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PRESENTATION TITLE. DATE. Agenda. Participant Allocations Capital Market Review Investment Review Fiduciary Considerations. I. Participant Allocations. There are two key aspects to the fact that participants continue to stay committed to their long-term allocations:

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PRESENTATION TITLE

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  1. PRESENTATION TITLE DATE

  2. Agenda • Participant Allocations • Capital Market Review • Investment Review • Fiduciary Considerations

  3. I. Participant Allocations There are two key aspects to the fact that participants continue to stay committed to their long-term allocations: • Professionally constructed portfolios – By removing the burden of portfolio construction from participants during enrollment, we have given the vast majority of participants the confidence of knowing that an independent advisor is managing their portfolio. • Consistent Reinforcement – Countering Wall Street’s constant barrage of new strategies, our communications consistently reinforce the same message that a well-diversified portfolio held for the long-term will capture the return of the global market.

  4. September 30, 2012

  5. II. Capital Market Review • As highlighted in our commentary from the most-recent Quarterly Performance Report, “Stocks climb a wall of worry.” • Despite continued anxiety about the economy, the S&P 500 is up over 16% YTD through September 30th…and no one saw it coming, not even the supposed “experts”. “US companies are more uncertain about the future that at any point since the financial crisis…” Ajay Makan, “Doubt Haunts US Company Results”, Financial Times, February 21, 2012 “We think that most of the US market is just not worth investing in…” Ben Inker, head of asset allocation at GMO, “Two Pros Weigh In on US Stocks”, Wall Street Journal, April 2, 2012

  6. II. Capital Market Review Wall Street’s so-called “experts” have led investors to take money out of equities by the billions as the recovery has continued, causing many investors to miss out on significant returns.

  7. II. Capital Market Review • This recent experience underscores the importance of the prudent investment philosophy employed in the Advisors Access portfolios. Staying invested in a well-diversified, low-cost portfolio is the only strategy that has proven effective time and time again. • Our ongoing communication efforts will continue to encourage participants to stay the course in order to capture the return of the global equity market, a return that many investors miss due to their own misguided behavior.

  8. III. Investment Review • As large US stocks continue to lead the recovery, the accompanying AA Fund Review spreadsheet shows that each fund continues to provide appropriate asset class exposure at reasonable cost. • Our patience with the DFA Large Value fund has paid off for participants. In the past few quarters, the fund had underperformed its benchmark, but the spreadsheet shows how the fund’s greater value exposure has paid off, not only over the long-term, but also now even in the short-term.

  9. IV. Fiduciary Considerations • In compliance with 404(a)5, participants will receive the new quarterly statements prior to November 15th. We anticipate that only a small number of participants will have questions and that the plan’s recordkeeper will be able to address those. • Participants with investment-specific questions should be directed to us as their fiduciary advisor.

  10. Disclosure Statement for Advisors Access Managed Portfolios

  11. Portfolio Composition Moderate Growth Portfolio All Equity Portfolio Growth Portfolio

  12. Portfolio Composition Conservative Portfolio Defensive Portfolio

  13. Sources of Data (See Portfolio Composition Pages for Asset Class Weightings) US Large Stock January 2001 - Present: DFA US Large Company Portfolio US Large Value Stock January 2001 - Present: DFA US Large Cap Value Portfolio III US Small Stock January 2001 - December 2006: DFA US Micro Cap Portfolio January 2007 - Present: DFA US Small Cap Portfolio US Small Value Stock January 2001 - December 2007: DFA US Small-Cap Value Portfolio January 2008 - Present: DFA US Targeted Value Portfolio International Large Value Stock January 2001 - Present: DFA International Value Portfolio III International Small Stock January 2001 - Present: DFA International Small Company Portfolio International Small Value Stock January 2001 - Present: DFA International Small Cap Value Portfolio Emerging Markets Stock January 2001 - December 2010: DFA Emerging Markets Portfolio January 2001 - December 2010: DFA Emerging Markets Value Portfolio January 2011 - Present: DFA Emerging Markets Core Portfolio Real Estate January 2001 - Present: DFA Real Estate Securities Portfolio January 2008 - December 2010: DFA International Real Estate Securities Portfolio Intermediate-Term Bond January 2011 - Present: DFA Five-Year Global Fixed Portfolio Inflation-Linked Bond January 2008 - Present: DFA Inflation-Protected Securities Portfolio Short-Term Bond January 2001 - Present: DFA Two-Year Global Fixed Portfolio

  14. Additional Disclosures • Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio nor do indices represent results of actual trading. • The performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor‘s shares when redeemed may be worth more or less than the original investment. Fund statistics change over time so that current performance may be higher or lower than that shown herein. • The mutual funds presented in this report are not FDIC-insured, may lose value and is not guaranteed by a bank or other financial institution. For performance data current to the most recent date, please visit the investment companies website. • All data contained in this report is obtained from third party sources such as Morningstar Direct or Returns. No guarantee can be made as to its accuracy or completeness. • The calculation of total return is determined each month by taking the change in monthly net asset value, reinvesting all income and capital-gains distributions during that month, and dividing by the starting NAV. Reinvestments are made using the actual reinvestment NAV, and daily payoffs are reinvested monthly. The total returns do account for management, administrative,12b-1 fees and other costs taken out of fund assets. • Total returns for periods longer than one year are expressed in terms of compounded average annual returns (also known as geometric total returns),affording a more meaningful picture of fund performance than non-annualized figures. (Description provided by Morningstar) • The calculation of Standard Deviation is determined each month by taking the dispersion about an average, which, for an investment, depicts how widely the returns varied over the time period indicated. All monthly standard deviations are annualized.

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