Disclaimer

The index comparisons in this presentation are provided for informational purposes only and should not be used as the basis for making an investment decision. Further, the performance of the composite and the Index may not be comparable. There are significant differences between the composite and the indices referenced, including, but not limited to, risk profile, liquidity, volatility and asset composition. Please note that an investor cannot invest directly in an index.

Investments discussed in the presentation are based on representative portfolio and there is no assurance that Vontobel will make any investments with the same or similar characteristics as the representative portfolio presented. The representative portfolio are presented for discussion purposes only and are not a reliable indicator of the performance or investment profile of the composite.

Any projections contained in this presentation are based on a variety of estimates and assumptions. There can be no assurance that the assumptions made in connection with the projections will prove accurate, and actual results may differ materially. The inclusion of projections should not be regarded as an indication that Vontobel considers the projections to be a reliable prediction of future events and projections should not be relied upon as such.

This disclaimer applies to this presentation and the oral or written comments of any person presenting it.

The inclusion in the composite of the performance of wrap accounts and private client assets could result in a material difference in the performance returns.

There can be no assurance that investment objectives will be achieved. Clients must be prepared to bear risk of a total loss of their investment.

As fees are deducted quarterly, the compounding effect will be to increase the impact of the fee by an amount directly related to the gross account performance. For example, on an account with a 0.5% fee, and gross performance of 20% over one year, the compounding effect of the fee will result in performance of approximately 19.4%. A $10,000 initial investment would grow to approximately $14,256 gross of fees, versus $14,000 net of fees, over a two-year period.

Performance Disclosure

Vontobel Asset Management, Inc. (VAMUS) is an investment adviser registered with the Securities and Exchange Commission, under the Investment Advisers Act of 1940, as amended, and a subsidiary of Vontobel Holding AG, Zurich, Switzerland. For purposes of Global Investment Performance Standards (GIPS), the firm is defined as all institutional accounts at VAMUS, excluding wrap accounts and private client assets. The firm maintains a complete list and description of composites, which is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. To receive a list of composite descriptions of VAMUS and/or a presentation that complies with the GIPS standards, contact marketing@vusa.com .

International Equity Composite includes all discretionary accounts, excluding wrap accounts and private client assets, that invest at least 80% of their assets in equity securities of issuers located outside of the United States, or which derive a significant portion of their business or profits outside of the United States in three or more foreign countries. Such accounts hold equity or equity linked securities of issuers listed on a foreign securities exchange or that are quoted on an established foreign over-the-counter market, or have issued American Depositary Receipts (ADRs). Results of the composite are shown compared to the Morgan Stanley Capital International- Europe, Australasian and the Far East Index (the MSCI EAFE Index) and the Morgan Stanley Capital International- All Country World ex USA Index (the MSCI ACWI ex USA), an unmanaged index based on share prices of a select group of global developed and emerging market stocks that are available to global investors. The benchmarks are used for comparative purposes only and generally reflect the risk or investment style of the investments in the composite. The MSCI EAFE index is a free float-adjusted market capitalization index of approximately 910 stocks and is designed to measure equity market performance in 21 developed market countries outside of North America. The MSCI ACWI ex USA index is a free float-adjusted market capitalization index of approximately 1840 stocks and is designed to measure equity market performance in 45 developed and emerging market countries excluding the United States. The indices are calculated on a total return basis with net dividends reinvested. The indices reflect withholding taxes, but not fees and other investment expenses, and are expressed in U.S. Dollars. Investments made by VAMUS for the portfolios it manages according to respective strategies may differ significantly in terms of security holdings, industry weightings, and asset allocation from those of the ACWI ex USA and the MSCI EAFE Index. The minimum account size for this composite is $1 million.

VAMUS claims compliance with Global Investment Performance Standards (GIPS).

No portfolios contained in this composite were carved out from balanced portfolios or multi-manager portfolios currently or historically. Leverage and short positions are not used in the composition of client portfolios. Derivatives in the form of forward foreign currency contracts were used in managing client portfolios for opportunistic currency hedging until October 2011.