Peter Lundstedt Global Equity Strategy Separately Managed Account A Proprietary Process

1. Peter Lundstedt Global Equity Strategy Separately Managed Account A Proprietary Process GREENWICH ASSET MANAGEMENT Institutional Use Only (203) 622-1305 Firm Established in 2001 Firm 100% Employee Owned

2. QUOTE “ Not yet have I found any better method to prosper during the future financial chaos, which is likely to last many years, than to keep your net worth in shares of those corporations that have proven to have the widest profit margins and the most rapidly increasing profits. Earning power is likely to continue to be valuable, especially if diversified among many nations… ” - John Templeton 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

3. AWARENESS PURPOSE PORTFOLIO MANAGER PROCESS 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

4. PURPOSE • The Greenwich Global Equity Strategy seeks to minimize downside risk through the combination of a disciplined sell strategy and portfolio construction service. • The Greenwich Global Equity Strategy seeks to provide an annual return of 300 to 500 basis points above the S & P 500 over a 3-5 year holding period. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

5. PORTFOLIO MANAGER 24 years of Investment Experience. Exceptional Performance in 2008; 16.81% better than the S&P 500 for long equity only. Veteran of 8 market cycles and the U.S. army. Providing independent, unbiased, transparent and investment banking free advice. I am a one person only firm. Additionally, my independence provides investment directors with an objective view of the market, outside of their own structured environment. This can help by giving them an unbiased, transparent view, free of brokerage and investment banking bias while potentially increasing a director’s influence leading to an accumulation of more assets. A good way to measure this process is to see if other major fund managers are buying the same stocks we are. I think you might be impressed. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

6. PROPRIETARY PROCESS • We use the quantitative research and technical analysis of leading financial information providers to create customized equal weighted equity portfolios • The best attributes of each information providers is extracted and added to our proprietary evaluation system • We use 12 measurements when evaluating whether or not a company should be added to the portfolio • We look for each company selected to be in the top 15% of each fundamental measurement category. Very few stocks rank above 15% on ALL levels. Each category is centered around financial health and overall demand of stock buyers STEP II • Each company’s fundamentals are then graded on 24 different indicators and broken down into four sectors: GROWTH, VALUE, PORFITABILITY and CASH FLOW • We look for each stock with a minimum score of 85 on a scale of 100 to survive the cut STEP III STEP I 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

7. PROPRIETARY PROCESS • FUNDAMENTAL SCREENING • TECHNICAL SCREENING • All Stocks • (U.S. and ADR Only) 10,000 70 • Above the 200 Day Moving Average Line • STOCKS • STOCKS • 700 – 1400 Day • Linear Regression • Line Position Minimum 15% ROE • 2,000 • 65 • MACD Positive • Money Flow Positive • Stochastic Position Top 15% Earnings Top 15% Sale Top 15% Earnings • 200 • 60 • Top Sectors Emerge • VALUATION MEASURES • Market Cap • Trailing P/E • Forward P/E • PEG Ratio • Price/Sales • Price/Book Buy BALANCE Buy GROWTH Buy VALUE • 50 • 100 • 70 • 40 Above the 200 Day Moving Average Line • FINANCIAL MEASURES • Profitability • Management Effectiveness • Income Statement • Balance Sheet • Cash Flow Statement • 30 • 30 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

8. BEST IDEAS PORTFOLIOS FORUNIFIED MANAGED ACCOUNTS UNIFIED MANAGED ACCOUNT ASSET ALLOCATION TAX EFFICIENCY MANAGED ACCOUNTS • UNIFIED MANAGED ACCOUNTS: The idea of the unified managed accounts is very enticing and simple for investors. With this type of account, you can combine every type of investment that is available into a single account. For example, one investor could invest in a mutual fund, bonds and stocks from the same account. They could even have an IRA or some other type of retirement account within the unifies managed account • ASSET ALLOCATION: With this type of account, you can take advantage of asset allocation. Since you will have many different types of investments available to you, you can easily determine how much of each type of investment you want • TAX EFFICIENCY: Having a unified managed account can also help you significantly when it comes to tax efficiency. Since you have all of your investments in one place, it is easy to identify where you can offset your gains with losses • MANAGED ACCOUNTS: A big benefit of this type of account is that you can have access to a qualified money manager. Previously this benefit was only provided to accredited investors, that had significant sums of money to invest. However, with the unified managed account, you can get involved much more easily. You will be able to deal with someone that has substantial expertise in the financial markets and knows how to build a portfolio 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

9. THE TECHNICAL FILTER The companies that are able to make it through the first three steps are then evaluated based on a core group of technical indicators. Those companies that pass Step IV, are then considered as an investment candidate to one of 30 or 40 portfolio slots. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

10. BUY STRATEGY TRENDING UP ABOVE 200 DAY MVA Source: Greenwich Asset Management Group Research, Market Browser 8/2009 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

11. SELL STRATEGY WHEN A TREND IS BROKEN WHEN CO-FUNDAMENTALS CHANGE BUY SELL Source: Greenwich Asset Management Group Research, Market Browser 8/2009 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

12. GLOBAL DIVERSIFICATION • Ifthe U.S. happens to besuffering from an economic downturn or high inflation, there may be some better investment opportunities abroad. Those investments abroad could help boost a portfolio weighted heavily in US equities when the U.S. stock market is not performing well • There area numberofdifferent risks associated with foreign stocks. There is, for example, country risk. There is also currency risk. Investors can expect occasional losses depending on market volatility. The manager will recognize losses in the portfolio when appropriate • While U.S. marketshaveperformed well over the very long run, this is not necessarily the case with all foreign countries. Many countries suffer from political, social, and/or economic instability that makes investing in those countries less likely. Furthermore, foreign governments have different rules regarding the regulation and taxation of securities that could be at odds with your investment objectives. We only invest in Foreign ADR's listed on a U.S. Exchange because of the stringent accounting rules required to gain entrance, which allow us to measure those stocks using our proprietary formula 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

13. DIVERSIFICATION STRATEGY Imagine owning a portfolio of 30 – 40 equal weighted stocks similar to the ones below... We do. This is what we want a stock portfolio to look like, minus the last two. Source: Greenwich Asset Management Group Research, Market Browser 8/2009 Goal of 30 – 40 Equal weighted Up-Trending Stocks Re-balance Quarterly 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

14. FIVE FOR THOUGHT • LOWER DEBT • Equals better management and more money flowing into your stock as profits rather than paid out as interest payments • AN UP TRENDING STOCK • Indicates consistent demands and that something good is happening • EARNINGS CONSISTENCY • Buffet’s most important fundamentals measurements next to • consumer monopoly BUY RECOMMENDETIONS From ‘Multiple’ independent Stock Analysts • A MINIMUM OF 15% ROE • 15% return on equity is a Buffet minimum which measures good management 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

15. MANAGING RISK Global Equity Risk… 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

16. GLOBAL EQUITY RISK • Liquidity risk: The risk that arises from the difficulty of selling an asset. An investment may sometimes need to be sold quickly. Unfortunately, an insufficient secondary market may prevent the liquidation or limit the funds that can be generated from the asset. Some assets are highly liquid and have low liquidity risk (such as stock of a publicly traded company), while other assets are highly illiquid and have high liquidity risk (such as a house) • Country, Political and Economic Risk: The potential volatility of foreign stocks or the potential default of foreign government bonds, due to political and/or financial events in the given country. • Market risk: Risk which is common to an entire class of assets or liabilities. The value of investments may decline over a given time period simply because of economic changes or other events that impact large portions of the market. Asset allocation and diversification can help protect the investor’s overall portfolio against market risk because different portions of the market tend to under perform at different times, also called systematic risk. Investors can expect occasional losses depending on market volatility. The manager will recognize losses in the portfolio when appropriate. • Unsystematic risk: The risk of price change due to the unique circumstances of a specific security, as opposed to the overall market. Diversification can also help reduce this risk. • Event risk: The likelihood that the rating of a bond will drop due to an event, such as the taking on of additional debt or a recapitalization by a company. • Regulatory risk: The risk associated with the potential for laws related to a given industry, country, or type of security to change and impact relevant investments. • Legislative risk: The risk that a new law or a change in an existing law could have a significant impact on an investment. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

17. RESEARCH: SIMULATED MODEL PERFORMANCE Source: Greenwich Asset Management Group Research, informa.com 4/2010 Source: Greenwich Asset Management Group Research, informa.com 4/2010 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

18. LIVE PERFORMANCE 2008-2009 Global Equity Strategy 2008 – 2009 Live Money Greenwich Asset Mgmt., Group, LLC Long-only Global Equity Strategy Source: Greenwich Asset Management Group Research, informa.com 4/2010 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

19. PERFORMANCE • This powerful process was successfully run for five years on fully invested equity portfolio's whose performance was reported to Indata, averaging 25% with assets over $70 million run in collaboration with a former $30 billion manager of the NYS Common Retirement Plan • The program is designed specifically for multi- $million stock portfolios where a stocks liquidity plays a major role • The manager currently has less than $100 million under management • Turnover and Trading fees are kept as low as possible • Management fee, excluding IRA's and non-accredited investors, of 1% and performance fee of 1% for every 10% earned with high water mark is available • In addition to running actual accounts for 5 years, the program was back tested for 5 years with large hypothetical accounts which were 62% ahead of the S&P 500 after five years • Mr. Lundstedt did 16+% better than the market in 2008 with real money and made the Informais.com's IIS PSN Top Guns quarterly list, twice in 2008 and again in 2009 • Benefits: The program combines two disciplines of finding companies with extraordinary fundamentals while using technical timing analysis to buy or sell them with the objective of, Better potential equity returns, Greater diversification, Greater confidence in moving forward, created by holding higher graded equity positions, an Independent Custodian and No surrender fee or lock up period

20. BIO • In 2001 Mr. Lundstedt incorporated Greenwich Asset Management Group, LLC in Delaware as an Independent Registered Investment Adviser GAMG, LLC designs and implements strategies based on a growth investment philosophy determined by a proprietary system, developed and refined over the past twenty four years by CEO and Portfolio Strategist, Peter Lundstedt. • Experience: Over 24 Years in the investment management business, 15 years at several prestigious brokerage firms on Wall Street, promoted to Vice President and Senior Vice President of Investments. Five years portfolio trading with former manager of $30 billion NY State Common Retirement Fund. Has retained many of the same clients for over 15 years. • Education: Bachelor of Science Degree in International Business, Fischer School of Business, The Ohio State University; U.S. Army, West Point Military Academy Staff. • Organizations: Member: Knights Templar; The Order of St. Lazarus; Royal Arch Masons, 32nd Degree; Veteran Corp of Artillery, NYC; Squadron A Association, NYC; Safari Club International; National Rifle Association; CT Coalition of Sportsmen; Greenwich Chamber of Commerce; Young Grand Old Party, Greenwich, CT; Greenwich Historical Society; International Exchange Club; Dutch Reformed Church. • Mr. Lundstedt was born in Princeton, NJ in 1958 to Jean Lundstedt and Dr. Sven B. Lundstedt, Public Policy and Public Administration Professor and resided in Cambridge, MA; Ann Arbor, MI; Cleveland and Columbus, Ohio; and on his family's dairy farm in upstate New York. Mr. Lundstedt lives and works in Greenwich, CT. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

21. HOW WE ARE DIFFERENT The process has outperformed most mutual funds. The program combines two disciplines of finding companies with extraordinary fundamentals while using technical timing analysis to buy or sell them. The program represents the accumulation of a number of top investment professional's combined years of actual money management experience. We focus on something different from most managers, i.e. demand analysis of stocks on several different levels. Our proprietary stock grading system, combined with an institutional portfolio structure, has virtually no competitors. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

22. HOW IT HELPS YOU TODAY The program is liquid with no lockup period. Geographically agnostic diversification of US and / or ADR stocks traded on US exchange while money stays in the US. Client controls assets using their own custodian. Diversification discipline of holding 30 equal positions plus rebalancing quarterly reduces the risk verses a top heavy portfolio. Our objectiveness lends to a truly independent view of stocks with no direct large corporate investment bank or brokerage influence. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

23. RATIONAL CHOICES FOR ALLOCATING TO GLOBAL EQUITY STRATEGY NOW Understanding the Global Equity Strategy is easy. Many other successful institutional investors are buying the same companies you are holding. Top graded stocks that you hold normally decline less than the market and go up more in rising markets. All of your top grades stocks are above important moving averages indicating positive demand. Your global equity strategy account is equally diversified among many top graded companies which generally lends itself to less volatility. You have control and daily access to your assets through your custodian viewable over the internet. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

24. HOW CAN YOU JUSTIFY ALLOCATING TO GLOBAL EQUITY STRATEGY NOW? If other managers can allocate $40 billion into 40 stocks, one should be able to easily allocate a much smaller amount to 40 equally diversified portfolio positions. You always know that your account buys companies with the highest fundamentals with buy recommendations from multiple independent stock analysts. The manager has invested in stocks such as Apple, Amazon.com, Google, general Electric, Proctor & Gamble, Exxon, IBM and Coke. The amount an investor places into this program is only relative to the client investing since other investors have different agendas. Hence, it is important to understand how the program relates to your agenda. Too many institutional investors followed the crowd in 2008 without understanding what they owned. This program is easy to understand, control and explain to the board. ** For further consideration please email peter.lundstedt@gamgllc.com 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE

25. DISCLAIMER Peter LundstedtGreenwich Asset Management Group, LLCCEO, Equity Portfolio Strategist and Equity Portfolio Advisers 2 Greenwich Office Park, Suite 300, Greenwich, CT 06831 USA Tel: (203) 622-1305 Fax: (203) 495-7590 Web site: www.gamgllc.com Email: peter.lundstedt@gamgllc.com FOR INSTITUTIONAL USE ONLY DISCLAIMER: Peter Lundstedt is president of Greenwich Asset Management Group, LLC, (GAMGLLC), a registered investment adviser All material presented herein is believed to be reliable but we cannot attest to its accuracy. Investment recommendations may change and readers are urged to check with their investment counselors before making any investment decisions. Opinions expressed in these reports may change without prior notice. Peter Lundstedt and/or the staff at GAMGLLC may or may not have investments in any funds cited above. PAST RESULTS ARE NOT INDICATIVE OF FUTURE RESULTS. THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN MANAGED ACCOUNTS. WHEN CONSIDERING ALTERNATIVE INVESTMENTS, INCLUDING HEDGE FUNDS, YOU SHOULD CONSIDER VARIOUS RISKS INCLUDING THE FACT THAT SOME PRODUCTS: OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS, CAN BE ILLIQUID, ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS, MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING IMPORTANT TAX INFORMATION, ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS, OFTEN CHARGE HIGH FEES, AND IN MANY CASES THE UNDERLYING INVESTMENTS ARE NOT TRANSPARENT AND ARE KNOWN ONLY TO THE INVESTMENT MANAGER. • PAST RESULTS ARE NOT INDICATIVE OF FUTURE RETURNS • THERE IS RISK OF LOSS AS WELL AS THE OPPORTUNITY FOR GAIN WHEN INVESTING IN SEPARATELY MANAGED STOCK ACCOUNTS. 2 Greenwich Office Park, Suite 300, Greenwich CT 06831 DOES NOT IMPLY FUTURE PERFORMANCE