Sustainable Large Cap Equity

ESG 50 (USA) February 2012

Strategy Overview

Vehicle type: Separately managed account

Asset class: US Equity

Management Style: Rules-based, quantitative Sector neutral Benchmark: S&P500

Minimum Market Cap: USD 5bn

Exchanges: US-listed only

Holdings: 50

Rebalancing: Quarterly

Characteristics and Risk Metrics

Beta vs. S&P 500: 1.00

Volatility: 23.18%

Price/Earnings 13.25x

Price/Sales 1.30

Price/Book: 2.19

Earnings per Share: $3.92

Dividend Yield: 2.28%

Market Capitalization: USD 62.11bn

Investment Strategy

The ESG 50 (USA) portfolio is designed to be a CORE global equity allocation, with risk characteristics similar to the Benchmark Index (S&P500).

Securities are screened versus more than 100 environmental, social, governance and financial criteria, with the top scoring companies considered for possible investment.

The strategy invests in the top 50 companies that:

• Meet the strict ESG and financial criteria • Contribute to maintaining industry diversification similar to

the Index.

ESG 50 (USA) vs. S&P500 Index (* Backtested data)

Top Rated Portfolio Companies (by Sector based on ESG Scores)

Cons. Cyclical: Starbucks Corp Materials: Praxair Inc.

Cons. Staples: Whole Foods Market Industrials: 3M Company (US)

Energy: Hess Corporation Technology: International Bus. Mach.

Finance: State Street Corp Telecoms: Verizon Comm.

Health Care: Baxter International Utilities: Consolidated Edison

Holdings are subject to change and do not constitute a recommendation or solicitation to

buy or sell a particular security. Do not assume an investment in any of the securities was or

will be profitable.

Materials 4%

Consumer Cyclical

12%

Financial Services

12%

Telecom 2%

Industrials 12%

Energy 10%

Technology 18%

Consumer Defensive

12%

Healthcare 14%

Utilities 4%

ESG 50 (USA) strategy Target Sector Weights

1275 East Rock Springs Road, Suite 200 • Atlanta, Georgia 30306 (404) 343-2026 • info@BoardwalkCM.com • www.BoardwalkCM.com

Disclosure and Assumptions:

The Boardwalk Global ESG Titans strategy results represented here are simulated with the application of a

proprietary, rules-based model. Client results may differ depending on the size of account, timing of trading and

reinvestment of dividends. There are inherent limitations of showing composite portfolio performance based on

model results. Unlike actual client-performance records (which can vary by client), model results cannot

accurately reflect the effect of material economic or market factors on the price of the securities, and therefore,

results may be over or under-stated due to the impact of these factors. Since model results do not represent

actual client-specific trading and may not accurately reflect the impact of material economic and market factors, it

is unknown what effect these factors might have had on Boardwalk’s decision making if Boardwalk were actually

reporting client portfolios.

During the period for which model results are shown, returns are partly a function of the prevailing market

environment. If the environment were to change materially, the model results portrayed here would, in all

likelihood, reflect results different from those portrayed. The ESG Titans Portfolio and Benchmark results

include reinvested dividends or interest, and results are gross of advisory fees and brokerage costs.

There is potential for loss as well as for profits. It should not be assumed that the recommendations made in

the future will be profitable or will equal the performance of the securities in the portfolio. The index shown

is a general market indicator and not available for direct investment. Tax consequences have not been

considered. Investments managed by Boardwalk Capital Management as investment adviser are available via

separately managed accounts.

This is not an offer of securities. Past performance is not indicative of future results.