University of ConnecticutStudent Managed Fund Presentation

“A Peek into Three Platforms”

By: Keith G. LaRose, 84’

October 2005

Investment Management

CityPlace II185 Asylum StreetHartford, CT 06103

860-527-8050800-720-8050

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Biography

Mr. LaRose joined Bradley, Foster & Sargent, Inc. on February 15, 2000 as a Principal with the title of Executive Vice President.  He is a Portfolio Manager and serves as a member of the firm's Investment Committee.

Before joining the firm, Mr. LaRose was Director of Individual Investment Services at Hartford Financial Management, Inc. where he was responsible for supervising the investment management of more than $200 million in client assets. He also served as chief equity manager and strategist. His responsibilities included securities analysis, portfolio management and marketing. In 1984, Mr. LaRose started his investment career with Dean Witter Reynolds in Greenwich, Connecticut. He joined E.T. Andrews & Company, Inc. in Hartford in 1989 where he was president until 1994 when he joined Hartford Financial Management, Inc.

Mr. LaRose graduated from the University of Connecticut in 1984, majoring in economics. He received a Masters degree in economics and finance from Trinity College in 1995.

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Assets Under ManagementAs of 6/30/05

Institutions10%

Individuals and

Families90%

Equities 72.5%

Cash & Equivalents

7.5%

Fixed Income20%

$757 Million

Types of Assets Types of Clients

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Three Platforms-One Focus

CLIENTSMARKETS

PORTFOLIOS

One Focus:

Client Centric

Performance

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Client Platform

High Net Worth Market Characteristics- KNOW YOUR CLIENT Trust- Without trust there is nothing Performance-

Alpha Centric- Only concerned with performance against various benchmarks

Client Centric- Cash flow bias, industry bias, other structural or personal bias’

Risk asymmetric- Individuals in negative return environments, especially negative return persistency.

Time- Most are highly accomplished people. Time constrained. Not in

the “market game”. Consumed in their own game. The bifurcation of performance footprints post 2000…..Are you a “good

witch or a bad witch”? Were you a good steward of capital during this stress test?

IPSExample

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Performance Conundrum

Live Examples from the Battlefield:

Example Portfolios

A Performance of “A” Now What?

B Performance of “B” Scale up or down seller Relative currency view Options, collars Pay for the taxes with selection

Portfolio A

Performance

Security Focus

Portfolio B

Security LT

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Tracking Multiple Portfolios

Multiple HNW Portfolios Portfolio Tracking and Benchmarking by PM

The Multiple HNW Portfolios as one: Net Market Position in Total

Example Tool

Example Tool

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KGL-Information Webb

KGL Daily

InformationLaunchX

ConferenceCalls(CC)

Conferences(CO)

Macro Themes(MT)

WS Research(WSR1)(WSR2)

BLOGS(MacroBlog)

(Econbrowser)

Federal Reserve Banks

(FRB)

BFS Internal(BFS)

YAHOO(Y)

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The Market Open-Other Tools

KGL MarketOpen and Intraday

XXX

KGLDashboard

Dashboard2Dashboard3

Cash Flow(CF)

EarningsSummary

(ES)

ValuationSummary

(VS)

Compare(Com)

FundamentalSummary

(FD)

KGLModel

Risk Premium

CABSSNC

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Fixed IncomeApproach

Hig

h

Med

ium

L

ow

CR

ED

IT

QU

AL

IT

Y

BFS Fixed Income Focus

DURATION/MATURITY

Short 0-1 year

Long 10+years

Intermediate 2-8 years

CORE FOCUS

The fixed income pool is typically

designed to provide the best income

possible while still serving as a buffer for

equity exposure. This implies short to

medium term duration with a high grade

focus.

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Summary

Commitment to Capital Preservation and Long-Term Growth

High Level of Service and Customization

Tax-Sensitive

Disciplined Process

High Quality Focus; Conservative Investments

Good Performance

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Business Principles

1. Our clients' interests always come first. Without clients, we will have no business. Our experience shows us that if we serve our clients well, our own success will follow.

2. Our key assets are our people and our reputation. While it is very difficult to replace good people, it takes much longer to restore a lost reputation.

3. We take great pride in the professional quality of our work. We seek to achieve excellence in all we do. First and foremost, this means providing our clients with superior investment performance. This is achieved in varying ways depending upon the investment objective of our clients. Additionally, professionalism means providing timely, courteous and accurate administrative service to our clients. It is their money, and they deserve the best possible service from each employee.

4. Our goal is for our firm to be highly profitable. With strong profitability, we can attract good people by paying competitive compensation. With good returns on capital, we can expand the firm, providing for expanded opportunities for our staff and good jobs for the community.

5. We stress teamwork in everything we do. While individual effort and creativity is vital, we have found that team effort often produces the best results. There is no place at Bradley, Foster & Sargent, Inc. for those who put their personal interests ahead of the interests of the firm and its clients.

6. We value dedication, hard work and a sense of urgency. These values are an important reason for the growth and success of the firm since its founding in 1994, and these same qualities will serve us well in the future.

7. We regularly receive confidential information as part of our normal client relationships. It is our duty not to breach a confidence or use a client's confidential material improperly.

8. Our business is highly competitive, and we seek to expand it. But we will not denigrate a competitor to do so.

9. Our firm is a leading investment firm in the Hartford community. We strive to nurture this community, as the community enables us to thrive. We encourage the firm and its employees to give of its time, talent and financial resources so that the community is enhanced through our efforts.

10. Integrity and honesty are at the heart of our firm. We expect our employees to maintain the highest ethical standards in everything that they do, both in their work and in their personal lives.