Alceda

Navigator Fixed Income Total Return

2

Overview

Founded in 1986, Clark Capital Management Group, Inc. is an independent employee owned investment advisory firm, managing over $2.6* billion in client assets and based in Philadelphia, PA.

Clark Capital is focused on both long only and innovative risk management strategies, with a goal of successful capital preservation.

Clark Capital tailors its Navigator Investment Solutions to the unique requirements of high net worth individuals, corporations, trusts, endowments, foundations, and retirement plans.

* As of 3/31/2012

3

Robin Lane, CFA Portfolio Liaison

Years Experience: 19

Investment Professionals

Seasoned

investment

management

team with an

average of 28

years of

industry

experience.

Mason Wev, CFA Portfolio Manager

Years Experience: 16

Elizabeth A. Schoenberg Portfolio Manager

Years Experience: 25

Jamie Mullen Senior Portfolio Manager

Years Experience: 26

David J. Rights Director of Research Years Experience: 43

Maira Thompson Senior Portfolio Manager

Years Experience: 30

Steven T. Grant Senior Portfolio Manager

Years Experience: 36

Harry Clark Chief Executive Officer

Years Experience: 42

K. Sean Clark, CFA Chief Investment Officer

Years Experience: 18

John Clark Portfolio Manager

Years Experience: 20

4

Portfolio Management Team

The members of the

investment team have

extensive experience

utilizing rigorous

research to develop

disciplined

investment

processes.

Navigator Fixed Income Total Return

K. Sean Clark, CFA

• Chief Investment Officer

David J. Rights

• Director of Research

Jamie Mullen

• Senior Portfolio Manager

Mason Wev, CFA

• Portfolio Manager

Elizabeth A. Schoenberg

• Portfolio Manager

5

Investment Philosophy

We Believe …

Managing portfolio volatility is the key to consistently generating excess risk adjusted returns over full market cycles.

Proper risk management takes into consideration both the strengths and weaknesses of diversification.

Our prudent, flexible and highly adaptable approach enables us to constantly balance risk while pursuing alpha.

An opportunistic asset allocation and security selection process can create value for our clients.

Portfolio volatility

should be

systematically

managed.

6

Investment Philosophy

Our Research Demonstrates Relative Strength…

Adapts to changing themes and is not biased to an asset class, style, or capitalization approach

Follows a quantitative process for identifying market/asset class leadership

Is disciplined and unemotional, agnostic to market biases

Does not depend on forecasting and is adaptive to global themes

Is designed to participate in long-term themes that demonstrate strength

Has flexibility to respond to event-driven market movements

Our relative

strength research

utilizes the

collective

knowledge of the

markets in an effort

to identify

performance

leading assets.

7

Research Process Step 1 – Macro Analysis & Rankings

Three asset classes constitute our investable universe: Short Term Treasuries; Intermediate Government Debt/High Quality Corporate Bonds; and Low Quality Corporate Bonds.

Each asset class is analyzed and ranked in an attempt to take advantage of the relative strength of credit spreads.

Portfolio Managers focus on the highest ranked asset class.

8

Research Process Step 2 – Security Analysis & Rankings

Each security is analyzed and ranked against every other security in the universe.

Each buy candidate is analyzed for external events, liquidity constraints and overall portfolio diversification needs

9

Portfolio Construction

Step 3 – Portfolio Construction

Top-down quantitative relative strength research seeks to identify leading fixed income ETFs in the favored asset class.

Final buy candidates are determined through quantitative relative strength research.

Debt market review of macro policies and events.

Portfolio management team determines size of an individual security position.

Step 4 – Portfolio Monitoring & Sell Discipline

Trim / Add around established positions.

Declining relative strength triggers watch list.

Inflection point in relative strength reversal confirmed.

A disciplined

portfolio

construction

process seeks to

provide the

foundation for

consistent results.

10

Portfolio Characteristics & Allocation History as of 3/31/2012

Portfolio Characteristics*

Total Holdings Exposure 730

Estimated Current Yield 7.10%

Average Coupon 7.97%

Average Duration 4.25

Average Credit Quality B

Holdings Ticker % # of

Positions Current Yield*

Barclays High Yield Bond SPDR JNK 24.00% 228 7.31%

iShares iBoxx $ High Yield Bond HYG 23.00% 519 7.32%

Pioneer High Yield Y TAHYK 17.00% 346 5.63%

Blackrock High Yield Bond BHYAX 17.00% 596 6.27%

JP Morgan High Yield Bond Select OHYAK 16.00% 1088 7.11%

Cash 3.00%

* Source: Morningstar Direct

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1/1/2005 1/1/2006 1/1/2007 1/1/2008 1/1/2009 1/1/2010 1/1/2011 1/1/2012

Low Quality (High Yield ETFs) High Quality (Treasury ETFs) Short Term (Treasury Bill ETFs)

11

Fixed Income Total Return

Fixed Income Total Return

U.S. Short-Term Treasuries

High Quality U.S. Government/ Corporate Bond

Low Quality Bond

Portfolio Objective: The Fixed Income Total Return strategy is designed to deliver excess alpha over a full market cycle measured against Barclays Capital U.S. High Yield Bond Index and Barclays Capital U.S. Aggregate Bond Index. The strategy seeks total return with a secondary goal of current income.

12

Competitive Advantage

Our Results, Size, Style, and Flexibility

Research driven, more than two decades of experience

Independent and invested alongside our clients

Consistent excess performance versus peer managers

Quantitative, repeatable investment process

Flexibility providing the key to portfolio alpha

Excellence is

pursued through a

dedication to

continual

improvement.

13 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

14 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

15 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

16 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

17 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

18 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

19 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

20 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

21 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

22

Disclosure and GIPS® Performance Presentation

23

Disclosure and GIPS® Performance Presentation

24 Source: Morningstar Direct. Pure gross returns do not include the deduction of transaction costs, and are shown as Supplemental Information.

Standard Deviation - A statistical measurement of dispersion about an average, which, for a mutual fund, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility. Standard deviation is most appropriate for measuring risk if it is for a fund that is an investor's only holding. The figure cannot be combined for more than one fund because the standard deviation for a portfolio of multiple funds is a function of not only the individual standard deviations, but also of the degree of correlation among the funds' returns. If a fund's returns follow a normal distribution, then approximately 68 percent of the time they will fall within one standard deviation of the mean return for the fund, and 95 percent of the time within two standard deviations. Morningstar computes standard deviation using the trailing monthly total returns for the appropriate time period. All of the monthly standard deviations are then annualized. 3 Year Standard Deviation - The 3-Year Standard Deviation represents the annualized standard deviation of annualized standard deviation of actual composite and benchmark returns, using the rolling 36-months ended each year-end. Beta - A measure of systematic risk with respect to a benchmark. Systematic risk is the tendency of the value of the fund and the value of benchmark to move together. Beta measures the sensitivity of the fund’s excess return (total return minus the risk-free return) with respect to the benchmark’s excess return that results from their systematic co-movement. It is the ratio of what the excess return of the fund would be to the excess return of the benchmark if there were no fund-specific sources of return. If beta is greater than one, movements in value of the fund that are associated with movements in the value of the benchmark tend to be amplified. If beta is one, they tend to be the same, and if beta is less than one, they tend to be dampened. If such movements tend to be in opposite directions, beta is negative. Beta is measured as the slope of the regression of the excess return on the fund as the dependent variable and the excess return on the benchmark as the independent variable. The beta of the market is 1.00 by definition. Morningstar calculates beta by comparing a portfolio's excess return over T-bills to the benchmark's excess return over T-bills, so a beta of 1.10 shows that the portfolio has performed 10% better than its benchmark in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the portfolio's excess return is expected to perform 15% worse than the benchmark’s excess return during up markets and 15% better during down markets. Alpha - A measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk as measured by beta. A positive Alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative Alpha indicates the portfolio has underperformed, given the expectations established by beta. Alpha is calculated by taking the excess average monthly return of the investment over the risk free rate and subtracting beta times the excess average monthly return of the benchmark over the risk free rate.

Sharpe Ratio - A risk-adjusted measure developed by Nobel Laureate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund's historical risk-adjusted performance. The Sharpe ratio is calculated for the past 36-month period by dividing a fund's annualized excess returns by the standard deviation of a fund's annualized excess returns. Since this ratio uses standard deviation as its risk measure, it is most appropriately applied when analyzing a fund that is an investor's sole holding. The Sharpe Ratio can be used to compare two funds directly on how much risk a fund had to bear to earn excess return over the risk-free rate. R-Squared - Reflects the percentage of a portfolio's movements that can be explained by movements in its benchmark. Downside Capture Ratio – Measures a manager's performance in down markets. A down-market is defined as those periods (months or quarters) in which market return is less than 0. In essence, it tells you what percentage of the down-market was captured by the manager. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside. Upside Capture Ratio - Measures a manager's performance in up markets relative to the market (benchmark) itself. It is calculated by taking the security’s upside capture return and dividing it by the benchmark’s upside capture return. Bull Beta - A measure of the sensitivity of a fund’s return to positive changes in its benchmark’s return. Bear Beta - Bear Beta is a measure of the sensitivity of a fund’s return to negative changes in its benchmark’s return. Best Month - This is the highest monthly return of the investment since its inception or for as long as data is available. Worst Month - This is the lowest monthly return of the investment since its inception or for as long as data is available. Maximum Gain - The peak to trough incline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Maximum Drawdown - The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough.