Overview:

Walbridge Smart Beta and Smart Alpha Indexes U.S. Equities Large-Cap

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August 2013

For Discussion Purposes Only

Copyright © 2013 Walbridge Capital Advisors, LLC. All rights reserved.

Walbridge Smart Beta and Smart Alpha Indexes (Estimated Results: January 1997- August 2013)*

* The information designated in this chart and the following table as “Smart Beta” and “Smart Alpha” depict the estimated gross index results that would have been achieved if an investor had adhered to the those strategies during the period January 1997 through August 2013.

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S&P500 Smart Beta Smart Alpha

Walbridge Smart Beta Index and Walbridge Smart Alpha Index Estimated Risk-Value Metrics vs. S&P 500 (based on data for January 1997 - August 2013)

Walbridge

Smart Beta Index

Walbridge

Smart Alpha Index S&P 500 Price Index

BETA relative to S&P 500 1.06 0.17 1.00

Downside Volatility (annualized) 0.13 0.06 0.12

Volatility (annualized) 0.14 0.14 0.19

Return (annualized) 18.3% 26.7% 4.9%

TREYNOR (return / beta) 0.17 1.53 0.05

SORTINO (return / downside volatility) 1.37 4.46 0.42

SHARPE (return / volatility) 0.80 1.92 0.26

Correlation relative to S&P 500 0.87 0.23 1.00

Weekly Up-Capture Ratio 1.18 0.33 1.00

Weekly Down-Capture Ratio 0.92 -0.16 1.00

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ABOUT WALBRIDGE CAPITAL

• Walbridge Capital Advisors, LLC is a registered investment advisor with the State of Connecticut

securities regulatory authority. Since 2008, the firm has provided effective, risk-managed investment services to the limited partners of its hedge fund product, including high net-worth individuals, IRAs, family offices, non-profits, as well as sub-advisory investment management services to other institutions. The management team consists of highly skilled professionals with extensive and comprehensive combined experience.

• Risk Mitigation Expertise. The firm’s investment and risk management expertise has deep roots in the insurance industry, in the area of Asset-Liability Management (ALM) and Enterprise Risk Management (ERM). The firm applies proprietary principles of Equity Immunization™ derived from advanced actuarial science and investment management through the use of statistical arbitrage and systematic trading algorithms within the classic long-short, market-neutral structure.

• Technology. The firm’s innovative Equity Immunization™ technology and Gamma Capture™ software form a leading platform for melding risk management and investment performance objectives into a single integrated product design. Further, this “building block” technology provides the firm with the capability to construct customized investment solutions and to expand capacity by including global markets in the future. The firm’s quantitative scientific approach provides a disciplined framework and systematic mechanism for achieving improved portfolio construction and reliable strategy execution, with robust outperformance over time.

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IMPORTANT INFORMATION

• This document contains material which is confidential and proprietary and has been prepared solely for discussion purposes. The information contained herein is believed to be correct, but its accuracy and completeness cannot be guaranteed. It is available on an “as is” basis without warranty.

• There is no guarantee that the advisor will be successful in achieving returns similar to the index strategies herein. Gross annual returns will likely be lower than the index returns after expenses and fees are taken into account, including management fees, brokerage or transaction costs, or other administrative or custodian fees or other permitted expenses that may be incurred in the management of a separate account or a fund.

• One cannot directly invest in an index. Index returns represent past performance and are not a guarantee of future results or indicative of any specific investment.

• The index returns shown reflect hypothetical model performance an investor would have obtained had it invested in the manner shown and do not represent returns that any investor actually attained. Hypothetical model performance has limitations including lack of financial risk. It may not reflect the impact that material economic and market factors might have had on the advisor if the advisor were actually managing client money. The index returns shown are not adjusted for fees, expenses, or the reinvestment or payment of dividends.

• For Sub-advised Managed Account Use Only. All separately managed accounts are held at JPMorgan.

Jeffrey A. Leitz, FSA, CERA – Founding Chairman, CEO and Chief Investment Officer of Walbridge Capital. He is a Fellow (FSA) of the Society of Actuaries (SOA) with over 25 years of experience in Asset-Liability Management (ALM), portfolio immunization and enterprise risk management (ERM), held senior actuarial and investment-related positions at Connecticut Mutual, Travelers, and MassMutual Financial Group prior to his tenure at Towers Perrin (Towers Watson) as a senior consultant and trusted advisor on equity risk management. Mr. Leitz has a B.S. in Mathematics and Actuarial Science as a University of Connecticut Honors Scholar, holds both the SOA’s Fellowship (FSA) credential and the SOA’s Chartered Enterprise Risk Analyst (CERA) credential, is an executive graduate of the SOA/Wharton School’s Joint Program on Asset-Liability & Risk Management, and the Harvard Kennedy School’s Program on Behavioral Finance. Mr. Leitz has authored published articles on risk-based capital, variable annuity equity guarantees and dynamic hedging techniques, and is a frequent presenter at industry conferences, such as the Society of Actuaries and the Global Association of Risk Professionals (GARP). He has been quoted in the Wall Street Journal and investment publications and his advanced research in stochastic scenario reduction techniques using low discrepancy points has been used by major life insurance companies in the U.S. since 1997. He served on the American Academy of Actuaries’ working group which developed the industry’s new standard of principles-based capital requirements for equity-based annuity products.

FOR FURTHER INFORMATION ABOUT OUR PRODUCT S AND SERVICES PLEASE CONTACT: JEFFREY LEITZ WALBRIDGE CAPITAL ADVISORS, LLC 1000 FARMINGTON AVENUE WEST HARTFORD, CT 06107 860 967-0697 office 860 490-2892 mobile jleitz@walbridgecapital.com

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