This presentation is the result of a collaborative effort of the entire Fall 2009 SAFF Class.

1. Student and Foundation Fund Second Quarter 2009 & Third Quarter 2009

3. Economic Forecast

4. Sector Allocation

5. Portfolio Detail

6. Equity

7. Fixed Income

8. Future of SAFF

9. CFA Challenge

10. Newsletter / Pamphlet

12. Grow Foundation Assets

13. Attract New Donors

14. Educational Goal

15. Gain “Real World” Experience

17. Selection

18. 10-15 members per semester

19. Assign Positions

20. Portfolio Managers

21. Equity Managers

22. Fixed Income Managers

23. Newsletter Editor

24. Webmaster

25. Special Projects Managers

26. Assign Securities/Sectors

28. Investment Process Individual Sector Selection

30. Research Insight

31. Bloomberg

33. Portfolio Guidelines 9

35. 40% Barclays US Aggregate Bond Index

36. Equity

37. S&P 500

38. Fixed Income

40. Economic Forecast 12

41. Economic Forecast Fall 2009 13

42. Portfolio Details

44. Minimum at 20%

45. Growth stocks may have difficulty expanding in predicted economy

46. Minimum at 30%

47. Value stocks have potential to increase from depressed values

49. Maximum at 40%

50. Cash is maximized to provide safety and liquidity

51. Maximum at 5%

52. Equity holds residual amount to still hedge predicted inflation

54. Third Quarter 2009 Returns 18 * Benchmark for Equity is the S&P 500 Index † Benchmark for Fixed Income is the Barclays US Aggregate Bond Index

55. Second and Third Quarter Returns 19

56. Equity

57. Sector Managers

58. 5 Largest Holdings

59. 5 Best Performers

60. 5 Worst Performing Stocks

61. Sector Weightings * Current weights, as of 11/10/09

63. Equity Performance

64. Q2 Sector Returns

65. Q3 Sector Returns

66. YTD Sector Returns

67. Style Classification

68. Fixed Income

69. Fixed Income Snapshot

70. Fixed Income Management

71. Fixed Income Returns

72. Spread Analysis MBS/ABS Government Corporate

73. Spread Analysis Change Needed 5 Year Average Government – 3.4 Mortgage Backed – 3.81 Mortgage Backed – 3.81 Corporate AAA – 5.13 Corporate AAA – 5.13 Government – 3.4 Current 10 Yr Treas. 3.78% 0.67 0.66 1.32 0.41 1.32 1.73 0.26 0.66 0.41 +0.38 +0.63 -0.03 0.26 0.66 0.41 MBS/ABS 4.44% AAA 5.10%

74. Target Sector Weighting

75. Current Sector Weights

76. Fixed Income Strategy Ladder Strategy Suitable for Inactive Periods Winter Break Summer Break Protection in Volatile Markets Not locked into specific bonds for a long duration Steadily Maturing Bonds Relatively Liquid Money Economic Forecast Expectations Interest rates will not significantly increase in the near future

77. Future of SAFF

78. Returning SAFF Members Joshua Daugherty Ashley Malsam

79. Returning SAFF Members Jay Fells Erica Ferge

80. CFA Challenge Consists of students, investment industry professionals, publicly traded companies and corporate sponsors Nearly 300 of the top schools compete to form an analysis of a company chosen for them Each school has a team consisting of 3-5 business students Each team is assigned one CFA advisor

81. CFA Challenge In Relation to SAFF UNC’s Challenge team: Micah Lile, Ashley Malsam, Jay Fells, Josh Daugherty, Erica Ferge CFA volunteer in conjunction with Challenge is Matthew Blair Company chosen by CFA Institute: Chipotle (CMG) First competition: final report is submitted for grading on January 29th

83. Integrate fixed income with equity in spreadsheet

84. Instantaneous graphs to compare/evaluate evidence

86. SAFF Website http://www.mcb.unco.edu/Clubs/SAFF/ Mission Statement Members Advisor Meeting Minutes Résumés Contact Information Former Members Portfolio

87. SAFF in Progress Near Target on Equity and Fixed Income Currently working on buy proposals to decrease cash Equity Strategy in Place Working towards target equity distribution and sector allocation