Quarterly Investment Management Conference Call July 15, 2009

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1 Quarterly Investment Management Conference Call July 15, 2009 Peter J. Langas Director of Investment Strategies Marc D. Stern Chief Investment Officer

2 Past performance is no guarantee of future results. This material reflects the views of Bessemer Trust and is for your general information. It does not take into account the particular investment objectives, financial situation, or needs of individual clients. This material is based upon information obtained from various sources that Bessemer believes to be reliable, but Bessemer makes no representation or warranty with respect to the accuracy or completeness of such information. Opinions expressed herein are current opinions only as of the date indicated, and are subject to change without notice. Forecasts may not be realized due to a variety of factors, including changes in economic growth, corporate profitability, geopolitical conditions, and inflation. The mention of a particular security is not intended to represent a stock-specific recommendation, and our view of these holdings may change at any time based on stock price movements, new research conclusions, or changes in risk preference. Index information is included herein to show the general trend in securities markets during the periods indicated and is not intended to imply that the referenced portfolios are similar to the indices in either composition or volatility. Each of the funds mentioned herein should be considered only in the context of a broadly diversified portfolio. The value of an investment in the funds will fluctuate, which means that an investor could lose the principal amount invested. Certain funds are subject to changes in the stock markets, which have periods of increasing and decreasing values. Investments in small and mid-sized companies may be more volatile than investments in larger companies. Funds that invest in emerging and foreign markets may involve additional risks such as economic and political instability, market illiquidity and currency volatility. Certain funds may invest in instruments that are volatile, speculative or otherwise risky. The use of derivative instruments and investing in commodities and commodity-linked derivatives, REITs, and non-u.s. companies by certain funds involve significant risks and losses may occur. Bond funds have the prepayment, credit and interest rate risks associated with the underlying bonds in the fund, all of which could reduce the fund s value. Prices of municipal securities rise and fall in response to interest rate changes, and local political and economic factors may adversely affect the value and liquidity of these securities. Any proposed or actual changes in federal or state tax law could cause fund distributions attributable to interest on municipal securities to be taxable. Investors should consider a fund s investment objectives, risks, charges and expenses before investing. This presentation does not constitute an offer of interests in any fund or a solicitation to purchase interests in any fund mentioned herein. Sector and Industry classifications included in this presentation utilize the Global Industry Classification Standard ( GICS ). GICS is the exclusive property and a service mark of Morgan Stanley Capital International Inc. ( MSCI ) and Standard & Poor s ( S&P ), a division of The McGraw-Hill Companies, Inc. Neither MSCI nor S&P makes any express or implied warranties or representations or shall have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) with respect to GICS data or results obtained therefrom.

3 Key Topics Portfolio performance Economic fundamentals Equity markets Thinking about the future landscape Portfolio positioning 3

4 Portfolio Performance How have Bessemer s portfolios performed so far this year? Why hasn t my portfolio fully participated in the market rally? Is it better to own an S&P 500 Index fund? 4

5 YTD 2009 Performance: What Helped and Hurt What Helped U.S. Large Cap led by energy and technology. Real Return helped by agriculture and infrastructure. Favorable security selection from Bessemer, Champlain, and Dimensional in Global Small & Mid Cap. Asset allocation shift into corporate credit within Global Opportunities. Fixed Income benefited from emphasis on government agencies. What Hurt Non-U.S. Large Cap hurt by weakness in healthcare sector and defensive positioning in Europe. Elevated cash levels restrained gains in Global Small & Mid Cap and Global Opportunities. Municipal Bond returns hurt by decisions to hold higher-quality bonds and maintain shorter duration. As of June 30,

6 Bessemer Performance Summary: 2009 First Quarter 2009 Second Quarter 2009 Year-to-Date 2009 Growth Portfolio -5.3% 12.8% 6.8% S&P 500 Index Balanced Growth Portfolio -3.3% 9.4% 5.8% Lipper Balanced Average Global Stock/Bond Mix U.S. Stock/Bond Mix (70/30) Balanced Portfolio -2.4% 7.2% 4.6% U.S. Stock/Bond Mix (55/45) As of June 30, The Growth Portfolio, Balanced Growth Portfolio, and Balanced Portfolio each represent a model portfolio comprised of U.S. Large Cap, Non-U.S. Large Cap, Global Opportunities, Global Small & Mid Cap, Real Return, Fixed Income, Strategic Cash, and three Bessemer hedge funds of funds. Please see the last page of this presentation for a complete description of our model portfolios. The Global Stock/Bond Mix reflects a mix of the S&P 500 Index (25%), S&P Mid Cap 400 Index (10%), MSCI EAFE Index (14%), MSCI World Small Index (5%), MSCI Emerging Markets Index (3%), HedgeFund.net (10%), Dow Jones-AIG Commodity Index (2.5%), Barclays Capital Government/Credit Bond Index (25%), Barclays Capital U.S. TIPS Index (2.5%), and Treasury Bills (3%). The U.S. Stock/Bond Mix (70/30) is a composite of 70% S&P 500 Index and 30% Barclays Capital Government/Credit Bond Index. The U.S. Stock/Bond Mix (55/45) is a composite of 55% S&P 500 Index and 45% Barclays Capital Government/Credit Bond Index. Sources: Barclays Capital, Dow Jones, Lipper, Morgan Stanley Capital International, Standard & Poor s, Bessemer Trust 6

7 Bessemer Growth vs. S&P 500 Index End Date Dec 3.8% Jan 4.6% 4.7% Feb 3.8% 3.7% 4.0% Mar 4.7% 4.8% 5.1% 5.2% Apr 5.0% 5.1% 5.3% 5.5% 6.8% May 4.2% 4.2% 4.4% 4.5% 5.5% 6.8% Jun 3.7% 3.6% 3.8% 3.8% 4.7% 5.8% 6.2% Jul 3.2% 3.1% 3.2% 3.2% 3.9% 4.9% 5.2% 5.4% Aug 2.7% 2.6% 2.7% 2.7% 3.3% 4.3% 4.4% 4.6% 4.0% Sep 2.2% 2.0% 2.1% 2.0% 2.6% 3.4% 3.5% 3.6% 2.9% 1.7% Oct 1.9% 1.8% 1.8% 1.7% 2.2% 3.0% 3.1% 3.2% 2.5% 1.3% 1.7% Nov 2.2% 2.1% 2.1% 2.0% 2.6% 3.3% 3.4% 3.5% 2.9% 1.8% 2.2% 2.3% Dec 2.1% 1.9% 2.0% 1.9% 2.4% 3.1% 3.1% 3.3% 2.7% 1.6% 2.0% 2.1% 0.2% Jan 1.9% 1.8% 1.9% 1.7% 2.2% 2.9% 2.9% 3.0% 2.4% 1.4% 1.8% 1.9% 0.1% -1.1% Feb 2.6% 2.5% 2.6% 2.5% 3.0% 3.6% 3.7% 3.8% 3.3% 2.5% 2.9% 3.0% 1.5% 0.5% 1.1% Mar 2.4% 2.3% 2.4% 2.3% 2.7% 3.4% 3.4% 3.5% 3.0% 2.2% 2.5% 2.6% 1.2% 0.3% 0.9% -0.6% Apr 2.0% 1.9% 2.0% 1.8% 2.3% 2.8% 2.9% 3.0% 2.5% 1.6% 1.9% 2.0% 0.6% -0.4% 0.2% -1.3% -2.1% May 1.6% 1.5% 1.6% 1.4% 1.8% 2.4% 2.4% 2.4% 1.9% 1.1% 1.3% 1.4% 0.0% -0.9% -0.5% -1.9% -2.7% -2.5% Jun 2.1% 2.0% 2.0% 1.9% 2.3% 2.8% 2.9% 2.9% 2.5% 1.7% 2.0% 2.1% 0.8% 0.0% 0.5% -0.7% -1.4% -1.1% -0.7% Jul 2.5% 2.4% 2.5% 2.4% 2.8% 3.3% 3.3% 3.4% 3.0% 2.3% 2.6% 2.7% 1.6% 0.9% 1.4% 0.3% -0.2% 0.2% 0.7% 1.3% Aug 1.8% 1.7% 1.8% 1.7% 2.0% 2.5% 2.5% 2.6% 2.1% 1.4% 1.7% 1.7% 0.6% -0.1% 0.3% -0.8% -1.3% -1.0% -0.7% -0.3% 0.2% Sep 1.9% 1.8% 1.9% 1.8% 2.1% 2.6% 2.6% 2.6% 2.2% 1.6% 1.8% 1.8% 0.8% 0.1% 0.5% -0.5% -1.0% -0.8% -0.4% 0.0% 0.5% 1.4% Oct 2.3% 2.2% 2.3% 2.2% 2.5% 3.0% 3.0% 3.1% 2.7% 2.1% 2.3% 2.4% 1.4% 0.8% 1.2% 0.3% -0.2% 0.2% 0.5% 1.0% 1.6% 2.5% 3.0% Nov 2.6% 2.5% 2.5% 2.5% 2.8% 3.3% 3.3% 3.4% 3.1% 2.5% 2.7% 2.8% 1.9% 1.3% 1.7% 0.9% 0.5% 0.9% 1.3% 1.8% 2.3% 3.2% 3.6% 3.2% Dec 2.3% 2.3% 2.3% 2.3% 2.6% 3.0% 3.0% 3.1% 2.8% 2.2% 2.4% 2.5% 1.6% 1.0% 1.4% 0.6% 0.3% 0.6% 0.9% 1.4% 1.8% 2.6% 3.0% 2.6% 2.9% Jan % 2.4% 2.4% 2.3% 2.7% 3.1% 3.1% 3.1% 2.8% 2.3% 2.5% 2.6% 1.8% 1.3% 1.6% 0.9% 0.6% 0.9% 1.2% 1.6% 2.0% 2.8% 3.1% 2.8% 3.0% 3.3% Feb % 3.6% 3.7% 3.7% 4.0% 4.5% 4.5% 4.6% 4.4% 3.9% 4.2% 4.3% 3.6% 3.2% 3.6% 3.0% 2.7% 3.2% 3.6% 4.1% 4.6% 5.4% 5.8% 5.7% 6.0% 6.5% 5.7% Mar % 3.2% 3.3% 3.2% 3.6% 3.9% 4.0% 4.1% 3.8% 3.4% 3.6% 3.7% 3.0% 2.5% 2.9% 2.3% 2.1% 2.5% 2.8% 3.3% 3.7% 4.4% 4.8% 4.5% 4.8% 5.2% 4.4% 4.9% Apr % 2.8% 2.9% 2.8% 3.2% 3.5% 3.6% 3.6% 3.4% 2.9% 3.1% 3.2% 2.5% 2.0% 2.4% 1.8% 1.5% 1.9% 2.2% 2.6% 3.0% 3.6% 4.0% 3.7% 4.0% 4.3% 3.4% 3.8% 4.6% May % 3.4% 3.4% 3.4% 3.7% 4.1% 4.2% 4.2% 4.0% 3.6% 3.8% 3.9% 3.2% 2.8% 3.2% 2.6% 2.4% 2.8% 3.2% 3.6% 4.0% 4.7% 5.0% 4.8% 5.1% 5.5% 4.7% 5.2% 6.0% 7.0% Jun % 4.2% 4.3% 4.3% 4.6% 5.0% 5.1% 5.2% 5.0% 4.6% 4.9% 5.0% 4.4% 4.0% 4.4% 3.9% 3.8% 4.2% 4.6% 5.1% 5.5% 6.2% 6.5% 6.4% 6.7% 7.1% 6.6% 7.1% 7.9% 8.8% 8.5% Jul % 3.5% 3.5% 3.5% 3.8% 4.2% 4.2% 4.3% 4.1% 3.7% 3.9% 4.0% 3.4% 3.0% 3.3% 2.8% 2.7% 3.0% 3.3% 3.7% 4.1% 4.7% 5.0% 4.8% 5.0% 5.3% 4.7% 5.1% 5.7% 6.5% 6.1% 5.6% Aug % 3.0% 3.1% 3.0% 3.3% 3.6% 3.7% 3.7% 3.5% 3.1% 3.3% 3.4% 2.8% 2.4% 2.7% 2.2% 2.0% 2.3% 2.6% 2.9% 3.3% 3.8% 4.1% 3.9% 4.1% 4.3% 3.6% 3.9% 4.5% 5.2% 4.7% 4.1% 5.7% Sep % 2.6% 2.7% 2.6% 2.9% 3.2% 3.2% 3.2% 3.0% 2.6% 2.8% 2.9% 2.3% 1.9% 2.2% 1.7% 1.5% 1.8% 2.0% 2.3% 2.6% 3.1% 3.3% 3.1% 3.2% 3.4% 2.7% 3.0% 3.5% 4.0% 3.5% 2.9% 4.2% 4.1% Oct % 3.1% 3.2% 3.2% 3.4% 3.7% 3.7% 3.8% 3.6% 3.2% 3.4% 3.5% 3.0% 2.7% 2.9% 2.5% 2.3% 2.6% 2.9% 3.1% 3.4% 3.8% 4.0% 3.9% 4.0% 4.2% 3.7% 3.9% 4.3% 4.8% 4.4% 4.0% 5.0% 4.9% 4.4% Nov % 3.3% 3.3% 3.3% 3.6% 3.9% 3.9% 3.9% 3.8% 3.4% 3.6% 3.7% 3.2% 2.9% 3.1% 2.7% 2.6% 2.9% 3.1% 3.4% 3.6% 4.0% 4.2% 4.1% 4.2% 4.4% 3.9% 4.1% 4.5% 4.9% 4.6% 4.3% 5.2% 5.1% 4.6% 4.3% Dec % 3.4% 3.5% 3.5% 3.7% 4.0% 4.0% 4.1% 3.9% 3.6% 3.8% 3.8% 3.4% 3.1% 3.3% 3.0% 2.8% 3.1% 3.3% 3.6% 3.9% 4.2% 4.4% 4.3% 4.4% 4.6% 4.2% 4.4% 4.8% 5.2% 4.9% 4.5% 5.5% 5.4% 4.9% 4.7% 5.2% Jan % 4.4% 4.5% 4.5% 4.8% 5.0% 5.1% 5.2% 5.0% 4.7% 4.9% 5.0% 4.6% 4.3% 4.6% 4.3% 4.2% 4.5% 4.8% 5.1% 5.3% 5.7% 5.9% 5.8% 6.0% 6.2% 5.8% 6.1% 6.5% 6.9% 6.7% 6.5% 7.4% 7.3% 6.9% 6.9% 7.4% 7.9% Feb % 5.5% 5.6% 5.6% 5.9% 6.2% 6.3% 6.3% 6.2% 6.0% 6.2% 6.3% 5.9% 5.7% 6.0% 5.7% 5.6% 5.9% 6.2% 6.6% 6.8% 7.2% 7.4% 7.4% 7.6% 7.8% 7.5% 7.8% 8.2% 8.6% 8.4% 8.3% 9.2% 9.1% 8.8% 8.9% 9.5% 10.1% 8.3% Mar % 4.6% 4.7% 4.7% 4.9% 5.2% 5.3% 5.3% 5.2% 4.9% 5.1% 5.2% 4.8% 4.5% 4.8% 4.5% 4.4% 4.7% 5.0% 5.2% 5.5% 5.9% 6.1% 6.0% 6.1% 6.3% 6.0% 6.2% 6.6% 7.0% 6.8% 6.6% 7.4% 7.4% 7.0% 7.0% 7.5% 7.9% 6.0% 7.0% Apr % 4.1% 4.1% 4.1% 4.3% 4.6% 4.7% 4.7% 4.6% 4.3% 4.5% 4.5% 4.1% 3.9% 4.1% 3.8% 3.7% 4.0% 4.2% 4.5% 4.7% 5.1% 5.3% 5.2% 5.3% 5.5% 5.1% 5.3% 5.7% 6.1% 5.9% 5.6% 6.4% 6.4% 6.0% 5.9% 6.4% 6.7% 4.7% 5.6% 6.3% May % 4.0% 4.0% 4.0% 4.2% 4.5% 4.5% 4.6% 4.4% 4.2% 4.4% 4.4% 4.0% 3.8% 4.0% 3.7% 3.6% 3.8% 4.1% 4.3% 4.6% 4.9% 5.1% 5.0% 5.1% 5.3% 5.0% 5.2% 5.5% 5.9% 5.7% 5.4% 6.2% 6.2% 5.8% 5.7% 6.2% 6.5% 4.4% 5.3% 6.1% 5.0% Jun % 3.9% 3.9% 3.9% 4.1% 4.4% 4.4% 4.5% 4.3% 4.1% 4.2% 4.3% 3.9% 3.6% 3.9% 3.6% 3.5% 3.7% 3.9% 4.2% 4.4% 4.8% 4.9% 4.8% 5.0% 5.1% 4.8% 5.0% 5.3% 5.7% 5.4% 5.2% 6.0% 5.9% 5.6% 5.5% 5.9% 6.1% 4.2% 5.0% 5.7% 4.7% 2.8% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Outperform Underperform Jul Aug Sep Oct Start Date Nov Dec Jan Since January 20, Bessemer Growth has beaten the S&P 500 in 97% of all periods one year or longer As of June 30, The Growth Portfolio represents a model portfolio comprised of U.S. Large Cap, Non-U.S. Large Cap, Global Opportunities, Global Small & Mid Cap, Real Return, Strategic Cash, and three Bessemer hedge funds of funds. Investments cannot be made directly in this model portfolio. Relative weightings in this model portfolio varies over time. Source: Standard & Poor s, Bessemer Trust Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 7

8 Bessemer Balanced Growth vs. Stock/Bond Mix End Date Dec -0.2% Jan -0.3% 0.0% Feb -0.2% 0.0% 0.6% Mar 0.4% 0.7% 1.3% 1.0% Apr 0.2% 0.4% 0.9% 0.7% 0.9% May 0.1% 0.3% 0.8% 0.5% 0.7% 0.7% Jun 0.0% 0.2% 0.6% 0.4% 0.5% 0.6% 1.3% Jul 0.0% 0.2% 0.6% 0.3% 0.5% 0.5% 1.2% 0.8% Aug 0.0% 0.2% 0.6% 0.3% 0.5% 0.5% 1.1% 0.7% 1.4% Sep 0.4% 0.6% 1.0% 0.8% 1.0% 1.0% 1.7% 1.3% 2.0% 1.8% Oct 0.4% 0.6% 0.9% 0.7% 0.9% 0.9% 1.5% 1.2% 1.8% 1.7% 1.4% Nov 0.3% 0.5% 0.8% 0.6% 0.8% 0.8% 1.4% 1.1% 1.6% 1.5% 1.2% 0.8% Dec 0.4% 0.6% 0.9% 0.7% 0.9% 0.9% 1.4% 1.1% 1.7% 1.5% 1.3% 0.9% 1.0% Jan 0.4% 0.6% 0.9% 0.8% 0.9% 0.9% 1.5% 1.2% 1.7% 1.5% 1.3% 0.9% 1.0% 1.3% Feb 0.2% 0.4% 0.7% 0.5% 0.6% 0.6% 1.1% 0.8% 1.3% 1.1% 0.9% 0.5% 0.6% 0.8% 0.8% Mar 0.1% 0.2% 0.5% 0.3% 0.4% 0.4% 0.9% 0.6% 1.0% 0.8% 0.6% 0.2% 0.3% 0.4% 0.4% -0.4% Apr 0.2% 0.3% 0.6% 0.4% 0.5% 0.5% 1.0% 0.7% 1.1% 1.0% 0.8% 0.4% 0.4% 0.6% 0.6% -0.1% 0.2% May 0.2% 0.3% 0.6% 0.5% 0.6% 0.6% 1.0% 0.7% 1.1% 1.0% 0.8% 0.5% 0.5% 0.6% 0.6% 0.0% 0.3% 0.4% Jun 0.3% 0.4% 0.7% 0.5% 0.6% 0.6% 1.0% 0.8% 1.1% 1.0% 0.9% 0.5% 0.6% 0.7% 0.7% 0.1% 0.4% 0.5% 0.7% Jul 0.2% 0.4% 0.6% 0.5% 0.6% 0.6% 1.0% 0.7% 1.1% 1.0% 0.8% 0.5% 0.5% 0.7% 0.7% 0.1% 0.3% 0.5% 0.6% 0.7% Aug 0.4% 0.5% 0.7% 0.6% 0.7% 0.7% 1.1% 0.9% 1.2% 1.1% 0.9% 0.7% 0.7% 0.8% 0.9% 0.3% 0.6% 0.7% 0.9% 0.9% 1.0% Sep 0.5% 0.6% 0.8% 0.7% 0.8% 0.8% 1.2% 1.0% 1.3% 1.2% 1.1% 0.8% 0.9% 1.0% 1.0% 0.5% 0.8% 0.9% 1.1% 1.2% 1.3% 0.6% Oct 0.4% 0.5% 0.8% 0.6% 0.7% 0.7% 1.1% 0.9% 1.2% 1.1% 0.9% 0.7% 0.7% 0.9% 0.9% 0.4% 0.6% 0.7% 0.9% 0.9% 1.0% 0.4% 0.5% Nov 0.5% 0.6% 0.9% 0.8% 0.8% 0.9% 1.2% 1.0% 1.3% 1.2% 1.1% 0.9% 0.9% 1.0% 1.0% 0.6% 0.8% 1.0% 1.1% 1.2% 1.3% 0.7% 0.8% 0.9% Dec 0.4% 0.5% 0.7% 0.6% 0.7% 0.7% 1.0% 0.8% 1.1% 1.0% 0.9% 0.7% 0.7% 0.8% 0.8% 0.4% 0.6% 0.7% 0.8% 0.9% 0.9% 0.4% 0.5% 0.6% 0.4% Jan % 0.6% 0.8% 0.6% 0.7% 0.7% 1.0% 0.9% 1.1% 1.0% 0.9% 0.7% 0.7% 0.8% 0.8% 0.5% 0.6% 0.7% 0.9% 0.9% 1.0% 0.5% 0.6% 0.6% 0.5% 0.4% Feb % 0.8% 1.0% 0.9% 0.9% 1.0% 1.3% 1.1% 1.4% 1.3% 1.2% 1.0% 1.0% 1.1% 1.1% 0.8% 1.0% 1.1% 1.2% 1.3% 1.4% 0.9% 1.0% 1.1% 1.0% 1.0% 1.5% Mar % 0.7% 0.9% 0.8% 0.9% 0.9% 1.2% 1.1% 1.3% 1.2% 1.1% 0.9% 1.0% 1.1% 1.1% 0.7% 0.9% 1.0% 1.2% 1.2% 1.3% 0.9% 1.0% 1.1% 1.0% 0.9% 1.4% 1.8% Apr % 0.6% 0.7% 0.6% 0.7% 0.7% 1.0% 0.8% 1.1% 1.0% 0.9% 0.7% 0.7% 0.8% 0.8% 0.5% 0.6% 0.7% 0.8% 0.9% 0.9% 0.5% 0.6% 0.7% 0.5% 0.5% 0.9% 1.2% 1.1% May % 0.9% 1.1% 1.0% 1.1% 1.1% 1.4% 1.2% 1.5% 1.4% 1.3% 1.1% 1.2% 1.3% 1.3% 1.0% 1.2% 1.3% 1.4% 1.5% 1.5% 1.2% 1.3% 1.4% 1.3% 1.3% 1.7% 2.1% 2.0% 2.0% Jun % 1.0% 1.2% 1.1% 1.2% 1.2% 1.5% 1.3% 1.6% 1.5% 1.4% 1.2% 1.3% 1.4% 1.4% 1.1% 1.3% 1.4% 1.5% 1.6% 1.7% 1.3% 1.4% 1.5% 1.5% 1.5% 1.9% 2.2% 2.1% 2.2% 2.2% Jul % 0.8% 1.0% 0.9% 0.9% 1.0% 1.2% 1.1% 1.3% 1.2% 1.1% 1.0% 1.0% 1.1% 1.1% 0.8% 1.0% 1.1% 1.2% 1.2% 1.3% 0.9% 1.0% 1.1% 1.0% 1.0% 1.3% 1.6% 1.5% 1.5% 1.5% 1.7% Aug % 0.9% 1.1% 1.0% 1.1% 1.1% 1.4% 1.3% 1.5% 1.4% 1.3% 1.2% 1.2% 1.3% 1.3% 1.1% 1.2% 1.3% 1.4% 1.5% 1.5% 1.2% 1.3% 1.4% 1.3% 1.3% 1.7% 2.0% 1.9% 1.9% 1.9% 2.1% 1.9% Sep % 1.1% 1.2% 1.2% 1.3% 1.3% 1.5% 1.4% 1.6% 1.6% 1.5% 1.3% 1.4% 1.5% 1.5% 1.2% 1.4% 1.5% 1.6% 1.6% 1.7% 1.4% 1.5% 1.6% 1.6% 1.6% 1.9% 2.2% 2.1% 2.1% 2.1% 2.3% 2.2% 2.0% Oct % 1.7% 1.9% 1.9% 1.9% 2.0% 2.2% 2.1% 2.3% 2.3% 2.3% 2.1% 2.2% 2.3% 2.3% 2.1% 2.3% 2.4% 2.6% 2.6% 2.7% 2.5% 2.6% 2.7% 2.7% 2.7% 3.1% 3.4% 3.3% 3.4% 3.5% 3.7% 3.7% 3.6% 3.9% Nov % 1.7% 1.9% 1.9% 1.9% 2.0% 2.2% 2.1% 2.3% 2.3% 2.2% 2.1% 2.2% 2.3% 2.3% 2.1% 2.3% 2.4% 2.5% 2.6% 2.7% 2.4% 2.5% 2.6% 2.6% 2.7% 3.0% 3.3% 3.2% 3.3% 3.3% 3.5% 3.5% 3.4% 3.7% 3.7% Dec % 1.5% 1.6% 1.6% 1.6% 1.7% 1.9% 1.8% 2.0% 1.9% 1.9% 1.8% 1.8% 1.9% 1.9% 1.7% 1.9% 2.0% 2.1% 2.1% 2.2% 2.0% 2.1% 2.1% 2.1% 2.2% 2.4% 2.7% 2.6% 2.7% 2.7% 2.9% 2.8% 2.7% 2.9% 2.9% 3.3% Jan % 2.0% 2.2% 2.2% 2.3% 2.3% 2.5% 2.4% 2.6% 2.6% 2.6% 2.5% 2.5% 2.6% 2.7% 2.5% 2.7% 2.8% 2.9% 3.0% 3.1% 2.9% 3.0% 3.1% 3.1% 3.2% 3.5% 3.7% 3.7% 3.8% 3.9% 4.1% 4.1% 4.0% 4.2% 4.3% 4.7% 5.1% Feb % 2.6% 2.7% 2.7% 2.8% 2.8% 3.1% 3.0% 3.2% 3.2% 3.2% 3.1% 3.2% 3.3% 3.3% 3.2% 3.3% 3.5% 3.6% 3.7% 3.8% 3.6% 3.8% 3.9% 3.9% 4.0% 4.3% 4.6% 4.5% 4.6% 4.7% 5.0% 5.0% 5.0% 5.2% 5.3% 5.8% 6.2% 6.1% Mar % 2.1% 2.3% 2.2% 2.3% 2.4% 2.6% 2.5% 2.7% 2.7% 2.6% 2.5% 2.6% 2.7% 2.7% 2.6% 2.7% 2.8% 3.0% 3.0% 3.1% 2.9% 3.0% 3.1% 3.2% 3.2% 3.5% 3.7% 3.7% 3.8% 3.8% 4.0% 4.0% 4.0% 4.2% 4.2% 4.6% 4.9% 4.7% 5.1% Apr % 1.7% 1.8% 1.8% 1.8% 1.9% 2.1% 2.0% 2.2% 2.1% 2.1% 2.0% 2.0% 2.1% 2.1% 2.0% 2.1% 2.2% 2.3% 2.4% 2.4% 2.2% 2.3% 2.4% 2.4% 2.4% 2.6% 2.9% 2.8% 2.9% 2.9% 3.1% 3.0% 2.9% 3.1% 3.1% 3.4% 3.6% 3.4% 3.6% 4.1% May % 1.4% 1.5% 1.5% 1.5% 1.6% 1.8% 1.7% 1.8% 1.8% 1.8% 1.6% 1.7% 1.8% 1.8% 1.6% 1.7% 1.8% 1.9% 1.9% 2.0% 1.8% 1.9% 1.9% 1.9% 1.9% 2.2% 2.4% 2.3% 2.3% 2.4% 2.5% 2.4% 2.3% 2.5% 2.4% 2.7% 2.9% 2.6% 2.8% 3.2% 2.5% Jun % 1.3% 1.5% 1.4% 1.5% 1.5% 1.7% 1.6% 1.8% 1.7% 1.7% 1.6% 1.6% 1.7% 1.7% 1.5% 1.6% 1.7% 1.8% 1.8% 1.9% 1.7% 1.7% 1.8% 1.8% 1.8% 2.0% 2.2% 2.2% 2.2% 2.2% 2.3% 2.2% 2.1% 2.3% 2.2% 2.5% 2.6% 2.3% 2.5% 2.9% 2.2% 2.1% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Outperform Underperform Jul Aug Sep Oct Start Date Nov Dec Jan Since January 20, Bessemer Balanced Growth has beaten the Global Stock/Bond Index in 98% of all periods one year or longer As of June 30, The Balanced Growth Portfolio represents a model portfolio comprised of U.S. Large Cap, Non-U.S. Large Cap, Global Opportunities, Global Small & Mid Cap, Real Return, Fixed Income, Strategic Cash, and three Bessemer hedge funds of funds. Investments cannot be made directly in this model portfolio. The Global Stock/Bond Mix reflects a mix of the S&P 500 Index (25%), S&P Mid Cap 400 Index (10%), MSCI EAFE Index (14%), MSCI World Small Index (5%), MSCI Emerging Markets Index (3%), HedgeFund.net (10%), Dow Jones-AIG Commodity Index (2.5%), Barclays Capital Government/Credit Bond Index (25%), Barclays Capital U.S. TIPS Index (2.5%), and Treasury Bills (3%). Sources: Barclays Capital, Dow Jones, Lipper, Morgan Stanley Capital International, Standard & Poor s, Bessemer Trust Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 8 Jul 08

9 Economic Fundamentals What indicators are you watching? Are there signs of economic recovery? Is the housing market finally bottoming? 9

10 Key Economic Indicators Rebounding Baltic Exchange Index 12,200 8,200 Shipping Rates 13.6% 13.0% 11.6% 11.0% China Electricity Production (annual growth rate) 8.9% 4,200 3, % 4.0% 3.2% 4.2% 4.9% 5.5% Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Jun 08 Aug 08 Oct 08 Dec 08 Mar 09 May 09 $/lb Copper Prices $1.24 Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 $2.26 ECRI Leading Index Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 As of June 30, China electricity data as of May 31, Source: Baltic Exchange, Bloomberg, Economic Cycle Research Institute, FactSet 10

11 Confidence Appears To Be Returning U.S. Consumer Confidence EU Economic Sentiment Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun U.S. Purchasing Managers China Purchasing Managers Jun 08 Aug 08 Oct 08 Dec 08 Feb 09 Apr 09 Jun 09 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 As of June 30, Reflects rolling 3-month results. Normal reading for U.S. consumer confidence and EU economic sentiment is 100. Normal reading for U.S. and China purchasing managers is 50. Source: Bloomberg, The Conference Board, FactSet 11

12 Greater Corporate Access to Capital Global Issuance of Corporate Equity and Debt ($ billions) 1,309 1,4 1, Q Q3 Q4 Q Q2 As of June 30, Source: Dealogic, Bernstein 12

13 Jobless Claims May Have Peaked Below Prior Highs % of Labor Force 0.7% 0.6% 0.5% 0.4% 0.3% 0.2% 0.1% 0.0% As of June 30, Shaded areas reflect recession periods. Source: Bureau of Labor Statistics, National Bureau of Economic Research 13

14 Home Prices No Longer Above Fair Value Index Actual home prices Estimated fair value E As of June 30, All data for home prices is adjusted for inflation. Estimated fair value is a function of real rents and real interest rates is based on data from OFHEO; data from Standard & Poor s. Source: Bureau of Economic Analysis, Empirical Research Partners, Federal Reserve, Office of Federal Housing Enterprise Oversight, Standard & Poor s 14

15 Housing Market Moving to Stability Development of New Homes (millions of homes) E Pending Home Sales Index Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 Mar 09 Apr 09 May 09 As of June 30, Source: Department of Commerce, National Association of Realtors 15

16 Equity Markets Can the market rally be sustained? Will the market re-test the March lows? Are corporate earnings too weak to drive stock gains? 16

17 Resilient Corporate Profits in Most Sectors $92 S&P 500 Earnings Per Share All Other Energy/Materials $49 $17 $53 $42 $72 $46 Financials $12 $26 $7 $14 $4 Peak ( ) H1/2009 (Annualized) Normalized Forecast GDP Growth +3% (4)% +1-2% Estimates as of June 30, All other includes consumer, healthcare, industrials, technology, telecom, and utilities. H1/2009 includes actual Q1 earnings and forecast Q2 earnings. Normalized forecast reflects Bessemer s estimate of normalized earnings power. Source: Empirical Research Partners, Standard & Poor s, Bessemer Trust 17

18 Stock Valuations Appear Attractive Price/Earnings Treasury Bond Yields 14.5x 12.8x 6.2% 3.5% Current Long-Term Average Current Long-Term Average As of June 30, Stock data reflects Bessemer estimates of normalized earnings for S&P 500 Index. Bond data reflects 10-year Treasuries. Long-term averages since January Source: Global Financial Data, Standard & Poor s, Bessemer Trust 18

19 Money-Market Fund Assets Are Unusually High 55% Percent of U.S. Stock Market Capitalization 45% 35% 39.7% T-Bills = 0.2% 25% 15% T-Bills = 4.7% 5% As of June 30, Source: Strategas Research Partners, U.S. Department of the Treasury 19

20 Strong Equity Returns Follow Episodes of Risk Aversion Bessemer Risk Appetite Index Standard Deviation Investors prefer safety Subsequent S&P 500 Index Returns Peak of investors preferring safety 1 Year 2 Years Nov Jun Dec Apr Jul Sep Jan Investors prefer risk Sep Bessemer Risk Appetite Index as of June 30, S&P 500 Index reflects cumulative returns. Index reflects the spread between Moody's Corporate Baa Yield and the U.S. Treasury 10-Year Yield; the level of stock market volatility; the price-to-book ratio on the U.S. stock market; and the level of M2 money supply as a percent of total stock market capitalization. Source: Chicago Board Options Exchange, FactSet, Federal Reserve, Global Financial Data, Moody s, Strategas Research Partners, Standard & Poor s, Bessemer Trust 20

21 Thinking About the Future Landscape What are your key concerns? Do you consider deflation a major risk? Will massive government debt lead to a collapse of the dollar and hyperinflation? Will behavioral changes and government policy lead to an extended period of slow growth? 21

22 Consumers Are Scrambling To Reduce Debt Consumer Debt Obligations (% of income) 8.0 Personal Savings Rate (% of income) 20% % % Consumer debt obligations as of June 30, Personal savings rate as of May 31, Source: Bureau of Economic Analysis, Federal Reserve 22

23 The U.S. Dollar: Pros and Cons Case for a Weaker Dollar Large U.S. government budget deficits Concerns about global appetite for Treasuries Talk of new global reserve currency Improving global growth outlook Case for a Stronger Dollar Perception of safe haven in difficult times Increasing personal savings Falling trade deficit Rising domestic demand for Treasuries Global efforts to devalue currencies Limited attractiveness of alternatives Index Value of U.S. Dollar* Jan 08 Mar 08 May 08 Jul 08 Sep 08 Nov 08 Jan 09 Mar 09 May 09 *The U.S. Dollar Index reflects a basket of foreign currencies including the euro, Japanese yen, British pound, Canadian dollar, Swedish krona, and Swiss franc. Source: FactSet, Federal Reserve, New York Board of Trade, Bessemer Trust 23

24 Widespread Deflationary Pressures While inflation fears are rampant, our concern is exactly the opposite. Deflationary forces are the strongest in 75 years: Globalization of economic activity Technology boosting corporate productivity Widespread deleveraging by consumers and financial institutions Excess capacity in many industries Weak job markets pressuring wages Chinese export prices are now falling at 8% annual rate. 24

25 Policymakers on the Move Policy is evolving on many fronts (e.g., trade, taxes, spending, interest rates, industry regulation) We are closely monitoring key indicators: Health of credit markets Tax advantage for capital gains and dividends Protectionism Interest rates and inflation Federal debt in relation to GDP Policymakers tenacity in withdrawing stimulus as appropriate An increasing role for government will fuel investor uncertainty and raise potential for errors in Washington, Brussels, Tokyo, and Beijing 25

26 Years When GDP Growth Was Below 2% <(30)% (20)-(30)% (10)-(20)% (0)-(10)% 0-10% 10-20% 20-30% >30% Stock Returns As of December 31, Based on S&P 500 Index returns. Source: Bureau of Economic Analysis, Standard & Poor s 26

27 Portfolio Positioning How does your outlook affect your investment decisions? What are you doing with the excess cash/bonds? Where are the most interesting opportunities? How is the portfolio positioned to protect against inflation? deflation? 27

28 Our Overall Positioning October 2008 Peak Current Bessemer Growth (Long-Term Target = 100/0) Growth Assets Cash/ Bonds Growth Assets Cash/ Bonds Bessemer Balanced Growth (Long-Term Target = 70/30) Bessemer Balanced (Long-Term Target = 55/45) Cash/fixed income weightings in recommended asset allocations as of June 30, Weightings exclude hedge funds and are subject to change without notice. 28

29 Portfolio Positioning: A Need for Balance Large Cap Global Small & Mid Cap Global Opportunities Real Return Fixed Income Opportunistic Overweight technology and industrials sectors Add to financials and materials exposure Build positions in technology and industrials Increase exposure to emerging markets High-yield and convertible bond weighting to 65% Increase emerging market currencies, short euro Increase agriculture (e.g., corn, palm oil, soybean oil, sugar) Add industrial metals (e.g., zinc, nickel) Taxable: raise weighting in investment-grade corporate bonds to 25% Municipals: Build positions in bonds rated AA and A at historically wide yield spreads Defensive Overweight healthcare Underweight energy Reduced consumer discretionary 20% cash weighting Overweight staples and healthcare 20% weighting in cash and government bonds 25% cash and bond weighting 10% weighting in precious metals Taxable: duration shorter than benchmark Municipals: retain focus on highquality general obligation and essential-service revenue bonds As of June 30, Large Cap refers to combination of U.S. Large Cap (68%) and Non-U.S. Large Cap (32%). The value of an investment in the Funds will fluctuate, which means that an investor could lose the principal amount invested. Investors should consider the Funds investment objectives, risks, charges, and expenses before investing. The Funds prospectus, which can be obtained by calling , contains this and other information about the Funds and should be read carefully before investing. 29

30 Top 10 Global Large Cap Holdings Company Industry Market Value ($B) Normalized Earnings ($B) Bank of New York Mellon Financials $33.1 $3.4 Cisco Technology Credit Suisse Financials EMC Technology Hutchison Whampoa Industrials Inditex Consumer Nokia Technology Shire Healthcare Thermo Fisher Healthcare Weatherford Energy Total $375.4 $33.7 As of June 30, Reflects five largest holdings in U.S. Large Cap and Non-U.S. Large Cap. Normalized earnings figure is Bessemer s estimate. 30

31 Additional Questions Are municipal bonds safe? Asset allocation hasn t worked over the last twelve months. Is it still valid? What asset allocation changes are coming? 31

32 Summary The global financial crisis has sparked numerous adjustments with remarkable speed. Favorable fundamentals now include: Improving economic indicators Increased corporate access to capital Resilient corporate profits in most sectors Attractive stock valuations While worst of economic times are likely behind us, recovery will be bumpy. Growth will likely remain sub-par due to retrenching consumers, deflationary pressures, and policy risks. Having invested a portion of our excess cash in recent months, we are maintaining a balance between growth-oriented assets and cash/bonds. 32

33 20 is the first full reporting period since Bessemer s Chief Investment Officer assumed responsibilities for investments. The data shown represents the performance of the Bessemer Balanced portfolio since its inception in January 20. The Balanced Growth Portfolio, Growth Portfolio, and Balanced Portfolio each represent a model portfolio comprised of U.S. Large Cap, Non-U.S. Large Cap, Global Opportunities, Global Small & Mid Cap, Real Return, Fixed Income, Strategic Cash, and three Bessemer hedge funds of funds. Investments cannot be made directly in these model portfolios. Relative weightings in these model portfolios vary over time. Returns for Old Westbury Global Opportunities Fund, Old Westbury Global Small & Mid Cap Fund, Old Westbury Real Return Fund, and Bessemer hedge funds of funds are after all fees and expenses. All other returns reflect performance of Bessemer Common Trust Funds and are before fees and expenses. The results also include the reinvestment of all dividends and capital gains. Past performance is no guarantee of future results. Global Small & Mid Cap Fund returns began April 5, 20. Real Return Fund returns began April 28, 20. Global Opportunities Fund returns began November 28, 20. Bessemer hedge funds of funds returns for this model portfolio began July 1, 20, are preliminary and are subject to revision. Alternative investments, including Bessemer hedge funds of funds, are not suitable for all clients and are available only to qualified investors. Prior to July 28, 2008, the Non-U.S. Large Cap Fund was named the International Fund and operated under a different investment strategy. Prior to October 2, 2008, the Global Small & Mid Cap Fund was named the Global Small Cap Fund and operated under a different investment strategy and the U.S. Large Cap Fund was named the Large Cap Equity Fund. The prior performance shown represents performance of these funds prior strategies. The Global Stock/Bond Mix reflects a mix of the S&P 500 Index (25%), S&P Mid Cap 400 Index (10%), MSCI EAFE Index (14%), MSCI World Small Index (5%), MSCI Emerging Markets Index (3%), HedgeFund.net (10%), Dow Jones-AIG Commodity Index (2.5%), Barclays Capital Government/Credit Bond Index (25%), Barclays Capital U.S. TIPS Index (2.5%), and Treasury Bills (3%). The U.S. Stock/Bond Mix (70/30) is a composite of 70% S&P 500 Index and 30% Barclays Capital Government/Credit Bond Index. The U.S. Stock/Bond Mix (55/45) is a composite of 55% S&P 500 Index and 45% Barclays Capital Government/Credit Bond Index. 33

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