Focus on preservation of investor capital in down markets. Designed to put investor capital to work during sustained bull markets

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1 A diversified portfolio including domestic equity, international, alternative, and fixed income components. ETF universe is ranked using a quantitative system based on market price anomalies and the direction of the market based on return/risk characteristics. The portfolio may be more defensive than other similar portfolios. - Defensive ETF Portfolios Disciplined, scientific approach to tactical investing Focus on preservation of investor capital in down markets Designed to put investor capital to work during sustained bull markets Highly responsive research process that is designed to react quickly to macro trends Uses highly liquid, low cost ETFs Management Team led by Louis Navellier New, Lower Management Fees Seeded with Capital by Navellier & Associates, Inc. The essence of investment management is the management of risks, not the management of returns. Benjamin Graham, Warren Buffet s Mentor 1Q 2015 rv ncd For Financial Consultant Use Only

2 is a unique suite of investment strategies with a singleminded focus: limiting losses during extended market downturns. For today s investor, what you make is not nearly as important as what you keep! Defensive allocation strategies are designed to generate improved returns in up markets by working from a position of strength (i.e., the portfolio s attempt to avoid losses before making new gains). The portfolios are designed with the intention of delivering attractive risk-adjusted returns through multiple investment markets via diversification and defensive re-allocation. S u p p l e m e n t a l I n f o r m a t I o n Portfolio Key Features ETF universe ranked using weighted, quantitative multi-factor model relative to the S&P 500 and to cash to determine timing, allocation, positioning, and overall portfolio risk. Invests in all key equity sectors and major asset classes, including bonds, real estate, gold, foreign markets, and cash Utilizes only simple, readily available ETFs Uses NO shorting, leverage, inverse ETFs, or exotic derivative investments Focuses on downside risk management, especially in weak markets Under extreme market conditions, the portfolio can build and hold substantial defensive positions to avoid losses The objective is to participate in rising markets and to outperform in down markets 100% quantitative process, highly disciplined Holdings Holdings as of Consumer Discretionary Select Sector Spdr Consumer Staples Select Sector Spdr Fund Health Care Select Sector Spdr Fund ishares Dow Jones U.S. Technology Sector I ishares Trust Dow Jones U.S. Real Estate I ishares Trust Dow Jones U.S. Utilities Sec ishares Trust Lehman 7-10 Year Treasury Bo ishares Barclays MBS Bond xly xlp xlv iyw iyr idu ief mbb Past performance does not guarantee future results; investment in financial instruments involves substantial risk and has the potential for partial or complete loss of funds invested. Results presented include reinvestment of dividends and other earnings. See important disclosures at end of document. For Financial Consultant Use Only. 2 Dynamic Series

3 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% $350 $300 $250 $200 $150 $100 $50 Model Historical Diversification and Re-allocation January 1, March 31, 2015 For Illustration Purposes Only 1/1/ /31/ /31/ /31/ /31/2007 Model Performance Growth of 100 Dollars from January 1, March 31, /31/ /31/ /31/ /31/2011 S u p p l e m e n t a l I n f o r m a t I o n CASH Cash USD VGK Vanguard FTSE Europe ETF SPY SPDR S&P 500 ETF GLD SPDR Gold Trust XLB Materials Select Sector SPDR Fund IDU ishares US Utilities ETF IYW ishares US Technology ETF IYR ishares US Real Estate ETF IYJ ishares US Industrials ETF IYE ishares US Energy ETF TIP ishares TIPS Bond ETF SHV* ishares Short Treasury Bond ETF EPP ishares MSCI Pacific ex Japan ETF EWJ ishares MSCI Japan ETF EEM ishares MSCI Emerging Markets ETF EWC ishares MSCI Canada ETF MBB ishares MBS ETF LQD ishares iboxx USD Investment Grade Corporate Bond ETF HYG ishares iboxx USD High Corporate Bond ETF FLOT ishares Floating Rate Bond ETF IEF ishares 7-10 Year Treasury Bond ETF XLV Health Care Select Sector SPDR Fund XLF Financial Select Sector SPDR Fund XLP Consumer Staples Select Sector SPDR Fund XLY Consumer Discretionary Select Sector SPDR Fund Note periods where the model goes to cash The above graph is hypothetical. Source: Navellier & Associates, Inc. Allocations presented for each ETF represent the allocation as of the last day of the period. Not all ETFs were included in the investment universe for all periods. ETFs were included once they were publicly available. *The accounts may invest in a cash equivalent, such as money market funds, in place of short-term Treasuries. 12/31/ /31/ /31/2014 $ Model (Pure Gross) Model (Net) Benchmark Source: Navellier & Associates. As a matter of normal and important disclosures to you, as a potential investor, please consider the following: The performance presented in the accompanying charts and graphs is not based on any actual securities trading, portfolio, or accounts, and should be considered mere paper or proforma performance results based on Navellier s research. Performance results presented herein are model results and do not guarantee future results; investment in financial instruments involves substantial risk and has the potential for partial or complete loss of funds invested. Model results presented include reinvestment of dividends and other earnings. See important disclosures at end of document. For Financial Consultant Use Only. 3

4 - Model Results Performance Returns Annualized Returns through 3/31/15 Return/Risk Analysis 1/1/2004 to (Pure Gross) Net (Pure Gross) Net 1 st Quarter 0.43% -0.26% 1.97% Best Month 6.36% 6.14% 7.71% Year-to-Date 0.43% -0.26% 1.97% Worst Month -3.83% -4.04% % Trailing 1 Year 8.24% 5.32% 7.21% # of Up Months Model Results S u p p l e m e n t a l I n f o r m a t I o n Trailing 3 Years 8.93% 6.06% 10.43% # of Down Months Trailing 5 Years 9.58% 6.72% 9.60% Trailing 10 Years 10.59% 7.74% 6.80% Since Inception (1/1/04) Yearly Returns Calendar Year Performance beyond 10 years available upon request 10.42% 7.58% 6.94% (Pure Gross) Net Maximum Drawdown (%) % % % Comparative Return/Risk Analysis 1/1/2004 to (Pure Gross) vs % 5.06% 6.85% Alpha (3) 6.48% 0.00% % 13.40% 18.62% Beta (3) % 4.95% 12.85% Standard Deviation (1) 7.55% 10.50% % 1.71% 0.43% R-Squared (3) 56.39% % % 12.19% 11.60% Up Capture Ratio 89.96% % % 20.37% 22.41% Down Capture Ratio 59.14% % % 12.56% -9.47% 9.69% % 7.90% Source: Navellier & Associates. All returns over 1 year are annualized. (1) Annualized standard deviation % 13.40% 14.78% (2) Benchmark: 45% S&P 500, 25% MSCI World ex U.S., 30% U.S. Aggregate Bond Index % 6.96% 6.71% (3) Calculated vs. Benchmark Please see important disclosures at end of this presentation. ETF Universe (By Sleeve): The Covers all Major Asset Classes U.S. Equity ETFs Consumer Discretionary Consumer Staples Energy Financials Healthcare Industrials Materials Technology Utilities International Equity ETFs Europe Canada Japan Pacific ex Japan Emerging Markets XLY XLP IYE XLF XLV IYJ XLB IYW IDU VGK EWC EWJ EPP EEM Fixed Income ETFs 7-10 year Treasury Bond IEF Investment Grade LQD High Yield HYG Tips TIP Floating Rate FLOT Mortgages MBB Alternative ETFs Gold Real Estate S&P 500 Cash Equivalent Short-term Treasuries (or cash equivalent) GLD IYR SPY SHV* *The accounts may invest in a cash equivalent, such as money market funds, in place of short-term Treasuries. Source: Navellier & Associates, Inc. As a matter of normal and important disclosures to you, as a potential investor, please consider the following: The performance presented in the accompanying charts and graphs is not based on any actual securities trading, portfolio, or accounts, and should be considered mere paper or proforma performance results based on Navellier s research. Potential investors should consult with their financial advisor before investing in any investment product. Investment in financial instruments involves substantial risk and has the potential for partial or complete loss of funds invested. Past performance does not guarantee future results. All performance figures include reinvestment of dividends, interest, and other income. Please read important disclosures at the end of this presentation. For Financial Consultant Use Only. 4

5 Important Disclosures NAVELLIER DYNAMIC SENTRUM 10 MODEL: is a quantitatively driven investment strategy. The strategy is a global, tactical, defensive portfolio that invests in domestic equity sector ETFs, international ETFs, fixed income ETFs, ETFs representing alternative investments, and takes defensive positions by investing in a cash equivalent, such as money market funds. The strategy can raise up to 100% cash when conditions warrant. This strategy is more conservative than other similar strategies and may have higher defensive allocations. There is no guarantee the adviser will be successful in achieving returns similar to the results presented herein, and in fact client returns may be significantly lower than the returns presented here after actual fees are taken into account, including management fees, brokerage or transaction costs, or other administrative or custodian fees a client may incur. As a matter of normal and important disclosures to you, as a potential investor, please consider the following. The returns presented reflect hypothetical performance an investor would have obtained had it invested in the manner shown and does not represent returns that an investor actually attained. Hypothetical back-tested performance has many inherent limitations. The performance numbers should be considered as Model Portfolio results and are mere paper or proforma performance results. There are material differences between Navellier Investment Product portfolios and the research and performance figures presented here. The performance and the research results (1) may contain ETFs that are illiquid and difficult to trade; (2) may contain ETF holdings materially different from actual funded Navellier Investment Product portfolios; and (3) may not reflect prices obtained in an actual funded Navellier Investment Product portfolio. As a matter of important disclosure regarding the hypothetical results presented in the accompanying charts and graphs, the following factors must be considered when evaluating the performance figures presented: 1) Historical or illustrated results presented herein do not indicate future performance; Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. 2) The results presented were generated during a period of mixed (improving and deteriorating) economic conditions in the U.S. and positive and negative market performance. There can be no assurance that the favorable market conditions will occur again in the future. Navellier has no data regarding actual performance in different economic or market cycles or conditions. 3) The results portrayed reflect the reinvestment of dividends and other income. 4) LIMITATIONS INHERENT IN HYPOTHETICAL RESULTS: The performance results presented are from an Index, not an actually funded portfolio, and may not reflect the impact that material economic and market factors might have had on the adviser s decision-making if the adviser was actually managing clients money, and thus present returns which are greater than what a potential investor would have experienced for the time period. The results are presented for informational purposes only. No real money has been invested in this investment strategy. The investment strategy performance results should be considered mere paper or pro forma performance results. These results do not represent actual funded trades and may not reflect actual prices paid or received for actual funded trades. 5) The reported performances of Indexes presented in the accompanying charts and graphs do not reflect the performance results of Navellier s actually funded and traded Investment Products. 6) In most cases, the adviser s clients investment results would be materially lower than the results portrayed in these materials. 7) The performance results may or may not relate, or only partially relate, to the type of advisory services currently offered by Navellier & Associates, Inc. Navellier does not calculate the statistical information included herein. This material has been prepared solely for informative purposes. Although information contained herein is based on sources Navellier believes to be reliable, Navellier does not guarantee its accuracy, and the information may be incomplete or condensed. Statistical analyses of the data presented are provided by FactSet, a company not related to Navellier. Information presented herein and the related FactSet sourced information is provided on an as is basis. The user assumes the entire risk of any use made of this information. Investors should consider the report as only a single factor in making their investment decision. The report is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security. FactSet sourced information is the exclusive property of FactSet. Without prior written permission of FactSet, this information may not be reproduced, disseminated, or used to create any financial products. The results portrayed include investment advisory fees paid to the adviser equal to 0.60% plus an estimated custodian/brokerage fee to account for transaction/brokerage costs equal to 2.00%, for total fees equal to 2.60%. The adviser believes these fees represent the highest fees a client may incur with a brokerage firm or other financial intermediary. However, it may be that some financial intermediaries charge fees greater than the adviser is aware of. The pure gross results portrayed do not include any investment advisory fees, administrative fees, or transaction expenses, or other expenses that a client would have paid or actually paid. The fees reflected in the net performance figures in this presentation may not include administrative fees, or transaction expenses, or other expenses that a client would have paid or actually paid. The fees may also vary depending on the account size and estimated trading costs will be greater for smaller accounts. The ETFs invested in the model portfolios have their own expenses that are included in the gross and net returns presented. The benchmark that we use to compare against the, the Benchmark, is a blended benchmark using the following indices: S&P 500 (45%), MSCI World ex U.S. (25%), and Barclays Capital U.S. Aggregate Bond Index (30%). The benchmark is rebalanced monthly. Prior to July 2013, this blended benchmark was referred to as the Allocator Benchmark. The S&P 500 Index measures the performance of the 500 leading companies in leading industries of the U.S. economy, focusing on the large cap segment of the market, with approximately 75% coverage of U.S. equities. The MSCI World ex U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2013, the MSCI World ex U.S. Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. MSCI World ex U.S. Index targets 85% of the free float adjusted market capitalization. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. Presentation of index data does not reflect a belief by Navellier that any stock index constitutes an investment alternative to any Navellier equity strategy presented in these materials, or is necessarily comparable to such strategies and an investor cannot invest directly in an index. Among the most important differences between the indexes and Navellier strategies are that the Navellier equity strategies may (1) incur material management fees; (2) concentrate investments in relatively few ETFs, industries, or sectors; (3) have significantly greater trading activity and related costs; and (4) be significantly more or less volatile than the indexes. All indexes are unmanaged and performance of the indices include reinvestment of dividends and interest income, unless otherwise noted, are not illustrative of any particular investment and an investment cannot be made in any index. Potential investors should consult with their financial adviser before investing in any Navellier Investment Product. 5

6 - Institutional Performance Performance Returns Annualized Returns through 3/31/15 Return/Risk Analysis Institutional 7/1/2013 to Institutional (Gross) Net (Gross) Net 1 st Quarter 0.29% 0.29% 1.97% Best Month 4.37% 4.37% 3.80% Year-to-Date 0.29% 0.29% 1.97% Worst Month -2.91% -2.91% -2.12% Trailing 1 Year 8.62% 8.62% 7.21% # of Up Months Since Inception (7/1/2013) 11.47% 11.47% 11.88% # of Down Months Maximum Drawdown (%) -2.91% -2.91% -2.12% Institutional Performance S u p p l e m e n ta l I n f o r m a t i o n Yearly Returns Institutional (Gross) Net Comparative Return/Risk Analysis 7/1/2013 to Institutional (Gross) vs % 9.44% 6.85% Alpha (2) 0.72% 0.00% 2013 (6 months) 10.17% 10.17% 11.71% Beta Source: Navellier & Associates. All returns over 1 year are annualized. (1) Annualized standard deviation (2) Benchmark: 45% S&P 500, 25% MSCI World ex U.S., 30% U.S. Aggregate Bond Index (3) Calculated vs. Benchmark Please see important disclosures at end of this presentation. Standard Deviation (1) 6.54% 6.62% R-Squared 83.98% % Up Capture Ratio 94.31% % Down Capture Ratio 92.03% % - Institutional Performance Growth of 100 Dollars from 7/1/ $125 $120 $115 $110 $105 $100 $95 $ Institutional (Gross) Institutional (Net) Benchmark Source: Navellier & Associates, Inc. Potential investors should consult with their financial advisor before investing in any investment product. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Investment in fixed income components has the potential for the investment return and principal value of an investment to fluctuate so that an investor s shares, when redeemed, may be worth less than their original cost. Results presented do not guarantee future results. All performance figures include reinvestment of dividends, interest, and other income. Please read important disclosures at the end of this presentation. 6

7 NAVELLIER DYNAMIC Institutional Reporting Currency U.S. Dollar Year Firm Assets ($M) Assets ($M) Percentage of Firm Assets Number of Accounts % of Non-fee Paying Pure Gross Return (%) Net Return (%) Benchmark Return (%) Dispersion (%) , <1% N/A , <1% N/A 2 1 Performance calculations for the period ended December 31, 2013 include 6 months of history. 2 N/A information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. 1. Compliance Statement Navellier & Associates, Inc. claims compliance with the Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with GIPS standards. Navellier & Associates, Inc. has been independently verified for the periods January 1, 1995 through September 30, 2013 by Ashland Partners & Company LLP. A copy of the verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. 2. Definition of Firm - Navellier & Associates, Inc. is a registered investment adviser established in Navellier & Associates, Inc. manages a variety of equity assets for primarily U.S. and Canadian institutional and retail clients. The firm s list of composite descriptions as well as information regarding the firm s policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. 3. Description - The Navellier Dynamic Institutional includes all discretionary equity accounts managed with similar objectives for a full month, including those accounts no longer with the firm. This global balanced strategy is a tactical, defensive portfolio that has the potential to invest in domestic equity sector ETFs, international ETFs, fixed income ETFs, ETFs representing alternative investments, and takes defensive positions by investing in a cash equivalent, such as money market funds. The strategy can raise up to 100% cash when conditions warrant. All ETFs in the universe are ranked based on a weighted, quantitative multi-factor model relative to the S&P 500 and to cash to determine timing, allocation, positioning, and overall portfolio risk. Based on the model ranking, the strategy typically holds 8 to 10 ETFs. This strategy is more conservative than other Sentrum similar strategies and cash and cash equivalents will be approximately equal to VIX times 1.5. From inception, there is one non-management-fee paying account included in the composite. Performance is calculated on a time-weighted and asset-weighted basis. Performance figures that are net-of-fees are calculated using a 2.60% annualized advisory fee, which is the hightest bundled advisory fee we believe a client would incure with a brokerage firm or other financial intermediary. The advisory fee, which is applied monthly, includes a management fee and custodian/brokerage fees accounting for transaction/brokerage costs. Gross-of-fees returns reflect the deduction of transaction costs/ commissions, but do not reflect the deduction of any investment management fees. Performance results are total returns and include the reinvestment of all income, including dividends. The composite was created June 30, Valuations and returns are computed and stated in U.S. Dollars. 4. Management Fees - The management fee schedule for accounts ranges from 60 to 90 basis points, depending on account size and brokerage selected. Some incentive fee, fixed fee, and fulcrum fee accounts may be included. Fees are negotiable, and not all accounts included in the composite are charged the same rate. The client is referred to the firm s Form ADV Part 2A for a full disclosure of the fee schedule. 5. Dispersion - If applicable, the dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year. 6. Benchmark - The Benchmark is a blended benchmark using the following indices: S&P 500 (45%), MSCI World ex U.S. (25%), and Barclays Capital U.S. Aggregate Bond Index (30%). The benchmark is rebalanced monthly. Prior to July 2013, this blended benchmark was referred to as the Allocator Benchmark. The S&P 500 Index measures the performance of the 500 leading companies in leading industries of the U.S. economy, focusing on the large cap segment of the market, with approximately 75% coverage of U.S. equities. The MSCI World ex U.S. Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2014, the MSCI World ex U.S. Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. MSCI World ex U.S. Index targets 85% of the free float adjusted market capitalization. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixedrate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixedrate and hybrid ARM passthroughs), ABS, and CMBS. The returns for the index includes the reinvestment of any dividends and interest income. The asset mix of the composite may not be precisely comparable to the presented index. Presentation of index data does not reflect a belief by the Firm that the Benchmark, or any other index, constitutes an investment alternative to any investment strategy presented in these materials or is necessarily comparable to such strategies. 7. General Disclosure - The three-year annualized standard deviation is not presented because 36 months of history is not available. Actual results may differ from composite results depending upon the size of the account, custodian related costs, the inception date of the account and other factors. Past performance does not guarantee future results. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. Results presented include reinvestment of all dividends and other earnings. The securities identified and described do not represent all of the securities purchased, sold, or recommended for client accounts. It should not be assumed that any securities recommendations made by Navellier in the future will be profitable or equal the performance of securities made in this report. A list of recommendations made by Navellier & Associates, Inc. for the preceding twelve months is available upon request. 7

8 About Navellier & Associates Navellier & Associates, Inc., is a registered investment advisor and was founded in 1987 by acclaimed growth manager, Louis G. Navellier. Located in Reno, Nevada, Navellier is an independent, employee-owned firm managing money for institutions and high net worth individuals. Navellier & Associates One East Liberty, Suite 504, Reno, Nevada Q 2015 Potential investors should consult their financial advisor before investing in any Navellier investment product. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested. For Financial Consultant Use Only

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