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Clark Capital Management Group, Inc.

Navigator Wealth Management. Clark Capital Management Group, Inc. SEC Registered Investment Advisory Firm International: Offices in Philadelphia, Luxembourg, Frankfurt Am, Athens Provider of Comprehensive Wealth Management Programs. Navigator Wealth Management.

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Clark Capital Management Group, Inc.

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  1. Navigator Wealth Management Clark Capital Management Group, Inc.

  2. SEC Registered Investment Advisory Firm International: Offices in Philadelphia, Luxembourg, Frankfurt Am, Athens Provider of Comprehensive Wealth Management Programs Navigator Wealth Management Clark Capital Management Group, Inc

  3. “Manage and protect wealth by navigating a steady course through ever changing worldwide investment markets” Navigator Wealth Management Investment Philosophy • Navigate: The art of ascertaining position and directing the course. • Funk & Wagnall's New Concise Dictionary 1945

  4. Protecting investment principal Allowing growth of capital over time Must be Objective, Quantitative, Disciplined Peace of mind is the desired result Navigator Wealth Management What is Wealth Management?

  5. 75% - Provide income and living expenses for retirement 60% - Provide enough income to live off investments 46% - Provide good education for children Risk Tolerance of the Wealthy 43% - Consider themselves less willing to take risk 27% - Consider themselves average risk takers Navigator Wealth Management Why Wealth Management? Investment Goals of the Wealthy U.S. Trust Survey of Affluent Americans, June 1999

  6. 62% - Fear stock market decline and loss of principal 61% - Feel investments will not support retirement lifestyle 52% - Don’t have the knowledge to properly manage finances 51% - Markets have become too complex for individual investors 18% - Worry about investments not outperforming the markets Navigator Wealth Management Why Wealth Management? Biggest Concerns of Wealthy Investors U.S. Trust Survey of Affluent Americans, June 1999

  7. Navigator Wealth Management The Benefits of Equities Growth Of $100 Invested:1925 -1999

  8. Navigator Wealth Management Why Wealth Management? Source: Dalbar Financial Services 1984-97

  9. Navigator Wealth Management The Frequency of Market Declines Dow Number Frequency Last Jones of of Occurrence Loss Occurrences Occurrences -10% 68 Every 1.5 yrs. April, 2000 -20% 39 Every 2.5 yrs. 9 yrs. + -30% 21 Every 4.6 yrs. 12 yrs. + -40% 11 Every 8.7 yrs. 25 yrs. +

  10. Navigator Wealth Management Why Wealth Management? 27.3 Years Average Recovery Time 4.93 Yrs. Years

  11. Navigator Wealth Management How Does CCMG Manage Wealth? Sharpe and Markowitz 1990 Nobel Prize in Economics

  12. Navigator Wealth Management How does CCMG Manage Wealth? Interactive Asset Allocation

  13. Navigator Wealth Management Navigator Wealth Management Tactical Asset Allocation When to Invest NAVIGATOR DOW RISK

  14. Navigator Wealth Management Strategic Asset Allocation Where To Invest

  15. Navigator Wealth Management Navigator Global Growth The Importance of Country Selection

  16. Navigator Wealth Management

  17. Navigator Wealth Management The Spending Wave Births Lagged for Peak in Family Spending Projected Dow 35,000 Dow Adjusted for Inflation Immigration-Adjusted Births (Millions)

  18. Navigator Wealth Management

  19. Navigator Wealth Management The Value of Wealth Management 1-1-1981 to 12-31-2000 NASDAQ CCMG Average Annual Return 13.33% 14.79% Beta 1.00 .52 Standard Deviation 24.8 17.5

  20. Navigator Wealth Management Providing Peace of Mind in Volatile Markets 1/1/00 – 12/31/00 Fund/Index MANAGED By CCMG UNMANAGED S & P 500 Index 4.55% -6.81% NASDAQ Composite -10.88% -39.29% Russell 2000 24.86% -3.97% Aim Aggressive Growth 46.04% 2.83% Aim Constellation 15.71% -10.28% Janus Venture -1.88% -45.49% Kemper Small Cap 44.92% -12.86% Oppenheimer Enterprise 9.99% -40.26% Putnam New Opportunities 4.91% -25.16% Putnam OTC Emerging Growth 7.62% -49.99% Rydex Nova 1.72% -19.54% Rydex OTC -15.26% -37.77% Van Kampen Enterprise .07% -16.66% CCMG Performance Net of Fees

  21. Navigator Wealth Management Fixed Income Investment $10,000 in 1971-81 $20,000 out 1981-2000

  22. Navigator Wealth Management Unmanaged Equity Fund Investment $10,000 in 1971-81 $20,000 out 1981-2000 Aim Weingarten Fund

  23. Navigator Wealth Management Tactical Asset Allocation

  24. Navigator Wealth Management Clark Capital Management Group Equity Fund Investment $10,000 in 1971-81 $20,000 out 1981-2000 Aim Weingarten Fund

  25. Navigator Wealth Management

  26. Navigator Wealth Management

  27. Navigator Wealth Management Navigator STAR Dent Sector Growth Portfolio

  28. Navigator Wealth Management Navigator Strategic World Dent Sector Blend Portfolio

  29. Dent Sector Growth Portfolio Allocations 1/1/01 7/1/99 – 12/31/00 1/1/00 – 12/31/00 With CCMG Tactical Management * With CCMG Tactical Management * Unmanaged Unmanaged Sector Allocation Fund Allocation Weighting Aim Dent Demographic Trends A 27.94% 17.77% Dresdner RCM Global Technology 18.98% -14.56% Technology Dresdner RCM Global Technology 50% Rydex Biotech 49.64% 28.00% Biotech Rydex Biotech 10% Invesco Financial Services 40.49% 26.22% Financial Services Invesco Financial Services 20% Warburg Pincus Global Health Sciences 40.93% 39.08% Healthcare Warburg Pincus Global Health Sciences 5% Liberty Newport Tiger -1.65% -16.07% Pacific Rim (x Japan) Liberty Newport Tiger Fund 15% Navigator Wealth Management

  30. Money Supply Exploding Percentage Chart: Business Week, March 19, 2001, p. 32 Source: Federal Reserve Board

  31. Net Worth Declines Dollars (Trillions) Source: Investors Business Daily

  32. Ed Yardeni’s Federal Reserve Market Model Stocks overvalued when greater than zero Stocks undervalued when less than zero Percentage Chart: Barron’s, March 19, 2001 Source: yardeni.com

  33. Back to Earth Chart: The Economist, February 24, 2001, p. 75 Source: Thomson Financial Datastream

  34. Nasdaq 1971 – 2001

  35. Dow Channel At a Constant Percentage Growth Rate 1982–2008 35,000 Jan. 82 Jan.83 Jan. 84 Jan. 85 Jan. 86 Jan. 87 Jan. 88 Jan. 89 Jan. 90 Jan. 91 Jan. 92 Jan. 93 Jan. 94 Jan. 95 Jan. 96 Jan. 97 Jan. 98 Jan. 99 Jan. 00 Jan. 01 Jan. 02 Jan. 03 Jan. 04 Jan. 05 Jan. 06 Jan. 07 Jan. 08 Jan. 09

  36. Hang Seng (Hong Kong) 1/98-3/01 1/2/98 3/2/98 5/2/98 7/2/98 9/2/98 11/2/98 1/2/99 3/2/99 5/2/99 7/2/99 9/2/99 11/2/99 1/2/00 3/2/00 5/2/00 7/2/00 9/2/00 11/2/00 1/2/01 3/2/01 Source: Bloomberg

  37. Navigator Wealth Management What’sInItForYou? Assumptions - $2,000,000 Annually in Managed Advisory Assets 15%/year appreciation

  38. Navigator Wealth Management Wealth Management is not ... • A get rich quick scheme • A short-term trading strategy • A way to greatly improve performance in • rapidly rising markets • A way to capture every advance or avoid every decline • A way to exceed market returns every year

  39. Navigator Wealth Management Wealth Management is ... • A conservative strategy designed to prevent loss of capital while providing for growth • A long-term investment strategy • Obtaining the benefits of equities • Safety of cash • Peace of mind

  40. Navigator Wealth Management

  41. Navigator Wealth Management

  42. Navigator Wealth Management

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  44. Navigator Wealth Management

  45. Navigator Wealth Management Other Considerations... • Platforms • People • Service • Building Your Fee Business • Our Goal--- Your Peace of mind

  46. Navigator Wealth Management Disclosures Presentation for registered Financial Advisors Only. • The performance in this presentation is hypothetical based upon applying CCMG's actual tactical asset allocation signals to the S&P 500, NASDAQ Composite Index and the various mutual funds referenced in the presentation. • CCMG was established in 1986. However, since 1981, CCMG’s founder has managed various client accounts by using his proprietary quantitative risk management program (the “Navigator Program”). The program generates tactical asset allocation buy and sell signals for determining when to be in or out of the stock market. When a sell signal is generated, an account’s entire equity investment is liquidated and invested in money markets and other cash equivalents, and when a buy signal is generated, the entire account is reinvested in equity investments. The charts in the presentation compare the hypothetical performance since 1981 of (1) a $100,000 investment in the stocks comprising the Standard & Poor’s 500 Index & Nasdaq Composite and various mutual funds after applying the Navigator Program’s actual audited buy and sell signals; (2) a $100,000 investment in the stocks comprising the Standard & Poor’s 500 & Nasdaq Composite Index and various mutual funds without the benefit of the Navigator Program. The chart illustrates what effect the buy and sell signals of the Navigator Program would have on an investment portfolio comprised of the stocks contained in the Standard & Poor’s 500 Index & Nasdaq Composite and various mutual funds if such buy and sell signals were implemented. Although the buy and sell signals are actual signals which have been generated since 1981 by the Navigator Program, the performance results do not represent the actual performance of accounts managed by CCMG’s founder or CCMG. Actual client accounts are typically invested in equity mutual funds which may hold all, some or none of the stocks which comprise the Standard & Poor’s 500 Index & Nasdaq Composite and various mutual funds. In addition, although performance is compared to a benchmark comprised of a fully and continuosly invested Standard & Poor’s 500 Index & Nasdaq Composite and various mutual funds, client accounts are typically either fully invested (“in the market”) or in cash equivalents (“out of the market”). The actual amount of time invested in the market will vary with economic conditions. For example, while from January 1981 to December 31, 1998, an investor following the buy/sell signals of the Navigator Program would have been out of the market approximately 50% of the time, the percentage of time invested in the market in any given year varies from a low of 12% to a high of 83%. Furthermore, unlike an actual performance record, these performance results (1) do not reflect the actual expenses that clients may incur and (2) do not reflect the impact a client’s economic circumstances might have had on the investment adviser’s decision making if the investment adviser were actually managing a client’s money. Investors should not consider this performance data a substitute for the performance of CCMG’s actual client accounts .nor should investors consider this data as an indication of future performance. All dividend and capital gain distributions have been reinvested in the annualized total return figures but not in the above chart. Performance of the Navigator Program reflects the deduction of a model management fee of 2.25%. However, clients of the Navigator Program are invested in mutual funds, and the performance does not reflect the deduction of mutual fund expenses. The principal value and return of common stocks will fluctuate with changing market conditions. The annualized total return performance figure includes dividends and is net of management fees. Risk adjusted return is the percentage return per unit of risk and is calculated by dividing the annualized return by the standard deviation. Beta is a measure of an account's sensitivity to the market. It measures the relationship between an account's excess return over T-bills and the excess return of the benchmark index, in this case the S&P 500.

  47. Navigator Wealth Management Clark Capital Management Group, Inc.

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