Fund Tracking, LLC

1. Fund Tracking, LLC Benchmark Based Trackers

2. Disclaimers Past performance is no guarantee of future results. It should not be assumed that any of the transactions or holdings referred to herein will prove to be profitable, or that the investment recommendations or decisions that Fund Tracking makes in the future will be profitable or generate investment performance comparable to that set forth in this presentation. An investment based upon Fund Tracking’ strategies involves a substantial degree of risk. Investors may lose all or a substantial portion of their investment. There is no guarantee that the investment objectives, investment performance expectations, risk controls and/or return targets outlined in this presentation will be achieved. Any statements made regarding any of the foregoing are ‘Forward-Looking Statements” only, and in no respect constitute any representation or warranty that such investment objectives, expectations, risk controls and/or targets will be achieved. The information contained in this presentation is CONFIDENTIAL – intended only for the use of the person identified on the cover page. No part of this presentation may be reproduced or redistributed in any form, or referred to in any publication, without the express prior written consent of Fund Tracking. In addition, this presentation is for informational purposes only and should not be construed as legal, tax, investment or other advice. Prospective investors should consult their own tax, legal and other advisers prior to deciding whether to invest with Fund Tracking. The securities and strategies referred to in this presentation are shown for illustrative purposes only and should not be interpreted as any form of investment recommendation. The information contained in this presentation has been obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. In addition, the opinions expressed in this presentation are those of Fund Tracking, are subject to change and are likely to evolve over time. This presentation does not constitute an offer to sell, or a solicitation of any offer to buy, any product. If any such offer or solicitation is made in the future, it will be made only by appropriate written documents containing specific terms, conditions, limitations and risk factors. No offer or solicitation of an offer to buy or sell of any interest in any product will be made in any jurisdiction in which the offer, solicitation or sale is not permitted, or to any person to whom it is unlawful to make such offer, solicitation or sale. The investment strategies described in this presentation are not intended as a complete investment program and such strategies should only be considered for a limited portion of the risk segment of an investor’s portfolio. This presentation does not include a full description of the objective, strategies, risks, conflicts of interest, fees, expenses or other material terms of an investment in the strategies described. Such information is provided separately. 2

3. List of Slides Slide DescriptionSlide Number Fund Tracking Background and Philosophy 4 Tracker Programs 5 Unique Benefits Fund Tracker Products 6 Fund Tracker - Benchmark Creation 10 Fund Tracker - Investment Universe 11 Fund Tracker - Algorithm 12 Fund Tracker - Program Description 13 Mutual Fund Multi-Strategy Alt. ‘HF’ Benchmark Tracker 15 Mutual Fund Alt. ‘Hedge Fund’ Composite Benchmark Tracker 16 Mutual Fund Equity Long Short “HF’ Benchmark Tracker 17 Mutual Fund Small Cap Value (10% Vol) Benchmark Tracker 18 Mutual Fund Small Cap Growth (10% Vol) Benchmark Tracker 20 Mutual Fund Asset Allocation Fund Tracker 22 Mutual Fund Large Cap Growth Fund Tracker 23 Mutual Fund Large Cap Value Fund Tracker 24 Mutual Fund Equity Long Short Fund Tracker (ETF Based) 25 Mutual Fund Equity Long Short Fund Tracker (Security Based) 26 S Capital Multi-Strategy Alternative Benchmark Tracker 27 S Capital Equity Long Short Benchmark Tracker 28 S Capital Small Cap Growth Benchmark Tracker 29 S Capital Small Cap Value Benchmark Tracker 30 Fund Tracking – Milestones 31 3

4. Fund Tracking LLC Background and Philosophy Principals of Fund Tracking (Tom Schneeweis, Hossein Kazemi and Richard Spurgin) have substantial expertise in developing and managing traditional as well as alternative investment programs. The primary principals have been active in traditional market as well as alternative investment research since the 1990s, Their work has led to innovative applications in constructing traditional mutual fund, commodity, CTA and hedge fund products. Their advances in benchmark creation have resulted in a range of benchmark based investment products including the London Metals Exchange Index (LMEX), Dow Jones Hedge Fund Indices, Bache Commodity Indices, Managed Futures Strategy Benchmarks and White Bear Tracker funds. Fund Tracking’s current mission is to provide clients with transparent, liquid and cost-effective access to traditional and alternative investment strategies. All of their programs are based on systematic algorithmic approaches centered on the premise that many sources of traditional as well as alternative investment returns can be captured with highly systematic quantitative processes. S Capital offers a family of systematic algorithmic investment products concentrating on investment tracker products across a broad range of hedge fund strategies (multi-strategy, convertible arbitrage, event driven, equity long-short, ….) as well as mutual fund strategies. These investable tracking products provide individual and institutional investors the opportunity to tailor investment programs to meet clients’ specific investment objectives. 4

5. Tracker Programs • Program Objective • Research into the behavior and performance of asset managers indicates that most active mutual fund and hedge fund managers do not have a high degree of strategy revision but tend to focus on central trading strategies. • The investment objective of the Benchmark Tracker Products is to capture core risk-adjusted return characteristics of fund managers while providing attractive liquidity, transparency and fee terms. Both pro-forma research results as well as the actual performance of SCM tracker programs shows that tracker programs closely tracks the performance of a benchmark of active hedge fund managers. • Process • A variety of investment tracker processes currently exist (e.g., risk factor based, distribution based, security/strategy based). Some of the tracking processes are based on “bottom up” strategy replication (conduct the actual trading strategy), while others are regarded as more “top down” in that they are created from investable securities which track or represent the returns of an established non-investable or illiquid strategy benchmark. • For a number of traditional as well as non traditional (e.g. hedge fund) strategies, S Capital has created a series of representative strategy benchmarks. A proprietary systematic algorithmic based model is used to identify and replicate security exposures to these benchmarks which reflect the returns of the underlying core hedge fund strategies.

6. Unique Benefits of Tracker Products ETF/Security Based Security Replication Many strategy replication products invest in over the counter swaps, options, forwards, or illiquid securities (e.g., convertible bonds) to track the returns of a particular investment strategy, SCM focuses on the use of ETF and/or Security based investments to capture the investment sector holdings of a particular strategy.ETFs/Securities provide unique benefits in benchmark tracker programs including reduced counterparty risk and liquidity (e.g., while restrictions have been imposed on short positions in individual securities in the past, no such restrictions have not been placed on ETFs). Dynamic Multi-Factor Approach Many strategy replication products invest in only a limited number of investments and the number and type of the investments remain static over time. Replications based on a limited number of risk or trading factors fail to capture the return dynamics of hedge fund strategies since exposure of hedge funds to risk factors dynamically changes over time Investment Time Horizon Many strategy replication products determine their strategy weightings based on benchmarks created from monthly data. SCM focuses on the use of daily data in creating its strategy benchmarks. The use of daily data permits the trackers to quickly adjust to changes in the underlying characteristics of the hedge fund strategy. 6

7. Dynamic Factor Replication: Benefits Factor based replications based on a limited number of risk or trading factors fail to capture the return dynamics of hedge fund strategies since exposure of hedge funds to risk factors dynamically changes over time. For example, the highlighted squares represent ETF positions at each quarter end (green denotes long; red short) for a sample Equity Long-Short tracking portfolio indicate the changing nature of factor exposure (e.g., ETF holdings) of a typical core Equity Long-Short portfolio. 7

8. ETF/Security Based Replication Many programs invest in OTC products or individual securities. While restrictions have been imposed on short positions in individual securities in the past, no such restrictions have not been placed on ETFs. Moreover, the use of ETFs increases the ability to track the unique sector holdings of underlying strategies. For each ETF, the Investment Committee sets a maximum limit relative to program AUM based on the liquidity of the ETF and the broadness of the underlying index tracked by it. The following table shows a sample of the ETFs eligible for inclusion in the program, along with the position limits which the program imposes as a percentage of AUM. The list of ETFs used in any one strategy is specific to that strategy. Similarly a list of securities consistent with large and small cap value and growth have been determined and a list of securities and position limits similar to ETFS has been created. 8

9. Investment Time Horizon Effects Many strategy replication products determine their strategy weightings based on benchmarks created from monthly data and/or monthly benchmarks (note for some programs monthly data is available weeks after the end of the cited month). SCM focuses on the use of daily data in creating its strategy benchmarks. The use of daily data permits the trackers to quickly adjust to changes in the underlying characteristics of the mutual fund or hedge fund strategy. As shown in the following tables, the SCM equity long short tracker program adjusted quickly to the events surrounding the mid October 2008 market crash with long positions in equity decreasing and long positions in cash increasing. In contrast, a similar program based on the use of monthly data resulted in an increase in cash and a reduction in certain equity positions several months after the event. 9

10. Fund Tracker - Benchmark Creation • The benchmark creation process for hedge funds is briefly summarized as follows: • Morningstar mutual fund data base is screened: • Strategy • Required AUM • Statistical relationships with corresponding hedge fund Index • One year manager history • No double managers or funds • Equal weight benchmark constituent funds. • Sample Equity Long-Short Benchmark Constituents (01/31/2011) are as follows (Full Benchmark Procedure process available on request): 10

11. Fund Tracker - Investment Universe • Investment Universe / Available Factors • At present, the Fund Benchmark Tracker program utilizes liquid Exchange Traded Funds (“ETFs”) and/or Securities traded on U.S. Stock Exchanges. The total investment universe of ETFs (currently over 1000) and relevent Securities is filtered down to a set of eligible ETFs/Securities for inclusion in the algorithm. • We first apply several quantitative filters including: • At least one year of history; • Minimum average daily volume: Daily volume must exceed 100,000 shares and the average dollar volume must exceed 20% of the AUM in our Tracker program; and • $10 minimum average price per share over the most recent three-month period. • This narrowed set of ETFs (approximately 350) and Securities (e.g., 500 in small cap growth) is further refined using qualitative criteria, eliminating ETFs/Securities that we determine to have: (i) duplicates (for example, ETFs that track the same index or have a high degree of exposure overlap), (ii) irregular trading volume or wide bid-ask spreads, (iii) narrow exposure profile, (iv) large tracking error in tracking underlying index, (v) inverse† exposure to underlying index, and (vi) leverage. • The Investment universe is reviewed on a periodic basis and updated at least quarterly. At the Investment Committee’s discretion, individual ETFs/Securities may be included provided that they track well defined indices which have a long history. † Inverse ETFs will be allowed at the trade execution level if the long ETF version cannot be shorted.

12. Fund Tracker – Algorithm • Algorithm Description • Using historical returns of eligible ETFs/Securities and Strategy Index, we apply Bayesian Information Criteria to select ETFs/Securities, which are then used as input to an optimization routine to get optimal weighting scheme. Currently, we run a constrained optimization routine based on a dynamic-volatility (i.e., GARCH) model to construct a tracking portfolio. The algorithm is designed to limit inclusion in the tracking portfolio to those ETFs/Securities which have factor exposures that best match the Strategy Index's exposures. The tracking portfolio's ETF/Security allocations are dynamically adjusted to maintain the target exposures. • Again, it is important to note that in contrast to many tracker based products that use monthly data, our Strategy Index is constructed from daily data. This permits more rapid tracker adjustment to changes in managers’ investment strategy. Once the optimal tracking portfolio has been estimated, the allocations are systematically adjusted with the objective to: • ensure that sector and country exposures do not exceed limits set for each eligible ETF=> positions are capped at the limit even though the algorithm may call for a higher allocation • ensure that only meaningful changes in the allocation are executed and turn-over is reduced • * If desired, investors can target a volatility band for the tracking portfolio. This will result in adjustment of portfolio leverage once volatility is outside the desired band. 12

13. Fund Tracker – Program Description INVESTMENT UNIVERSE (updated quarterly) STRATEGY INDEX (updated quarterly) Universe of Available Investments (ETFs, Securities etc) Public Indices & Databases (Morningstar) BloombergData Liquidity, Track Record And Other Filters Composition of Strategy Index Relationships Among Eligible Investments and Strategy Index Are Estimated Using Estimated Strongest Relationships, TrackingPortfolio is Constructed Strategy Index’s Historical Track Record (Estimated Gross Return) Eligible Investments’ Historical Track Record Performed Daily Strategy Index’s Historical Track Record (Estimated Gross Return) 13

14. Fund Tracker - Trading Process • Daily Trading Process • Every New York trading day, our strategy algorithm determines long and short positions. Each morning, the model is updated with most recent price information to generate the trading signals for that day. Even though we generate trade signals each day, trades are currently executed once a week. • Additional restrictions such as limited or no short positions or other institutional constraints can be implemented at the initiation of the tracker investment process. • Traders are given limited discretion to secure attractive prices: • Limit or market orders may be used, trades may be delayed if they coincide with major economic/political news. • Large trades (>5% daily volume) may be spread over two or more days. • To reduce turnover of the current portfolio, trades are implemented only if transaction notional relative to portfolio AUM exceeds a given threshold. • All executed trades are reconciled with the signals on the same day of execution. 14

15. Mutual Fund Alternatives Based ‘Composite’ – Benchmark Tracker (ETF Based)

16. Mutual Fund Alternatives Multi-Strategy - Benchmark Tracker (ETF Based)

17. Mutual Fund Equity Long Short - Benchmark Tracker (ETF Based)

18. Mutual Fund Small Cap Growth - Benchmark Tracker (ETF Based) 18

19. Mutual Fund Small Cap Growth - Benchmark Tracker (Security Based) 19

20. Mutual Fund Small Cap Value - Benchmark Tracker (ETF Based) 20

21. Mutual Fund Small Cap Value - Benchmark Tracker (Security Based) 21

22. Mutual Fund Asset Allocation Fund – Equity Tracker (Security Based) 22

23. Mutual Fund Large Cap Growth Fund – Equity Tracker (Security Based) 23

24. Mutual Fund Large Cap Value Fund –Equity Tracker (Security Based) 24

25. Mutual Fund Equity Long Short Fund - Equity Tracker (ETF Based) 25

26. Mutual Fund Equity Long Short Fund - Equity Tracker (Security Based) 26

27. Milestones in Fund Tracking • 1995 TRS Associates (later Schneeweis Partners) expanded with the addition of H. Kazemi and R. Spurgin. Kazemi, Spurgin, and Schneeweis commence consulting in the areas of structured products and development of alternative investment products. • TRS Associates Partners established the Center for International Securities and Derivatives Markets (CISDM), a non-profit academic research center facilitating research in traditional and alternative investments, formed at University of Massachusetts. • 1996 The Journal of Alternative Investments in conjunction with Institutional Investor is launched with Thomas Schneeweis as founding editor. The JAI is currently the leading academic/practitioner journal in the area of Alternative investments and is the ‘official’ Journal of the Chartered Alternative Investment Association. • Articles on the development of factor based hedge fund return estimation (Schneeweis and Spurgin “Multi- Factor Analysis of Managed Futures, Hedge Funds, and Mutual Funds Return Estimation," The Journal of Alternative Investments (Fall, 1998)). This research formed the basis for their work in the development and launch of Zurich Hedge Fund Indices (subsequently named Dow Jones Hedge Fund Indexes) in association with Garry Crowder (Founder and Managing Partner Lyra Capital and Ursa LLC, a USD 4.5 billion managed account platform). • 1998 Schneeweis and Spurgin helped in the creation of the London Metals Exchange Index. Their work on this index (“The Investment Benefits of the LME Index”, The Journal of Alternative Investments (Summer, 2000)) lead to continued research in the commodity benchmark/investment area later culminating in the creation of the Bache Commodity Indices (Prudential Financial) in 2006. • Series of articles on the development of systematic momentum based managed futures benchmark products written (Spurgin, R.), A Benchmark for Commodity Trading Advisor Performance, The Journal of Alternative Investments, (1999 ). This research formed the basis for the creation of the Managed Futures Strategy Benchmark (MFSB) in 1999 and the launch of a systematic managed futures program in 2002 which later formed the basis for the White Bear Managed Futures Fund launched in 2009. • Schneeweis, Kazemi and Spurgin with the aid of the AIMA create the first global professional certification in the area of alternative investments (the non profit Chartered Alternative Investment Association) with almost 5000 current members.

28. Milestones in Fund Tracking • Articles published with Eurex, “Eurex Derivative Products in Alternative Investments: The Case for Hedge Funds,“ on the creation of hedge fund tracker products (Kazemi, H., T. Schneeweis, and V. Karavas (CISDM, 2003), The methodology (patent pending) presented in the article lead to creation of tracker products such as White Bear Equity Long Short Fund (2007) one of the first ETF based hedge fund tracking funds. • Managed Futures program, based on research originally published in 1999, was initiated, • 2006 Bache Commodity Index initiated based on research conducted on commodities and managed futures. • 2007 Equity Long Short Tracker Program initiated based on research published in 1999 (“Quantitative Analysis of Hedge Fund and Managed Futures Return and Risk Characteristics" in P. Lake ed. Evaluating and Implementing Hedge Fund Strategies (Euromoney, 1999) and in 2003 (“Eurex Derivative Products in Alternative Investments: The Case for Hedge Funds,“ Schneeweis, Kazemi and Karavas, CISDM, 2003). • Book on the New Science of Asset Allocation (Wiley) published with Garry Crowder, Hossein Kazemi, and Thomas Schneeweis emphasized the importance of risk management and the use of liquid, transparent tracker products in the management of multi-asset portfolios. • Crowder, Kazemi and Schneeweis co-author article, “Asset Class and Strategy Investment Tracking,” published in the Journal of Alternative Investments, Winter 2010 on alternative approaches to investment tracking products. • 2011 S Capital (Schneeweis, Kazemi, and Spurgin) create a series of benchmark tracking products for mutual fund, hedge fund and managed futures. These products use a proprietary algorithmic approach with the use of ETFs. Individual securities or futures to provide a liquid, transparent and low fee means of capturing the return process of a portfolio of hedge funds or mutual funds as well as individual hedge fund, and/or mutual funds.

29. Contact Information: Fund Tracking 145 University Drive Street, Suite 2807 Amherst, MA 01004 Tel: 413.549.3352 2202 Fifth Street, Suite 1241 White Bear Lake, MN 55110 Tel: 651.426.5854 Email: info@scapitalmgmt.com Webste: www.scapitalmgmt.com