STUDENT MANAGED FUNDS

1. STUDENT MANAGED FUNDS Investment Process Presentations December 9, 2008

2. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting Marketing Patrick Mellea

3. SMF Website

4. SMF Website - MSF

5. Rise Trip At Rise, a group of internationally renowned speakers will discuss the Economy and Markets, Federal Reserve Perspective, Corporate Governance and Responsibility, Global Investments Issues & Opportunities, Leadership Perspective, Political & Business Perspective, and the Wall Street Perspective Rise Trip

6. Some Key Note Speakers • Dr. Roger Ferguson, Jr. - President and CEO of TIAA-CREF • Patrick Dorsey, CFA - Director of Equity Research at Morningstar • Richard Bernstein - Chief U.S. Strategist and & Quantitative Strategist at Merrill Lynch • Edward Kerschner, CFA - Chief Investment Strategist from Citigroup/Smith Barney • Steve Liesman- Senior Economics Reporter at CNBC • John Snow - Former Secretary of the Treasury • John Surma - Chairman and CEO of U.S. Steel Corporation

7. Outside SMF • Roundtable Council • MSF Fellowship • CFA Exam • CFA Institute Case Competition • ACG Case Competition • Intramural Soccer and Basketball Teams

8. Top Down Approach • Academic Approach • Macroeconomic • Not Bottom Up

9. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting SRI / Compliance David Rolon

10. Avoid the set of companies that ignore social responsibility Recognize and incorporate the companies that reflect Catholic stewardship. Responsible strategies can match the returns of a standard portfolio. Socially Responsible Investing (SRI)

11. Released in the spring of 2008 Set thresholds based on revenues for flagging certain issues Review of the conducted research on a company New & Improved IWFinancial workstation

12. Allows for positive screening Extends across other issues (labor unionization rates, etc.) Advantages of Improved Flag Functionality

13. The Advisory Group (6 members) Two members of the Equity Society Four members of the undergraduate SMF The SRI Team

14. High preferences on issues such as: Bioethics Environment Life/Choice Tobacco Human Rights Firearms Adult Entertainment Passing score: 55 Key Issues in forming SRI profile

16. A company’s rating is based on: Issues selected Performance of comparative companies Definition of the “Comparative Universe” Rating system

17. Portfolios are examined every Monday during Advisory Meetings Meets weight limits and IPS requirements Compliance

18. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting Domestic Economic Analysis Won Kim

19. Process • Familiarize with various stages of the economic cycle • Examine key economic indicators to determine current stage of the economic cycle • Determine investments given the current economic cycle • Analyze economic indicators regularly (weekly)

20. Five-Phase Economic Cycle

21. Revival Stage • The revitalization of business and consumer activity that follow a recessionary phase • GDP turns positive after falling sharply in the preceding recession • Many economic indicators turn positive

22. Acceleration Stage • GDP increases significantly • Growth puts upward pressure on credit demands and prices • Interest rates and inflation begin to rise • Housing activity picks up speed • Businesses spend more on capital expenditures

23. Maturation Stage • Consumers put off purchases, spend less • Interest rates and inflation continue to rise • Housing and auto sales decline • Businesses continue to spend on capital expenditures

24. Ease-off Stage • Business continues to remain optimistic • Economic indicators turn pessimistic • GDP turns negative • Inflation and interest rates may continue to rise • Housing and big-ticket item sales decline severely

25. Plunge Stage • Many economic indicators turn negative • Employment drops sharply • Corporate profits plummet

26. Economic Indicators • CPI & PPI • GDP • Initial unemployment claims • Non-farm payroll employment • Industrial production

27. Observations • Employment and unemployment indicators are continuing to deteriorate • GDP turned negative in Q3 2008 • Inflation pressures as indicated by CPI & PPI are easing due to drop in oil price • Industrial production is pointing to a recession

28. Conclusion: Plunge (non-traditional) • Financials led non-traditional plunge

29. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting Weekly Economic Updates Steven Curry

30. Qinsight Conference Call • Bill Carter discusses economic issues such as: • New Economic Data • The current stage of the business cycle • Sectors and Industries • Warning signs as indicators of a cycle change • Government Intervention • Portfolio Strategy

31. Economic Indicators • Weekly Economic Indicators • Initial Unemployment Claims • Quarterly Economic Indicators • GDP

32. Economic Indicators • Monthly Indicators • PPI • CPI • Average Manufacturing workweek • VIX • Non-farm Payroll • Retail Sales • Consumer Confidence

33. Economic Indicators • Monthly Indicators (Cont.) • Money Supply • ISM Manufacturing Index • Building Permits • Housing Starts • Industrial Production

34. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting The Delphi Process Allan Ngumi

35. Objective Obtain an analysis of industries and consolidate opinions and information for our decision making. SMF Delphi Analysis Based on a structured process of collecting and distilling information with open ended feedback. Ranking of top 10 industries Conducted multiple rounds Objectivity and anonymity was maintained Delphi

36. 1st round Delphi analysis Initially received over 75 industry choices 2nd - 3th round Delphi Provided everyone with 1st round industry picks and asked for further analysis and ranking (Narrowed down our selection within this round) 4th round Delphi Refined our analysis of the top 25 industries and ranked them by preference. Results from the Delphi

37. Our Results

38. Traditional Plunge Delphi

39. Upon completing the Delphi and merging the traditional plunge industries with our results we had an investment universe of 229 securities

40. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting Security Analysis Matthew Schirripa

41. Industry Outlook Sub-industry Analysis Security Valuation Model Sector Process

42. SMF Valuation Model

43. Financial Health

44. Performance Quality

45. WACC Calculation

46. Summary Valuation

47. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting Domestic ETF Selection ProcessGeorge Coleman Fund Ryan DePaul

48. iShares, PowerShares, & Vanguard ETFs Concentration of ETF stock holdings Expense ratios Historical return performance & future growth prospects Sector Captain Presentations Investment committee voting process Selection Process

49. ETF Holdings

50. Advisory Group Sector Captains Regional Captains Portfolio Managers Economic Analysis Delphi SRI/Compliance Security Analysis Regional Analysis Portfolio Optimization Performance Reporting Regional Analysis James Kurz Stephen Pelletier