Infor- Julex Capital Management, LLC

Infor-

Consistent Returns

in Both Bull and

Bear Markets

We deliver better risk-adjusted

return with lower risk and draw-

down than traditional and other

alternative investments.

Downside Risk

Mana geme nt

We emphasize capital preserva-

tion and manage downside risk

through our systematic risk indi-

cator and risk-balanced portfolio

construction approach.

Global M ul t i Asset

Inves tments

We diversify and search for the

best opportunities globally and

across asset classes.

Dai ly L iq ui di ty a nd

T ran sp ar en cy

We implement our strategies with

liquid ETF/ETNs in separately

managed accounts that provide

daily liquidity and transparency.

Performance Review - January 2014

Julex Capital Management, LLC

Upside Participation, Downside Protection

Julex Capital Management, LLC (Julex) is an investment advisory firm dedicated to creating innova-

tive solutions for institutions and individuals. Julex is managed by industry veterans with strong academic

and practical experience in portfolio management, asset allocation, risk management and quantitative

research across asset management, hedge fund and insurance industries. Julex offers a variety of multi-

asset, rule-based, and risk-managed total return strategies that are designed to deliver consistent returns

with low volatility and drawdowns in both bull and bear markets.

Brian Phelan Managing Director, Sales 800 Boylston Street 16th Floor Boston, MA 02199 Tel: 857-453-6669 [email protected] www.julexcapital.com

Capital markets in January were rocked by fears of a slowdown in China, weakening currency in Argentina that spread to other emerging market countries, and a continuation of uneven responses to additional Fed tapering. U.S. large cap stocks were down 3.5%, international developed equities were down 5%, and broad emerging markets were down 6.5% (with China down almost 10%). Broad U.S. bonds were a refuge from the weak equity markets

and performed well returning 1.5%.

Though volatility picked up and manufacturing output has weakened, the underlying economic environment and capital market liquidity remains stable. Consequently, our RiskSwitcherTM continues to indicate “risk on.”

Dynamic Factor held positions in healthcare and tech sectors that contributed to performance while avoiding the energy and consumer staples sectors and outperformed its benchmark during January and longer horizons.

Dynamic Emerging Market (“EM”) followed its benchmark down during January with positions in China and Russia detracting from performance.

Dynamic Income maintained its fixed income-focused positioning during January with broad bonds and bank loans contributing to performance and high dividend stocks and emerging market bonds detracting from per-formance. It trailed it benchmark during January, but beat its bond benchmark over longer time horizons.

Dynamic Real Asset maintained its less risky profile during January with a 30% cash weighting but underper-

formed the Barclays TIPS Index with positions in material and energy sectors detracting from performance.

Dynamic Focus held positions in U.S. large cap and small cap equities and underperformed its DJ Moderately Aggressive Index benchmark in January.

Dynamic Multi-Asset underperformed its DJ Moderate Index benchmark during January with positions in international developed equities detracting from performance, while outperforming over longer horizons.

Dynamic Diversified, an equally-weighted mix of the Julex Dynamic Alpha Strategies, underperformed the HFRI Hedge Fund Weighted Index.

Note: The performance for Julex strategies are un-audited gross returns before management fees. Performance is historical and

does not guarantee future results. Account-level performance may be higher or lower than the Composites. * Cumulative. (1) Composite Inception Date: October 1, 2012; (2) Composite Inception Date: November 1, 2012 (3) Composite Inception Date: December 1, 2012; (4) Composite Inception Date: February 1, 2013; (5) Composite Inception Date: April 1, 2013.(6) Composite Inception Date: June 1, 2013

January 2014

1-Year Ending

Jan. 2014

1-Year Ending

Dec. 2013

Since Inception *

(1, 2, 3, 4, 5, 6)

3-Months Ending

Jan. 2014

DYNAMIC EQUITY PRODUCTS Dynamic Factor (2) -3.22% 21.50% 32.83% 30.69% 2.43%

S&P 500 Index -3.46% 21.53% 32.40% 29.73% 2.01%

Dynamic EM(3) -7.90% -12.10% -3.95% -6.85% -7.97% MSCI EM Index -6.49% -10.18% -2.62% -4.49% -9.19%

DYNAMIC INCOME PRODUCT

Dynamic Income (1) 0.56% 5.14% 6.31% 7.39% 0.09% Barclays US Aggregate Bond Index 1.48% 0.13% -2.02% -0.35% 0.53%

DYNAMIC INFLATION PRODUCT

Dynamic Real Asset (5) -0.54% n.a. n.a. -4.09% -0.38%

Barclays TIPS Index 1.98% n.a. n.a. -6.45% -0.61% DYNAMIC ALTERNATIVES PRODUCTS

Dynamic Multi-Asset (6) -2.50% n.a. n.a. 10.45% 1.13% Dow Jones Moderate Index -1.35% n.a. n.a. 7.51% 0.27%

Dynamic Focus (1) -3.70% 7.14% 13.71% 11.26% 0.49%

Dow Jones Moderately Aggr. Index -2.32% 13.35% 20.74% 20.55% 0.27%

Morningstar World Alloc. Category -2.03% 3.18% 7.72% 7.14% -1.40%

Dynamic Diversified(4) -3.33% 6.19% n.a. 6.19% -1.05%

HFRI Hedge Fund Wtd. Index -0.60% 6.66% n.a. 6.66% 1.60%

Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Experience the Julex Difference









“New Normal” Investment Landscape

Historically low interest rates make

fixed income investments unattractive Globalization and market interconnect-

edness increase correlations and height-

en risks of contagions Heavy dependence on monetary policy

creates liquidity-driven boom and bust

cycle at a higher frequency

The traditional “buy-and-hold” strategy is sub-optimal

Stock picking is less productive.

Changing Investors’ Demand

Investors demand more certain

“outcome-oriented” performance

To meet future needs and obligations, investors have to be more aggressive in

seeking returns

Downside risk management becomes paramount in achieving financial goals

The benchmark-centric management

approach failed to protect the downside Many alternative investments are highly

correlated with traditional assets

JULEX DIFFERENCE — INNOVATE TO SERVE

Robust three-step investment process with the best elements from various strategies Independent and experienced team with average 25 years in asset managers, hedge funds,

investment banks and insurance companies to serve the best interests of clients

Broad range of outcome-oriented invest-ment solutions to meet investors’ needs

Consistent returns over full market cycles regardless of market conditions

Risk

0

100

200

300

400

500

600

700

Julex Dynamic Factor Index

S&P 500 Total Return Index

Note: Results are HYPOTHETICAL from modeled portfolios. Please see Notes on Data and Disclaimers for more details.

Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Dynamic Alpha Indices — Factor & Emerging Market



Dynamic Factor Index The Dynamic Factor strategy is a strategy that seeks to achieve better returns than the S&P 500

Index with lower volatility and lower peak-to-

trough drawdowns. The strategy rotates between

the S&P industry sectors, style classifications,

and bond investments. It is a flexible strategy

that will include allocations that can either be

focused or diversified depending upon the risk

environment.


Dynamic Emerging Market Index The Dynamic Emerging Market (EM) strategy is an emerging market strategy that seeks to achieve

better returns than the MSCI Emerging Market

index with lower volatility and lower peak-to-

trough drawdowns. The strategy rotates between

the countries, regions and styles in the emerging

markets and bonds. It is a flexible strategy that

will include allocations that can be either focused

or diversified depending upon the risk environ-

ment.








12/1998-12/2013

Julex Dynamic Factor Index

S&P 500 Total Return

Index

Annual Return 12.7% 5.8%

Standard Deviation 10.1% 15.5%

Max. Drawdown 14% 51%

Sharpe Ratio 1.0 0.2

12/1998-12/2013

Julex Dynamic EM

Index

MSCI Emerging

Market Index





Year

Julex Dynamic EM

Index

MSCI Emerging

Market Index

2000 14.0% -31.8%

2001 4.5% -4.9%

2002 14.3% -8.0%

2003 52.4% 51.6%

2004 19.3% 22.4%

2005 29.4% 30.3%

2006 42.0% 29.2%

2007 45.6% 36.5%

2008 -14.9% -54.5%

2009 58.5% 74.5%

2010 29.3% 16.4%

2011 -8.9% -20.4%

2012 11.4% 18.2%

2013 -4.1% -2.7%

Year

Julex Dynamic Factor

Index

S&P 500 Total Return Index

2000 1.6% -9.1%

2001 5.9% -11.9%

2002 4.4% -22.1%

2003 23.0% 28.7%

2004 15.0% 10.9%

2005 8.0% 4.9%

2006 13.2% 15.8%

2007 11.4% 5.5%

2008 9.9% -37.0%

2009 19.7% 26.5%

2010 11.0% 15.1%

2011 10.7% 2.0%

2012 10.0% 16.0%

2013 33.1% 32.4%

Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Dynamic Alpha Indices — Income





tive solutions for institutions and individuals. Julex is managed by industry veterans with strong academ-

ic and practical experience in portfolio management, asset allocation, risk management and quantitative



Dynamic Income Index The Dynamic Income strategy is a multi asset class strategy that seeks to achieve better returns

than the Barclay’s Aggregate U.S. Bond Index

with comparable volatility and peak-to-trough

drawdowns. The multi asset class strategy can

include ETF, ETN, or index fund investments in

income-producing asset classes including dividend

-paying equities, real estate, high yield bonds,

emerging market bonds, and U.S. Treasury bonds.

It is a flexible strategy that will include allocations

that can either be focused or diversified depending

upon the risk environment.

12/1992-12/2013

Julex Dynamic Income Index

Barclays Aggregate U.S. Bond

Index



Max. Drawdown 6% 5%


Year

Julex Dynamic Income

Index

Barclays Aggregate U.S. Bond

Index

2000 9.9% 11.6%

2001 7.0% 8.4%

2002 10.1% 10.3%

2003 19.1% 4.1%

2004 7.3% 4.3%

2005 3.6% 2.4%

2006 9.9% 4.3%

2007 3.1% 7.0%

2008 8.4% 5.2%

2009 20.6% 5.9%

2010 14.1% 6.5%

2011 10.3% 7.5%

2012 5.6% 4.2%

2013 6.4% -2.0%

Year


Barclays Aggre-gate In-

dex

Interest Rate

Move-ment

1993 12.6% 9.7% Stable

1994 -0.8% -2.9% Rising

1995 13.8% 18.5% Declining

1996 12.2% 3.6% Stable

1997 13.6% 9.7% Stable

1998 5.2% 8.7% Declining

1999 -1.5% -0.8% Rising

2000 9.9% 11.6% Declining

2001 7.0% 8.4% Stable

2002 10.1% 10.3% Declining

2003 19.1% 4.1% Stable

2004 7.3% 4.3% Stable

2005 3.6% 2.4% Stable

2006 9.9% 4.3% Stable

2007 3.1% 7.0% Stable

2008 8.4% 5.2% Declining

2009 20.6% 5.9% Rising

2010 14.1% 6.5% Stable

2011 10.3% 7.5% Declining

2012 5.6% 4.2% Stable

2013 6.4% -2.0% Rising

Strategy Performance in Different Interest

Rate Environments

50

100

150

200

250

300

350

400


Barclays U.S. Aggregate Bond Index


Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Dynamic Alpha Indices — Real Asset & Diversified



Dynamic Real Asset Index The Dynamic Real Asset strategy is a multi asset strategy that seeks to achieve better real returns

than Treasury Inflation Protection Securities with

similar volatility and drawdowns. The strategy

invests in either risky assets or less risky real as-

sets depending upon the risk state. Risky real

assets include assets such as commodities, gold,

real estates, material and energy stocks and infra-

structure MLPs. Less risky assets include TIPS.

It is a flexible strategy that will include alloca-

tions that can be either focused or diversified

depending upon the risk environment.








12/1998– 12/2013

Julex Dynamic Real

Asset Index

Barclays TIPS Index





Year

Julex Dynamic

Real Asset

Index

Barclays TIPS Index

2000 12.2% 14.1%

2001 8.4% 10.0%

2002 14.6% 17.5%

2003 17.9% 9.3%

2004 14.2% 10.2%

2005 5.4% 4.5%

2006 8.4% 1.7%

2007 16.8% 12.0%

2008 1.1% -1.6%

2009 19.1% 10.1%

2010 11.5% 7.8%

2011 11.8% 13.0%

2012 3.1% 6.1%

2013 -2.7% -7.8%

Dynamic Diversified Index The Dynamic Diversified strategy is a multi asset absolute return strategy that seeks to achieve better

returns than the HFR Hedge Fund Weighted Index

with lower peak-to-trough drawdowns. The strategy

invests equally in Julex Dynamic Focus, Dynamic

Factor, Dynamic Emerging Market and Dynamic

Income strategies. Its investment universe includes

US equities and bonds, international equities,

emerging market equities and bonds, real estate,

commodities and MLPs. The positions chosen are

depending upon the risk environment and expected

asset performance.

12/1999– 12/2013

Julex Dynamic

Diversified

Index

HFR Hedge Fund Index





Year

Julex Dynamic Diver-

sified

Index

HFR Hedge Fund Index

2000 6.6% 5.0%

2001 5.5% 4.6%

2002 7.4% -1.4%

2003 34.8% 19.6%

2004 13.9% 9.0%

2005 11.7% 9.3%

2006 21.9% 12.9%

2007 23.0% 10.0%

2008 3.6% -19.0%

2009 27.1% 20.0%

2010 19.7% 10.2%

2011 4.9% -5.2%

2012 9.9% 6.2%

2013 11.5% 10.0%


Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Dynamic Alpha Indices — Focus & Multi-Asset



Dynamic Focus Index The Dynamic Focus strategy is a multi asset class strategy that seeks to achieve better returns

than equity markets with lower volatility and

lower peak-to-trough drawdowns. The multi

asset class strategy can include ETF, ETN, or

index fund investments in U.S. and international

developed market stocks and bonds, as well as

gold, energy, commodities, emerging market

securities, and real estate. It is a focused strategy

that will include the two macro asset classes that

are best determined to outperform in that risk

environment.


12/1993-12/2013

Julex Dynamic Focus Index

Dow Jones Moderately Aggr. Index











Year

Julex Dynamic Focus

Index

Dow Jones Moderately Aggr. Index

2000 1.2% -9.1%

2001 5.1% -11.9%

2002 6.1% -22.1%

2003 49.2% 28.7%

2004 13.6% 10.9%

2005 4.9% 4.9%

2006 25.1% 15.8%

2007 33.1% 5.5%

2008 18.9% -37.0%

2009 15.4% 26.5%

2010 26.4% 15.1%

2011 8.0% 2.0%

2012 12.2% 16.0%

2013 14.0% 20.7%

Dynamic Multi-Asset Index The Dynamic Multi-Asset strategy is a multi asset class strategy that seeks to achieve better

returns than equity markets with lower volatility

and lower peak-to-trough drawdowns. The multi

asset class strategy can include ETF, ETN, or

index fund investments in U.S. and international

developed market stocks and bonds, as well as

gold, energy, commodities, emerging market

securities, and real estate. It is a focused strategy

that will include up to four macro asset classes

that are best determined to outperform in that

risk environment.

12/1993-12/2013

Julex Dynamic Multi-Asset

Index

Dow Jones Moderate

Index





Year

Julex Dynamic Multi-Asset

Index

Dow Jones Moderate

Index

2000 9.1% -2.2%

2001 8.1% -2.5%

2002 7.6% -7.1%

2003 32.0% 27.2%

2004 6.7% 13.2%

2005 11.8% 7.3%

2006 19.2% 11.9%

2007 20.9% 8.0%

2008 8.2% -24.8%

2009 28.2% 23.8%

2010 17.2% 14.0%

2011 11.3% 0.3%

2012 6.1% 11.2%

2013 24.3% 14.5%


Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Dynamic Solution Indices—Aggressive & Moderate




Dynamic Aggressive Index The Dynamic Aggressive Index is a multi asset strategy with a long term strategic risk target com-

parable with a portfolio of 80% equity and 20%

fixed income. The strategy may be appropriate for

investors who have a high tolerance for risk and

the ability to absorb loss of capital.

Dynamic Moderate Index The Dynamic Moderate Index is a multi asset strat-egy with a long term strategic risk target compara-

ble with a portfolio of 60% equity and 40% fixed

income. The strategy may be appropriate for inves-

tors who have a moderate tolerance for risk and a

time frame greater than five years.







12/1999-12/2013

Julex Dynamic Aggressive

Index

Aggressive Benchmark





Asset classes %

US Equity 20-55

International Equity 15-40

Fixed Income 15-60

Real Estate & Energy 5-30

Hard Assets 5-25

Asset classes %

US Equity 15-45


Fixed Income 30-70


Hard Assets 2-20

12/1999-12/2013

Julex Dynamic Moderate

Index

Moderate Benchmark





*Moderate Benchmark: 60% S&P 500 + 40% Barclays US Aggregate Bond *Aggressive Benchmark: 80% S&P 500 + 20% Barclays US Aggregate Bond

Year

Julex Dynamic

Aggressive

Index

Aggressive Benchmark*

2000 2.6% -5.1%

2001 1.0% -7.8%

2002 -0.7% -16.1%

2003 31.3% 23.5%

2004 13.4% 9.6%

2005 11.1% 4.5%

2006 17.9% 13.4%

2007 13.5% 5.9%

2008 -16.9% -29.8%

2009 30.3% 22.5%

2010 16.9% 13.7%

2011 3.9% 3.3%

2012 10.8% 13.6%

2013 16.1% 24.3%

Year

Julex Dynamic Moderate

Index

Moderate Benchmark*

2000 4.1% -1.0%

2001 2.5% -3.7%

2002 1.2% -9.8%

2003 26.7% 18.5%

2004 11.8% 8.3%

2005 9.3% 4.0%

2006 15.1% 11.1%

2007 11.7% 6.2%

2008 -13.0% -22.1%

2009 26.7% 18.4%

2010 15.4% 12.1%

2011 5.4% 4.5%

2012 9.6% 11.1%

2013 12.3% 17.2%


Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy







Dynamic Defensive Index The Dynamic Defensive Index is a multi asset strategy with a long term strategic risk target

comparable with a portfolio of 20% equity and

80% fixed income. The strategy may be appro-

priate for investors who have a low tolerance for

risk.


Dynamic Conservative Index The Dynamic Conservative Index is a multi asset strategy with a long term strategic risk target compa-

rable with a portfolio of 40% equity and 60% fixed

income. The strategy may be appropriate for inves-

tors who have a low tolerance for risk and a time

horizon of less than five years.







Asset classes %

US Equity 5-25


Fixed Income 60-90


Hard Assets 1-10

Asset classes %

US Equity 10-35


Fixed Income 45-80


Hard Assets 2-15

12/1999-12/2013

Julex Dynamic Conservative

Index

Conservative Benchmark





12/1999-12/2013

Julex Dynamic Defensive

Index

Defensive Benchmark





*Defensive Benchmark: 20% S&P 500 + 80% Barclays US Aggregate Bond *Conservative Benchmark: 40% S&P 500 + 60% Barclays US Aggregate Bond

Year

Julex Dynamic

Conservative

Index

Conservative Benchmark*

2000 5.7% 3.2%

2001 4.1% 0.4%

2002 3.2% -3.3%

2003 22.3% 13.6%

2004 10.2% 7.0%

2005 7.6% 3.5%

2006 12.3% 8.8%

2007 9.8% 6.5%

2008 -9.0% -13.6%

2009 23.2% 14.3%

2010 13.8% 10.4%

2011 6.8% 5.6%

2012 8.4% 8.7%

2013 8.7% 10.5%

Year

Julex Dynamic Defensive

Index Defensive

Benchmark*

2000 7.2% 7.4%

2001 5.6% 4.4%

2002 5.1% 3.4%

2003 18.0% 8.8%

2004 8.7% 5.7%

2005 5.8% 3.0%

2006 9.5% 6.6%

2007 7.9% 6.8%

2008 -4.8% -4.6%

2009 19.6% 10.1%

2010 12.1% 8.6%

2011 8.3% 6.6%

2012 7.2% 6.2%

2013 5.1% 4.1%

Dynamic Solution Indices — Conservative & Defensive


Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Disclosure










This brochure is for the purpose of information exchange. This is not a solicitation or offer to buy or sell any security. You must do your own due

diligence and consult a professional investment advisor before making any investment decisions. The use of a proprietary technique, model or

algorithm does not guarantee any specific or profitable results. Past performance is not indicative of future returns. The performance data

presented are gross returns.

The risk of loss in trading securities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of

your financial condition. All information posted is believed to come from reliable sources. We do not warrant the accuracy or completeness of

information made available and therefore will not be liable for any losses incurred.

The investment performance of the Dynamic Alpha Indices and Dynamic Solution Indices is HYPOTHETICAL. It is based on the back tests of

historical data. Hypothetical performance results have many inherent limitations, some of which are described below. No repre sentation is being

made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between

hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical

trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading.

For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also

adversely affect actual trading results. There are numerous other factors related to the markets in general or to the impleme ntation of any specific

trading program which cannot be fully accounted for in the presentation of hypothetical performance results and all of which can adversely affect

actual trading results.

In the back test, we use the data of underlying indices rather than EFTs to get longer histories. Some of the data do not go back to the start of

testing period. In those situations, we use proxies or keep the data incomplete. Therefore, the early test results do not cover all the indices.

Note on Data

In the back tests, we used data of the underlying indices rather the ETFs to get longer histories. For some of the indices that do not have data dated

back to the start of testing period, we used proxies, approximation or just left them incomplete. The following are the details:

(1)SP 500 Index: 1/1970-present; (2) Russell 2000 Index: 1/1979- present, proxy 1/1970-12/1978 SP500 Index; (3) EAFE Index: 1/1970-present;

(4) MSCI Emerging Market Index: 1/1988-present, proxy 1/1970-12/1987 MSCI EAFE Index; (5) FTSE Equity REIT: 1/1972-present; (6) JP

Morgan Alerian MLP Index: 1/1996- present, proxy 1/1972-12/1995 REIT Index; (7) London Gold Price: 1/1970-present; (8) SPGC Commodity

Index: 1/1970-present; (9) Barclays Capital HY index: 07/1983- present, approximation: 01/1970-06/1983 0.5*Russell 2000+0.5*Barclays Aggre-

gate Bond; (10) Barclays Capital US Aggregate Index: 1/1976 - present, proxy 1/1973-12/1975 Barclays Treasury Index; (11) Barclays Capital US

TIPS Index: 3/1997-present, proxy 1/1973-2/1997 Barclays Treasury Index; (12) Barclays Capital US Treasury Index: 1/1973-present; (13) Bar-

clays Capital US Treasury 20YR+ Index: 2/1992-present, approximation: 1/1973-1/1992 3*Barclays Treasury Index – 2*3-Month Treasury Bill;

(14) US Three-Month Bill: 1/1970-present; (15) Dow Jones Dividend Select Index: 2/1992 – present; (16) JP Morgan Emerging Market Bond

Index: 1/1998 – present, proxy 2/1992 – 12/1997 Barclays US High Yield Index; (17) The underlying indices of the S&P Sectors, S&P Large Cap

Growth and Value Indices, Russell Mid Cap Growth and Value Indices, Russell Small Cap Growth and Value Indices: 12/1997- 09/2012; (18)

S&P Latin America 40 Index: 12/2000-10/2012; (3) MSCI Mexico Index: 12/1997-10/2012; (19) MSCI Korea Index: 12/1998-10/2012; (20)

MSCI South Africa Index: 12/1998-10/2012; (21) iShares FTSE China 25 ETF: 10/2004-10/2012; (22) DAX Global Russia Index: 09/2001-

10/2012; (23) MSCI Chile Index: 12/1997-10/2012; (24) MSCI Malaysia Index: 12/1998-10/2012; (25) MSCI Taiwan Index: 12/1998-10/2012;

(26) MSCI India Index: 12/1998-10/2012; (27) MSCI Indonesia Index: 12/1998-10/2012; (28) MSCI Turkey Index: 12/1997-10/2012; (29) MSCI

Thailand Index: 12/1997-10/2012; (30) S&P BMI Emerging Market Small Cap Index: 12/1997-10/2012; (31) WisdomTree Emerging Market

High-Dividend Index: 5/2007-10/2012; (32) Barclays Capital US Aggregate Bond Index, Barclays Capital TIPS Index, Barclays Capital US

Treasury Bond Index, Barclays Capital Treasury 20+ Year Index: 12/1997-10/2012; (33) The S&P Sector Indices: 1/1997-12/2112; (34) The

underlying indices for the style ETFs: 1/1997-12/2012; (35) DJUBS Index: 1/1998-12/2012; (36) Deutsche Bank Commodity Index: 1/1998-

12/2012.

(Source: Bloomberg, Yahoo)

The indices shown here are not investable so Julex uses ETFs, ETNs, and registered funds to implement the investment strategy. These investment

vehicles have their own fees and costs associated with them and will not exactly match the performance of the index they represent. ETFs and

ETNs trade like stocks and may trade for less than their net asset value. Reference to an index does not imply that the Julex portfolio will achieve

returns, volatility, or other results similar to the index.

The composition of a benchmark index may not reflect the manner in which a Julex portfolio is constructed in relation to expe cted or achieved

returns, investment holdings, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility, or tracking error targets, all of which

are subject to change over time.

No representation or warranty is made to the reasonableness of the assumptions made or that all assumptions used to construct the performance

provided have been stated or fully considered.

Infor-

Consistent Returns

in Both Bull and

Bear Markets





Downside Risk

Mana geme nt







Inves tments





T ran sp ar en cy





Leadership Team





tive solutions for institutions and individuals. Julex is managed by industry veterans with strong aca-

demic and practical experience in portfolio management, asset allocation, risk management and quanti-

tative research across asset management, hedge fund and insurance industries. Julex offers a variety of

multi-asset, rule-based, and risk-managed total return strategies that are designed to deliver consistent

returns with low volatility and drawdowns in both bull and bear markets.

Henry Ma, CFA, Ph.D., President and Chief In-vestment Officer. Dr. Ma has two decades of exten-sive hands-on and leadership experience in portfolio management, asset allocation, fixed income, global

macro, quantitative research and risk management. Prior to founding Julex, he worked as a Portfolio Man-ager with Geode Capital Management (a Fidelity affil-iate), where he launched and managed a global macro hedge fund. Earlier, he served as Director of Quantita-tive Research and Financial Engineering with Loomis Sayles & Co., and Director of Quantitative Research and Risk Management with Fortis Investments. He led

quantitative research and risk management groups to develop quantitative strategies, portfolio risk analytics and structured credit strategies. Dr. Ma also worked as Senior Vice President, Investment Strategies at Sun Life Financial, where he helped managed $30 billion in fixed income assets and chaired the investment strategy and asset/liability management committee. His investment career began with John Hancock Fi-

nancial Services as a Senior Associate Investment Officer. He developed investment and derivatives strategies as well as oversaw $3 billion in a multi-asset portfolio. Dr. Ma is a published author and an industry speaker on the topics of quantitative investing, risk management and structured finance. He earned a Bachelor and a Master in Economics and Management from Peking University and a Ph.D. in Economics

from Boston University.

Brian Phelan, Managing Director, Sales. Brian brings over thirty years of capital markets experience to Julex Capital Management. Prior to joining Julex, he co-founded MacBride Partners, a consulting organiza-

tion whose mission was to assist it’s clients in the in-vestment management industry improve investment performance by implementing best practices in invest-ment processes, risk management and faithfulness to stated investment philosophies. Previously, Brian was employed by Jefferies & Company in their Boston of-fice as an institutional taxable fixed income salesman. He served as a Director in the generalist fixed income

securities platform within the Capital Markets Group at Deutsche Bank Securities in Boston. In addition, Brian was retained by Taurus Investment Holdings, a Boston based real estate investment advisor, to assist in the distribution of the Taurus Horizon Fund I, an opportun-istic fund investing in high quality CMBS tranches. He was First Vice President at PaineWebber Group where began his career and spent over twenty-two years in

institutional fixed income sales covering major and middle market accounts for investment grade and high yield corporate debt, residential and commercial mort-gage backed securities, asset backed securities and rates. Brian graduated from the Carroll School of Man-agement at Boston College with a BS in General Man-agement / Marketing and currently holds his Series 7 and Series 63 licenses.

Tony Ash, CFA, MBA, Managing Director and Chief Operating Officer. Mr. Ash has thirty years of broad experience in asset allocation, investment risk management, and investment leadership. Prior to

joining Julex, he served as Managing Director and Head of U.S. Portfolio Management at Sun Life Fi-nancial for twelve years. In that role he developed and implemented investment policies, strategies, and mandates for $37 billion in all asset classes backing the insurance company general account. During his tenure at Sun Life, he led the launch of a successful multi-billion dollar captive investment adviser (Sun

Capital Advisers, LLC) and investment company complex (Sun Capital Advisers Trust) in 1998 and also served as internal Investment Advisor to the Sun Life U.S. Employees Defined Benefit and Defined Contribution plans from 1999 to 2009.He entered the financial services industry as an Investment Analyst at New England Life. He has been a member of the ACLI Investment Advisory Council for the SIMS

Conference. Tony received his BA in Economics and

his MBA in Investments both from Boston College.

Advisory Board Maryam Muessel, Advisor. Ms. Muessel is a senior leader in the financial industry. She was the Chief Invest-ment Officer for Global Credit at BNP Paribas, a $1 trillion global asset manager. At BNP, she was responsi-ble for defining and monitoring the management process

and the investment strategy implemented by the credit investment teams across over $250 billion in fixed in-come mandates globally. She joined Fortis Investments in 2004 as the CIO for US Fixed Income & Structured Finance, which was ultimately acquired by BNP. In 2008 she became COO of Alternatives & Solutions divi-sion with a direct responsibility on Global Credit & Hy-brids. Prior to Fortis, she was ACA’s COO and head of

Structured Credit and Asset Management Business. From 1998 to 2004, Maryam held senior positions at Prudential Securities where she was in charge of the CDO business, MBIA where she was in charge of their Alternative Investment business and at CapMAC where she was in charge of their structured credit and financial engineering business. She began her career in 1985 at Mellon Bank. Maryam is a graduate in Economics from

University of Southern California and holds a Doctorate/

MA in Economics from Georgetown University.

Documents

Infor- Julex Capital Management, LLC