Past performance is not indicative of future results. All performance data contained in this material is model performance. Model performance is net of a 0.90% management fee. For information on the use of model performance, please see Model Disclosures at the bottom of the website and in the Important Disclosures section. Net performance includes all fees and expenses associated with an investment in the strategy. The performance record shown above may not correspond exactly to each individual client’s returns. The indices referenced herein are broad-based securities market indices and used for illustrative purposes only. For information on the use of indices, please see Index Disclosures at the bottom of the website and in the disclosures section.

Past performance is not indicative of future results. All performance data contained in this material is model performance. Model performance is net of a 0.90% management fee. For information on the use of model performance, please see Model Disclosures at the bottom of the website and in the Important Disclosures section. Net performance includes all fees and expenses associated with an investment in the strategy. The performance record shown above may not correspond exactly to each individual client’s returns. The indices referenced herein are broad-based securities market indices and used for illustrative purposes only. For information on the use of indices, please see Index Disclosures at the bottom of the website and in the disclosures section.

The indices referenced herein are broad-based securities market indices and used for illustrative purposes only. For information on the use of indices, please see Index Disclosures at the bottom of the website and in the Important Disclosures section.

Past performance is not indicative of future results. All performance data contained in this material is model performance. Model performance is net of a 0.90% management fee. For information on the use of model performance, please see Model Disclosures at the bottom of the website and in the Important Disclosures section.

Past performance is not indicative of future results. All performance data contained in this material is model performance. Model performance is net of a 0.90% management fee. For information on the use of model performance, please see Model Disclosures at the bottom of the website and in the disclosures section. Net performance includes all fees and expenses associated with an investment in the strategy. The performance record shown above may not correspond exactly to each individual client’s returns. The indices referenced herein are broad-based securities market indices and used for illustrative purposes only. For information on the use of indices, please see Index Disclosures at the bottom of the website and in the Important Disclosures section.

Volatility Yield Model Performance. All performance data contained in these materials are model data. This represents performance an investor may have obtained had it invested in the manner shown and does not represent performance that any investor actually attained. Performance should not be considered indicative of the skill of the manager. For actual Sagewood Volatility Yield Strategy (VYS) performance, please contact Sagewood directly. The model performance is net of a 0.90% fee. Returns begin September 30, 2007. The model performance presented is based upon the following assumptions: Short 1 & 2 month SPX index call and put option (strangle), long 1 & 2 month SPX index call and put option (strangle) with strikes further out of money; roll positions 1 day prior to expiration or if short options are close to, at or in the money. Option prices sourced from IVolatility.com – third party options data provider. Certain assumptions have been made for modeling purposes and are unlikely to be realized. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the returns have been stated or fully considered.

Illustrations of model historical portfolio results (e.g., hypothetical or back-tested performance) have many inherent limitations. These include that there can be no assurance that a model historical portfolio, and any one or more of its component investment strategies or products, will achieve, or is likely to achieve, the historical profits or losses shown by the model. In fact, there are frequently sharp differences between model historical portfolio performance results and actual results subsequently achieved by a particular investment product or portfolio. Several reasons for this exist, including that such model historical performance is generally prepared with the benefit of hindsight and cannot take into account the future financial, market, manager and/or regulatory risks that are encountered in actual trading. When you review a model historical portfolio of investment performance and/or indices as presented herein for the purpose of performing analyses on historical returns, you must bear in mind that past historical performance, risk profiles and correlations of a model historical portfolio are not actual investment results, and often cannot be replicated in an actual investment portfolio. Analysis of the historical performance of a model historical portfolio, therefore, should be viewed as only one of many factors and inputs relevant to forming a general opinion or macro view regarding the return and risk profiles of an existing or proposed portfolio, and should not be considered an indicator of the future performance or risk of any existing or future portfolio, or of any future allocation or rebalancing of an existing portfolio. Risk or return profiles of actual portfolio holdings, and the correlations of actual holdings within a portfolio, may be higher or lower than that shown when in a model portfolio. These performance results are presented for illustrative purposes only.

The indices referenced herein are broad-based securities market indices and used for illustrative purposes only. Each has been selected because it is well known and easily recognizable. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Investments cannot be made directly into an index. Index returns assume reinvestment of dividends and do not reflect any fees or expenses associated with an account. The indices are presented for comparison purposes only and should not be relied upon. All index performance is dated as of the date indicated herein. Please see index definitions on the following slide.

Index Definitions

3 Month US Treasuries (USGG3M) – Widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 7 trillion benchmarked to the index, with index assets comprising approximately USD 1.9 trillion of this total. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU) – Broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

Chicago Board Options Exchange Volatility Index (VIX) – Reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes. 1st & 2nd month expirations are used until 8 days from expiration, then the 2nd and 3rd are used.

Dow Jones Commodity Index (DJCI) – Broad measure of the commodity futures market that emphasizes diversification and liquidity through a simple, straightforward, equal-weighted approach.

HFRI Fund Weighted Composite Index (HFRIFWI) – Global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.

Standard and Poor’s 500 Index (SPX) – Capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period.