➜ Investment management fi rm that utilizes aunique top-down, macro approach to investing

➜ Strategies include: equity allocation, asset allocation and equity income

➜ AUM approximately $910M (as of 9/30/12, including assets under advisement)

➜ Strategic PartnersEaton Vance | Open-End Mutual Funds

UBS | ETF Managed Account Portfolios

First Trust | Equity Income-Oriented UITs

➜ Quantitative Research & Investment Team with an average of 23 years experience

RICHARD BERNSTEIN

Former Chief Investment Strategist at Merrill Lynch

As Chief Investment Strategist, Rich determined the fi rm’s asset allocation for: - Equities - Fixed Income - Commodities - Alternative Investments

CNBC contributor; NYU Professor of Finance; Journal of Portfolio Management Advisory Board member

Institutional Investor All-America Research Team member 18 times, including 10 years top-ranked

Recently inducted to the Institutional InvestorAll-America Research Hall of Fame

Named to Registered Rep. Magazine The Ten to Watch for 2012

Ranked #1 from 1995 -2003 in Quantitative Research and #1 in Portfolio Strategy in 2004 by Institutional Investor Magazine

website: RBAdvisors.com phone: 212-692-4000 twitter: @RBAdvisors ©2012 RBALLC

OUR PRODUCTS

Asset Allocation

Eaton Vance Richard Bernstein

All AssetStrategy Fund

UBS ETF Managed Portfolios

Richard Bernstein Advisors SMRT All-Asset

Moderate Portfolio – featuring Alphadex®

Separately Managed Accounts

Equity Allocation

Eaton Vance Richard Bernstein Equity

Strategy Fund

First Trust RBA American Industrial

Renaissance Series 1

Richard Bernstein Advisors SMRT Tactical Equity Portfolio

– featuring Alphadex®

Richard Bernstein Advisors SMRT Strategic Equity Portfolio

– featuring Alphadex®

Separately Managed Accounts

Income

First Trust Richard Bernstein Advisors Quality Income Portfolio

UIT Series 1-5

First Trust RBA Global

Dividend Kings UIT Series 1-2

Separately Managed Accounts

OUR FIRM

website: RBAdvisors.com phone: 212-692-4000 twitter: @RBAdvisors ©2012 RBALLC

Nothing contained herein constitutes tax, legal, insurance or investment advice, or the recommendation of or an offer to sell, or the solicitation of an offer to buy or invest in, any investment product, vehicle, service or instrument. Such an offer or solicitation may only be made by delivery to a prospective investor of formal offering materials, including subscription or account documents or forms, which include detailed discussions of the terms of the respective product, vehicle, service or instrument, including the principal risk factors that might impact such a purchase or investment, and which should be reviewed carefully by any such investor before making the decision to invest. Specifi cally, and without limiting the generality of the foregoing, before acquiring the shares of any mutual fund, it is your responsibility to read the fund’s prospectus. Links to appearances and articles by Richard Bernstein, whether in the press, on television or otherwise, are provided for informational purposes only and in no way should be considered a recommendation of any particular investment product, vehicle, service or instrument or the rendering of investment advice, which must always be evaluated by a prospective investor in consultation with his or her own fi nancial adviser and in light of his or her own circumstances, including the investor’s investment horizon, appetite for risk, and ability to withstand a potential loss of some or all of an investment’s value. Investing is an inherently risky activity, and investors must always be prepared to potentially lose some or all of an investment’s value. Past performance is, of course, no guarantee of future results.

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Visit our website and download, read and view our extensive library of whitepapers, commentary and major media coverage.

RBA in the Media:

USA Today - Roundtable

Fortune - Where to Invest in 2012

The NY Times - For Clues to U.S Stocks, Look to Greek Bonds

Registered Rep. - Ten to Watch in 2012

Financial Times - Turn America into a Giant Enterprise Zone

MarketWatch - Five Money Moves one China Basher is making Now

The NY Times - The Wall of Worry Has Never Looked So High

See complete list of press online@ RBAdvisors.com

Commentary topics include:

- This Is What Bull Markets Are All About

- Is Buy And Hold Dead?

- Why Smaller Banks Are Attractive

- You Should Worry About EM Infl ation, Not US Infl ation

- Alternative To Alternatives

See complete library of Insights online @ RBAdvisors.com

This is what bull markets are all about

Investors have the impression that bull markets are days of wine and roses. However, nothing could be farther from the truth. Bull markets are periods of fear. This becomes quite obvious when one examines the valuation and sentiment data associated with the 1982, 1990, 1995, and 2003 bull markets.

The current bull market, which began in March 2009, seems to be fitting the historical precedent. The S&P 500 has appreciated nearly 100%, yet most observers are hesitant to concede that the US stock market is in a bull phase. Individual investors are still searching for protection, and ignoring the fact that equities have appreciated significantly more than the fixed-income yields for which they search. Institutional investors are still looking for “absolute returns” and paying high fees to alternatives managers instead of simply buying old-fashioned stocks.

This pervasive hesitancy to invest in US equities despite the asset class’s significant performance further cements our bullishness regarding the asset class. Bull markets typically end with over-enthusiasm, and not the fear that is so prevalent today.

Sentiment Our Wall Street Sentiment Indicator clearly shows the extreme level of investors’ fear. The survey, originally crafted in 1986, is a survey of Wall Street strategists’ recommended equity allocation for a balanced fund. Extreme readings (i.e., one standard deviation above or below the long-term norm) have historically been reliable sell and buy signals.

Chart 1 shows the Wall Street Sentiment Indicator with “buy” and “sell” signals. The current reading, the lowest suggested equity allocation in the indicator’s history, certainly meets the requirements of a “buy” signal. Investors appear historically scared of equities.

Chart 1:

Richard

Bernstein

August 9, 2012

This is what bull markets are all about

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS

Richard Bernstein Advisors LLC 520 Madison Avenue 28th Floor New York, NY 10022 212-692-4000 www.rbadvisors.com

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Wall Street Sentiment Indicator (as of July 31, 2012)

Current Statistics: Latest = 43.9% Average = 57.5% Top Extreme = 63.3% Bottom Extreme = 51.8%

EXTREME BULLISHNESS BEARISH FOR STOCKS

EXTREME BEARISHNESS BULLISH FOR STOCKS

Source: Richard Bernstein Advisors LLC