Separate Account Manager Report

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1 Nuveen Asset Management Long Municipal Bond Report Created November 06, 2009 For the Exclusive Use of PrimaGuide Subscribers and Their Clients

2 Product Summary and Overview As of September 30, 2009 Firm Product Product Type Asset Class Duration Cat. Style Discipline Process Benchmark Status Product Overview Nuveen Asset Management Long Municipal Bond Separate Account US Municipals Long Term Investment Grade Active Fundamental Barclays 20 Year Municipal Open Address Contact Information 333 West Wacker Drive Chicago, IL USA Phone (800) Fax (312) Web Site Portfolio Growth Oct 1, Sep 30, 2009 $2.00 $1.84 $1.87 $1.50 This graph displays the growth of $1 invested in the managed portfolio for the period Oct 1, 1999 to Sep 30, This growth is compared to the appropriate benchmark for the product for the same time period. $1.00 $0.50 $ Title (Gross) Performance As of 9/30/2009 Gross Annualized Returns (%) Trailing Period Performance Q Year 3 Year 5 Year 7 Year 10 Year Long Municipal Bond Barclays 20 Year Municipal Calendar Year Performance 2009 YTD Long Municipal Bond (7.48) (6.15) Barclays 20 Year Municipal (7.65) (4.69) Administrative Information Minimum Investment $250,000 # of Securities 13 Manager Team Avg 12 Month Turnover 15-40% Tenure 10 Yrs Tax Liability Rating 82.0 Inception 10/1996 Tax Efficiency Rating 9.5 Product Assets $312.5 Million Fee Schedule Minimum Account Size Fee $250, bps $2,000, bps $4,000, bps $6,000, bps 2

3 Performance Summary As of September 30, 2009 Risk/Return Function of Barclays 20 Year Municipal Sep 30, 2002 to Sep 30, % Over time, a money manager's consistent adherence to a specific investment style (as measured by the R-Squared of the product to the respective style benchmark) and a consistently positive alpha (a measure of the added value versus the same style benchmark), lend confidence to the manager's discipline and relative returns. 3 Yr Alpha % 60 % 40 % 20 % 3 Yr R-Squared % Alpha R-Squared 5 Year Risk/Reward Statistics Capital Market Line Oct 1, 2004 to Sep 30, 2009 Beta Annualized Alpha (0.53) 0.00 R-Squared Std Deviation Correlation Risk Adjusted Return Oct 1, Sep 30, 2009 BCAgg TBILL SP500 Sharpe Ratio Sterling Ratio Treynor Ratio Batting Average 0.30 Up Quarters Up Market Capture 90.48% % Down Quarters 6 6 Down Market Capture 99.15% % 5 Year Annual Return 10 5 CML Best 1 Quarter Return Worst 1 Quarter Return (5.75) (6.63) Best 4 Quarter Return Worst 4 Quarter Return (7.48) (7.65) Maximum Drawdown (7.51) (7.65) Tracking Error Information Ratio (0.64) Standard Deviation 3

4 Fixed Income Portfolio Holdings and Characteristics Fixed Sectors As of Sep 30, 2009 Credit Analysis As of Sep 30, 2009 Mortgage Backed Corporates Governments Municipals Yankees Other 0 % 20 % 40 % 60 % 80 % 100 % Percentage of Fixed US Government AAA AA A BBB BB B Below B Not Rated 0 % 10 % 20 % 30 % 40 % 50 % Percentage of Fixed This chart displays the sector weightings of the fixed income securities in the managed product relative to its appropriate benchmark. Sector weightings disclose those economic or industry sectors that a manager favors and those that a manager avoids. For multiple manager portfolios, a review of the overlap in, or absence of, particular sectors in the composite portfolio may be useful to assess the breadth or concentration in these areas of the portfolio. This chart displays the credit ratings of the fixed income securities in the portfolio that fall within each credit-quality rating as assigned by Standard & Poor's or Moody's relative to its appropriate benchmark. This chart indicates whether a managed product meets a certain credit quality standard, and is useful in determining the value added by the manager versus the benchmark, due to the particular weightings in the different credit categories. Portfolio Characteristics (09/30/2009) Duration Average Maturity Coupon Percent Yield To Maturity 3.90% 4.31% Average Credit Quality AA A Equity 0.00% 0.00% Fixed Income % % Cash 0.00% 0.00% Other 0.00% 0.00% This table displays the fundamental characteristics of the securities held in the managed product relative to its appropriate benchmark. Portfolio characteristics provide insight into the manager's objective and philosophy. For example, stock portfolios with high price-to-book and price-to-earnings ratios and low dividend yields tend to be growth oriented, while equity portfolios with low ratios and high yields tend to be more value oriented. Top Portfolio Holdings (9/30/2009) MONTEBELLO UNI SCH DIST 1.75% PUERTO RICO PUB FIN CORP 02E 1.63% TARRANT CNTY ED FACS CORP TX HLTH RES % HUNTINGTON BEACH UN HIGH SCH DIST 1.07% PUERTO RICO PFC COMWLTH APPROP 02E 0.86% SCRANTON SCH DIST 07C 0.85% CHINO BASIN RFA INLAND EMPIRE UTIL AGY % MIDLOTHIAN INDPT SCH DIST RFDG 0.72% SAINT CLAIR CNTY HSD A 0.68% ARIZONA BRD REGENTS UNIV ARIZ REV 0.68% This table displays the top 10 securities held in the managed product as a percentage of the total portfolio. The higher the percentage in any one security holding, the more concentrated the portfolio. For multiple manager portfolios, redundant holdings in a particular security may compound the volatility of the returns generated by the composite portfolio. 4

5 Qualitative Assessment Firm Overview Nuveen Investments, Inc. ("Nuveen"), a Chicago-based firm, was established in 1898 and is owned by Madison Dearborn Partners, LLC. Nuveen includes Nuveen Asset Management, Symphony Asset Management, LLC, NWQ Investment Management Company, LLC, and Rittenhouse Asset Management. Nuveen Advisory Corp., the investment advisor to Nuveen's family of mutual funds, is a part of Nuveen Asset Management. Together with its affiliates, Nuveen provides individual and institutional investors with equity and fixed income separate account products and mutual funds. Objective The objective of the Nuveen Long Municipal product is to generate a high level of tax-exempt income without incurring excessive credit risk. To this end, the average duration of the portfolios ranges between 7 and 11 years and bonds must be of investment grade credit quality to qualify for purchase. Since expectations for interest rates are not a driving factor in Nuveen portfolio strategies, the average durations of Nuveen composite portfolios are generally kept within 20% of the duration of the selected benchmark. Unless the account holder has instructed otherwise, portfolios may contain a significant amount of bonds subject to the Alternative Minimum Tax. Process When selecting municipals for the Long Municipal product, Nuveen performs yield curve analysis on different maturities to determine a targeted maturity structure. The investment team uses fundamental research to identify under-valued securities, sectors, and structural features. Nuveen maintains active surveillance on holdings through a proprietary database for tracking credit exposure and obtaining updated financial information. Nuveen sells bonds if credit problems arise or when better values appear in the market. The manager will also liquidate a position if durations become too short for their respective style profile. Finally, positions may also be sold to realize tax losses. Personnel The product is managed by a team of portfolio managers which is led by Martin J. Doyle, CFA. Mr. Doyle, Managing Director and Senior Portfolio Manager for Nuveen Asset Management, oversees the group's policies and investment strategies. He earned a Bachelor's degree in Economics from the University of Illinois and an MBA degree in Finance from Loyola University Chicago. 5

6 Disclosures Performance Disclosure Please refer to PrimaGuide Terms and Conditions of Use, available for viewing from within the PrimaGuide application and provided to you as part of your PrimaGuide subscription. All performance presented is gross of fees. In reviewing and assessing the performance of any manager, one should consider that various managers compute their performance differently. Past performance does not guarantee future results. This is not a sales solicitation, but rather, a separate account manager report on a separately managed account.. Please contact Prima Capital to determine registration status of this investment in your state. 6

Compounded Returns for Periods Ended March 31, 2018 (%) Franklin Bissett Canadian Short Term

Compounded Returns for Periods Ended March 31, 2018 (%) Franklin Bissett Canadian Short Term Franklin Bissett Canadian Short Term Bond Fund Series F Product Profile First Quarter 2018 FUND CHARACTERISTICS (AS OF 3/31/18) Fund Inception Date 12/22/03 Distributions Monthly Morningstar Category Canadian