPCVM ou des OPCVM concernés.

Source: Morningstar Direct As of 5/31/2012

Note for Manager A Rendimiento

Esta dirigido a personas naturales, empresas Time Period: 6/1/2010 to 5/31/2012 y sociedades de inversion que buscan 31.5% 27.0% participar tanto del mercado emergente 22.5% nacional e internacional. Los recursos se 18.0% invierten en instrumentos de emisores cuyos 13.5% activos se encuentran principalmente 9.0% localizados en paises catalogados como 4.5% economias emergentes, de manera que el 0.0%

inversionista asume el riesgo que conlleva la -4.5% region, enfrentando una mayor volatilidad a -9.0%

cambio de retornos potenciales mas altos en -13.5%

el tiempo. -18.0% 8/2010 11/2010 2/2011 5/2011 8/2011 11/2011 2/2012 5/2012

Manager A -12.0 MSCI EM Latin America NR USD -4.3 Chile OE Latin America Equity -8.6 Note for Manager A Retornos

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Retorno Excess Return xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx 2008 2009 2010 YTD 2008 2009 2010 YTD xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxx Latin America Equity Manager A 89.46 8.83 -23.57 -5.68 62.99 -6.24 -25.68 -25.91

Riesgo Manager A - Operations

Time Period: 6/1/2010 to 5/31/2012 Minimum Investment 1.00 Base Currency US Dollar Sharpe Inception Date 10/8/2007 Downside Tracking Std Dev Alpha Beta R2 Ratio Management Fee 6.31 Deviation Error (arith) Max Front Load 0.00 Deferred Load 1.19 Manager A 26.43 4.06 -4.39 0.95 97.05 -0.24 4.76 Redemption Fee 0.00 Manager A - Asset Allocation Exposicion sectorial

Portfolio Date: 4/30/2012 Portfolio Date: 4/30/2012 Asset Alloc Cash % 0.04 % Equity Econ Sector Basic Materials % 17.9 Asset Alloc Equity % 97.27 Equity Econ Sector Consumer Cyclical % 4.9

Asset Alloc Bond % 0.00 Equity Econ Sector Financial Services % 19.2

Asset Alloc Other % 2.68 Equity Econ Sector Real Estate % 0.2

Equity Econ Sector Consumer Defensive % 16.4 Exposicion por pais Equity Econ Sector Healthcare % 0.1 Portfolio Date: 4/30/2012 Equity Econ Sector Utilities % 6.9 Equity Econ Sector Communication Services % 14.9 Equity Country Brazil % 53.95 Equity Econ Sector Energy % 13.8

Equity Country Chile % 11.18 Equity Econ Sector Industrials % 4.0

Equity Country Mexico % 26.21 Equity Econ Sector Technology % 1.9 Equity Country Argentina % 0.00 Total 100.0

Manager A - Top Holdings Trailing Returns

Portfolio Date: 4/30/2012 Data Point: Return

Portfolio 3 months 6 months 1 year 3 years Weighting % Manager A -17.48 -6.91 -24.22 0.93 Itau Unibanco Holding S.A. 6.58 Bank Bradesco ADR 5.08 MSCI EM Latin America NR USD -19.09 -5.72 -21.68 6.70 Companhia de Bebidas das Americas Ambev ADR 4.11 Chile OE Latin America Equity -15.13 -1.83 -22.02 4.11 Wal - Mart de Mexico, S.A.B. de C.V. ADR 3.13 Mexican Economic Development, Inc. ADR 2.88 Latin American Discovery 2.59

Returns 15.0 10.0 6.7 5.0 4.1 0.9 0.0 -5.0 -1.8 -5.7 -10.0 -6.9 -15.0 -15.1 -20.0 -17.5 -19.1 -25.0 -21.7 -22.0 -24.2

Return -30.0 3 months 6 months 1 year 3 years

Manager A MSCI EM Latin America NR USD Chile OE Latin America Equity Source: Morningstar Direct Fund Profile Report As of 3/31/2012

Manager A Russell 1000 Growth TR USD

HIGHLIGHTS Page 1 of 4

Por�olio Managers Investment Strategy

John Smith since 7/5/1995 The investment seeks long-term growth of capital. The fund invests at least 70% of its assets (net assets plus any borrowings for investment purposes) in large capitalization companies, which are companies having a Joe Thomas since 4/1/1997 market capitalization in excess of $4 billion at the time of purchase. The Subadvisor invests substantially all of the fund's investable assets in domestic securities. However, the fund is permitted to invest up to 20% of its net assets in foreign securities, which are generally securities issued by companies organized outside the Kathy Small since 4/1/1999 U.S. and traded primarily in markets outside the U.S.

Manager Biography Performance Rela�ve to Peer Group JOHN SMITH, CFA

Senior Managing Director - 17 Years Experience Peer Group (5­95%): Open End Funds ­ U.S. ­ Large Growth Joined XYZ Investments in April 1999 as a Managing Director with responsibility for research and portfolio management. John was co-head of the Technology Research Team at CYY Company in Portland from 1997-1999. For the prior four years, he was an investment banker in Top Quar�le 2nd Quar�le 3rd Quar�le Bo�om Quar�le New York City for Lehman Brothers and Bear Stearns.

Minonoa University, B.S. - 1993 120.0 Summa Cum Laude - Finance/Investments 100.0 JOE THOMAS, CFA 80.0

Por�olio Highlights 60.0

Annual Turnover % 52.0 40.0 Net Assets ($M) 16,293.16 20.0 Assets as of Date 5/31/2012 # of Holdings 64 0.0

Return ­20.0 MRQ YTD 1 year 3 years 5 years 10 years

Manager A Russell 1000 Growth TR USD Asset Alloca�on Cumula�ve Growth*

Por�olio Date: 3/31/2012 Time Period: 4/1/2005 to 3/31/2012 % 188,000 177,000 Cash 2.0 166,000

US Equity 95.0 155,000

Non­US Equity 3.1 144,000 Other 0.0 133,000 122,000 Total 100.0 111,000

100,000

89,000

78,000

67,000 2005 2006 2007 2008 2009 2010 2011

Manager A Russell 1000 Growth TR USD

*Growth of $100,000 invested 10 years ago or since inception if less than 10 years. Performance includes reinvestment of income and dividends. Not adjusted for inflation. Net of expense ratios.

This document may not be copied, distributed, shared or shown in any manner to any third party, including existing or prospective clients, service providers and other Citi personnel not authorized to receive it. Failure to comply with these restrictions is subject to penalty. Sales activities relating to any securities discussed herein may only be conducted on the basis of approved marketing materials. Past performance is not indicative of future returns.

INVESTMENT PRODUCTS: NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

INTERNAL USE ONLY - SHARING THIS INFORMATION WITH CLIENTS IN ANY MANNER IS STRICTLY PROHIBITED

Source: Morningstar Direct Fund Profile Report As of 3/31/2012

Manager A Russell 1000 Growth TR USD

PORTFOLIO SUMMARY Portfolio Date: 3/31/2012 Page 2 of 4

Por�olio Composi�on Capitaliza�on Group % Por�olio Benchmark Por�olio Benchmark Giant 37.0 45.1 # of Holdings 64 585 Large 44.1 32.9 Wtd. Avg Mkt Cap ($B) 40.0 46.4 Mid 18.9 20.7 Small 0.0 1.3 % In Top 10 33.4 29.2 Micro 0.0 0.0 Equity Characteris�cs Top 10 Holdings

Por�olio Benchmark Por�olio Sector Hist. 3YR Sales Growth 14.0 10.4 Weigh�ng % Hist. 3YR Earn Growth 23.7 18.4 Apple, Inc. Technology 5.77 Est. LT Earn Growth 15.1 12.2 Qualcomm, Inc. Technology 3.64 Hist Cash Flow Growth 28.6 14.6 Net Margin % 17.6 15.0 Visa, Inc. Financial Services 3.42 ROE % 24.5 30.5 Union Pacific Corp Industrials 3.26 ROA % 12.9 12.6 Danaher Corpora�on Industrials 3.09 Trailing P/E 18.1 15.7 UnitedHealth Group Inc Healthcare 3.07 Price­to­Book 3.3 3.6 Priceline.com, Inc. Consumer Cyclical 3.05 Price­to­Cash Flow 9.9 9.4 EMC Corpora�on Technology 2.92 Price­to­Sales 2.0 1.5 Dividend Yield 1.3 1.9 Cognizant Technology Solu�ons Corpora�on Class A Technology 2.66 Debt­to­Capital 22.8 35.7 Google, Inc. Class A Technology 2.52

GICS* Economic Sectors % GICS* Economic Sectors ­ Over/Underweights %

Por�olio Benchmark Informa�on Technology

Consumer Discre�onary 16.7 14.4 Health Care

Consumer Staples 3.2 11.9 Financials

Energy 6.4 10.0 Industrials

Financials 7.0 4.3 U�li�es

Healthcare 12.9 10.5 Consumer Discre�onary

Industrials 14.0 12.5 Telecommunica�on Services

Informa�on Technology 35.6 30.4 Materials

Materials 4.3 5.2 Energy

Telecom Services 0.0 0.8 Consumer Staples U�li�es 0.0 0.1 ­10.0 ­8.0 ­6.0 ­4.0 ­2.0 0.0 2.0 4.0 6.0 8.0 Alloca�on Effects

Time Period: 1/1/2012 to 3/31/2012 Por�olio: Manager A Benchmark: Russell 1000 Growth TR USD

Underperform Outperform Overweight 12.00

Rela�ve Weight Rela�ve 6.00 4

2 2

1 Underweight 0.00 3 5 3

­6.00

1

­12.00 ­12.50 ­10.00 ­7.50 ­5.00 ­2.50 0.00 2.50 5.00 7.50 10.00 12.50 Rela�ve Return

Best Weigh�ng Weight +/­ Return +/­ Effect Worst Weigh�ng Weight +/­ Return +/­ Effect 1 Consumer Defensive ­9.66 ­8.18 0.82 1 Industrials 0.43 ­2.94 ­0.04 2 Technology 3.79 9.98 0.37 2 Healthcare 2.92 ­0.96 ­0.03 3 Energy ­2.09 ­11.35 0.23 3 Communica�on Services ­1.09 0.64 0.00 4 Financial Services 5.55 3.39 0.16 5 Real Estate ­1.63 ­3.65 0.06

Internal Use Only - Sharing this document with existing or prospective clients in any manner is strictly prohibited

Please see Important Information Section for defintions, glossary of terms and disclosures. *GICS - Global Industry Classification Standard

Source: Morningstar Direct Fund Profile Report As of 3/31/2012

Manager A Russell 1000 Growth TR USD

PERFORMANCE & RISK ANALYSIS Return Date: 3/31/2012 Page 3 of 4

Trailing Period Returns

Since Incep�on MRQ YTD 1 year 3 years 5 years 7 years 10 years Incep�on Date

Manager A 17.26 17.26 8.91 23.76 6.90 8.80 4/1/2005 Russell 1000 Growth TR USD 14.69 14.69 11.02 25.28 5.10 6.49 4.28 10.78 12/29/1978

Calendar Year Returns

YTD 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 Manager A 17.26 ­0.19 15.65 39.73 ­38.38 21.57 7.17 Russell 1000 Growth TR USD 14.69 2.64 16.71 37.21 ­38.44 11.81 9.07 5.26 6.30 29.75 ­27.88

Performance Statistics

3 Year 5 Year 7 Year 10 Year Inv Bmk1 Inv Bmk1 Inv Bmk1 Inv Bmk1 Return 23.76 25.28 Return 6.90 5.10 Return 6.49 Return 4.28 Std Dev 18.32 16.51 Std Dev 20.26 19.33 Std Dev 16.83 Std Dev 16.40 Sharpe Ra�o 1.29 1.52 Sharpe Ra�o 0.29 0.21 Sharpe Ra�o 0.26 Sharpe Ra�o 0.15 Info Ra�o ­0.46 Info Ra�o 0.48 Info Ra�o Info Ra�o Alpha ­3.24 0.00 Alpha 1.71 0.00 Alpha 0.00 Alpha 0.00 Beta 1.10 1.00 Beta 1.03 1.00 Beta 1.00 Beta 1.00 R2 97.57 100.00 R2 96.68 100.00 R2 100.00 R2 100.00 Tracking Error 3.27 0.00 Tracking Error 3.74 0.00 Tracking Error 0.00 Tracking Error 0.00 Ba�ng Average 47.22 100.00 Ba�ng Average 55.00 100.00 Ba�ng Average 100.00 Ba�ng Average 100.00 Up Percent 66.67 66.67 Up Percent 56.67 56.67 Up Percent 55.95 Up Percent 56.67 Down Percent 33.33 33.33 Down Percent 43.33 43.33 Down Percent 44.05 Down Percent 43.33 Max Drawdown ­17.71 ­15.31 Max Drawdown ­44.99 ­47.99 Max Drawdown ­47.99 Max Drawdown ­47.99 Up Capture 104.72 100.00 Up Capture 106.36 100.00 Up Capture 100.00 Up Capture 100.00 Down Capture 120.63 100.00 Down Capture 100.48 100.00 Down Capture 100.00 Down Capture 100.00

Holdings­Based Style Trail Distribu�on of Returns

Time Period: 4/30/2002 to 3/31/2012 Time Period: 5/1/2005 to 3/31/2012 Manager A 44.0 Russell 1000 Growth TR USD nt 40.0

36.0 id Large Gia 32.0

28.0 Micro Small M Deep­Val Core­Val Core Core­Grth High­Grth 24.0 Morningstar Style Box 20.0

16.0 ag i Small Mid Large Equity Style % 1.9 10.8 68.4 12.0 Equity Style Value 2.7 0.9 0.0 18.0 8.0 Equity Style Core 10.8 4.0 0.0 0.0 0.0 Equity Style Growth 86.4 of Periods Percent

Value Blend Growth 0.0 ­20.0 ­15.0 ­10.0 ­5.0 0.0 5.0 10.0 15.0

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Please see Important Information Section for defintions, glossary of terms and disclosures. *GICS - Global Industry Classification Standard

Source: Morningstar Direct Fund Profile Report As of 3/31/2012

Manager A Russell 1000 Growth TR USD

IMPORTANT INFORMATION AND DISCLOSURES Page 4 of 4

GLOSSARY OF TERMS

Holdings Based Active Share - Active share uses holdings based analysis determine how active a manager is by measuring the percentage of stock holdings in a manager's portfolio that differ from the benchmark index. Active Share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the manager's portfolio versus the weight of each holding in the benchmark index and dividing by two.

Debt to Capital - A measurement of a company's financial leverage, calculated as the company's debt divided by its total capital. Debt includes all short-term and long-term obligations. Total capital includes the company's debt and shareholders' equity, which includes common stock, preferred stock, minority interest and net debt.

Dividend Yield - A financial ratio that shows how much a company pays out in dividends each year relative to its share price. In the absence of any capital gains, the dividend yield is the return on investment for a stock. Dividend yield is calculated by dividing the last annual dividends per share by the most recent closing price per share.

Market Capitalization - Market capitalization is the total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the latest closing price in the database.

Net Margin - Net margin is the ratio of net profits to revenues for a company or business segment - typically expressed as a percentage that shows how much of each dollar earned by the company is translated into profits. Net margin is calculated as net income divided by revenue.

Operating Margin - Operating margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt. Operating margin is calculated as operating income divided by net sales.

Price to Book - Price to book is the ratio of the share price of a publicly-traded company to its book value per share, which is the company's total asset value less the value of its liabilities.

Price to Cash Flow - Similar to the price-earnings ratio, this measure provides an indication of relative value. Because this measure deals with cash flow, the effects of depreciation and other non-cash factors are removed. Price to cash flow is calculated by dividing the most recent closing share price by the last reported annual cash flow.

Price to Earnings Ratio Actual - The P/E ratio using actual trailing earnings is calculated as the most recent closing price in the database divided by the last reported annual earnings per share.

Price to Earnings Ratio Estimate - The P/E ratio using an earnings estimate is calculated as the most recent closing price in the database divided by the street analyst mean FY1 EPS forecast.

Price to Sales - Similar to the price-earnings ratio, this measure provides an indication of relative value. Price to sales is calculated by dividing the most recent closing share price by the last reported annual sales number.

Return on Assets - An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets. Sometimes referred to as return on investment.

Return on Equity - The amount of net income returned as a percentage of shareholder's equity. Return on equity measures a corporation's profitability

Internal Use Only - Sharing this document with existing or prospective clients in any manner is strictly prohibited

Please see Important Information Section for defintions, glossary of terms and disclosures. *GICS - Global Industry Classification Standard

Source: Morningstar Direct Manager A

Investment Strategy Trailing Returns Inception Since The investment seeks a favorable long-term return, mainly QTD YTD 1 year 3 years 5 years 10 years Date Inception through capital appreciation, primarily from equity Manager A 3/31/2006 -8.09 6.58 0.97 14.89 1.52 3.16 securities. The fund normally invests at least 80% of Russell 1000 Growth TR USD 12/29/1978 -6.56 7.17 1.49 16.89 2.01 4.72 10.50 assets in large-cap equity securities. Large-cap securities US OE Large Growth 12/1/1925 -8.02 6.47 -3.26 13.71 -0.16 3.33 12.03 are securities of issuers with a capitalization equal to or 5th Percentile -5.90 10.14 4.17 19.37 4.26 6.97 greater than the top 80% of issuers by capitalization within 25th Percentile -7.09 8.09 -0.22 15.53 1.82 5.02 the Russell 1000® Index at the time of purchase. It may 50th Percentile -7.78 6.59 -2.75 13.85 0.20 4.03 invest up to 20% of total assets in foreign investments. 75th Percentile -8.70 5.00 -5.80 11.86 -1.29 3.01 95th Percentile -10.84 2.25 -10.66 9.58 -3.40 1.86 Morningstar Analyst Report Calendar Year Returns Analysis by Jessica Thomas 4/27/2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 Manager A 1.64 13.17 34.99 -41.04 21.62 Manager A is daring, but not as daring as it could be. Russell 1000 Growth TR USD 2.64 16.71 37.21 -38.44 11.81 9.07 5.26 6.30 29.75 -27.88 Manager Mary Smith will go her own way. She will US OE Large Growth -2.56 15.40 35.22 -40.90 13.16 6.94 6.70 7.84 28.41 -27.66 deviate from the benchmark, as evidenced by the fund's 5th Percentile 4.02 23.70 54.79 -32.33 28.18 16.61 16.23 17.38 45.64 -15.05 higher­than­average ac�ve share (a measure of the 25th Percentile 0.49 18.74 41.54 -37.29 18.66 11.12 11.32 12.14 33.87 -22.28 por�olio's overlap with its benchmark, the Russell 1000 50th Percentile -2.00 15.59 34.72 -40.07 13.23 7.79 7.38 9.35 29.08 -25.94 Growth Index). The fund is also less price­sensi�ve than 75th Percentile -5.00 12.69 30.22 -42.89 9.81 5.14 4.67 6.71 24.47 -29.45 peers. In aggregate, its holdings tend to be more 95th Percentile -9.31 8.91 20.53 -48.54 3.85 -0.91 1.23 2.66 19.03 -37.67 expensive than the norm on valua�on mul�ples like price/earnings. Risk Statistics Time Period: 6/1/2007 to 5/31/2012 Manager Biography Tracking Information Sharpe Treynor Excess Downside Std Dev Alpha Beta R2 Mary Smith Error Ratio Ratio Ratio Return Deviation

Mary Smith is a managing director with XYZ, Inc. She has been in Manager A 3.02 -0.16 20.34 -0.40 1.03 97.91 0.13 0.62 -0.49 2.12 XYZ, Inc. and its affiliates since 2005. Previously, Smith worked in Russell 1000 Growth TR USD 0.00 19.43 0.00 1.00 100.00 0.15 1.13 0.00 0.00 ABC,Inc. from 2000 to 2005. Prior, she was a managing director US OE Large Growth 1.79 -1.22 20.22 -2.11 99.35 0.05 -1.011.04 -2.17 1.64 with MNO, Inc., her employer since 1996. Previously, she spent six years at RST, Inc. 25th Percentile 5.68 -0.04 21.68 -0.03 1.09 96.90 0.15 0.91 -0.19 4.22 50th Percentile 4.60 -0.40 20.52 -1.64 1.03 95.49 0.07 -0.65 -1.81 3.44 Smith is a member of the Financial Analysts Federation and the 75th Percentile 3.68 -0.74 19.52 -3.12 0.98 93.26 0.00 -2.08 -3.30 2.73 Chicago Society of Security Analysts. Rolling Excess Returns Risk-Reward Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 Rolling Window: 3 Years 1 Month shift 7.0 Manager A Russell 1000 Growth TR USD 2.0 5.0 US OE Large Growth 0.0

3.0 -2.0

1.0 -4.0 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 -1.0 Excess Return 2011 2012

-3.0 Investment Growth -5.0 120.3 Return 113.5 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Std Dev 106.8 # of Investments 3 Yr (Mo-End) 1,520 100.0 93.3 Fee Rank vs Peers 86.5 Expense 79.8 Ratio 73.0

Large Growth 66.3

Manager A 0.48 59.5 5th Percentile 0.48 52.8 25th Percentile 0.48 46.0 50th Percentile 0.48 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 75th Percentile 0.48 95th Percentile 0.48 Manager A 107.8 Russell 1000 Growth TR USD 110.5

As of 5/31/2012 Page 1 of 3

Source: Morningstar Direct Manager A

Market Performance Time Period: 6/1/2007 to 5/31/2012

Number Up Down Up Down Down Best Worst of Up Number Capture Capture Capture Capture R2 Number Quarter Quarter Observations Return Return Ratio Ratio

Manager A 60 31 29 15.96 -23.27 4.55 -4.70 103.34 105.26 97.91 Russell 1000 Growth TR USD 60 32 28 16.32 -22.79 4.40 -4.47 100.00 100.00 100.00

Allocation Effects Time Period: 3/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: Russell 1000 Growth TR USD

Underperform Outperform Overweight

9.00 5 2

Relative Weight 4.50

3

0.00 5 Underweight 4 4 2

3

-4.50 1

1 -9.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Energy -4.71 -9.78 0.42 1 Consumer Defensive -7.77 7.53 -0.56 2 Consumer Cyclical 7.85 3.32 0.24 2 Real Estate -1.62 6.82 -0.11 3 Industrials -3.43 -3.55 0.12 3 Financial Services 3.14 -0.68 -0.03 4 Basic Materials -0.86 -4.90 0.05 4 Communication Services -1.21 2.16 -0.02 5 Utilities -0.07 -4.48 0.00 5 Technology 8.14 -0.72 -0.02 Selection Effects Time Period: 3/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: Russell 1000 Growth TR USD

Underperform Outperform Und Overweight 3.00 2 1

1.50 8 9 4 5 6 7 Relative Weight Relative 10 5 4 6 7 10 1 3 9 0.00 erweight

-1.50 8 3 -3.00 2 -50.00 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 40.00 50.00 Relative Return Best Selections Morningstar Sector Weight +/- Return +/- Effect Worst Selections Morningstar Sector Weight +/- Return +/- Effect 1 Amazon.com Inc Consumer Cyclical 2.42 18.69 0.38 1 Gree Inc. Technology 0.58 -44.80 -0.32 2 Monsanto Company Basic Materials 2.57 8.55 0.22 2 Apple, Inc. Technology -2.71 10.75 -0.28 3 McDonald's Corporation Consumer Cyclical -2.28 -9.10 0.20 3 Herbalife, Ltd. Consumer Defensive 0.62 -35.60 -0.26 4 Roper Industries, Inc. Technology 1.04 15.00 0.15 4 Caterpillar Inc Industrials 1.26 -15.88 -0.22 5 Starbucks Corporation Consumer Cyclical 1.11 13.58 0.14 5 BorgWarner Inc Consumer Cyclical 1.36 -13.19 -0.19 6 Red Hat, Inc. Technology 1.28 8.12 0.13 6 Juniper Networks, Inc. Technology 0.89 -20.19 -0.18 7 Walt Disney Co Consumer Cyclical 1.33 9.06 0.12 7 Blackstone Group LP Financial Services 0.89 -17.00 -0.18 8 Oracle Corporation Technology -2.00 -5.09 0.11 8 Estee Lauder Cos Inc ... Consumer Defensive 1.46 -11.50 -0.17 9 Precision Castparts Co... Industrials 1.58 6.36 0.10 9 Fossil, Inc. Consumer Cyclical 0.26 -39.82 -0.14 10 Cerner Corporation Technology 1.00 9.83 0.10 10 Anadarko Petroleum C... Energy 0.83 -14.11 -0.13

As of 5/31/2012 Page 2 of 3

Source: Morningstar Direct Manager A

Investment Style Emerging / Developed Allocation

Manager A Russell 1000 Growth TR USD Time Period: 6/30/2007 to 5/31/2012 Developed % 99.0 99.9 Manager A 1.0

t Russell 1000 Growth TR USD Emerging % 0.1 0.0 50.0 100.0 150.0

Sector Allocation

id Large Gian 60.0

40.0 37.4 Micro Small M Deep-Val Core-Val Core Core-Grth High-Grth 29.6

22.0 20.0 Asset Allocation 14.8 12.2 12.7 11.8 11.6 10.8 Portfolio Date: 3/31/2012 9.5 4.3 3.8 5.2 4.7 4.2 4.3 % 0.9 0.1 0.0 Cash 1.2 Energy Materials Industrials Consumer Consumer Healthcare Financials Information Telecom Services Utilities Discretionary Staples Technology US Equity 91.1 Non-US Equity 5.3 Manager A Russell 1000 Growth TR USD Other 2.4 Sector Attribution Total 100.0 Time Period: 3/1/2012 to 5/31/2012 Fundamentals Portfolio: Manager A Benchmark: Russell 1000 Growth TR USD # of Holdings 90 Portfolio Benchmark +/- Portfolio Benchmark +/- Allocation Selection Active % Asset in Top 10 Holdings 32.86 Weights Weights Weights Return Return Return Effect Effect Return Basic Materials 3.67 4.68 -1.00 1.18 -8.42 9.60 0.05 0.37 0.42 Avg Market Cap ($M) 41,491.2 Communication Services 1.81 3.09 -1.28 -0.25 -1.36 1.11 -0.02 0.03 0.00 P/E Ratio 19.83 Consumer Cyclical 19.63 12.59 7.04 2.28 -0.20 2.48 0.24 0.45 0.68 Consumer Defensive 4.52 12.46 -7.94 -6.94 4.00 -10.95 -0.56 -0.54 -1.11 P/B Ratio 3.64 Energy 4.99 9.98 -4.99 -21.63 -13.30 -8.33 0.42 -0.46 -0.05 P/S Ratio 2.46 Financial Services 6.12 3.23 2.89 -7.38 -4.20 -3.18 -0.03 -0.20 -0.22 12 Mo Yield 0.30 Healthcare 9.31 9.89 -0.57 2.36 1.34 1.02 0.00 0.09 0.08 Industrials 10.47 14.31 -3.84 -8.30 -7.07 -1.23 0.12 -0.14 -0.02 Regional Allocation Real Estate 0.00 1.62 -1.62 3.30 -0.11 0.00 -0.11 Technology 35.45 28.09 7.36 -5.42 -4.24 -1.18 -0.02 -0.42 -0.44 Africa/Middle East % Utilities 0.00 0.07 -0.07 -8.00 0.00 0.00 0.00 0.0 Unclassified 0.61 0.00 0.61 3.26 0.00 0.00 0.00 95.5 Americas % 99.5 Attribution Total 96.57 100.00 -3.43 -4.27 -3.52 -0.75 0.08 -0.83 -0.75 Cash 0.77 0.00 0.77 Australasia % Bond 0.55 0.00 0.55 Greater Asia % 1.9 Other 2.11 0.00 2.11 0.1 Total 100.00 100.00 0.00 2.6 Greater Europe % 0.4 Japan % 0.4 Market Cap Breakdown United Kingdom % 0.7 Portfolio Benchmark +/- Allocation 0.1 Weights Weights Weights Effect Not Classified % Unclassified 96.57 100.00 -3.43 0.00 0.0 25.0 50.0 75.0 100.0 125.0 Attribution Total 96.57 100.00 -3.43 0.00 Cash 0.77 0.00 0.77 Manager A Russell 1000 Growth TR USD Bond 0.55 0.00 0.55 Other 2.11 0.00 2.11 Top 10 Holdings Total 100.00 100.00 0.00

Portfolio Benchmark Sector Weighting % Weighting % Style Breakdown Portfolio Benchmark +/- Allocation Apple, Inc. Technology 6.41 7.55 Weights Weights Weights Effect Amazon.com Inc Consumer Cyclical 4.27 1.00 Large Blend 9.36 24.94 -15.58 -0.30 Large Growth 71.77 42.69 29.08 0.55 Google, Inc. Class A Technology 3.81 2.20 Large Value 0.97 10.12 -9.15 0.25 Mid Blend 0.35 7.14 -6.79 0.28 Intuit, Inc. Technology 3.57 0.25 Mid Growth 11.91 11.01 0.90 -0.04 Microsoft Corporation Technology 3.22 3.26 Mid Value 1.00 2.60 -1.61 0.09 Small Blend 0.00 0.56 -0.56 0.05 Monsanto Company Basic Materials 2.74 0.58 Small Growth 0.09 0.65 -0.56 0.08 Small Value 0.19 0.21 -0.02 0.00 State Str Navigator Secs Lending Tr 2.40 Unclassified 0.92 0.08 0.85 -0.10 Visa, Inc. Financial Services 2.35 0.27 Attribution Total 96.57 100.00 -3.43 0.87 Cash 0.77 0.00 0.77 Qualcomm, Inc. Technology 2.11 1.55 Bond 0.55 0.00 0.55 Other 2.11 0.00 2.11 Starbucks Corporation Consumer Cyclical 1.98 0.57 Total 100.00 100.00 0.00

As of 5/31/2012 Page 3 of 3

Source: Morningstar Direct Growth 4Q | 2011

ABC Company

Performance Attribution

Subadvisor Navellier & Associates Inc

Attribution/Contribution

Time Period: 1/1/2012 to 3/31/2012

Benchmark: Russell 1000 Growth Index Portfolio Portfolio Portfolio Benchmark Benchmark Benchmark Selection Allocation Total Weights Return Contribution Weights Return Contribution Effect Effect Effect Consumer Discretionary 30.37 15.68 4.77 14.26 16.76 2.38 -0.32 0.33 0.02 Consumer Staples 24.63 12.33 3.04 12.22 6.60 0.85 1.42 -0.96 0.46 Energy 6.95 5.71 0.40 10.82 2.96 0.33 0.21 0.45 0.66 Financials 0.00 0.00 4.22 15.42 0.65 0.00 -0.03 -0.03 Health Care 12.54 11.02 1.41 10.49 14.16 1.49 -0.42 0.00 -0.42 Industrials 0.00 0.00 12.80 12.66 1.61 0.00 0.25 0.25 Information Technology 12.25 22.58 2.70 28.77 23.75 6.67 -0.12 -1.44 -1.56 Materials 0.00 0.00 5.44 12.63 0.68 0.00 0.10 0.10 Telecommunication Services 2.14 -2.91 -0.07 0.84 5.02 0.04 -0.18 -0.13 -0.32 Utilities 10.26 -1.91 -0.21 0.08 -0.78 0.00 -0.13 -1.69 -1.82 Attribution Total 99.15 12.04 12.04 99.95 14.70 14.70 0.46 -3.12 -2.66 Cash 0.85 0.00 Missing Performance 0.00 0.05 Total 100.00 12.04 100.00 14.70

Data may not total due to rounding. Performance data quoted represents past performance, which is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data given. For performance information current to the most recent month-end, visit ABC.com/home/performance/. From time to time, the investment advisor may waive some fees and/or reimburse expenses, which if not waived or reimbursed, may lower performance. Performance by share class will differ due to differences in sales charges and class expenses. Returns assume reinvestment of all distributions. Returns are not annualized for periods less than one year.

Industry Contributors Stock Contributors

Active Active Groupings Weight Return Contribution Holdings Weight Return Contribution Return Return Consumer Discretionary 30.37 15.68 4.77 0.02 Apple, Inc. 3.00 48.04 1.30 0.07 Consumer Staples 24.63 12.33 3.04 0.46 Chipotle Mexican Grill, Inc. Class A 4.16 23.76 0.95 0.26 Information Technology 12.25 22.58 2.70 -1.56 Monster Beverage Corp 2.42 34.77 0.78 0.58 Health Care 12.54 11.02 1.41 -0.42 TJX Companies 2.57 23.71 0.60 0.12 Energy 6.95 5.71 0.40 0.66 Cerner Corporation 2.41 24.34 0.57 0.23

Industry Detractors Stock Detractors

Active Active Groupings Weight Return Contribution Holdings Weight Return Contribution Return Return Utilities 10.26 -1.91 -0.21 -1.82 Consolidated Edison, Inc. 2.23 -4.84 -0.12 -0.10 Telecommunication Services 2.14 -2.91 -0.07 -0.32 Duke Energy Corporation 2.01 -3.36 -0.07 -0.06 Materials 0.00 0.00 0.25 Bristol-Myers Squibb Company 1.93 -3.28 -0.07 -0.38 Financials 0.00 0.00 -0.03 BCE Inc 2.14 -2.91 -0.07 -0.18 Industrials 0.00 0.00 0.10 Dominion Resources Inc 1.92 -2.51 -0.05 -0.04

The indices mentioned are unmanaged statistical composites of stock market or bond market performance. Investing in an index is not possible. There is no guarantee that the Fund will continue to hold any one particular security or stay invested in any one particular sector. Holdings are subject to change. Attribution analysis is a process used to analyze the source of either the absolute portfolio return (often called contribution) or the excess return (often referred to as relative return) between a portfolio and its benchmark. Total return is the price change of the portfolio including dividends accrued over the report period. Contribution to return is the product of the first two columns. The percent contribution for a single day is the security weight multiplied by the daily security return. These returns are averaged over the time period analyzed. Averaging may result in differences between the attribution return and fund performance. These returns are geometrically linked. The overall total effect is the sum of the top group-level total effect values, or the portfolio’s over/under performance. Stock contributors are stocks whose position in the Fund had a positive effect on the Fund’s performance relative to the Fund’s benchmark. Stock detractors are stocks whose position in the Fund had a negative effect on the Fund’s performance relative to the Fund’s benchmark.

Not valid without page 2 and 3

Source: Morningstar Direct Growth 4Q | 2011

ABC Company

Allocation Effects

Underperform Outperform Overweight

18.00 2

3

1 9.00 Relative Weight

4 0.00 Underweight

1 5 4

-9.00

3

2 -18.00 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Energy -3.82 -11.74 0.45 1 Utilities 10.27 -15.48 -1.69 2 Consumer Discretionary 16.37 2.07 0.33 2 Information Technology -16.44 9.05 -1.44 3 Industrials -12.81 -2.04 0.25 3 Consumer Staples 12.62 -8.10 -0.96 4 Materials -5.44 -2.06 0.10 4 Telecommunication Services 1.32 -9.68 -0.13 5 Financials -4.23 0.72 -0.03

Portfolio Statistics

Inv Bmk1 +/- Bmk1 P/B - Daily Average 5.41 4.35 1.06 Geometric Average 4.22 3.29 0.94 Maximum 19.48 30.00 -10.52 Minimum 1.23 0.35 0.88 Standard Deviation 4.06 4.52 -0.46 Weighted Average 5.72 5.42 0.30 Weighted Geometric Average 4.56 4.31 0.25 P/C - Daily Average 16.01 13.63 2.38 Geometric Average 13.42 11.61 1.81 Maximum 40.00 40.00 0.00 Minimum 2.50 0.24 2.27 Standard Deviation 9.14 7.79 1.35 Weighted Average 16.03 13.19 2.85 Weighted Geometric Average 13.80 11.86 1.93 P/E - Daily Average 21.67 21.38 0.28 Geometric Average 20.00 18.45 1.55 Maximum 52.61 60.00 -7.39 Minimum 7.88 1.67 6.21 Standard Deviation 9.35 12.68 -3.33 Weighted Average 22.19 19.11 3.07 Weighted Geometric Average 20.43 17.16 3.27 P/EBITDA - Daily Average 12.09 8.66 3.43 Geometric Average 10.56 10.17 0.39 Maximum 26.41 195.16 -168.75 Minimum 2.82 -727.21 730.03 Standard Deviation 5.88 43.33 -37.46 Weighted Average 12.56 10.78 1.78 Weighted Geometric Average 11.08 P/FCF - Daily Average 25.04 -7.42 32.46 Geometric Average 23.68 -19.94 43.62 Maximum 230.07 1,462.66 -1,232.59 Minimum -67.31 -10,453.42 10,386.10 Standard Deviation 39.51 464.81 -425.30 Weighted Average 25.97 15.45 10.52 Weighted Geometric Average P/S - Daily Average 2.53 2.68 -0.14 Geometric Average 1.98 1.79 0.20 Maximum 7.52 30.00 -22.48 Minimum 0.40 0.00 0.40 Standard Deviation 1.70 2.83 -1.13 Weighted Average 2.58 2.89 -0.31 Weighted Geometric Average 2.06 2.17 -0.12

Not valid without page 1 and 3 800-000-0000 | ABC.com

Source: Morningstar Direct Growth 4Q | 2011

ABC Company

Fund Facts A Word About Risk

Annual Annual The Fund’s returns may have been impacted by Annual Net Report Report Max investing in technology stocks, which can be more Inception Report Deferred Symbol CUSIP Assets Gross Net Front 12b-1 Fee volatile than other sectors. The Fund may invest in a Date Expense Load ($M) Expense Expense Load Waiver limited number of securities which may involve Ratio Ratio greater risk and more price volatility than funds that Manager A 12/19/1997 TEQAX 89154X302 223.2 1.36 1.25 0.13 5.75 0.25 do not limit the number of securities in which they invest. Large cap companies may be unable to Manager B 10/6/2003 TEQBX 89154X757 9.5 1.83 1.74 0.13 1.00 5.00 respond quickly to new competitive challenges, such Manager C 10/6/2003 TEQCX 89154X401 109.3 2.13 2.00 0.13 1.00 1.00 as changes in technology and consumer tastes, and Manager D 11/10/2004 TIQIX 89154X633 375.3 1.13 0.99 0.13 also may not be able to attain the high growth rate of successful smaller companies. Diversification does *Expense ratio is annualized. Data as of 07/29/11 prospectus. ABC Company has contractually agreed to waive a portion of its advisory fee and/or reimburse certain Fund expenses in order to limit “Net Expenses” to 1.35% not guarantee a profit or protect against loss. for Class A shares, 1.75% for Class B shares and Class C shares and 0.89% for Class Y shares. These expense Current and future portfolio holdings are subject to limitations will remain in effect until at least October 28, 2012. risk.

Annualized Total Returns - Class A Please consider the investment objectives, risks, charges and expenses of the fund Excluding carefully before investing. The prospectus Sales Index and the summary prospectus contain this Charge Class A Load Adjusted Returns and other information about the Fund. To Last Quarter 10.74 14.69 Last Quarter 4.37 obtain a prospectus or a summary YTD 10.74 14.69 YTD 4.37 prospectus, contact your financial advisor 1 Year 11.18 11.02 1 Year 4.79 or download and/or request one at ABC.com/home/ or call ABC Company at 3 Year 23.59 25.28 3 Year 21.18 800-000-0000. Please read the prospectus 5 Year 4.76 5.10 5 Year 3.52 and/or summary prospectus carefully 10 Year 5.65 4.28 10 Year 5.02 before investing. Since Inception 7.45 10.78 Since Inception 7.01 Investment products offered are not FDIC insured, may lose value and have no bank guarantee.

Not valid without page 1 and 2 800-000-0000 | ABC.com

Source: Morningstar Direct Quarterly Fund Facts

As of 5/31/2012

Manager A

Base Currency US Dollar

Investment Objective Fund Facts Portfolio Characteristics

The investment seeks capital appreciation. The fund invests at least 80% of assets in Inception date 3/1/2000 Net Assets ($M) 614.1 common stocks of mid cap companies. It seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations within the range Primary benchmark Russell Mid Cap Growth TR USD Number of holdings 66 of companies included in the Russell Midcap® Growth Index. The fund may invest up Dividend Frequency Annually Portfolio Turnover % 125 to 25% of assets in securities of foreign companies, including emerging market securities. It may also invest up to 10% of assets in real estate investment trusts Morningstar Category US OE Mid-Cap Growth % of Assets in Top 10 Holdings 32.10 ("REITs"). Morningstar Institutional Category SMID Growth Subadvisor Morgan Stanley Investment Management Inc

Manager Biography Asset Allocation Morningstar Equity Style Box™ Kevin Smith since 3/22/2011 Portfolio Date: 3/31/2012 Small Mid Large Jane Thomas since 3/22/2011 % Jennifer Jones since 3/22/2011 US Equity 72.0

Tom Thomas since 3/22/2011 Non-US Equity 23.9

Wendy Jimson since 3/22/2011 Cash 1.7

David Tongen since 3/22/2011 Other 2.4 Total 100.0 Product Profile Value Blend Growth A comprehensive investment solution to help you achieve your tomorrows.

Ÿ Broad diversification in a single long-term Growth of hypothetical $10,000 investment investement 25.0 Ÿ Active management with more than twenty unique investment managers 20.0 Ÿ Daily portfolio management and oversight by the experts at XYZ Associates 15.0

Risk Statistics 10.0

Standard Deviation 23.40 Beta 1.30 5.0

Equity Statistics 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Weighted Average Market Cap (B) 7.6 Manager A 18.5 Morningstar Ratings Other Share Classes 3 Yr Rating ÙÙ Class Z ZYXYZ, incepted 11/11/02 3 Yr Peer Group Size 679 Class R RTSUV, incepted 11/30/09 5 Yr Rating ÙÙÙ 5 Yr Peer Group Size 604 1 Source: Morningstar. For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of all sales charges), 10 Yr Rating ÙÙÙ placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in 10 Yr Peer Group Size 431 each category receives a Morningstar Rating™ of 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund and rated separately.) A fund’s overall rating is derived from a weighted average of the 3-, 5- and 10- year (if applicable) rating metrics. Morningstar Rating™ is for Class A shares only; other classes may have different performance characteristics. Manager A

Base Currency US Dollar

Top Ten Holdings Equity Sectors Portfolio Date: 3/31/2012 Portfolio Date: 3/31/2012 Portfolio Style Box Sector Basic Materials 6.76 Weighting % Consumer Cyclical 9.12 Motorola Solutions, Inc. É Technology 4.32 Financial Services 3.75 Intuitive Surgical, Inc. É Healthcare 3.93 Real Estate 0.00 Fastenal Company É Industrials 3.84 Consumer Defensive 5.53 Edenred SA Ì Industrials 3.66 Healthcare 12.09 Weight Watchers International, Inc. Ì Consumer Cyclical 2.96 Mead Johnson Nutrition Company É Consumer Defensive 2.81 Utilities 1.78 LinkedIn Corp Ì Technology 2.76 Communication Services 0.96 Verisk Analytics, Inc. Ì Industrials 2.75 Energy 2.83 MSCI, Inc. Ì Industrials 2.69 Industrials 26.94 Yandex NV Ì Technology 2.38 Technology 30.25

Total Return Performance Technology Sector Breakdown

Since Peer Group (5-95%): Open End Funds - U.S. - Mid-Cap Growth Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception 1st to 25th Percentile 26th Percentile to Median 51st to 75th Percentile 76th to 100th Percentile

GICS Internet & Manager A 17.73 4.72 -15.26 16.32 2.73 6.32 0.88 Catalog Retail % Manager A (Long Rescaled) Russell Mid Cap Growth TR USD Russell Mid Cap Growth TR USD 14.52 6.09 -6.31 18.45 1.17 7.00 10.11 GICS Internet Software & Services Total Return Performance (Load-Adjusted) % (Long Rescaled)

GICS Software % Since (Long Rescaled) Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception GICS Electronic Equip & Instruments % Manager A 11.25 -1.04 -19.92 14.15 1.57 5.72 0.01 (Long Rescaled)

GICS Semiconductors & Semi Equip % (Long Rescaled)

Calendar Year Performance GICS Diversified Telecom Svcs % (Long Rescaled) 2010 2009 2008 2007 2006 2005 2004 GICS Wireless Telecom Services % Manager A -9.68 34.78 35.12 -41.20 22.05 3.88 15.38 (Long Rescaled) Russell Mid Cap Growth TR USD -1.65 26.38 46.29 -44.32 11.43 10.66 12.10 100.0 75.0 50.0 25.0 0.0

The performance data presented represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Please see TransamericaInvestments.com for performance data current to the most recent month-end. The investment return and principal value of mutual funds will fluctuate over time so that shares, when redeemed, may be worth more or less than their original cost.

Net Asset Value (NAV) returns include reinvestment of dividends and capital gains but do not refl ect the deduction of any sales charges. Public Offering Price (POP) returns include reinvestment of dividends and capital gains and refl ect the maximum sales charge of 5.50%. Performance for other share classes will vary.

Historical beta illustrates a fund’s sensitivity to price movements inrelation to a benchmark index. Standard Deviation is a statistical measurement that helps to gauge the fund’s historical volatility. An investment in the fund is subject to the risks associated with the underlying funds including fi xed income investing which is subject to credit risk, infl ation risk, and interest rate. Investments in small- and medium-sized companies present additional risks such as increased volatility because their earnings are less predictable, their share price more volatile, and their securities less liquid than larger or more established companies.

Investments in global/international markets involve risks not associated with U.S. markets, such as currency fl uctuations, adverse social and political developments, and the relatively small size and lesser liquidity of the markets.

Asset allocation does not ensure a profit or protect against a loss. Not all share classes are available to investors.

Shares of the fund may only be sold by offering the fund’s prospectus. You should consider the investment objective, risks, charges, and expenses of the fund carefully before investing. The prospectus contains this and additional important information regarding the fund. To obtain the prospectus and/or a summary prospectus, please contact your financial professional or go to TransamericaInvestments.com. The prospectus should be read carefully before investing.

XZY Investments is a service mark for investment related services offered by ABC Funds, DEF Investments, and RST Asset Management, Inc. Not insured by FDIC or any federal government agency. May lose value. Not a deposit of or guaranteed by any bank, bank affiliate, or credit union. Manager A As of 5/31/2012

Investment Strategy

The investment seeks capital appreciation. The fund normally invests primarily in common stocks. It invests in securities of companies whose value the advisor believes is not fully recognized by the public. The fund invests in domestic and foreign issuers. It invests in either "growth" stocks or "value" stocks or both. The fund uses fundamental analysis of factors such as each issuer's financial condition and industry position, as well as market and economic conditions to select investments.

Growth of Initial $1000 Calendar Year Returns 1,240.0 1,160.0 YTD 2011 2010 2009 2008 2007 1,080.0 Manager A 8.38 -0.14 16.93 29.23 -37.16 19.78 1,000.0 S&P 500 TR 5.16 2.11 15.06 26.46 -37.00 5.49 920.0 Russell 2000 TR USD 3.37 -4.18 26.85 27.17 -33.79 -1.57 840.0 US OE Large Growth 6.47 -2.56 15.40 35.22 -40.90 13.16 760.0 680.0 Trailing Returns 600.0 520.0 YTD 1 year 3 years 5 years 10 years 15 years 440.0 Manager A 8.38 2.05 15.68 2.41 7.46 8.23 360.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 S&P 500 TR 5.16 -0.41 14.92 -0.92 4.14 4.80 Russell 2000 TR USD 3.37 -8.88 16.47 -0.73 5.94 6.09 Manager A S&P 500 TR Russell 2000 TR USD US OE Large Growth US OE Large Growth 6.47 -3.26 13.71 -0.16 3.33 3.86 Risk Manager A - Performance

Inv Bmk1 Bmk2 Recovery # Downside Sharpe Sortino Max # of Std Dev of Deviation Ratio Ratio Drawdown Months Return 2.41 -0.92 -0.73 Months Best Month 10.19 10.93 15.46 Manager A 17.81 3.80 0.17 0.24 -46.34 36.00 36.00 Worst Month -15.84 -16.79 -20.80 S&P 500 TR 19.14 0.00 0.00 0.00 -50.95 37.00 37.00 Up Period Percent 55.00 55.00 56.67 Russell 2000 TR USD 24.82 5.90 0.06 0.08 -52.89 24.00 24.00 Longest Up-Streak Return 29.88 31.57 56.80 US OE Large Growth 20.22 2.95 0.05 -50.230.07 Longest Down-Streak Return -35.99 -16.26 -25.10

Excess Returns (SP500) Excess Returns (R2000) Risk-Reward Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 Rolling Window: 3 Years 1 Month shift 16.0 Rolling Window: 3 Years 1 Month shift 12.0 5.0 5.0 8.0

2.5 0.0 4.0

0.0 0.0 -5.0 -4.0 -2.5 -10.0 -8.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 -12.0 Return Excess Return 2011 2012 Excess Return 2011 2012 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 Std Dev Manager A S&P 500 TR Russell 2000 TR USD Manager A Manager A US OE Large Growth Monthly Performance (%) Net of Fees

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2012 5.03 5.49 3.76 -0.12 -5.62 2011 0.59 4.12 0.20 2.70 -1.60 -1.58 0.38 -4.91 -7.43 10.19 -0.67 -1.08 -0.14 2010 -4.58 2.85 5.57 1.66 -6.58 -3.25 4.89 -2.82 10.10 4.15 1.10 3.95 16.93 2009 -5.66 -7.30 6.97 6.24 6.29 0.02 6.02 1.78 5.56 -1.16 5.48 2.97 29.23 2008 -9.51 -0.33 -1.56 5.31 3.30 -4.91 -4.14 -0.77 -9.62 -15.84 -6.99 1.65 -37.16 2007 2.16 -2.10 1.39 3.48 4.10 -0.21 -0.84 1.83 6.12 5.01 -2.73 0.37 19.78

Manager A - Risk Drawdown

0.0

Inv SP500 R2000 -10.0

Alpha 3.07 0.00 1.44 -20.0 Beta 0.89 1.00 1.23 -30.0

-40.0 R2 90.83 100.00 89.86 -50.0

Tracking Error 5.83 0.00 9.06 -60.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Correlation 0.95 1.00 0.95 Manager A S&P 500 TR Russell 2000 TR USD US OE Large Growth Source: Morningstar Direct Manager A

Note for Manager A Style Box

Note Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Note Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Note Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Note Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Note Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Note Giant Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Info

Manager A ­ Snapshot Manager A ­ Opera�ons

Base Currency US Dollar Incep�on Date 11/6/1929 Mid Large Morningstar Category US OE Large Growth Minimum Investment 2,500.00 Morningstar Ra�ng Overall ÙÙÙ Annual Report Net Expense Ra�o 1.09 Morningstar Ins�tu�onal Category Large Valua�on­Sensi�ve Growth Management Fee 0.90 Micro Small Equity Style Box (Long) È Region of Sale United States Deep­Val Core­Val Core Core­Grth High­Grth

Cumula�ve Performance*­ Growth of $100,000 262,000.0 244,000.0

226,000.0

208,000.0

190,000.0

172,000.0

154,000.0

136,000.0

118,000.0

100,000.0

82,000.0

64,000.0 1997 1999 2001 2003 2005 2007 2009 2011

Manager A 190,544.4 2003 2004 2005 2007 2008 2009 2010 2011 Return 39.74 10.92 14.63 38.49 ­28.21 15.87 15.99 ­16.94

*The growth of $100,000 graph is based on a cumula�ve and average annual total return basis. This growth in value is hypothe�cal and represents investment of $100,000 since 1/01/03. Returns reflect the reinvestment of income, dividends and capital gains, if any, as well as all fees and expenses. Please see the disclosures on the reverse side under the heading "Performance Disclosures" for more important informa�on.

Investment Strategy Manager Biography

The investment seeks reasonable long­term capital A. Smith apprecia�on with a prudent approach to protec�on of capital from undue risks. The fund normally invests in a managed mix Smith is por�olio manager with ABC Investments, Inc. instrumental in helping of equity and debt securi�es with 95% of assets invested in launch the firm in 1995. Previously, he spent 15 years as the head of the por�olio equity securi�es and 45% of its assets in debt or fixed income management group for XYZ Company. Smith also served as president with RST securi�es under normal circumstances. The fixed income Investments from 1985 to 1989. He began his career in 1975 as an economist with securi�es the fund invests in will generally have a maturity of RST Company. 20 days to more than 20 years and may be of any credit quality. Up to 15% of the fund's total assets may be invested Smith holds the Chartered Financial Analyst designa�on. in securi�es issued by companies within a single industry. It may invest in securi�es of U.S. and foreign issuers.

Source: Morningstar Direct Manager A

QTD YTD 1 year 3 year 5 year 7 Year Principal Risk Gross 24.69 ­16.03 ­16.03 4.873.21 5.42 Return Foreign Securi�es, Loss of money, Not FDIC insured, Net Market/Market Vola�lity, High Yield Securi�es, Industry and Sector Inves�ng, Other, Fixed Income Securi�es QTD YTD 1 Year 3 Year 5 Year 7 Year Manager A 5.38 ­16.94 ­16.94 3.74 2.11 4.29 Russell 1000 Growth TR USD 10.61 2.64 2.64 18.02 2.50 3.81 US SA Large Growth 9.54 ­1.02 ­1.02 15.52 1.99 4.02 Strategy Characteris�cs *

Por�olio Characteris�cs Sector Weigh�ng Rela�ve to Benchmark

# of Holdings 24 Consumer Discre�onary Average Market Cap (mil) 28,526.40 Consumer Staples Current Div Yld 1.48 Energy LT Earn Growth 12.63 Financials

Alpha 2.70 Health Care Beta 0.86 Industrials Std Dev 20.69 Informa�on Technology R2 61.81 Materials

Sharpe Ra�o 0.14 Telecommunica�on Services

Downside Devia�on 8.38 U�li�es

­15.0 ­10.0 ­5.0 0.0 5.0 10.0

Risk­Reward ­ 5 Year Risk­Reward ­ 3 Year Top 10 Holdings 3.0 18.0 Por�olio 15.0 2.0 Weigh�ng % 12.0 US Treasury Note 0.375% 11.26

1.0 9.0 Altria Grp 9.95% 7.68

6.0 US Treasury Note 0.75% 7.51 0.0 Ci�group Inc 7.08 3.0 Morgan Stanley 5.75

Return ­1.0 Return 0.0

0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Whirlpool Corpora�on 5.34 Std Dev Std Dev Delta Air Lines Inc 5.24 5 YR 3 YR Tata Motors, Ltd. ADR 5.20 Reward 2.11 Reward 3.74 Na�onal Oilwell Varco, Inc. 5.04 Risk 20.69 Risk 19.23 Nike, Inc. Class B 5.02

Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Info

Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Informa�on ­ Custom Text ­ Disclosure Info

Source: Morningstar Direct Manager A As of 5/31/2012

Strategy Performance

The investment seeks to provide long-term capital growth. The fund invests 3 month YTD 1 year 3 years 5 years 10 years principally in equity securities, including common stocks and preferred stocks, issued by companies incorporated in developed markets outside the Manager A -3.62-13.14 2.17-21.56 U.S. and in depositary receipts. It has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets in Russell Developed xUS LC NR USD -3.75-13.69 4.04-20.82 4.74-6.64 companies that are located in countries (other than the U.S.) with developed markets or that are economically tied to such countries. The MSCI EAFE NR USD -13.62 -3.79 -20.48 3.40 -7.34 4.01 fund's securities are denominated principally in foreign currencies and are typically held outside the U.S. Characteristics - most recent quarter Characteristics - previous quarter

Top 10 fund holdings Portfolio Date: 3/31/2012 Portfolio Date: 12/31/2011

Portfolio Date: 3/31/2012 Benchmark: Russell Developed xUS LC NR USD Russell Russell Dev Dev Fund Fund Portfolio ex-US ex-US Index % Weighting % LC Net LC Net Russell U.S. Cash Management Fund 5.80 Total Market Value (Bil) 5.27 12,249.30 Total Market Value (Bil) 4.81 11,148.26 Ftse 100 Index Futures (Uk) 2.24 P/E Ratio 12.63 11.40 P/E Ratio 11.73 11.08 Topix Index Futures 2.23 P/B Ratio 1.56 1.36 P/B Ratio 1.39 1.26 Nestle SA 1.41 1.67 Average Market Cap (Bil) 26.49 25.80 Average Market Cap (Bil) 24.43 24.15 Cac 40 Index Futures 1.35 % Emerging Markets 6.48 0.15 % Emerging Markets 5.84 0.17 Canon, Inc. 1.26 0.41 Euro Stoxx 50 Index Futures (Emu) 1.17 Novartis AG 1.16 Sector weightings (%) Allocation of fund assets BP Plc 1.08 1.14 10.0 Total SA 0.95 0.92 Energy 11.0 8.6 8.9

1 The top ten holdings list does not reflect the investment of cash Materials 11.2 t reserves and cash collateral received in securities lending transactions in 9.4 one or more of Russell's money market funds. 11.1 Industrials 12.3 12.5 Consumer 12.5 Greatest Impact (+) 10.2 Discretionary 12.7 Holdings Contribution Consumer Staples 11.8 10.6 Large Gian Seven & i Holdings Co., Ltd. 0.09 14.4 9.8 Healthcare 7.5 Canadian National Railway Co 0.05 9.2 16.8 Lawson, Inc. 0.04 Financials 23.5 19.1 Copa Holdings SA Class A 0.03 Financials ex REITs 16.5 22.1 SXC Health Solutions Corporation 0.03 18.8

Information 10.5 l Mid 4.7 Technology 6.5 Telecom Services 6.5 Greatest Impact (-) 5.1 5.1 Holdings Contribution 2.2 Utilities 3.9 BP Plc -0.30 2.5 Micro Smal ING Groep N.V. -0.29 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Deep-Val Core-Val Core Core-Grth High-Grth Total SA -0.27 Standard Chartered PLC -0.22 Barclays PLC -0.21 Manager A Russell Developed xUS LC NR USD US OE Foreign Large Blend Manager A 3/31/2012 Russell Developed xUS LC NR USD 4/30/2012 US OE Foreign Large Blend 4/30/2012

Advisors listed are current as of June 30, 2011. XYZ has the right to engage or terminate an advisor at any time and without notice. Manager A is an investment fund of the XYZ Company; it is not a mutual fund. Performance is shown gross of fees. Fees will reduce the overall performance of the fund. Indexes are unmanaged and cannot be invested in directly. Past performance is not indiative of future results.

Source: Morningstar Direct Manager A As of 5/31/2012

Country weightings (%) Region exposure relative to peer group

5.1 Canada 10.8 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Blend 2.6 1.9 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile China 0.0 2.9 8.6 75.0 France 8.1 8.9 67.5 7.9 Germany 7.6 8.3 60.0 1.4 Hong Kong 2.6 3.0 52.5 2.4 Italy 2.1 45.0 1.6 15.7 Japan 17.4 37.5 16.6 5.7 Netherlands 2.1 30.0 3.0 2.3 Spain 2.3 22.5 1.8 1.2 Sweden 2.9 15.0 2.0 8.1 Switzerland 6.8 7.5 8.1 20.7 0.0 United Kingdom 19.3 20.1 Americas % Asia dev % Asia emrg % Greater Europe % 3.1 United States 1.8 1.8 Manager A Russell Developed xUS LC NR USD US OE Foreign Large Blend 0.0 5.4 10.9 16.3

Morningstar style box Manager A Russell Developed xUS LC NR USD US OE Foreign Large Blend Portfolio Date: 3/31/2012

Fund style weights ag i Sm Mid Large Time Period: 6/1/2011 to 3/31/2012 Market Cap % 27.3 28.5 33.0 100.0 Market Cap Giant 53.4 90.0

80.0 Market Cap Large 35.1 4.6 2.2 3.8 70.0 Market Cap Mid 10.4 60.0 Market Cap Small 0.7 50.0 0.4 0.0 0.1 all 40.0 Market Cap Micro 0.5

30.0 Value Blend Growth

20.0

10.0

0.0 6/2011 7/2011 8/2011 9/2011 10/2011 11/2011 12/2011 1/2012 2/2012 3/2012

Value % Core % Growth %

Advisors listed are current as of June 30, 2011. XYZ has the right to engage or terminate an advisor at any time and without notice. Manager A is an investment fund of the XYZ Company; it is not a mutual fund. Performance is shown gross of fees. Fees will reduce the overall performance of the fund. Indexes are unmanaged and cannot be invested in directly. Past performance is not indiative of future results.

Source: Morningstar Direct Sample Investment Analysis

Fund Characteris�cs 3 Year Rolling Returns Rela�ve to Peer Group Morningstar Category US OE Large Growth Peer Group (5­95%): Open End Funds ­ U.S. ­ Large Growth Morningstar Ra�ng Overall ÙÙÙÙ 30.0 Incep�on Date 5/17/1967 25.0 Expense Ra�o 0.92 20.0 Fund Size (Mil) 73,006.85 15.0 Firm Name Fidelity Investments 10.0 Web Address www.fidelity.com 5.0 0.0 Asset Alloca�on ­5.0 Asset Alloc US Equity % 80.02 ­10.0 Asset Alloc Non­US Equity % 14.74 ­15.0 Asset Alloc US Bond % 0.17

Excess Return (geo) Return Excess ­20.0 Asset Alloc Non­US Bond % 0.01 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002

Asset Alloc Cash % 4.85 Sample Investment

Equity Sectors Investment Growth Equity Econ Sector Basic Materials % 6.09 Time Period: 1/1/2007 to 12/31/2011 Equity Econ Sector Consumer Cyclical % 20.94 13,200.0 12,400.0

Equity Econ Sector Financial Services % 10.23 11,600.0 Equity Econ Sector Real Estate % 0.26 10,800.0 Equity Econ Sector Consumer Defensive % 9.85 10,000.0 9,200.0 Equity Econ Sector Healthcare % 8.38 8,400.0

Equity Econ Sector U�li�es % 0.00 7,600.0

Equity Econ Sector Communica�on Services % 1.04 6,800.0 Equity Econ Sector Energy % 8.96 6,000.0 5,200.0 Equity Econ Sector Industrials % 5.56 4,400.0 Equity Econ Sector Technology % 28.70 6/2007 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/2011

Sample Investment Russell 1000 Growth TR USD US OE Large Growth 3 Year Risk Sta�s�cs Fund Benchmark 3 Year Risk-Reward 5 Year Risk-Reward Std Dev 16.20 18.01 Time Period: 1/1/2009 to 12/31/2011 Time Period: 1/1/2007 to 12/31/2011 Informa�on Ra�o (geo) ­0.70 28.0 6.0 24.0 Sharpe Ra�o 0.92 1.01 4.0 20.0 Alpha ­0.99 0.00 2.0 Beta 0.88 1.00 16.0 12.0 R2 96 100 0.0

Ba�ng Average 33 100 8.0 ­2.0 Up Capture Ra�o 87 100 4.0

Down Capture Ra�o 92 100 0.0 ­4.0 Return Return Max Gain 86.21 99.34 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Std Dev Std Dev Max Drawdown ­14.43 ­15.31 Sample Investment Russell 1000 Growth TR USD US OE Large Growth Sample Investment Russell 1000 Growth TR USD US OE Large Growth

Source: Morningstar Direct Manager A

Investment Growth Returns 16.0 Time Period: 6/1/2007 to 5/31/2012 14.0 122.5 12.0 115.0 10.0 107.5 8.0 100.0 6.0 92.5 4.0 85.0 2.0 77.5 0.0 70.0 -2.0 62.5 -4.0 55.0 -6.0

47.5 Return -8.0 1 Wk 1 Mo 3 Mo 6 Mo 9 Mo YTD 1 Yr 3 Yr 40.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 Manager A S&P 500 TR US OE Large Growth Manager A S&P 500 TR US OE Large Growth Trailing Returns Performance Relative to Peer Group Data Point: Return Peer Group: Open End Funds - U.S. - Large Growth Peer Group (5-95%): Open End Funds - U.S. - Large Growth 1 Wk 1 Mo 3 Mo 6 Mo 9 Mo YTD 1 Yr 3 Yr 20.0 18.0 Manager A -5.62 -2.18 7.21 8.62 8.38 2.05 15.68 16.0 S&P 500 TR -6.01 -3.53 6.23 9.32 5.16 -0.41 14.92 14.0 12.0 US OE Large Growth -7.37 -4.92 5.26 6.57 6.47 -3.26 13.71

10.0 Average -7.37 -4.92 5.23 6.53 6.46 -3.18 13.97 8.0 5th Percentile -5.62 -2.37 9.04 11.74 10.14 4.12 19.28 6.0 25th Percentile -6.67 -3.76 6.90 9.00 8.08 -0.21 15.49 4.0 2.0 50th Percentile -7.20 -4.71 5.29 7.03 6.57 -2.78 13.81 0.0 Market Performance -2.0 Time Period: 6/1/2007 to 5/31/2012 -4.0 Up Down Best Worst Best Worst -6.0 Capture Capture R2 Month Month Quarter Quarter -8.0 Ratio Ratio

-10.0 Manager A -15.8410.19 -20.4314.96 85.5397.51 90.83

Return -12.0 1 Wk 1 Mo 3 Mo 6 Mo 9 Mo YTD 1 year 3 years S&P 500 TR 10.93 -16.79 15.93 -21.94 100.00 100.00 100.00

US OE Large Growth 11.78 -17.55 15.80 -23.31 107.45 104.08 95.14 Manager A S&P 500 TR US OE Large Growth

Source: Morningstar Direct Manager A

Risk-Reward Portfolio Statistics

Time Period: 6/1/2007 to 5/31/2012 Inv Bmk1 Cat Avg 16.0 Manager A Equity Style Box (Long) É È É S&P 500 TR Average Market Cap (mil) (Long) 43,257.13 52,449.34 48,903.50 12.0 US OE Large Growth P/E Ratio (TTM) (Long) 18.65 14.03 18.22 P/B Ratio (TTM) (Long) 3.09 2.05 3.54 8.0 P/S Ratio (TTM) (Long) 2.34 1.26 2.00 P/C Ratio (TTM) (Long) 13.58 8.59 12.34 4.0 Debt to Capital % (trailing) (Long) 27.09 35.88 26.57 ROA % (TTM) (Long) 12.36 9.37 12.34 0.0 ROE % (TTM) (Long) 24.65 22.62 25.07

Rolling Excess Return -4.0 Time Period: 6/1/2007 to 5/31/2012

-8.0 Rolling Window: 3 Years 1 Month shift 1st to 25th Percentile 26th Percentile to Median 51st to 75th Percentile 76th to 100th Percentile

-12.0 0.00

Return 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 25.00 Std Dev 50.00

Risk 75.00

Time Period: 6/1/2007 to 5/31/2012 100.00 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Excess Return 2011 2012 Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith) Manager A S&P 500 TR US OE Large Growth Rolling Sharpe Time Period: 6/1/2007 to 5/31/2012 Rolling Window: 3 Years 1 Month shift Manager A 2.41 17.81 3.80 3.07 0.89 90.83 0.09 5.83 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 2.25

1.50

S&P 500 TR -0.92 19.14 0.00 0.00 1.00 100.00 -0.09 0.00 0.75

0.00

-0.75 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 US OE Large Growth -0.16 20.22 2.95 0.98 1.03 95.14 -0.05 4.51

Sharpe Ratio 2011 2012

Manager A S&P 500 TR US OE Large Growth Source: Morningstar Direct Manager A

Relative Weights Relative Return Weighting Effect Selection Effect Active Return

Information Technology

Consumer Discretionary

Financials

Health Care

Consumer Staples

Energy

Industrials

Cash

Materials

Telecommunication Services

Utilities

0.0 7.5 15.0 22.5 30.0 -22.5 -15.0 -7.5 0.0 7.5 -0.5 -0.3 0.0 0.3 0.5 -0.5 0.0 0.5 1.0 -0.8 0.0 0.8 1.5

Attribution/Contribution Time Period: 3/1/2012 to 5/31/2012 Portfolio Benchmark Portfolio Benchmark Portoflio Benchmark Weighting Selection Active Weights Weights Return Return Contribution Contribution Effect Effect Return Consumer Discretionary 22.02 11.00 3.83 -0.01 0.84 0.00 0.39 0.84 1.23 Consumer Staples 7.81 10.80 4.17 2.57 0.33 0.28 -0.17 0.11 -0.06 Energy 7.20 11.50 -19.08 -14.03 -1.43 -1.67 0.44 -0.38 0.06 Financials 10.40 14.59 -1.47 -4.67 -0.20 -0.68 0.03 0.36 0.38 Health Care 8.43 11.38 -0.24 0.36 -0.02 0.05 -0.11 -0.05 -0.16 Industrials 4.56 10.60 -2.13 -5.91 -0.09 -0.64 0.14 0.17 0.31 Information Technology 29.75 20.31 -2.20 -4.80 -0.62 -0.97 -0.12 0.78 0.66 Materials 4.01 3.49 -18.33 -8.27 -0.82 -0.29 -0.04 -0.49 -0.53 Telecommunication Services 0.20 2.80 -13.43 9.42 -0.02 0.26 -0.35 -0.03 -0.38 Utilities 0.13 3.41 1.62 3.83 0.00 0.13 -0.25 0.00 -0.25 Cash 4.01 0.11 0.01 0.01 0.00 0.00 0.23 0.00 0.23 Attribution Total 98.51 99.98 -2.04 -3.53 -2.04 -3.53 0.20 1.30 1.50 Bond 0.17 0.00 Other 0.08 0.00 Missing Performance 1.24 0.02 Total 100.00 100.00 -2.04 -3.53

Source: Morningstar Direct Manager A

Weighting Effects Time Period: 3/1/2012 to 5/31/2012

Underperform Outperform Overweight 12.00 2 4

Relative Weight Relative 6.00

3

0.00 Underweight

5 3 1 2 1 5

-6.00 4

-12.00 -15.00 -12.00 -9.00 -6.00 -3.00 0.00 3.00 6.00 9.00 12.00 15.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Energy -4.15 -10.50 0.44 1 Telecommunication Services -2.60 12.95 -0.35 2 Consumer Discretionary 11.34 3.52 0.39 2 Utilities -3.29 7.36 -0.25 3 Cash 3.96 3.54 0.23 3 Consumer Staples -2.88 6.10 -0.17 4 Industrials -5.98 -2.38 0.14 4 Information Technology 9.85 -1.26 -0.12 5 Financials -4.06 -1.14 0.03 5 Health Care -2.77 3.90 -0.11

GICS Sectors Portfolio Date: 4/30/2012

Consumer Consumer Information Telecom Energy % Materials % Industrials % Healthcare % Financials % Utilities % Discretionary % Staples % Technology % Services %

Manager A 6.94 3.89 4.65 23.95 8.40 9.53 11.41 30.99 0.13 0.11

S&P 500 TR 11.22 3.45 10.51 11.22 10.85 11.39 14.68 20.29 2.91 3.50

US OE Large Growth 8.39 3.10 10.77 20.72 5.66 12.57 4.72 33.33 0.42 0.31

Source: Morningstar Direct Manager A

Equity Sectors Shift (GICS) Time Period: 6/1/2005 to 4/30/2012 100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2005 2006 2007 2008 2009 2010 2011 2012

Energy % Materials % Industrials % Consumer Discretionary % Consumer Staples % Healthcare % Financials % Information Technology % Telecom Services % Utilities %

Holdings-Based Style Equity Sectors (GICS) Top Holdings Portfolio Date: 4/30/2012 Portfolio Date: 4/30/2012

Portfolio Style Box Sector Weighting % Giant Apple, Inc. É Hardware 9.13

Google, Inc. Class A É Telecommunications 4.36

Berkshire Hathaway Inc Class A È Financial Services 2.99

McDonald's Corporation É Consumer Services 2.68

Mid Large % Coca-Cola Co É Consumer Goods 2.57 Energy % 6.9 Materials % 3.9 Wells Fargo & Co È Financial Services 2.21 Industrials % 4.6 Consumer Discretionary % 23.9 Noble Energy Inc É Energy 2.05 Consumer Staples % 8.4 Healthcare % 9.5 TJX Companies È Consumer Services 1.83 Financials % 11.4 Micro Small Deep-Val Core-Val Core Core-Grth High-Grth Information Technology % 31.0 Walt Disney Co É Media 1.72 Telecom Services % 0.1 Utilities % 0.1 Nike, Inc. Class B É Consumer Goods 1.44 Manager A 4/30/2012 S&P 500 TR 5/31/2012 US OE Large Growth4/30/2012 Total 100.0

Source: Morningstar Direct Manager A

Drawdown Time Period: 6/1/2002 to 5/31/2012 0.0

-5.0

-10.0

-15.0

-20.0

-25.0

-30.0

-35.0

-40.0

-45.0

-50.0

-55.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A S&P 500 TR US OE Large Growth

Drawdown Time Period: 6/1/2007 to 5/31/2012 Max Max Max Max Drawdown # Drawdown Drawdown Omega Drawdown of Peak Valley Periods Date Date

Manager A -46.34 16.00 11/1/2007 2/28/2009 1.07

S&P 500 TR -50.95 16.00 11/1/2007 2/28/2009 0.93

US OE Large Growth -50.23 16.00 11/1/2007 2/28/2009 0.96

Source: Morningstar Direct Mutual Fund Evaluation

As of 5/31/2012 Equity

Returns % (No Load) Returns % (Load Adjusted)

1 Year 5 Year 10 Year Inception Inception 1 Year 5 Year 10 Year Inception Total Total Total Total Cumulative Inception Total Total Total Total Inception Return Return Return Return Return Date Return Return Return Return Date (%) (%) (%) (%) (%) (%) (%) (%) (%)

Manager A -6.50 1.41 5.41 8.49 83,248.37 11/6/1929 Manager A -6.50 1.41 5.41 8.49 11/6/1929 S&P 500 TR -0.41 -0.92 4.14 10.05 1/30/1970 S&P 500 TR 1/30/1970 US OE Large Growth -3.18 0.25 4.03 12/1/1925 US OE Large Growth -4.41 0.05 3.93 12/1/1925

Ratings Number Number Number Number Morningstar Morningstar Morningstar Morningstar of Funds of Funds of Funds of Funds Rating 3 Rating 5 Rating Rating in 3 in 5 in 10 in Cat Yr Yr 10 Yr Yr Cat Yr Cat Yr Cat Manager A ÙÙÙ 1,797 Ù 1,520 ÙÙÙÙ 1,311 ÙÙÙÙ 854 S&P 500 TR US OE Large Growth ÙÙÙ ÙÙÙ ÙÙÙ ÙÙÙ

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Current performance may be lower or higher than what is stated. For current to the most recent month end performance and after tax returns, visit XYZ.com or call 1-800-000-0000.

For Class A Shares, load figures reflect the maximum sales charge of 4.8% for fixed income funds and 5.5% for equity funds (except that returns for Short-Term Income Fund and Short-Intermediate Duration Municipal Trust reflect the maximum 1% sales charge, returns for Government Ultrashort Duration Fund, Municipal Ultrashort Fund, and Ultrashort Bond Fund reflect the maximum 2% sales charge, and returns for California Intermediate Municipal Trust reflect the maximum 3% sales charge). For other share classes, load figures reflect the maximum sales charge of 1% for Class G Shares and the maximum contingent deferred sales charge of 5.8% for Class B Shares, 1% for Class C Shares, and 1% for Class F Shares. If shares of the High Yield funds are redeemed or exchanged within 90 days of purchase, a 2% redemption fee will be charged. If shares of the International Equity funds are redeemed or exchanged within 30 days of purchase, a 2% redemption will be charged. The redemption fee will be paid to the fund.

Morningstar ratings are based on risk-adjusted total return. The overall rating is derived from a weighted average of the fund's three-, five-, and ten- year average annual retuns, as applicable.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its 3-,5- and 10-year (if applicable) Morningstar Rating metrics. Ratings are for the share classes indicated; other classes may have different performance characteristics.

Page 1

Source: Morningstar Direct Mutual Fund Evaluation

As of 5/31/2012 Equity

Performance

YTD YTD 1 Year 1 Year 3 Year 3 Year 5 Year 5 Year 10 Year 10 Year Morningstar Morningstar Total Mstar % Total Mstar % Total Mstar % Total Mstar % Total Mstar % Ticker Rating Category Return Cat Return Cat Return Cat Return Cat Return Cat Overall (%) Rank (%) Rank (%) Rank (%) Rank (%) Rank

Manager A LOMMX US OE Large Growth 6.30 54 -6.50 78 7.04 98 1.41 31 5.41 17 ÙÙÙ S&P 500 TR SPYZ 5.16 -0.41 14.92 -0.92 4.14 US OE Large Growth Large Growth 6.46 -3.18 13.95 0.25 4.03 ÙÙÙ

Portfolio Statistics

Prospectus Sharpe Info Average P/E P/B Net Portfolio MPT Alpha 3 Turnover 12 Mo Beta 3 Yr R2 3 Yr Ratio 3 Ratio 3 Market Ratio Ratio Developed % Emerging % Expense Date Benchmark Yr Ratio % Yield Yr Yr Cap (TTM) (TTM) Ratio

Manager A 1.09 3/31/2012 S&P 500 TR -7.66 1.07 77.65 0.44 -0.85 404.00 28,526.40 14.98 1.57 92.90 7.10 0.27 S&P 500 TR 5/31/2012 0.94 52,449.34 14.03 2.05 100.00 0.00 US OE Large Growth 1.31 4/30/2012 S&P 500 TR -1.79 1.08 93.49 0.81 -0.28 64.27 48,903.50 18.22 3.54 98.58 1.42

Sources : Company Database, Morningstar Direct Morningstar ratings are based on risk-adjusted total return. The overall rating is derived from a weighted average of the fund's three-, five-, and ten-year average annual returns, as applicable

Expenses reported are after waivers/reimbursements. Total Returns don't reflect sales charges. Sales charges are waived for trust department retirement plans and institutional investors. If reflected, such changes would reduce the performance quoted. This material has been prepared by XYZ specifically for xxxxxxxxxxxxxxxxx and may not be reproduced or used as sales literature. It is not complete without the appropriate disclosure attached.

Page 2

Source: Morningstar Direct Mutual Fund Evaluation

As of 5/31/2012 Equity

Load-waived (LW) ratings do not reflect sales charge and redemption fees. Load-waived ratings should only be considered by investors who are not subject to a front-end sales charge. These ratings are calculated according to the methodology for the Morningstar Rating for funds, and they supplement the ratings for the original A share class, which reflects the maximum front load.

An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in these funds

The 7-day net annualized yield is based on the average net income per share for the seven days ended on the date of calculation and the offering price on that date. Yield quotations for money market funds more closely reflect the current earnings of the fund than the total return quotation.

Any performance information reported for periods prior to the fund's inception date is extended performance as calculated by Morningstar, Inc., and is based upon the performance of an older class of shares of the fund. If the expenses of the older class are lower, the performance has been adjusted to reflect the higher expenses of the newer class. This extended performance is not calculated according to the SEC standards and may not be used with the public in sales literature or advertising.

Copyright 2012 Morningstar, Inc. All rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Performance for some of these funds may have been lower in the absence of temporary expense waivers or reimbursements. Please consult the prospectuses for more information.

Some of these funds may offer separate classes of shares, which will have different performance due to differences in charges and expenses. Consult your investment representative for information on these classes.

The information contained herein has been obtained from sources deemed to be reliable but neither its accuracy nor completeness is guaranteed.

The attached is being provided to you at your request for specific information and may not be representative of the funds' performance during different market conditions Moreover because of differences in factors such as portfolio funds conditions. Moreover, composition, investment objectives, management policies, fund fees and expenses, the attached information, by itself, might not permit you to make a complete comparison of the funds. Please consult the prospectuses for a discussion of these differences and consider them carefully when comparing performance.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the FDIC, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including possible loss of principal.

Total return represents the change in the value of an investment after reinvesting all income and capital gains. See the prospectus for other fees and expenses that apply to a continued investment in the Fund.

Total Returns less than one year are cumulative. All other returns are average annual total returns unless otherwise indicated.

Performance shown is before-tax.

Morningstar category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is less than three years old, the category is based on the life of the fund.

Page 3

Source: Morningstar Direct Attribution and Holdings Analysis

Cumulative Attribution Effects

Time Period: 1/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: S&P 500 TR

GICS Sector- Cumulative Attribution Effects Attribution Effect % Cumulative Allocation Effect 16.00 Cumulative Selection Effect Cumulative Active Return 12.00

8.00

4.00

0.00

-4.00

-8.00

6.00 Attribution Effects Allocation Effect 3.00 Selection Effect Active Return 0.00

-3.00

1-31-2012 2-29-2012 3-31-2012 4-30-2012 5-31-2012

Attribution/Contribution

Time Period: 1/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: S&P 500 TR

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Rescaled Rescaled Weights Weights Return Return Contribution Contribution Effect Effect Return Weights Weights

Consumer Discretionary 44.39 10.90 44.39 10.92 11.90 10.87 5.23 1.16 1.95 0.52 2.48 Consumer Staples 14.69 10.97 14.69 10.98 27.81 4.67 4.17 0.54 0.01 3.32 3.33 Energy 7.70 11.75 7.70 11.72 -13.94 -7.57 -1.17 -0.90 0.57 -0.46 0.11 Financials 13.13 14.32 13.13 14.33 17.36 8.21 2.34 1.10 0.00 1.18 1.18 Health Care 0.00 11.54 0.00 11.51 4.82 0.00 0.58 0.04 0.00 0.04 Industrials 3.65 10.69 3.65 10.70 5.15 3.45 0.21 0.37 0.14 0.04 0.18 Information Technology 14.29 19.92 14.29 19.94 42.65 10.06 5.51 1.91 -0.33 4.17 3.84 Materials 2.16 3.54 2.16 3.54 11.04 1.63 0.25 0.06 0.06 0.21 0.27 Telecommunication Services 0.00 2.82 0.00 2.82 10.36 0.00 0.31 -0.18 0.00 -0.18 Utilities 0.00 3.55 0.00 3.54 0.77 0.00 0.03 0.16 0.00 0.16 Attribution Total 100.00 100.00 100.00 100.00 16.55 5.15 16.55 5.15 2.41 8.98 11.40 Total 100.00 100.00 16.55 5.15

Source: Morningstar Direct Attribution and Holdings Analysis

Allocation Effects

Time Period: 1/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: S&P 500 TR

Underperform Outperform Overweight 40.00 1

20.00 RelativeWeight

4 Underweight 0.00 5 3 2 3 2 1 4

-20.00

-40.00 -15.00 -12.00 -9.00 -6.00 -3.00 0.00 3.00 6.00 9.00 12.00 15.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Consumer Discretionary 33.48 5.72 1.95 1 Information Technology -5.66 4.91 -0.33 2 Energy -4.02 -12.72 0.57 2 Telecommunication Services -2.82 5.21 -0.18 3 Utilities -3.54 -4.38 0.16 3 Financials -1.20 3.06 0.00 4 Industrials -7.06 -1.70 0.14 4 Consumer Staples 3.71 -0.48 0.01 5 Materials -1.38 -3.52 0.06

Selection Effects

Time Period: 1/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: S&P 500 TR

Underperform Outperform Un Overweight 16.00 2

1 6 1

8.00 5 6 4 5 4 Relative Weight Relative 10 8

0.00 9 7 8 10

7 9 2 3 derweight 3

-8.00

-16.00 -35.00 -28.00 -21.00 -14.00 -7.00 0.00 7.00 14.00 21.00 28.00 35.00 Relative Return

Best Selections GICS Sector Weight +/- Return +/- Effect Worst Selections GICS Sector Weight +/- Return +/- Effect 1 Apple, Inc. Information Technology 11.47 32.59 3.36 1 Ralph Lauren Corp Consumer Discretionary 11.39 -2.98 -0.29 2 Whole Foods Market, ... Consumer Staples 14.55 23.14 3.29 2 Walt Disney Co Consumer Discretionary -2.46 11.02 -0.28 3 McDonald's Corporation Consumer Discretionary -3.38 -20.50 0.76 3 Comcast Corp Class A Consumer Discretionary -2.53 11.72 -0.27 4 American Express Co Financials 5.91 10.99 0.64 4 Murphy Oil Corporation Energy 3.26 -7.92 -0.25 5 Starbucks Corporation Consumer Discretionary 6.73 9.22 0.59 5 BP PLC ADR Energy 4.38 -5.18 -0.21 6 U.S. Bancorp Financials 6.39 7.50 0.46 6 Las Vegas Sands Corp Consumer Discretionary 11.95 -2.32 -0.20 7 Procter & Gamble Co Consumer Staples -1.99 -9.77 0.21 7 TJX Companies Consumer Discretionary -0.93 21.78 -0.20 8 Amazon.com Inc Consumer Discretionary 1.77 12.13 0.20 8 Priceline.com, Inc. Consumer Discretionary -1.03 22.86 -0.19 9 Google, Inc. Class A Information Technology -0.92 -20.13 0.20 9 Home Depot, Inc. Consumer Discretionary -2.43 7.92 -0.19 10 Monsanto Company Materials 1.95 9.41 0.19 10 Bank of America Corp... Financials -0.60 24.33 -0.12

Source: Morningstar Direct Attribution and Holdings Analysis

Attribution Detail

Time Period: 1/1/2012 to 5/31/2012 Benchmark: S&P 500 TR

2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 -0.20 -0.40

Allocation Effect Allocation -0.60 Consumer Consumer Energy Financials Health Industrials Information Materials TelecommunicationUtilities Discretionary Staples Care Technology Services GICS Sector Manager A Manager B Manager C

Attribution Summary - Scatter Plot Attribution Summary

Time Period: 1/1/2012 to 5/31/2012 Time Period: 1/1/2012 to 5/31/2012 Benchmark: S&P 500 TR Benchmark: S&P 500 TR

Allocation Selection Active 12.00 Effect Effect Return Manager A 2.41 8.98 11.40 9.00 Manager B -0.23 -0.54 -0.77 Manager C 0.00 -1.45 -1.45

Highest/Lowest 6.00 Time Period: 1/1/2012 to 5/31/2012 Portfolio: Manager A 3.00 Relative Relative Rescaled Relative Relative Allocation Selection Active Groupings Weights Rescaled Return Contribution Weights Weights Return Contribution Effect Effect Return Weights

Information Technology 14.29 -5.64 14.29 -5.66 42.65 32.59 5.51 3.61 -0.33 4.17 3.84 0.00 Consumer Discretionary 44.39 33.49 44.39 33.48 11.90 1.03 5.23 4.07 1.95 0.52 2.48

Consumer Staples 14.69 3.72 14.69 3.71 27.81 23.14 4.17 3.63 0.01 3.32 3.33

Financials 13.13 -1.19 13.13 -1.20 17.36 9.15 2.34 1.24 0.00 1.18 1.18 -3.00 Materials 2.16 -1.38 2.16 -1.38 11.04 9.41 0.25 0.19 0.06 0.21 0.27

Selection Effect Selection Industrials 3.65 -7.05 3.65 -7.06 5.15 1.69 0.21 -0.16 0.14 0.04 0.18 -1.00 0.00 1.00 2.00 Utilities 0.00 -2.82 0.00 -2.82 0.00 -0.31 -0.18 0.00 -0.18 Allocation Effect Health Care 0.00 -11.54 0.00 -11.51 0.00 -0.58 0.04 0.00 0.04 Telecommunication Services 0.00 -3.55 0.00 -3.54 0.00 -0.03 0.16 0.00 0.16

Manager A Manager B Manager C Energy 7.70 -4.05 7.70 -4.02 -13.94 -6.37 -1.17 -0.27 0.57 -0.46 0.11

Source: Morningstar Direct Attribution and Holdings Analysis

Holdings-Based Style Trail Manager A - Top Holdings Manager A - Equity Sectors (GICS)

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012

Portfolio %

t Weighting % Energy 6.2 Whole Foods Market, Inc. 16.46 Materials 2.1 Apple, Inc. 15.83 Industrials 3.6 Ralph Lauren Corp 10.65 Consumer Discretionary 42.2 Las Vegas Sands Corp 10.51 Consumer Staples 16.5 Starbucks Corporation 8.52 Healthcare 0.0

Large Gian U.S. Bancorp 7.06 Financials 13.6 Starwood Hotels & Resorts Worldwide Inc 6.93 Information Technology 15.8 American Express Co 6.51 Telecom Services 0.0 Amazon.com Inc 4.44 Utilities 0.0 BP PLC ADR 3.55 Total 100.0

Manager B - Top Holdings Manager B - Equity Sectors (GICS)

Portfolio Date: 3/31/2012 Portfolio Date: 3/31/2012 ll Mid Portfolio % Weighting % Energy 13.9 JPMorgan Chase & Co 3.97 Materials 3.2 Philip Morris International, Inc. 3.61 Industrials 9.0 News Corp Class B 3.14 Consumer Discretionary 16.5 Wells Fargo & Co 3.05 Consumer Staples 11.9 Micro Sma Deep-Val Core-Val Core Core-Grth High-Grth U.S. Bancorp 2.84 Healthcare 7.1 El Paso Corporation 2.76 Financials 22.8 Time Warner Inc 2.71 Information Technology 9.5 Manager A Manager B Manager C International Business Machines Corp 2.64 Telecom Services 3.9 Time Warner Cable Inc Class A 2.57 Utilities 2.1 S&P 500 TR Exxon Mobil Corporation 2.43 Total 100.0

Valuations Manager C - Top Holdings Manager C - Equity Sectors (GICS)

30.0 Portfolio Date: 3/31/2012 Portfolio Date: 3/31/2012

Portfolio % Weighting % Energy 12.5

20.0 18.7 Chevron Corp 4.37 Materials 2.0

14.9 Industrials 7.9

13.9 14.0 General Electric Co 3.81 13.0 Consumer Discretionary 9.9 Pfizer Inc 3.75 Consumer Staples 8.5

10.0 8.5 8.6

7.3 JPMorgan Chase & Co 3.73 Healthcare 14.1

4.0 Wells Fargo & Co 3.45 Financials 25.2 2.0 1.9 1.9 1.6 1.3 1.3 1.1 Exxon Mobil Corporation 3.34 Information Technology 10.2 0.0 Procter & Gamble Co 3.18 Telecom Services 5.7 P/E Ratio (TTM) P/B Ratio (TTM) P/S Ratio (TTM) P/C Ratio (TTM) AT&T Inc 3.10 Utilities 3.9 (Long) (Long) (Long) (Long) Johnson & Johnson 2.73 Total 100.0 Cisco Systems Inc 2.66

Manager A Manager B Manager C S&P 500 TR

Source: Morningstar Direct Manager A Por�olio Analysis

Composi�on Holdings-Based Style Sector Contribu�on # of Holdings (Long) 81 Groupings Return Contribu�on # of Stock Holdings (Long) 77 Financials 20.83 4.28 Cash % 0.00 Informa�on Technology 24.19 4.08 US Equity % 0.00 Giant Consumer Staples 13.67 2.14 Non­US Equity % 95.58 Energy 13.05 1.67 % Asset in Top 10 Holdings 23.07 Health Care 31.48 1.13 Morningstar Ra�ng Overall ÙÙÙÙ Consumer Discre�onary 15.59 1.11 Telecommunica�on Services 10.87 1.00 Top Holdings Industrials 15.64 0.93 Por�olio Materials 7.32 0.67 Mid Large Weigh�ng % U�li�es 0.00 Samsung Electronics Co Ltd GDR 3.92 America Movil, S.A.B. de C.V. ADR 2.55 Top 10 Holding Contributors Companhia de Bebidas das Americas Ambev ADR 2.51 Holdings Return Contribu�on Taiwan Semiconductor Manufacturing 2.39 Arcelik A.S. 73.37 1.15 Tencent Holdings Ltd. 70.11 1.00 Hon Hai Precision Ind. Co., Ltd. 2.14 Samsung Electronics Co Ltd GDR 30.71 0.95 Arcelik A.S. 2.14 Micro Small Grupo Financiero Banorte SAB de CV 88.05 0.82 Deep­Val Core­Val Core Core­Grth High­Grth Sberbank of Russia OJSC ADR 1.95 Siam Commercial Bank Public Company Limited 55.33 0.74 Vale SA ADR 1.84 Equity Sectors (GICS) Taiwan Semiconductor Manufacturing 25.99 0.64 LUKOIL Oil Company JSC ADR 1.82 Coca­Cola Femsa, S.A.B. de C.V. ADR 37.90 0.58 % Ambuja Cements Ltd. 33.34 0.55 Coca­Cola Femsa, S.A.B. de C.V. ADR 1.82 Consumer Discre�onary % 5.7 Ecopetrol S.A. ADR 33.27 0.51 Consumer Staples % 13.2 Sberbank of Russia OJSC ADR 22.51 0.49 Characteris�cs Energy % 12.7 Inv Bmk1 Financials % 22.9 Bo�om 10 Holding Contributors Healthcare % 4.8 Average Market Cap (mil) 19,467.92 18,193.87 Industrials % 8.3 Holdings Return Contribu�on Dividend Yield 2.46 3.38 Informa�on Technology % 17.0 ANTA Sports Products Ltd. ­29.81 ­0.30 P/E Ra�o (TTM) 12.09 11.12 Materials % 8.5 Vale S.A. ADR ­14.84 ­0.27 LT Earn Growth 11.67 13.88 Telecom Services % 7.0 United Tractors Tbk ­24.50 ­0.24 U�li�es % 0.0 P/C Ra�o (TTM) 9.08 7.20 Itau Unibanco Holding SA ADR ­16.10 ­0.22 P/B Ra�o (TTM) 2.17 1.57 A�ribu�on Total Wumart Stores, Inc. H Shares ­27.41 ­0.22 Impala Pla�num Holdings ­17.77 ­0.16 P/S Ra�o (TTM) 1.83 1.14 A�ribu�on Total Petroleo Brasileiro SA Petrobras ADR ­5.89 ­0.14 Net Margin % (trailing) 21.41 17.79 Gazprom OAO ADR ­1.77 ­0.12 Alloca�on Effect 1.13 Debt to Capital % (trailing) 21.63 23.73 Selec�on Effect 3.87 Millicom Interna�onal Cellular SA DR ­6.30 ­0.12 ROE % (TTM) 23.45 17.97 Ac�ve Return 5.00 Vale S.A. ADR ­11.80 ­0.08

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 1 of 11 Manager A Por�olio Analysis

Manager A - Equity Market Capitaliza�on

Time Period: 9/1/1999 to 6/30/2012

100.0

90.0

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Giant % Large % Mid % Small % Micro % Manager A - Equity Regional Exposure

Time Period: 9/1/1999 to 6/30/2012

100.0 90.0 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

North America % La�n America % United Kingdom % Europe dev % Europe emrg % Africa/Middle East % Australasia % Japan % Asia dev % Asia emrg %

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 2 of 11 Manager A Por�olio Analysis

A�ribu�on/Contribu�on Summary Time Period: 1/1/2012 to 9/30/2012 Por�olio Por�olio Por�olio Benchmark Benchmark Benchmark Alloca�on Selec�on Ac�ve Weights Return Contribu�on Weights Return Contribu�on Effect Effect Return Consumer Discre�onary 6.56 15.59 1.11 8.13 12.50 1.07 ­0.14 0.31 0.17 Consumer Staples 13.81 13.67 2.14 7.12 17.12 1.29 0.22 ­0.28 ­0.06 Energy 12.59 13.05 1.67 11.83 5.96 0.77 ­0.03 0.94 0.91 Financials 20.17 20.83 4.28 23.43 14.20 3.49 ­0.37 1.63 1.26 Health Care 4.22 31.48 1.13 1.10 23.34 0.27 0.61 0.08 0.69 Industrials 6.80 15.64 0.93 6.55 11.97 0.83 ­0.16 0.28 0.12 Informa�on Technology 16.10 24.19 4.08 13.38 21.18 2.84 0.37 0.41 0.79 Materials 7.37 7.32 0.67 11.96 1.99 0.25 0.33 0.67 1.00 Telecommunica�on Services 7.77 10.87 1.00 7.32 12.84 1.03 ­0.02 ­0.17 ­0.19 U�li�es 0.00 0.00 3.22 4.70 0.16 0.27 0.00 0.27 Unclassified 0.00 0.00 0.02 20.99 0.01 ­0.01 0.00 ­0.01 Cash 0.00 0.00 0.21 0.07 0.00 0.05 0.00 0.05 A�ribu�on Total 95.38 17.00 17.00 94.28 12.01 12.01 1.13 3.87 5.00 Bond 2.27 0.00 Other 1.87 2.78 Missing Performance 0.49 2.95 Total 100.00 17.00 100.00 12.01

Alloca�on Effect Selec�on Effect Ac�ve Return

0.6 1.6 1.3 Health Care 0.4 0.9 1.0 Informa�on Technology 0.3 0.7 0.9 Materials 0.3 0.4 0.8 U�li�es 0.2 0.3 0.7 Consumer Staples 0.0 0.3 0.3 Cash 0.0 0.1 0.2 Telecommunica�on Services 0.0 0.1 Energy ­0.1 0.0 Consumer Discre�onary ­0.2 ­0.2 ­0.1 Industrials ­0.4 ­0.3 ­0.2 Financials ­0.6 ­0.4 ­0.2 0.0 0.2 0.4 0.6 0.8 ­0.5 0.0 0.5 1.0 1.5 2.0 ­0.5 0.0 0.5 1.0 1.5

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 3 of 11 Manager A Por�olio Analysis

Allocation Effects

Underperform Outperform Overweight 8.00 5 Relative Weight Relative

4.00 1 2

3 0.00 4 Underweight

2

4 1 -4.00

3

-8.00 -20.00 -16.00 -12.00 -8.00 -4.00 0.00 4.00 8.00 12.00 16.00 20.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Health Care 3.26 19.47 0.61 1 Financials -3.72 8.82 -0.37 2 Information Technology 2.69 12.18 0.37 2 Consumer Discretionary -1.74 3.59 -0.14 3 Materials -4.96 -4.68 0.33 3 Telecommunication Services 0.39 -1.13 -0.02 4 Utilities -3.42 -7.30 0.27 4 Unclassified -0.02 8.99 -0.01 5 Consumer Staples 6.92 1.66 0.22

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 4 of 11 Manager A Por�olio Analysis

Selec�on Effects

Underperform Outperform vregtUnde Overweight 3.00 2 1 1 13 11 3 6 6 11 12 4 5 5 1.50 10 9 2 8 8 3 15 10 7 14 7 Rela�ve Weight Rela�ve 12 4 9 15 13 14 0.00 rweight

­1.50

­3.00 ­100.00 ­80.00 ­60.00 ­40.00 ­20.00 0.00 20.00 40.00 60.00 80.00 100.00 Rela�ve Return

Best Selec�ons GICS Sector Weight +/­ Return +/­ Effect Worst Selec�ons GICS Sector Weight +/­ Return +/­ Effect 1 Arcelik A.S. Consumer Discre�on... 2.53 60.87 1.14 1 Vale S.A. ADR Materials 2.39 ­16.84 ­0.51 2 Ambuja Cements Ltd. Materials 2.62 31.34 0.79 2 Itau Unibanco Holdin... Financials 1.36 ­30.29 ­0.50 3 Grupo Financiero Ban... Financials 1.31 73.86 0.70 3 Bank Bradesco ADR Financials 2.13 ­16.67 ­0.42 4 Siam Commercial Ban...Financials 1.78 41.13 0.63 4 ANTA Sports Products...Consumer Discre�on... 0.62 ­42.31 ­0.41 5 Ecopetrol S.A. ADR Energy 1.65 27.31 0.46 5 Millicom Interna�ona... Telecommunica�on S... 1.60 ­19.14 ­0.37 6 Semen Gresik (Perser... Materials 2.04 20.49 0.39 6 Petroleo Brasileiro SA... Energy 1.79 ­11.85 ­0.28 7 Grupo Aeroportuario ...Industrials 0.86 51.89 0.37 7 Impala Pla�num Hold... Materials 0.94 ­19.77 ­0.27 8 Copa Holdings SA Cla... Industrials 1.23 30.04 0.35 8 Baidu, Inc. ADR Informa�on Technology 1.23 ­20.82 ­0.26 9 Axis Bank Ltd. Financials 1.40 29.58 0.32 9 United Tractors Tbk Industrials 0.61 ­36.47 ­0.26 10 Transne�' AK OAO Energy 1.07 21.47 0.29 10 Astra Interna�onal Tbk Consumer Discre�on... 1.42 ­16.09 ­0.24 11 Sociedad Quimica Y ... Materials 2.24 12.93 0.28 11 Bank Rakyat Indonesi... Financials 1.89 ­8.00 ­0.22 12 LUKOIL Oil Company J... Energy 1.89 14.61 0.27 12 Hankook Tire Worldw... Consumer Discre�on... 0.75 ­17.21 ­0.19 13 Sberbank of Russia OJ...Financials 2.21 8.32 0.26 13 Wumart Stores, Inc. H...Consumer Staples 0.29 ­44.54 ­0.18 14 HDFC Bank Ltd ADR Financials 0.90 29.79 0.25 14 Synnex Technology In... Informa�on Technology 0.29 ­22.61 ­0.18 15 Zenith Bank Plc Financials 0.54 8.50 0.24 15 Banco Santander Chil... Financials 1.18 ­14.70 ­0.17

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 5 of 11 Manager A Por�olio Analysis

Investment Growth Time Period: 1/1/1999 to 9/30/2012

750.0% 700.0% 650.0% 600.0% 550.0% 500.0% 450.0% 400.0% 350.0% 300.0% 250.0% 200.0% 150.0% 100.0% 50.0% 0.0% ­50.0% 2000 2002 2004 2006 2008 2010 2012

Manager A MSCI EM NR USD US OE Diversified Emerging Mkts

Trailing Returns As of Date: 9/30/2012 Since YTD 1 year 3 years 5 years 7 years 10 years Incep�on Manager A 16.72 24.74 8.73 0.45 9.37 18.47 15.86 iShares MSCI Emerging Markets Index 11.70 17.47 4.94 ­0.91 8.39 US OE Diversified Emerging Mkts 11.36 16.44 4.54 ­2.85 7.02 15.10 10.59

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 6 of 11 Manager A Por�olio Analysis

Drawdown Time Period: 12/1/1998 to 9/30/2012

0.0

­5.0

­10.0

­15.0

­20.0

­25.0

­30.0

­35.0

­40.0

­45.0

­50.0

­55.0

­60.0

­65.0 2000 2002 2004 2006 2008 2010 2012

Manager A MSCI EM NR USD

Drawdown Time Period: 10/1/2009 to 9/30/2012

Max Max Max Up Down Overall Average Drawdown # Drawdown Drawdown Average Capture Capture Capture Drawdown of Peak Valley Drawdown Ra�o Ra�o Ra�o Periods Date Date Manager A ­14.49 5 5/1/2011 9/30/2011 ­14.49 96.05 82.87 1.16 MSCI EM NR USD ­16.81 5 5/1/2011 9/30/2011 ­16.81 98.02 95.42 1.03

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 7 of 11 Manager A Por�olio Analysis

3 Year Risk-Reward Since Incep�on Risk-Reward Since Incep�on Upside - Downside Ra�o Time Period: 10/1/2009 to 9/30/2012 Time Period: 1/1/1999 to 9/30/2012 Time Period: 10/1/2009 to 9/30/2012 Peer Group (1­100%): Open End Funds ­ U.S. ­ Diversified Emerging Mkts Peer Group (1­100%): Open End Funds ­ U.S. ­ Diversified Emerging Mkts Peer Group (1­100%): Open End Funds ­ U.S. ­ Diversified Emerging Mkts 280.0 30.0 24.0

240.0 20.0 20.0 200.0 16.0 160.0 10.0 12.0 120.0 8.0 80.0 0.0 4.0 40.0 Return Return ­10.0 0.0 Ra�o Capture Down 0.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 0.0 40.0 80.0 120.0 160.0 200.0 240.0

Std Dev Std Dev Up Capture Ra�o

3 year Sta�s�cs Time Period: 10/1/2009 to 9/30/2012 Informa�on Sharpe Return Std Dev Alpha Beta R2 Ra�o Ra�o Manager A 8.73 20.71 3.88 0.91 0.81 0.50 96.37 iShares MSCI Emerging Markets Index 4.94 22.42 0.00 1.00 0.32 100.00 MSCI EM NR USD 5.63 21.84 0.74 0.97 0.38 0.35 99.46 US OE Diversified Emerging Mkts 4.54 20.96 ­0.14 0.93 ­0.11 0.31 98.11 Since Incep�on Sta�s�cs Time Period: 10/1/2007 to 9/30/2012

Informa�on Sharpe Return Std Dev Alpha Beta R2 Ra�o Ra�o Manager A 0.45 28.25 1.28 0.96 0.32 0.14 97.80 MSCI EM NR USD ­1.28 29.55 ­0.22 1.01 ­0.13 0.09 99.12 US OE Diversified Emerging Mkts ­2.85 28.93 ­1.91 0.99 ­0.54 0.03 98.42

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 8 of 11 Manager A Por�olio Analysis

Performance Rela�ve to Peer Group Peer Group (1­100%): Open End Funds ­ U.S. ­ Diversified Emerging Mkts

52.5 45.0 37.5 30.0 22.5 15.0 7.5 0.0 ­7.5 ­15.0 ­22.5 ­30.0

Return ­37.5 YTD 1 year 3 years 5 years 7 years 10 years

Manager A iShares MSCI Emerging Markets Index MSCI EM NR USD Rolling 36 Month Peer Group Performance 1st to 25th Percen�le 26th to Median 51st to 75th Percen�le 76th to 100th Percen�le

0.0

25.0

50.0

75.0

100.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 Return 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A iShares MSCI Emerging Markets Index MSCI EM NR USD

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 9 of 11 Manager A Por�olio Analysis

Performance Rela�ve to Peer Group Peer Group (1­100%): Open End Funds ­ U.S. ­ Diversified Emerging Mkts

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

­0.5

Sharpe Ra�o (geo) Ra�o Sharpe ­1.0 YTD 1 year 3 years 5 years 7 years 10 years

Manager A iShares MSCI Emerging Markets Index MSCI EM NR USD Rolling 36 Month Peer Group Performance 1st to 25th Percen�le 26th to Median 51st to 75th Percen�le 76th to 100th Percen�le

0.0

25.0

50.0

75.0

100.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 Sharpe Ra�o (geo) Ra�o Sharpe 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A iShares MSCI Emerging Markets Index MSCI EM NR USD

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 10 of 11 Manager A Por�olio Analysis

Performance Rela�ve to Peer Group Peer Group (1­100%): Open End Funds ­ U.S. ­ Diversified Emerging Mkts

6.8 6.0 5.3 4.5 3.8 3.0 2.3 1.5 0.8 0.0 ­0.8 ­1.5 ­2.3

Informa�on Ra�o (geo) Ra�o Informa�on ­3.0 YTD 1 year 3 years 5 years 7 years 10 years

Manager A MSCI EM NR USD Rolling 36 Month Peer Group Performance 1st to 25th Percen�le 26th to Median 51st to 75th Percen�le 76th to 100th Percen�le

0.0

25.0

50.0

75.0

100.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 Informa�on Ra�o (geo) Ra�o Informa�on 2007 2008 2009 2010 2011 2012

Manager A iShares MSCI Emerging Markets Index MSCI EM NR USD

As of 9/30/2012 iShares MSCI Emerging Markets Index Page 11 of 11 Presentation Studio Workbook Samples for Multiple Investments Product Strategy Comparison

Prepared For: Client Name

Prepared By: Wholesaler Name Emerging Markets Strategy 1® ETF FEMS

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF

OBJECTIVE & STRATEGY OBJECTIVE & STRATEGY

The investment seeks investment results that correspond generally to the The investment seeks to track the investment results of the MSCI Emerging price and yield (before the fund's fees and expenses) of an equity index Markets Growth Index. The underlying index generally represents called the De�ined Emerging Markets Small Cap Index. The fund will approximately 50% of the MSCI Emerging Markets Index and consists of normally invest at least 90% of its net assets in common stocks and/or those securities classi�ied by MSCI Inc. ("MSCI") as most representing the depositary receipts that comprise the index. The index is a modi�ied equal‐ growth style. The fund generally invests at least 80% of its assets in dollar weighted index calculated by SPDJI based on select small cap securities of the underlying index or in depositary receipts representing securities from the S&P Emerging Markets BMI Index that may generate securities in the underlying index. It is non‐diversi�ied. positive alpha relative to traditional passive‐style indices through the use of the AlphaDEX(R) selection methodology. It is non‐diversi�ied.

FUND FACTS FUND FACTS

Fund Inception 2/15/2012 Fund Inception 2/8/2012 ETF Ticker FEMS ETF Ticker EGRW CUSIP 33737J307 CUSIP 464286467 Gross Expense Ratio 0.80 Gross Expense Ratio 0.68 Net Expense Ratio 0.80 Net Expense Ratio 0.49 Firm Name First Trust Firm Name iShares Exchange NYSE ARCA Exchange NASDAQ Morningstar Category US ETF Diversi�ied Emerging Mkts Morningstar Category US ETF Diversi�ied Emerging Mkts Prospectus Benchmark Index De�ined Emerging Markets SC TR USD Prospectus Benchmark Index MSCI EM Growth NR USD Benchmark Index Inception 7/29/2014 Benchmark Index Inception 12/29/2000 Morningstar Rating Overall ÙÙÙÙÙ Morningstar Rating Overall ÙÙÙÙ Global Broad Category Group Equity Global Broad Category Group Equity Country Available for Sale United States Country Available for Sale United States

SHORT TERM INVESTMENT GROWTH OF $10,000

Time Period: 2/16/2012 to 5/31/2015 Peer Group (5‐95%): Exchange Traded Funds ‐ U.S. ‐ Diversi�ied Emerging Mkts Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

13,750.0

13,000.0

12,250.0

11,500.0

10,750.0

10,000.0

9,250.0

8,500.0

7,750.0

7,000.0 5/2012 11/2012 5/2013 11/2013 5/2014 11/2014 5/2015

Emerging Markets Strategy 1® ETF 13,142.5 Emerging Markets Strategy 2® ETF 10,974.1 US ETF Diversi�ied Emerging Mkts 10,102.1

Page 1 of 7

Source: Morningstar Direct Emerging Markets Strategy 1® ETF FEMS

ROLLING 6 MONTH ALPHA

Peer Group (5‐95%): Exchange Traded Funds ‐ U.S. ‐ Diversi�ied Emerging Mkts Calculation Benchmark: MSCI EM NR USD Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

60.0 52.5 45.0 37.5 30.0 22.5 15.0 7.5 0.0 ‐7.5 ‐15.0 ‐22.5 ‐30.0 ‐37.5 ‐45.0

Alpha ‐52.5 6/1/2010 ‐ 12/1/2010 ‐ 6/1/2011 ‐ 12/1/2011 ‐ 6/1/2012 ‐ 12/1/2012 ‐ 6/1/2013 ‐ 12/1/2013 ‐ 6/1/2014 ‐ 12/1/2014 ‐ 11/30/2010 5/31/2011 11/30/2011 5/31/2012 11/30/2012 5/31/2013 11/30/2013 5/31/2014 11/30/2014 5/31/2015

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF MSCI EM NR USD US ETF Diversi�ied Emerging Mkts

ROLLING 6 MONTH BETA

Peer Group (5‐95%): Exchange Traded Funds ‐ U.S. ‐ Diversi�ied Emerging Mkts Calculation Benchmark: MSCI EM NR USD Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

1.6

1.5 1.4 1.3 1.2

1.1 1.0 0.9

0.8 0.7 0.6

0.5 0.4 0.3

Beta 0.2 6/1/2010 ‐ 12/1/2010 ‐ 6/1/2011 ‐ 12/1/2011 ‐ 6/1/2012 ‐ 12/1/2012 ‐ 6/1/2013 ‐ 12/1/2013 ‐ 6/1/2014 ‐ 12/1/2014 ‐ 11/30/2010 5/31/2011 11/30/2011 5/31/2012 11/30/2012 5/31/2013 11/30/2013 5/31/2014 11/30/2014 5/31/2015

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF MSCI EM NR USD US ETF Diversi�ied Emerging Mkts

Page 2 of 7

Source: Morningstar Direct Emerging Markets Strategy 1® ETF FEMS

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF

EQUITY STYLE VALUATION EQUITY STYLE VALUATION

Portfolio Date: 3/31/2015 Portfolio Date: 3/31/2015 % % Value 55.0 Value 20.2 Core 30.3 Core 34.0 Growth 14.7 Growth 45.8

REGIONAL EXPOSURE REGIONAL EXPOSURE

Portfolio Date: 3/31/2015 Portfolio Date: 3/31/2015 % % Developed Markets 21.8 Developed Markets 31.1 Emerging Markets 78.2 Emerging Markets 68.9

GICs SECTOR EXPOSURE GICs SECTOR EXPOSURE

Portfolio Date: 3/31/2015 Portfolio Date: 3/31/2015 % % Basic Materials 14.1 Basic Materials 3.9 Consumer Cyclical 12.6 Consumer Cyclical 8.0 Financial Services 4.5 Financial Services 21.8 Real Estate 27.0 Real Estate 2.3 Consumer Defensive 6.6 Consumer Defensive 11.6 Healthcare 2.2 Healthcare 4.4 Utilities 4.4 Utilities 3.1 Communication Services 3.3 Communication Services 3.3 Energy 1.1 Energy 2.7 Industrials 11.2 Industrials 6.4 Technology 12.9 Technology 32.5

Time Period: 4/1/2012 to 3/31/2015 Time Period: 4/1/2012 to 3/31/2015

100.0 100.0

87.5 87.5

75.0 75.0

62.5 62.5

50.0 50.0

37.5 37.5

25.0 25.0

12.5 12.5

0.0 0.0 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013 3/2014 6/2014 9/2014 12/2014 3/2015 6/2012 9/2012 12/2012 3/2013 6/2013 9/2013 12/2013 3/2014 6/2014 9/2014 12/2014 3/2015

Basic Materials % Consumer Cyclical % Financial Services % Basic Materials % Consumer Cyclical % Financial Services % Real Estate % Consumer Defensive % Healthcare % Real Estate % Consumer Defensive % Healthcare % Utilities % Communication Services % Energy % Utilities % Communication Services % Energy % Industrials % Technology % Industrials % Technology %

Page 3 of 7

Source: Morningstar Direct Emerging Markets Strategy 1® ETF FEMS

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF

STRATEGY DETAILS STRATEGY DETAILS

ETF Ticker FEMS ETF Ticker EGRW Strategic Beta Yes Strategic Beta Yes Strategic Beta Group Return Oriented Strategic Beta Group Return Oriented Strategic Beta Attributes Multiple Strategic Beta Attributes Growth Branding Name First Trust Branding Name iShares Manager Tenure (Longest) 3.33 Manager Tenure (Longest) 3.33 Manager Tenure (Average) 3.33 Manager Tenure (Average) 2.73 Fund Size $ 42,721,673 Fund Size $ 8,237,394 Prospectus Objective Diversi�ied Emerging Markets Prospectus Objective Diversi�ied Emerging Markets Number of Holdings 217 Number of Holdings 436 % Assets in Top 10 Holdings 10.8% % Assets in Top 10 Holdings 25.7%

STRATEGY RETURN PEER ANALYSIS STRATEGY RETURN PEER ANALYSIS

YTD 1 Year 3 Years YTD 1 Year 3 Years

Emerging Markets Strategy 1® ETF 12.15 2.08 14.29 Emerging Markets Strategy 2® ETF 6.00 1.45 7.35

Equity Equity

Peer group rank of peer group count 24,649 of 74,747 57,364 of 70,153 35,543 of 53,474 Peer group rank of peer group count 45,981 of 74,747 58,269 of 70,153 45,524 of 53,474

Median 8.07 11.70 17.18 Median 8.07 11.70 17.18

Average 9.93 14.48 15.94 Average 9.93 14.48 15.94

Std Dev 10.80 19.89 9.27 Std Dev 10.80 19.89 9.27

Equity + Diversi�ied Emerging Mkts Equity + Diversi�ied Emerging Mkts

Peer group rank of peer group count 21 of 897 170 of 813 10 of 550 Peer group rank of peer group count 269 of 897 196 of 813 172 of 550

Median 4.02 ‐2.29 5.49 Median 4.02 ‐2.29 5.49

Average 4.21 ‐2.14 5.89 Average 4.21 ‐2.14 5.89

Std Dev 3.50 5.46 3.07 Std Dev 3.50 5.46 3.07

Equity + Diversi�ied Emerging Mkts + Diversi�ied Emerging Markets Equity + Diversi�ied Emerging Mkts + Diversi�ied Emerging Markets

Peer group rank of peer group count 3 of 642 117 of 607 4 of 409 Peer group rank of peer group count 180 of 642 135 of 607 113 of 409

Median 3.93 ‐2.26 5.34 Median 3.93 ‐2.26 5.34

Average 4.10 ‐2.10 5.64 Average 4.10 ‐2.10 5.64

Std Dev 2.95 4.72 2.73 Std Dev 2.95 4.72 2.73

Equity + Diversi�ied Emerging Mkts + Diversi�ied Emerging Markets + Return Oriented Equity + Diversi�ied Emerging Mkts + Diversi�ied Emerging Markets + Return Oriented

Peer group rank of peer group count 1 of 2 1 of 2 1 of 2 Peer group rank of peer group count 1 of 2 1 of 2 1 of 2

Median 5.26 ‐7.91 2.47 Median 5.26 ‐7.91 2.47

Average 5.26 ‐7.91 2.47 Average 5.26 ‐7.91 2.47

Std Dev 0.00 0.00 0.00 Std Dev 0.00 0.00 0.00

Equity + Diversi�ied Emerging Mkts + Diversi�ied Emerging Markets + Return Oriented + Multiple Equity + Diversi�ied Emerging Mkts + Diversi�ied Emerging Markets + Return Oriented + Growth

Peer group rank of peer group count 1 of 21 10 of 10 4 of 4 Peer group rank of peer group count 1 of 1 1 of 1 1 of 1

Median 6.45 11.00 23.51 Median

Average 6.37 18.50 23.47 Average

Std Dev 5.25 11.57 0.07 Std Dev

Page 4 of 7

Source: Morningstar Direct Emerging Markets Strategy 1® ETF FEMS

UPSIDE DOWNSIDE CAPTURE

Time Period: 1/1/2015 to 3/31/2015 Time Period: 10/1/2014 to 3/31/2015 Calculation Benchmark: MSCI EM NR USD Calculation Benchmark: MSCI EM NR USD 150.0 190.0 120.0 150.0 110.0 90.0 70.0 60.0 30.0 30.0 ‐10.0 0.0 ‐50.0 Up Capture Ratio Up Capture Ratio 0.0 30.0 60.0 90.0 120.0 150.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Down Capture Ratio Down Capture Ratio Time Period: 4/1/2014 to 3/31/2015 Time Period: 4/1/2013 to 3/31/2015 Calculation Benchmark: MSCI EM NR USD Calculation Benchmark: MSCI EM NR USD 120.0 120.0 100.0 100.0 80.0 80.0 60.0 60.0 40.0 40.0 20.0 20.0 0.0 0.0 Up Capture Ratio Up Capture Ratio 0.0 20.0 40.0 60.0 80.0 100.0 120.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Down Capture Ratio Down Capture Ratio

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF MSCI EM NR USD

US ETF Diversi�ied Emerging Mkts

DRAWDOWN ANALYSIS

Time Period: 6/1/2010 to 5/31/2015

0.0 ‐2.5 ‐5.0 ‐7.5 ‐10.0 ‐12.5 ‐15.0 ‐17.5 ‐20.0 ‐22.5 ‐25.0 ‐27.5 11/2010 5/2011 11/2011 5/2012 11/2012 5/2013 11/2013 5/2014 11/2014 5/2015

Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF MSCI EM NR USD US ETF Diversi�ied Emerging Mkts

Page 5 of 7

Source: Morningstar Direct Emerging Markets Strategy 1® ETF FEMS

Portfolio Date: 6/8/2015 Top 30 holdings: 27.02% Other: 72.98%

Position Latest Portfolio Market Latest Ticker Dividend Weighting % Value Dividend Date (mil)

Future Land Development Holdings Ltd 1.04 01030 0.45 0.06 5/26/2015 CIFI Holdings (Group) Co Ltd 0.91 00884 0.39 0.11 4/21/2015 Zall Development (Cayman) Holding Co Ltd 0.90 02098 0.39 0.06 5/15/2013 KWG Property Holding Ltd 0.86 01813 0.37 0.42 6/9/2015 Logan Property Holdings Co Ltd 0.82 03380 0.35 0.11 6/4/2015 Long Bon Development Co Ltd 0.81 2514 0.35 0.40 7/10/2014 Fantasia Holdings Group Co Ltd 0.78 01777 0.33 0.05 5/18/2015 Modernland Realty Tbk Class A 0.77 MDLN 0.33 5.00 8/28/2014

China Dongxiang (Group) Co Ltd 1.21 03818 0.52 0.02 5/19/2014 Maoye International Holdings Ltd 1.09 00848 0.47 0.01 4/14/2015 Cashbuild Ltd 0.87 CSB 0.37 3.76 3/23/2015 Dogus Otomotiv Servis Ve Tic AS 0.79 DOAS 0.34 0.68 4/9/2015 Aksa Akrilik Kimya Sanayii AS 0.77 AKSA 0.33 0.66 4/2/2015

Xiamen International Port Co Ltd H Shares 1.30 03378 0.56 0.06 6/17/2015 Koza Anadolu Metal Madencilik Isletmeleri AS 0.87 KOZAA 0.37 Yestar International Holdings Co Ltd 0.80 02393 0.34 0.03 5/20/2015 Tianjin Port Development Holdings Ltd 0.80 03382 0.34 0.05 6/5/2015 EVA Precision Industrial Holdings Ltd 0.77 00838 0.33 0.03 5/26/2015

Tipco Asphalt PLC Shs Foreign Registered 1.47 TPY1 0.63 0.00 3/6/2015 Swancor Ind 0.95 4733 0.40 3.51 8/14/2014 Tiangong International Co Ltd 0.92 00826 0.39 0.05 5/22/2015 China Zhongwang Holdings Ltd 0.76 01333 0.33 0.08 5/19/2015

Equatorial Energia SA 0.88 EQTL3 0.38 0.48 4/20/2015 Inter RAO UES OJSC 0.84 IRAO 0.36 0.00 5/16/2011 Eletropaulo Metrop Elect Sao Paulo SA Pfd Shs 0.79 ELPL4 0.34 0.43 4/28/2014

China Fiber Optic Network System Group Ltd 0.80 03777 0.34 0.05 6/5/2014 Welling Holding Ltd 0.75 00382 0.32 0.08 6/4/2015 Asia Vital Components Co Ltd 0.75 3017 0.32 0.40 9/5/2014

Taiwan Life Insurance Co Ltd 0.96 2833 0.41 0.90 7/15/2011

Real Nutriceutical Group Ltd 0.95 02010 0.40 0.04 6/8/2015

Page 6 of 7

Source: Morningstar Direct Emerging Markets Strategy 1® ETF FEMS

toward the long‐term growth potential of small‐cap and value stocks.

At the country level, TLTE is not a vast departure from its aforementioned rivals as China, South Korea and Taiwan combine for nearly 54% of the ETF’s weight. That says TLTE’s indexing methodology accounts for its out‐performance of equivalent, cap‐weighted funds. [EM ETFs the Smart Beta Way]

To its credit, TLTE has managed to outpace its rivals this year despite relatively light exposure to, in some cases, resurgent state‐run companies. Although TLTE has a 26.4% weigt to �inancial services http://www.etftrends.com/2015/04/tilting‐ names, often a sector chock full of state‐run comapanies in the emerging the‐right‐way‐with‐an‐emerging‐markets‐ world, the ETF’s combined allocation to also state‐run heavy materials, etf/ telecom and utilities sectors is less than 19%.

April 20th, 2015 at 10:30am by Todd Shriber

Last Friday’s declines not withstanding, emerging markets equities and the relevant Time Period: 6/1/2013 to 5/31/2015 exchange traded funds have been impressive 20,000,000.0 performers this year.

e classes (Monthly) 10,000,000.0 Investors are taking notice. Since the

beginning of March, the Vanguard FTSE 0.0 Emerging Markets ETF (NYSEArca: VWO), et Flow ‐ aggr from shar the largest emerging markets ETF, has added ‐10,000,000.0 nearly $366 million in new assets. Just last week, the iShares MSCI Emerging Markets ‐20,000,000.0 Estimated Fund‐Level N ETF (NYSEArca: EEM) added over $787 11/2013 5/2014 11/2014 5/2015 million in new assets. Emerging Markets Strategy 1® ETF Emerging Markets Strategy 2® ETF FEMS, VWO and EEM are among the most well‐known emerging markets ETF, but with TLTE’s upside has been bolstered by the temerity of Chinese banks, of the asset class rebounding, investors should which three are found among the ETF’s top 10 holdings. consider alternatives, including the FlexShares Morningstar Emerging Markets That bullishness has been accrued against the backdrop of dividend cuts Factor Tilt Index Fund (NYSEArca: TLTE). from Chinese banks. Amid rising bad debt, three of China’s four largest banks earlier this month announced payout cuts with one, China Citic TLTE, which debute in September 2012 and Bank Corp., scrapping its dividend altogether, according to Bloomberg. is now home to $237.3 million in assets [EM Dividend ETF Bounces Back] under management, is not your grandfather’s emerging markets ETF and that is OK Add to that, pay cuts and restrictions have sparked a spate of executive because TLTE’s break from the traditional is departures at the Bank of China, Bank of Communications, and China driving signi�icant out‐performance of its Construction Bank, among others. peers this year. [A Different EM Tilt] Remember, the “tilt” in TLTE is away from large‐caps and towards higher While EEM and VWO are each up more than allocations to mid‐ and small‐caps than are seen in most diversi�ied 8% this year, impressive to be sure, TLTE has emerging markets ETFs. That strategy has proven advantageous in years surged 10.2%. TLTE tracks the Morningstar in which state‐controlled �irms have been laggards. Since inception, Emerging Markets Factor Tilt Index, which TLTE’s underlying index has outpaced the MSCI Emerging Markets Index tries to provide “enhanced exposure” to by nearly 70 basis points, according to FlexShares data. emerging market equities by tilting exposure

Page 7 of 7

Source: Morningstar Direct Sample Presentation Studio Workbook

Holdings-Based Style Relative Cumulative Performance vs S&P 500 TR Manager A 6/30/2012 Manager B 6/30/2012 Time Period: 10/1/2007 to 9/30/2012 Manager C 6/30/2012 30.0%

Giant Manager D 6/30/2012 Manager E 6/30/2012 25.0% 20.0%

15.0%

10.0%

5.0%

Mid Large 0.0%

-5.0%

-10.0%

-15.0% 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 % Mkt Value Manager A Manager B Manager C Micro Small 3.00 and up 1.00 - 2.99 up to 0.99 Manager D Manager E S&P 500 TR Deep-Val Core-Val Core Core-GrthHigh-Grth Centroid

Rolling Returns (Descending Rank) Performance Relative to Peer Group

Time Period: 10/1/2007 to 9/30/2012 Peer Group (5-95%): Open End Funds - U.S. - Large Growth Rolling Window: 3 Years 1 Month shift Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile 35.0 30.0 0.0 25.0 25.0 20.0 50.0 15.0 10.0 75.0 5.0 100.0 0.0 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 -5.0

Return YTD 1 year 3 years 5 years 10 years 15 years Return 2011 2012

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E S&P 500 TR Manager D Manager E

Performance Risk

Time Period: 10/1/2007 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012 Information Sharpe Excess Tracking Downside Tracking Return Std Dev Ratio R2 Return Std Dev Alpha Beta R2 Ratio Return Error Deviation Error (arith) (arith) Manager A 2.81 17.69 1.75 0.31 91.20 5.73 Manager A 2.81 17.69 3.89 1.73 0.88 91.20 0.13 5.73 Manager B 0.13 21.32 -0.92 -0.14 91.24 6.45 Manager B 0.13 21.32 4.62 -0.60 1.06 91.24 -0.02 6.45 Manager C 3.28 21.95 2.22 0.30 88.99 7.47 Manager C 3.28 21.95 5.15 2.58 1.08 88.99 0.12 7.47 Manager D -1.05 24.20 -2.10 -0.22 86.82 9.44 Manager D -1.05 24.20 7.18 -1.37 1.18 86.82 -0.07 9.44 Manager E -0.85 20.52 -1.90 -0.15 65.28 12.38 Manager E -0.85 20.52 8.56 -1.33 0.86 65.28 -0.07 12.38 S&P 500 TR 1.05 19.13 0.00 100.00 0.00 S&P 500 TR 1.05 19.13 0.00 0.00 1.00 100.00 0.03 0.00

Source: Morningstar Direct Sample Presentation Studio Workbook

Morningstar Analyst Report Manager Biography

Analysis by XXXXXXX 5/16/2012 XXXX XXXXXXX since 9/17/1990

XXX able skipper is back to uncharted waters. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Investment Strategy xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Custom Text xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Monthly Estimated Fund-Level Net Flow Manager A - Equity Sectors (GICS)

Time Period: 10/1/2011 to 9/30/2012 Time Period: 10/1/2007 to 8/31/2012

400,000,000.0 100.0 nthly) 90.0

200,000,000.0 80.0 70.0

om Share Class (Mo om Share 60.0 0.0 50.0 40.0 -200,000,000.0 30.0

el Net Flow fr - Aggr 20.0 -400,000,000.0 10.0 0.0 8/2008 2/2009 8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 -600,000,000.0

Estimated Fund-LevEstimated 12/2011 3/2012 6/2012 9/2012 Energy % Materials % Industrials % Consumer Discretionary % Consumer Staples % Healthcare % Financials % Information Technology % Telecom Services % Manager A Utilities %

Source: Morningstar Direct Sample Presentation Studio Workbook

Relative Weights Attribution/Contribution

Time Period: 7/1/2012 to 9/30/2012 Time Period: 7/1/2012 to 9/30/2012 Portfolio: Manager A Benchmark: S&P 500 TR Portfolio: Manager A Benchmark: S&P 500 TR

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Rescaled Rescaled Weights Weights Return Return Contribution Contribution Effect Effect Return Consumer Discretionary Weights Weights

Basic Materials 3.10 2.73 3.35 2.74 17.74 6.92 0.60 0.19 0.01 0.36 0.37 Information Technology Communication Services 1.66 4.60 1.79 4.61 8.32 8.99 0.15 0.41 -0.07 -0.01 -0.08 Materials Consumer Cyclical 20.38 9.52 22.06 9.54 5.08 7.66 1.12 0.73 0.15 -0.57 -0.42 Consumer Defensive 10.61 11.88 11.48 11.90 1.87 3.69 0.21 0.44 0.01 -0.22 -0.21 Consumer Staples Energy 4.85 11.02 5.24 11.04 10.54 10.42 0.54 1.13 -0.23 0.01 -0.23 Financial Services 12.94 13.07 14.00 13.09 5.09 7.97 0.72 1.05 0.01 -0.40 -0.39

Health Care Healthcare 8.42 11.71 9.11 11.73 4.80 6.35 0.46 0.75 0.00 -0.13 -0.13

Industrials 5.22 11.32 5.64 11.34 2.89 2.90 0.16 0.33 0.20 0.00 0.20 Financials Real Estate 0.28 1.98 0.31 1.98 18.92 0.92 0.06 0.02 0.09 0.06 0.15 Telecommunication Services Technology 24.97 18.43 27.01 18.47 12.21 7.23 3.23 1.33 0.08 1.32 1.39 Utilities 0.00 3.56 0.00 3.56 5.00 -0.66 0.00 -0.03 0.26 0.00 0.26 Utilities Attribution Total 92.42 99.82 100.00 100.00 7.25 6.35 7.25 6.35 0.50 0.40 0.90 Cash 6.11 0.00

Industrials Bond 0.16 0.00

Other 0.06 0.09

Energy Missing Performance 1.24 0.09 -7.5 -5.0 -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Total 100.00 100.00 7.25 6.35

Allocation Effects Attribution Summary - Scatter Plot

Time Period: 7/1/2012 to 9/30/2012 Time Period: 3/1/2012 to 9/30/2012 Portfolio: Manager A Benchmark: S&P 500 TR Benchmark: S&P 500 TR

Underperform Outperform 4.00 Overweight 14.00 3 1.00

5 7.00 Relative Weight Relative -2.00

Underweight -5.00 0.00 4 3 2 1 -8.00 2 1 -7.00 -11.00

-14.00 -7.50 -6.00 -4.50 -3.00 -1.50 0.00 1.50 3.00 4.50 6.00 7.50 -14.00 Relative Return Selection Effect -1.60 -1.20 -0.80 -0.40 0.00 0.40 Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 1 Utilities -3.56 -7.00 0.26 Energy -5.80 4.07 -0.23 Allocation Effect 2 Industrials -5.70 -3.45 0.20 2 Communication Services -2.82 2.65 -0.07 3 Consumer Cyclical 12.52 1.31 0.15 3 Healthcare -2.63 0.00 0.00 Manager A Manager B Manager C 4 Real Estate -1.67 -5.43 0.09 5 Technology 8.55 0.89 0.08 Manager D Manager E

Source: Morningstar Direct US Dollar Manager A S&P 500 TR

Manager Performance Calendar Year Returns Manager vs Universe Time Period: 6/1/2007 to 5/31/2012 60.0 Peer Group (5­95%): Open End Funds ­ U.S. ­ Large Growth 50.0 140.0 20.0 17.5 130.0 40.0 30.0 15.0 120.0 12.5 20.0 110.0 10.0 10.0 100.0 7.5 0.0 5.0 90.0 ­10.0 2.5 80.0 ­20.0 0.0 70.0 ­30.0 ­2.5 ­5.0 60.0 ­40.0 ­7.5 ­50.0 50.0 ­10.0 ­60.0 40.0 Return ­12.5 2011 2010 2009 2008 2007 Return 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 1 year 2 years 3 years 4 years 5 years

Manager A Manager B Manager C Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E S&P 500 TR Manager D Manager E S&P 500 TR Manager D Manager E S&P 500 TR US OE Large Growth US OE Large Growth US OE Large Growth

Holdings­Based Style Risk­Reward Upside vs. Downside Manager A 12/31/2011 Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 Manager B 12/31/2011 7.0 150.0 Manager C 12/31/2011

Manager D 12/31/2011 5.0 Giant 120.0 Manager E 12/31/2011 S&P 500 TR 12/31/2011 3.0 US OE Large Growth 12/31/2011 90.0 1.0 60.0 ­1.0

Mid Large 30.0 ­3.0

­5.0 0.0 Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Ra�o Up Capture 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0

Std Dev Down Capture Ra�o % Mkt Value

3.00 and up 1.00 ­ 2.99 up to 0.99 Manager A Manager B Manager C Manager A Fidelity Contrafund Alger Large Cap Growth I­2 Centroid Manager D Manager E S&P 500 TR Alger Capital Apprecia�on P�l I­2 Calamos Growth A S&P 500 TR Micro Small Deep­Val Core­Val Core Core­Grth High­Grth US OE Large Growth US OE Large Growth

Source: Morningstar Direct US Dollar Manager A S&P 500 TR

Fund Objec�ve

The investment seeks reasonable long­term capital apprecia�on with a prudent approach to protec�on of capital from undue risks. The fund normally invests in a managed mix of equity and debt securi�es with 75% of assets invested in equity securi�es and 25% of its assets in debt or fixed income securi�es under normal circumstances. The fixed income securi�es the fund invests in will generally have a maturity of 30 days to more than 30 years and may be of any credit quality. Up to 25% of the fund's total assets may be invested in securi�es issued by companies within a single industry. It may invest in securi�es of U.S. and foreign issuers.

Return and Rank for Fund and Category Quarterly Return Por�olio Profile

Since Incep�on Time Period: 7/1/2008 to 3/31/2012 Por�olio Date: 3/31/2012 3 Month 6 Month 1 year 3 years 5 years Incep�on Date % S&P US OE Manager A ­5.88 3.84 ­6.50 7.04 1.41 8.49 11/6/1929 Manager A Manager B Manager C Manager D Manager E 500 Large TR Growth Manager B ­2.18 7.21 2.05 15.68 2.41 12.16 5/17/1967 Cash 11.7

Manager C ­6.90 2.55 ­4.10 14.19 0.14 10.14 1/9/1989 2012 1st Quarter 15.32 14.96 14.17 16.65 16.66 12.59 15.80 US Equity 67.9 Manager D ­4.80 7.46 ­1.49 16.53 3.07 12.31 1/25/1995 2011 4th Quarter 5.38 8.28 10.37 9.92 6.89 11.82 9.30 Non­US Equity 5.2 Manager E ­8.55 0.03 ­12.34 12.84 ­1.02 13.24 9/4/1990 2011 3rd Quarter ­15.87 ­11.64 ­14.43 ­15.41 ­19.10 ­13.87 ­15.63 US Bond 15.2 S&P 500 TR ­3.53 6.23 ­0.41 14.92 ­0.92 10.05 1/30/1970 2011 2nd Quarter ­5.15 ­0.54 0.31 0.19 ­1.72 0.10 0.10 US OE Large Growth ­4.92 5.26 ­3.26 13.71 ­0.16 12.03 12/1/1925 2011 1st Quarter ­1.22 4.94 5.20 7.02 6.99 5.92 5.55 Non­US Bond 0.0 Median ­4.71 5.29 ­2.78 13.81 0.20 2010 4th Quarter 19.70 9.45 10.41 12.27 12.50 10.76 11.63 Other 0.0 Average ­4.92 5.23 ­3.18 13.97 0.26 2010 3rd Quarter 8.65 12.22 11.85 12.25 13.14 11.29 12.66 Count 1,771 1,735 1,698 1,525 1,316 Total 100.0 2010 2nd Quarter ­13.31 ­8.11 ­12.43 ­13.46 ­8.63 ­11.43 ­12.11

Calendar Year Returns 2010 1st Quarter 2.89 3.60 4.85 4.55 3.24 5.39 4.40 2011 2010 2009 2008 2007 2009 4th Quarter 3.68 7.36 6.56 7.52 7.81 6.04 6.68

Manager A ­16.94 15.99 15.87 ­28.21 38.49 2009 3rd Quarter 15.05 13.91 19.95 18.51 17.79 15.61 14.76 Manager B ­0.14 16.93 29.23 ­37.16 19.78 2009 2nd Quarter 6.99 12.95 15.97 20.74 21.23 15.93 15.74 Manager C ­0.35 13.39 47.57 ­46.15 19.94 Manager D ­0.30 14.03 51.10 ­45.13 33.53 2009 1st Quarter ­9.22 ­6.44 ­0.45 ­1.78 ­0.96 ­11.01 ­4.58

Manager E ­9.07 20.06 52.47 ­50.28 23.26 2008 4th Quarter ­17.57 ­20.43 ­26.75 ­22.55 ­28.42 ­21.94 ­23.31 S&P 500 TR 2.11 15.06 26.46 ­37.00 5.49 US OE Large Growth ­2.56 15.40 35.22 ­40.90 13.16 2008 3rd Quarter ­16.81 ­14.02 ­15.66 ­18.34 ­22.39 ­8.37 ­13.81

Por�olio Data Top Ten Holdings (%) Fees & Expenses

Base Currency US Dollar Por�olio Annual Report Net Expense Ra�o 1.09 Morningstar Ins�tu�onal Category Large Valua�on­Sensi�ve Growth Weigh�ng % Annual Report Gross Expense Ra�o 1.09 Morningstar Category US OE Large Growth US Treasury Note 0.375% 11.26 Prospectus Net Expense Ra�o 1.09 Morningstar Ra�ng Overall ÙÙÙ Altria Grp 9.95% 7.68 Prospectus Gross Expense Ra�o 1.09 US Treasury Note 0.75% 7.51 Alpha 3 Yr (Mo­End) ­7.66 12b­1 Fee Beta 3 Yr (Mo­End) 1.07 Ci�group Inc 7.08 Std Dev 3 Yr (Mo­End) 19.50 Morgan Stanley 5.75 R­Squared 3 Yr (Mo­End) 77.65 Whirlpool Corpora�on 5.34 Sharpe Ra�o 3 Yr (Mo­End) 0.44 Delta Air Lines Inc 5.24 Asset Alloc Cash % 11.68 Tata Motors, Ltd. ADR 5.20 Energy % 6.89 Na�onal Oilwell Varco, Inc. 5.04 Informa�on Technology % 8.15 Nike, Inc. Class B 5.02

Source: Morningstar Direct Small Cap Growth Comparison

Investment Growth

Time Period: 6/1/2007 to 5/31/2012 136.0 127.0

118.0

109.0

100.0

91.0

82.0

73.0

64.0

55.0

46.0

37.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A Manager B Manager C Russell 2000 TR USD

Performance

Time Period: 6/1/2007 to 5/31/2012

Information Excess Tracking Return Std Dev Ratio R2 Return Error (arith)

Manager A 3.39 22.84 4.12 0.52 90.05 7.88 Manager B -4.11 24.72 -3.38 -0.29 79.79 11.48 Manager C -2.42 24.46 -1.70 -0.23 91.25 7.40 Russell 2000 TR USD -0.73 24.82 0.00 100.00 0.00

As of 5/31/2012 Page 1 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Risk-Reward

Time Period: 6/1/2007 to 5/31/2012 6.0 Manager A Manager B 4.0 Manager C Russell 2000 TR USD

2.0

0.0

-2.0

-4.0

-6.0

Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Std Dev

Risk

Time Period: 6/1/2007 to 5/31/2012

Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith)

Manager A 3.39 22.84 5.07 3.82 0.87 90.05 0.11 7.88 Manager B -4.11 24.72 8.41 -3.27 0.89 79.79 -0.20 11.48 Manager C -2.42 24.46 5.95 -1.73 0.94 91.25 -0.14 7.40 Russell 2000 TR USD -0.73 24.82 0.00 0.00 1.00 100.00 -0.06 0.00

As of 5/31/2012 Page 2 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Rolling Returns

Time Period: 6/1/2007 to 5/31/2012 Rolling Window: 3 Years 1 Month shift 40.0

30.0

20.0

10.0

0.0

-10.0

-20.0 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 Return 2011 2012

Manager A Manager B Manager C Russell 2000 TR USD Rolling Returns Rolling Returns

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 Rolling Window: 3 Years 1 Month shift Rolling Window: 3 Years 1 Month shift 40.0 40.0

30.0 30.0

20.0 20.0

10.0 10.0

0.0 0.0

-10.0 -10.0

-20.0 -20.0 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 Return Return 2011 2012 2011 2012

Manager A Manager B Manager C Manager A Manager B Manager C Russell 2000 TR USD Russell 2000 TR USD

As of 5/31/2012 Page 3 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Risk-Reward

Time Period: 6/1/2007 to 5/31/2012 6.0 Manager A Manager B 4.0 Manager C Russell 2000 TR USD

2.0

0.0

-2.0

-4.0

-6.0

Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Std Dev

Market Performance

Time Period: 6/1/2007 to 5/31/2012

Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio

Manager A 61.67 38.33 13.15 -22.96 23.02 -25.54 93.42 82.68 90.05 Manager B 50.00 50.00 14.50 -23.90 30.09 -28.26 80.01 90.92 79.79 Manager C 56.67 43.33 17.62 -18.77 17.68 -25.12 91.88 97.22 91.25 Russell 2000 TR USD 56.67 43.33 15.46 -20.80 20.69 -26.12 100.00 100.00 100.00

As of 5/31/2012 Page 4 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Returns 25.0 22.5 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0.0 -2.5 -5.0 -7.5 -10.0 -12.5 -15.0

Return -17.5 YTD 1 year 3 years 5 years 10 years 15 years

Manager A Manager B Manager C Russell 2000 TR USD

Trailing Returns

Data Point: Return

YTD 1 year 3 years 5 years 10 years 15 years Manager A 9.18 -4.80 21.03 3.39 Manager B -0.12 -15.89 12.13 -4.11 6.76 Manager C 6.35 -7.05 18.22 -2.42 Russell 2000 TR USD 3.37 -8.88 16.47 -0.73 5.94 6.09

As of 5/31/2012 Page 5 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Returns 52.5 45.0

37.5

30.0

22.5

15.0

7.5

0.0

-7.5

-15.0

-22.5

-30.0

-37.5

-45.0

Return -52.5 YTD 2011 2010 2009 2008 2007

Manager A Manager B Manager C Russell 2000 TR USD

Calendar Year Returns

Data Point: Return

YTD 2011 2010 2009 2008 2007 Manager A 9.18 1.50 26.37 36.25 -40.20 14.23 Manager B -0.12 -10.48 26.51 47.08 -49.66 8.40 Manager C 6.35 1.38 29.06 9.77 -41.28 15.83 Russell 2000 TR USD 3.37 -4.18 26.85 27.17 -33.79 -1.57

As of 5/31/2012 Page 6 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Holdings-Based Style Returns-Based Style

Manager A 12/31/2011 Time Period: 6/1/2007 to 5/31/2012 Manager B 4/30/2012 Manager A ant Manager C 3/31/2012 Manager B

Russell 2000 TR USD 4/30/2012 Manager C Russell 2000 TR USD

Morningstar Morningstar Large Value Large TR USD Growth TR USD id Large Gi

Morningstar Morningstar Small Value Small

Micro Small M TR USD Growth TR Deep-Val Core-Val Core Core-GrthHigh-Grth USD

Holdings-Based Style Trail Rolling Returns-Based Style

Time Period: 6/30/2007 to 4/30/2012 Time Period: 6/1/2007 to 5/31/2012

Start Date End Date Manager A Manager A 6/30/2007 12/31/2011 Manager B

Manager B 6/30/2007 4/30/2012 Giant Manager C Manager C 6/30/2007 3/31/2012 Russell 2000 TR USD

Russell 2000 TR USD 6/30/2007 4/30/2012 Morningstar Morningstar Large Value Large TR USD Growth TR USD Mid Large

Morningstar Morningstar Small Value Small Micro Small Deep-Val Core-Val Core Core-GrthHigh-Grth TR USD Growth TR USD

As of 5/31/2012 Page 7 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Holdings-Based Style Manager A 12/31/2011 Manager B 4/30/2012 Manager C 3/31/2012 Giant Russell 2000 TR USD 4/30/2012 Mid Large Micro Small Deep-Val Core-Val Core Core-Grth High-Grth GICS Sectors

Portfolio Date: 3/31/2012

Consumer Consumer Information Telecom Energy % Materials % Industrials % Healthcare % Financials % Utilities % Discretionary % Staples % Technology % Services % Manager A Manager B 7.85 3.89 25.02 20.40 3.67 17.62 10.79 10.76 0.00 0.00 Manager C 5.39 6.01 16.47 38.89 6.87 10.98 0.93 14.21 0.25 0.00 Russell 2000 TR USD 6.40 4.62 15.66 13.79 3.50 12.66 22.48 16.87 0.81 3.22

As of 5/31/2012 Page 8 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Correlation Matrix

Time Period: 6/1/2007 to 5/31/2012 1 2 3 4 1 Manager A 1.00 2 Manager B 0.92 1.00 3 Manager C 0.94 0.88 1.00 4 Russell 2000 TR USD 0.95 0.89 0.96 1.00

Correlation Matrix

Time Period: 6/1/2007 to 5/31/2012 1 2 3 4 1 Manager A 1.00 2 Manager B 0.92 1.00 3 Manager C 0.94 0.88 1.00 4 Russell 2000 TR USD 0.95 0.89 0.96 1.00

As of 5/31/2012 Page 9 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Std Dev 40.0 35.0 30.0 29.3 24.6 24.7 24.5 24.8 25.0 24.0 22.8 22.0 22.4 21.8 21.1 19.7 20.4 20.0 19.1 15.0 10.0 5.0

Std Dev Std 0.0 1 year 3 years 5 years 10 years

Manager A Manager B Manager C Russell 2000 TR USD Alpha 10.0 7.5 6.3 5.0 4.3 3.8 3.0 2.5 0.8 1.5 0.0 -2.5 -1.1 -1.7 -5.0 -3.3 -7.5 -10.0 -9.3

Alpha -12.5 1 year 3 years 5 years 10 years

Manager A Manager B Manager C Russell 2000 TR USD Beta 1.6 1.4 1.2 1.2 1.1 1.0 1.0 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.8 0.8 0.9 0.9 0.8 0.6 0.4 0.2

Beta 0.0 1 year 3 years 5 years 10 years

Manager A Manager B Manager C Russell 2000 TR USD

As of 5/31/2012 Page 10 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Risk-Reward

Time Period: 6/1/2007 to 5/31/2012 6.0 Manager A Manager B 4.0 Manager C Russell 2000 TR USD

2.0

0.0

-2.0

-4.0

-6.0

Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0

Std Dev

Drawdown

Time Period: 6/1/2007 to 5/31/2012

Max Max Max Max Drawdown # Drawdown Drawdown Omega Drawdown of Peak Valley Periods Date Date

Manager A -52.32 16.00 11/1/2007 2/28/2009 1.08 Manager B -59.87 16.00 11/1/2007 2/28/2009 0.85 Manager C -55.54 16.00 11/1/2007 2/28/2009 0.90 Russell 2000 TR USD -52.89 21.00 6/1/2007 2/28/2009 0.95

As of 5/31/2012 Page 11 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Allocation Effect Allocation Effect Allocation Effect

Time Period: 3/1/2012 to 5/31/2012 Time Period: 3/1/2012 to 5/31/2012 Time Period: 3/1/2012 to 5/31/2012 Benchmark: Russell 2000 TR USD Benchmark: Russell 2000 TR USD Benchmark: Russell 2000 TR USD

Manager A Manager A Manager A

Manager B Manager B Manager B

Manager C Manager C Manager C

-2.0 -1.5 -1.0 -0.5 0.0 -2.0 -1.5 -1.0 -0.5 0.0 -2.0 -1.5 -1.0 -0.5 0.0 Attribution Summary - Scatter Plot Attribution Summary

Time Period: 3/1/2012 to 5/31/2012 Time Period: 3/1/2012 to 5/31/2012 Benchmark: Russell 2000 TR USD Benchmark: Russell 2000 TR USD

7.00 Allocation Selection Active Effect Effect Return 5.00 Manager A -1.78 4.23 2.44

3.00 Manager B -0.50 -4.59 -5.10 Manager C -0.65 -0.58 -1.23 1.00

-1.00

-3.00

-5.00

-7.00 Selection Effect Selection -2.20 -1.80 -1.40 -1.00 -0.60 -0.20 Allocation Effect Manager A Manager B Manager C

As of 5/31/2012 Page 12 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Attribution Detail

Time Period: 3/1/2012 to 5/31/2012 Benchmark: Russell 2000 TR USD

0.40 0.30 0.20 0.10 0.00 -0.10 -0.20 -0.30 -0.40 -0.50 -0.60 -0.70 -0.80

Allocation Effect Allocation -0.90 Basic Communication Consumer Consumer Energy Financial Healthcare Industrials Real Technology Utilities Materials Services Cyclical Defensive Services Estate Morningstar Sector Manager A Manager B Manager C Attribution Detail

Time Period: 3/1/2012 to 5/31/2012 Benchmark: Russell 2000 TR USD

0.40 0.30 0.20 0.10 0.00 -0.10 -0.20 -0.30 -0.40 -0.50 -0.60 -0.70 -0.80

Allocation Effect Allocation -0.90 Basic Communication Consumer Consumer Energy Financial Healthcare Industrials Real Technology Utilities Materials Services Cyclical Defensive Services Estate Morningstar Sector Manager A Manager B Manager C

As of 5/31/2012 Page 13 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Performance Relative to Peer Group

Peer Group (5-95%): Open End Funds - U.S. - Small Growth Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 25.0

20.0

15.0

10.0

5.0

0.0

-5.0

-10.0

-15.0

-20.0 Return YTD 1 year 3 years 5 years 10 years 15 years

Manager A Manager B Manager C Russell 2000 TR USD Trailing Returns

Data Point: Return

YTD 1 year 3 years 5 years 10 years 15 years Manager A 9.18 -4.80 21.03 3.39 Manager B -0.12 -15.89 12.13 -4.11 6.76 Manager C 6.35 -7.05 18.22 -2.42 Russell 2000 TR USD 3.37 -8.88 16.47 -0.73 5.94 6.09 Median 3.67 -10.31 17.21 0.20 5.66 6.54 Average 3.79 -10.11 16.94 0.12 5.55 6.46 Count 767 752 658 571 369 173 5th Percentile 8.04 -1.91 21.71 3.96 7.89 10.11 25th Percentile 5.71 -7.46 19.73 1.75 6.63 7.91 50th Percentile 3.67 -10.31 17.21 0.20 5.66 6.54 75th Percentile 2.19 -12.96 15.00 -1.41 4.61 5.11 95th Percentile -0.63 -16.24 10.41 -3.98 2.84 2.82

As of 5/31/2012 Page 14 of 15

Source: Morningstar Direct Small Cap Growth Comparison

Monthly Estimated Net Flow

Time Period: 6/1/2007 to 5/31/2012 10,000,000.0 )

5,000,000.0

0.0 ss Net Flowss (Monthly

-5,000,000.0

-10,000,000.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 Estimated Share Cla Share Estimated

Manager A Manager B Manager C Rolling Returns

Time Period: 6/1/2007 to 5/31/2012 Peer Group (5-95%): Open End Funds - U.S. - Small Growth Rolling Window: 3 Years 1 Month shift Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 112.5

105.0

97.5

90.0

82.5

75.0

67.5 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Up Capture Ratio Capture Up 2011 2012

Manager A Manager B Manager C Russell 2000 TR USD

As of 5/31/2012 Page 15 of 15

Source: Morningstar Direct Manager A China Equity

Cumulative Return Since Launch Time Period: 8/1/2007 to 5/31/2012 120.0% 100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

-20.0%

-40.0%

-60.0%

-80.0% 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Rolling Returns vs. Peer Group Performance in Up Months Performance in Down Months

Peer Group (1-100%): None Rolling Window: 3 Years 1 Month shift 9.00 8.21 1.00 8.00 0.00 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 7.57 7.39 -1.00 40.0 7.00 6.71 6.57 6.75 -2.00 6.00 -3.00 20.0 5.00 -4.00 4.00 -5.00 3.00 0.0 -6.00 2.00 -7.00 -6.77 -6.96 1.00 -7.58 -20.0 -8.00 -7.81 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 -8.37 -8.21

Up Capture Return 0.00 Down Capture Return -9.00 Return 2011 2012 Since Launch Since Launch

Manager A China Equity Manager B China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG

Source: Morningstar Direct Page 1 of 8 As of 5/31/2012 Manager A China Equity

Team Review Snapshot Manager Meeting Note Current Status Approved Fund Effective Date: 30/10/2011

Lead Analyst Bob Smith xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx XYZ Classification Equity - China Equity xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx XYZ Classification Benchmark MSCI China xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Executive Summary xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Ÿ xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Source: Morningstar Direct Page 2 of 8 As of 5/31/2012 Manager A China Equity

Performance Relative to Peer Group Quartiles Peer Group (1-100%): None 20.00

10.00

0.00

-10.00

-20.00

Return -30.00 Last Quarter YTD 1 year 2 years 3 years 5 years Since Launch

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Calendar Year Returns (%) 160.00 120.00 111.06

80.00 67.13 69.64 64.22 65.08 58.80 40.00 15.00 0.88 0.91 1.39 1.28 0.88 1.73 2.06 5.61 4.59 2.32 5.34 0.00 -19.45 -20.19 -20.33 -40.00 -22.60 -25.17 -22.31

Return -80.00 YTD 2011 2010 2009

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Time Period: 8/1/2007 to 5/31/2012

Sharpe Downside Sortino Excess Max Tracking Information Return Std Dev Alpha Ratio Deviation Ratio Return Drawdown Error Ratio Manager A China Equity 8.76 33.58 0.39 5.53 0.63 13.95 13.40 -54.96 11.58 1.20 Manager B Hong Kong China -6.58 31.99 -0.07 4.69 -0.10 -1.39 -2.08 -65.67 5.84 -0.24 Manager C China Focus -2.26 30.65 0.05 5.24 0.08 2.93 1.95 -61.75 7.09 0.41 Manager D China -5.19 34.79 0.00 4.22 0.00 0.00 0.31 -64.68 5.61 0.00 MSCI China -5.19 33.98 -0.01 0.00 -0.01 0.00 0.00 -65.58 0.00 Morningstar China Equity AVG -4.97 31.54 -0.02 4.54 -0.03 0.22 -0.50 -64.74 5.83 0.04

Source: Morningstar Direct Page 3 of 8 As of 5/31/2012 Manager A China Equity

Risk-Reward 1 Year Risk-Reward 3 Years Risk-Reward Since Launch Time Period: 6/1/2011 to 5/31/2012 Time Period: 6/1/2009 to 5/31/2012 Time Period: 8/1/2007 to 5/31/2012 0.00 16.00 12.00

13.00 9.00 -10.00 6.00 10.00 3.00 -20.00 7.00 0.00 4.00 -3.00 -30.00 1.00 -6.00

-40.00 -2.00 -9.00 Return Return Return 0.00 10.00 20.00 30.00 40.00 50.00 0.00 10.00 20.00 30.00 40.00 0.00 10.00 20.00 30.00 40.00 Std Dev Std Dev Std Dev Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Up-Down Capture Ratio 1 Year Up-Down Capture Ratio 3 Years Up-Down Capture Ratio Since Launch Time Period: 6/1/2011 to 5/31/2012 Time Period: 6/1/2009 to 5/31/2012 Time Period: 8/1/2007 to 5/31/2012 120.00 180.00 140.00 100.00 150.00 120.00 100.00 80.00 120.00 80.00 60.00 90.00 60.00 40.00 60.00 40.00

20.00 30.00 20.00

0.00 0.00 0.00 Up Capture Ratio Up Capture Up Capture Ratio Up Capture Ratio 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 0.00 20.00 40.00 60.00 80.00 100.00 120.00 Down Capture Ratio Down Capture Ratio Down Capture Ratio Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Excess Return vs Tracking Error 1 Year Excess Return vs Tracking Error 3 Years Excess Return vs Tracking Error S.L. Time Period: 6/1/2011 to 5/31/2012 Time Period: 6/1/2009 to 5/31/2012 Time Period: 8/1/2007 to 5/31/2012 3.00 16.00 20.00

13.00 16.00 1.00

10.00 12.00 -1.00 7.00 8.00 -3.00 4.00 4.00

-5.00 1.00 0.00

-7.00 -2.00 -4.00 Excess Return Excess Excess Return Excess Return -2.00 1.00 4.00 7.00 10.00 13.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00 -2.00 1.00 4.00 7.00 10.00 13.00 16.00 Tracking Error Tracking Error Tracking Error Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG

Source: Morningstar Direct Page 4 of 8 As of 5/31/2012 Manager A China Equity

Sharpe Ratio Max Drawdown (%) 0.60 0.00 0.50 -7.50 0.40 0.30 -15.00 0.20 0.10 -22.50 0.00 -30.00 -0.10 -0.20 -37.50

-0.30 -45.00 -0.40 -0.50 -52.50 -0.60 -60.00 -0.70

Sharpe Ratio Sharpe -0.80 Max Drawdown -67.50 1 year 3 years Since Launch 1 year 3 years Since Launch

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Up Months (%) Down Months (%) 55.00 70.00 50.00 65.00 60.00 45.00 55.00 40.00 50.00 35.00 45.00 40.00 30.00 35.00 25.00 30.00 20.00 25.00 15.00 20.00 15.00 10.00 10.00 5.00 5.00

Up Period Percent Period Up 0.00 Down Period Percent 0.00 1 year 3 years Since Launch 1 year 3 years Since Launch

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG

Source: Morningstar Direct Page 5 of 8 As of 5/31/2012 Manager A China Equity

Excess Return Alpha 14.00 14.00 12.00 12.00

10.00 10.00

8.00 8.00

6.00 6.00

4.00 4.00 rn) 2.00 2.00

0.00 0.00

-2.00 -2.00

-4.00 -4.00

Excess Return Excess -6.00 Alpha (non-excess retu -6.00 1 year 3 years Since Launch 1 year 3 years Since Launch

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI China Morningstar China Equity AVG Tracking Error Information Ratio 12.00 1.40 11.00 1.20 10.00 1.00 9.00 0.80 8.00 7.00 0.60 6.00 0.40 ) 5.00 0.20 4.00 0.00 3.00 -0.20 2.00 1.00 -0.40

Tracking Error Tracking 0.00 Information Ratio (arith -0.60 1 year 3 years Since Launch 1 year 3 years Since Launch

Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager A China Equity Manager B Hong Kong China Manager C China Focus Manager D China MSCI China Morningstar China Equity AVG Manager D China MSCI World NR USD Morningstar China Equity AVG

Source: Morningstar Direct Page 6 of 8 As of 5/31/2012 Manager A China Equity

Equity Style Equity Sectors Equity Regions Time Period: 8/1/2007 to 5/31/2012 Time Period: 8/1/2007 to 5/31/2012 Time Period: 8/1/2007 to 5/31/2012 100.0 100.0 100.0 90.0 90.0 90.0

80.0 80.0 80.0 70.0 70.0 70.0 60.0 60.0 60.0 50.0 50.0 50.0 40.0 40.0 40.0 30.0 30.0 30.0 20.0 20.0 20.0 10.0 10.0 10.0 0.0 0.0 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 0.0 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Energy % Materials % Industrials % North America % Latin America % United Kingdom % Large Value % Large Core % Large Growth % Consumer Discretionary % Consumer Staples % Healthcare % Europe Dev % Europe Emrg % Africa/Middle East % Mid Value % Mid Core % Mid Growth % Financials % Information Technology % Telecom Services % Australasia % Japan % Asia Dev % Small Value % Small Core % Small Growth % Utilities % Asia Emrg % Portfolio Turnover (%) Number of Holdings Fund Size ($m) Manager Tenure of Fund Relative to Peer Group Peer Group (1-100%): None Peer Group (1-100%): None Peer Group (1-100%): None Peer Group (1-100%): None Peer Group: None 180.0 175.0 3,750.0M 15.0 0.0 160.0 3,500.0M 14.0 3,250.0M 13.0 140.0 150.0 3,000.0M 12.0 120.0 2,750.0M 11.0 25.0 100.0 125.0 2,500.0M 10.0

80.0 2,250.0M 9.0 2,000.0M 8.0 60.0 100.0 50.0 1,750.0M 7.0 40.0 1,500.0M 6.0 20.0 75.0 1,250.0M 5.0

0.0 1,000.0M 4.0 75.0 750.0M 3.0 -20.0 50.0 500.0M 2.0 -40.0 250.0M 1.0 -60.0 25.0 0.0M 0.0 100.0 Turnover Ratio % # of Holdings (Long) Fund Size Manager Tenure (Longest) Expense Ratio

Source: Morningstar Direct Page 7 of 8 As of 5/31/2012 Manager A China Equity

% Up Months: Number of months in which return was above zero, divided by the total number of months.

% Down Months: Number of months in which return was below zero, divided by the total number of months.

Perf in Up Months: Annualized return of the fund in months when the return of the benchmark was positive.

Perf in Down Months: Annualized return of the fund in months when the return of the benchmark was negative.

Up Capture Ratio: Measures manager's performance in up markets. An up market is defined as those months in which the benchark's return is greater than zero. In essence, it tells you what percentage of the up market was captured by the manager. For example, if the ratio is 110%, the manager has captured 110% of the up market and therefore overperformed the market on the upside.

Down Capture Ratio: Measures manager's performance in down markets. A down market is defined as those months in which the benchark's return is less than zero. In essence, it tells you what percentage of the down market was captured by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down market and therefore underperformed the market on the downside.

Excess Return: Return in excess of the benchmark.

Std Dev: A statistical measurement of dispersion about an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. If a fund's returns follow a normal distribution, then approximately 68 percent of the time they will fall within one standard deviation of the average return for the fund, and 95 percent of the time within two standard deviations. Morningstar computes standard deviation using the trailing monthly total returns for the appropriate time period. All standard deviations greater than one year are annualized.

Sharpe Ratio: The fund's annualized return in excess of the cash rate, divided by the standard deviation of those excess returns.

Downside Deviation: Annualized deviation below the benchmark.

Sortino Ratio: The fund's annualized return in excess of the cash rate, divided by the downside deviation. Since upside variability is not necessarily a bad thing, Sortino ratio is sometimes a more preferable measure than Sharpe ratio.

Max Drawdown: The maximum peak-to-trough decline during the given time period.

Information Ratio: Information ratio is the same calculation as Sharpe ratio, only the return is in excess of the given benchmark, rather than the cash rate.

Tracking Error: The standard deviation of the returns in excess of the benchmark. If low, the fund tracks the benchmark closely. If high, there is greater deviation from the benchmark.

Alpha: A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive Alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative Alpha indicates the portfolio has underperformed, given the expectations established by beta. Alpha is calculated by taking the average monthly return of the investment and subtracting beta times the average monthly return of the benchmark.

Note Regarding Quartiles: Quartile bars (e.g. in the Rolling Returns vs. Peer Group chart on page 1) each contain the same number of funds. The size of the bar represents the range of returns for teh funds in that quartile.

Note on Up-Down Capture Ratio charts: For Up-Down Capture Ratio, the upper-left quadrant is best. This quadrant signifies that the investment outperformed the benchmark on the upside and the downside.

Source: Morningstar Direct Page 8 of 8 As of 5/31/2012 As of 5/31/2012 Fund Comparison Report

Produced by: XYZ, Inc.

Produced for: ABC Investments

Source: Morningstar Direct Performance

Cumulative Performance 12-month Rolling Performance

Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 160.0 150.0 Rolling Window: 1 Year 1 Month shift 140.0 100.0 130.0

120.0 50.0 110.0 100.0 0.0 90.0 80.0 -50.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 70.0 60.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 Return 2009 2010 2011 2012

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD Annual Performance 2007 2008 2009 2010 2011 YTD 80.0 Manager A 2.09 -26.38 42.25 12.26 3.79 4.02 60.0 Manager B 0.97 -27.59 46.42 15.88 2.66 4.91 Manager C -0.12 -32.14 51.58 12.32 3.90 3.86 40.0 Manager D 0.76 -25.34 50.02 12.77 1.09 5.18 20.0 Manager E 3.87 -36.12 62.78 15.57 0.43 4.90 0.0 Manager F 3.47 -25.88 37.59 14.63 3.59 4.30 Manager G 0.32 -21.74 40.05 14.44 1.98 4.47 -20.0 Manager H -31.45 51.48 14.18 1.63 5.68

Return -40.0 2006 2007 2008 2009 2010 YTD Credit Suisse HY USD 2.65 -26.17 54.22 14.42 5.47 4.71

Manager A Manager B Manager C Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Annualized Returns YTD 1 year 3 years 5 years 10 years 1 month 3 months 17.5 Manager A 4.02 2.67 13.42 4.38 6.44 -1.79 -1.11 15.0 Manager B 4.91 2.22 14.83 5.04 6.30 -1.43 -0.72 12.5 Manager C 3.86 3.01 13.95 3.69 -1.50 -0.50 10.0 Manager D 5.18 0.86 14.44 5.39 7.36 -1.68 -0.95 7.5 Manager E 4.90 -0.91 17.45 4.41 6.66 -1.79 -1.20 5.0 Manager F 4.30 2.83 14.92 4.63 7.00 -1.63 -0.89 2.5 Manager G 4.47 1.59 13.54 5.13 6.26 -1.55 -0.66 0.0 Manager H 5.68 1.47 15.37 4.28 -1.41 -0.25

Return -2.5 1 month 3 months YTD 1 year 3 years 5 years 10 years Credit Suisse HY USD 4.71 4.52 16.64 7.00 9.17 -1.32 -0.28

Manager A Manager B Manager C Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD

Source: Morningstar Direct Performance

3-Year Capture Ratio 5-Year Capture Ratio

Time Period: 6/1/2009 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 140.0 120.0 120.0 100.0 100.0 80.0 80.0 60.0 60.0 40.0 40.0

20.0 20.0

0.0 0.0 Up Capture Ratio Up Capture Up Capture Ratio 0.0 30.0 60.0 90.0 120.0 150.0 180.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Down Capture Ratio Down Capture Ratio Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD

Up Down Up Down Capture Capture Capture Capture Ratio Ratio Ratio Ratio

Manager A 91.89 123.26 Manager A 95.80 112.80 Manager B 97.93 122.85 Manager B 95.63 107.77 Manager C 89.81 105.52 Manager C 90.40 109.91 Manager D 99.43 135.65 Manager D 97.65 108.17 Manager E 113.25 139.29 Manager E 102.59 122.69 Manager F 99.53 127.76 Manager F 94.84 109.57 Manager G 91.99 121.47 Manager G 88.88 97.07 Manager H 100.24 122.88 Manager H 100.61 120.67 Credit Suisse HY USD 100.00 100.00 Credit Suisse HY USD 100.00 100.00

Drawdown

Time Period: 6/1/2007 to 5/31/2012 Best Worst Max Quarter Quarter Drawdown Manager A 17.27 -18.22 -33.25 Manager B 16.03 -21.30 -32.15 Manager C 19.70 -24.46 -36.80 Manager D 18.33 -19.23 -31.10 Manager E 26.42 -27.87 -37.61 Manager F 14.06 -15.68 -31.54 Manager G 14.76 -14.57 -28.28 Manager H 23.18 -22.37 -36.36 Credit Suisse HY USD 20.23 -18.79 -31.84

Source: Morningstar Direct Risk

Standard Deviation Semi-Standard Deviation 16.0 14.0 14.0 12.0 12.0 10.0 10.0 8.0 8.0 6.0 6.0 4.0 4.0 2.0 2.0

Std Dev 0.0 Semi Dev 0.0 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD Annualized Standard Deviation Annualized Semi-Standard Deviation

1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Manager A 10.61 8.32 13.86 10.77 Manager A 7.23 6.15 10.99 8.56 Manager B 10.68 8.47 13.11 10.18 Manager B 7.72 6.40 10.66 8.20 Manager C 9.19 7.57 13.85 Manager C 6.31 5.63 11.20 Manager D 11.46 9.35 13.35 10.25 Manager D 7.90 6.77 10.52 8.18 Manager E 11.76 10.63 15.75 12.15 Manager E 8.04 7.77 12.60 9.63 Manager F 11.25 8.68 12.95 10.23 Manager F 7.57 6.43 10.43 8.23 Manager G 9.94 8.24 11.80 8.72 Manager G 6.97 6.09 9.25 6.90 Manager H 9.62 8.50 14.34 Manager H 7.03 6.46 11.49 Credit Suisse HY USD 9.08 7.75 13.09 9.96 Credit Suisse HY USD 6.31 5.71 10.40 7.92

1 Year Rolling Standard Deviation 1 Year Rolling Semi-Standard Deviation 40.0 30.0 30.0 22.5

20.0 15.0

10.0 7.5

0.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 0.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03

Std Dev 2004 2005 2006 2007 2008 2009 2010 2011 2012 Semi Dev 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD

Source: Morningstar Direct Risk/Return

Risk-Return Scatterplot - 3 Year 3 Year 21.0 18.0 Return Std Dev

15.0 Manager A 13.42 8.32

12.0 Manager B 14.83 8.47

9.0 Manager C 13.95 7.57

6.0 Manager D 14.44 9.35

3.0 Manager E 17.45 10.63

0.0 Manager F 14.92 8.68 Return 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Manager G 13.54 8.24 Std Dev Manager A Manager B Manager C Manager H 15.37 8.50 Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Credit Suisse HY USD 16.64 7.75 Risk-Return Scatterplot - 5 Year 5 Year 10.0 Return Std Dev 8.0 Manager A 4.38 13.86

6.0 Manager B 5.04 13.11 Manager C 3.69 13.85 4.0 Manager D 5.39 13.35 2.0 Manager E 4.41 15.75

0.0 Manager F 4.63 12.95 Return 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Manager G 5.13 11.80 Std Dev Manager A Manager B Manager C Manager H 4.28 14.34 Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Credit Suisse HY USD 7.00 13.09 Risk-Return Scatterplot - 10 Year 10 Year 12.0 Return Std Dev 10.0 Manager A 6.44 10.77 8.0 Manager B 6.30 10.18 6.0 Manager C 4.0 Manager D 7.36 10.25

2.0 Manager E 6.66 12.15

0.0 Manager F 7.00 10.23 Return 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Manager G 6.26 8.72 Std Dev Manager A Manager B Manager C Manager H Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Credit Suisse HY USD 9.17 9.96

Source: Morningstar Direct Risk/Return

Sharpe Ratio Information Ratio 2.3 0.5 2.0 0.0

1.8 rith) -0.5 1.5 1.3 -1.0 1.0 -1.5 0.8 -2.0 0.5 0.3 -2.5

Sharpe Ratio Sharpe 0.0 Information Ratio (a -3.0 3 years 5 years 10 years 3 years 5 years 10 years

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD 3 years 5 years 10 years 3 years 5 years 10 years Manager A 1.83 0.57 0.20 Manager A -1.96 -1.22 -1.43 Manager B 1.71 0.66 0.20 Manager B -0.76 -0.76 -1.19 Manager C 1.88 0.54 Manager C -2.56 -1.30 Manager D 1.69 0.68 0.29 Manager D -1.05 -0.84 -0.89 Manager E 1.74 0.58 0.23 Manager E 0.20 -0.52 -0.57 Manager F 1.83 0.60 0.25 Manager F -0.89 -0.76 -0.80 Manager G 1.72 0.69 0.20 Manager G -1.69 -0.67 -1.10 Manager H 1.91 0.58 Manager H -0.84 -1.17 Credit Suisse HY USD 2.06 0.81 0.45 Credit Suisse HY USD

1 Year Rolling Sharpe Ratio 1 Year Rolling Information Ratio 6.0 5.0

4.0 rith) 0.0 2.0 -5.0 0.0

-2.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 -10.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03

Sharpe Ratio Sharpe 2004 2005 2006 2007 2008 2009 2010 2011 2012 Information Ratio (a 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H MSCI World NR USD

Source: Morningstar Direct MPT Statistics

Alpha Beta 0.0 1.4 -1.0 1.2 -2.0 1.1 -3.0 0.9 -4.0 0.7 -5.0 0.5 -6.0 0.4 -7.0 0.2

Alpha -8.0 Beta 0.0 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD Data Point: Alpha Data Point: Beta Data Point: R2

1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years 1 year 3 years 5 years 10 years Manager A 95.28 95.83 97.22 97.69 Manager A -2.49 -1.31 -2.86 -2.82 Manager A 1.08 0.91 1.05 1.08 Manager B 91.71 92.23 95.00 94.87

Manager B -4.27 -2.21 -1.48 -2.61 Manager B 1.22 1.04 0.96 0.99 Manager C 98.90 98.53 95.33 Manager C -1.17 -1.21 -2.93 Manager C 0.97 0.93 0.99 Manager D 89.58 94.04 97.32 96.49 Manager D -4.83 -2.53 -1.38 -1.71 Manager D 1.15 1.05 0.99 1.01 Manager E 87.60 84.98 84.30 85.48 Manager F 90.96 94.14 93.13 94.13 Manager E -7.05 -1.53 -2.08 -2.17 Manager E 1.19 1.15 1.00 1.02 Manager G 97.70 94.57 94.39 93.82

Manager F -2.78 -1.34 -2.11 -2.16 Manager F 1.13 0.99 0.98 1.03 Manager H 93.95 96.27 96.37 Manager G -3.24 -2.15 -1.10 -2.40 Manager G 1.05 0.97 0.91 0.91 Manager H -3.32 -0.84 -2.63 Manager H 1.04 0.99 1.02

1 Year Rolling Alpha 1 Year Rolling Beta 15.0 1.4 7.5 1.2

0.0 1.0

-7.5 0.8

-15.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 0.6 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03

Alpha 2004 2005 2006 2007 2008 2009 2010 2011 2012 Beta 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E Manager F Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD Manager G Manager H Credit Suisse HY USD

Source: Morningstar Direct Correlation

3 Year Correlation 3 Year Correlation 1.0 1 2 3 4 5 6 7 8 9 0.8 1 Manager A 1.00 2 Manager B 0.96 1.00 0.6 3 Manager C 0.99 0.96 1.00 4 Manager D 0.99 0.96 0.98 1.00 0.4 5 Manager E 0.92 0.93 0.94 0.94 1.00 6 Manager F 0.98 0.96 0.98 0.98 0.92 1.00 0.2 7 Manager G 0.98 0.97 0.98 0.99 0.93 0.97 1.00

Correlation 0.0 8 Manager H 0.97 0.96 0.98 0.98 0.96 0.96 0.97 1.00 3 years 9 Credit Suisse HY USD 0.98 0.96 0.99 0.99 0.95 0.98 0.98 0.99 1.00

Manager A Manager B Manager C Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD 5 Year Correlation 5 Year Correlation 1.0 1 2 3 4 5 6 7 8 9 0.8 1 Manager A 1.00 2 Manager B 0.97 1.00 0.6 3 Manager C 0.97 0.97 1.00 4 Manager D 0.98 0.98 0.97 1.00 0.4 5 Manager E 0.93 0.96 0.96 0.96 1.00 6 Manager F 0.98 0.96 0.93 0.97 0.92 1.00 0.2 7 Manager G 0.98 0.98 0.96 0.99 0.94 0.97 1.00

Correlation 0.0 8 Manager H 0.97 0.98 0.97 0.98 0.96 0.96 0.97 1.00 5 years 9 Credit Suisse HY USD 0.99 0.98 0.98 0.99 0.96 0.97 0.98 0.99 1.00

Manager A Manager B Manager C Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD 10 Year Correlation 10 Year Correlation 1.0 1 2 3 4 5 6 7 8 9 0.8 1 Manager A 1.00 2 Manager B 0.96 1.00 0.6 3 Manager C 4 Manager D 0.98 0.95 1.00 0.4 5 Manager E 0.91 0.93 0.93 1.00 6 Manager F 0.97 0.94 0.96 0.90 1.00 0.2 7 Manager G 0.97 0.95 0.97 0.91 0.94 1.00

Correlation 0.0 8 Manager H 10 years 9 Credit Suisse HY USD 0.99 0.97 0.98 0.94 0.96 0.97 1.00

Manager A Manager B Manager C Manager D Manager E Manager F Manager G Manager H Credit Suisse HY USD

Source: Morningstar Direct Glossary

Alpha: The intercept value derived from the CAPM regression, or the difference between a Manager's performance and the Manager's expected performance given its market sensitivity or Beta. Alpha is used as a measure of value added by a Manager.

Beta: A Manager's sensitivity to market movements and is used to evaluate market related, or systematic risk. Beta is a measure of the linear relationship, over time, of the Manager's returns and those of the Benchmark. Beta is computed by regressing the Manager's excess returns over the risk free rate (cash proxy) against the excess returns of the Benchmark over the risk free rate.

Capture Ratio: Calculates the portion of market (Benchmark) performance that was captured by the Manager under certain conditions. The capture ratio is equal to the ratio of the average annual return of the manager for a given period to the average benchmark return over the same period.

Correlation: A standardized measure of Covariance. Correlation is scaled to a range between -1 (series move in opposite directions) to +1 (series move in the same direction) and is calculated by dividing the Covariance between the series by the respective standard deviations of each.

Information Ratio: A risk/return, or efficiency measure; it is a way to estimate the value added by an investment manager per corresponding unit of risk. It is the ratio of Annualized Return over Annualized Standard Deviation.

Maximum Drawdown Period: The worst period of "peak to valley" performance for the series, regardless of whether or not the drawdown consisted of consecutive months of negative performance, or where the Max Period falls within the range of data.

R-Squared: Measure of the MPT regression measures the percentage variability in the Manager's returns that can be explained by the Benchmark's returns.

Semi-Standard Deviation: A measure of risk using only the variance of returns below a target rate. Stylus calculates Semi-Standard deviation below a target of zero by default, but can accommodate other targets such as MAR, the Risk Free rate, or the Benchmark.

Sharpe Ratio: A risk/return measure which indicates the Manager's excess return per unit of total risk as measured by Standard Deviation. It is the ratio of the Manager's returns in excess of the risk free rate to the Standard Deviation of the manager's returns in excess of the risk free rate.

Standard Deviation: A measure of the extent to which observations in a series vary from the arithmetic mean of the series. The Standard Deviation of a Manager, Benchmark or Index series measures the volatility, or risk of the asset. The more volatile the investment returns, the higher the standard deviation will be.

Source: Morningstar Direct Disclosure

Funds shown are sub-funds of Franklin Templeton Investment Funds (FTIF). "FTIF" is an investment company with variable capital incorporated in Luxembourg. Sales of shares of FTIF will be made on the basis of its current prospectus only, accompanied by a copy of the latest available audited annual report and, if subsequently published, the latest unaudited semi-annual report. This material does not and will not constitute an offer of shares of FTIF. An investment in FTIF entails risks, which are described in its prospectus. Investors may not get back the full amount invested and the net asset value of FTIF will fluctuate with market conditions. Exchange rate fluctuations, fund charges, taxes and any asset-based fee charged by third parties to clients who invest in FTIF through a fee-based account will affect the return to the investor. Past performance is no guarantee of future performance. Please ensure your client reads the Prospectus before deciding to invest.

Any research and analysis contained in this guide has been procured by Franklin Templeton Investments for its own purposes and is provided only incidentally. This research does not constitute or form part of legal, tax or investment advice or an offer for shares or an invitation to apply for shares of FTIF. Shares of FTIF are not available in all jurisdictions. FTIF shares may not be directly or indirectly offered or sold to U.S. Persons and may not be offered or sold in any jurisdiction where such offering or sale is prohibited. FTIF has been authorized for public sale in certain jurisdictions and private placement exemptions may be available in others. Please contact Franklin Templeton if you are unsure of the availability of FTIF in your client's jurisdiction. For the definition of U.S. Person, see the current FTIF prospectus.

Performance figures are not based on audited financial statements and assume reinvestment of interest and dividends. When comparing the performance of FTIF with a benchmark index, it is important to note that the securities in which FTIF invests may be substantially different than those represented by the benchmark index. Furthermore, an investment in FTIF represents an investment in a managed investment company in which certain charges and expenses, including management fees, are applicable. These charges and expenses are not applicable to indices.

Indices are unmanaged and are not available for direct investment. Certain data and other information shown have been supplied by outside sources. While we consider that information to be reliable, we give no assurance that such data and information is accurate or complete. A copy of the FTIF prospectus and/or the latest financial reports can be obtained from Franklin Templeton International Services S.A. – Professional of the Financial Sector under the supervision of the Commission de Surveillance du Secteur Financier - 26 boulevard Royal L-2449 Luxembourg – Tel: (+352) 46 66 67 212 – Fax: (+352) 46 66 76.

In the U.S., this publication is made available to you for informational purposes only by Templeton/Franklin Investment Services, Inc. 100 Fountain Parkway, St. Petersburg, Florida 33716. Tel: (800) 239-3894 (USA Toll-Free), (877) 389-0076 (Canada Toll-Free), and Fax: (727) 299-8736. Investments are not FDIC insured; may lose value; and are not bank guaranteed.

Distribution outside the U.S. may be made by Templeton Global Advisors Limited or other sub-distributors, intermediaries, dealers or professional investors that have been engaged by Templeton Global Advisors Limited to distribute shares of the Fund in certain jurisdictions. This is not an offer to sell or a solicitation of an offer to purchase securities in any jurisdiction where it would be illegal to do so.

FOR BROKER DEALER USE ONLY – NOT FOR PUBLIC DISTRIBUTION. www.templetonoffshore.com

Source: Morningstar Direct Presentacion Chile

ABC disclaimer

Source: Morningstar Direct Analisis Competitivo

Snapshot

Morningstar Broad Morningstar Inception Rating Category Category Date Overall Group

Manager A Chile OE Chile Equity ÙÙÙÙ 1/30/1995 Equity

Manager B Chile OE Chile Equity ÙÙÙÙ 5/24/2006 Equity

Manager C Chile OE Chile Equity ÙÙÙÙ 1/4/2002 Equity

Manager D Chile OE Chile Equity ÙÙÙÙ 11/18/1996 Equity

Operations

Annual Max Report Inception Management Base Redemption Fund Size Front Net Date Fee Currency Fee Load Expense Ratio

Manager A 1/30/1995 172,016,759.00 1.89 0.00 1.99 Chilean Peso 0.00

Manager B 5/24/2006 78,443,997.00 1.75 0.00 1.00 Chilean Peso 0.00

Manager C 1/4/2002 94,740,892.00 4.05 0.00 4.35 Chilean Peso 0.00

Manager D 11/18/1996 83,747,526.00 4.17 0.00 4.40 Chilean Peso 0.00

Source: Morningstar Direct Analisis Competitivo

Investment Growth

Time Period: 6/1/2011 to 5/31/2012 9.0% 4.5%

0.0%

-4.5%

-9.0%

-13.5%

-18.0%

-22.5%

-27.0%

-31.5%

-36.0%

-40.5% 6/2011 7/2011 8/2011 9/2011 10/2011 11/2011 12/2011 1/2012 2/2012 3/2012 4/2012 5/2012

Manager A -22.2 Manager B -24.2 Manager C -21.9 Manager D -23.0 Bolsa De Santiago IPSA Chile -20.5 Chile OE Chile Equity -24.1

Returns 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 -20.0

Return -25.0 1 month 3 months 6 months 1 year 3 years

Manager A Manager B Manager C Manager D Bolsa De Santiago IPSA Chile Chile OE Chile Equity 1 month 3 months 6 months 1 year 3 years Manager A -12.19 -12.99 0.27 -22.17 14.32 Manager B -11.92 -12.57 -0.33 -24.21 14.61 Manager C -13.30 -13.91 1.23 -21.94 12.67 Manager D -13.07 -13.46 -1.79 -22.99 16.41 Bolsa De Santiago IPSA Chile -12.40 -12.64 2.71 -20.45 14.36 Chile OE Chile Equity -12.49 -13.04 0.04 -24.11 12.58

Source: Morningstar Direct Analisis Competitivo

calendar year returns

Time Period: 6/1/2002 to 5/31/2012 Rolling Window: 1 Year 1 Year shift 60.0

40.0

20.0

0.0

-20.0

-40.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03

Return 2004 2005 2006 2007 2008 2009 2010 2011 2012

Manager A Manager B Manager C Manager D Bolsa De Santiago IPSA Chile Chile OE Chile Equity 2007 2008 2009 2010 2011 Manager A 21.12 -41.13 86.30 56.69 -25.38 Manager B 19.78 -38.34 87.26 55.19 -25.13 Manager C 21.59 -39.17 75.96 55.01 -24.93 Manager D 23.44 -41.98 89.95 62.54 -25.74 Bolsa De Santiago IPSA Chile 21.12 -39.15 89.41 49.08 -23.63 Chile OE Chile Equity 20.37 -39.58 86.39 52.38 -26.90

Excess Return 3.8 3.0 2.3 2.0 1.5 0.8 0.5 0.2 0.1 0.2 0.0 -0.1 0.0 -0.8 -0.3 -0.4 -0.9 -0.7 -0.8 -1.5 -1.3 -1.5 -1.5 -2.3 -1.7 -1.7 -1.8 -3.0 -2.4 -2.7 -2.5 -3.0 -3.8 -3.8 -3.7 -4.5 -4.5

Excess Return Excess -5.3 1 month 3 months 6 months 1 year 3 years

Manager A Manager B Manager C Manager D Bolsa De Santiago IPSA Chile Chile OE Chile Equity

Source: Morningstar Direct Analisis Competitivo

Risk

Time Period: 6/1/2009 to 5/31/2012 Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith) Manager A 14.32 25.02 1.97 0.09 0.99 98.63 0.57 2.93 Manager B 14.61 24.71 2.47 0.54 0.98 98.05 0.59 3.50 Manager C 12.67 25.56 3.26 -1.47 1.01 97.30 0.49 4.20 Manager D 16.41 25.15 3.01 2.10 0.98 95.96 0.65 5.08 Bolsa De Santiago IPSA Chile 14.36 25.06 0.00 0.00 1.00 100.00 0.57 0.00 Chile OE Chile Equity 12.58 24.93 2.62 -1.38 0.99 98.26 0.50 3.31

Risk-Reward Drawdown

Time Period: 6/1/2009 to 5/31/2012 Time Period: 6/1/2009 to 5/31/2012 24.0 0.0

-5.0

20.0 -10.0

-15.0

-20.0 16.0 -25.0

-30.0 12.0 -35.0 8/2009 11/2009 2/2010 5/2010 8/2010 11/2010 2/2011 5/2011 8/2011 11/2011 2/2012 5/2012

Manager A Manager B Manager C 8.0 Manager D Bolsa De Santiago IPSA Chile Chile OE Chile Equity Market Performance

Time Period: 6/1/2009 to 5/31/2012 4.0 Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio Manager A 63.89 36.11 19.06 -19.76 36.27 -26.85 99.82 99.89 98.63 0.0

Return 0.0 10.0 20.0 30.0 40.0 Manager B 63.89 36.11 17.06 -20.57 37.18 -27.87 99.12 97.94 98.05

Manager C 61.11 38.89 19.84 -21.07 36.29 -28.19 98.91 104.05 97.30 Std Dev Manager D 66.67 33.33 18.39 -20.10 37.21 -26.97 101.43 95.38 95.96

Manager A Manager B Manager C Bolsa De Santiago IPSA Chile 58.33 41.67 18.90 -19.65 33.77 -27.42 100.00 100.00 100.00

Manager D Bolsa De Santiago IPSA Chile Chile OE Chile Equity Chile OE Chile Equity 61.11 38.89 18.92 -20.48 34.58 -27.71 96.96 101.55 98.26

Source: Morningstar Direct Analisis Competitivo

Correlation Matrix

Time Period: 6/1/2009 to 5/31/2012 1 2 3 4 5 6 1 Manager A 1.00 2 Manager B 1.00 1.00 3 Manager C 0.99 0.99 1.00 4 Manager D 0.99 0.98 0.98 1.00 5 Bolsa De Santiago IPSA Chile 0.99 0.99 0.99 0.98 1.00 6 Chile OE Chile Equity 1.00 0.99 0.99 0.99 0.99 1.00 Manager A - Asset Allocation Manager B - Asset Allocation

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012 % % Stock 95.9 Stock 98.7 Bond 2.0 Bond 0.0 Cash 2.1 Cash 1.3 Other 0.0 Other 0.0 Total 100.0 Total 100.0

Manager C - Asset Allocation Manager D - Asset Allocation

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012 % % Stock 100.0 Stock 100.0 Bond 0.0 Bond 0.0 Cash 0.0 Cash 0.0 Other 0.0 Other 0.0 Total 100.0 Total 100.0

Source: Morningstar Direct Analisis Competitivo

Manager A - Equity Sectors (Morningstar) Manager B - Equity Sectors (Morningstar)

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012 % % Basic Materials 13.7 Basic Materials 6.9 Consumer Cyclical 6.9 Consumer Cyclical 10.1 Financial Services 11.9 Financial Services 6.9 Real Estate 7.8 Real Estate 16.3 Consumer Defensive 4.3 Consumer Defensive 0.0 Healthcare 3.5 Healthcare 1.9 Utilities 16.7 Utilities 23.4 Communication Services 0.0 Communication Services 0.0 Energy 1.2 Energy 5.4 Industrials 26.8 Industrials 21.2 Technology 7.1 Technology 7.9 Total 100.0 Total 100.0

Manager C - Equity Sectors (Morningstar) Manager D - Equity Sectors (GICS)

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012 % % Basic Materials 12.3 Energy 0.0 Consumer Cyclical 5.6 Materials 14.6 Financial Services 14.6 Industrials 20.5 Real Estate 2.4 Consumer Discretionary 20.2 Consumer Defensive 6.7 Consumer Staples 7.7 Healthcare 0.0 Healthcare 3.8 Utilities 22.9 Financials 6.1 Communication Services 0.0 Information Technology 3.1 Energy 9.6 Telecom Services 5.0 Industrials 23.9 Utilities 19.1 Technology 2.0 Total 100.0 Total 100.0

Source: Morningstar Direct Analisis Competitivo

Monthly Estimated Fund-Level Net Flow

Time Period: 6/1/2011 to 5/31/2012 30,000,000.0 nthly) 22,500,000.0

15,000,000.0

om Share Class (Mo om Share 7,500,000.0

0.0

-7,500,000.0 el Net Flow - Aggr fr Net el

-15,000,000.0

-22,500,000.0 6/2011 7/2011 8/2011 9/2011 10/2011 11/2011 12/2011 1/2012 2/2012 3/2012 4/2012 5/2012 Estimated Fund-Lev Estimated

Manager A Manager B Manager C Manager D

Estimated Net Flow $Mil (Month-End)

Base Effective Fund Size 1 Month 3 Months 6 Months YTD 1 Year 3 Years 5 Years Currency Date

Manager A Chilean Peso 172 5/31/2012 -9.77 1.01 -6.47 -0.23 -55.36 4.27 1.73

Manager B Chilean Peso 78 5/31/2012 -4.20 -3.99 -7.60 -6.83 -27.26 34.08 13.36

Manager C Chilean Peso 95 5/31/2012 -8.21 -2.80 -9.06 -4.71 -30.84 15.39 -41.60

Manager D Chilean Peso 84 5/31/2012 -2.95 2.40 6.34 6.10 29.10 51.67 38.29

Source: Morningstar Direct For sophisticated investors only

XYZ International Selection Funds*

*XYZ International Selection Funds will be referred to as XYZ Throughout the presentation.

Source: Morningstar Direct Analisis Competitivo

Snapshot

Morningstar Broad Morningstar Inception ISIN Rating Category Category Date Overall Group

Manager A LU0128522157 Europe OE Asia ex Japan Equity ÙÙÙÙÙ 5/14/2001 Equity

Manager B IE0000829238 Europe OE China Equity ÙÙÙÙ 12/3/1982 Equity

Manager C LU0326949186 Europe OE Asia Allocation ÙÙÙÙÙ 11/16/2007 Allocation

MSCI EM NR USD 12/31/1998

Operations Annual Max Report Inception Management Base Redemption Fund Size Front Net Date Fee Currency Fee Load Expense Ratio

Manager A 5/14/2001 15,765,994,357.00 1.35 6.50 2.21 US Dollar 0.00

Manager B 12/3/1982 2,758,291,828.00 1.25 5.00 1.72 US Dollar 0.00

Manager C 11/16/2007 1,547,072,894.00 1.00 1.00 1.28 US Dollar

MSCI EM NR USD 12/31/1998 US Dollar

Source: Morningstar Direct Analisis Competitivo

Investment Growth

Time Period: 11/16/2007 to 5/31/2012 80.0% 64.0%

48.0%

32.0%

16.0%

0.0%

-16.0%

-32.0%

-48.0%

-64.0%

-80.0% 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A -10.4 Manager B -41.7 Manager C 61.7 MSCI EM NR USD -20.3

Returns 20.0 15.0 10.0 5.0 0.0 -5.0 -10.0 -15.0 -20.0

Return -25.0 1 month 3 months 6 months 1 year 3 years

Manager A Manager B Manager C MSCI EM NR USD 1 month 3 months 6 months 1 year 3 years Manager A -10.57 -13.63 -3.66 -17.29 15.54 Manager B -9.15 -12.85 -0.26 -23.84 0.91 Manager C -6.94 -4.39 5.14 -3.86 18.27 MSCI EM NR USD -11.21 -15.20 -1.14 -20.32 7.91

Source: Morningstar Direct Analisis Competitivo

calendar year returns

Time Period: 6/1/2007 to 5/31/2012 Rolling Window: 1 Year 1 Year shift 40.0

20.0

0.0

-20.0

-40.0 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05

Return 2009 2010 2011 2012

Manager A Manager B Manager C MSCI EM NR USD 2007 2008 2009 2010 2011 Manager A 62.22 -60.20 103.11 30.01 -14.89 Manager B 76.76 -54.23 64.22 2.06 -19.45 Manager C -30.32 78.70 25.37 -3.84 MSCI EM NR USD 39.42 -53.33 78.51 18.88 -18.42 Excess Return 20.0 17.5 16.5 15.0 12.5 10.8 10.4 10.0 7.6 7.5 6.3 5.0 4.3 2.4 3.0 2.5 2.1 1.6 0.6 0.9 0.0 -2.5 -2.5 -5.0 -3.5

-7.5 -7.0

Excess Return Excess -10.0 1 month 3 months 6 months 1 year 3 years

Manager A Manager B Manager C MSCI EM NR USD

Source: Morningstar Direct Analisis Competitivo

Risk

Time Period: 6/1/2009 to 5/31/2012 Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith) Manager A 15.54 23.32 3.02 7.19 0.98 92.62 0.66 6.35

Manager B 0.91 22.91 9.43 -5.45 0.88 76.89 0.04 11.38

Manager C 18.27 16.14 5.53 11.37 0.66 89.27 1.13 9.34

MSCI EM NR USD 7.91 22.95 0.00 0.00 1.00 100.00 0.34 0.00

Risk-Reward Drawdown

Time Period: 6/1/2009 to 5/31/2012 Time Period: 6/1/2009 to 5/31/2012 23.0 0.0

-5.0

19.0 -10.0

-15.0

15.0 -20.0

-25.0

11.0 -30.0 8/2009 11/2009 2/2010 5/2010 8/2010 11/2010 2/2011 5/2011 8/2011 11/2011 2/2012 5/2012

Manager A Manager B Manager C 7.0 MSCI EM NR USD Market Performance

Time Period: 6/1/2009 to 5/31/2012 3.0 Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio

-1.0 Manager A 58.33 41.67 14.25 -14.89 22.85 -20.67 101.83 77.07 92.62

Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Manager B 50.00 50.00 13.89 -16.87 12.42 -24.26 80.90 101.15 76.89 Std Dev Manager C 69.44 30.56 9.86 -12.30 17.24 -13.54 78.15 38.73 89.27 Manager A Manager B Manager C

MSCI EM NR USD MSCI EM NR USD 47.22 52.78 13.25 -14.58 20.91 -22.56 100.00 100.00 100.00

Source: Morningstar Direct Analisis Competitivo

Correlation Matrix

Time Period: 6/1/2009 to 5/31/2012 1 2 3 4 1 Manager A 1.00 2 Manager B 0.88 1.00 3 Manager C 0.94 0.87 1.00 4 MSCI EM NR USD 0.96 0.88 0.94 1.00

Manager A - Asset Allocation Manager B - Asset Allocation

Portfolio Date: 3/31/2012 Portfolio Date: 5/31/2012 % % Stock 94.7 Stock 93.1 Bond 0.0 Bond 0.7 Cash 5.3 Cash 0.0 Other 0.0 Other 6.2 Total 100.0 Total 100.0

Manager C - Asset Allocation Manager D - Asset Allocation

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012 % % Stock 85.2 Stock 97.6 Bond 0.0 Bond 0.0 Cash 13.8 Cash 0.0 Other 1.0 Other 2.4 Total 100.0 Total 100.0

Source: Morningstar Direct Analisis Competitivo

Manager A - Equity Sectors (Morningstar) Manager B - Equity Sectors (Morningstar)

Portfolio Date: 3/31/2012 Portfolio Date: 5/31/2012 % % Basic Materials 13.7 Basic Materials 13.6 Consumer Cyclical 13.4 Consumer Cyclical 4.2 Financial Services 19.7 Financial Services 24.9 Real Estate 0.9 Real Estate 8.7 Consumer Defensive 0.3 Consumer Defensive 0.8 Healthcare 0.1 Healthcare 3.2 Utilities 0.0 Utilities 3.1 Communication Services 0.0 Communication Services 8.9 Energy 33.6 Energy 11.0 Industrials 8.8 Industrials 6.9 Technology 9.4 Technology 14.7 Total 100.0 Total 100.0

Manager C - Equity Sectors (Morningstar) Manager D - Equity Sectors (GICS)

Portfolio Date: 5/31/2012 Portfolio Date: 5/31/2012 % % Basic Materials 5.5 Energy 11.9 Consumer Cyclical 24.7 Materials 12.8 Financial Services 7.3 Industrials 6.9 Real Estate 12.8 Consumer Discretionary 8.2 Consumer Defensive 7.8 Consumer Staples 8.4 Healthcare 5.6 Healthcare 1.1 Utilities 0.0 Financials 24.7 Communication Services 0.0 Information Technology 14.3 Energy 0.0 Telecom Services 8.1 Industrials 24.4 Utilities 3.7 Technology 12.0 Total 100.0 Total 100.0

Source: Morningstar Direct Analisis Competitivo

Manager A - Equity Country Exposure Manager B - Equity Country Exposure

Portfolio Date: 3/31/2012 Portfolio Date: 5/31/2012 % % China 29.3 China 93.2 Hong Kong 4.1 Hong Kong 0.7 India 17.0 Netherlands 3.3 Indonesia 12.7 Switzerland 0.0 Pakistan 4.4 Taiwan 0.0 Singapore 0.7 Other Countries 2.7 South Korea 7.6 Total 100.0 Taiwan 0.9 Thailand 23.3 Total 100.0

Manager C - Equity Country Exposure

Portfolio Date: 5/31/2012 % Australia 8.9 Canada 1.1 China 4.5 France 0.5 Hong Kong 33.1 Indonesia 5.1 Malaysia 5.1 Philippines 3.2 Singapore 11.9 South Korea 4.1 Taiwan 6.0 Thailand 9.4 United Kingdom 1.0 United States 1.7 Other Countries 4.3 Total 100.0

Source: Morningstar Direct Analisis Competitivo

Monthly Estimated Fund-Level Net Flow

Time Period: 6/1/2011 to 5/31/2012 600,000,000.0

500,000,000.0 nthly) 400,000,000.0

300,000,000.0

200,000,000.0 om Share Class (Mo Class om Share

100,000,000.0

0.0 el Net Flowel Net Aggr fr - -100,000,000.0

-200,000,000.0

-300,000,000.0 Estimated Fund-LevEstimated 6/2011 7/2011 8/2011 9/2011 10/2011 11/2011 12/2011 1/2012 2/2012 3/2012 4/2012 5/2012

Manager A Manager B Manager C

Estimated Net Flow $Mil (Month-End)

Effective Fund Name Fund Size 1 Month 3 Months 6 Months YTD 1 Year 3 Years 5 Years Date

Manager A Templeton Asian Growth 15,766 5/31/2012 41.9 216 1,124 1,146 1,150 8,430 9,019

Manager B Baring Hong Kong China Fd 2,758 5/31/2012 -404.5 -456 -294 -269 -710 -1,993

Manager C Schroder ISF Asian Total Return 1,547 5/31/2012 17.4 28 37 39 348 1,270

Source: Morningstar Direct Quarterly Returns

Time Period: 1/1/2005 to 12/31/2011 22.50 15.00

7.50

0.00

­7.50

­15.00

­22.50

­30.00 6/2005 12/2005 6/2006 12/2006 6/2007 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/2011 Quarterly Return Quarterly

Manager A Manager B S&P 500 TR Russell 2000 TR USD US OE Large Growth

Manager A ­ Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 2011 ­1.22 ­5.15 ­15.87 5.38 ­16.94 2010 2.89 ­13.31 8.65 19.70 15.99 2009 ­9.22 6.99 15.05 3.68 15.87 2008 ­8.36 14.25 ­16.81 ­17.57 ­28.21 2007 ­0.61 15.64 13.22 6.43 38.49 2006 5.13 1.33 ­3.93 3.09 5.50 2005 5.57 1.80 6.29 0.35 14.63 2004 4.00 ­3.83 6.21 4.42 10.92 2003 0.96 12.16 4.27 18.34 39.74 2002 5.72 ­0.91 ­12.99 ­8.81 ­16.88

Page 1 of 9 As of 12/31/2011

Source: Morningstar Direct Quarterly Returns

Time Period: 1/1/2005 to 12/31/2011 22.50

15.00

7.50

0.00

­7.50

­15.00

­22.50

­30.00 6/2005 12/2005 6/2006 12/2006 6/2007 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/2011 Quarterly Return Quarterly

Manager A Manager B S&P 500 TR US OE Large Growth

Manager B ­ Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 2011 4.94 ­0.54 ­11.64 8.28 ­0.14 2010 3.60 ­8.11 12.22 9.45 16.93 2009 ­6.44 12.95 13.91 7.36 29.23 2008 ­11.21 3.44 ­14.02 ­20.43 ­37.16 2007 1.41 7.50 7.16 2.53 19.78 2006 4.75 ­0.77 0.79 6.46 11.54 2005 0.33 2.95 8.41 3.79 16.23 2004 3.75 2.36 ­0.63 9.04 15.07 2003 ­2.15 11.83 5.02 11.34 27.95 2002 2.88 ­3.68 ­9.86 1.18 ­9.63

Page 2 of 9 As of 12/31/2011

Source: Morningstar Direct Peer Group Performance

Peer Group (5-95%): Open End Funds - U.S. - Large Growth 25.00 22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0.00 -2.50 -5.00 -7.50 -10.00 -12.50 -15.00

Return -17.50 1 year 3 year 5 year 7 year 10 year

Manager A Manager B S&P 500 TR Russell 2000 TR USD US OE Large Growth

3 year % Rank 5 year % Rank 7 year % Rank 10 year % Rank Manager A 3.74 99 2.11 28 4.29 18 5.63 3 Manager B 14.70 54 2.58 22 5.68 5 6.96 1 S&P 500 TR 14.11 61 ­0.25 67 2.64 52 2.92 36 Russell 2000 TR USD 15.63 43 0.15 59 3.20 37 5.62 3 US OE Large Growth 14.99 51 0.34 55 2.15 64 1.52 69 Count 1,471 1,273 1,090 794

Page 3 of 9 As of 12/31/2011

Source: Morningstar Direct Rolling Performance vs. Mid Relative Value Peers

Peer Group (5­95%): Open End Funds ­ U.S. ­ Large Growth Rolling Window: 3 Years 3 Months shi� Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 30.0

20.0

10.0

0.0

-10.0

-20.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 Return 2005 2006 2007 2008 2009 2010 2011

Manager A Manager B

Peer Group (5­95%): Open End Funds ­ U.S. ­ Large Growth Rolling Window: 3 Years 3 Months shi� 1st to 25th Percentile 26th Percentile to Median 51st to 75th Percentile 76th to 100th Percentile 0.0

25.0

50.0

75.0

100.0 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 Return 2005 2006 2007 2008 2009 2010 2011

Manager A Manager B

Page 4 of 9 As of 12/31/2011

Source: Morningstar Direct 3 Year Statistics vs. Mid Relative Value Peers Alpha Beta Information Ratio Sharpe Ratio 9.0 1.1 1.2 1.2 8.0 1.1 1.0 1.1 7.0 1.1 6.0 1.1 0.8 1.0 5.0 1.0 0.6 4.0 0.9 1.0 3.0 0.4 2.0 1.0 0.8 1.0 1.0 0.2 0.7 0.0 1.0 0.0 -1.0 0.9 0.6 -2.0 -0.2 0.9 -3.0 0.5 0.9 -0.4 -4.0 0.9 0.4 -5.0 -0.6 -6.0 0.9 -0.8 0.3 -7.0 0.8

Alpha -8.0 Beta 0.8 Information Ratio (geo) -1.0 Sharpe Ratio 0.2 1/1/2009 - 12/31/2011 1/1/2009 - 12/31/2011 1/1/2009 - 12/31/2011 1/1/2009 - 12/31/2011

Manager A Manager B Manager A Manager B Manager A Manager B Manager A Manager B

Time Period: 4/1/2009 to 3/31/2012 Informa�on Sharpe Alpha % Rank Beta % Rank % Rank % Rank Ra�o Ra�o Manager A ­9.27 99 1.01 77 ­0.92 90 0.70 99 Manager B 2.14 10 0.87 96 ­0.10 49 1.47 7 S&P 500 TR 0.00 24 1.00 79 1.38 15 Russell 2000 TR USD ­2.68 64 1.30 2 0.30 19 1.17 67 US OE Large Growth ­1.89 53 1.07 47 ­0.19 55 1.25 46

Page 5 of 9 As of 12/31/2011

Source: Morningstar Direct Trailing 3 Year X-Y Charts Upside­Downside Avg Gain­Loss 180.00 6.00

150.00 5.00

120.00 4.00

90.00 3.00

60.00 2.00

30.00 1.00

0.00 0.00

Up Capture Ra�o Capture Up 0.00 4.00 8.00 12.00 16.00 20.00 24.00 Gain Average ­6.00 ­5.00 ­4.00 ­3.00 ­2.00 ­1.00 0.00

Down Capture Ra�o Average Loss

Manager A Manager B S&P 500 TR Manager A Manager B S&P 500 TR Russell 2000 TR USD US OE Large Growth Russell 2000 TR USD US OE Large Growth

Capture Statistics Up Down Down Average Average Capture Capture Up Months R2 Months Gain Loss Ra�o Ra�o Manager A 87.58 73.06 68 52 3.97 ­3.95 47.05 Manager B 95.65 75.78 74 46 3.07 ­3.35 81.30 S&P 500 TR 100.00 100.00 74 46 3.07 ­4.16 100.00 Russell 2000 TR USD 136.42 126.94 71 49 4.54 ­5.17 82.04 US OE Large Growth 100.96 107.92 69 51 3.42 ­4.16 94.15

Page 6 of 9 As of 12/31/2011

Source: Morningstar Direct Portfolio Style

Holdings­Based Style Manager A 3/31/2012 Time Period: 1/1/2002 to 12/31/2011 Manager B 3/31/2012 Rolling Window: 3 Years 1 Month shi� Manager A

Giant Manager B S&P 500 TR Russell 2000 TR USD Russell Top 200 Russell Top 200 US OE Large Growth Value TR USD Growth TR USD

Russell Mid Cap Russell Mid Cap Value TR USD Growth TR USD Mid Large

Russell 2000 Russell 2000 Value TR USD Growth TR USD Micro Small Deep­Val Core­Val Core Core­Grth High­Grth

Portfolio Statistics Average Debt Net Dividend P/E Ra�o P/S Ra�o P/B Ra�o Market to Margin % Yield Cap Capital % Manager A 14.98 0.77 1.57 28,526.40 41.73 11.48 1.48 Manager B 19.30 2.39 3.35 43,421.39 26.87 16.35 1.36 S&P 500 TR 15.48 1.37 2.26 55,677.47 35.97 13.67 2.37 Russell 2000 TR USD 17.42 1.00 1.85 1,085.81 32.02 8.00 2.88 US OE Large Growth 18.47 2.04 3.54 49,658.24 26.72 16.43 1.57

Page 7 of 9 As of 12/31/2011

Source: Morningstar Direct Holdings

Manager A ­ Top Holdings Manager B ­ Top Holdings Por�olio Date: 3/31/2012 Por�olio Date: 4/30/2012 Por�olio Por�olio Weigh�ng % Weigh�ng % US Treasury Note 0.375% 11.26 Apple, Inc. 9.13 Altria Grp 9.95% 7.68 Google, Inc. Class A 4.36 US Treasury Note 0.75% 7.51 Berkshire Hathaway Inc Class A 2.99 Ci�group Inc 7.08 McDonald's Corpora�on 2.68 Morgan Stanley 5.75 Coca­Cola Co 2.57 Whirlpool Corpora�on 5.34 Wells Fargo & Co 2.21 Delta Air Lines Inc 5.24 Noble Energy Inc 2.05 Tata Motors, Ltd. ADR 5.20 TJX Companies 1.83 Na�onal Oilwell Varco, Inc. 5.04 Walt Disney Co 1.72 Nike, Inc. Class B 5.02 Nike, Inc. Class B 1.44

Manager A ­ Equity Sectors (GICS) Manager B ­ Equity Sectors (GICS) Por�olio Date: 3/31/2012 Por�olio Date: 4/30/2012 % % Energy % 6.9 Energy % 6.9 Materials % 0.0 Materials % 3.9 Industrials % 19.5 Industrials % 4.6 Consumer Discre�onary % 28.8 Consumer Discre�onary % 23.9 Consumer Staples % 14.0 Consumer Staples % 8.4 Healthcare % 0.0 Healthcare % 9.5 Financials % 22.6 Financials % 11.4 Informa�on Technology % 8.2 Informa�on Technology % 31.0 Telecom Services % 0.0 Telecom Services % 0.1 U�li�es % 0.0 U�li�es % 0.1 Total 100.0 Total 100.0

Page 8 of 9 As of 12/31/2011

Source: Morningstar Direct Historical Exposures

Manager A ­ Equity Style Manager B ­ Equity Style Time Period: 3/1/2002 to 12/31/2011 Time Period: 6/1/2002 to 12/31/2011 100.0 100.0 90.0 90.0

80.0 80.0

70.0 70.0

60.0 60.0

50.0 50.0

40.0 40.0

30.0 30.0

20.0 20.0

10.0 10.0

0.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Large Value % Large Core % Large Growth % Large Value % Large Core % Large Growth % Mid Value % Mid Core % Mid Growth % Mid Value % Mid Core % Mid Growth % Small Value % Small Core % Small Growth % Small Value % Small Core % Small Growth %

Manager A ­ Equity Sectors (GICS) Manager B ­ Equity Sectors (GICS) Time Period: 3/1/2002 to 12/31/2011 Time Period: 6/1/2002 to 12/31/2011 100.0 100.0 87.5 87.5

75.0 75.0

62.5 62.5

50.0 50.0

37.5 37.5

25.0 25.0

12.5 12.5

0.0 0.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Energy % Materials % Industrials % Energy % Materials % Industrials % Consumer Discre�onary % Consumer Staples % Healthcare % Consumer Discre�onary % Consumer Staples % Healthcare % Financials % Informa�on Technology % Telecom Services % Financials % Informa�on Technology % Telecom Services % U�li�es % U�li�es %

Page 9 of 9 As of 12/31/2011

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Investment Growth

Time Period: 10/1/2007 to 9/30/2012

122.50

115.00

107.50

100.00

92.50

85.00

77.50

70.00

62.50

55.00

47.50

40.00 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012

Manager A 102.08 Manager B 107.43 Manager C 97.38 Manager D 114.84 Russell 1000 TR USD 106.28 US SA Large Growth 103.78

Performance

Time Period: 10/1/2007 to 9/30/2012 Information Cumulative Excess Tracking Return Std Dev Ratio R2 Return Return Error (arith) Manager A 0.41 2.08 24.25 -0.81 -0.09 88.83 8.77

Manager B 1.44 7.43 18.71 0.22 0.07 97.54 3.13

Manager C -0.53 -2.62 29.17 -1.75 -0.13 83.75 13.78

Manager D 2.81 14.84 17.69 1.58 0.28 92.16 5.60

Russell 1000 TR USD 1.22 6.28 19.55 0.00 100.00 0.00

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Holdings-Based Style Returns-Based Style

Time Period: 10/1/2007 to 9/30/2012 t

Russell 1000 Value TR Russell 1000 Growth USD TR USD Large Gian

Russell 2000 Value TR Russell 2000 Growth

ll Mid USD TR USD

Manager A Manager B Manager C Micro Sma Deep-Val Core-Val Core Core-Grth High-Grth Manager D US SA Large Growth

Equity Sector Exposure Consumer Business Financial Consumer Industrial Software % Hardware % Media % Telecom % Healthcare % Energy % Utilities % Services % Services % Services % Goods % Materials % Manager A 18.14 10.46 1.63 9.99 13.18 12.12 1.83 5.02 6.25 13.61 7.77 0.00

Manager B 1.97 3.53 5.07 4.59 13.31 5.00 6.31 20.04 14.87 16.92 7.19 1.21

Manager C 3.64 8.02 5.03 7.70 11.98 5.54 17.09 6.86 10.86 10.85 12.44 0.00

Manager D 4.97 14.46 4.93 8.21 9.22 18.38 4.05 14.01 10.04 6.44 5.28 0.01

Russell 1000 TR USD 4.18 9.44 3.73 6.83 11.46 8.86 3.57 15.86 10.75 11.30 10.49 3.53

US SA Large Growth 6.93 13.97 3.40 8.48 13.57 13.85 4.67 8.09 9.89 9.96 6.69 0.50

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Manager A - Equity Sectors (GICS) Asset Allocation

Portfolio Date: 9/30/2012 % GICS Energy % Energy % 7.8 Materials % 6.2 Industrials % 7.4 Consumer Discretionary % 14.4 GICS Materials % Consumer Staples % 4.3 Healthcare % 14.0 Financials % 3.2 GICS Industrials % Information Technology % 42.8 Telecom Services % 0.0 Utilities % 0.0 Total 100.0 GICS Consumer Discretionary %

Manager B - Equity Sectors (GICS)

Portfolio Date: 6/30/2012 % GICS Consumer Staples % Energy % 7.2 Materials % 2.4 Industrials % 16.9 Consumer Discretionary % 10.1 GICS Healthcare % Consumer Staples % 14.8 Healthcare % 13.3 Financials % 20.0 Information Technology % 10.1 GICS Financials % Telecom Services % 4.0 Utilities % 1.2 Total 100.0 GICS Financials ex REITs % Manager C - Equity Sectors (GICS)

Portfolio Date: 3/31/2012 % GICS Information Technology % Energy % 6.9 Materials % 5.5 Industrials % 11.1 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 Consumer Discretionary % 16.4 Consumer Staples % 6.0 Healthcare % 11.2 Financials % 21.6 Information Technology % 12.9 Manager A Manager B Manager C Telecom Services % 1.6 Utilities % 6.8 Manager D Russell 1000 TR USD US SA Large Growth Total 100.0

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Calendar Year Returns

60.00

52.50

45.00

37.50

30.00

22.50

15.00

7.50

0.00

-7.50

-15.00

-22.50

-30.00

-37.50

-45.00

Return -52.50 YTD 2011 2010 2009 2008 2007

Manager A Manager B Manager C Manager D Russell 1000 TR USD US SA Large Growth

Calendar Year Returns

YTD 2011 2010 2009 2008 2007

Manager A 14.36 -7.42 21.99 54.21 -49.57 24.68

Manager B 16.09 0.78 12.49 21.87 -32.10 8.86

Manager C 8.63 -10.47 20.18 59.84 -45.83 10.16

Manager D 18.13 -0.14 16.93 29.23 -37.16 19.78

Russell 1000 TR USD 16.28 1.50 16.10 28.43 -37.60 5.77

US SA Large Growth -0.86 16.27 34.14 -37.94 15.07

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Rolling Returns

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 3 Years 1 Month shift

37.50

30.00

22.50

15.00

7.50

0.00

-7.50 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 Return 2011 2012

Manager A Manager B Manager C Manager D Russell 1000 TR USD US SA Large Growth

Rolling Standard Deviation

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 3 Years 1 Month shift

35.00

30.00

25.00

20.00

15.00

10.00 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 Std Dev 2011 2012

Manager A Manager B Manager C Manager D Russell 1000 TR USD US SA Large Growth

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Sharpe Ratio Sharpe Ratio

1.20 3 years 5 years 10 years 1.03 0.86 Manager A 0.85 0.13 0.36 0.69 Manager B 0.87 0.07 0.39 0.51 Manager C 0.53 0.09 0.36 0.34 0.17 Manager D 1.10 0.21 0.50 0.00 Sharpe Ratio Sharpe 3 Years 5 Years 10 Years Russell 1000 TR USD 1.01 0.08 0.32

Manager A Manager B Manager C US SA Large Growth 0.93 0.16 0.37 Manager D Russell 1000 TR USD US SA Large Growth Standard Deviation Standard Deviation

30.00 3 years 5 years 10 years 25.00 Manager A 19.55 24.43 20.10 20.00

15.00 Manager B 15.82 18.80 15.16

10.00 Manager C 25.89 29.17 24.95

5.00 Manager D 14.91 17.83 14.32 0.00 Std Dev 3 Years 5 Years 10 Years Russell 1000 TR USD 16.47 19.62 16.06

Manager A Manager B Manager C US SA Large Growth 16.77 19.31 15.69 Manager D Russell 1000 TR USD US SA Large Growth Beta Beta

1.60 3 years 5 years 10 years 1.40 1.20 Manager A 1.12 1.17 1.12 1.00 0.80 Manager B 0.95 0.95 0.92 0.60 Manager C 1.45 1.37 1.37 0.40 0.20 Manager D 0.88 0.87 0.82 0.00 Beta 3 Years 5 Years 10 Years Russell 1000 TR USD 1.00 1.00 1.00

Manager A Manager B Manager C US SA Large Growth 1.01 0.97 0.96 Manager D Russell 1000 TR USD US SA Large Growth

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Performance Relative to Peer Group

22.00

20.00

18.00

16.00

14.00

12.00

10.00

8.00

6.00

4.00

2.00

0.00 Return -2.00 3 Years 5 Years 10 Years

Manager A Manager B Manager C Manager D

Firm Description Firm Description Firm Description

Manager A is a diversified investment firm offering Manager B was founded in 1924 with the creation of the Manager C is a diversified investment firm offering equity, fixed-income, convertible and alternative XYZ Investors Trust, America's first open-end mutual equity, fixed-income, convertible and alternative investment strategies, among others. With roots fund. Manager B, as well as its predecessor investment strategies, among others. With roots dating back to 1977, the firm serves institutions organizations, has been registered as an investment dating back to 1977, the firm serves institutions and individuals via separately managed accounts, a advisor since 1969 under the Investment Advisers Act of and individuals via separately managed accounts, a 1940 In 1970, Manager B began providing im services family of open-end and closed-end funds, as well as family of open-end and closed-end funds, as well to institutional investors through XXYY, a specialized a family of off-shore funds, providing a risk- as a family of off-shore funds, providing a risk- subsidiary organized to serve the unique needs of managed approach to capital appreciation and managed approach to capital appreciation and clients. In 1982, Manager B became a majority-owned income-producing strategies. income-producing strategies. subsidiary of ABC, Inc.

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Attribution/Contribution

Time Period: 10/1/2011 to 9/30/2012 Portfolio: Manager A Benchmark: Russell 1000 TR USD Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Rescaled Rescaled Weights Weights Return Return Contribution Contribution Effect Effect Return Weights Weights Consumer Discretionary 12.08 13.08 12.08 13.10 29.74 37.67 3.27 4.80 -0.10 -1.54 -1.64 Consumer staples 3.74 8.74 3.74 8.75 25.55 20.98 0.98 1.94 0.51 0.15 0.66 Energy 10.78 10.65 10.78 10.65 16.14 25.37 1.94 2.69 0.10 -0.89 -0.79 Financial Services 4.55 14.58 4.55 14.59 31.35 35.25 1.36 4.98 -0.46 -0.19 -0.65 Healthcare 11.37 11.53 11.37 11.50 16.26 30.54 1.75 3.62 0.06 -1.90 -1.85 Materials & Processing 7.60 4.12 7.60 4.12 6.58 31.10 0.61 1.24 0.05 -1.89 -1.84 Producer Durables 10.06 10.90 10.06 10.90 24.90 29.72 2.55 3.16 -0.03 -0.41 -0.44 Technology 37.58 17.16 37.58 17.18 31.23 30.14 11.50 5.14 0.18 0.55 0.72 Utilities 0.56 6.45 0.56 6.43 -16.97 21.79 -0.07 1.50 0.49 -0.22 0.28 Unclassified 1.68 2.80 1.68 2.80 2.46 33.44 -0.21 0.94 0.01 -0.77 -0.76 Attribution Total 100.00 100.00 100.00 100.00 23.69 29.98 23.69 29.98 0.81 -7.11 -6.30 Total 100.00 100.00 23.69 29.98

Cumulative Attribution Effects

Time Period: 10/1/2011 to 9/30/2012 Portfolio: Manager A Benchmark: Russell 1000 TR USD

Russell Sector- Cumulative Attribution Effects Attribution Effect % Cumulative Allocation Effect 12.00 Cumulative Selection Effect Cumulative Active Return 9.00

6.00

3.00

0.00

-3.00

-6.00

6.00 Attribution Effects Allocation Effect 3.00 Selection Effect Active Return 0.00

-3.00

10-31-2011 11-30-2011 12-31-2011 1-31-2012 2-29-2012 3-31-2012 4-30-2012 5-31-2012 6-30-2012 7-31-2012 8-31-2012 9-30-2012

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Attribution Detail

Time Period: 10/1/2011 to 9/30/2012 Benchmark: Russell 1000 TR USD

3.50

3.00

2.50

2.00

1.50

1.00

0.50

0.00

-0.50

-1.00

-1.50

-2.00

-2.50

-3.00

-3.50

-4.00

-4.50 Consumer Consumer Energy Financial Healthcare Materials & Producer Technology Utilities Unclassified Selection Effect Selection Discretionary staples Services Processing Durables

Russell Sector Manager A Manager B Manager C

Manager D

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Risk-Reward

Time Period: 10/1/2007 to 9/30/2012 Peer Group (1-100%): Separate Accounts/CITs - U.S. - Large Blend

20.00

10.00

0.00

-10.00

-20.00

Return -30.00 0.00 10.00 20.00 30.00 40.00 50.00

Std Dev Manager A Manager B Manager C Manager D Russell 1000 TR USD

Risk

Time Period: 10/1/2007 to 9/30/2012 Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith) Manager A 0.41 24.25 6.54 -0.17 1.17 88.83 -0.01 8.77

Manager B 1.44 18.71 2.02 0.19 0.95 97.54 0.05 3.13

Manager C -0.53 29.17 9.66 -0.28 1.36 83.75 -0.04 13.78

Manager D 2.81 17.69 3.88 1.54 0.87 92.16 0.13 5.60

Russell 1000 TR USD 1.22 19.55 0.00 0.00 1.00 100.00 0.03 0.00

Source: Morningstar Direct Institutional Manager Analysis Multi-Manager Workbook

Upside-Downside Capture Drawdown

Time Period: 10/1/2007 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012

180.00 0.0

-5.0 150.00 -10.0

-15.0 120.00 -20.0

90.00 -25.0

-30.0

60.00 -35.0

-40.0 30.00 -45.0

-50.0 0.00 -55.0

Up Capture Ratio Up Capture -30.00 -60.0 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 0.00 30.00 60.00 90.00 120.00 150.00 180.00

Down Capture Ratio Manager A Manager B Manager C Manager A Manager B Manager C Manager D Russell 1000 TR USD Manager D

Market Performance

Time Period: 10/1/2007 to 9/30/2012 Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio Manager A 53.33 46.67 14.33 -20.82 21.48 -27.96 116.85 119.66 88.83

Manager B 55.00 45.00 11.52 -16.29 16.77 -19.02 93.96 93.14 97.54

Manager C 56.67 43.33 19.80 -25.61 35.06 -28.93 144.81 150.16 83.75

Manager D 58.33 41.67 10.19 -15.84 14.96 -20.43 91.56 85.76 92.16

Russell 1000 TR USD 58.33 41.67 11.21 -17.46 16.50 -22.48 100.00 100.00 100.00

Source: Morningstar Direct Monthly Comparative Analysis As of 5/31/2012

Qualita�ve Analyst Commentary Investment Growth

This is a good loca�on to enter you custom analysis. These notes can be saved Time Period: 6/1/2007 to 5/31/2012 within the Direct product and referenced in each report or report template. 140.0 These notes can be shared across the pla�orm if you should choose. 130.0

Once a template is created and approved by compliance, or any other in house 120.0 process that may exist, it can be accessed a number of different ways. These 110.0 reports or templates can be run using a batch scheduler and distributed. These can also be accessed through a publishing tool that would allow each individual 100.0 rep to access a comparison or report template and run it on an ad­hoc basis. 90.0 All templates or reports will have the ability to combine in house research along with customized charts, graphs and data tables. The ability to combine your 80.0 qualita�ve notes and your in house data with exis�ng Morningstar data will 70.0 provide you with a very efficient way of ge�ng quality, �mely informa�on to your field folks. We can discuss this in greater detail if interested 60.0

50.0

40.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A Manager B Manager C Manager D Manager E S&P 500 TR

Returns Drawdown 17.5 Time Period: 6/1/2007 to 5/31/2012 15.0 0.0 12.5 ­7.5 10.0 7.5 ­15.0 5.0 ­22.5 2.5 0.0 ­30.0

­2.5 ­37.5 ­5.0 ­45.0 ­7.5 ­10.0 ­52.5

Return ­12.5 YTD 1 YR 2 YR 3 YR 4 YR 5 YR ­60.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E S&P 500 TR Manager D Manager E S&P 500 TR Rolling Performance vs. Peers Trailing Returns Time Period: 6/1/2005 to 5/31/2012 YTD 1 YR 2 YR 3 YR 5 YR 7 YR

1st to 25th Percen�le 26th Percen�le to Median 51st to 75th Percen�le 76th to 100th Percen�le Manager A 6.30 ­6.50 3.54 7.04 1.41 4.42 Manager B 8.38 2.05 13.41 15.68 2.41 6.67 0.0 Manager C 3.33 ­4.10 9.49 14.19 0.14 3.98 Manager D 7.79 ­1.49 12.66 16.53 3.07 9.16 25.0 Manager E 3.99 ­12.34 7.42 12.84 ­1.02 2.91 S&P 500 TR 5.16 ­0.41 12.00 14.92 ­0.92 3.52 50.0 Calendar Year Returns 75.0 YTD 2011 2010 2009 2008 2007 Manager A 6.30 ­16.94 15.99 15.87 ­28.21 38.49 100.0 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 Manager B 8.38 ­0.14 16.93 29.23 ­37.16 19.78 Manager C 3.33 ­0.35 13.39 47.57 ­46.15 19.94 Return 2009 2010 2011 2012 Manager D 7.79 ­0.30 14.03 51.10 ­45.13 33.53 Manager E 3.99 ­9.07 20.06 52.47 ­50.28 23.26 Manager A Manager B Manager C Manager D Manager E S&P 500 TR S&P 500 TR 5.16 2.11 15.06 26.46 ­37.00 5.49

Source: Morningstar Direct Monthly Comparative Analysis As of 5/31/2012

Returns­Based Style Holdings­Based Style Holdings­Based Style Trail Time Period: 6/1/2004 to 5/31/2012 Time Period: 6/30/2005 to 5/31/2012 Giant Giant

Russell Top 200 Russell Top 200 Value TR USD Growth TR USD Mid Large

Russell Mid Cap Russell Mid Cap Mid Large Value TR USD Growth TR USD

Russell 2000 Russell 2000 Value TR USD Growth TR USD Micro Small

Deep­Val Core­Val Core Core­Grth High­Grth Micro Small Deep­Val Core­Val Core Core­Grth High­Grth

Manager A Manager B Manager C Manager A 3/31/2012 Manager B 4/30/2012 Manager C 2/29/2012 Manager A 6/30/2005 3/31/2012 Manager B 6/30/2005 4/30/2012 Manager C 6/30/2005 2/29/2012

Manager D Manager E S&P 500 TR Manager D 2/29/2012 Manager E 3/31/2012 S&P 500 TR 5/31/2012 Manager D 6/30/2005 2/29/2012 Manager E 6/30/2005 3/31/2012 S&P 500 TR 6/30/2005 5/31/2012

Equity Sectors Por�olio Date: 12/31/2011 Cons So�ware Hardware Media Telecom Healthcare Cons Serv Bus Serv Finl Serv Indus Mat Energy U�li�es Goods Manager A 0.00 0.00 0.00 6.15 0.00 9.92 15.17 36.62 25.69 1.97 4.48 0.00 Manager B 5.24 13.77 3.15 9.21 8.85 17.75 4.33 10.77 11.16 7.22 8.56 0.00 Manager C 6.46 13.91 2.46 9.57 9.78 11.81 3.97 5.59 11.53 13.55 11.37 0.00 Manager D 3.11 13.96 3.82 8.92 13.22 13.84 6.03 3.44 10.82 12.57 10.27 0.00 Manager E 15.42 10.93 0.00 10.30 8.67 10.59 4.36 3.86 7.20 17.63 11.04 0.00 S&P 500 TR 3.88 9.38 3.11 7.00 11.67 8.71 3.39 14.00 11.51 11.28 12.31 3.79 Risk­Reward Upside­Downside Capture Time Period: 6/1/2007 to 5/31/2012 Time Period: 6/1/2007 to 5/31/2012 4.0 150.0

3.0 120.0

2.0 90.0 1.0 60.0 0.0

30.0 ­1.0

­2.0 0.0 Return Ra�o Capture Up 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 0.0 20.0 40.0 60.0 80.0 100.0 120.0 140.0 Std Dev Down Capture Ra�o Manager A Manager B Manager C Manager A Manager B Manager C Manager D Manager E S&P 500 TR Manager D Manager E S&P 500 TR Market Performance Time Period: 6/1/2007 to 5/31/2012 Up Down Informa�on Up Down Ba�ng Period Period Alpha Beta Ra�o Capture Capture Average Percent Percent (geo) Ra�o Ra�o Manager A 51.67 48.33 50.00 2.69 0.87 0.18 95.16 86.99 Manager B 55.00 45.00 61.67 3.07 0.89 0.58 97.51 85.53 Manager C 53.33 46.67 56.67 1.54 1.06 0.16 109.29 104.66 Manager D 56.67 43.33 61.67 4.58 1.09 0.52 127.54 110.83 Manager E 50.00 50.00 56.67 1.07 1.18 ­0.01 122.77 121.19 S&P 500 TR 55.00 45.00 100.00 0.00 1.00 100.00 100.00

Source: Morningstar Direct Fund vs. Fund Analysis

Manager A Manager B

Growth of $1000 Growth of $1000 1,400.0 1,225.0 1,300.0 1,150.0 1,075.0 1,200.0 1,000.0 1,100.0 925.0 1,000.0 850.0 900.0 775.0 800.0 700.0 700.0 625.0

600.0 550.0

500.0 475.0

400.0 400.0 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

Manager A 1,072.3 S&P 500 TR 954.8 Manager B 1,126.6 S&P 500 TR 954.8

Fund Sta�s�cs Morningstar Style BoxFund Sta�s�cs Morningstar Style Box Incep�on Date 11/6/1929 Por�olio Date: 3/31/2012 Incep�on Date 5/17/1967 Por�olio Date: 3/31/2012 Morningstar Ra�ng ÙÙÙ Morningstar Ra�ng ÙÙÙÙ Fund Size 431,393,086.00 Fund Size 79,493,110,288.00 ag i Small Mid Large ag i Small Mid Large Net Expense Ra�o 1.09 22.1 8.0 42.1 Net Expense Ra�o 0.81 22.1 8.0 42.1 Management Fee 0.90 20.3 0.3 7.1 Management Fee 0.63 20.3 0.3 7.1 Manager Name G. Kenneth Heebner Manager Name William Danoff 0.0 0.0 0.0 Avg Manager Tenure 31.42 0.0 0.0 0.0 Avg Manager Tenure 21.75 Value Blend Growth Value Blend Growth

Returns Returns 45.0 30.0 37.5 22.5 30.0 15.0 22.5 7.5 15.0 7.5 0.0 0.0 ­7.5 ­7.5 ­15.0 ­15.0 ­22.5 ­22.5 ­30.0 ­30.0 Return Return ­37.5 ­37.5 2003 2004 2005 2006 2007 2007 2008 2009 2010 2011 2003 2004 2005 2006 2007 2007 2008 2009 2010 2011 Manager A ­ Top Holdings Manager B ­ Top Holdings

Por�olio Date: 3/31/2012 Por�olio Date: 3/31/2012 Por�olio Por�olio Style Box Sector Style Box Sector Weigh�ng % Weigh�ng % CIT Group Inc Ë 4.47 Financial Services Apple, Inc. É 9.76 Technology Fair Isaac Corp Ï 4.41 Industrials Google, Inc. Class A É 4.59 Technology Amdocs Ltd. Ë 4.34 Technology Berkshire Hathaway Inc Class A È 3.00 Financial Services Microso� Corpora�on È 4.33 Technology McDonald's Corpora�on É 2.72 Consumer Cyclical Garmin, Ltd. Ê 4.31 Technology Coca­Cola Co É 2.52 Consumer Defensive Capital One Financial Corp Ç 4.26 Financial Services Wells Fargo & Co È 2.15 Financial Services Charles Schwab Corp É 4.13 Financial Services Noble Energy Inc É 2.02 Energy BMC So�ware Ë 4.07 Technology TJX Companies È 1.79 Consumer Cyclical Wells Fargo & Co È 4.04 Financial Services Walt Disney Co É 1.79 Consumer Cyclical DISH Network Corp Ç 4.00 Communica�on Services Nike, Inc. Class B É 1.45 Consumer Cyclical Western Union Company Ë 3.74 Financial Services Visa, Inc. É 1.36 Financial Services IAC/InterAc�veCorp Ì 3.65 Technology Colgate­Palmolive Company È 1.35 Consumer Defensive Nabors Industries Ltd Ê 3.31 Energy Qualcomm, Inc. É 1.33 Technology Interval Leisure Group, Inc. Ï 3.17 Consumer Cyclical Chipotle Mexican Grill, Inc. Class A É 1.28 Consumer Cyclical Raytheon Company Ç 3.12 Industrials Biogen Idec Inc É 1.14 Healthcare

Source: Morningstar Direct XYZ Manager Analysis

Investment Strategy Investment Growth

The fund’s objective is to achieve long term Time Period: 6/1/2007 to 5/31/2012 capital growth from a portfolio primarily 10.5% 5.3% made up of the shares of UK companies. The 0.0% fund will have a blend of investments in larger, medium and smaller sized -5.3% companies. The XYZ is not restricted in its -10.5% choice of companies either by size or -15.8% industry, and will choose stocks largely -21.0% determined by the availability of attractive -26.3% investment opportunities. The Fund may -31.5% also invest in other transferable securities, -36.8% units in collective investment schemes, -42.0% money market instruments, cash and -47.3% deposits. Derivatives and forward 11/2007 5/2008 11/2008 5/2009 11/2009 5/2010 11/2010 5/2011 11/2011 5/2012

transactions may also be used for Manager A Manager B FTSE AllSh TR GBP investment purposes. YTD 1 year 3 years 5 years Manager A 5.37 -10.98 6.98 -1.13 Manager B -1.02 -9.94 9.42 -1.37 Fund Statistics FTSE AllSh TR GBP -1.43 -8.00 10.83 -0.71 Inception Date 12/17/1979 Performance Relative to Peers Fund Size ($Mil) 2,213.15 Peer Group (5-95%): Open End Funds - Europe/HKG/TWN/SGP - UK Large-Cap Value Equity Expense Ratio 1.70 15.0 # of Holdings 114 10.0 Average Market Cap ($Mil) 7,587.58 P/E Ratio 12.11 5.0 Morningstar Rating Overall ÙÙÙ 0.0 Performance -5.0 Time Period: 6/1/2007 to 5/31/2012

Fund Benchmark -10.0 Return -1.13 -1.37 Return -15.0 Std Dev 20.20 19.60 1 year 3 years 5 years

Excess Return 0.24 0.00 Manager A Manager B FTSE AllSh TR GBP Information Ratio (arith) 0.03 1Y %ile 3Y %ile 5Y %ile Manager A -10.98 80 6.98 100 -1.13 37 R2 85.17 100.00 Manager B -9.94 80 9.42 48 -1.37 52 Tracking Error 7.89 0.00 FTSE AllSh TR GBP -8.00 71 10.83 41 -0.71 37 5th Percentile -2.50 12.86 2.89 Calendar Year Returns 37.5 Market Performance 30.0 22.5 Time Period: 6/1/2007 to 5/31/2012 15.0 Fund Benchmark 7.5 Up Period Percent 50.00 50.00 0.0 Down Period Percent 50.00 50.00 -7.5 -15.0 Best Month 18.43 13.97 -22.5 Worst Month -14.66 -15.70 -30.0

Best Quarter 26.17 22.42 Return -37.5 2011 2010 2009 2008 2007 Worst Quarter -17.20 -14.75 Up Capture Ratio 88.42 100.00 Manager A Manager B FTSE AllSh TR GBP 2011 2010 2009 2008 2007 Down Capture Ratio 88.54 100.00 Manager A -13.97 14.08 28.81 -24.86 4.22 R2 85.17 100.00 Manager B -5.67 14.68 32.37 -32.30 6.54 FTSE AllSh TR GBP -3.46 14.51 30.12 -29.93 5.32

As of 5/31/2012 Page 1 of 2

Source: Morningstar Direct XYZ Manager Analysis

3 Year Rolling Returns 3 Year Rolling Return Quartiles

Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 1st to 25th Percentile 26th Percentile to Median 51st to 75th Percentile 76th to 100th Percentile

30.0 0.0

22.5 25.0 15.0

7.5 50.0

0.0 75.0

-7.5

-15.0 100.0 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 Return Return Rank % 2011 2012 2011 2012

Manager A Manager B FTSE AllSh TR GBP Manager A Manager B FTSE AllSh TR GBP

Asset Allocation Sector Exposure

Basic Materials % Cash %

Communication Services % Equity % Consumer Cyclical %

Bond % Consumer Defensive %

Healthcare % Other %

Industrials % 0.0 20.0 40.0 60.0 80.0 100.0

Real Estate % Manager A Manager B FTSE AllSh TR GBP

Manager A - Top Holdings Technology % Portfolio Date: 2/29/2012 Weighting % Energy % GlaxoSmithKline PLC 5.71 BP PLC 5.42 Financial Services % Lloyds Banking Group PLC 5.08 Vodafone Group PLC 3.39 Utilities % Wolseley PLC 3.21 Itv PLC 3.17 0.0 5.0 10.0 15.0 20.0 25.0 Centrica PLC 3.09 British Sky Broadcasting Group PLC 3.03 Ladbrokes PLC 3.03 Manager A Manager B FTSE AllSh TR GBP Kingfisher PLC 2.93

As of 5/31/2012 Page 2 of 2

Source: Morningstar Direct Presentation Studio Plan Report Sample Quarterly Plan Review Report As of 6/30/2012

Presented By John Doe Head of Corporate Accounts Market Overview

Source: Morningstar Direct Broad Markets

2011 was shaping up to be a fairly calm year until the market faced a rapid sell-off in July as a government stalemate over the debt ceiling and weakening economic data panicked investors. Weakening data created fears of a double-dip recession and brought back memories of 2008, causing a sharp double-digit selloff in the market in late summer. By the end of the year, investor sentiment turned back positive. The U.S. Market’s sharp rally in the fourth quarter helped partially erase the weak third quarter.

Performance

20.0 Dow Jones Industrial Average 17.5 S&P 500 15.0 Russell 2000 12.5 Nasdaq 10.0 MSCI EAFE 7.5 5.0 2.5 0.0 -2.5 -5.0 -7.5 -10.0 -12.5 Return -15.0 YTD 1 Qtr 1 Year 3 Years 5 Years

Rolling Returns

Time Period: 7/1/2007 to 6/30/2012 Rolling Window: 3 Years 1 Month shift Dow Jones Industrial Average 30.0 S&P 500 Russell 2000 20.0 Nasdaq MSCI EAFE 10.0

0.0

-10.0

-20.0

Return 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 2011 2012

Source: Morningstar Direct Economy • The Federal Reserve kept short-term rates near zero during the quarter, and the 2-year U.S. Treasury note finished the quarter yielding 0.3%. • The Conference Board’s Consumer Confidence Index increased 42.1% during the quarter to 64.5. • The Consumer Price Index (CPI) fell 0.6% during the fourth quarter and rose 2.9% over the past year. • Third quarter 2011 GDP growth increased 1.8% net of inflation. Positive contributions from consumer spending, nonresidential fixed investment and Federal Government spending were the main drivers of growth. • The unemployment rate fell from 9.0% to 8.5% during the quarter.

U.S. Equities •All domestic equity indices posted solid gains during the quarter, fueled by a combination of improving fundamentals in the U.S. economy and increased optimism of an orderly solution to the Eurozone sovereign debt crisis.

US Equities: Sector Performance US Equities: Rolling Returns

25.0 Industrials Time Period: 7/1/2007 to 6/30/2012 22.5 Health Care Rolling Window: 3 Years 1 Month shift 20.0 Technology 40.0 17.5 Utilities 15.0 Basic Materials 12.5 20.0 10.0 Financials 7.5 Telecommunications 0.0 5.0 Consumer Goods 2.5 Consumer Services -20.0 0.0 Energy -2.5 -40.0 -5.0 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 -7.5 Return 2011 2012 -10.0 -12.5 Industrials Health Care Technology -15.0 Return Utilities Basic Materials Financials -17.5 Telecommunications Consumer Goods Consumer Services YTD 1 Qtr 1 Year 3 Years 5 Years Energy

Trailing Returns

Data Point: Return YTD 1 Year 3 Years 5 Years 10 Years 15 Years Industrials 8.02 -1.03 20.20 0.56 6.69 4.47 Health Care 12.22 10.07 16.02 4.73 6.42 6.70 Technology 12.36 10.88 18.07 4.72 8.07 5.28 Utilities 4.12 13.35 15.12 2.58 8.42 7.56 Basic Materials 1.73 -15.94 16.80 0.60 7.13 4.98 Financials 13.81 0.35 11.14 -11.61 -0.87 2.35 Telecommunications 16.21 12.74 17.34 0.00 6.89 2.74 Consumer Goods 6.27 6.82 18.65 5.68 7.42 6.14 Consumer Services 14.81 13.30 24.24 4.56 6.21 7.06 Energy -2.50 -9.01 12.21 0.85 11.45 9.73

Source: Morningstar Direct Commentary Asset Class Investment Growth Time Period: 2/26/2010 to 6/30/2012

Active managers struggled to beat their benchmarks in the fourth 152.5

quarter. Just two of the nine groups had more than 50% of 145.0 managers beat their benchmark. 137.5

Mid Growth managers had the best performance with 74.9% 130.0 beating the benchmark, however the managers faced a low hurdle 122.5 with the benchmark having a small return. 115.0 107.5

Small Core managers had the second best performance, beating 100.0 the benchmark, which was surprising given that it was one of the 92.5 top performing benchmarks. 85.0 6/2010 9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 Mid Core managers had the toughest time this quarter, with less than 20% of managers beating the benchmark. Large-Cap Core Large-Cap Value Small-Cap Value Small-Cap Growth Large-Cap Growth Mid-Cap Growth Mid-Cap Value Small-Cap Core Emerging Markets World Stock International

Trailing Returns

Data Point: Return YTD 1 Year 3 Years 5 Years 10 Years 15 Years Large-Cap Core 9.49 5.45 11.69 11.69 11.69 11.69 Large-Cap Value 8.68 3.01 15.80 -2.19 5.28 5.69 Small-Cap Value 7.12 -3.57 15.09 -3.16 4.38 5.29 Small-Cap Growth 8.81 -2.71 18.09 1.99 7.39 4.17 Large-Cap Growth 10.08 5.76 17.50 2.87 6.03 3.88 Mid-Cap Growth 8.10 -2.99 19.01 1.90 8.47 6.36 Mid-Cap Value 7.78 -0.37 19.92 -0.13 8.17 8.48 Small-Cap Core 8.53 -2.08 17.80 0.54 7.00 6.14 Emerging Markets 0.93 -12.57 0.98 -9.67 1.12 0.94 World Stock 5.91 -4.98 10.97 -2.96 5.18 3.60 International 0.77 -16.67 2.88 -8.85 2.40 0.56

Source: Morningstar Direct Plan Overview

Source: Morningstar Direct Plan Assets

As of: 12/31/2011 Assets ($) Assets (%) Vanguard Institutional Index I 90,124 11.41 PRIMECAP Odyssey Aggressive Growth 90,124 11.41 Harbor Capital Appreciation Instl 90,124 11.41 Allianz NFJ Small Cap Value Instl 67,073 8.49 Oppenheimer Developing Markets Y 60,063 7.61 Vanguard International Explorer Inv 54,644 6.92 Vanguard FTSE Social Index Inv 53,578 6.78 T. Rowe Price Small-Cap Stock 53,578 6.78 Wasatch Small Cap Growth 35,604 4.51 American Funds New World A 35,604 4.51 American Funds Washington Mutual R5 32,153 4.07 Vanguard Selected Value Inv 24,381 3.09 Oakmark Select I 24,381 3.09 Morgan Stanley Inst US Real Estate I 20,944 2.65 Selected American Shares D 20,944 2.65 Dodge & Cox International Stock 19,129 2.42

Vanguard International Growth Adm 17,211 2.18 Total 789,659 100.00

Source: Morningstar Direct Plan Investment Performance As of Date: 6/30/2012

Return Prospectus % Morningstar Inception Gross Revenue Total Assets Assets Rating Date Expense Share Fees in Plan Overall YTD 1 Year 3 Years 5 Years Ratio

Equity Diversified Emerging Mkts American Funds New World A 6/17/1999 35,604.00 4.51 ÙÙÙÙ 5.98 -10.68 9.65 0.12 1.02 0.33 2.21 Oppenheimer Developing Markets Y 9/7/2005 60,063.00 7.61 ÙÙÙÙÙ 8.18 -9.98 14.35 4.26 1.00 0.67 1.02 MSCI EM NR USD 12/31/1998 3.93 -15.95 9.77 -0.09 Foreign Large Blend Dodge & Cox International Stock 5/1/2001 19,129.00 2.42 ÙÙÙ 3.32 -15.71 7.83 -4.99 0.64 0.43 2.00 MSCI ACWI Ex USA NR USD 12/31/1998 2.77 -4.62-14.576.97 Foreign Large Growth Vanguard International Growth Adm 8/13/2001 17,211.00 2.18 ÙÙÙ 5.08 -13.47 9.35 -3.12 0.34 0.33 1.25 MSCI EAFE Growth NR USD 12/31/1974 7.62-12.563.86 -4.60 Foreign Small/Mid Blend Vanguard International Explorer Inv 11/4/1996 54,644.00 6.92 ÙÙÙ 4.99 -17.32 8.00 -5.33 0.42 0.57 0.99 MSCI World Ex US NR USD 12/31/1969 -14.13 6.202.43-5.67 Large Blend Vanguard Institutional Index I 7/31/1990 90,124.00 11.41 ÙÙÙÙ 9.48 5.43 16.39 0.25 0.04 0.43 0.93 Oakmark Select I 11/1/1996 24,381.00 3.09 ÙÙÙ 9.40 2.73 17.86 0.04 1.07 0.65 2.20 Selected American Shares D 5/3/2004 20,944.00 2.65 ÙÙ 6.87 -0.10 13.07 -1.87 0.61 0.51 1.91 Russell 1000 TR USD 12/29/1978 16.644.379.38 0.39 Large Growth Harbor Capital Appreciation Instl 12/29/1987 90,124.00 11.41 ÙÙÙÙ 10.89 2.88 15.52 3.52 0.68 0.22 0.90 Vanguard FTSE Social Index Inv 5/31/2000 53,578.00 6.78 ÙÙ 8.10 2.77 15.36 -2.27 0.29 0.01 1.11 Russell 1000 Growth TR USD 12/29/1978 17.505.7610.08 2.87 Large Value American Funds Washington Mutual R5 5/15/2002 32,153.00 4.07 ÙÙÙÙ 7.31 6.38 16.74 0.24 0.35 0.19 2.55 Russell 1000 Value TR USD 12/29/1978 8.68 -2.1915.803.01

Page 4

Source: Morningstar Direct Plan Investment Performance As of Date: 6/30/2012

Return Prospectus % Morningstar Inception Gross Revenue Total Assets Assets Rating Date Expense Share Fees in Plan Overall YTD 1 Year 3 Years 5 Years Ratio

Equity Mid-Cap Growth PRIMECAP Odyssey Aggressive Growth 11/1/2004 90,124.00 11.41 ÙÙÙÙÙ 18.23 7.81 23.88 5.81 0.69 0.05 1.46 Russell Mid Cap Growth TR USD 12/31/1985 8.10 1.9019.01-2.99 Mid-Cap Value Vanguard Selected Value Inv 2/15/1996 24,381.00 3.09 ÙÙÙÙ 5.86 -0.14 17.50 0.52 0.45 0.27 2.29 Russell Mid Cap Value TR USD 12/31/1985 7.78 -0.37 19.92 -0.13 Real Estate Morgan Stanley Inst US Real Estate I 2/24/1995 20,944.00 2.65 ÙÙÙÙ 14.32 10.25 30.27 1.57 1.03 0.89 0.36 DJ US Select REIT TR USD 12/31/1986 14.91 13.29 33.52 1.97 Small Growth T. Rowe Price Small-Cap Stock 6/1/1956 53,578.00 6.78 ÙÙÙÙ 10.46 1.65 22.72 4.33 0.92 0.91 0.65 Wasatch Small Cap Growth 12/8/1986 35,604.00 4.51 ÙÙÙÙÙ 11.16 3.08 20.68 4.77 1.24 0.13 1.70 Russell 2000 Growth TR USD 12/29/1978 8.81 -2.71 18.09 1.99 Small Value Allianz NFJ Small Cap Value Instl 10/1/1991 67,073.00 8.49 ÙÙÙÙÙ 1.78 -3.11 17.20 2.79 0.86 0.54 0.77 Russell 2000 Value TR USD 1/31/1979 8.23 -1.44 17.43 -1.05

Page 5

Source: Morningstar Direct Plan Investment Growth

Time Period: 7/1/2007 to 6/30/2012

15,000.0

14,000.0

13,000.0

12,000.0

11,000.0

10,000.0

9,000.0

8,000.0

7,000.0

6,000.0

5,000.0

4,000.0

3,000.0 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/2011 6/2012

American Funds New World A Oppenheimer Developing Markets Y Dodge & Cox International Stock

Vanguard International Growth Adm Vanguard International Explorer Inv Vanguard Institutional Index I

Oakmark Select I Selected American Shares D Harbor Capital Appreciation Instl

Vanguard FTSE Social Index Inv American Funds Washington Mutual R5 PRIMECAP Odyssey Aggressive Growth

Vanguard Selected Value Inv Morgan Stanley Inst US Real Estate I T. Rowe Price Small-Cap Stock

Wasatch Small Cap Growth Allianz NFJ Small Cap Value Instl

Page 6

Source: Morningstar Direct Plan Scorecard As of Date: 6/30/2012

Std Expense Net Dev 1 Quarter 1 Year 3 Year 5 Year Ratio Assets Year (Return > (Return > (Return > (Return > (Expense (Net Score (Std PG Avg) PG Avg) PG Avg) PG Avg) Ratio < Assets > Dev < PG Avg) PG Avg) PG Avg)

Equity Diversified Emerging Mkts American Funds New World A × × × × × × × Fail Oppenheimer Developing Markets Y × × × √ × × × Watch MSCI EM NR USD Foreign Large Blend Dodge & Cox International Stock × × × × × √ √ Pass MSCI ACWI Ex USA NR USD Foreign Large Growth Vanguard International Growth Adm × × × × × √ × Watch MSCI EAFE Growth NR USD Foreign Small/Mid Blend Vanguard International Explorer Inv × × × × × √ × Watch MSCI World Ex US NR USD Large Blend Vanguard Institutional Index I √ √ √ × × √ √ Pass Oakmark Select I × √ √ × × × × Pass Selected American Shares D × √ × × × √ × Pass Russell 1000 TR USD Large Growth Harbor Capital Appreciation Instl × √ √ √ × × × Pass Vanguard FTSE Social Index Inv × √ √ × × √ × Pass Russell 1000 Growth TR USD

Page 7

Source: Morningstar Direct Plan Scorecard As of Date: 6/30/2012

Std Expense Net Dev 1 Quarter 1 Year 3 Year 5 Year Ratio Assets Year (Return > (Return > (Return > (Return > (Expense (Net Score (Std PG Avg) PG Avg) PG Avg) PG Avg) Ratio < Assets > Dev < PG Avg) PG Avg) PG Avg)

Equity Large Value American Funds Washington Mutual R5 √ √ √ × √ √ × Pass Russell 1000 Value TR USD Mid-Cap Growth PRIMECAP Odyssey Aggressive Growth √ √ √ √ × × × Pass Russell Mid Cap Growth TR USD Mid-Cap Value Vanguard Selected Value Inv × √ √ × × √ × Pass Russell Mid Cap Value TR USD Real Estate Morgan Stanley Inst US Real Estate I √ √ √ × × × × Pass DJ US Select REIT TR USD Small Growth T. Rowe Price Small-Cap Stock × √ √ √ × × × Pass Wasatch Small Cap Growth Russell 2000 Growth TR USD Small Value Allianz NFJ Small Cap Value Instl × × √ √ × × × Pass Russell 2000 Value TR USD

Page 8

Source: Morningstar Direct Investment Options Review

Source: Morningstar Direct Diversified Emerging Mkts ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

90.0 Peer Group (5-95%): Open End Funds - U.S. - Diversified Emerging Mkts 80.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 70.0 25.0 60.0 20.0 50.0 40.0 15.0

30.0 10.0 20.0 5.0 10.0 0.0 0.0 -10.0 -5.0 -20.0 -10.0 -30.0 -15.0 -40.0 -50.0 -20.0

Return -60.0

Return -25.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

American Funds New World A Oppenheimer Developing Markets Y MSCI EM NR USD American Funds New World A Oppenheimer Developing Markets Y MSCI EM NR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Diversified Emerging Mkts American Funds New World A 6/17/1999 35,604.00 4.51 5.98 -10.68 9.65 0.12 1.02 0.33 2.21 Oppenheimer Developing Markets Y 9/7/2005 60,063.00 7.61 8.18 -9.98 14.35 4.26 1.00 0.67 1.02 MSCI EM NR USD 12/31/1998 3.93 -15.95 9.77 -0.09

Page 10

Source: Morningstar Direct Foreign Large Blend ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

52.5 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Blend 45.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 37.5 17.5 30.0 15.0 12.5 22.5 10.0 15.0 7.5 7.5 5.0 0.0 2.5 0.0 -7.5 -2.5 -15.0 -5.0 -22.5 -7.5 -30.0 -10.0 -12.5 -37.5 -15.0 -45.0 -17.5

Return -52.5

Return -20.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Dodge & Cox International Stock MSCI ACWI Ex USA NR USD Dodge & Cox International Stock MSCI ACWI Ex USA NR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Foreign Large Blend Dodge & Cox International Stock 5/1/2001 19,129.00 2.42 3.32 -15.71 7.83 -4.99 0.64 0.43 2.00 MSCI ACWI Ex USA NR USD 12/31/1998 2.77 -14.57 6.97 -4.62

Page 11

Source: Morningstar Direct Foreign Large Growth ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

45.0 Peer Group (5-95%): Open End Funds - U.S. - Foreign Large Growth

37.5 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 17.5 30.0 15.0 22.5 12.5 15.0 10.0 7.5 7.5 5.0 0.0 2.5 -7.5 0.0 -2.5 -15.0 -5.0 -22.5 -7.5 -30.0 -10.0 -12.5 -37.5 -15.0

Return -45.0

Return -17.5 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Vanguard International Growth Adm MSCI EAFE Growth NR USD Vanguard International Growth Adm MSCI EAFE Growth NR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Foreign Large Growth Vanguard International Growth Adm 8/13/2001 17,211.00 2.18 5.08 -13.47 9.35 -3.12 0.34 0.33 1.25 MSCI EAFE Growth NR USD 12/31/1974 3.86 -12.56 7.62 -4.60

Page 12

Source: Morningstar Direct Foreign Small/Mid Blend ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

52.5 Peer Group (5-95%): Open End Funds - U.S. - Foreign Small/Mid Blend 45.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 37.5 20.0

30.0 15.0

22.5 10.0 15.0 5.0 7.5 0.0 0.0 -5.0 -7.5 -10.0 -15.0 -22.5 -15.0 -30.0 -20.0 -37.5 -25.0

-45.0 -30.0

Return -52.5

Return -35.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Vanguard International Explorer Inv MSCI World Ex US NR USD Vanguard International Explorer Inv MSCI World Ex US NR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Foreign Small/Mid Blend Vanguard International Explorer Inv 11/4/1996 54,644.00 6.92 4.99 -17.32 8.00 -5.33 0.42 0.57 0.99 MSCI World Ex US NR USD 12/31/1969 2.43 -14.13 6.20 -5.67

Page 13

Source: Morningstar Direct Large Blend ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

52.5 Peer Group (5-95%): Open End Funds - U.S. - Large Blend 45.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

37.5 25.0 30.0 22.5 20.0 22.5 17.5 15.0 15.0 7.5 12.5 0.0 10.0 7.5 -7.5 5.0 -15.0 2.5 -22.5 0.0 -30.0 -2.5 -5.0 -37.5 -7.5

Return -45.0

Return -10.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Vanguard Institutional Index I Oakmark Select I Selected American Shares D Vanguard Institutional Index I Oakmark Select I Selected American Shares D Russell 1000 TR USD Russell 1000 TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Large Blend Vanguard Institutional Index I 7/31/1990 90,124.00 11.41 9.48 5.43 16.39 0.25 0.04 0.43 0.93 Oakmark Select I 11/1/1996 24,381.00 3.09 9.40 2.73 17.86 0.04 1.07 0.65 2.20 Selected American Shares D 5/3/2004 20,944.00 2.65 6.87 -0.10 13.07 -1.87 0.61 0.51 1.91 Russell 1000 TR USD 12/29/1978 9.38 4.37 16.64 0.39

Page 14

Source: Morningstar Direct Large Growth ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

45.0 Peer Group (5-95%): Open End Funds - U.S. - Large Growth

37.5 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 27.5 30.0 25.0 22.5 22.5 15.0 20.0 17.5 7.5 15.0 0.0 12.5 -7.5 10.0 7.5 -15.0 5.0 -22.5 2.5 -30.0 0.0 -2.5 -37.5 -5.0

Return -45.0

Return -7.5 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Harbor Capital Appreciation Instl Vanguard FTSE Social Index Inv Russell 1000 Growth TR USD Harbor Capital Appreciation Instl Vanguard FTSE Social Index Inv Russell 1000 Growth TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Large Growth Harbor Capital Appreciation Instl 12/29/1987 90,124.00 11.41 10.89 2.88 15.52 3.52 0.67 0.22 0.90 Vanguard FTSE Social Index Inv 5/31/2000 53,578.00 6.78 8.10 2.77 15.36 -2.27 0.29 0.01 1.11 Russell 1000 Growth TR USD 12/29/1978 10.08 5.76 17.50 2.87

Page 15

Source: Morningstar Direct Large Value ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

20.0 Peer Group (5-95%): Open End Funds - U.S. - Large Value

15.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 20.0 10.0 18.0 5.0 16.0 0.0 14.0 12.0 -5.0 10.0 -10.0 8.0 -15.0 6.0 4.0 -20.0 2.0 -25.0 0.0 -30.0 -2.0 -4.0 -35.0 -6.0

Return -40.0

Return -8.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

American Funds Washington Mutual R5 Russell 1000 Value TR USD American Funds Washington Mutual R5 Russell 1000 Value TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Large Value American Funds Washington Mutual R5 5/15/2002 32,153.00 4.07 7.31 6.38 16.74 0.24 0.35 0.19 2.55 Russell 1000 Value TR USD 12/29/1978 8.68 3.01 15.80 -2.19

Page 16

Source: Morningstar Direct Mid-Cap Growth ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

52.5 Peer Group (5-95%): Open End Funds - U.S. - Mid-Cap Growth 45.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 37.5 40.0

30.0 35.0 22.5 30.0 15.0 25.0 7.5 20.0

0.0 15.0

-7.5 10.0

-15.0 5.0

-22.5 0.0

-30.0 -5.0

-37.5 -10.0

Return -45.0

Return -15.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

PRIMECAP Odyssey Aggressive Growth Russell Mid Cap Growth TR USD PRIMECAP Odyssey Aggressive Growth Russell Mid Cap Growth TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Mid-Cap Growth PRIMECAP Odyssey Aggressive Growth 11/1/2004 90,124.00 11.41 18.23 7.81 23.88 5.81 0.69 0.05 1.46 Russell Mid Cap Growth TR USD 12/31/1985 8.10 -2.99 19.01 1.90

Page 17

Source: Morningstar Direct Mid-Cap Value ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

40.0 Peer Group (5-95%): Open End Funds - U.S. - Mid-Cap Value 35.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 30.0 25.0 25.0 22.5 20.0 20.0 15.0 17.5 10.0 15.0 5.0 12.5 0.0 10.0 -5.0 7.5 -10.0 5.0 -15.0 2.5 -20.0 0.0 -25.0 -2.5 -30.0 -5.0 -35.0 -7.5

Return -40.0

Return -10.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Vanguard Selected Value Inv Russell Mid Cap Value TR USD Vanguard Selected Value Inv Russell Mid Cap Value TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Mid-Cap Value Vanguard Selected Value Inv 2/15/1996 24,381.00 3.09 5.86 -0.14 17.50 0.52 0.45 0.27 2.29 Russell Mid Cap Value TR USD 12/31/1985 7.78 -0.37 19.92 -0.13

Page 18

Source: Morningstar Direct Real Estate ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

30.0 Peer Group (5-95%): Open End Funds - U.S. - Real Estate 25.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

20.0 40.0 15.0 35.0 10.0 5.0 30.0

0.0 25.0 -5.0 20.0 -10.0 -15.0 15.0

-20.0 10.0 -25.0 5.0 -30.0 -35.0 0.0

Return -40.0

Return -5.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Morgan Stanley Inst US Real Estate I DJ US Select REIT TR USD Morgan Stanley Inst US Real Estate I DJ US Select REIT TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Real Estate Morgan Stanley Inst US Real Estate I 2/24/1995 20,944.00 2.65 14.32 10.25 30.27 1.57 1.00 0.89 0.36 DJ US Select REIT TR USD 12/31/1986 14.91 13.29 33.52 1.97

Page 19

Source: Morningstar Direct Small Growth ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

52.5 Peer Group (5-95%): Open End Funds - U.S. - Small Growth 45.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile 37.5 30.0

30.0 25.0 22.5 20.0 15.0 15.0 7.5

0.0 10.0

-7.5 5.0 -15.0 0.0 -22.5 -5.0 -30.0 -37.5 -10.0

Return -45.0

Return -15.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

T. Rowe Price Small-Cap Stock Wasatch Small Cap Growth Russell 2000 Growth TR USD T. Rowe Price Small-Cap Stock Wasatch Small Cap Growth Russell 2000 Growth TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Small Growth T. Rowe Price Small-Cap Stock 6/1/1956 53,578.00 6.78 10.46 1.65 22.72 4.33 0.92 0.91 0.65 Wasatch Small Cap Growth 12/8/1986 35,604.00 4.51 11.16 3.08 20.68 4.77 1.24 0.13 1.70 Russell 2000 Growth TR USD 12/29/1978 8.81 -2.71 18.09 1.99

Page 20

Source: Morningstar Direct Small Value ABCo. Plan Report As of 6/30/2012

Calendar Year Returns Performance Relative to Peer Group

30.0 Peer Group (5-95%): Open End Funds - U.S. - Small Value

25.0 Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

20.0 25.0 22.5 15.0 20.0 10.0 17.5 15.0 5.0 12.5 0.0 10.0 -5.0 7.5 5.0 -10.0 2.5 -15.0 0.0 -20.0 -2.5 -5.0 -25.0 -7.5

Return -30.0

Return -10.0 2007 2008 2009 2010 2011 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Allianz NFJ Small Cap Value Instl Russell 2000 Value TR USD Allianz NFJ Small Cap Value Instl Russell 2000 Value TR USD

Performance Report

Return Prospectus % Inception Net Revenue Total Assets Assets Date Expense Share Fees in Plan YTD 1 Year 3 Years 5 Years Ratio

Small Value Allianz NFJ Small Cap Value Instl 10/1/1991 67,073.00 8.49 1.78 -3.11 17.20 2.79 0.78 0.54 0.77 Russell 2000 Value TR USD 1/31/1979 8.23 -1.44 17.43 -1.05

Page 21

Source: Morningstar Direct Factsheets

Source: Morningstar Direct American Funds New World A NEWFX

Investment Strategy Fund Statistics Trailing Returns 15.0 The investment seeks long-term capital Inception Date 6/17/1999 appreciation. The fund invests primarily in 10.0 Fund Size ($Mil) 17,506.98 common stocks of companies with significant exposure to countries with developing Expense Ratio 1.02 5.0 economies and/or markets. It normally # of Holdings 492 0.0 invests at least 35% of assets in equity and debt securities of issuers primarily based in Average Market Cap ($Mil) 16,033.65 -5.0 qualified countries that have developing P/E Ratio 13.71 economies and/or markets. The fund may -10.0 also invest in equity securities of any Morningstar Rating Overall ÙÙÙÙ company, regardless of where it is based, if -15.0 the fund's investment adviser determines Asset Allocation

Return -20.0 that a significant portion of the company's Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years assets or revenues (generally 20% or more) % is attributable to developing countries. American Funds New World A S&P 500 TR Stock 80.5 YTD 1 year 3 years 5 years Bond 12.2 American Funds New World A 1.95 -15.32 8.38 -0.31 Cash 3.5 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 3.8

Total 100.0 Calendar Year Returns 60.0 Market Performance Top 10 Holdings 50.0 40.0 Time Period: 6/1/2007 to 5/31/2012 Position 30.0 Fund Benchmark Market Portfolio 20.0 Return -0.31 -0.92 Value Weighting % (mil) 10.0 Up Period Percent 55.00 55.00 0.0 Down Period Percent 45.00 45.00 America Movil, S.A.B. de C.V. ADR 366.04 2.00 -10.0 Best Month 14.09 10.93 Nestle SA 249.48 1.37 -20.0 -30.0 Worst Month -25.26 -16.79 Samsung Electronics Co Ltd 226.56 1.24 -40.0 Best Quarter 27.23 15.93 Novo Nordisk A/S 198.90 1.09 Return -50.0 Worst Quarter -26.60 -21.94 Anheuser-Busch Inbev SA 188.47 1.03 2011 2010 2009 2008 2007 Mtn Group Limited 183.17 1.00 Up Capture Ratio 102.54 100.00 American Funds New World A S&P 500 TR Golden Eagle Retail Group Ltd. 162.90 0.89 Down Capture Ratio 100.10 100.00 2011 2010 2009 2008 2007 R2 75.34 100.00 Baxter International Inc. 161.23 0.88 American Funds New World A -14.13 17.32 52.21 -46.32 32.85 Agricultural Bank of China Ltd. 160.60 0.88 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49

Mail.ru Group Ltd. GDR 157.43 0.86

Source: Morningstar Direct American Funds Washington Mutual R5 RWMFX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks to produce income and Inception Date 5/15/2002 14.0 to provide an opportunity for growth of Fund Size ($Mil) 51,885.88 principal consistent with sound common 12.0 stock investing. The fund invests primarily in Expense Ratio 0.36 10.0 common stocks of established companies # of Holdings 160 that are listed on, or meet the financial listing 8.0 requirements of, the New York Stock Average Market Cap ($Mil) 70,894.71 6.0 Exchange and have a strong record of P/E Ratio 14.34 4.0 earnings and dividends. It seeks to provide an above-average yield in its quarterly Morningstar Rating Overall ÙÙÙÙ 2.0 income distribution in relation to Standard & 0.0 Poor’s 500 Composite Index (a broad, Asset Allocation

Return -2.0 unmanaged index). Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years % American Funds Washington Mutual R5 S&P 500 TR Stock 95.5 YTD 1 year 3 years 5 years Bond 0.1 American Funds Washington Mutual R5 2.57 1.19 14.87 -0.96 Cash 2.7 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 1.7

Total 100.0 Calendar Year Returns 30.0 Market Performance Top 10 Holdings 22.5

Time Period: 6/1/2007 to 5/31/2012 15.0 Position Fund Benchmark Market Portfolio 7.5 Return -0.92-0.96 Value Weighting % 0.0 (mil) Up Period Percent 58.33 55.00 -7.5

Down Period Percent 41.67 45.00 Chevron Corp 3,091.92 5.76 -15.0 Merck & Co Inc 2,051.52 3.82 Best Month 9.17 10.93 -22.5 Royal Dutch Shell PLC ADR 1,927.49 3.59 Worst Month -16.18 -16.79 -30.0 Best Quarter 13.00 15.93 Verizon Communications Inc 1,864.48 3.48 Return -37.5 Worst Quarter -20.20 -21.94 Wells Fargo & Co 1,708.64 3.19 2011 2010 2009 2008 2007 Home Depot, Inc. 1,693.99 3.16 Up Capture Ratio 86.01 100.00 American Funds Washington Mutual R5 S&P 500 TR Boeing Co 1,503.02 2.80 Down Capture Ratio 87.15 100.00 2011 2010 2009 2008 2007 R2 97.35 100.00 Johnson & Johnson 1,366.69 2.55 American Funds Washington Mutual R5 7.30 13.65 19.40 -32.96 4.20 Apple, Inc. 1,297.85 2.42 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 American Express Co 1,246.88 2.32

Source: Morningstar Direct Dodge & Cox International Stock DODFX

Investment Strategy Fund Statistics Trailing Returns 15.0 The investment seeks long-term growth of Inception Date 5/1/2001 principal and income. The fund invests 10.0 Fund Size ($Mil) 34,241.83 primarily in a diversified portfolio of equity 5.0 securities issued by non-U.S. companies from Expense Ratio 0.64 at least three different countries, including 0.0 # of Holdings 97 emerging markets. It normally invests at -5.0 least 80% of its total assets in common Average Market Cap ($Mil) 30,338.03 -10.0 stocks, preferred stocks, securities P/E Ratio 13.09 convertible into common stocks, and -15.0 securities that carry the right to buy common Morningstar Rating Overall ÙÙÙ stocks of non-U.S. companies. The fund -20.0 invests primarily in medium-to-large well Asset Allocation

Return -25.0 established companies based on standards of Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years the applicable market. % Dodge & Cox International Stock S&P 500 TR Stock 98.8 YTD 1 year 3 years 5 years Bond 0.0 Dodge & Cox International Stock -2.84 -22.42 5.26 -6.14 Cash 0.1 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 1.1

Total 100.0 Calendar Year Returns 50.0 Market Performance Top 10 Holdings 40.0

Time Period: 6/1/2007 to 5/31/2012 30.0 Position 20.0 Fund Benchmark Market Portfolio 10.0 Return -6.14 -0.92 Value Weighting % (mil) 0.0 Up Period Percent 43.33 55.00 -10.0 Down Period Percent 56.67 45.00 Naspers Ltd 1,537.29 3.82 -20.0 Best Month 17.84 10.93 Roche Holding AG 1,337.52 3.33 -30.0 Worst Month -24.50 -16.79 Sanofi 1,289.50 3.21 -40.0 Best Quarter 33.37 15.93 Vodafone Group PLC 1,154.76 2.87 Return -50.0 Worst Quarter -26.05 -21.94 Bayer AG 1,123.70 2.79 2011 2010 2009 2008 2007 HSBC Holdings PLC 986.39 2.45 Up Capture Ratio 113.66 100.00 Dodge & Cox International Stock S&P 500 TR GlaxoSmithKline PLC ADR 963.49 2.40 Down Capture Ratio 132.11 100.00 2011 2010 2009 2008 2007 R2 88.26 100.00 Barclays PLC 954.05 2.37 Dodge & Cox International Stock -15.97 13.69 47.46 -46.69 11.71 Lafarge SA 929.03 2.31 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Novartis AG ADR 920.08 2.29

Source: Morningstar Direct Harbor Capital Appreciation Instl HACAX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks long-term growth of Inception Date 12/29/1987 14.0 capital. The fund invests primarily in equity Fund Size ($Mil) 15,336.53 securities, principally common and preferred 12.0 stocks, of companies with market Expense Ratio 0.66 10.0 capitalizations that fall within the range of # of Holdings 74 the Russell 1000® Value Index. Under 8.0 normal market conditions, it expects to invest Average Market Cap ($Mil) 41,663.19 6.0 in approximately 35 to 45 companies, with at P/E Ratio 23.33 4.0 least 80% of its net assets, plus borrowings for investment purposes, in a diversified Morningstar Rating Overall ÙÙÙÙ 2.0 portfolio of large cap equity securities. The 0.0 fund may invest up to 20% of its total assets Asset Allocation

Return -2.0 in the securities of foreign issuers, including Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years issuers located or doing business in emerging % markets. Harbor Capital Appreciation Instl S&P 500 TR Stock 98.1 YTD 1 year 3 years 5 years Bond 0.0 Harbor Capital Appreciation Instl 9.13 1.00 15.11 2.88 Cash 1.9 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.0

Total 100.0 Calendar Year Returns 45.0 Market Performance Top 10 Holdings 37.5 30.0 Time Period: 6/1/2007 to 5/31/2012 22.5 Position Fund Benchmark Market Portfolio 15.0 Value Weighting % Return 2.88 -0.92 (mil) 7.5 Up Period Percent 55.00 55.00 0.0 Down Period Percent 45.00 45.00 Apple, Inc. 1,071.02 6.56 -7.5 Best Month 11.16 10.93 EMC Corporation 443.36 2.72 -15.0 -22.5 Worst Month -15.74 -16.79 MasterCard Incorporated Class A 411.39 2.52 -30.0 Best Quarter 19.08 15.93 Starbucks Corporation 387.77 2.38 Return -37.5 Worst Quarter -20.75 -21.94 Amazon.com Inc 372.18 2.28 2011 2010 2009 2008 2007 Precision Castparts Corp. 334.49 2.05 Up Capture Ratio 105.85 100.00 Harbor Capital Appreciation Instl S&P 500 TR Google, Inc. Class A 330.01 2.02 Down Capture Ratio 91.61 100.00 2011 2010 2009 2008 2007 R2 89.20 100.00 Nike, Inc. Class B 322.68 1.98 Harbor Capital Appreciation Instl 0.61 11.61 41.88 -37.13 12.25 International Business Machines Corp 298.38 1.83 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49

Novo Nordisk A/S ADR 292.47 1.79

Source: Morningstar Direct Morgan Stanley Inst US Real Estate I MSUSX

Investment Strategy Fund Statistics Trailing Returns 27.5 The investment seeks to provide above Inception Date 2/24/1995 25.0 average current income and long-term capital Fund Size ($Mil) 994.06 22.5 appreciation by investing primarily in equity 20.0 securities of companies in the U.S. real Expense Ratio 1.00 17.5 estate industry, including REITs. The fund # of Holdings 56 15.0 normally invests at least 80% of assets in 12.5 equity securities of companies in the U.S. Average Market Cap ($Mil) 9,240.36 10.0 real estate industry, including real estate P/E Ratio 34.64 7.5 investment trusts ("REITs"). It focuses on 5.0 REITs as well as real estate operating Morningstar Rating Overall ÙÙÙ 2.5 companies ("REOCs") that invest in a variety 0.0 of property types and regions. The fund is Asset Allocation

Return -2.5 non-diversified. Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years % Morgan Stanley Inst US Real Estate I S&P 500 TR Stock 94.2 YTD 1 year 3 years 5 years Bond 0.0 Morgan Stanley Inst US Real Estate I 8.90 2.15 26.52 -1.22 Cash 2.7 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 3.1

Total 100.0 Calendar Year Returns 30.0 Market Performance Top 10 Holdings 22.5

Time Period: 6/1/2007 to 5/31/2012 15.0 Position 7.5 Fund Benchmark Market Portfolio 0.0 Return -1.22 -0.92 Value Weighting % (mil) -7.5 Up Period Percent 56.67 55.00 -15.0 Down Period Percent 43.33 45.00 Simon Property Group Inc 141.08 13.93 -22.5 Best Month 31.50 10.93 Equity Residential 92.32 9.12 -30.0 Worst Month -28.81 -16.79 Vornado Realty Trust 64.15 6.33 -37.5 Best Quarter 30.72 15.93 Host Hotels & Resorts Inc 57.31 5.66 Return -45.0 Worst Quarter -37.93 -21.94 HCP Inc 48.19 4.76 2011 2010 2009 2008 2007 Regency Centers Corporation 46.38 4.58 Up Capture Ratio 144.07 100.00 Morgan Stanley Inst US Real Estate I S&P 500 TR Boston Properties Inc 42.64 4.21 Down Capture Ratio 141.04 100.00 2011 2010 2009 2008 2007 R2 71.46 100.00 General Growth Properties Inc 42.14 4.16 Morgan Stanley Inst US Real Estate I 5.57 29.86 29.65 -38.07 -16.63 Public Storage 36.54 3.61 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 AvalonBay Communities Inc 32.16 3.18

Source: Morningstar Direct Oakmark Select I OAKLX

Investment Strategy Fund Statistics Trailing Returns 18.0 The investment seeks long-term capital Inception Date 11/1/1996 16.0 appreciation. The fund invests primarily in Fund Size ($Mil) 2,852.78 14.0 common stocks of U.S. companies. It could 12.0 own as few as twelve securities, but Expense Ratio 1.07 generally will have approximately twenty 10.0 # of Holdings 21 securities in its portfolio. The fund uses a 8.0 value investment philosophy in selecting Average Market Cap ($Mil) 25,858.04 6.0 equity securities. This investment philosophy P/E Ratio 12.40 4.0 is based upon the belief that, over time, a 2.0 Morningstar Rating Overall ÙÙÙ company's stock price converges with the 0.0 company's intrinsic or true business value. It -2.0 may invest in the securities of large-, mid-, Asset Allocation

Return -4.0 and small-capitalization companies. The fund Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years is non-diversified. % Oakmark Select I S&P 500 TR Stock 94.0 YTD 1 year 3 years 5 years Bond 0.0 Oakmark Select I 5.15 -2.92 17.11 -1.17 Cash 6.0 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.0

Total 100.0 Calendar Year Returns 52.5 Market Performance Top 10 Holdings 45.0 37.5 Time Period: 6/1/2007 to 5/31/2012 30.0 Position Fund Benchmark Market Portfolio 22.5 Return -1.17 -0.92 Value Weighting % 15.0 (mil) 7.5 Up Period Percent 51.67 55.00 0.0 Down Period Percent 48.33 45.00 Discovery Communications Inc 262.97 8.39 -7.5 Best Month 14.82 10.93 TE Connectivity Ltd 185.36 5.91 -15.0 Worst Month -18.58 -16.79 Liberty Interactive Corp Class A 185.17 5.91 -22.5 -30.0 Best Quarter 25.70 15.93 Comcast Corp 157.88 5.04 Return -37.5 Worst Quarter -20.17 -21.94 Capital One Financial Corp 156.07 4.98 2011 2010 2009 2008 2007 JPMorgan Chase & Co 155.60 4.96 Up Capture Ratio 118.70 100.00 Oakmark Select I S&P 500 TR Intel Corp 154.52 4.93 Down Capture Ratio 118.04 100.00 2011 2010 2009 2008 2007 TRW Automotive Holdings Corp 148.64 4.74 R2 89.60 100.00 Oakmark Select I 2.15 13.24 52.46 -36.22 -14.04 MasterCard Incorporated Class A 142.98 4.56 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Dell Inc 136.34 4.35

Source: Morningstar Direct Oppenheimer Developing Markets Y ODVYX

Investment Strategy Fund Statistics Trailing Returns 15.0 The investment seeks capital appreciation Inception Date 9/7/2005 aggressively. The fund mainly invests in 10.0 Fund Size ($Mil) 22,894.05 common stocks of issuers in emerging and developing markets throughout the world and Expense Ratio 1.00 5.0 may invest up to 100% of total assets in # of Holdings 113 0.0 foreign securities. It normally invests at least 80% of net assets, plus borrowings for Average Market Cap ($Mil) 13,926.28 -5.0 investment purposes, in equity securities of P/E Ratio 15.72 issuers whose principal activities are in at -10.0 least three developing markets. The fund Morningstar Rating Overall ÙÙÙÙÙ primarily invests in companies with high -15.0 growth potential. Asset Allocation

Return -20.0 Portfolio Date: 5/31/2012 YTD 1 year 3 years 5 years % Oppenheimer Developing Markets Y S&P 500 TR Stock 92.7 YTD 1 year 3 years 5 years Bond 0.0 Oppenheimer Developing Markets Y 2.38 -15.89 12.18 3.64 Cash 4.6 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 2.7

Total 100.0 Calendar Year Returns 100.0 Market Performance Top 10 Holdings 80.0 Time Period: 6/1/2007 to 5/31/2012 60.0 Fund Benchmark Position Market Portfolio 40.0 Value Weighting % Return 3.64 -0.92 (mil) 20.0 Up Period Percent 50.00 55.00 Down Period Percent 50.00 45.00 Oppenheimer Institutional Money Market E 1,121.87 4.45 0.0 Best Month 17.93 10.93 America Movil, S.A.B. de C.V. ADR 962.65 3.82 -20.0

Worst Month -23.86 -16.79 NHN Corp. 840.48 3.33 -40.0 Best Quarter 38.40 15.93 Infosys Ltd 770.63 3.05 Return -60.0 Worst Quarter -28.01 -21.94 Mexican Economic Development, Inc. ADR 610.88 2.42 2011 2010 2009 2008 2007 Magnit JSC 596.63 2.37 Up Capture Ratio 129.14 100.00 Oppenheimer Developing Markets Y S&P 500 TR Carlsberg AS 553.07 2.19 Down Capture Ratio 110.25 100.00 2011 2010 2009 2008 2007 R2 76.37 100.00 Tencent Holdings Ltd. H Shares 508.14 2.01 Oppenheimer Developing Markets Y -17.85 27.39 82.10 -47.84 34.30 Baidu, Inc. ADR 494.58 1.96 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49

Tullow Oil PLC 455.97 1.81

Source: Morningstar Direct PRIMECAP Odyssey Aggressive Growth POAGX

Investment Strategy Fund Statistics Trailing Returns 22.5 The investment seeks to provide long-term Inception Date 11/1/2004 20.0 capital appreciation. The fund invests mainly Fund Size ($Mil) 1,248.72 17.5 in stocks of U.S. companies, emphasizing 15.0 those companies with prospects for rapid Expense Ratio 0.68 12.5 earnings growth. These stocks typically # of Holdings 91 10.0 provide little current income. The fund's 7.5 portfolio consists predominantly of U.S. Average Market Cap ($Mil) 3,347.29 5.0 small- and mid-cap securities but may also P/E Ratio 23.07 2.5 include securities of foreign companies. The 0.0 Advisor may sell a stock if its market price Morningstar Rating Overall ÙÙÙÙ -2.5 appears to have risen above its fundamental -5.0 value, if other securities appear to be more Asset Allocation

Return -7.5 favorably priced, or if the reasons for which Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years the stock was purchased no longer hold true. % PRIMECAP Odyssey Aggressive Growth S&P 500 TR Stock 95.5 YTD 1 year 3 years 5 years Bond 0.0 PRIMECAP Odyssey Aggressive Growth 6.16 -6.02 20.70 3.34 Cash 4.5 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.0

Total 100.0 Calendar Year Returns 52.5 Market Performance Top 10 Holdings 45.0 37.5 Time Period: 6/1/2007 to 5/31/2012 30.0 Position Fund Benchmark Market Portfolio 22.5 Return 3.34 -0.92 Value Weighting % 15.0 (mil) 7.5 Up Period Percent 53.33 55.00 0.0 Down Period Percent 46.67 45.00 Pharmacyclics, Inc. 63.07 4.80 -7.5 Best Month 14.25 10.93 Seattle Genetics, Inc. 59.46 4.52 -15.0 Worst Month -17.45 -16.79 Dreyfus Treasury Pr Cash Mgmt Inv 58.99 4.49 -22.5 -30.0 Best Quarter 23.74 15.93 Roche Holding AG 58.96 4.49 Return -37.5 Worst Quarter -18.85 -21.94 Immunogen, Inc. 52.10 3.96 2011 2010 2009 2008 2007 Abiomed, Inc. 47.75 3.63 Up Capture Ratio 131.49 100.00 PRIMECAP Odyssey Aggressive Growth S&P 500 TR Cepheid 44.53 3.39 Down Capture Ratio 113.45 100.00 2011 2010 2009 2008 2007 R2 84.88 100.00 Google, Inc. Class A 35.97 2.74 PRIMECAP Odyssey Aggressive Growth -0.45 21.57 50.43 -34.60 -0.19 Stratasys 35.94 2.74 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49

Adobe Systems Inc 30.69 2.34

Source: Morningstar Direct Selected American Shares D SLADX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks growth of capital and Inception Date 5/3/2004 14.0 income. The fund normally invests at least Fund Size ($Mil) 5,686.12 12.0 80% of its net assets, plus any borrowing for 10.0 investment purposes, in securities issued by Expense Ratio 0.61 8.0 American companies. The fund will primarily # of Holdings 91 6.0 invest in equity securities issued by large 4.0 companies with market capitalizations of at Average Market Cap ($Mil) 38,424.51 2.0 least $10 billion. Historically, the fund has P/E Ratio 16.15 0.0 invested a significant portion of its assets in -2.0 financial services companies. The fund may Morningstar Rating Overall ÙÙ -4.0 also invest in foreign companies. Asset Allocation -6.0

Return -8.0 Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years % Selected American Shares D S&P 500 TR Stock 95.9 YTD 1 year 3 years 5 years Bond 0.0 Selected American Shares D 3.55 -6.46 11.34 -2.69 Cash 4.0 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.1

Total 100.0 Calendar Year Returns 37.5 Market Performance Top 10 Holdings 30.0 22.5 Time Period: 6/1/2007 to 5/31/2012 Position 15.0 Fund Benchmark Market Portfolio 7.5 Value Weighting % Return -2.69 -0.92 0.0 (mil) Up Period Percent 53.33 55.00 -7.5 Down Period Percent 46.67 45.00 CVS Caremark Corp 362.97 5.85 -15.0 Best Month 14.10 10.93 Wells Fargo & Co 361.97 5.84 -22.5 -30.0 Worst Month -17.34 -16.79 American Express Co 353.02 5.69 -37.5 Best Quarter 21.13 15.93 Bank of New York Mellon 307.77 4.96 Return -45.0 Worst Quarter -24.26 -21.94 Costco Wholesale Corporation 279.70 4.51 2011 2010 2009 2008 2007 EOG Resources 202.21 3.26 Up Capture Ratio 101.44 100.00 Selected American Shares D S&P 500 TR Google, Inc. Class A 190.77 3.08 Down Capture Ratio 107.90 100.00 2011 2010 2009 2008 2007 R2 96.90 100.00 Bed Bath & Beyond, Inc. 172.98 2.79 Selected American Shares D -4.02 12.90 32.06 -39.24 5.11 Loews Corporation 163.99 2.64 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Progressive Corporation 161.35 2.60

Source: Morningstar Direct T. Rowe Price Small-Cap Stock OTCFX

Investment Strategy Fund Statistics Trailing Returns 22.5 The investment seeks to provide long-term Inception Date 6/1/1956 20.0 capital growth. The fund will normally invest Fund Size ($Mil) 6,830.60 17.5 at least 80% of its net assets (including any 15.0 borrowings for investment purposes) in Expense Ratio 0.92 stocks of small companies. Holdings will be 12.5 # of Holdings 332 widely diversified by industry and company; 10.0 under most circumstances, the fund will Average Market Cap ($Mil) 1,532.08 7.5 invest less than 1.5% of its total assets in P/E Ratio 20.41 5.0 any single company. Stock selection may 2.5 Morningstar Rating Overall ÙÙÙÙÙ reflect either a growth or value investment 0.0 approach. It may sell securities for a variety -2.5 of reasons, such as to secure gains, limit Asset Allocation

Return -5.0 losses, or redeploy assets into more Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years promising opportunities. % T. Rowe Price Small-Cap Stock S&P 500 TR Stock 92.2 YTD 1 year 3 years 5 years Bond 0.0 T. Rowe Price Small-Cap Stock 6.78 -3.64 21.91 3.32 Cash 7.0 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.8

Total 100.0 Calendar Year Returns 45.0 Market Performance Top 10 Holdings 37.5 30.0 Time Period: 6/1/2007 to 5/31/2012 Position 22.5 Fund Benchmark Market Portfolio 15.0 Return 3.32 -0.92 Value Weighting % (mil) 7.5 Up Period Percent 60.00 55.00 0.0 Down Period Percent 40.00 45.00 Reserve Invt-SBI 492.16 6.79 -7.5 Best Month 16.03 10.93 Acuity Brands Inc 94.09 1.30 -15.0 -22.5 Worst Month -20.83 -16.79 Brunswick Corporation 92.31 1.27 -30.0 Best Quarter 21.12 15.93 Valmont Industries, Inc. 79.86 1.10 Return -37.5 Worst Quarter -23.83 -21.94 Amerigroup Corporation 78.62 1.08 2011 2010 2009 2008 2007 Regeneron Pharmaceuticals, Inc. 78.29 1.08 Up Capture Ratio 135.10 100.00 T. Rowe Price Small-Cap Stock S&P 500 TR Rockwood Holdings Inc 69.45 0.96 Down Capture Ratio 116.79 100.00 2011 2010 2009 2008 2007 R2 90.73 100.00 Oasis Petroleum Inc 66.57 0.92 T. Rowe Price Small-Cap Stock -0.09 32.53 38.46 -33.35 -1.75 Ann, Inc. 64.94 0.90 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Signature Bank 55.29 0.76

Source: Morningstar Direct Vanguard FTSE Social Index Inv VFTSX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks to track the Inception Date 5/31/2000 14.0 performance of a benchmark index that Fund Size ($Mil) 534.45 measures the investment return of large- and 12.0 mid-capitalization stocks. The fund employs a Expense Ratio 0.29 10.0 "passive management"-or indexing- # of Holdings 345 8.0 investment approach designed to track the 6.0 performance of the FTSE4Good US Select Average Market Cap ($Mil) 35,146.45 4.0 Index. The index is composed primarily of P/E Ratio 15.83 large- and mid-cap stocks that have been 2.0 screened for certain social and environmental Morningstar Rating Overall Ù 0.0 criteria by the index sponsor, which is -2.0 independent of Vanguard. It attempts to Asset Allocation

Return -4.0 replicate the index by investing all, or Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years substantially all, of its assets in the stocks % that make up the index. Vanguard FTSE Social Index Inv S&P 500 TR Stock 99.8 YTD 1 year 3 years 5 years Bond 0.0 Vanguard FTSE Social Index Inv 4.32 -3.27 14.14 -3.51 Cash 0.2 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.0

Total 100.0 Calendar Year Returns 37.5 Market Performance Top 10 Holdings 30.0 22.5 Time Period: 6/1/2007 to 5/31/2012 Position 15.0 Fund Benchmark Market Portfolio 7.5 Value Weighting % Return -3.51 -0.92 0.0 (mil) Up Period Percent 53.33 55.00 -7.5 Down Period Percent 46.67 45.00 Procter & Gamble Co 16.72 2.85 -15.0 Best Month 13.84 10.93 Johnson & Johnson 16.40 2.79 -22.5 -30.0 Worst Month -19.29 -16.79 JPMorgan Chase & Co 15.81 2.69 -37.5 Best Quarter 20.09 15.93 Pfizer Inc 15.46 2.63 Return -45.0 Worst Quarter -27.09 -21.94 Google, Inc. Class A 14.05 2.39 2011 2010 2009 2008 2007 Oracle Corporation 13.37 2.28 Up Capture Ratio 108.70 100.00 Vanguard FTSE Social Index Inv S&P 500 TR Merck & Co Inc 10.68 1.82 Down Capture Ratio 117.65 100.00 2011 2010 2009 2008 2007 R2 96.30 100.00 Qualcomm, Inc. 9.87 1.68 Vanguard FTSE Social Index Inv -0.78 14.43 35.12 -42.39 -2.31 Citigroup Inc 9.69 1.65 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Bank of America Corporation 9.29 1.58

Source: Morningstar Direct Vanguard Institutional Index Instl VINIX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks to track the Inception Date 7/31/1990 14.0 performance of a benchmark index that Fund Size ($Mil) 104,799.26 measures the investment return of large- 12.0 capitalization stocks. The fund employs an Expense Ratio 0.04 10.0 indexing investment approach designed to # of Holdings 507 track the performance of the Standard & 8.0 Poor's 500 Index, a widely recognized Average Market Cap ($Mil) 55,683.76 6.0 benchmark of U.S. stock market performance P/E Ratio 15.48 4.0 that is dominated by the stocks of large U.S. companies. It attempts to replicate the target Morningstar Rating Overall ÙÙÙÙ 2.0 index by investing all, or substantially all, of 0.0 its assets in the stocks that make up the Asset Allocation

Return -2.0 index, holding each stock in approximately Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years the same proportion as its weighting in the % index. Vanguard Institutional Index Instl S&P 500 TR Stock 99.6 YTD 1 year 3 years 5 years Bond 0.0 Vanguard Institutional Index Instl 5.15 -0.43 14.92 -0.89 Cash 0.4 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.0

Total 100.0 Calendar Year Returns 30.0 Market Performance Top 10 Holdings 22.5

Time Period: 6/1/2007 to 5/31/2012 15.0 Position Fund Benchmark Market Portfolio 7.5 Value Weighting % Return -0.89 -0.92 (mil) 0.0 Up Period Percent 55.00 55.00 -7.5

Down Period Percent 45.00 45.00 Apple, Inc. 4,847.47 4.37 -15.0 Exxon Mobil Corporation 3,545.25 3.20 Best Month 10.93 10.93 -22.5 International Business Machines Corp 2,096.70 1.89 Worst Month -16.78 -16.79 -30.0 Best Quarter 16.01 15.93 Microsoft Corporation 2,088.73 1.88 Return -37.5 Worst Quarter -21.91 -21.94 General Electric Co 1,841.81 1.66 2011 2010 2009 2008 2007 Chevron Corp 1,838.73 1.66 Up Capture Ratio 100.05 100.00 Vanguard Institutional Index Instl S&P 500 TR AT&T Inc 1,605.82 1.45 Down Capture Ratio 99.93 100.00 2011 2010 2009 2008 2007 R2 100.00 100.00 Procter & Gamble Co 1,605.55 1.45 Vanguard Institutional Index Instl 2.09 15.05 26.63 -36.95 5.47 Johnson & Johnson 1,570.36 1.42 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49

Wells Fargo & Co 1,561.36 1.41

Source: Morningstar Direct Vanguard International Explorer Inv VINEX

Investment Strategy Fund Statistics Trailing Returns 15.0 The investment seeks long-term capital Inception Date 11/4/1996 appreciation. The fund invests primarily in 10.0 Fund Size ($Mil) 1,729.80 the equity securities of small-capitalization 5.0 companies located in numerous countries Expense Ratio 0.42 outside the United States that the advisors 0.0 # of Holdings 339 believe offer the potential for capital -5.0 appreciation. In doing so, each advisor Average Market Cap ($Mil) 1,445.63 -10.0 considers, among other things, whether the P/E Ratio 12.66 company has the potential for above-average -15.0 earnings growth, whether the company's Morningstar Rating Overall ÙÙÙ securities are attractively valued, and -20.0 whether the company has a sustainable Asset Allocation

Return -25.0 competitive advantage. It uses multiple Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years investment advisors. % Vanguard International Explorer Inv S&P 500 TR Stock 94.1 YTD 1 year 3 years 5 years Bond 0.0 Vanguard International Explorer Inv 1.09 -22.62 7.34 -6.25 Cash 5.3 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.6

Total 100.0 Calendar Year Returns 50.0 Market Performance Top 10 Holdings 40.0

Time Period: 6/1/2007 to 5/31/2012 30.0 Position 20.0 Fund Benchmark Market Portfolio 10.0 Return -6.25 -0.92 Value Weighting % (mil) 0.0 Up Period Percent 48.33 55.00 -10.0 Down Period Percent 51.67 45.00 CMT Market Liquidity Rate 97.85 4.89 -20.0 Best Month 13.98 10.93 Fletcher Building Ltd. 29.22 1.46 -30.0 Worst Month -24.14 -16.79 freenet AG 27.49 1.37 -40.0 Best Quarter 32.45 15.93 Computershare Limited 26.03 1.30 Return -50.0 Worst Quarter -23.05 -21.94 Kuoni Reisen Holding AG 24.35 1.22 2011 2010 2009 2008 2007 Helvetia Holding AG 24.10 1.20 Up Capture Ratio 105.13 100.00 Vanguard International Explorer Inv S&P 500 TR Azimut Holding SPA 23.90 1.19 Down Capture Ratio 124.83 100.00 2011 2010 2009 2008 2007 R2 79.14 100.00 Prysmian 23.74 1.19 Vanguard International Explorer Inv -19.74 22.55 47.12 -46.62 5.15 Imtech 22.79 1.14 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Fugro 22.66 1.13

Source: Morningstar Direct Vanguard International Growth Adm VWILX

Investment Strategy Fund Statistics Trailing Returns 15.0 The investment seeks to provide long-term Inception Date 8/13/2001 capital appreciation. The fund invests 10.0 Fund Size ($Mil) 15,592.88 predominantly in the stocks of companies located outside the United States and is Expense Ratio 0.34 5.0 expected to diversify its assets across # of Holdings 194 0.0 developed and emerging markets in Europe, the Far East, and Latin America. In selecting Average Market Cap ($Mil) 30,288.06 -5.0 stocks, its advisors evaluate foreign markets P/E Ratio 11.71 around the world and choose large-, mid-, -10.0 and small-capitalization companies Morningstar Rating Overall ÙÙÙ considered to have above-average growth -15.0 potential. The fund uses multiple investment Asset Allocation

Return -20.0 advisors. Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years % Vanguard International Growth Adm S&P 500 TR Stock 95.4 YTD 1 year 3 years 5 years Bond 0.0 Vanguard International Growth Adm 0.12 -18.69 7.19 -3.90 Cash 4.1 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.5

Total 100.0 Calendar Year Returns 45.0 Market Performance Top 10 Holdings 37.5 30.0 Time Period: 6/1/2007 to 5/31/2012 22.5 Position Fund Benchmark Market Portfolio 15.0 Return -0.92-3.90 Value Weighting % 7.5 (mil) 0.0 Up Period Percent 45.00 55.00 -7.5 Down Period Percent 55.00 45.00 CMT Market Liquidity Rate 673.72 3.81 -15.0 Best Month 14.15 10.93 Baidu, Inc. ADR 478.33 2.71 -22.5 Worst Month -22.80 -16.79 Tencent Holdings Ltd. 441.36 2.50 -30.0 -37.5 Best Quarter 27.11 15.93 Samsung Electronics Co., Ltd. 390.71 2.21 Return -45.0 Worst Quarter -23.16 -21.94 Atlas Copco 320.61 1.81 2011 2010 2009 2008 2007 BG Group PLC 292.66 1.66 Up Capture Ratio 112.04 100.00 Vanguard International Growth Adm S&P 500 TR

Down Capture Ratio 122.15 100.00 Roche Holding AG 273.70 1.55 2011 2010 2009 2008 2007 R2 85.49 100.00 Sap AG 253.25 1.43 Vanguard International Growth Adm -13.58 15.81 41.88 -44.83 16.25 PPR 253.14 1.43 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 HSBC Holdings PLC 248.71 1.41

Source: Morningstar Direct Vanguard Selected Value Inv VASVX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks long-term capital Inception Date 2/15/1996 14.0 appreciation and income. The fund invests Fund Size ($Mil) 4,006.03 12.0 mainly in the stocks of mid-size U.S. 10.0 companies, choosing stocks considered by an Expense Ratio 0.45 advisor to be undervalued. Undervalued 8.0 # of Holdings 68 stocks are generally those that are out of 6.0 favor with investors and are trading at prices Average Market Cap ($Mil) 7,781.56 4.0 that the advisor feels are below average in P/E Ratio 13.33 2.0 relation to measures such as earnings and 0.0 Morningstar Rating Overall ÙÙÙÙ book value. These stocks often have above- -2.0 average dividend yields. It uses multiple -4.0 investment advisors. Asset Allocation

Return -6.0 Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years % Vanguard Selected Value Inv S&P 500 TR Stock 92.4 YTD 1 year 3 years 5 years Bond 0.0 Vanguard Selected Value Inv 2.58 -5.54 15.82 -0.42 Cash 7.6 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.0

Total 100.0 Calendar Year Returns 37.5 Market Performance Top 10 Holdings 30.0

Time Period: 6/1/2007 to 5/31/2012 22.5 Position 15.0 Fund Benchmark Market Portfolio 7.5 Return -0.42 -0.92 Value Weighting % (mil) 0.0 Up Period Percent 53.33 55.00 -7.5 Down Period Percent 46.67 45.00 CMT Market Liquidity Rate 319.18 7.42 -15.0 Best Month 12.84 10.93 Royal Caribbean Cruises, Ltd. 144.53 3.36 -22.5 Worst Month -18.43 -16.79 XL Group PLC 113.78 2.64 -30.0 Best Quarter 19.58 15.93 Discover Financial Services 111.07 2.58 Return -37.5 Worst Quarter -19.51 -21.94 Capital One Financial Corp 105.32 2.45 2011 2010 2009 2008 2007 Coventry Health Care, Inc. 103.12 2.40 Up Capture Ratio 107.41 100.00 Vanguard Selected Value Inv S&P 500 TR Stanley Black & Decker Inc 101.38 2.36 Down Capture Ratio 105.00 100.00 2011 2010 2009 2008 2007 R2 93.58 100.00 Micron Technology, Inc. 99.81 2.32 Vanguard Selected Value Inv 0.82 19.44 36.26 -35.49 -0.23 Lorillard, Inc. 95.01 2.21 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 Molex, Inc. 94.62 2.20

Source: Morningstar Direct Wasatch Small Cap Growth WAAEX

Investment Strategy Fund Statistics Trailing Returns 22.0 The investment seeks long-term growth of Inception Date 12/8/1986 20.0 capital; income is a secondary consideration. Fund Size ($Mil) 1,658.07 18.0 The fund invests primarily in small growth 16.0 companies. It invests at least 80% of the Expense Ratio 1.23 14.0 fund's net assets in the equity securities of # of Holdings 92 12.0 small companies with market capitalizations 10.0 of less than $2.5 billion at the time of Average Market Cap ($Mil) 1,701.54 8.0 purchase. The fund may invest up to 20% of P/E Ratio 24.42 6.0 its total assets at the time of purchase in 4.0 securities issued by foreign companies in Morningstar Rating Overall ÙÙÙÙÙ 2.0 developed or emerging markets. It may 0.0 invest a large percentage of its assets in a Asset Allocation

Return -2.0 few sectors, including information Portfolio Date: 3/31/2012 YTD 1 year 3 years 5 years technology, industrials, consumer % discretionary, health care, energy and Wasatch Small Cap Growth S&P 500 TR financials. Stock 93.1 YTD 1 year 3 years 5 years Bond 0.0 Wasatch Small Cap Growth 8.23 -0.48 20.94 3.97 Cash 5.6 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 1.4

Total 100.0 Calendar Year Returns 52.5 45.0 Market Performance Top 10 Holdings 37.5 Time Period: 6/1/2007 to 5/31/2012 30.0 Position 22.5 Fund Benchmark Market Portfolio 15.0 Return 3.97 -0.92 Value Weighting % (mil) 7.5 Up Period Percent 53.33 55.00 0.0 -7.5 Down Period Percent 46.67 45.00 Knight Transportation, Inc. 74.54 4.38 -15.0 Best Month 15.82 10.93 Ultimate Software Group, Inc. 63.10 3.71 -22.5 Worst Month -18.72 -16.79 Power Integrations, Inc. 55.05 3.24 -30.0 -37.5 Best Quarter 25.04 15.93 Life Time Fitness, Inc. 48.34 2.84 Return -45.0 Worst Quarter -22.04 -21.94 MSC Industrial Direct Co., Inc. 45.60 2.68 2011 2010 2009 2008 2007 Peet's Coffee & Tea, Inc. 43.40 2.55 Up Capture Ratio 127.53 100.00 Wasatch Small Cap Growth S&P 500 TR Hibbett Sports Inc 39.47 2.32 Down Capture Ratio 107.64 100.00 2011 2010 2009 2008 2007 R2 87.21 100.00 Wirecard AG 36.37 2.14 Wasatch Small Cap Growth -0.06 28.92 48.74 -41.66 8.36 Yes Bank Ltd. 33.18 1.95 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49 rue21, Inc. 31.00 1.82

Source: Morningstar Direct Allianz NFJ Small Cap Value Instl PSVIX

Investment Strategy Fund Statistics Trailing Returns 16.0 The investment seeks long-term growth of Inception Date 10/1/1991 14.0 capital and income. The fund normally Fund Size ($Mil) 6,706.21 12.0 invests at least 80% of its net assets (plus 10.0 borrowings made for investment purposes) in Expense Ratio 0.78 8.0 common stocks and other equity securities of # of Holdings 140 6.0 companies with smaller market 4.0 capitalizations. It currently considers smaller Average Market Cap ($Mil) 2,046.11 2.0 market capitalization companies to be P/E Ratio 12.93 0.0 companies with market capitalizations of -2.0 between $100 million and $3.5 billion. The Morningstar Rating Overall ÙÙÙÙÙ -4.0 fund normally invests significantly in -6.0 securities of companies that the portfolio Asset Allocation

Return -8.0 managers expect will generate income (for Portfolio Date: 5/31/2012 YTD 1 year 3 years 5 years example, by paying dividends). % Allianz NFJ Small Cap Value Instl S&P 500 TR Stock 94.6 YTD 1 year 3 years 5 years Bond 0.0 Allianz NFJ Small Cap Value Instl -0.93 -6.82 15.88 2.00 Cash 4.6 S&P 500 TR 5.16 -0.41 14.92 -0.92 Other 0.8

Total 100.0 Calendar Year Returns 30.0 Market Performance Top 10 Holdings 22.5

Time Period: 6/1/2007 to 5/31/2012 15.0 Position Fund Benchmark Market Portfolio 7.5 Value Weighting % Return 2.00 -0.92 0.0 (mil) Up Period Percent 56.67 55.00 -7.5

Down Period Percent 43.33 45.00 Valmont Industries, Inc. 102.40 1.53 -15.0 Casey's General Stores, Inc. 97.65 1.46 Best Month 12.45 10.93 -22.5 Triumph Group, Inc. 96.81 1.44 Worst Month -17.97 -16.79 -30.0 Best Quarter 17.31 15.93 Cooper Companies 93.67 1.40 Return -37.5 Worst Quarter -20.94 -21.94 World Fuel Services Corporation 88.81 1.32 2011 2010 2009 2008 2007 Wolverine World Wide 87.21 1.30 Up Capture Ratio 107.06 100.00 Allianz NFJ Small Cap Value Instl S&P 500 TR Cinemark Holdings Inc 87.13 1.30 Down Capture Ratio 95.88 100.00 2011 2010 2009 2008 2007 R2 92.69 100.00 Corn Products International, Inc. 86.61 1.29 Allianz NFJ Small Cap Value Instl 2.52 25.36 24.48 -26.18 6.53 Royal Gold, Inc. 86.39 1.29 S&P 500 TR 2.11 15.06 26.46 -37.00 5.49

American Financial Group Inc 83.60 1.25

Source: Morningstar Direct Presentation Studio Asset Allocation Samples Asset Alloca�on Presenta�on

Efficient Fron�er Composi�on (Current Mix vs. Target Alloca�ons) 12.0 US Fixed Income Moderate Conserva�ve Current Por�olio

11.5 Real Estate Intl Equity

11.0 Commodi�es Intl Fixed Income 10.5 US Equity Aggressive Same Risk Cash Equivalents 10.0 Moderate Conserva�ve 9.5 Current Por�olio

9.0 Aggressive

Same Risk US Fixed Income Real Estate Intl Equity Commodi�es Intl Fixed Income US Equity Cash Equivalents 8.5 Composi�on (Current Mix vs. Target Alloca�ons) 8.0 Intl

Arithme�c MeanArithme�c US Fixed Real Intl Cash Commodi�es Fixed US Equity Income Estate Equity Equivalents Income 7.5 Moderate 26.44 0.00 13.56 0.00 0.00 60.00 0.00

Conserva�ve 45.00 0.00 0.00 0.00 18.43 35.18 1.39 7.0 Current Por�olio 15.00 15.00 15.00 15.00 15.00 15.00 10.00

Aggressive 11.76 0.00 28.24 0.00 0.00 60.00 0.00 6.5 Same Risk 45.00 0.00 0.00 0.00 0.20 54.80 0.00

6.0 Asset Class Correla�on Matrix (Asset Class Assump�ons) Time Period: 1/31/1991 to 7/31/2012 5.5 1 2 3 4 5 6 7 1 US Fixed Income 1.00 5.0 2 Real Estate 0.17 1.00 3 Intl Equity 0.06 0.78 1.00 4 Commodi�es 0.03 0.41 0.44 1.00 4.5 0.0 5.0 10.0 15.0 5 Intl Fixed Income 0.47 0.39 0.41 0.29 1.00 6 US Equity 0.08 0.68 0.78 0.31 0.17 1.00 7 Cash Equivalents 0.09 ­0.04 0.00 0.01 ­0.03 0.07 1.00 Risk: Standard Devia�on

Source: Morningstar Direct Asset Alloca�on Presenta�on

Alloca�on Spectrum (Tradi�onal Op�miza�on) 100.0 US Fixed Income 90.0 Real Estate Intl Equity 80.0 Commodi�es 70.0 Intl Fixed Income US Equity 60.0 Cash Equivalents 50.0

（%） Weights 40.0

30.0

20.0

10.0

5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.4 13.4 14.4 Risk: Standard Devia�on

Alloca�on Spectrum (Resampled Op�miza�on) 100.0 US Fixed Income 90.0 Real Estate Intl Equity 80.0 Commodi�es 70.0 Intl Fixed Income US Equity 60.0 Cash Equivalents 50.0

（%） Weights 40.0

30.0

20.0

10.0

5.5 6.5 7.5 8.5 9.5 10.5 11.5 12.4 13.4 14.4 Risk: Standard Devia�on

Source: Morningstar Direct Asset Alloca�on Presenta�on

Asset Mix Distribu�on (Current Mix vs. Target Alloca�ons)

Moderate Conserva�ve Current Por�olio

400 400 400 300 300 300 200 200 200 100 100 100 0 0 0

Number of Occurrences Number ­50 ­25 0 25 50 Number of Occurrences ­20 0 20 40 Number of Occurrences ­40 ­20 0 20 40 Return Return Return Aggressive Same Risk

400 400 300 300 200 200 100 100 0 0

Number of Occurrences Number ­50 0 50 Number of Occurrences ­20 0 20 40 Return Return Moderate Conserva�ve Current Por�olio Aggressive Same Risk

Asset Class Distribu�on 25

20

15

10 Number of Occurrences Number 5

0 ­50 ­40 ­30 ­20 ­10 0 10 20 30 40 50 60 70 80 90 100

Return

US Fixed Income Real Estate Intl Equity Commodi�es Intl Fixed Income US Equity Cash Equivalents

Source: Morningstar Direct Asset Alloca�on Presenta�on

Wealth Percen�les (Current Mix vs. Target Alloca�ons)

Moderate Current Por�olio Same Risk

2M 2M 2M

700K 700K 700K

400K 400K 400K Wealth (USD) Wealth (USD) Wealth (USD) Wealth 200K 200K 200K

70K 70K 70K 5 10 20 5 10 20 5 10 20

Year Year Year

5th 25th 50th 75th 95th

Wealth Percen�les (Current Mix vs. Target Alloca�ons) Return Percen�les (Current Mix vs. Target Alloca�ons) Percen�le Percen�le

5th 25th 50th 75th 95th 5th 25th 50th 75th 95th Moderate Moderate 5 Year 111,657.56 140,497.30 167,072.89 195,782.29 257,803.47 5 Year 1.22 6.05 9.83 13.35 19.76 10 Year 162,832.04 229,111.53 290,971.77 368,077.51 527,353.11 10 Year 3.62 7.25 9.93 12.65 16.92 20 Year 324,900.07 530,749.35 741,304.20 1,052,000.82 1,803,371.01 20 Year 5.32 8.02 9.87 11.85 14.91 Current Por�olio Current Por�olio 5 Year 112,865.97 135,553.17 154,184.06 176,449.62 217,387.11 5 Year 1.42 5.31 8.05 11.07 15.82 10 Year 158,887.36 206,242.57 247,829.93 300,966.48 400,307.65 10 Year 3.34 6.10 8.16 10.32 13.59 20 Year 284,337.95 417,686.75 542,787.60 713,800.31 1,090,953.53 20 Year 4.67 6.72 8.15 9.67 12.04 Same Risk Same Risk 5 Year 120,980.94 144,269.76 165,536.75 189,212.86 232,657.01 5 Year 2.87 6.61 9.63 12.63 17.47 10 Year 181,708.50 236,263.51 284,340.01 343,914.08 456,212.41 10 Year 4.71 7.61 9.68 11.87 15.16 20 Year 373,638.95 548,256.26 715,925.53 959,042.42 1,445,681.85 20 Year 6.12 8.20 9.69 11.32 13.61

Source: Morningstar Direct Asset Alloca�on Presenta�on

Return Percen�les

Moderate Current Por�olio Same Risk

45.0 45.0 45.0

37.5 37.5 37.5

30.0 30.0 30.0

22.5 22.5 22.5

15.0 15.0 15.0

7.5 7.5 7.5 Annually Return (%) Return Annually (%) Annually Return (%) Annually Return

0.0 0.0 0.0

­7.5 ­7.5 ­7.5

­15.0 ­15.0 ­15.0 5 10 20 5 10 20 5 10 20

Year Year Year

5th 25th 50th 75th 95th

Target Return Target Wealth Target Return Target Wealth 3.0% 8.0% 10.0% 100000.0 150000.0 200000.0 Moderate Moderate 5 Year 90.25 62.80 48.65 5 Year 98.65 65.90 22.55 10 Year 96.75 69.10 49.30 10 Year 100.00 97.45 85.35 20 Year 99.60 75.15 48.10 20 Year 100.00 100.00 99.65 Current Por�olio Current Por�olio 5 Year 89.60 50.45 33.40 5 Year 98.85 55.45 10.20 10 Year 96.00 51.80 28.55 10 Year 100.00 96.75 78.65 20 Year 99.60 52.80 20.90 20 Year 100.00 99.95 99.70 Same Risk Same Risk 5 Year 94.70 63.40 46.50 5 Year 99.65 68.35 16.80 10 Year 98.80 69.80 44.60 10 Year 100.00 99.05 89.55 20 Year 99.90 77.50 44.50 20 Year 100.00 100.00 100.00

Source: Morningstar Direct Asset Alloca�on Presenta�on

Trailing Returns (Asset Class Assump�ons) As of Date: 6/30/2012

20.0

17.5

15.0

12.5

10.0

7.5

5.0

2.5

0.0

­2.5

­5.0

­7.5

­10.0

­12.5

Return ­15.0 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

US Fixed Income Real Estate Intl Equity Commodi�es Intl Fixed Income US Equity Cash Equivalents

Trailing Returns (Asset Class Assump�ons) Data Point: Return YTD 1 Year 3 Years 5 Years 10 Years 15 Years US Fixed Income 2.37 7.47 6.93 6.79 5.63 6.27 Real Estate 15.29 2.36 19.52 ­2.54 10.00 7.03 Intl Equity 2.96 ­13.83 5.96 ­6.10 5.14 2.86 Commodi�es ­3.70 ­14.32 3.49 ­3.65 4.96 3.60 Intl Fixed Income 0.77 ­0.33 5.43 6.58 7.15 5.51 US Equity 9.49 5.45 16.40 0.22 5.33 4.77 Cash Equivalents 0.03 0.04 0.10 0.87 1.77 2.73

Source: Morningstar Direct Asset Alloca�on Presenta�on

Investment Growth (Current Mix vs. Target Alloca�ons) Risk­Reward Time Period: 7/1/2007 to 6/30/2012 Time Period: 7/1/2007 to 6/30/2012

130.0 9.0 US Fixed Income 122.5 Real Estate Intl Equity 115.0 6.0 Commodi�es 107.5 Intl Fixed Income 100.0 3.0 US Equity 92.5 Cash Equivalents 85.0 0.0 Moderate 77.5 Conserva�ve 70.0 ­3.0 Current Por�olio 62.5 Aggressive 55.0 ­6.0 Same Risk 47.5 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/2011 6/2012 ­9.0 Return ­10.0 0.0 10.0 20.0 30.0 40.0 Moderate Conserva�ve Current Por�olio Aggressive Same Risk Std Dev

Performance Time Period: 7/1/2007 to 6/30/2012 Informa�on Excess Tracking Return Std Dev Ra�o R2 Beta Alpha Return Error (arith) Moderate 1.46 14.66 1.25 0.25 98.63 4.95 0.76 0.77 Conserva�ve 4.76 8.24 4.54 0.38 88.03 11.85 0.40 3.68 Current Por�olio 0.99 13.75 0.78 0.09 85.27 8.41 0.66 0.30 Aggressive ­0.56 17.91 ­0.78 ­0.25 97.72 3.10 0.92 ­0.93 Same Risk 3.62 10.81 3.40 0.39 97.83 8.67 0.56 2.63

Performance Time Period: 7/1/2007 to 6/30/2012 Informa�on Excess Tracking Return Std Dev Ra�o R2 Beta Alpha Return Error (arith) US Fixed Income 6.79 3.55 6.58 0.34 1.28 19.19 0.02 5.82 Real Estate ­2.54 27.89 ­2.76 ­0.22 84.94 12.64 1.34 ­1.06 Intl Equity ­6.10 23.58 ­6.32 ­0.67 85.03 9.48 1.13 ­5.70 Commodi�es ­3.65 22.22 ­3.87 ­0.21 35.61 18.80 0.69 ­2.87 Intl Fixed Income 6.58 9.74 6.36 0.37 20.40 17.22 0.23 5.76 US Equity 0.22 19.21 0.00 100.00 0.00 1.00 0.00 Cash Equivalents 0.87 0.40 0.66 0.03 5.18 19.28 0.00 0.07

Source: Morningstar Direct Asset Allocation Sample Presentation

Efficient Frontier (Log Normal) Efficient Frontier (Johnson) Efficient Frontier (Bootstrap)

12.0 US Fixed Income 12.5 US Fixed Income 10.0 Cash Equivalents 11.5 12.0 8.0 Real Estate Real Estate 6.0 US Equity 11.0 11.5 Intl Equity Intl Equity 4.0 Intl Fixed Income 10.5 11.0 Commodities Commodities 2.0 Commodities 10.5 10.0 0.0 Intl Fixed Income 10.0 Intl Fixed Income Intl Equity 9.5 -2.0 US Equity 9.5 US Equity Real Estate 9.0 -4.0 Cash Equivalents 9.0 Cash Equivalents -6.0 US Fixed Income 8.5 Asset Mix (Log Normal) 8.5 Asset Mix (Johnson) -8.0 Asset Mix (Bootstrap) 8.0

Arithmetic Mean 8.0 Arithmetic Mean -10.0 Arithmetic Mean 7.5 7.5 -12.0 7.0 -14.0 7.0 -16.0 6.5 6.5 -18.0 6.0 6.0 -20.0 5.5 5.5 -22.0 5.0 5.0 -24.0 4.5 4.5 -26.0 0.0 5.0 10.0 15.0 0.0 5.0 10.0 15.0 20.0 0.0 7.5 15.0 22.5 Risk: Standard Deviation Risk: Standard Deviation Risk: Standard Deviation

Asset Mix Statistics

1st 1st Downside Downside Lower Lower Deviation Deviation Partial Partial Arithmetic Standard CVaR VaR Arithmetic Standard Geometric Below Below a Moment Moment Excess Sharpe Mean Deviation Cutoff Skewness Cutoff Mean Deviation Mean the Given Below Below a Kurtosis Ratio (Refined) (Refined) 5.0% 5.0% Arithmetic Target the Given Mean 5.0% Arithmetic Target Mean 5.0%

Asset Mix (Log Normal) 10.37 11.28 9.90 10.11 9.74 11.71 7.90 5.08 4.66 2.33 0.50 0.62 7.74 0.92 Asset Mix (Johnson) 10.31 11.17 9.69 12.22 8.03 5.25 4.68 2.42 0.29 0.00 8.22 0.92 Asset Mix (Bootstrap) 6.39 2.41 6.36 -0.38 2.01 1.34 1.09 0.57 -0.40 -0.11 -1.59 2.66

Source: Morningstar Direct Asset Allocation Sample Presentation

Composition (Log Normal) Composition (Johnson) Composition (Bootstrap)

Asset Mix (Log Normal) US Fixed Income Asset Mix (Johnson) US Fixed Income Asset Mix (Bootstrap) Cash Equivalents Real Estate Real Estate US Equity

Intl Equity Intl Equity Intl Fixed Income

Commodities Commodities Commodities

Intl Fixed Income Intl Fixed Income Intl Equity

US Equity US Equity Real Estate

Cash Equivalents Cash Equivalents US Fixed Income

Asset Mix Distribution

Asset Mix (Log Normal) Asset Mix (Johnson) Asset Mix (Bootstrap)

375 375 300

ces 300 ces 300 ces 225

225 225 150 150 150

75 75 75 Number of Occurren Number Number of Occurren Number of Occurren

0 0 0 -25 0 25 50 -40 -20 0 20 40 -5 0 5 10

Return Return Return

Asset Mix (Log Normal) Asset Mix (Johnson) Asset Mix (Bootstrap)

Source: Morningstar Direct Asset Allocation Sample Presentation

Allocation Spectrum (Log Normal) 100.0 US Fixed Income 90.0 Real Estate Intl Equity 80.0 Commodities 70.0 Intl Fixed Income

60.0 US Equity Cash Equivalents 50.0

40.0

（%） Weights 30.0

20.0

10.0

5.5 6.5 7.5 8.5 9.5 10.5 11.4 12.4 13.4 14.4 Risk: Standard Deviation Allocation Spectrum (Johnson) 100.0 US Fixed Income 90.0 Real Estate

80.0 Intl Equity Commodities 70.0 Intl Fixed Income 60.0 US Equity Cash Equivalents 50.0

40.0

（%） Weights 30.0

20.0

10.0

6.0 7.2 8.3 9.4 10.5 11.6 12.7 13.8 15.0 16.1 Risk: Standard Deviation Allocation Spectrum (Bootstrap) 100.0 Cash Equivalents 90.0 US Equity

80.0 Intl Fixed Income Commodities 70.0 Intl Equity 60.0 Real Estate US Fixed Income 50.0

40.0

（%） Weights 30.0

20.0

10.0

0.9 1.2 1.5 1.8 2.2 2.5 2.8 3.1 3.4 3.8 Risk: Standard Deviation

Source: Morningstar Direct Asset Allocation Sample Presentation

Wealth Percentiles

Asset Mix (Log Normal) Asset Mix (Johnson) Asset Mix (Bootstrap)

200K 200K 50K 40K

70K 70K 30K

40K 40K 20K 20K 20K Wealth (USD) Wealth (USD) Wealth (USD)

7K 7K 10K 5 10 20 5 10 20 5 10 20

Year Year Year

5th 50th 95th

Wealth Percentiles Percentile 5th 50th 95th Asset Mix (Log Normal) 5 Year 11,200.30 15,967.56 23,340.12 10 Year 15,182.15 25,506.94 44,055.48 20 Year 31,081.14 64,985.03 142,919.03 Asset Mix (Johnson) 5 Year 10,843.36 15,972.26 22,976.54 10 Year 14,730.69 25,170.14 42,865.28 20 Year 29,869.96 63,897.20 135,474.67 Asset Mix (Bootstrap) 5 Year 12,405.46 13,677.00 14,802.54 10 Year 16,311.97 18,572.07 20,941.03 20 Year 28,518.99 34,561.87 40,831.28

Source: Morningstar Direct Asset Allocation Sample Presentation

Return Percentiles

Asset Mix (Log Normal) Asset Mix (Johnson) Asset Mix (Bootstrap)

37.5 37.5 12.0

30.0 30.0 10.0

22.5 22.5 8.0

15.0 15.0 6.0

7.5 7.5 4.0 Annually (%) Return Annually Return (%) Annually Return (%) 0.0 0.0 2.0

-7.5 -7.5 0.0 5 10 20 5 10 20 5 10 20

Year Year Year

Return Percentiles Percentile 5th 50th 95th Asset Mix (Log Normal) 5 Year 2.29 9.81 18.47 10 Year 4.26 9.82 15.98 20 Year 5.83 9.81 14.22 Asset Mix (Johnson) 5 Year 1.63 9.82 18.10 10 Year 3.95 9.67 15.67 20 Year 5.62 9.72 13.92 Asset Mix (Bootstrap) 5 Year 4.41 6.46 8.16 10 Year 5.01 6.39 7.67 20 Year 5.38 6.40 7.29

Source: Morningstar Direct Asset Allocation Sample Presentation

Return Histogram

Asset Mix (Log Normal) - 5 Year Asset Mix (Johnson) - 5 Year Asset Mix (Bootstrap) - 5 Year

500.0 375.0 300.0 ces ces ces 400.0 300.0 225.0 300.0 225.0 150.0 200.0 150.0 75.0 100.0 75.0

0.0 0.0 0.0 Number of Occurren Number Number of Occurren Number of Occurren -10.0 0.0 10.0 20.0 30.0 -10.0 0.0 10.0 20.0 30.0 -10.0 0.0 10.0 20.0 30.0

Return Return Return

Asset Mix (Log Normal) - 10 Year Asset Mix (Johnson) - 10 Year Asset Mix (Bootstrap) - 10 Year

500.0 500.0 300.0 ces ces ces 400.0 400.0 225.0 300.0 300.0 150.0 200.0 200.0 75.0 100.0 100.0

0.0 0.0 0.0 Number of Occurren Number Number of Occurren Number of Occurren -7.5 0.0 7.5 15.0 22.5 -7.5 0.0 7.5 15.0 22.5 -7.5 0.0 7.5 15.0 22.5

Return Return Return

Asset Mix (Log Normal) - 20 Year Asset Mix (Johnson) - 20 Year Asset Mix (Bootstrap) - 20 Year

300.0 300.0 300.0 ces ces ces

225.0 225.0 225.0

150.0 150.0 150.0

75.0 75.0 75.0

0.0 0.0 0.0 Number of Occurren Number Number of Occurren Number of Occurren 0.0 5.0 10.0 15.0 0.0 5.0 10.0 15.0 0.0 5.0 10.0 15.0

Return Return Return

Source: Morningstar Direct Presentation Studio Additional Samples Asset Flows, Equity Attribution, Stocks, and Total Portfolio Attribution & Competitive Software & 3.12 Enhancements Asset Flow Analysis

Monthly Es�mated Net Flow Monthly Es�mated Fund-Level Net Flow Time Period: 10/1/2009 to 9/30/2012 Time Period: 10/1/2009 to 9/30/2012

100,000,000.0 250,000,000.0

200,000,000.0 0.0 Class (Monthly) 150,000,000.0 ­100,000,000.0 100,000,000.0

­200,000,000.0 50,000,000.0 t (Monthly) Flow 0.0 ­300,000,000.0 t­ Flow Share Aggr from ­50,000,000.0 ­400,000,000.0 ­100,000,000.0

­500,000,000.0 ­150,000,000.0

Es�mated Share Class Ne Class Share Es�mated 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 Ne Fund­Level Es�mated 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012

Manager A Manager B

Time Series Time Period: 10/1/2007 to 9/30/2012 Currency: US Dollar

200,000,000.0

100,000,000.0

0.0

­100,000,000.0

t (Monthly) Flow ­200,000,000.0

­300,000,000.0

­400,000,000.0

­500,000,000.0 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 Es�mated Share Class Ne Class Share Es�mated

Manager A Manager B

Source: Morningstar Direct Attribution Report

Attribution/Contribution

Time Period: 5/1/2012 to 5/31/2012 Portfolio: Manager A Benchmark: Russell 2000 TR USD

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Allocation Selection Active Rescaled Rescaled Weights Weights Return Return Contribution Contribution Effect Effect Return Weights Weights

Consumer Discretionary 23.46 13.78 24.01 13.84 -7.40 -5.87 -1.78 -0.81 0.08 -0.37 -0.29 Consumer Staples 2.13 3.55 2.18 3.56 -19.21 -3.41 -0.42 -0.12 -0.04 -0.35 -0.39 Energy 3.76 6.55 3.84 6.58 -12.65 -16.78 -0.49 -1.10 0.28 0.16 0.44 Financials 21.83 22.65 22.34 22.75 -5.15 -4.19 -1.15 -0.95 -0.01 -0.22 -0.23 Health Care 6.46 12.46 6.61 12.52 -7.16 -3.96 -0.47 -0.50 -0.16 -0.21 -0.37 Industrials 12.35 15.43 12.64 15.50 -11.31 -6.87 -1.43 -1.06 0.01 -0.56 -0.55 Information Technology 24.16 16.47 24.72 16.55 -7.46 -9.14 -1.84 -1.51 -0.20 0.41 0.21 Materials 3.57 4.60 3.65 4.62 -15.58 -10.75 -0.57 -0.50 0.04 -0.18 -0.14 Telecommunication Services 0.00 0.77 0.00 0.78 -4.40 0.00 -0.03 -0.02 0.00 -0.02 Utilities 0.00 3.28 0.00 3.29 -1.27 0.00 -0.04 -0.18 0.00 -0.18 Unclassified 0.00 0.00 0.00 0.00 Attribution Total 97.72 99.53 100.00 100.00 -8.15 -6.64 -8.15 -6.64 -0.21 -1.30 -1.51 Other 2.02 0.00 Missing Performance 0.26 0.47 Total 100.00 100.00 -8.15 -6.64

Allocation Effect Selection Effect Active Return

Energy Information Technology Energy

Consumer Discretionary Energy Information Technology

Materials Utilities Telecommunication Services

Industrials Telecommunication Services Materials

Financials Materials Utilities

Telecommunication Services Health Care Financials

Consumer Staples Financials Consumer Discretionary

Health Care Consumer Staples Health Care

Utilities Consumer Discretionary Consumer Staples

Information Technology Industrials Industrials

-0.4 -0.2 0.0 0.2 0.4 -1.0 -0.5 0.0 0.5 -1.0 -0.5 0.0 0.5 Attribution Report

Top 10 Holdings Best Performers Worst Performers

Holdings Weights Return Holdings Weights Return Holdings Weights Return Ulta Salon Cosmetics & Fragrances, Inc. 2.49 1.35 First California Financial Group, Inc. 0.22 24.18 Chiquita Brands International 0.58 -36.24 EnerSys, Inc. 2.13 -5.64 Aspen Technology, Inc. 1.29 11.73 BroadSoft, Inc. 0.96 -36.21 Sourcefire, Inc. 2.04 8.18 McMoRan Exploration Co. 0.28 10.57 Health Net Inc 0.75 -28.05 Aeropostale, Inc. 2.01 -16.59 Sourcefire, Inc. 2.04 8.18 Tetra Technologies, Inc. 0.76 -26.64 Tractor Supply 1.91 -6.98 Cirrus Logic, Inc. 1.36 4.89 Terex Corp 1.17 -26.55 Colony Financial Inc 1.70 -1.12 Salix Pharmaceuticals, Ltd. 1.24 4.88 Francescas Holdings Corp 1.08 -25.17 FEI Company 1.60 -8.77 Ameristar Casinos Inc 0.87 4.70 Presidential Life Corp. 0.54 -23.92 Symetra Financial Corporation 1.56 -6.52 Convergys Corporation 1.43 4.34 Emulex Corporation 0.77 -22.58 IAC/InterActiveCorp 1.51 -6.48 MFA Financial, Inc. 0.16 3.25 Titan International, Inc. 1.31 -22.46 SolarWinds, Inc. 1.45 -2.24 Apollo Investment Corp 0.57 2.62 bebe stores, Inc. 0.77 -22.20

Leading Contributors Relative Weights Relative Return

Holdings Return Contribution 9.7 4.1 Consumer Discretionary Energy Sourcefire, Inc. 8.18 0.17

Aspen Technology, Inc. 11.73 0.16 7.7 1.7 Information Technology Information Technology Cirrus Logic, Inc. 4.89 0.07 Convergys Corporation 4.34 0.06 -0.8 -1.0 Salix Pharmaceuticals, Ltd. 4.88 0.06 Telecommunication Services Financials First California Financial Group, Inc. 24.18 0.05 Ameristar Casinos Inc 4.70 0.04 -0.8 -1.5 Financials Consumer Discretionary Ulta Salon Cosmetics & Fragrances, Inc. 1.35 0.03 McMoRan Exploration Co. 10.57 0.03 -1.0 -3.2 Collective Brands, Inc. 2.41 0.03 Materials Health Care

-1.4 -4.4 Bottom Contributors Consumer Staples Industrials

Holdings Return Contribution -2.8 -4.8 Energy Materials BroadSoft, Inc. -36.21 -0.35 Aeropostale, Inc. -16.59 -0.34 -3.1 -15.8 Terex Corp -26.55 -0.32 Industrials Consumer Staples Titan International, Inc. -22.46 -0.30 Commercial Metals Company -20.97 -0.29 -3.3 Utilities Utilities Francescas Holdings Corp -25.17 -0.28 Brunswick Corporation -16.70 -0.24 -6.0 WMS Industries, Inc. -16.24 -0.23 Health Care Telecommunication Services ValueClick, Inc. -17.19 -0.23 Hornbeck Offshore Services, Inc. -19.79 -0.22 -15.0 -7.5 0.0 7.5 15.0 -20.0 -10.0 0.0 10.0 Attribution Report

Allocation Effects

Underperform Outperform Overweight 12.00 2

1

6.00 Relative Weight Relative

0.00 Underweight 3 5 4 1 4 2

-6.00 3

-12.00 -12.50 -10.00 -7.50 -5.00 -2.50 0.00 2.50 5.00 7.50 10.00 12.50 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Energy -2.73 -10.14 0.28 1 Information Technology 8.17 -2.50 -0.20 2 Consumer Discretionary 10.17 0.76 0.08 2 Utilities -3.29 5.37 -0.18 3 Materials -0.97 -4.11 0.04 3 Health Care -5.91 2.68 -0.16 4 Industrials -2.86 -0.23 0.01 4 Consumer Staples -1.38 3.22 -0.04 5 Telecommunication Services -0.78 2.24 -0.02

Selection Effects

Underperform Outperform Overweight 3.00 3

1 5 1.50 4 1 4 5 Relative Weight Relative 3 2 2

0.00 Underweight

-1.50

-3.00 -30.00 -24.00 -18.00 -12.00 -6.00 0.00 6.00 12.00 18.00 24.00 30.00 Relative Return

Best Selections GICS Sector Weight +/- Return +/- Effect Worst Selections GICS Sector Weight +/- Return +/- Effect 1 Sourcefire, Inc. Information Technology 1.91 17.31 0.33 1 Terex Corp Industrials 1.20 -19.68 -0.24 2 Aspen Technology, Inc. Information Technology 1.12 20.87 0.23 2 BroadSoft, Inc. Information Technology 0.86 -27.07 -0.23 3 Ulta Salon Cosmetics... Consumer Discretion... 2.54 7.22 0.18 3 Francescas Holdings ... Consumer Discretion... 1.06 -19.29 -0.20 4 Convergys Corporation Information Technology 1.29 13.47 0.17 4 Titan International, Inc. Industrials 1.26 -15.59 -0.20 5 Cirrus Logic, Inc. Information Technology 1.17 14.03 0.16 5 Aeropostale, Inc. Consumer Discretion... 1.80 -10.72 -0.19 Berwyn Relative to R2000V

Relative Weights Relative Return Time Period: 1/1/2010 to 3/31/2010 Time Period: 1/1/2010 to 3/31/2010

Hardware Software

Consumer Goods Consumer Goods

Software Energy

Energy Health Care

Industrial Materials Hardware

Media Media

Health Care Financial Services

Telecommunications Utilities

Consumer Services Consumer Services

Business Services Business Services

Utilities Industrial Materials

Financial Services Telecommunications -18.0 -9.0 0.0 9.0 18.0 -30.0 -15.0 0.0 15.0 30.0 Contribution Weighting Effect Time Period: 1/1/2010 to 3/31/2010 Time Period: 1/1/2010 to 3/31/2010

Consumer Goods Utilities

Financial Services Consumer Goods

Hardware Health Care

Energy Business Services

Software Media

Consumer Services Telecommunications

Health Care Software

Media Industrial Materials

Utilities Energy

Business Services Consumer Services

Telecommunications Hardware

Industrial Materials Financial Services -5.0 -2.5 0.0 2.5 5.0 -0.4 -0.2 0.0 0.2 0.4 Selection Effect Active Return Time Period: 1/1/2010 to 3/31/2010 Time Period: 1/1/2010 to 3/31/2010

Consumer Goods Consumer Goods

Hardware Hardware

Software Software

Energy Energy

Financial Services Health Care

Health Care Utilities

Media Financial Services

Telecommunications Media

Utilities Telecommunications

Consumer Services Consumer Services

Business Services Business Services

Industrial Materials Industrial Materials -3.0 -1.5 0.0 1.5 3.0 -3.0 -1.5 0.0 1.5 3.0

Time Period: 1/1/2010 to 3/31/2010 Time Period: 1/1/2010 to 3/31/2010 Leading Contributors Leading Detractors

Holdings Weight Return Contribution Holdings Weight Return Contribution Wabash National Corporation 1.06 270.90 2.06 Exide Technologies, Inc. 3.52 -18.99 -0.71 American Equity Investment Life Holding Company 3.73 43.15 1.53 SkyWest, Inc. 2.89 -15.60 -0.48 Ethan Allen Interiors, Inc. 1.94 54.28 0.96 Chiquita Brands International 2.82 -12.80 -0.44 Hooker Furniture Corporation 2.82 31.00 0.86 Graham Corporation 3.06 -13.00 -0.44 Newpark Resources, Inc. 3.65 24.11 0.85 Granite Construction Inc. 2.85 -9.84 -0.31 Vasco Data Security International, Inc. 3.24 31.37 0.85 Gorman-Rupp Company 1.14 -7.55 -0.10 Rudolph Technologies, Inc. 2.85 27.98 0.80 Ingles Markets, Inc. A 1.61 0.44 -0.07 Horace Mann Educators 3.21 21.16 0.69 Old National Bancorp 1.85 -3.28 -0.07 Stratasys 1.72 41.71 0.56 Ennis, Inc. 3.00 -2.19 -0.06 Fair Isaac, Inc. 2.67 19.02 0.51 CIBER, Inc. 0.18 8.12 -0.03 Berwyn Relative to R2000V

Weighting Effects

Time Period: 1/1/2010 to 3/31/2010

Underperform Outperform Overweight 18.00

2 Relative Weight 9.00 2

5 4 5 0.00 Underweight 3 3 1 4

-9.00

1 -18.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 Utilities -3.45 -7.53 0.26 1 Financial Services -15.67 2.10 -0.32 2 Consumer Goods 8.47 2.83 0.24 2 Hardware 13.49 -2.37 -0.31 3 Health Care -1.53 -3.58 0.06 3 Consumer Services -2.50 5.88 -0.19 4 Business Services -3.16 -0.73 0.05 4 Energy 1.73 -4.42 -0.11 5 Media 1.12 3.18 0.03 5 Industrial Materials 2.65 -2.09 -0.08

Time Period: 1/1/2010 to 3/31/2010 Selection Effects

Underperform Outperform Overweight 4.00 2 1 7 4 4 9 3 6 2 5 9 76 3 10

Relative Weight 2.00 5 108 8 1

0.00 Underweight

-2.00

-4.00 -300.00 -240.00 -180.00 -120.00 -60.00 0.00 60.00 120.00 180.00 240.00 300.00 Relative Return

Best Selections Morningstar Sector Weight +/- Return +/- Effect Worst Selections Morningstar Sector Weight +/- Return +/- Effect 1 Wabash National Corpor... Consumer Goods 1.06 258.11 1.96 1 Exide Technologies, Inc. Industrial Materials 3.43 -26.85 -0.98 2 American Equity Investm...Financial Services 3.68 31.09 1.09 2 SkyWest, Inc. Business Services 2.77 -24.83 -0.75 3 Vasco Data Security Inte... Software 3.22 26.20 0.69 3 Chiquita Brands Internati... Consumer Goods 2.52 -25.59 -0.75 4 Newpark Resources, Inc. Energy 3.54 18.58 0.68 4 Graham Corporation Industrial Materials 3.05 -20.87 -0.72 5 Ethan Allen Interiors, Inc. Consumer Goods 1.79 41.49 0.67 5 Granite Construction Inc. Industrial Materials 2.62 -17.71 -0.52 6 Rudolph Technologies, Inc.Hardware 2.75 20.39 0.56 6 Ennis, Inc. Consumer Goods 2.83 -14.98 -0.44 7 Hooker Furniture Corpora...Consumer Goods 2.76 18.22 0.48 7 Suffolk Bancorp Financial Services 3.41 -7.94 -0.28 8 Stratasys Hardware 1.72 34.12 0.47 8 Old National Bancorp Financial Services 1.73 -15.33 -0.28 9 Horace Mann Educators Financial Services 3.16 9.11 0.29 9 Cohu, Inc. Hardware 2.63 -8.46 -0.23 10 Methode Electronics, Inc...Hardware 2.44 7.11 0.25 10 Ingles Markets, Inc. A Consumer Services 1.58 -15.40 -0.23 Berwyn Relative to R2000V

Cumulative Attribution Effects

Time Period: 1/1/2010 to 3/31/2010

- Cumulative Attribution Effects

Attribution Effects % Cumulative Weighting Effect 4.00 Cumulative Selection Effect

Cumulative Active Return 3.00

2.00

1.00

0.00

-1.00

-2.00

2.00

Attribution Effects

Weighting Effects 1.00

Selection Effects

Active Return 0.00

-1.00

01-16-2010 01-23-2010 01-30-2010 02-06-2010 02-13-2010 02-20-2010 02-27-2010 03-06-2010 03-13-2010 03-20-2010 03-27-2010 03-31-2010 Berwyn Relative to R2000V

Attribution/Contribution

Time Period: 1/1/2010 to 3/31/2010

Portfolio Benchmark Portfolio Benchmark Portfolio Benchmark Portoflio Benchmark Weighting Selection Active Rescaled Rescaled Weights Weights Return Return Contribution Contribution Effect Effect Return Weights Weights

Business Services 4.99 8.67 5.55 8.71 -0.54 9.22 0.04 0.79 0.05 -0.57 -0.53

Consumer Goods 14.99 8.17 16.67 8.21 24.84 12.79 4.05 1.04 0.24 1.94 2.18

Consumer Services 4.98 8.00 5.53 8.03 11.59 15.83 0.46 1.27 -0.19 -0.29 -0.48

Energy 5.79 4.69 6.44 4.71 15.03 5.53 0.97 0.26 -0.11 0.65 0.54

Financial Services 16.92 34.35 18.82 34.49 14.67 12.05 2.77 4.10 -0.32 0.49 0.17

Hardware 16.84 5.21 18.72 5.23 12.56 7.58 2.27 0.40 -0.31 0.98 0.67

Health Care 2.54 4.33 2.82 4.35 13.20 6.37 0.39 0.28 0.06 0.20 0.25

Industrial Materials 15.47 14.48 17.19 14.54 -5.88 7.87 -0.83 1.17 -0.08 -2.33 -2.41

Media 1.88 0.97 2.09 0.97 17.57 13.14 0.36 0.12 0.03 0.09 0.13

Software 3.07 1.97 3.42 1.97 26.21 5.17 0.82 0.10 -0.05 0.70 0.65

Telecommunications 0.00 2.54 0.00 2.55 9.88 0.00 0.26 0.00 0.00 0.00

Utilities 2.47 6.17 2.75 6.20 1.03 2.43 0.05 0.15 0.26 -0.04 0.22

Unclassified 0.00 0.03 0.00 0.03 13.29 0.00 0.00 0.00 0.00 0.00

Attribution Total 89.94 99.58 100.00 100.00 11.35 9.96 11.35 9.96 -0.42 1.82 1.39

Cash 4.64 0.00

Equity Missing Performance 5.42 0.42

Total 100.00 100.00 11.35 9.96 Stock Analysis Sample

Equity Characteristics Relative to Peer Group Microsoft Corporation Peer Group (5-95%): Mstar EQ.CR Research

Adobe Systems Inc. Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile Intuit 40.0 P/E Ratio 5 Yr Avg Oracle Corporation 35.0

Sap AG ADR 30.0

25.0

20.0

15.0

10.0

P/B Ratio 5 Yr 5.0 Avg 0.0 P/E Ratio 5 Yr Avg P/B Ratio 5 Yr Avg P/S Ratio 5 Yr Avg P/C Ratio 3 Yr Avg

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Returns-Based Style Allocation

Time Period: 10/1/2007 to 9/30/2012

P/S Ratio 5 Yr Microsoft Corporation Avg Russell 1000 Value Adobe Systems Inc. TR USD Intuit Oracle Corporation Sap AG ADR Russell 1000 Growth TR USD

Russell 2000 Value P/C Ratio 3 Yr TR USD Avg

Russell 2000 Growth TR USD

0.0 10.0 20.0 30.0 -100.0 -50.0 0.0 50.0 100.0 150.0 200.0

Source: Morningstar Direct Stock Analysis Sample

Price/Book Price/Earnings

Time Period: 10/1/2007 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012

12.00 60.00

10.00 52.50

45.00 8.00 37.50 6.00 30.00 4.00 22.50

2.00 15.00

0.00 7.50 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 P/B - Daily P/B - P/E - Daily

Microsoft Corporation Adobe Systems Inc. Intuit Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Oracle Corporation Sap AG ADR

Price/Free Cash Flow Price/Sales

Time Period: 10/1/2007 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012

100.00 10.00

80.00 8.00

60.00 6.00 40.00

4.00 20.00

0.00 2.00 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 P/FCF - Daily P/S - Daily

Microsoft Corporation Adobe Systems Inc. Intuit Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Oracle Corporation Sap AG ADR

Source: Morningstar Direct Stock Analysis Sample

Market Performance Investment Growth

Time Period: 10/1/2007 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012 Up Period Percent 51.67 130.00 120.00 Down Period Percent 48.33 110.00 Best Month 24.95 100.00 Worst Month -16.34 90.00

Best Quarter 30.22 80.00

Worst Quarter -26.68 70.00

Up Capture Ratio 106.67 60.00

50.00 Down Capture Ratio 102.17 3/2008 9/2008 3/2009 9/2009 3/2010 9/2010 3/2011 9/2011 3/2012 9/2012 R2 46.22 Microsoft Corporation

Performance Risk

Time Period: 10/1/2007 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012

Return 2.46 Return 2.46 Std Dev 27.96 Std Dev 27.96 Downside Deviation 12.10 Excess Return 1.23 Alpha 3.19

Information Ratio (arith) 0.06 Beta 0.97 R2 46.22 R2 46.22 Sharpe Ratio (arith) 0.07 Tracking Error 20.51 Tracking Error 20.51

Returns

70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 -10.00 -20.00 -30.00 -40.00 -50.00 Return YTD 2011 2010 2009 2008 2007

Microsoft Corporation

Source: Morningstar Direct Stock Analysis Sample

3 Year Window Rolling Returns

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 3 Years 1 Month shift

37.50

30.00

22.50

15.00

7.50

0.00

-7.50

-15.00

-22.50

Return 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 2011 2012

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR

Morningstar Equity Statistics Equity P/E Morningstar Earnings Style Ratio Revenue Rating EPS TTM Yield % Box (TTM) (mil)TTM Overall TTM (Long) (Long)

Microsoft Corporation È ÙÙÙÙ 14.88 2.00 6.78 73,723.00

Adobe Systems Inc. É ÙÙÙ 20.70 1.57 4.71 4,402.41

Intuit É ÙÙ 23.36 2.60 4.15 4,151.00

Oracle Corporation É ÙÙÙÙ 15.60 2.02 6.33 36,928.00

Sap AG ADR É 18.59 2.98 5.36 19,675.98

Source: Morningstar Direct Stock Analysis Sample

Revenue Growth % 3 Yr

Time Period: 1/1/2008 to 12/31/2011

25.00

20.00

15.00

3 Yr 10.00

5.00

0.00

Revenue Growth % Growth Revenue 2008 2009 2010 2011

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR

Net Income Growth % 3 Yr

Time Period: 1/1/2008 to 12/31/2011

25.00

20.00

15.00

10.00

% 3 Yr 5.00

0.00

-5.00

-10.00 Net Income Growth Growth Net Income 2008 2009 2010 2011

Source: Morningstar Direct Stock Analysis Sample

Trailing Returns

45.00

40.00

35.00

30.00

25.00

20.00

15.00

10.00

5.00

0.00

-5.00 Return -10.00 YTD 1 year 3 years 5 years 10 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR

Trailing Returns

Data Point: Return

YTD 1 year 3 years 5 years 10 years 15 years

Microsoft Corporation 16.93 22.87 7.49 2.46 5.91 5.85

Adobe Systems Inc. 14.73 34.20 -0.61 -5.77 13.04 11.69

Intuit 12.85 25.50 27.83 14.46 10.09 17.45

Oracle Corporation 23.43 10.38 15.63 8.38 15.21 11.80

Sap AG ADR 37.05 43.35 14.46 5.11 21.40 8.89

Source: Morningstar Direct Stock Analysis Sample

Monthly Market Return Upside-Downside Capture

Time Period: 10/1/2011 to 9/30/2012 Time Period: 10/1/2007 to 9/30/2012

150.00 25.00 Microsoft Corporation Adobe Systems Inc. 20.00 Intuit

15.00 120.00 Oracle Corporation

10.00 Sap AG ADR

5.00 90.00

0.00

rn -5.00

60.00 -10.00

-15.00

30.00 -20.00

Monthly Market Retu Market Monthly 12/2011 3/2012 6/2012 9/2012

Up Capture Ratio 0.00 Microsoft Corporation Adobe Systems Inc. Intuit 0.00 30.00 60.00 90.00 120.00 150.00 180.00 210.00

Oracle Corporation Sap AG ADR Down Capture Ratio

Market Performance

Time Period: 10/1/2007 to 9/30/2012 Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio

Microsoft Corporation 51.67 48.33 24.95 -16.34 30.22 -26.68 102.17106.67 46.22

Adobe Systems Inc. 53.33 46.67 28.08 -32.51 32.30 -46.06 158.83133.54 65.87

Intuit 58.33 41.67 18.47 -20.72 26.00 -24.74 61.15107.02 29.61

Oracle Corporation 58.33 41.67 22.91 -18.18 25.38 -16.37 98.60124.00 53.77

Sap AG ADR 51.67 48.33 19.24 -33.88 31.86 -32.21 98.67112.65 59.36

Source: Morningstar Direct Stock Analysis Sample

Risk-Reward

Time Period: 10/1/2007 to 9/30/2012

19.00 Microsoft Corporation Adobe Systems Inc.

15.00 Intuit Oracle Corporation Sap AG ADR 11.00

7.00

3.00

-1.00

-5.00

Return -9.00 0.00 10.00 20.00 30.00 40.00 50.00

Std Dev

Risk

Time Period: 10/1/2007 to 9/30/2012 Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith)

Microsoft Corporation 2.46 27.96 12.10 3.19 0.97 46.22 0.07 20.51

Adobe Systems Inc. -5.77 36.92 16.70 -3.63 1.53 65.87 -0.17 23.95

Intuit 14.46 26.40 15.26 14.59 0.73 29.61 0.53 22.78

Oracle Corporation 8.38 29.03 12.50 8.81 1.09 53.77 0.27 19.83

Sap AG ADR 5.11 31.27 13.62 6.33 1.23 59.36 0.15 20.47

Source: Morningstar Direct Stock Analysis Sample

Sharpe Ratio

1.40 1.23 1.05 0.88 0.70 0.53 0.35 0.18 0.00 Sharpe Ratio Sharpe 3 years 5 years 10 years 15 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Standard Deviation

50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Std Dev 3 years 5 years 10 years 15 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Beta

1.80 1.62 1.44 1.26 1.08 0.90 0.72 0.54 0.36 0.18 0.00 Beta 3 years 5 years 10 years 15 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR

Source: Morningstar Direct Historical Price Ratios Price/Book Price/Earnings

Time Period: 6/1/2005 to 5/31/2010 Time Period: 6/1/2005 to 5/31/2010

6.5 67.5

6 60

52.5 5.5

45 5 37.5 4.5 30

4 22.5

3.5 15 P/B - Daily P/E - Daily 3 2005 2006 2007 2008 2009 2010 7.5 2005 2006 2007 2008 2009 2010

Abbott Laboratories Abbott Laboratories Price/Free Cash Flow Price/Sales

Time Period: 6/1/2005 to 5/31/2010 Time Period: 6/1/2005 to 5/31/2010

35 4.25

4

30 3.75

3.5 25 3.25

3 20 2.75

2.5 15

2.25 P/FCF - Daily P/S - Daily 10 2005 2006 2007 2008 2009 2010 2 2005 2006 2007 2008 2009 2010

Abbott Laboratories Abbott Laboratories Return History

3 Year Window Rolling Returns Time Period: 6/1/2005 to 5/31/2010 15

10

5

0 Return -5 2008/08 2008/11 2009/02 2009/05 2009/08 2009/11 2010/02 2010/05

Abbott Laboratories

Trailing Returns 10 8 6 4 2 0 -2 -4 -6 -8 -10 Return -12 YTD 1 year 3 years 5 years 10 years

Abbott Laboratories

Price / Fair Value Time Period: 6/1/2005 to 5/28/2010 1.2

1.1

1

0.9

0.8

0.7 Price / Fair Value 0.6 2005/11 2006/05 2006/11 2007/05 2007/11 2008/05 2008/11 2009/05 2009/11 2010/05

Abbott Laboratories Historical Price and Volume Daily Price

Time Period: 6/1/2005 to 5/28/2010

62.5

60

57.5

55

52.5

50

47.5

45

42.5

40 Daily Closing Price Daily Closing 37.5 2005/11 2006/05 2006/11 2007/05 2007/11 2008/05 2008/11 2009/05 2009/11 2010/05

Abbott Laboratories

Daily Volume Time Period: 6/1/2005 to 5/28/2010 30M

25M

20M

15M

10M

5M Daily Volume

0 2005/11 2006/05 2006/11 2007/05 2007/11 2008/05 2008/11 2009/05 2009/11 2010/05 Growth Revenue Growth % 3 Yr Net Margin %

Time Period: 1/1/2005 to 12/31/2009 Time Period: 1/1/2005 to 12/31/2009

14 20

17.5 12

15 10

12.5 8 10 6 3 Yr 7.5

4 5

2 2.5 Revenue Growth % Revenue Growth Net Margin % 1 Yr 0 2005 2006 2007 2008 2009 0 2005 2006 2007 2008 2009

Abbott Laboratories Abbott Laboratories

Net Income Growth % 3 Yr Gross Margin %

Time Period: 1/1/2005 to 12/31/2009 Time Period: 1/1/2005 to 12/31/2009

52.5 60

45 52.5

37.5 45

30 37.5 22.5 30

% 3 Yr 15

22.5 7.5

15 0

-7.5 7.5 Net Income Growth Net Income Gross Margin % 1 Yr

-15 2005 2006 2007 2008 2009 0 2005 2006 2007 2008 2009 Microsoft Corporation

Microsoft Corporation - Market Performance Investment Growth

Time Period: 9/1/2007 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012 Inv Bmk1 130.00 Up Period Percent 53.33 58.33 120.00 Down Period Percent 46.67 41.67 110.00 Best Month 24.95 11.21 100.00 Worst Month -16.34 -17.46 90.00 Best Quarter 30.22 16.50 80.00 Worst Quarter -26.68 -22.48 70.00 Up Capture Ratio 110.14 100.00 60.00 50.00 Down Capture Ratio 102.17 100.00 2/2008 8/2008 2/2009 8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 R2 47.00 100.00 Microsoft Corporation Russell 1000 TR USD Microsoft Corporation - Performance Microsoft Corporation - Risk

Time Period: 9/1/2007 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012

Inv Bmk1 Inv Bmk1 Return 3.70 1.47 Return 3.70 1.47 Std Dev 27.91 19.58 Std Dev 27.91 19.58 Downside Deviation 11.81 0.00 Excess Return 2.23 0.00 Alpha 4.13 0.00 Beta 0.97 1.00 Information Ratio (arith) 0.11 R2 47.00 100.00 R2 47.00 100.00 Sharpe Ratio (arith) 0.11 0.04 Tracking Error 20.32 0.00 Tracking Error 20.32 0.00

Returns

70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 -10.00 -20.00 -30.00 -40.00 -50.00 Return YTD 2011 2010 2009 2008 2007

Microsoft Corporation Russell 1000 TR USD

Source: Morningstar Direct Historical Price Ratios

Price/Book Price/Earnings

Time Period: 9/1/2007 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012

12.00 60.00

10.00 52.50

45.00 8.00 37.50 6.00 30.00 4.00 22.50

2.00 15.00

0.00 7.50 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 P/B - Daily P/B - P/E - Daily

Microsoft Corporation Adobe Systems Inc. Intuit Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Oracle Corporation Sap AG ADR

Price/Free Cash Flow Price/Sales

Time Period: 9/1/2007 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012

100.00 10.00

80.00 8.00

60.00 6.00 40.00

4.00 20.00

0.00 2.00 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 P/FCF - Daily P/S - Daily

Microsoft Corporation Adobe Systems Inc. Intuit Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Oracle Corporation Sap AG ADR

Source: Morningstar Direct Competitive Analysis

3 Year Window Rolling Returns

Time Period: 9/1/2007 to 8/31/2012 Rolling Window: 3 Years 1 Month shift

40.00

30.00

20.00

10.00

0.00

-10.00

-20.00 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 Return 2011 2012

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD Morningstar Equity Statistics

Equity P/E Morningstar Earnings Style Ratio Revenue Rating EPS TTM Yield % Box (TTM) (mil)TTM Overall TTM (Long) (Long)

Microsoft Corporation Ç ÙÙÙÙ 14.73 2.00 6.58 73,723.00

Adobe Systems Inc. É ÙÙÙ 19.84 1.56 4.95 4,335.04

Intuit É ÙÙ 24.39 2.38 4.06 4,151.00

Oracle Corporation É ÙÙÙÙ 15.41 1.96 6.21 37,121.00

Sap AG ADR É ÙÙ 17.24 2.98 5.67 19,675.98

Russell 1000 TR USD È 14.84

Source: Morningstar Direct Growth

Revenue Growth % 3 Yr

Time Period: 1/1/2008 to 12/31/2011

25.00

20.00

15.00

3 Yr 10.00

5.00

0.00

Revenue Growth % Growth Revenue 2008 2009 2010 2011

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD

Net Income Growth % 3 Yr

Time Period: 1/1/2008 to 12/31/2011

25.00

20.00

15.00

10.00

% 3 Yr 5.00

0.00

-5.00

-10.00 Net Income Growth Growth Net Income 2008 2009 2010 2011

Source: Morningstar Direct Trailing Return History

Trailing Returns

30.00

25.00

20.00

15.00

10.00

5.00

0.00

-5.00

Return -10.00 YTD 1 year 3 years 5 years 10 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD Trailing Returns

Data Point: Return

YTD 1 year 3 years 5 years 10 years 15 years

Microsoft Corporation 21.10 19.07 10.30 3.70 5.06 6.11

Adobe Systems Inc. 10.61 23.89 -0.16 -6.06 11.78 13.27

Intuit 12.20 19.99 28.70 16.73 10.25 19.00

Oracle Corporation 24.18 13.70 14.00 9.94 13.01 11.51

Sap AG ADR 26.15 22.54 11.43 5.09 14.10 9.32

Russell 1000 TR USD 13.37 17.33 13.82 1.47 6.86 5.14

Source: Morningstar Direct Market Movement

Monthly Market Return Upside-Downside Capture

Time Period: 9/1/2009 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012

150.00 30.00 Microsoft Corporation Adobe Systems Inc. 22.50 Intuit 120.00 15.00 Oracle Corporation Sap AG ADR 7.50 90.00 Russell 1000 TR USD

rn 0.00

-7.50 60.00

-15.00

30.00 -22.50 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012 Monthly Market Retu Market Monthly

0.00 Up Capture Ratio 0.00 30.00 60.00 90.00 120.00 150.00 180.00 210.00 Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD Down Capture Ratio

Market Performance

Time Period: 9/1/2007 to 8/31/2012 Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio

Microsoft Corporation 53.33 46.67 24.95 -16.34 30.22 -26.68 110.14 102.17 47.00

Adobe Systems Inc. 53.33 46.67 28.08 -32.51 32.30 -46.06 131.21 158.83 65.67

Intuit 58.33 41.67 18.47 -20.72 26.00 -24.74 113.30 61.15 30.17

Oracle Corporation 60.00 40.00 22.91 -18.18 25.38 -16.37 128.20 98.60 54.40

Sap AG ADR 51.67 48.33 19.24 -33.88 31.86 -32.21 111.56 98.67 59.58

Russell 1000 TR USD 41.6758.33 -17.4611.21 -22.4816.50 100.00 100.00 100.00

Source: Morningstar Direct Risk Statistics

Risk-Reward

Time Period: 9/1/2007 to 8/31/2012

30.00 Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation 20.00 Sap AG ADR Russell 1000 TR USD

10.00

0.00

-10.00 Return 0.00 10.00 20.00 30.00 40.00 50.00

Std Dev

Risk

Time Period: 9/1/2007 to 8/31/2012

Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith)

Microsoft Corporation 3.70 27.91 11.81 4.13 0.97 47.00 0.11 20.32

Adobe Systems Inc. -6.06 36.89 16.72 -4.28 1.52 65.67 -0.18 23.95

Intuit 16.73 26.74 15.23 16.42 0.75 30.17 0.60 22.89

Oracle Corporation 9.94 29.14 12.42 9.99 1.10 54.40 0.32 19.78

Sap AG ADR 5.09 31.26 13.62 6.02 1.23 59.58 0.14 20.40

Russell 1000 TR USD 1.47 19.58 0.00 0.00 1.00 100.00 0.04 0.00

Source: Morningstar Direct Risk Statistics

Sharpe Ratio

1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 -0.20 Sharpe Ratio Sharpe 3 years 5 years 10 years 15 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD Standard Deviation

50.00 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 Std Dev 3 years 5 years 10 years 15 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD Beta

1.80 1.62 1.44 1.26 1.08 0.90 0.72 0.54 0.36 0.18 0.00 Beta 3 years 5 years 10 years 15 years

Microsoft Corporation Adobe Systems Inc. Intuit Oracle Corporation Sap AG ADR Russell 1000 TR USD

Source: Morningstar Direct Starbucks Corporation SBUX

Company Profile Stock Price Sector Consumer Cyclical Time Period: 9/1/2007 to 8/31/2012 Industry Restaurants 6,000.0 Equity Style Box (Long) É 5,250.0 Last Close 49.51 Price 52 Wk High 62.00 4,500.0 Price 52 Wk Low 35.12 3,750.0 Market Cap (mil) (Daily) 37,627.60 Avg Daily Volume (1 Mo) 7,727,887 3,000.0

P/E Ratio Forward 22.37 2,250.0 P/B Ratio Current 6.99 1,500.0 P/S Ratio Current 2.95 P/C Ratio Current 23.70 750.0 Firm Phone +1 206 447-1575 0.0 Daily Closing Price Firm Web Address http://www.starbucks.com 2007 2008 2009 2010 2011 2012

76M 57M Rating and Grade 38M Morningstar Rating Overall ÙÙÙ 19M Economic Moat Wide 0M 2007 2008 2009 2010 2011 2012

Morningstar Stewardship Grade Daily Volume Growth Grade C Growth of 10,000 Profitability Grade C Financial Health Grade A Time Period: 9/1/2002 to 8/31/2012 62,500 Morningstar Fair Value per Share 53.00 55,000 Fair Value Uncertainty Medium 47,500 Consider Buying 37.10 40,000 Consider Selling 71.55 32,500 Morningstar Credit Rating A- 25,000

17,500

10,000

Dividends 2,500 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Latest Dividend Date 8/6/2012 Trailing Returns Latest Dividend 0.17 45.0 Dividend Yield % TTM 1.37 40.3 40.0 Forward Dividend Yield % 1.37 35.0 34.2 Annual Dividend 2011 0.56 30.0 Annual Dividend 2010 0.36 25.0 22.5 Annual Dividend 2009 20.0 17.8 16.7 15.0 13.4 13.5 14.3 13.4 10.7 Annual Dividend 2008 9.0 10.0 7.0 4.7 Annual Dividend 2007 5.0 0.0 0.0 1.0 1.4 1.3 0.0 -0.2

Return -5.0 -4.5 1 day 1 week 1 month 3 month YTD 1 year 3 years 5 years 10 years 15 years

Source: Morningstar Direct Starbucks Corporation SBUX

Historical Valuation - Price/Fair Value Time Period: 9/1/2007 to 8/31/2012

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2 Price / Fair Value Price / Fair 2/2008 8/2008 2/2009 8/2009 2/2010 8/2010 2/2011 8/2011 2/2012 8/2012

Historical Valuation - Price/Earnings Historical Valuation - Price/Book Time Period: 9/1/2007 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012

140.0 10.0

120.0

8.0 100.0

80.0 6.0 60.0

40.0 4.0

20.0

0.0 2.0 P/E - Daily 2008 2009 2010 2011 2012 P/B - Daily 2008 2009 2010 2011 2012

Historical Valuation - Price/Free Cash Flow Historical Valuation - Price/Sales Time Period: 9/1/2007 to 8/31/2012 Time Period: 9/1/2007 to 8/31/2012

120.0 4.0

100.0 3.5

3.0 80.0 2.5 60.0 2.0 40.0 1.5

20.0 1.0

0.0 0.5 P/FCF - Daily P/FCF - 2008 2009 2010 2011 2012 P/S - Daily 2008 2009 2010 2011 2012

Source: Morningstar Direct Starbucks Corporation SBUX

Revenue Growth % 3 Yr Net Income Growth % 3 Yr Time Period: 1/1/2008 to 12/31/2011 Time Period: 1/1/2008 to 12/31/2011

20.0 60.0 58.1 17.7

15.0 40.0

10.0 20.0 7.9 12.0

5.0 4.4 4.1 0.0

-11.5 -13.9 0.0 -20.0 Revenue Growth % 3 Yr Growth % Revenue 3 Yr Net Income Growth % 2008 2009 2010 2011 2008 2009 2010 2011

Gross Margin % 1 Yr Net Margin % 1 Yr Time Period: 1/1/2008 to 12/31/2011 Time Period: 1/1/2008 to 12/31/2011

60.0 58.4 57.7 12.0 55.3 55.8 10.7 50.0 10.0 8.8

40.0 8.0

30.0 6.0

4.0 20.0 4.0 3.0

10.0 2.0

0.0 0.0 Gross Margin % 1 Yr % Gross Margin 2008 2009 2010 2011 1 Yr Net Margin % 2008 2009 2010 2011

CFO Growth % 3 Yr FCF Growth % 3 Yr Time Period: 1/1/2008 to 12/31/2011 Time Period: 1/1/2008 to 12/31/2011

12.0 80.0 10.9 71.4

10.0 60.0 58.0 8.6 8.6 8.0 7.1 40.0 37.8 6.0 20.0 4.0

0.0 2.0 -0.7

0.0 -20.0 CFO Growth % 3 Yr % CFO Growth 2008 2009 2010 2011 3 Yr FCF Growth % 2008 2009 2010 2011

Source: Morningstar Direct Sample TPA Report

Portfolio Weights Policy Weights

Portfolio Date: 12/31/2011 Portfolio Date: 12/31/2011 Portfolio: TPA to AA Portfolio: TPA to AA

% % US Large Cap 20.0 US Large Cap 20.0 US Small Cap 10.0 US Small Cap 10.0 Intl Equity 20.0 Intl Equity 15.0 US Fixed Inc 10.0 US Fixed Inc 15.0

US High Yield Fixed Inc 10.0 US High Yield Fixed Inc 15.0 Intl Fixed Inc 10.0 Intl Fixed Inc 10.0 Real Estate 10.0 Real Estate 5.0 Commodities 10.0 Commodities 10.0 Total 100.0 Total 100.0

Source: Morningstar Direct Sample TPA Report

Contribution Allocation Manager Selection Active Return

0.0 0.8 1.5 2.3 3.0 3.8 0.0 0.1 0.2 0.3 0.4 -0.2 0.0 0.2 0.4 0.6 0.8 -0.5 0.0 0.5 1.0 1.5

Top 5 Asset Class Contributors Top 5 Asset Class Detractors

Portfolio Relative Portfolio Relative Actual Portfolio Active Actual Portfolio Active Groupings Net Net Groupings Net Net Weights Contribution Return Weights Contribution Return Return Return Return Return

US Large Cap 20.00 17.53 2.84 3.48 0.54 Intl Fixed Inc 10.00 1.96 0.80 0.19 0.08 Intl Equity 20.00 15.31 5.79 3.04 1.27 US Fixed Inc 10.00 2.88 2.58 0.29 0.62 Real Estate 10.00 12.46 -0.43 1.24 0.24 Commodities 10.00 3.19 2.31 0.31 0.24 US Small Cap 10.00 9.90 -2.54 0.99 -0.25 US High Yield Fixed Inc 10.00 9.68 4.35 0.97 0.53 US High Yield Fixed Inc 10.00 9.68 4.35 0.97 0.53 US Small Cap 10.00 9.90 -2.54 0.99 -0.25

Top 5 Manager Contributors Top 5 Manager Detractors

Portfolio Relative Portfolio Relative Actual Portfolio Active Actual Portfolio Active Holdings Net Net Holdings Net Net Weights Contribution Return Weights Contribution Return Return Return Return Return

Harbor Capital Appreciation Instl 10.00 19.08 4.39 1.89 0.42 T. Rowe Price International Bond Adv 10.00 1.96 2.18 0.19 0.08 Lazard Emerging Markets Equity Instl 10.00 17.32 3.25 1.71 0.78 PIMCO Total Return Instl 10.00 2.88 2.16 0.29 0.27 Harris Assoc. Large Cap Value 10.00 15.99 3.09 1.59 0.13 PIMCO Commodity Real Ret Strat Instl 10.00 3.19 2.31 0.31 0.24 Hansberger International Core Equity 10.00 13.30 2.07 1.33 0.38 Loomis Sayles High Income A Load Waived 10.00 9.68 4.53 0.97 0.44 DWS RREEF Global Real Estate Secs I 10.00 12.46 -0.06 1.24 -0.04 Diamond Hill Small Cap Equity 10.00 9.90 -1.69 0.99 -0.25

Source: Morningstar Direct Sample TPA Report

Allocation Effects

Time Period: 1/1/2012 to 3/31/2012 Portfolio: TPA to AA

Underperform Outperform Overweight 6.00

3 2 Relative Weight Relative

3.00

0.00 4 2 3 1 Underweight

-3.00

1 4

-6.00 -10.00 -8.00 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 Relative Return

Best Weighting Weight +/- Return +/- Effect Worst Weighting Weight +/- Return +/- Effect 1 US Fixed Inc -5.00 -6.92 0.35 1 US Large Cap 0.00 7.46 0.00 2 Real Estate 5.00 5.67 0.28 2 Intl Fixed Inc 0.00 -6.07 0.00 3 Intl Equity 5.00 2.30 0.12 3 US Small Cap 0.00 5.21 0.00 4 US High Yield Fixed Inc -5.00 -1.89 0.10 4 Commodities 0.00 -6.34 0.00

Source: Morningstar Direct Sample TPA Report

Attribution

Time Period: 1/1/2012 to 3/31/2012 Portfolio: TPA to AA

Portfolio Policy Portfolio Policy Actual Policy Portfolio Policy Allocation Selection Manager Manager Active Groupings Gross Gross Net Net Weights Weights Contribution Contribution Effect Effect Misfit Fee Return Return Return Return Return

US Large Cap 20.00 20.00 17.63 14.69 17.53 14.69 3.48 2.89 0.00 0.72 -0.17 0.54 US Small Cap 10.00 10.00 9.90 12.44 9.90 12.44 0.99 1.23 0.00 -0.17 -0.08 -0.25 Intl Equity 20.00 15.00 15.47 9.52 15.31 9.52 3.04 1.43 0.12 0.51 0.64 1.27 US Fixed Inc 10.00 15.00 3.00 0.30 2.88 0.30 0.29 0.04 0.35 0.23 0.04 0.62 US High Yield Fixed Inc 10.00 15.00 10.00 5.34 9.68 5.34 0.97 0.80 0.10 0.46 -0.02 0.53 Intl Fixed Inc 10.00 10.00 2.26 1.16 1.96 1.16 0.19 0.11 0.00 0.23 -0.14 0.08 Real Estate 10.00 5.00 12.75 12.90 12.46 12.90 1.24 0.64 0.28 -0.01 -0.04 0.24 Commodities 10.00 10.00 3.38 0.89 3.19 0.89 0.31 0.09 0.00 0.24 0.00 0.24 Total 100.00 100.00 10.69 7.23 10.51 7.23 10.51 7.23 0.85 2.21 0.23 3.29

Source: Morningstar Direct Sample TPA Report

Cumulative Attribution Effects

Time Period: 1/1/2012 to 3/31/2012 Portfolio: TPA to AA

Cumulative Attribution Effects Attribution Effect % My Asset Class Allocation 3.60 Manager Selection Manager Benchmark Misfit 2.70 Active Return

1.80

0.90

0.00

-0.90

-1.80

3.00 Attribution Effect My Asset Class Allocation 1.50 Manager Selection Manager Benchmark Misfit

Active Return 0.00

-1.50

-3.00 1/2012 2/2012 3/2012

Source: Morningstar Direct Sample TPA Report

Portfolio Allocation Stacked Bar

Time Period: 1/1/2012 to 3/31/2012 Portfolio: TPA to AA 100.0

90.0

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0 1/2012 2/2012 3/2012

US Large Cap US Small Cap Intl Equity

US Fixed Inc US High Yield Fixed Inc Intl Fixed Inc

Real Estate Commodities

Source: Morningstar Direct Sample TPA Report

Attribution

Time Period: 1/1/2012 to 3/31/2012 Portfolio: TPA to AA

Portfolio Policy Portfolio Policy Actual Policy Portfolio Selection Manager Manager Active Holdings Gross Gross Net Net Weights Weights Contribution Effect Misfit Fee Return Return Return Return Return

Harbor Capital Appreciation Instl 10.00 19.28 14.69 19.08 14.69 1.89 0.42 0.00 0.42 Harris Assoc. Large Cap Value 10.00 15.99 12.90 15.99 12.90 1.59 0.30 -0.17 0.13 Diamond Hill Small Cap Equity 10.00 9.90 11.59 9.90 11.59 0.99 -0.17 -0.08 -0.25 Lazard Emerging Markets Equity Instl 10.00 17.65 14.07 17.32 14.07 1.71 0.31 0.47 0.78 Hansberger International Core Equity 10.00 13.30 11.23 13.30 11.23 1.33 0.21 0.17 0.38 PIMCO Total Return Instl 10.00 3.00 0.72 2.88 0.72 0.29 0.23 0.04 0.27 Loomis Sayles High Income A Load Waived 10.00 10.00 5.15 9.68 5.15 0.97 0.46 -0.02 0.44 T. Rowe Price International Bond Adv 10.00 2.26 -0.22 1.96 -0.22 0.19 0.23 -0.14 0.08 DWS RREEF Global Real Estate Secs I 10.00 12.75 12.52 12.46 12.52 1.24 -0.01 -0.04 -0.04 PIMCO Commodity Real Ret Strat Instl 10.00 3.38 0.89 3.19 0.89 0.31 0.24 0.00 0.24

Source: Morningstar Direct RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Manager Style

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 1 Year 1 Month shift Manager A Manager B Manager C Russell Midcap Growth

Russell 1000 Value TR Russell 1000 Growth TR USD USD

Russell 2000 Value TR Russell 2000 Growth TR USD USD

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Risk / Return

Time Period: 10/1/2007 to 9/30/2012

17.0 Manager A Manager B 13.0 Manager C Russell Midcap Growth 9.0

5.0

1.0

-3.0

-7.0

-11.0 Return 0.0 10.0 20.0 30.0 40.0

Standard Deviation

Risk / Return Table

Tracking Alpha R-Squared Std Downside Beta Error Return vs. vs. Sharpe Dev Risk vs. vs. Observs. (%) Market Market Ratio (%) (%) Market Market (%) (%) (%)

Manager A 5.07 23.16 3.79 0.97 2.56 93.63 0.19 5.91 60 Manager B 3.90 24.78 4.73 1.02 1.61 91.52 0.13 7.25 60 Manager C 1.11 26.60 4.31 1.12 -1.13 95.07 0.02 6.52 60 Russell Midcap Growth 2.54 23.18 0.00 1.00 0.00 100.00 0.08 0.00 60

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Calendar Year Return

80.0 Manager A Manager B Manager C 60.0 Russell Midcap Growth

40.0

20.0

0.0

-20.0

-40.0 Return

-60.0 2011 2010 2009 2008 2007

Manager vs Benchmark: Return

1 year 3 years 5 years Manager A 35.94 20.75 5.07 Manager B 22.00 14.04 3.90 Manager C 22.45 5.88 1.11 Russell Midcap Growth 26.69 14.73 2.54

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Upside / Downside

Time Period: 10/1/2007 to 9/30/2012

120.0 Manager A Manager B 115.0 Manager C Russell Midcap Growth 110.0

105.0

100.0

95.0

90.0

85.0

Upside % Upside 80.0 80.0 85.0 90.0 95.0 100.0 105.0 110.0 115.0 120.0

Downside %

# of # of Up Down Up Down Upside Downside Best Worst Best Worst Months Months Capture Capture Capture Capture R-Squared Deviation Deviation Month Month Quarter Quarter Up Down Return Return Ratio Ratio

Manager A 33 27 5.17 -5.48 4.52 3.79 15.07 -19.76 18.08 -25.49 104.45 96.75 93.63 Manager B 33 27 5.35 -5.89 5.44 4.73 15.29 -22.63 23.97 -28.08 108.02 103.99 91.52 Manager C 32 28 5.52 -6.59 4.83 4.31 18.61 -22.48 26.78 -28.29 111.53 116.22 95.07 Russell Midcap Growth 34 26 4.95 -5.67 0.00 0.00 14.21 -21.95 20.67 -27.36 100.00 100.00 100.00

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Return / Time

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 1 Year 1 Month shift

90.0 Manager A Manager B 80.0 Manager C Russell Midcap Growth 70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

-10.0

-20.0

-30.0

-40.0 Return

-50.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 2009 2010 2011 2012

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Alpha vs Market Benchmark / Time

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 1 Year 1 Month shift

25.0 Manager A Manager B 22.5 Manager C 20.0

17.5

15.0

12.5

10.0

7.5

5.0

2.5

0.0

-2.5

-5.0

-7.5

-10.0

-12.5

-15.0 Alpha

-17.5 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 2009 2010 2011 2012

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Information Ratio vs. Market Benchmark / Time

Time Period: 10/1/2007 to 9/30/2012 Rolling Window: 1 Year 1 Month shift

4.5 Manager A Manager B 4.0 Manager C 3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

-1.0

rith) -1.5

-2.0

-2.5

-3.0 Information Ratio (a Ratio Information

-3.5 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 2009 2010 2011 2012

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

Manager vs Morningstar Banchmark: Return Rank

Peer Group: Open End Funds - U.S. - Mid-Cap Growth 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile

0.0

25.0

50.0

75.0

Return Rank Return 100.0 Dec 2007------Dec 2008 ------Dec 2009 ------Dec 2010 ------Dec 2011

Manager A Manager B Manager C Russell Midcap Growth

1 year 3 years 5 years Manager A 35.94 20.75 5.07 Manager B 22.00 14.04 3.90 Manager C 22.45 5.88 1.11 Russell Midcap Growth 26.69 14.73 2.54 Median 24.76 12.95 1.35 Count 768 736 708

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. RS Funds XYZ Software: The ABC Insurance & Annuity Co., Inc.

DEFINITIONS

Alpha - Alpha is a risk (beta adjusted) measurement. Officially, alpha measures the difference between a portfolio's actual returns and what it might be expected to deliver based on its level of risk. Higher risk generally means higher reward. A positive alpha means the fund has beaten expectations. A negative alpha means that the manager failed to match performance with risk. If two managers had the same return but one had a lower beta, that manager would have a higher alpha. StyleADVISOR uses the standard intercept calculation.

Beta - Beta represents the systematic risk of a portfolio and measures its sensitivity to a benchmark. A portfolio with a beta of one is considered as risky as the benchmark and would therefore provide expected returns equal to those of the market during both up and down periods. A portfolio with a beta of two would move approximately twice as much as the benchmark.

Downside Risk - The downside standard deviation, also referred to as downside risk, differs from the ordinary standard deviation insofar as the sum is restricted to those returns that are less than the mean. The downside standard deviation shows the average size of the deviations from the mean when the return is negative. It is often used as a measure of the downside risk of a manager.

Excess Return - The difference between the returns of two portfolios. Usually excess return is the difference between a manager's return and the return of a benchmark for that manager. In the context of a beta benchmark, excess return refers to the difference between a manager or market benchmark and Tbills.

Semi - Standard Deviation - The semi-standard deviation is a characterization of the downside risk of a distribution. Essentially it represents the standard deviation of all returns falling below the mean. The semi-variance of the returns below the mean (to the left of the distribution) is calculated. The semi-standard deviation is the square root of the semi-variance. The semi-variance (standard deviation) is always lower than the total variance (standard deviation) of the distribution.

Sharpe Ratio - The Sharpe Ratio, developed by Professor William F. Sharpe, is a measure of reward per unit of risk -- the higher the Sharpe Ratio, the better. It is a portfolio's excess return over the risk- free rate divided by the portfolio's standard deviation. The portfolio's excess return is its geometric mean return minus the geometric mean return of the risk-free instrument (by default, t-bills).

Standard Deviation - A statistical measure of volatility, indicates the 'risk' associated with a return series.

Up and Down Capture - The up and down capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously.

FOR BROKER DEALER AND INSTITUTIONAL USE ONLY. NOT FOR PUBLIC OR CLIENT USE.

Created with XYZ Software. Manager returns supplied by: Morningstar, Inc. Active Alternative Core Strategy

Blend Weights

Portfolio Date: 9/30/2012 % First Eagle Gold A 19.6 Vanguard Interm-Term Treasury Inv 19.2 Amana Trust Growth 14.1 Vanguard GNMA Inv 10.6 Franklin Templeton Hard Currency A 10.3 Merger 10.0 Gateway A 7.5 ICON Energy S 6.8 Citi Treasury Bill 3 Mon USD 1.9 Total 100.0

Page 1 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Manager Performance

Time Period: 10/1/2002 to 9/30/2012

260.0

240.0

220.0

200.0

180.0

160.0

140.0

120.0

100.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Active Alternative Core Strategy 60-40 S&P-Barcap Agg US OE Moderate Allocation

Cumulative Excess Return vs Benchmark

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

-10.0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Annualized Cumulative Sharpe Annualized Cumulative Information Tracking Std Dev Excess Excess Ratio Return Return Ratio Error Return Return (arith)

Active Alternative Core Strategy 9.80 9.80 8.71 3.13 3.13 0.45 0.92 7.03 60-40 S&P-Barcap Agg 6.67 6.67 7.88 0.00 0.00 0.62 0.00 US OE Moderate Allocation 6.42 6.42 10.56 -0.25 -0.25 -0.08 0.44 3.26

Page 2 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Manager vs Benchmark: Return

18.0

17.0

16.0

15.0

14.0

13.0

12.0

11.0

10.0

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0 Return 0.0 YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Since YTD 1 year 2 years 3 years 4 years 5 years 10 years Inception Active Alternative Core Strategy 5.18 7.74 5.27 7.50 8.30 5.96 9.80 9.79 60-40 S&P-Barcap Agg 10.29 17.20 10.00 9.71 7.55 3.39 6.67 4.71 US OE Moderate Allocation 10.56 17.93 8.20 8.51 6.68 1.56 6.42 7.90

Page 3 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Calendar Year Returns

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0

-16.0

-18.0 Return -20.0 YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

YTD 2010 2009 2008 2007 2006 2005 2004 2003 2002 Active Alternative Core Strategy 5.18 0.64 14.21 15.71 -6.65 13.99 11.40 11.58 7.79 19.09 60-40 S&P-Barcap Agg 10.29 4.86 10.81 15.30 -19.41 6.10 10.77 3.81 7.88 16.09 US OE Moderate Allocation 10.56 -0.40 11.73 24.04 -28.19 5.92 11.29 5.13 8.81 20.22

Page 4 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Asset Allocation Holdings-Based Style Trail

35.0 Time Period: 10/31/2002 to 9/30/2012 31.4 Start Date End Date 30.0 Active Alternative Core Strategy 10/31/2002 9/30/2012

60-40 S&P-Barcap Agg 10/31/2002 9/30/2012 25.0 Giant US OE Moderate Allocation 10/31/2002 9/30/2012

20.2 20.0 17.5 16.0 14.6 15.0

12.0 11.3 10.8 10.9 9.8 10.0 8.9 8.0 Mid Large 6.0 5.9

5.0 3.5 3.5 3.1 3.3 1.9 1.2

0.0

Energy Materials Industrials Consumer Consumer Staples Healthcare Financials Information Telecom Services Utilities Discretionary Technology Micro Small Active Alternative Core Strategy 60-40 S&P-Barcap Agg Deep-Val Core-Val Core Core-GrthHigh-Grth

Returns-Based Style Analysis Historical Asset Allocation

Time Period: 10/1/2002 to 9/30/2012 Time Period: 10/1/2002 to 9/30/2012

Active Alternative Core Strategy 100.0 60-40 S&P-Barcap Agg 90.0 US OE Moderate Allocation 80.0

70.0 Morningstar Morningstar Large Value Large Growth 60.0 TR USD TR USD 50.0

40.0

30.0

20.0

10.0 Morningstar Morningstar Small Value Small Growth 0.0 TR USD TR USD 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Stock Bond Cash Other

Page 5 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Risk / Return

Time Period: 10/1/2002 to 9/30/2012

12.0 Active Alternative Core Strategy 60-40 S&P-Barcap Agg US OE Moderate Allocation

10.0

8.0

6.0

4.0

2.0 Return 0.0 0.0 3.0 6.0 9.0 12.0 15.0

Std Dev

Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Observations Deviation Error (arith)

Active Alternative Core Strategy 9.80 8.71 4.20 4.43 0.71 41.76 0.92 7.03 120.00 60-40 S&P-Barcap Agg 6.67 7.88 0.00 0.00 1.00 100.00 0.62 0.00 120.00 US OE Moderate Allocation 6.42 10.56 2.45 -1.54 1.31 95.91 0.44 3.26 120.00

Page 6 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Upside / Downside

Time Period: 10/1/2002 to 9/30/2012

180.0 Active Alternative Core Strategy 60-40 S&P-Barcap Agg US OE Moderate Allocation

150.0

120.0

90.0

60.0

30.0 Up Capture Ratio Up Capture 0.0 0.0 30.0 60.0 90.0 120.0 150.0 180.0 210.0

Down Capture Ratio

Up Down Down Upside Downside Best Worst Best Worst Up Number Capture Capture R2 Number Deviation Deviation Month Month Quarter Quarter Ratio Ratio

Active Alternative Core Strategy 81 39 5.66 4.20 6.81 -9.93 8.11 -7.34 90.79 44.83 41.76 60-40 S&P-Barcap Agg 79 41 0.00 0.00 5.31 -10.00 9.19 -9.46 100.00 100.00 100.00 US OE Moderate Allocation 79 41 2.13 2.45 7.18 -13.33 13.18 -15.09 122.46 143.76 95.91

Page 7 of 18

Source: Morningstar Direct Active Alternative Core Strategy

4.5 1.0 3.2 0.5 1.0 Active Alternative Core Strategy

60-40 S&P-Barcap Agg 4.3 1.0 3.0 0.9 0.4 4.0 0.9 0.9 2.8 0.9 0.8 3.8 2.6 0.8 0.4 0.8 3.5 0.8 2.4 0.7 3.3 0.3 0.7 2.2 0.7 3.0 0.7 0.6 2.0 2.8 0.6 0.3 0.6 1.8 2.5 0.6 0.5

2.3 0.5 1.6 0.2 0.5

0.5 0.4 2.0 1.4 0.2 1.8 0.4 0.4 1.2 0.4 0.3 1.5

1.0 rith) 0.3 0.1 0.3 1.3 0.3 0.8 0.2 1.0 0.2 0.1 0.2 0.6 0.8 0.2 0.1 0.4 0.5 0.1 0.0 0.1 Alpha Beta Excess Return Information Ratio (a Sharpe Ratio 0.3 0.1 0.2 0.0

0.0 0.0 0.0 0.0 0.0 Alpha Beta Excess Return Information Sharpe Ratio Ratio Time Period: 10/1/2002 to 9/30/2012

Up Down Down Upside Downside Best Worst Best Worst Up Number Capture Capture R2 Number Deviation Deviation Month Month Quarter Quarter Ratio Ratio

Active Alternative Core Strategy 81 39 5.66 4.20 6.81 -9.93 8.11 -7.34 90.79 44.83 41.76 60-40 S&P-Barcap Agg 79 41 0.00 0.00 5.31 -10.00 9.19 -9.46 100.00 100.00 100.00 US OE Moderate Allocation 79 41 2.13 2.45 7.18 -13.33 13.18 -15.09 122.46 143.76 95.91

Page 8 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Manager vs Benchmark: Standard Deviation

11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 Std Dev YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception

Active Alternative Core Strategy 60-40 S&P-Barcap Agg Manager vs Benchmark: Downside Deviation

5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Downside Deviation Downside YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception

Active Alternative Core Strategy 60-40 S&P-Barcap Agg Manager vs Benchmark: Sharpe Ratio

2.5 2.3 2.0 1.8 1.5 1.3 1.0 0.8 0.5 0.3 0.0 Sharpe Ratio Sharpe YTD 1 year 2 years 3 years 4 years 5 years 10 years Since Inception

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Page 9 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Histogram of Returns

Time Period: 10/1/2002 to 9/30/2012

22.0

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0 Percent of Periods Percent 0.0 -10.0 -9.0 -8.0 -7.0 -6.0 -5.0 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Max Max Max Max Drawdown # Drawdown Drawdown Sortino Skewness Kurtosis Omega Drawdown of Peak Valley Ratio Periods Date Date

Active Alternative Core Strategy -0.59 2.14 -16.66 8.00 3/1/2008 10/31/2008 1.50 1.98 60-40 S&P-Barcap Agg -1.12 3.39 -28.17 16.00 11/1/2007 2/28/2009 0.92 1.61 US OE Moderate Allocation -1.03 3.19 -37.94 16.00 11/1/2007 2/28/2009 0.67 1.41

Page 10 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Excess Return vs Market Benchmark / Time

Time Period: 10/1/2002 to 9/30/2012 Rolling Window: 3 Years 1 Month shift

10.0

7.5

5.0

2.5

0.0

-2.5

-5.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 Excess Return Excess 2006 2007 2008 2009 2010 2011 2012

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Gain Deviation vs Market Benchmark / Time

Time Period: 10/1/2002 to 9/30/2012 Rolling Window: 3 Years 1 Month shift

10.0

8.0

6.0

4.0

2.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 Gain Deviation Gain 2006 2007 2008 2009 2010 2011 2012

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Page 11 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Excess Return and Batting Average vs Market Benchmark

Time Period: 10/1/2002 to 9/30/2012

4.0 Active Alternative Core Strategy 60-40 S&P-Barcap Agg US OE Moderate Allocation 3.0

2.0

1.0

0.0

-1.0 Excess Return Excess 0.0 20.0 40.0 60.0 80.0 100.0 120.0

Batting Average

Batting Average vs Market Benchmark / Time

Time Period: 10/1/2002 to 9/30/2012 Rolling Window: 3 Years 1 Month shift

120.0

100.0

80.0

60.0

40.0 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 12 03 06 09 Batting Average Batting 2006 2007 2008 2009 2010 2011 2012

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Page 12 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Drawdown

Time Period: 10/1/2002 to 9/30/2012

0.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0

-16.0

-18.0

-20.0

-22.0

-24.0

-26.0

-28.0

-30.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Max Max Max Max Max Max Drawdown Max Drawdown # Drawdown Drawdown Drawdown Gain Gain/Loss Recovery # Drawdown of Recovery Peak Valley End Ratio of Periods Date Date Date Date Periods

Active Alternative Core Strategy -16.66 8.00 11.00 9/30/2009 3/1/2008 10/31/2008 9/30/2012 2.30 60-40 S&P-Barcap Agg -28.17 16.00 22.00 12/31/2010 11/1/2007 2/28/2009 9/30/2012 1.92

Page 13 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Performance Relative to Peer Group

Peer Group (5-95%): Open End Funds - U.S. - Moderate Allocation Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

24.0

22.0

20.0

18.0

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0 Return -2.0 YTD 1 year 2 years 3 years 4 years 5 years 10 years

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

Since YTD 1 year 2 years 3 years 4 years 5 years 10 years Inception Active Alternative Core Strategy 5.18 7.74 5.27 7.50 8.30 5.96 9.80 9.79 60-40 S&P-Barcap Agg 10.29 17.20 10.00 9.71 7.55 3.39 6.67 4.71 US OE Moderate Allocation 10.56 17.93 8.20 8.51 6.68 1.56 6.42 7.90 Count 898 893 826 770 728 669 380 829

Page 14 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Performance Relative to Peer Group (Descending Rank)

Peer Group: Open End Funds - U.S. - Moderate Allocation 1st to 25th Percentile 26th to Median 51st to 75th Percentile 76th to 100th Percentile

0.0

25.0

50.0 Rank)

75.0

Return (Descending (Descending Return 100.0 YTD 1 year 3 years 5 years 10 years 15 years

Active Alternative Core Strategy 60-40 S&P-Barcap Agg

36-Month Rolling Returns

12/2003 12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 Active Alternative Core Strategy 14.71 12.73 10.24 12.32 5.84 7.18 7.25 9.97 60-40 S&P-Barcap Agg 4.71 9.14 7.45 6.85 -1.79 -0.47 0.98 10.24 US OE Moderate Allocation 4.82 11.20 8.38 7.41 -5.41 -1.92 -0.16 11.34

Page 15 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Alpha Relative to Peer Group

Peer Group (5-95%): Open End Funds - U.S. - Moderate Allocation Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 -8.0 -10.0 -12.0

Alpha YTD 1 year 2 years 3 years 4 years 5 years 10 years

Active Alternative Core Strategy 60-40 S&P-Barcap Agg Information Ratio Relative to Peer Group

Peer Group (5-95%): Open End Funds - U.S. - Moderate Allocation Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

1.5 1.0 rith) 0.5 0.0 -0.5 -1.0 -1.5 -2.0 Information Ratio (a Ratio Information YTD 1 year 2 years 3 years 4 years 5 years 10 years

Sharpe Ratio Relative to Peer Group

Peer Group (5-95%): Open End Funds - U.S. - Moderate Allocation Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

2.5 2.0 1.5 1.0 0.5 0.0 -0.5 YTD 1 year 2 years 3 years 4 years 5 years 10 years Sharpe Ratio Sharpe

Page 16 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Correlation Matrix

Time Period: 10/1/2002 to 9/30/2012 1 2 3 4 5 6 7 8 9 10 11 1 Active Alternative Core Strategy 1.00 2 Amana Trust Growth 0.64 1.00 3 Gateway A 0.50 0.83 1.00 4 ICON Energy S 0.72 0.71 0.55 1.00 5 First Eagle Gold A 0.89 0.29 0.16 0.46 1.00 6 Merger 0.30 0.56 0.55 0.34 0.05 1.00 7 Franklin Templeton Hard Currency A 0.72 0.51 0.47 0.56 0.52 0.19 1.00 8 Vanguard GNMA Inv 0.26 -0.13 -0.11 -0.12 0.27 -0.12 0.14 1.00 9 Vanguard Interm-Term Treasury Inv 0.20 -0.25 -0.19 -0.22 0.24 -0.20 0.17 0.88 1.00 10 Citi Treasury Bill 3 Mon USD 0.03 0.00 0.03 0.03 0.02 0.03 0.03 -0.02 0.02 1.00 11 60-40 S&P-Barcap Agg 0.65 0.90 0.89 0.64 0.29 0.58 0.56 0.09 -0.04 -0.05 1.00

Page 17 of 18

Source: Morningstar Direct Active Alternative Core Strategy

Active Alternative Core Strategy - Monthly Returns

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2012 3.23 0.77 -1.98 -0.53 -3.53 1.77 0.83 2.13 2.56 2011 -1.12 2.76 0.59 2.57 -1.16 -1.53 1.27 0.31 -5.23 4.76 0.09 -2.31 0.64 2010 -2.49 2.02 1.61 2.91 -2.80 0.27 1.90 1.09 4.46 1.74 0.64 2.26 14.21 2009 -1.71 -2.40 4.20 0.56 6.81 -2.39 2.79 0.61 3.89 -0.19 5.00 -1.94 15.71 2008 0.49 2.09 -1.55 0.14 0.68 0.60 -1.83 -2.23 -3.46 -9.93 3.21 5.79 -6.65 2007 -0.18 0.99 1.02 1.68 0.73 -0.38 1.26 0.09 5.83 3.44 -1.55 0.45 13.99

60-40 S&P-Barcap Agg - Monthly Returns

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2012 2.70 2.21 1.47 0.18 -2.76 2.13 1.38 1.21 1.43 2011 1.29 1.92 0.05 2.17 0.00 -1.02 -0.32 -2.11 -3.16 5.31 -0.15 1.06 4.86 2010 -1.04 1.70 2.92 1.31 -3.66 -1.75 3.86 -1.52 4.25 2.05 -0.28 2.81 10.81 2009 -4.33 -4.86 4.41 4.36 2.91 0.40 4.35 2.25 2.34 -0.65 3.55 0.16 15.30 2008 -2.80 -1.77 -0.09 2.61 0.42 -4.85 -0.50 1.22 -5.50 -10.00 -1.85 2.50 -19.41 2007 0.87 -0.52 0.65 2.81 1.77 -1.12 -1.53 1.39 2.52 1.31 -1.79 -0.29 6.10

Page 18 of 18

Source: Morningstar Direct 3.12 Dynamic Text Sample Return Return Return Return Return Return Return Return Return Return Return 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 12.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0

4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

-4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0 -4.0

5Y Annualized -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 -8.0 As of 9/30/2012 ● Fund Return ▲ Index Return -12.0 -12.0 -12.0 -12.0 -12.0 -12.0 -12.0 -12.0 -12.0 -12.0 5-95% Range 5Y 5Y 5Y 5Y 5Y 5Y 5Y 5Y 5Y 5Y

Fund HACAX RWMFX POAGX OTCFX PCRIX MSUSX DODFX ODVYX PTTRX LSBDX

Equity Style É È Ì Ï Ë È É È

Morningstar Long- MSCI World MSCI EAFE MSCI EAFE Barclays US Agg Barclays US Agg Only Commodity Index S&P 500 TR S&P 500 TR S&P 500 TR S&P 500 TR Bond TR USD Bond TR USD TR NR USD NR USD NR USD

Universe US OE Large US OE Large US OE Mid- US OE Small US OE Commodities US OE Real US OE Foreign US OE Diversified US OE Intermediate- US OE Growth Value Cap Growth Growth Broad Basket Estate Large Blend Emerging Mkts Term Bond Multisector Bond

Fund Return 3.40 0.79 5.77 5.88 2.14 1.39 -3.70 3.67 8.92 7.40 Index Return 1.05 1.05 1.05 1.05 2.43 -2.15 -5.24 -5.24 6.53 6.53

Average Return 1.14 -0.75 1.44 1.53 -4.56 1.82 -5.92 -2.46 6.36 6.96

Percentile Rank 12 20 4 4 1 58 28 3 4 32

Absolute Rank 159 183 24 21 1 118 164 6 29 54

# of Observations 1,311 938 597 582 35 201 593 242 888 168

Source: Morningstar Direct 3.12 Multiple Returns for Separate Accounts

Investment Growth

Time Period: 1/1/2007 to 12/31/2011

152.5

145.0

137.5

130.0

122.5

115.0

107.5

100.0

92.5

85.0

77.5

70.0

62.5

55.0

47.5 6/2007 12/2007 6/2008 12/2008 6/2009 12/2009 6/2010 12/2010 6/2011 12/2011

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) Groesbeck Growth (Gross)

Groesbeck Growth (Net) Windward Capital Appreciation SMA (Gross) Windward Capital Appreciation SMA (Net)

Profit Inv Mgt (PIM) Profit Social (Gross) Profit Inv Mgt (PIM) Profit Social (Net) Texas Inst Mid-Large Cap Growth (Gross)

Texas Inst Mid-Large Cap Growth (Net) S&P 500 TR (Gross) US SA Large Growth (Gross)

Source: Morningstar Direct 3.12 Multiple Returns for Separate Accounts

Returns Risk-Reward

24.0 Time Period: 7/1/2007 to 6/30/2012 22.0 7.0 Insight Large Cap Growth (Gross) 20.0 Insight Large Cap Growth (Net) S&P 500 TR 18.0 5.0 US SA Large Growth 16.0 14.0 12.0 3.0 10.0 8.0 1.0 6.0 4.0 2.0 -1.0

Return 0.0 YTD 1 Year 3 Years 5 Years 10 Years 15 Years -3.0 Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) S&P 500 TR US SA Large Growth Std Dev

Rolling Returns

Time Period: 7/1/2007 to 6/30/2012 Rolling Window: 3 Years 1 Month shift Top Quartile 2nd Quartile 3rd Quartile Bottom Quartile

40.0

30.0

20.0

10.0

0.0

-10.0

-20.0 06 07 08 09 10 11 12 01 02 03 04 05 06 07 08 09 10 11 12 01 02 03 04 05 06 Return 2011 2012

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) S&P 500 TR US SA Large Growth

Source: Morningstar Direct 3.12 Multiple Returns for Separate Accounts

Returns Alpha-Reward

24.0 Time Period: 7/1/2007 to 6/30/2012

22.0 7.0 Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) 20.0 S&P 500 TR 18.0 US SA Large Growth 16.0 5.0 14.0

12.0

10.0

8.0 3.0

6.0

4.0

2.0 1.0

Return 0.0 YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Insight Large Cap Growth (Gross) Insight Large Cap Growth (Net) S&P 500 TR -1.0 US SA Large Growth

Trailing Returns YTD 1 Year 3 Years 5 Years 10 Years 15 Years

Insight Large Cap Growth (Gross) 23.70 4.57 19.85 4.68 8.22 7.60 Alpha -3.0 Insight Large Cap Growth (Net) 23.52 4.31 19.49 4.25 7.45 6.53 -2.0 1.0 4.0 7.0 10.0 13.0 16.0 S&P 500 TR 9.49 5.45 16.40 0.22 5.33 4.77 US SA Large Growth 8.99 1.65 15.37 2.03 6.59 6.81 Tracking Error Insight Large Cap Growth - Performance

Time Period: 7/1/2007 to 6/30/2012 Inv Bmk1 Gross Net Return 4.68 4.25 0.22 Std Dev 22.07 22.07 19.21 Excess Return 4.46 4.04 0.00 Information Ratio (arith) 0.35 0.32 R2 67.16 67.21 100.00 Tracking Error 12.70 12.69 0.00

Source: Morningstar Direct 3.12 Multiple Returns for Separate Accounts

Performance

Time Period: 7/1/2007 to 6/30/2012

Information Excess Tracking Return Std Dev Ratio R2 Return Error (arith) Insight Large Cap Growth 4.68 22.07 4.46 0.35 67.16 12.70 Groesbeck Growth 3.31 18.34 3.09 0.40 83.93 7.76 Windward Capital Appreciation SMA 4.35 19.85 4.13 0.46 79.91 9.04 Profit Inv Mgt (PIM) Profit Social 3.11 19.12 2.89 0.64 94.52 4.53 Texas Inst Mid-Large Cap Growth 7.00 19.97 6.78 0.72 78.71 9.36 S&P 500 TR 0.22 19.21 0.00 100.00 0.00 US SA Large Growth 2.03 19.31 1.81 0.45 95.79 3.98

Risk

Time Period: 7/1/2007 to 6/30/2012

Sharpe Downside Tracking Return Std Dev Alpha Beta R2 Ratio Deviation Error (arith)

Insight Large Cap Growth 4.68 22.07 8.69 5.01 0.94 67.16 0.18 12.70 Groesbeck Growth 3.31 18.34 3.08 3.06 0.87 83.93 0.14 7.76 Windward Capital Appreciation SMA 4.35 19.85 5.54 4.26 0.92 79.91 0.18 9.04 Profit Inv Mgt (PIM) Profit Social 3.11 19.12 2.46 2.84 0.97 94.52 0.12 4.53 Texas Inst Mid-Large Cap Growth 7.00 19.97 5.66 6.82 0.92 78.71 0.31 9.36 S&P 500 TR 0.22 19.21 0.00 0.00 1.00 100.00 -0.03 0.00 US SA Large Growth 2.03 19.31 2.29 1.83 0.98 95.79 0.06 3.98

Market Performance

Time Period: 7/1/2007 to 6/30/2012

Up Down Up Down Best Worst Best Worst Period Period Capture Capture R2 Month Month Quarter Quarter Percent Percent Ratio Ratio

Insight Large Cap Growth 58.33 41.67 12.48 -15.28 22.44 -20.44 113.32 96.68 67.16 Groesbeck Growth 60.00 40.00 10.53 -18.24 13.76 -24.15 89.56 78.55 83.93 Windward Capital Appreciation SMA 53.33 46.67 13.08 -15.15 19.36 -22.72 102.87 87.77 79.91 Profit Inv Mgt (PIM) Profit Social 55.00 45.00 12.40 -15.40 19.11 -21.70 105.25 94.52 94.52 Texas Inst Mid-Large Cap Growth 56.67 43.33 11.51 -17.04 20.77 -20.10 111.69 86.95 78.71 S&P 500 TR 56.67 43.33 10.93 -16.79 15.93 -21.94 100.00 100.00 100.00 US SA Large Growth 56.67 43.33 11.31 -16.96 15.35 -22.51 103.71 96.95 95.79

Source: Morningstar Direct 3.12 Returns Based Style Analysis

Style Analysis (5 Years) 5/2012

Asset Class: Equity

120.0 104.7 100.0 83.3 80.0 71.9 Large Value Large Growth 59.2 60.0 56.7

40.0 33.4 30.7

20.0 18.7 11.3 10.5 10.7 10.2 8.1 5.9 6.2 4.7 4.4 4.4 3.1 3.3 2.5 1.8 0.0 0.1

-6.0 Small Value Small Growth -20.0

-40.0

Large Value Large Growth Small Value -39.9 Small Growth Cash

Large Large Small Small Cash R2 Style Exposure Value Growth Value Growth Harbor Capital Appreciation Instl -6.04 83.28 4.41 8.12 10.22 96.70 Large Value

100.0

90.0

80.0

70.0

60.0

50.0

40.0 30.0 Large Growth American Funds Washington Mutual R5 56.71 18.73 10.54 3.32 10.70 97.59 20.0 10.0

0.0 9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

100.0

90.0

80.0

70.0

60.0

50.0

40.0

30.0 Small Value PRIMECAP Odyssey Aggressive Growth 5.91 11.29 6.17 71.92 4.71 90.24 20.0

10.0

0.0 9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

100.0

90.0

80.0

70.0

60.0

50.0

40.0 T. Rowe Price Small-Cap Stock 2.54 3.09 33.44 59.17 1.77 98.75 30.0 Small Growth 20.0

10.0

0.0 9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

100.0

90.0

80.0

70.0

60.0

50.0 PIMCO Commodity Real Ret Strat Instl 30.68 104.65 -39.91 0.15 4.43 47.81 40.0 Cash 30.0

20.0

10.0

0.0 9/2010 12/2010 3/2011 6/2011 9/2011 12/2011 3/2012 6/2012 9/2012

Source: Morningstar Direct