Morgan Stanley Strategy Status: Closed – Strategy closed to new accounts and closed to additional Intrepid Value assets Select UMA JPMorgan Asset Management Style: Large Cap Value Firm Assets Under Management: $1,483.4 billion 245 Park Avenue Firm Strategy Assets Under Management: $1.3 billion New York, New York 10167 Year Founded: 1984 Professional Staff: 771 PRODUCT OVERVIEW Firm Ownership: J.P. Morgan Chase & Co. The JPMorgan Intrepid Value investment philosophy is based on the study of Behavioral Finance – the application of psychology to CG IAR Status: Not Applicable investing. Behavioral Finance theorizes that market participants behave sub-optimally because human emotions affect the investment decision making process. They believe that this may create systematic and predictable market inefficiencies – in value and momentum – PORTFOLIO STATISTICS that persist over time. The Intrepid investment process seeks to exploit these anomalies by evaluating each stock based on their value and ---------------03/13---------------- 09/12 Russell momentum characteristics. Then, the portfolio managers review each stock in an attempt to determine if any behavioral anomalies truly JPMorgan S&P 500 JPMorgan exist. The portfolio construction process seeks to create a basket of securities with exposure to value and momentum while reducing 1000 Vl style, size and sector biases relative to the benchmark. The differing characteristics of the Intrepid Value Strategy include:• Strategy Number of stock holdings 110 698 500 110 blends the best of quantitative and qualitative research• Consistency of returns• Alpha driven by stock selection and disciplined portfolio Weighted average dividend yield 2.5% 2.4% 2.1% 2.4% construction• The strategy remains fully invested and style pure• Compliment to existing managers - Low correlation of excess returns to Weighted average P/E ratio 1 13.40x 14.11x 15.92x 11.80x most fundamental managers Weighted average portfolio beta — 1.01 0.94 — Mega capitalization + 0.0% 35.3% 38.6% 0.0% TARGET PORTFOLIO CHARACTERISTICS RISK CONSIDERATIONS Large capitalization + 0.0% 42.5% 50.4% 0.0% Number of stock holdings: 120 to 160 Investing in securities entails risks, including: Medium capitalization + 0.0% 20.7% 10.9% 0.0% Average dividend yield: Similar to the S&P 500 When investing in value securities, the market may Small capitalization + 0.0% 1.5% 0.0% 0.0% not necessarily have the same value assessment as P/E ratio: Below the S&P 500 Micro capitalization + 0.0% 0.0% 0.0% 0.0% the manager, and, therefore, the performance of the Cash level over market 0 to 5% + securities may decline. PORTFOLIO'S EQUITY SECTOR WEIGHTINGS cycle: -------------------------03/13------------------------- 09/12 Risk (standard deviation): Similar to the S&P 500 Sector JPMorgan Russell 1000 Vl S&P 500 JPMorgan Average turnover rate: 100 to 150% Energy 14.96 15.85 10.92 16.53 Use ADRs: 0 to 5% Materials 4.06 3.60 3.43 4.10 Capitalization: — Industrials 7.87 9.08 10.11 8.13 Consumer Discretionary 8.74 8.32 11.63 8.59 MANAGER'S INVESTMENT PROCESS MANAGER'S INVESTMENT STRATEGY Consumer Staples 6.88 7.42 10.96 6.68 • £ Top-down / portfolio structures based on Health Care 12.12 11.80 12.53 11.91 The investment universe fo Intrepid Value is Financials 25.13 27.58 15.92 24.67 approximately th 1,000 largest U.S. stocks. economic trends Information Technology 7.93 6.66 18.02 7.00 • X Bottom-up / portfolio structure based on They use a rigorous portfolio construction individual securities Telecomm Services 3.28 3.09 2.97 3.90 process, employing a linear optimization. Stock Utilities 6.05 6.61 3.51 6.56 rankings from their proprietary model determine Cash/Cash Equivalents 2.98 0.00 0.00 1.93 alpha scores for individual securities. The linear + optimization process seeks to enhance alpha % PROCESS BASED ON PORTFOLIO'S ALLOCATION HISTORY (%) PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % subject to portfolio constraints. 0 Asset allocation - cash vs. stock 03/13 12/12 09/12 06/12 Exxon Mobil Corp 5.0 • Stocks held in the portfolio that they believe have 5 Industry or sector weighting U.S. Stocks 97 98 98 98 Pfizer Inc 4.6 become overvalued and/or whose momentum has 95 Stock Selection Cash/Cash Chevron Corp 3.5 3 2 2 2 deteriorated materially may trigger a sell signal. Equivalents Wells Fargo & Co New 2.8 Citigroup Inc 2.7 Stocks that are sold are generally replaced with what the manager believes are the most attractive stocks on the basis of proprietary rankings that also contribute favorably to the risk exposures of the entire portfolio. • Analysts review each trade suggested by their portfolio op timization process to validate that each trade furthers their investment philosophy of seeking what they believe are attractively valued stocks with strong momentum characteristics. 1The P/E used here is calculated by the harmonic mean. +Total may not equal 100% due to rounding. Past performance is no guarantee of future results. This profile is not complete without pages 3 and 4, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2013, unless otherwise noted. All data are subject to change. Page 1 of 5 Morgan Stanley Strategy Status: Closed – Strategy closed to new accounts and closed to additional Intrepid Value assets Select UMA RISK/RETURN ANALYSIS – 5 YEARS ENDING 03/31/13 AVERAGE ANNUAL TOTAL RETURN (%) – PERIODS ENDING 03/31/13 STD ROR JPMorgan (Gross) 23.35 5.93 INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 03/31/13 JPMorgan (Net) 23.25 2.85 2003* 2004 2005 2006 2007 2008 2009 2010 2011 2012 Annualized Std. Dev. Russell 1000 Vl 23.32 4.85 JPMorgan (Gross) 40.03 18.70 11.21 23.28 1.27 -34.80 21.75 13.31 -0.24 19.43 10.81 18.54 S&P 500 21.63 5.81 JPMorgan (Net) 37.26 15.20 7.93 19.79 -1.69 -36.81 18.20 10.05 -3.09 15.97 7.60 18.47 90-Day T-Bills 0.22 0.25 Russell 1000 Vl 36.68 16.49 7.05 22.25 -0.17 -36.85 19.69 15.51 0.39 17.50 9.18 18.37 S&P 500 32.87 10.88 4.91 15.80 5.49 -37.00 26.46 15.06 2.11 16.00 8.53 17.00 *04/01/2003-12/31/2003 RISK VOLATILITY PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS – PERIODS 1 2 Quarter 1 Quarter 2 Quarter 3 Quarter 4 ENDING 03/31/13 Gross Net Gross Net Gross Net Gross Net 3 Year 5 Year 2003 17.66 16.92 3.47 2.73 15.02 14.28 Standard Deviation 20.13% 23.35% Standard Deviation of Primary 2004 4.82 4.06 -0.44 -1.21 2.89 2.12 10.54 9.73 19.01% 23.32% Benchmark 2005 1.43 0.67 2.32 1.54 6.12 5.37 0.98 0.21 Sharpe Ratio 0.63 0.24 2006 6.74 5.98 1.60 0.87 4.14 3.39 9.16 8.39 Sharpe Ratio of Primary 2007 3.02 2.27 5.15 4.40 -1.66 -2.42 -4.94 -5.64 0.67 0.20 Benchmark 2008 -9.37 -10.07 -1.87 -2.57 -8.00 -8.68 -20.31 -21.02 Alpha -0.45% 1.08% 2009 -15.91 -16.60 16.99 16.19 18.33 17.52 4.59 3.79 Beta 1.05 1.00 2010 6.03 5.21 -12.66 -13.29 10.02 9.25 11.22 10.42 Downside Risk 1.46% 1.45% 2011 7.55 6.77 0.34 -0.39 -17.28 -17.92 11.75 11.01 R-Squared 0.99 0.99 2012 12.24 11.45 -2.96 -3.69 7.63 6.84 1.88 1.13 Tracking Error 2.01% 2.52% 2013 12.81 12.02 Information Ratio 0.04 0.43 Related Select UMA *04/01/08-12/31/08 ** 01/01/13-03/31/13 Number Of Up Qtrs. Down Qtrs. PORTFOLIO DIVERSIFICATION - R2 (10 YEARS ENDING 03/13) + 1. Statistics are calculated using gross of fee JPMorgan (Gross) 13 7 2 performance only. R 2. Russell 1000 Vl was used as the primary benchmark JPMorgan (Net) 12 8 JPMorgan vs. S&P 500 0.95 Russell 1000 Vl 12 8 and the 90-Day U.S. T-Bill Index as the risk-free JPMorgan vs. Russell 1000 Vl 0.98 benchmark. S&P 500 12 8 +Statistics are calculated using gross of fee performance only. See page 3 for a discussion of the sources of the performance data used to calculate the performance results and related anal yses on page 2. Past performance is no guarantee of future results. This profile is not complete without pages 3 and 4, which contain important notes, including disclosures about the composite, index descriptions and a glossary of terms. Information shown is as of March 31, 2013, unless otherwise noted. All data are subject to change. Page 2 of 5 Morgan Stanley Strategy Status: Closed – Strategy closed to new accounts and closed to additional Intrepid Value assets Select UMA may vary from sponsor to sponsor and are usually discounted from the fee schedule above. Additional information IMPORTANT NOTES AND DISCLOSURES regarding the firm's policies and procedures for calculating and reporting performance results is available upon request.