The Tilted Funds The Tilted Funds GroupGroup

Company PresentationCompany Presentation

The Tilted Funds GroupThe Tilted Funds Group

PhilosophyPhilosophy Buy Low, Sell HighBuy Low, Sell High ProcessProcess Timely Timely ObjectiveObjective Flexible Flexible PerformancePerformance Risk ManagementRisk Management PeoplePeople

PhilosophyPhilosophy

Based on the fundamental law of Based on the fundamental law of supply and demandsupply and demand, demand must be , demand must be greater than supply for price greater than supply for price appreciation to occur. appreciation to occur. TATA’s buy/sell ’s buy/sell method method complements each index complements each index providers fundamental stock providers fundamental stock selection processselection process by identifying those by identifying those stocks with increasing demand. stocks with increasing demand. Fundamentally sound stocks, which are Fundamentally sound stocks, which are in demand produce price appreciation.in demand produce price appreciation.

PhilosophyPhilosophy TATA buys lowbuys low

(relatively) when a (relatively) when a stock’s price is stock’s price is rising on strong rising on strong demand and demand and sells sells highhigh (relatively) (relatively) when the price is when the price is falling on weak falling on weak demand. demand. TATA holds holds winnerswinners and and sells sells loserslosers. .

Buy Low, Buy Low, Sell HighSell High

ProcessProcess

TA’sTA’s processprocess is equal dollar weighting, is equal dollar weighting, rebalanced annually. Investment rebalanced annually. Investment dollars of sold index component stocks dollars of sold index component stocks remain allocated to that ticker and are remain allocated to that ticker and are placed in money market accounts until placed in money market accounts until demand dictates that the stock be demand dictates that the stock be bought.bought.

ProcessProcess

TimelyTimely TA’sTA’s fundamental fundamental demand analysis demand analysis is is monitored monitored andand updated updated dailydaily for for portfolio portfolio adjustmentsadjustments..

ProcessProcess

ObjectiveObjective TATA’s buy/sell process ’s buy/sell process is completely is completely objective.objective. The The methodology closely methodology closely tracks and follows the tracks and follows the individual component individual component stocks of each index. stocks of each index. The sum total of The sum total of shareholder shareholder knowledge, reflected knowledge, reflected by demand, long by demand, long term, has proven to term, has proven to be more correct than be more correct than than any one single than any one single individual opinionindividual opinion..

ProcessProcess

FlexibleFlexible TATA’s investment ’s investment management management philosophy and philosophy and process is process is flexibleflexible and and can can be applied to be applied to all major all major indices or any indices or any subset.subset.

PerformancePerformance

TATA’s ’s returns have exceeded the returns have exceeded the S&P500S&P500 over the past 5 years by an over the past 5 years by an average 6.5% per year average 6.5% per year (1)(1). Holding . Holding only those index component stocks only those index component stocks whose price is rising, and cash for all whose price is rising, and cash for all others, works!others, works!

1.See “Disclosures & Disclaimers” page 151.See “Disclosures & Disclaimers” page 15

PerformancePerformanceRisk ManagementRisk Management TATA returns are even returns are even

greater on agreater on a risk risk adjusted basisadjusted basis, , because we only because we only invest in those invest in those component stocks component stocks whose price is rising whose price is rising on strong demand.on strong demand.

Tactical Analytics Performance vs S&P5005 Y E A R A N N U A L R E T U R N S

T A S & P

A verage 4 .75% -2 .37%

C om pound ed 4 .05% -3 .91%

L A R G E S T D R A W D O W N S ’00 -’04

T A S & P

M on th ly -2 .72% -11 .00 %

Q uarter ly -5 .07% -17 .58 %

A nnua l -9 .41% -23 .49 %

A vg T im e in C ash 50 .18% 0.00%

G R E A T E R R E T U R N … ..

… ..W IT H L E S S R IS K !A N N U A L IN V E S T ME N T R E T U R N 2000-2004

4 .4 1 %

8 .9 2 %

2 6 .1 5 %

-2 3 .4 9 %

-1 3 .0 4 %-1 0 .4 1 %

-8 .6 8 %-6 .3 8 %

8 .8 2 %

2 5 .5 7 %

-3 0 .0 0 %

-2 0 .0 0 %

-1 0 .0 0 %

0 .0 0 %

1 0 .0 0 %

2 0 .0 0 %

3 0 .0 0 %

2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4

S&P 50 0 T ac tic a l Ana lytic s

T O T AL IN V E S T M E N T R E T U R N 2000-2004

$409 ,507 ,784

$609 ,875 ,596

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

1999 2000 2001 2002 2003 2004

S & P 500 T actica l A nalytics

See “Disclosures & Disclaimers” page 15See “Disclosures & Disclaimers” page 15

Tactical Analytics Performance vs QQQQ5 Y E A R A N N U A L R E T U R N S

T A Q Q Q Q

A verage 1 .38% -11 .00 %

C om pound ed 0 .09% -16 .80 %

L A R G E S T D R A W D O W N S ’00 -’04

T A Q Q Q Q

M on th ly -6 .42 -26 .48

Q uarter ly -11 .96 -36 .51

A nnua l -13 .83 % -39 .29 %

A vg T im e in C ash 54 .48% 0.0%

G R E A T E R R E T U R N … ..

… ..W IT H L E S S R IS K !

A N N U A L IN V E S T ME N T R E T U R N 2000 -2004

8 .8 9 %

4 7 .4 1 %

-3 8 .4 7 %-3 3 .5 2 %

-3 9 .2 9 %

-4 .4 3 %-1 3 .9 3 %-1 2 .4 6 %

5 .4 5 %

3 2 .2 8 %

-5 0 .0 0 %

-4 0 .0 0 %

-3 0 .0 0 %

-2 0 .0 0 %

-1 0 .0 0 %

0 .0 0 %

1 0 .0 0 %

2 0 .0 0 %

3 0 .0 0 %

4 0 .0 0 %

5 0 .0 0 %

6 0 .0 0 %

2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4

Q Q Q Q T a c tic a l A na lytic s

T O T AL IN V E S T M E N T R E T U R N 2000-2004

$39 ,861 ,451

$100 ,443 ,237

$0

$20,000 ,000

$40,000 ,000

$60,000 ,000

$80,000 ,000

$100,000,000

$120,000,000

1999 2000 2001 2002 2003 2004

Q Q Q Q T actica l A nalytics

See “Disclosures & Disclaimers” page 15See “Disclosures & Disclaimers” page 15

PeoplePeople Philip E. Yockey, Chief Investment Officer, has studied the

securities industry, research analysis and investment psychology for over 21 years. Mr. Yockey’s financial expertise is a culmination of corporate training, career advancement and business acumen. He has served as Financial Consultant, Portfolio Manager, Vice President of Managed Products and Director of Research for firms including Shearson American Express, Lehman Brothers, William Blair & Company, Oppenheimer, and Stifel Nicolaus. Mr. Yockey earned a BA in Psychology from the University of Michigan, Ann Arbor.

Hal Lueking, Managing Director, has 20 years sales, marketing and management experience in various fields and holds a BS in Business Administration, Management and Marketing from the University of Missouri at St. Louis.

PeoplePeople Jack Fischer, , Chief Information Officer,Chief Information Officer, has been involved has been involved

with the financial services industry over 30 years. He has with the financial services industry over 30 years. He has served as Broker, Consultant, Vice President Finance, Risk served as Broker, Consultant, Vice President Finance, Risk Manager and Relationship Manager for firms including Manager and Relationship Manager for firms including Citicorp, H. B. E. Financial Facilities, Burns Pauli Mahoney, Citicorp, H. B. E. Financial Facilities, Burns Pauli Mahoney, and Brooks Fiber Properties. Mr. Fischer holds a BA in and Brooks Fiber Properties. Mr. Fischer holds a BA in Mathematics and an MBA in Finance from St. Louis Mathematics and an MBA in Finance from St. Louis University. University.

Disclosures & DisclaimersDisclosures & Disclaimers

Tactical Analytics, Inc is registered with Saxony Capital Management, LLC, as an Investment Tactical Analytics, Inc is registered with Saxony Capital Management, LLC, as an Investment Advisor. Saxony Capital Management, LLC Advisor. Saxony Capital Management, LLC

86 Kenrick Plaza, 86 Kenrick Plaza,

St. Louis, MO 63119 St. Louis, MO 63119

(314)963-9336. (314)963-9336.

A State Registered Investment Advisor. Securities offered through Saxony Securities, Inc. A State Registered Investment Advisor. Securities offered through Saxony Securities, Inc. Member NASD/SIPCMember NASD/SIPC

The investment results for Tactical Analytics, Inc begin 01/01/2000. The performance is not an The investment results for Tactical Analytics, Inc begin 01/01/2000. The performance is not an actual account but a hypothetical return of $1,000,000 invested. The rate of return considers the actual account but a hypothetical return of $1,000,000 invested. The rate of return considers the following, a) All money flows into or out of the funds, b) All realized gains and losses, c) All following, a) All money flows into or out of the funds, b) All realized gains and losses, c) All unrealized gains or losses, d) All dividends and interest income. There is no statistical correlation unrealized gains or losses, d) All dividends and interest income. There is no statistical correlation between past and future performance. As such, there is no assurance that results approximating between past and future performance. As such, there is no assurance that results approximating these returns will continue in the future. The S&P 500 Index is an index of 500 stocks these returns will continue in the future. The S&P 500 Index is an index of 500 stocks selected by Standard & Poor’s. The NASDAQ 100 Index is an index of 100 stocks selected by The selected by Standard & Poor’s. The NASDAQ 100 Index is an index of 100 stocks selected by The Nasdaq Stock Market, Inc.Nasdaq Stock Market, Inc.