ACCUVEST GLOBAL ADVISORS

CST ® Portfolio Solutions

Accuvest Global Advisors 3100 Oak Road Suite 380 Walnut Creek, CA 94597Telephone 925.930.2882 Fax 925.930.2885

September 11 2

CST ® Defined

CST is the acronym for our proprietary Core, Satellite, Tacticalportfolio management strategy.

Our CST strategy is very similar to that used by large endowments,foundations and pension plans. It brings a multi-dimensional view tothe role that each asset plays in a portfolio.

Today’sinvestment climatedemandsunconventionalthinking.

CST provides the framework for Global, Diversified portfolio construction.

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Why did CST come about in the first place?

Most of our clients view the assets that we manage as their long-term,family nest egg.

Larger institutional investors, especially endowments (accountsdesigned to be managed in perpetuity] approach the market differently.

Because of our long experience in the market, we realize that the onlyway to create meaningful returns over time is to have a good plan, andstick to it in both good and bad markets.

There are lots of risks that are not captured in traditional models.Some of these risks include: Liquidity, transparency, exposure, leverage,time horizon, sector or industry concentration

We needed to find a structural way to keep clients from making manyof the mistakes that hurt their investment returns.

CST was developed toenhance traditional portfoliomanagement for clients whounderstand the long-termnature to their assets.

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What is CST designed to do?

Commit the client to being an investor.

Use cutting-edge portfolio construction techniques.

Limit the amount of the portfolio dedicated to speculativeinvestments.

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What defines investments as Core, Satellite or Tactical?

Level Of

DiversificationRole of Asset Liquidity Time Horizon

Core High Market Exposure High 3+ Years

Satellite MediumAlpha,

DiversificationHigh/Medium

½ to 3

Years

Tactical LowAlpha, Hedging,

DiversificationVariable

0 to ½

Years

In defining whether an investment fits into Core, Satellite or Tactical, it is reviewed

based on several criteria, including:

• The role that each investment plays in the portfolio

• The level of diversification of the underlying investment

• The time frame of the investment

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Core ObjectivesThe Core allocation shouldrepresent between 50%and 80% of total portfolioassets

Gain broad diversification

Invest in liquid securities

Gain exposure to the risk/return profile of world stock and bond markets

Invest with a longer-term outlook (greater than 3 years)

CoreWorld Equity/Bonds

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Satellite Objectives

Achieve returns better than general markets (alpha)

Make specific investments where performance is expected to be goodbased on economic and market circumstances

Achieve absolute returns

Lower portfolio risk by adding investments with low correlation totraditional stock and bond investments (diversification)

Invest with an intermediate-term outlook (6 months to 3 years)

The Satellite allocationshould represent between20% and 50% of totalportfolio assets

CoreWorld Equity/Bonds

Hedge Fund of Funds

StructuredNotes

Concentrated Portfolios

US Small Stocks

Natural Resources

Non-USBonds

Satellite

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Tactical Objectives

Make tactical investments to take advantage of current themesand opportunities

Protect the portfolio in times of uncertainty

Invest with a short-term time horizon (less than 6 months)

The Tactical allocation shouldrepresent between 0% and30% of total portfolio assets

Style Rotation

CoreWorld Equity/Bonds

Hedge Fund of Funds

StructuredNotes

Concentrated Portfolios

US Small Stocks

Natural Resources

Non-USBonds

Sector ETFs

Options Strategies

Regional ETFs

Satellite

Tactical

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Sample CST ® Implementation Vehicles

CST

CategoryAsset Class Security Type Investment Role

CoreEquity Global Stocks Global Core Equity Portfolio Market Exposure

Fixed Income Global Bonds Global Bond Portfolio Market Exposure

Satellite

Equity

US Large Growth

Global Megacap

Global Materials

Concentrated Country Strategy

Russell 1000 Growth ETF (IWF)

S&P World Megacap ETF (IOO)

S&P Global Materials ETF (MXI)

Opportunities (Top 5) Strategy

Outperformance

Outperformance

Outperformance

Outperformance

Fixed Income Non-USD Fixed Income Euro-Denominated Bonds Outperformance

Commodities Commodities Broad Commodity ETFs (DBC, DJP) Diversification

Alternatives Hedge Fund of Funds Diversified Strategies Fund Diversification

Tactical

Equity Gold Mining Stocks Gold Miners ETF (GDX) Outperformance

Fixed Income/Currency Non-USD Currencies Australian dollar bonds Outperformance

CommoditiesPrecious Metals – Gold, Silver

Base Metals -

Energy – Oil

Gold ETF (GLD), Silver ETF (ILV)

Base metals ETF (DBB)

Oil ETF (OIL)

Outperformance

Outperformance

Outperformance / Diversificatio

Alternatives

Short Equity Indexes

Short Equity Indexes

Single Stock Structured Products

Ultra Short S&P Midcap ETF (MZZ)

Short MSCI Emerging ETF (EUM)

Centex 50% Barrier Note

Risk Reduction

Risk Reduction

Diversification/Outperformance

Every asset within a CST implementation is classified as Core, Satellite, or Tactical and has a specific role in the overallportfolio construction.

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CST ® Portfolio Solutions – Our Commitment

• We will not sell you a one-size-fits all solution to your most personal and pressing

matters.

• We will not deliver our solutions through an ever-changing team of “specialists.”

• As advisors, we sit on the same side of the table as you do.

• Our team of seasoned professionals has come together with the sole purpose of

providing unique and custom-tailored solutions to your most important problems.

• Our commitment is to do this with greater care, greater consistency, greater

transparency and greater privacy than that afforded by the mega institutions.

ACCUVEST GLOBAL ADVISORS

CST ® Portfolio Allocation Analysis

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Portfolio Metrics Data since 1990

100 FI CST 25 CST 45 CST 75 100 EQ

Historical Annual Return 6.52% 6.85% 6.96% 6.90% 6.66%

Historical Annualized Volatility 3.27% 4.83% 7.60% 12.15% 15.85%

Skewness -0.26 -0.87 -0.81 -0.74 -0.69

Kurtosis 0.59 2.70 2.25 1.82 1.56

Monthly VaR 99% -1.66% -2.68% -4.52% -7.54% -10.00%

Max Monthly Loss -2.72% -6.42% -10.11% -15.63% -19.79%

Monthly Semi StandardDeviation 0.99% 1.60% 2.59% 4.08% 5.23%

Max Historical Drawdown -4.04% -15.84% -28.55% -44.85% -54.57%

% Up Months 74.41% 71.65% 66.14% 62.20% 61.81%

The portfolio metrics do not represent actual investments strategies. Analysis shown is based on actualhistorical risk/return numbers for blended indexes rebalanced monthly. Expected return numbers aremodeled by the Accuvest Investment Committee and updated semi-annually. In an effort to betterunderstand true downside risk, all of our risk measures use the most up-to-date quantitative methodologies.

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Portfolio Stress TestsData since 1990

The portfolio stress tests are used to show how the modeled portfolios have performed relative to the MSCI AC WorldIndex during the 10 worst months and 10 worst financial crisis since 1990.

September 11 14

General Disclosures

Debt and equity investments associated with certain foreign countries may involve increased volatility and risk due to, among others, political risk,sovereign risk, economic quality, liquidity risk. Differences in the extent of these risks vary from country to country, among investment instruments, andover time. Investing in non-U.S. securities, including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with norsubject to the reporting requirements of the U.S. Securities and Exchange Commission (SEC). There may be limited information available on foreignsecurities. Foreign companies are generally not subject to uniform audit and reporting standards, practices and requirements comparable to those ofU.S. Securities. Some foreign companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. In addition,exchange rate movements may have an adverse effect on the value of an investment in a foreign stock and its corresponding dividend payment for U.S.investors. Past performance is not indicative of future results. You should not assume that any future performance of any security or country referredto in this Report will be profitable or equal to any corresponding performance levels that might be provided. Investment risks are borne solely by theinvestor and not by AGA.

Where included in this report, MSCI sourced information is the exclusive property of AGA. Without prior written permission of MSCI, this information andany other MSCI intellectual property may not be reproduced, redisseminated or used to create any financial products, including any indices. Thisinformation is provided on an "as is" basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third partyinvolved in, or related to, computing or compiling the information hereby disclaim all warranties of originality, accuracy, completeness, merchantability orfitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates orany third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind.

The country ranks provided are taken at a snapshot in time to show relative attractiveness to the other countries in the model and are subject to changewithout notice. Implementation of the country ranks are for AGA's use only and are not recommended for external implementation. AGA does notendorse any outside use of this Report's data and/or country ranks.

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