Lindner Capital Advisors Firm Overview

Lindner Capital Advisors Firm Overview

Lindner Capital Advisors Lindner Capital Advisors Managing Risk Modern Portfolio Theory, PostModern Portfolio Theory, and Tactical Asset Management Kovack Securities. October 2011 About Lindner Registered Investment Advisor (Founded 1996 in Atlanta, Georgia) Apply Academic Research, Analytical Skills and Practical Experience to Create Portfolios using Institutional Asset Class Strategies Dimensional Fund Advisors as our Core Strategy Plus Alternative Investments and Enhanced

Strategies Full Service Turn-key Asset Management Program TAMP Investment Management Sales & Marketing Support Practice Management Trading & Rebalancing Operations and Performance Reporting FOR ADVISOR USE ONLY NOT FOR PUBLIC DISTRIBUTION Fiduciary Oversight Certification for Global Fiduciary Standards of Excellence Independent recognition of an Investment Stewards conformity to all 23 Fiduciary Practices defined by the Prudent Practices for Investment Stewards handbook

ORGANIZE FORMALIZE MONITOR 3 IMPLEMENT Lindner Capital Portfolio Strategies Traditional Defensive

LCA Contemporary Tactical Low Costs: Internal Fund Expenses 16 Lindner Capital Portfolio Strategies Traditional Defensive LCA Contemporary

Tactical LCA Defensive Portfolio Series Defensive Defensive Portfolio Overview A Managed 100% Fixed Income Portfolio High Quality 90+% AAA Rated Short Term - < 2.5 years duration Low Internal Expenses (22bps) Low Turnover Liquid, No Lock Up Periods No Deferred Sales Charge As of December 31, 2010

Defensive Portfolio Performance Comparison Performance as of August 31, 2011 2010 2011 Defensive Capital Qualified Defensive Capital - Taxable 4.15% 4.53% 2.83% 2.56% Net of fees and transactions costs Compare to:

Average Money Market Rate practically zero 6 Month T Bills - .06% 1 Yr CDs 0.90% Past performance is not indicative of future results. For illustrative purposes only. Please review this information in conjunction with LCAs Composite Performance Disclosure which accompanies this presentation.Source: LCA Coposites Gathering Assets Over the next 20 years, the youngest baby boomer will be 66 yrs old. Investable assets will increase 40% over the next 4 years to $12 trillion. Theses boomers dont understand that the REAL BIG SCARE is Extinction of Purchasing Power. How do you help a client/prospect preserve capital for 30 yrs? Invest in a Growth Portfolio with Risk Management Two LCA Growth Strategies for Baby Boomers: Contemporary Portfolio and Tactical Economic Portfolio

Lindner Capital Portfolio Strategies Traditional Defensive LCA Contemporary Tactical Contemporary Portfolio Equities 55%

Fixed Income 20% Alternatives 25% Types of Alternative Investments Alternative Investment vehicles have challenges: Private Equity: Lock up periods of 5 yrs, capital calls are uncertain, lack of liquidity, and correlations to public equity. High $25 mm minimums. Real Estate: High maintenance cost, and requires local real estate expertise.

Hedge Funds: Lack of transparency and requires extensive due diligence. Most funds have experienced correlations with stocks and bonds. There is no guarantee any investment product will achieve its objectives, generate profits or avoid losses. Past performance is not indicative of future results. What Are Managed Futures? An Alternative to Traditional Investments Managed Futures: CURRENCIES U.S. Dollar Euro British Pound Japanese Yen Australian Dollar

An alternative asset class in which Commodity Trading Advisors seek to generate returns using futures contracts on financial instruments such as currencies, treasury bonds, and equity indexes, and commodities such as corn, oil, gold, and sugar. METALS AGRICULTURALS Steel Rebar Futures, SHFE Copper Futures, SHFE High Grade Primary Aluminum Futures, LME Gold Futures, Nymex SPDR Gold

Shares ETF Options Soy Meal Futures, DCE White Sugar Futures, ZCE Soy Oil Futures, DCE Rubber Futures, SHFE Corn Futures, CME The products listed above are a representative sampling of those traded by money managers. The list is provided for illustrative purposes and is not intended to be exhaustive. EQUITIES Kospi 200 Options, KRX

E-mini S&P 500 Futures, CME SPDR S&P 500 ETF Options DJ Euro Stoxx 50 Futures, Eurex S&P CNX Nifty Options, NSE India INTEREST RATES ENERGY Eurodollar Futures, CME Eurobor Futures, Liffe

10 Year Treasury Note Futures, CME Euro-Bund Futures, Eurex One Day InterBank Deposit Futures, BM&F Light, Sweet Crude Oil Futures, CME Brent Crude Oil Futures, ICE Futures Europe Natural Gas Futures, CME WTI Crude Oil Futures, ICE Futures Europe Fuel Oil Futures, SHFE

30-Year Performance Commodities, Managed Futures, Equities Managed Futures Performance During Equity Up Markets In the 63 months when equities were up 5% or more, managed futures were up 39 times (62%). Managed Futures Performance During Equity Up Markets CASAM CISDM CTA Asset Weighted Index through Oct.2010. Barclay BTOP50 Index thereafter. Source: PerTrac Financial Solutions. Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making any investments.

See the section entitled "Important Consideration, Descriptions of Indices and Definitions of Terms" for a fuller description of each of the indices. Dec 10 Jul 10 Sept 10 Mar 10 Jul 09 Nov 09 Apr 09 May 09

Mar 09 Oct 03 Dec 03 Apr 03 Managed Futures May 03 Oct 02 Nov 02

Apr 01 Nov 01 Mar 00 Oct 98 Dec 99 Mar 98 Sept 98 Feb 98 Jul 97

Sept 97 Apr 97 May 97 Jan 97 Nov 96 Sept 96 Feb 91 Equities S&P 500 Total

Return Index. Source: PerTrac Financial Solutions. Dec 91 Nov 90 Jul 89 May 90 Apr 89 Jan 89 Jul 87

Dec 87 Jun 87 Oct 86 Jan 87 Aug 86 Mar 86 May 86 Feb 86

Nov 85 Jan 85 May 85 Apr 83 Aug 84 Oct 82 Oct 81 Aug 82 Jul 80

Nov 80 Jan 80 May 80 (with increases of at least 5% per month) January 1980 December 2010 Managed Futures Performance During Equity Down Markets In the 33 months when equities were down 5% or more, managed futures were up 26 times (79%). Managed Futures Performance During Equity Down Markets (with declines of at least 5% per month) January 1980 December 2010 10%

5% 0% -5% -10% -15% -20% Equities S&P 500 Total Return Index. Source: PerTrac Financial Solutions. Managed Futures CASAM CISDM CTA Asset Weighted Index through Oct.2010. Barclay BTOP50

Index thereafter. Source: PerTrac Financial Solutions. Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making any investments. See the section entitled "Important Consideration, Descriptions of Indices and Definitions of Terms" for a fuller description of each of the indices. Jun '10 May '10 Feb '09 Jan '09 Nov '08

Oct '08 Sep '08 Jun '08 Jan '08 Dec '02 Sep '02 Jul '02 Jun '02 Apr '02

Sep '01 Aug '01 Mar '01 Feb '01 Nov '00 Sep '00 Jan '00 Aug '98

Aug '97 Aug '90 Jan '90 Nov '87 Oct '87 Sep ' 86 Jul '86 May '84 Feb '82

Aug '81 Mar '80 -25% Managed Futures Returns During Five Worst Equity Drawdowns Five Worst Drawdowns in the S&P 500 TRI Since 1980 S&P 500 Total Return Index. Source: PerTrac Financial Solutions. CASAM CISDM CTA Asset Weighted Index. Source:

PerTrac Financial Solutions. The selected periods are used for illustrative purposes only and may not correspond with the precise starting and ending dates surrounding any particular period of crisis, real or perceived. Each of these asset classes has its own set of investment characteristics and risks and investors should consider these risks carefully prior to making any investments. See the section entitled "Important Consideration, Descriptions of Indices and Definitions of Terms" for a fuller description of each of the indices. Low Correlation with Traditional Markets Low Correlation when NEEDED MOST! Fat Tail Events Source: Equinox Fund Management, LLC

Contemporary Portfolio Contemporary Portfolio Minimum Investment $100,000 Investor All Risk Profile Moderate Contemporary Portfolio Options CPS Accredited Version Minimum Investment Investor Risk Profile

$250,000 Accredited Only Moderate Contemporary Portfolio Minimum Investment Investor Risk Profile $100,000 All Moderate Lindner Capital Portfolio Strategies Traditional

Defensive LCA Contemporary Tactical LCA Tactical Portfolio Tactical LCA Tactical Economic Managed account platform Tactical shift among equity/fixed income allocations; nice complement to existing buy and hold portfolios Model driven by quantitative signals

$100,000 minimum Maximum management fee - 80 bps Eligible for advisory fees LCA Tactical Economic The Tactical Economic: Objective Align with the stock market during market rallies and move defensively during market downturns LCA Tactical Economic The Tactical Economic: Goal Capture equity risk premium that coincides with the business cycle

LCA Tactical Economic Markets LCA Tactical Economic Quantitative Model generates signals for shift to 80-100% equity or 80100% fixed income. (0-20% alternative and 2% cash buffer) Only uses major U.S. asset classes for asset allocation Not short term trading or high frequency trading Only 6 signals given using the simulated model from 2000-2010. LCA Tactical Economic urce: www.standardsandpoors.com. For Illustrative purposes only

LCA Tactical Economic No Leverage No Over The Counter Short Selling No Derivatives No Sector trading No stock picking No Buy&Hold or static model allocation, e.g. 60/40 equity/fixed

LCA Tactical Economic Portfolio Quantitative Signals within the Model: * ECRI = Economic Research Institute * US Treasury Yield - curve slope * Monetary Policy - direction of Fed Funds * ECRIs US Weekly Leading Index * ECRIs US WLI growth rate * Technical analysis of S&P 500 * Mathematical confirmation signals What is ECRI? Economic Cycle Research Institute This proprietary system of quantitative analysis distinguishes ECRI from other forecasters. As The Economist noted, ECRI is perhaps the only organization to give advance warning of each of the

past three recessions; just as impressive, it has never issued a false alarm. Over three generations of continuous research covering dozens of economies and hundreds of leading indicators. ECRI researchers have uncovered reliable sequences of events that occur around turning points in economic growth, inflation and employment. Source: www.businesscycle.com What Makes ECRI Different The approach used by most economists extrapolates economic trends; ECRI has a leading indicators approach

Source: www.businesscycle.com Benefits of Leading Indicators Source: www.businesscycle.com For Illustrative Purposes Only August Market Movers Q2 GDP disappointed 1.3% vs. 2.5% expectations; Q1 GDP revised to 0.4% from 1.9% US Treasury Downgrade to AA+ (S&P only) ISM Manufacturing @ 50.9 vs. expected 54.3

European Default Crisis Headlines LCA Tactical Economic Portfolio The stock market is a reaction not a prediction Recessions and stock market performance have historically shown that equities are flat to negative during recessions. Recessionary Periods Mid 1970s and Early 1980s S1396.6

Recession 17 months Unemployment Peaks at 9.0% May 1975 Recession Begins November 1973 Recession Ends March 1975 Recession 17 months Unemployment

Peaks at 10.8% Nov/Dec 1982 Recession End Announced July 8, 1983 Recession Begins July 1981 Recession Ends November 1982 Recession Announced January 6, 1982 Prior to 1979, there were no formal announcements of business cycle turning points. Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. For illustrative purposes only. Past performance is not a guarantee of future results and there is always the risk that an investor will lose money. Source: National Bureau of Economic Research (NBER) for economic expansions and recessions data; the S&P data are provided by Standard & Poors Index Services Group; US Bureau of Labor Statistics for unemployment data.

Recessionary Periods Early 1990s and Early 2000s Recession 9 months Recession Announced April 25, 1991 Recession Begins July 1990 S1396.6 Unemployment Peaks at 7.8% June 1992

Recession End Announced December 22, 1992 Recession Ends March 1991 Recession 9 months Recession Begins March 2001 Recession Announced November 26, 2001 Recession Ends November 2001

Unemployment Peaks at 6.3% June 2003 Recession End Announced July 17, 2003 Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. For illustrative purposes only. Past performance is not a guarantee of future results and there is always the risk that an investor will lose money. Source: National Bureau of Economic Research (NBER) for economic expansions and recessions data; the S&P data are provided by Standard & Poors Index Services Group; US Bureau of Labor Statistics for unemployment data. S&P 500 Index Cumulative Total Return Recessionary Period January, 2007 December, 2010

Recession 30 months Recession Begins December 2007 Unemployment Rate at 5.0% Recession Ends June 2010 Unemployment Rate at 9.5% Unemployment Rate at 9.4% December 2010 Recession Announced

December 1, 2008 Unemployment Rate at 7.3% Unemployment Rate Peaks at 10.1% October 2009 End of Recession Announced September 20, 2010 Unemployment Rate at 9.6% For illustrative purposes only. Indices are not available for direct investment; their performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is not a guarantee of future results and there is always the risk that an investor will lose money. Source: National Bureau of Economic Research (NBER) for economic expansions and recessions data; the S&P data are provided by Standard & Poors Index Services Group; US Bureau of

Labor Statistics for unemployment data. ETF Equity Asset Allocation Market weighted approach with an emphasis on diversification (>2,500 securities within the allocation) 45% Large Cap U.S. Equity 30% Mid Cap U.S. Equity 23% Small Cap U.S. Equity 2% Cash * allocation subject to change ETF Fixed Income Asset Allocation Allocation is a very conservative high credit quality allocation to AAA US Fixed Income 49% 1-3 Year

49% 3-7 Year 2% Cash ANGLX fixed income alternative *allocation subject to change ETF Benefits High level of transparency for each of the ETF holdings in the model. Low internal expense ratios; 9-20 bps. Intra day liquidity. Access to broad market indexs with a very low internal management fee. Tax efficiency. Model Update AUGUST Model is updated every Friday

Last signal July 29 , 2011 to fixed income Trigger signal on May 13th 2011 to fixed Model typically moves to fixed income within 8-10 weeks of trigger signal Model was allocated to equities from Oct 2010 to July 2011 Tactical Economic Portfolio Returns YTD As Of 9/30/11 LCA Tactical Economic Series: YTD composite performance returns are as of 9/30/11 *Net of fees Tactical Economic S&P 500 8.68%

MTD +0.04% -7.03% QTD -2.45% -13.87 Source: LCA Composites Past performance is not an indication of future performance. All information is qualified by the disclosures set forth on the accompanying pages, which must be read in conjunction with this information. YTD +3.38%

- Investors May Need to Get Used to Greater Downside Volatility Past performance is not an indication of future performance. All information is qualified by the disclosures set forth on the accompanying pages, which must be read in conjunction with this information. Contemporary Plus Blended Portfolio Allocation 37.5% Tactical Economic 37.5% DFA 65.35 25% Managed Futures Alternatives Allocation subject to change

Summary The past few years have been volatile for everyone Growing your business by managing portfolios is not efficient With more regulations every year, the cost and hassle of doing business gets worse by the day. Investors are more demanding and knowledgeable. The wealthiest are looking for wealth management vs. financial advise. It is time to make a positive change: Outsource portfolio management and reclaim your time building relationships Partner with Linder Capital Advisors The LCA Advantage

Strategic Partnership with Institutional Investment Manager Academically Sound Portfolio Construction Low Costs Fiduciary Responsibility Leverage the power of outsourcing: Allowing you to focus on business development and client relationships Capture Additional Assets Leverage current relationships Lindners Standards of Service Excellence and Training Performance Disclosure

This presentation is confidential and may not be disseminated or reproduced without LCAs consent. This presentation is intended for informational purposes only and is not intended to constitute investment advice or recommendations by LCA or any other party. Lindner Capital Advisors, Inc. (LCA) is an SEC registered investment adviser. Past performance of LCAs Portfolio Composites (the Composites) is no guarantee of future performance, and LCAs strategies, like most investment strategies, involve the risk of loss. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Asset allocation and diversification strategies do not assure a profit or protect against a loss. The performance data shown represents the performance of the various Composites, each of which is based on the performance of client accounts managed in the identified strategy, subject to the qualifications set forth in the following paragraphs. LCA creates the Composites as of each month-end by calculating the performance returns for fully discretionary client accounts over $50,000, temporarily excluding client accounts whose inclusion LCA believes

is not appropriate for one of the following reasons: (1) accounts with a significant cash flow of 30% or more in one month; (2) all outlier accounts, which are those accounts with a performance return that exceeds a z-score of 3.0; and (3) accounts that have changed management strategies at the request of the client or external relationship manager. Excluded accounts are removed as of the beginning of the month and re-enter their previous or enter a new Composite (as applicable) the first full month after the occurrence of the applicable exclusion reason. Composite returns including periods prior to June 2008 may include return information from client accounts that were not managed in the identified strategy for the entirety of the periods. LCA implemented the portfolio accounting system used to create the Composites in June 2008. LCA applied the systems methodologies to its existing historical data. Such data did not support adjusting the accounts that appeared in each Composite based on historical changes in such accounts management strategies. LCA believes the effect of the inclusion of such accounts in the Composites is immaterial, however, based on its policy of excluding outlier accounts as described above and its belief that the number of accounts that changed management strategies over the period was minimal. Please contact LCA if there are questions concerning Composite returns. The z-score is defined as how far a performance return deviates from the average performance return of all account in the composite list. A z-score of 3.0 indicates three standard deviations that an accounts performance return is above or below the mean. Previously, LCA published hypothetical model returns for its strategies. LCA now presents the Composites, each of which is based on actual performance of client accounts. As a result, the returns presented

are slightly different than those previously published. Performance Disclosure Returns are presented net of advisory fees and account transaction expenses and include the reinvestment of dividends and other earnings. LCA management fees have ranged from 0.40% 2.10% during the periods presented. Management fees incurred by clients may vary. LCAs current fee schedule is described in its Form ADV Part II, which is available upon request. Each strategys underlying investments include commingled investment vehicles such as mutual funds that pay other fees and expenses in addition to LCAs advisory fees. Inclusion of market index information is for informational purposes only and does not imply that a

strategy will achieve similar returns. Index performance does not reflect the deduction of transaction costs, management fees, or other costs which would reduce returns. An investor cannot invest directly in an index. The composition of an index does not reflect the manner in which a strategy is constructed in relation to expected or achieved returns, investment guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which may change over time. The S&P 500 Index is a capitalization-weighted index of 500 stocks intended to be a representative sample of leading companies in leading industries within the U.S. economy and is widely used as indicative of the performance of the U.S. stock market. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index that covers the U.S. dollar denominated, investment-grade, fixed-rate, taxable bond market securities, The index includes bonds from the Treasury, government-related, corporate, mortgage backed securities (MBS), asset backed securities (ABS), and commercial mortgage backed securities (CMBS) sectors. The Blended Benchmark Indices were created by LCA to reflect the performance of a benchmark comprised of the stated percentages of the S&P 500 and Barclays Capital U.S. Aggregate Bond Index. Actual client performance in the strategies and the periods depicted may be materially different and possibly lower than the performance data presented, due to various factors including:

different rebalancing frequency and implementation, investment cash flows, cash balances, different management fees, varying custodian fees and transaction costs, different timing of fee deduction and other factors. Clients must refer to their individualized performance evaluation for information concerning their actual accounts performance. Performance Disclosure Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment strategy will be profitable. Each asset class has inherent risks associated with that asset class. Understanding these risks is critical to making reasonable risk/return comparisons and sound investment decisions. Each of LCAs strategies may make small and micro-cap investments, which are subject to greater volatility than those in other asset categories. Each of LCAs strategies may invest in sector funds, which may involve a greater degree of risk than an investment in other funds with greater diversification.

Each of LCAs strategies may invest in fixed-income investments, which are subject to various risks, including changes in interest rates, credit quality, market valuations, liquidity, prepayments, corporate events, tax ramifications, and other factors. Each of LCAs strategies may make international investments, which are subject to additional risks, such as currency fluctuation, confiscatory policy, political instability, or potential illiquidity. Investing in emerging markets may accentuate these risks. Since no one manager is suitable for all types of investors, it is important to review investment objectives, risk tolerance, liquidity needs, tax consequences and any other considerations with a financial professional before choosing an investment style or manager LCA Composite Disclosure Composite performance results are based on a composite of LCAs managed accounts that fall within the specified stock-to-bond ratios in each of the identified products. Performance results may or may not depict the actual investment experience of any single client due to the timing of investment contributions, withdrawals, trade implementations and client or adviser directed investments. The annual composite dispersion is an equal-weighted standard deviation calculated for the accounts in the composite over the

entire year. Composite performance results exclude (i) accounts under management which do not maintain a balance during the entire composite period, and (ii) certain accounts under management that have temporarily been removed from discretion through client initiated actions. Past performance is not indicative of future results. Performance Disclosure Lindner Capital Advisors, Inc. (LCA) Disclosure for Back tested Performance Information Back tested performance is hypothetical (it does not reflect trading in actual accounts) and is provided for informational purposes to indicate historical performance had the model portfolios been available over the relevant period. Back tested performance does not represent actual performance and should not be interpreted as an indication of such performance. Actual performance for client accounts may be materially lower than that of the model portfolios.

Performance information of benchmark indices are included for comparison purposes only, however, it should be recognized that the volatility of the benchmarks is materially different from the volatility of the back tested portfolios. Back tested performance results have certain inherent limitations. Such results do not represent the impact that material economic and market factors might have on an investment advisers decision-making process if the adviser were actually managing client money. Back tested performance also differs from actual performance because it is achieved through the retroactive application of model portfolios designed with the benefit of hindsight. As a result, the models theoretically may be changed from time to time to obtain more favorable performance results. Additionally, the models may include some types of securities that the adviser no longer recommends for its clients. Back tested performance results assume the reinvestment of dividends, ordinary and capital gains and quarterly rebalancing. The performance of the strategy reflects and is net of the effect of LCA's annual investment management fee of 1.5%. Clients who open accounts for less than 200k will be charged a one time $200 set up fee, the proceeds of which accrue solely to Lindner Capital. Actual LCA advisory fees are deducted quarterly in increments of 0.375%. Depending on the size of your assets under management, your investment management fee may be more or less. Back tested risk and return data are a combination of live (or actual) mutual fund results and simulated index data, and mutual fund fees and expenses have been deducted from both the live (or actual) results and the simulated index data. Performance results do not reflect transaction fees charged by custodians and other expenses charged by brokerdealers, which reduce returns.

Not all of LCAs clients follow our recommendations and depending on unique and changing client and market situations we may customize the construction and implementation of the portfolios for particular clients, including the use of tax-managed mutual funds, tax-harvesting techniques and rebalancing frequency and precision. In taxable accounts, LCA uses tax-managed index or asset class funds (where available and/or appropriate) to manage client assets. However, the tax-managed index funds are not used in calculating the back tested performance of the model portfolios, unless specified in the table or chart. Some clients substitute the mutual funds recommended by LCA with other investment options available through the custodian, thereby creating a custom asset allocation. The performance of custom asset allocations may differ materially from (and may be higher or lower than) that of the model portfolios. As with any investment strategy, there is potential for profit as well as the possibility of loss. LCA does not guarantee any minimum level of investment performance or the success of any model portfolio or investment strategy. All investments involve risk (the amount of which may vary significantly) and investment recommendations will not always be profitable. The investment return and principal value of investor portfolios will fluctuate so that an investor's shares, when redeemed, maybe worth more or less than their original cost. Further, there can be no assurance that any of the portfolios will achieve its investment objective. Past performance does not guarantee future results.

Disclosure Alternative Investments Alternative investment products, including hedge funds and managed futures, involve a high degree of risk, often engage in leveraging and other speculative investment practices

that may increase the risk of investment loss, can be highly 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 which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. Alternative investment performance can be volatile. An investor could lose all or a substantial amount of his or her investment. Often, alternative investment fund and account managers have total trading authority over their funds or accounts; the use of a single advisor applying generally similar trading programs could mean lack of diversification and, consequently, higher risk. There is often no secondary market for an investor's interest in alternative investments, and none is expected to develop. There may be restrictions on transferring interests in any alternative investment. Alternative investment products often execute a substantial portion of their trades on non-U.S. exchanges. Investing in foreign markets may entail risks that differ from those associated with investments in U.S. markets. Additionally, alternative investments often entail commodity trading, which involves substantial risk of loss. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Disclosure Risk You should carefully consider whether your financial condition permits you to participate in a commodity pool. In so doing, you should be aware that futures and options trading can quickly lead to large losses as well as gains. Such trading losses can sharply reduce the net asset value of the pool and consequently the value of your interest in the pool. In addition, restrictions on redemptions may affect your ability to withdraw your participation in the pool. Further, commodity pools may be subject to substantial charges for management, and advisory and brokerage fees. It may be necessary for those pools that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. The disclosure document contains a complete description of each expense to be charged this pool and a statement of the percentage return necessary to break even, that is, to recover the amount of your initial investment. You should carefully study those sections of the disclosure document prior to making an investment decision. This brief statement cannot disclose all the risks and other factors necessary to evaluate your participation in this commodity pool. Therefore, before you decide to

participate in this commodity pool, you should carefully study this disclosure document, including a description of the principal risk factors of this investment. You should also be aware that this commodity pool may trade foreign futures or options contracts. Transactions on markets located outside the united states, including markets formally linked to a united states market, may be subject to regulations which offer different or diminished protection to the pool and its participants. Further, united states regulatory authorities may be unable to compel the enforcement of the rules of regulatory authorities or markets in non-united states jurisdictions where transactions for the pool may be effected. Disclosures

Growth of a Dollar: The charts are generated by Advisory World- ICE. They are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time. The Performance Data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than return data quoted herein. The graphs displays the hypothetical historical performance of the selected portfolios) for the indicated time horizon. The information displayed above is for illustrative purposes solely. No guarantees can be given about future performance and this illustration shall not be construed as offering such a guarantee. It should be recognized that the portfolio may invest in both passive

and actively managed accounts and securities, that the actual weightings of these investments can and will vary and, as a result, actual returns and volatility characteristics can be higher or lower than those presented above. Indexes are not available for investment and they are not indicative of any particular investment. Asset class data provided by various sources including Standard & Poors, Salomon Brothers, Wilshire Associates and Russell. Mutual Fund, Variable Annuity and Closed End Fund data provided by Thomson Financial. Separate Account data provided by Morningstar, Inc. All data and the aforementioned business names are copyrights of their respective corporations, all rights reserved. Investors should consider the investment objectives, risks and charges and expenses of the investment company carefully before investing. The prospectus contains this and other information about the investment company. You can obtain a prospectus from your financial representative. Read the prospectus carefully before investing. Asset allocations may vary from target allocations. Asset allocation does not guarantee future results, assure a profit or protect against loss. Investment in an individual fund or funds, in a single asset class, may outperform or underperform an asset allocations fund. Share values will fluctuate and, when redeemed, may be worth more or less than the original cost. Integrated Capital Engine (ICE) Disclosures: IMPORTANT: The projections or other information generated by ICE regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary over time. Graphs displayed hypothetical historical performance of the selected portfolio(s) for the indicated time horizon. The information displayed is for illustrative purposes solely. No guarantees can be given about future performance and these illustrations shall not be

construed as offering such a guarantee. It should be recognized that the portfolio may invest in both passive and actively managed accounts and securities, that the weightings of these investments can and will vary and, as a result, actual returns and volatility characteristics can be higher or lower than those presented above. Indexes are not available for investment an they are not indicative of any particular investment. Definitions: Cumulative Rate of Return displays the holding period return for the time horizon specified; Annualized Rate of Return displays the annualized rate of return for the number of 12 month periods within the time horizon specified; High Growth Rate displays the highest historical 12 month rate of return experienced during the time horizon specified; Low Growth Rate displays the lowest historical 12 month rate of return experienced during the time horizon specified; Number of Positive Periods indicates how many historical rolling 12 months periods experienced positive growth; Number of Negative Periods indicates how many historical rolling 12 months periods experienced negative growth. Portfolio returns and Standard Deviation are based on historical performance of indexes and/or securities.

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