Past performance is no guarantee of future results. Performance shown is for the stated time period only. Due to market volatility, each account's performance may be different. Returns are calculated using a time-weighted market value. "Pure" gross returns, presented above as supplemental information, do not reflect the deduction of any trading costs, fees, or expenses and are presented for comparison purposes only. Gross returns for non-wrap accounts are net of commissions, custodial fees and other direct expenses, and net of foreign withholding taxes on dividends, interest income and capital gains. Net performance for non-wrap accounts is reported net of management fees, commissions, and other direct expenses, but before custody charges, withholding taxes, and other indirect expenses. Net of fee performance for wrap fee accounts was calculated using actual wrap fees All returns shown assume the reinvestment of dividends. Differences in account size, timing of transactions and market conditions prevailing at the time of investment may lead to different results.

The performance shown may be compared to one of the broad-based securities market indices described below. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with investment funds. Investments cannot be made directly in a broad-based securities index. Performance of the Newgate Portfolios is compared to the following indices as appropriate:

Dow Jones-UBS Commodity Index: Designed to be a highly liquid and diversified benchmark for the commodity futures market.

Lipper General Municipal Debt Index: Tracks funds that invest at least 65% of assets in municipal debt issues in the top four credit ratings.

Lipper Global Income Index: Invests primarily in US dollar and non-U.S. dollar debt securities of issuers located in at least three countries, one of which may be the United States.

MSCI Emerging Markets Index: A free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The index consists of 25 emerging market country indices.

The specific securities identified are not representative of all of the securities purchased, sold or recommended for advisory clients. It should not be assumed that an investment in the securities identified was or will be profitable. Actual holdings will vary for each client and there is no guarantee that a particular client's account will hold any or all of the securities listed.

This material should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment products or to adopt any investment strategy. Any companies, securities, sectors and/or markets listed herein are included solely for illustrative purposes regarding economic trends and conditions or investment processes and may or may not be held by accounts managed by Newgate Capital Management LLC. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that any investments in companies, securities, sectors and/or markets identified or described were or will be profitable. No representation is made about the accuracy or timeliness of any market commentary and other viewpoints shown. Certain information herein has been obtained from third party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed and should not be relied upon.

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. All investment views and market opinions/analyses expressed constitute judgments as of the date of this presentation and are subject to change at any time without notice. Investing entails risks, including possible risk of principal. Past performance is no guarantee of future results.

International investing entails special risk considerations, including currency fluctuations, lower liquidity, economic and political risk, and differences in accounting methods; these risks are generally heightened for emerging-market investments.