Overview Atlas Strategies

1. Atlas Capital Advisors LLC Investment Platform

3. Expertise

5. Transaction model

6. Proprietary products

7. High fees

9. Focus on Asset Allocation

10. Low cost

11. Superior performance

13. Stock picker

14. High cost

15. Poor performance vs. benchmarks

17. 3 Successful Fixed Income Platforms – Focus on both strategy + execution Strategy Asset class and risk / return profiles Inflationary risk Credit analysis Systematic market anomalies Tax efficiency Yield curve strategy = 80% Asset Allocation Execution Implied forward rates New issue bias Two sided pricing For secondary = 20% Asset Acquisition

18. 4 Fixed Income Risk – Strategic View Today’s fixed income market currently under prices inflationary risk and over prices credit spreads and legislative tax risk Overweight TIPS Overweight Munis Underweight Nominal Government Bonds

19. 5 Sample Fixed Income Portfolio – Conservative Allocation

20. Muni Bonds – Credit Ratings vs. Corporate Bonds Ratings agencies use a double standard in rating municipal bond debt The rating agencies own studies show governmental, or municipal, issuers default much less than corporate issuers. Municipal bonds rated Baa by Moody’s have experienced a default rate of only 0.13 percent, while corporate bonds rated Aaa by Moody’s have defaulted at four times that rate, or 0.52 percent. Corporate bonds rated AAA by S&P have defaulted at almost twice the rate of municipal bonds rated BBB (0.60 percent and 0.32 percent, respectively). Of all general obligation municipal bonds rated by Moody’s between 1970 and 2006, only one issuer defaulted. For a tax-backed bond rated BBB or better by S&P, the likelihood of default over a 20-year period is only 0.03 percent.

21. The steepness of the municipal curve implies a 70bps increase in 1 year municipal rates per year over the next 5 years Muni Bonds – Term Structure

22. Corporate Bonds - focus on cash to CDS Basis not credit ratings

23. Corporate Bonds – Altman Z score to synthesize ratio analysis

24. Breakevens on Treasury Inflation Protected Bonds (TIPS) show market under pricing inflation risk 10 TIPS tend to be less volatile than nominal bonds due to their adjustment to inflation expectations Breakeven rates today imply a average of 2% inflation rate over the next 10 years

26. ETFs don’t participate in new issue market (-20bps)

27. Bond ‘indexing’ not applicable to efficient markets in same way as equities+ETFs have better liquidly on exit from position (+.5%)

28. 12 Fixed Income Platform Execution – The wire house v. Atlas model Wire House Model Atlas Model Syndicate Desk New Issue Dealer Inventory Client Account $100 $100 Management Fee $101 Atlas Bond Trader “Sales credit” $103 Broker $103 + commission Client

29. Bond Mark Up Example

30. Atlas Capital Advisors LLC Equity Platform

31. Atlas Capital Equity Strategy ‘Core Satellite’ 15

32. Atlas Capital 2009 Q4 Equity Allocations 16

33. Sector and Geography Historical Valuations 17

34. Atlas manages its portfolios in a passive, index based manner Portfolios are constructed using a market capitalization based index methodology Portfolio turnover is low Atlas adds value beyond index returns by capturing persistent market anomalies Value over Growth Momentum Atlas believes that transactions costs have a large impact on performance over time Commissions are a relatively small portion of costs Market impact is a larger portion Tax impacts are the highest cost and almost completely ignored by most equity managers because performance is reported pre tax Atlas Capital Core Equity Strategy 18 Source: Standard and Poor’s SPIVA study

35. Value over Growth Portfolios 1927 - 2009 19

36. Momentum Portfolios 1929 - 2009 20

37. Long/Short Factor Portfolios 1929 - 2009 21 SMB = Small Cap – Large Cap HML = Value – Growth WML = High Momentum – Low Momentum Rm-Rf = Market return – Risk Free Rate Rf = Risk Free Rate

39. Tax cost

40. Benchmark risk

42. Chartered Financial Analyst

43. Director of Currency Risk Management at Hewlett Packard

44. BA, Stanford University

45. MBA, Andersen Graduate School of Business at UCLA

46. John Baker

47. Senior Banker at Deutsche Bank and Hambrecht & Quist

48. BA, Williams College

49. MBA, Andersen Graduate School of Business at UCLA

50. Tony Trousset

51. Managing Director, Co-Head of West Coast Technology Group at Lehman Brothers

52. Managing Director, Global Head of Software Investment Banking at UBS

53. Over 15 years of investment banking experience

54. BA and MA, Stanford University

55. Andrew Zurn

56. Senior Banker at Deutsche Bank

57. CFO of KeepMedia, a Louis Borders company

58. BS, Stanford UniversityAtlas Capital Advisors Professionals