CastlePoint Composite Performance through December 31, 2011. Investment returns for both the composite (the “Composite”) and the indices presented above are gross of fees and include the reinvestment of interest and dividend income. Returns exclude investment advisory fees but include transaction costs and foreign withholding taxes. Composite portfolios are valued monthly and use time-weighted, geometrically-linked rates of return adjusted for daily-weighted cash flows. Results are based on fully-discretionary accounts under management. Although great care was taken in the preparation of this document, its completeness and accuracy cannot be guaranteed. Monthly statements that substantiate these investment returns are available for verification or auditing purposes. Past performance is no guarantee of future favorable results. The investment philosophy, process, and discipline used to generate these returns were continuously applied over all time periods.

1. LARGE CAP EQUITY PRODUCT
Investment
Group, LLCC A S T L E P O I N T
CastlePoint Investment Group Profile
Investment Philosophy, Process and Results
January 31, 2012

2. INVESTMENT PERFORMANCE
“CastlePoint’s enviable investment returns stem from a clearly-defined and consistently applied
investment process that is analytically-rigorous, artfully-implemented, and based on a combination of
proprietary research and sound financial theory.”

3. CASTLEPOINTLARGECAPEQUITYPERFORMANCE
Investment Returns Snapshot through January 31, 2012
Annual CastlePoint and Index Returns
3 Year
Inception
(Sept. 2001)
5 Year1 YearYTD*
$201.1
$151.7
$141.8
Frequency CastlePoint Outperforms Index Over Time Periods
CastlePoint Large Cap S&P 500 Index Russell 1000 Value
Cumulative returns reflect
reinvestment of dividends and are
presented gross of feesCastlePoint Large Cap Equity
S&P 500 Index Total Return
Russell 1000 Value Total
Return Index
Cumulative Investment Returns through January 31, 2012
5 Year3 Year1 Year
calculations
based on: 114 observations 90 observations 66 observations
S&P 500
Index
Russell 1000
Value Total
Return
71%
29%
97%
3%
100%
0%
60%
40%
66%
34%
82%
18%
(Unlike indices, surpassed
prior peak in 4Q07)
Rolling, overlapping
periods based on
month-end returns
over track record
8.5%
4.2%
23.2%
3.3%
6.9%
4.5% 4.2%
19.2%
0.3%
3.4%3.8%
1.9%
17.6%
-2.2%
4.1%
Investment returns for both the composite (the “Composite”) and the indices presented above are gross of fees and include
the reinvestment of interest and dividend income. Returns exclude investment advisory fees but include transaction costs and
foreign withholding taxes. Composite portfolios are valued monthly and use time-weighted, geometrically-linked rates of
return adjusted for daily-weighted cash flows. Results are based on fully-discretionary accounts under management.
50
75
100
125
150
175
200
Aug-01
Feb-02
Aug-02
Feb-03
Aug-03
Feb-04
Aug-04
Feb-05
Aug-05
Feb-06
Aug-06
Feb-07
Aug-07
Feb-08
Aug-08
Feb-09
Aug-09
Feb-10
Aug-10
Feb-11
Aug-11
*All results through period ending January 31, 2012
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 YTD
CastlePoint Investment Returns
Russell 1000 Value TR Index
S&P 500 Index Total Return
Periods CastlePoint
Outperformed Indices

4. QUARTERLY/ANNUALINDEX-RELATIVERESULTS
Quarterly Returns Relative to Russell 1000 Value and S&P 500 Total Return Indices through December 31, 2011
Annual Investment Performance Detail
Investment returns for both the composite (the “Composite”) and the indices presented above are gross of fees and include the reinvestment of interest and dividend income. Returns exclude investment advisory fees but include transaction costs. Composite portfolios
are valued monthly and use time-weighted, geometrically-linked rates of return adjusted for daily-weighted cash flows. Results are based on fully-discretionary accounts under management. Although great care was taken in the preparation of this document, its
completeness and accuracy cannot be guaranteed. Monthly statements that substantiate these investment returns are available for verification or auditing purposes. Past performance is no guarantee of future favorable results. The investment philosophy, process, and
discipline used to generate these returns were continuously applied over all time periods.
Supplemental Information on Product
Absolute Total Returns Index Relative
CASTLE S&P 500 R1000 S&P 500 R1000
YEAR POINT INDEX VALUE INDEX VALUE
YTD 8.5% 4.5% 3.8% 4.00% 4.70%
2011 -3.4% 2.1% 0.4% -5.52% -3.80%
2010 17.4% 15.1% 15.5% 2.34% 1.89%
2009 36.6% 26.5% 19.7% 10.14% 16.90%
2008 -35.8% -37.0% -36.9% 1.17% 1.02%
2007 10.2% 5.5% -0.2% 4.73% 10.39%
2006 13.8% 15.8% 22.2% -2.04% -8.46%
2005 7.6% 4.9% 7.0% 2.68% 0.55%
2004 12.1% 10.9% 16.5% 1.22% -4.39%
2003 31.4% 28.7% 30.0% 2.72% 1.38%
2002 -19.4% -22.1% -15.5% 2.68% -3.91%
-10%
-5%
0%
5%
10%
4Q01
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
Periods CastlePoint
Outperformed Indices
Russell 1000 Value Total
Return Index
S&P 500 Index Total Return
Number of Stocks: 30 to 35 securities
Investable Assets: Domestic equities, select ADR’s; long-only
Benchmark: Russell 1000 Value (primary)/
S&P 500 Index (secondary)
Portfolio Turnover: ~25% annually
Best/Worst month: +16.8% (Nov. 02) / -17.3% (Oct. 08)
Russell 1000 Value +10.1% (Apr. 09) / -17.3% (Oct. 08)
S&P 500 Index +9.6% (Apr. 09) / -16.8% (Oct. 08)
Tracking Error (3-Year):
S&P Citi/Value Index 5.84%
S&P 500 Index 5.63%
Inception Date: September 2001; from inception to Aug.
2005 managed at prior firm; Sept. 2005 to present
at CastlePoint Investment Group.

5. 3 Year 5 Year1 Year
Investment returns for both the composite (the “Composite”) and the indices presented above are gross of fees and include the reinvestmentof interest and dividend income. Returns exclude investment advisory fees but include transaction costs. Composite portfolios are valued monthly and use time-weighted, geometrically-
linked rates of return adjusted for daily-weighted cash flows. Results are based on fully-discretionaryaccounts under management. Although great care was taken in the preparation of this document, its completeness and accuracy cannot be guaranteed. Monthly statements that substantiate these investment returns are
availablefor verification or auditing purposes. Past performanceis no guarantee of future favorable results. The investment philosophy, process, and discipline used to generate these returns were continuously applied over all time periods.
Large Cap Value Peer Group Ranking through January 31, 2012
Index-Relative Analytics: Efficiency and Risk-Adjusted Returns
source: eVestment Alliance
Risk & Regression Analysis
PEERGROUPRANKING,EFFICIENCY&RISKANALYTICS
PercentileRankings
LargeCapValueMutualFundUniverse
60%
90%
100%
0%
10%
20%
30%
50%
40%
70%
80%
25th
5.21%
CastlePoint Large Cap Equity Russell 1000 Value Index Morningstar Large Value Avg Fund
1 Year 3 YearYTD 5 Year 10 Year
75th
3.37%
source: Morningstar
37th
1.88%
291 funds 256 funds 190 funds276 funds314 funds
25th
3.66%
75th
-1.45%
25th
18.87%
75th
15.77%
25th
-0.15%
75th
-2.68%
25th
4.87%
41st
4.36%
S&P 500 Index
42nd
17.63%
63rd
-2.16%
65th
3.78%
22nd
4.20%
1st
8.48%
4th
23.23%
2nd
3.26%
4th
6.20%
56th
3.87%
52nd
-1.46%
50th
17.06%
47th
1.23%
48th
4.27%
22nd
4.21%
20th
19.24%
20th
0.33%
41st
4.48%
75th
3.15%
66th
3.52%

6. PORTFOLIOCHARACTERISTICS:RATIOS&SECTORALLOCATION
Summary Portfolio Characteristics as of December 31, 2011
Portfolio Holdings: Sector Allocation Over/Underweight: Russell 1000 Value
CastlePoint Large Cap Equity S&P 500 IndexRussell 1000 Value Index
P/E (LTM) P/E (Next 4 Qtrs)
Market Cap ($wtd)
Price-to-Book (Latest Qtr)
Dividend Yield3-Yr EPS Growth
Price-to-Sales (LTM)
Debt/Total Cap
Industrials
TelecomServices
ConsumerStaples
Utilities
FinancialServices
Energy
Over/Underweight: S&P 500 Index
Industrials
TelecomServices
ConsumerStaples
Utilities
Energy
sources: Thomson Reuters, Standard & Poor's, Russell Investments
Energy
7%
Technology
29%
Basic
Materials
7%
Healthcare
15%
Telecom
Services
2% Utilities
1%
Consumer
Discretionary
15%
Industrials
6%
Financials
11%
Cash
8%
10%
4% 4% 3%
-1%
-3% -4% -5% -5%
-11%
-30%
-20%
-10%
0%
10%
20%
30%
FinancialServices
BasicMaterials
ConsumerDiscretionary
Healthcare
Healthcare
Technology
Technology
ConsumerDiscretionary
BasicMaterials
20%
6%
4%
2%
-3% -3%
-5% -7% -8%
-15%
-30%
-20%
-10%
0%
10%
20%
30%
0.9x
1.2x
0.8x
0.5x
0.7x
0.9x
1.1x
1.3x
2.1% 2.1%
2.3%
1.0%
1.3%
1.5%
1.8%
2.0%
2.3%
2.5%
7.0%
10.0%
3.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
65.8
96.6
74.4
25.0
45.0
65.0
85.0
105.0
125.0
29.0%
31.0%
33.0%
25.0%
27.5%
30.0%
32.5%
35.0%
10.8x
12.6x
11.6x
8x
9x
10x
11x
12x
13x
14x
11.3x
12.9x
12.2x
8x
9x
10x
11x
12x
13x
14x
1.5x
2.1x
1.4x
0.0
0.5
1.0
1.5
2.0
2.5

7. INVESTMENT APPROACH
“CastlePoint's approach to equity investing is based on the fundamental belief that markets are inefficient
and mispriced securities can be systematically identified and opportunistically acquired
using a time-tested, rigorous, and highly disciplined investment process.”

8. INVESTMENTAPPROACH
CastlePoint's approach to equity investing is based on the fundamental belief that markets are inefficient and mispriced securities can be
systematically identified and opportunistically acquired using a time-tested, rigorous, and highly disciplined investment process.
CastlePoint's proprietary investment model, independent-minded portfolio management team, and partnership culture of investing
alongside our clients, are each important and differentiating aspects of our proven and historically successful approach to investing.
As a result of our exhaustive, proprietary research on each stock before reaching a purchase decision, the investment team is confident
current portfolio holdings possess substantial capital appreciation potential and limited downside risk. Evidence of this is the investment
team manages their personal assets alongside those of our clients. This approach succeeds because the team operates in an environment
that takes a long-term view to investments, encourages an intense focus on securities research and analysis, and insures team members
hold a substantial, financial interest in the success of the portfolio. In short, "we eat what we cook.“
"You cannot beat the benchmark, if you are the benchmark." CastlePoint takes a focused approach to investing, which affords the
investment team the opportunity to better understand portfolio holdings and, equally important, the fortitude and conviction to stay the
course when it's most difficult (and important) to do so. It's realistic and possible to achieve this level of confidence with a portfolio
comprised of a more manageable level of 30 to 35 holdings. Our goal is to construct portfolios in which security selection is the largest
contributor to index-relative outperformance.
It's fair to characterize CastlePoint's approach as largely "style-agnostic," though historically portfolio characteristics tend to exhibit a value
bias. It's also appropriate to view the approach as being predominately "benchmark agnostic" in the sense the presence or absence a
security (or its weight in a benchmark) is irrelevant in the security selection process. This also holds true when looking at portfolio sector
allocations relative to a benchmark.
Finally, CastlePoint's investment approach reflects our belief we are simply not smart enough to pick the trough when buying or the peak
when selling a stock; as such, we employ a "time diversification" approach to buying and selling securities. Practically speaking, this
typically entails moving gradually into or out of portfolio positions at 50 bps to 150 bps per transaction.
Investment Approach

9. INVESTMENT PHILOSOPHY
“CastlePoint's investment philosophy is based on thoroughly researched and widely accepted financial
concepts thoughtfully chosen and uniquely woven together. The end result is a well crafted,
time tested process that systematically exploits enduring market anomalies.”

10. PHILOSOPHY–BEHAVIORALFINANCE
Investment Philosophy
CastlePoint's investment philosophy is based on thoroughly researched, well established, and widely accepted financial
theories and concepts thoughtfully chosen and uniquely woven together. The result is a uniquely crafted, time tested
investment process that systematically exploits enduring market anomalies - outperforming market indices over the most
tumultuous and challenging market environment in recent history.
Briefly, there are three elements of our investment philosophy:
 Market Overreaction to Dramatic Unexpected News Events
 Fallacies of Company and Market Forecasting
 Patience and Long-term Investment Horizon
Market Overreaction
Based upon thoroughly documented and widely accepted academic research, equity market participants systematically
“overreact” with knee-jerk responses to unexpected and dramatic news events, pushing stock prices to unsustainably high and
low levels. The natural tendency for many investors is to overweight recent headline news, regardless of its actual relevance or
significance for a particular company, and underweight prior data that is wider and deeper in scope. This includes the
implications, if any, on the embedded characteristics of an individual company (e.g., pricing power, strength of brand name,
presence of significant barriers to entry) that are slow to change.
These information surges frequently lead less disciplined, short-term oriented investors into reacting to potentially irrelevant or
largely immaterial headline news and subsequently making cognitive errors and emotion driven mistakes. The result is stock
prices change more rapidly than the intrinsic value of the underlying companies, creating an exploitable dislocation or
divergence between the price for and the value of a company's shares.
Consequently, CastlePoint uses its proprietary Valuation, Screening & Investment Model (VSIM™), which evaluates and
calculates intrinsic values based on growth rates using a company's historical financial record for each company in the investable
universe. VSIM™ evaluates and relies upon a company's proven historical ability to generate cash flow; not on a forecast of what
it may be able to generate. CastlePoint's investment team uses this critical tool to determine an overreaction from an
appropriate one.
Fallacies of Forecasting Long-term Investment Horizon

11. PHILOSOPHY–FORECASTING&LONG-TERMHORIZON
Relying on the ability to make forecasts is a precarious basis for any investment process. The ability to accurately forecast
market trends, economic variables, or the earnings of a company with any degree of consistency is extremely rare. The
examples of expert forecasts being incorrect by orders of magnitude are too numerous to detail here. Furthermore for a
forecast to hold value, it must overcome three, almost insurmountable hurdles:
 Accurate: The most obvious quality a forecast must possess is that it must be accurate.
 Timely: A forecast ultimately proves accurate must be made on a timely basis in order for it to have value and there to be
sufficient time upon which to act.
 Different from Consensus: Finally, in addition to being accurate and timely, a forecast must be different from the consensus.
A forecast consistent with the consensus estimate is, in all likelihood, already reflected in a company's stock price and
generally of limited value.
Market Overreaction Fallacies of Forecasting Long-term Investment Horizon
Market Overreaction Fallacies of Forecasting Long-term Investment Horizon
Forecasting how long it will take for the market price of a stock to converge with its intrinsic value is extraordinarily difficult, if
not impossible. As detailed previously, the field of forecasting is fraught with danger. As result, CastlePoint takes a long-term
perspective when evaluating and acquiring securities for the portfolio and generally expects to hold them for at least a three- to
five-year period.
Aside from the obvious benefits of enhancing returns through lower transaction costs and more favorable tax treatment (when
applicable), long-term investing does not create the compulsion to “do something” in periods of short term volatility.

12. INVESTMENT PROCESS
“The guiding principles that serve as the cornerstone of CastlePoint’s investment strategy is based on
thoroughly researched and well-established financial theory. The foundation of the philosophy and
process is largely based on exploiting cognitive errors and emotional decisions of market participants.”

13. INVESTMENTPROCESSOVERVIEW

Quantitative
Screen
(1,000 stocks)

Investment
Research &
Analysis
(200 stocks)

Evaluate & Refine
Estimate of
Intrinsic Value

Build & Manage
Portfolio
Holdings
(30-35 Stocks)

Portfolio & Risk
Management
Management of Investment Portfolios:
A Dynamic Process