1. Closed-End Fund AdvisorsDiversification, Income, & Tactical Management “Why Hire CEFA as Your Portfolio Manager?” / Last Updated: September 2, 2010

2. 2 Important: The information in this presentation is not for general circulation and should not be considered an offer, or solicitation, to deal in any of the mentioned funds. The information is provided on a general basis for information purposes only, and is not to be relied on as advice, as it does not take into account the investment objectives, financial situation or particular needs of any specific investor. Any research or analysis used to derive, or in relation to, the information herein has been procured by Closed-End Fund Advisors (“CEFA”) for its own use, and may have been acted on for its own purpose. The information herein, including any opinions or forecasts have been obtained from or is based on sources believed by CEFA to be reliable, but CEFA does not warrant the accuracy, adequacy or completeness of the same, and expressly disclaims liability for any errors or omissions. As such, any person acting upon or in reliance of these materials does so entirely at his or her own risk. Any projections or other forward-looking statements regarding future events or performance of countries, markets or companies are not necessarily indicative of, and may differ from, actual events or results. No warranty whatsoever is given and no liability whatsoever is accepted by CEFA or its affiliates, for any loss, arising directly or indirectly, as a result of any action or omission made in reliance of any information, opinion or projection made in this presentation. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without CEFA expressed written permission. CEFA reserves the right to make changes and corrections to the information, including any opinions or forecasts expressed herein at any time, without notice. 2 Disclaimer

3. 3 Today’s Goal What is the value, or benefit from having our firm, Closed-End Fund Advisors, manage an income oriented account on your behalf?

4. What Are We Going to Cover? 4

5. 5 What is CEFA? SEC Registered Investment Advisory Firm Investment Management Firm 50 years Combined Manager Experience Independent, Fee Only & Family Owned Published only Hardback CEF Book, in 1991 27 Years on a CEF Board of Directors (1976-2003) Scott Letter: 18 years & CEF Universe: 2 ½ Years $65 Million in Assets Under Management Clients in 17 states with Average Assets of $500K. Publically Publish Performance to 2000+ Subscribers 5

7. Best Known for Income, International & Municipal Bonds

8. Discounts & Premiums to Net Asset Value Ability to Use Three Types of Leverage Fixed Capitalization (no redemption pressure) Intraday Trading (Control in Price Execution) Stop Loss, Limit & Good Till Cancelled Orders Most CEFs Listed on The New York Stock Exchange Best Way to Capture Market Inefficiency's: Fear & Greed A Diversified & Professionally Managed Pool of Assets More info: http://www.cefadvisors.com/closed_end_funds.html 6

9. 7 Closed-End Fund Assets Assets of Closed-End Funds by type, end of period Millions of dollars (US) Source: Investment Company Institute 7

10. 8 Closed-End Funds vs. Open-End Mutual Funds & Exchange Traded Funds 8

11. 9 Fear and Greed with Closed-End Funds Individual investors (85% of CEF holders) trade for various reasons, many of which are based on fear or greed. This creates opportunities for a diligent and patient (professional) investors. There is no better investment structure to take advantage of fear and greed opportunities than with CEFs. They are the only investment vehicles where it is possible to know what it’s worth (NAV) versus the current market price or ‘perceived value’. Discounts are a very measurable and ongoing way to see what investors are thinking about a fund’s popularity. ** If we like the discount AND we like the assetclass or fund, there’s clear upside when the fund’s discount reverts back to a normal levels. 9

12. Mutual Funds: By Yield 10

13. Exchange Traded Funds: By Yield 11

14. Closed-End Funds: By Yield 12

16. 14 Impact of Leverage Leveraged Unleveraged Credit Quality ranges from AA- to AA+. Source: CEF Connect: August 30, 2010 Past performance is not indicative of future results. This presentation is not intended as an offer to sell any of the funds shown. Rather, funds shown are for illustrative purposes only. 14

17. 15 Discount Yield Benefit Advantage of Paying “90 cents for $1.00 of Assets” Example: Alpine Global Premier Property (NYSE: AWP) 6.61% Discount Yield Benefit = 1.17% Market Price: $5.99 NAV: $7.30 Discount: -17.95% As of August 30, 2010 Source: CEF Connect Past performance is not indicative of future results. This presentation is not intended as an offer to sell any of the funds shown. Rather, funds shown are for illustrative purposes only. 15

18. 16 Closed-End Fund Discounts CEFs are known for their ‘infamous’ discounts. The discount is the feature built into CEFs that make them unique & potentially quite lucrative. We believe that CEFs historically trade at discounts because they can, and you have to price this into the value of the fund. 16

19. 17 Relative Discount Relative Discount: The current discount/premium of a closed-end fund vs. the fund’s historical discount/premium. This data point is intended to help identify relative value for the fund vs. the absolute value of the current discount/premium. Example: MHI 52 Week Premium/Discount Chart 08/03/10 Templeton Emerging Markets Income Fund: NYSE: TEI Chart Source: CEFconnect.com 17

20. 18 Source: CEFA’s Closed-End Fund Universe, July 30, 2010 18 Average Distribution Yield for CEFs as of July 30, 2010

21. 19 Closed-End Fund Evaluation Factors 19 19

22. 20 CEFA’s Investment Process 20

24. Relative Value to Peers

25. Relative Value to Itself

26. Good News, Yet Unnoticed

27. Dividend Increase or Good Dividend Coverage

28. Sector Optimism

29. Using Limit Orders & Block Trading Account 21 21

31. 23 Why Do We Sell? If a fund is trading at high premium or relative premium  we can sell/swap funds. When we enter a set or trailing stop. Negative news or change in divided policy. Because another fund is performing better. Recognize a gain or in order to pause and wait. If client has predetermined selling point for some/all the portfolio. Account drops more than x% in a week, month, quarter. These can be set manually or automatically. There are specific risk factors to each approach.

32. 24 Dividend Cut 11/14 by CRF Source: Yahoo Finance, CEF Connect 24

33. Hypothetical Portfolio of CEFs Average Blended Portfolio Yield 7.85% Note: Used category average distribution yield as of July 30th, 2010. Distribution yield does not take into effect changes in principal or market price values or fluctuations. dividends are not guaranteed and the past cannot be used to predict the future. 25

34. In Summary: Why We Like Closed-End Funds Diversification Professional Management Leverage Used by Fund Leverage of Discount Control: Limit & Stop Orders Fixed Capitalization: No Redemption Pressures Capitalize on Market Inefficiencies 26

35. 27 Typical CEFA Client Situation Needs to produce above average income while maintaining some growth or inflation protection(5% - 8.5% dist. yield). Made some good decisions and some bad decisions. Now needs professional help. Doesn’t know when to sell. Likes a hands-on tactical investment manager able to give personal specialized service. Wants to be part of a program that buys assets below par. Desires Tax Sensitive Income Wants a Specialists.

37. CEFA Client Examples Client #1 - Has $500K IRA and wants $3K a month in income or (7.2%) annualized account distribution. He expects dividends to cover monthly draft. CEFA Portfolio: Hybrid Income Client #2 – Couple has $600K Trust Account and wants $2K a month in income (4%), but wants 20%-30% in tax-free bond funds and needs significant protection of principal. CEFA Portfolio: Balanced/Foundation 29

38. More CEFA Client Examples Client #3 - Has $1.2M Trust Account; takes $10K a month (10%). Expects it to come from growth and income. Doesn’t want to worry about markets so has 10% stop points in place for all listed funds. CEFA Portfolio: Growth & Income Client #4 – Couple has $800K IRA doesn’t need income. Wants it to grow as much as possible, likes exposure to global stocks CEFA Portfolio: International Equity 30

39. CEFA Model Performance 31 *Diversified Growth & Growth & Income inception is January 31, 1999, International Equity inception is October, 31 2002 and Hybrid Income inception is November 2006. Performance is net of fees & commissions and includes all account s in each composite. Past performance cannot predict future results and investments with CEFA may lose value and are not guaranteed. Data as of 7/31/10

40. 2010 YTD Portfolio Performance (NET) 32 Performance is net of fees & commissions and includes all account s in each composite. Past performance cannot predict future results and investments with CEFA may lose value and are not guaranteed. Data as of 8/31/10.

42. New Assets or Accounts: 60 to 120 Days To Fully Invest.Stay in Tough Regularly for first 3 to 4 months. Personal Needs Addressed for Each Account. No “Lock up” Period or Redemption Charges. Client Letter, Scott Letter Interviews & Updates via Email on the Markets or firm. Call Your Portfolio Manager with Questions.

43. 34 Next Steps Learn More / Stay in Touch Use CEFs on Your Own I Need Help!

44. 35 For Your InformationFree CEF Resources Investment Company Institute – www.ici.org CEF Association – www.cefa.com Nuveen’s CEF Website – www.cefconnect.com The Scott Letter: Closed-End Fund Report – www.scottletter.com CEF Quarterly Commentary: Jeff Margolin First Trust: http://www.ftportfolios.com/Retail/Commentary/CEFCommentaryMain.aspx CEF Quarterly Commentary & Research – Nuveen http://www.nuveen.com/CEF/Info/CommentaryResearch.aspx LinkedIn CEF Network: http://www.linkedin.com/groups?about=&gid=1172377&trk=anet_ug_grppro Morningstar CEF Discussion Group http://socialize.morningstar.com/NewSocialize/forums/100000006.aspx Seeking Alpha – key word “closed-end fund” - www.seekingalpha.com Yahoo Discussion Group: Closed-End Funds 2: http://finance.groups.yahoo.com/group/closedendfunds2/ More Useful Links at: www.cefadvisors.com/investRes.html 35

45. 36 Principal’s Biographies George Cole Scott Sr. Portfolio Manager, President of Closed-End Fund Advisors George’s investment career started in 1969 when he joined a brokerage firm after a short career as a journalist. In 1976 he helped a friend buy control of a deeply discounted CEF which became Bergstrom Capital (AMEX: BEM). He served on the board of the highly rated fund for 27 years. In 1987 he founded The Scott Letter: Closed-End Fund Report which was a top rated print newsletter until he became a shareholder in CEF Advisors in 1996. In 1991 he co-authored the only hardback and 500 page book on CEFs with a finance professor. He is a graduate of The University of Washington, hold the Series 66 License and is a long time member of The Society of Financial Analysts and CFA Virginia. He has been widely published, and interviewed as well as consulted with various Closed-End Funds. George is one of two CEF specialists with more than four decades CEF expertise. John Cole Scott, CFS Portfolio Manager, Executive VP of Closed-End Fund Advisors John has worked at the firm since early 2001. He sits on the firm’s investment committee holds the Series 66 License and the Certified Fund Specialist designation (CFS). He is a graduate of The College of William and Mary and has been quoted widely in the financial press and presented at conferences and for investment groups around the country. In 2008 John founded CEFA's Closed-End Fund Universe, a comprehensive weekly data service covering the closed-end fund industry. John is a long time member of The Richmond Association for Business Economics (RABE), serves on the Investment Committee for The New York State Society of The Cincinnati and is Treasurer and Membership Chair for The Virginia Museum of Fine Arts’ Business Council. 36

46. 37 37 Contact Information Thank you for your time and attention, if you like what you see, we look forward to serving you. Closed-End Fund Advisors 7204 Glen Forest Drive, Suite #105Richmond, Virginia 23226Phone: (804) 288-2482 / (800) 356-3508 Email: sales@cefadvisors.com www.cefadvisors.com