HANCOCK HORIZON FUNDS

Presented by:

David Lundgren, Jr., CFA

Senior Vice President

Managing Director

Hancock Holding Company OverviewCommitment to Service Hancock Horizon Advisers is a division of Whitney Bank, an institution founded more than a century ago on

ideals of Honor & Integrity, Strength & Stability, Commitment to Service, Teamwork and Personal Responsibility

Strength & Stability Whitney Bank earned five-star excellent recommended designations from BauerFinancial, Inc. based on

September 30, 2014 results Earned top customer service marks with Greenwich Excellence Awards in 2014 Bauer Rating: For the 101st consecutive quarter confirmed as one of the strongest, safest banks in the United

States Veribanc: Blue Ribbon In 2012, was listed in top-20 of Forbes America’s Best Banks for the second year in a row

One Strong Future Approximately $21 billion in total assets Approximately 3,800 employees across bank footprint Over 200 banking and financial services offices in Louisiana, Mississippi, Alabama, Florida and Texas Headquarters located in New Orleans, LA

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Trust & Asset Management Depth of Services and ResourcesAsset Management Manages assets for high net worth and institutional clients including pension plans, endowments,

foundations, government entities, corporations, trusts and estates. Investment styles are also offered as mutual funds through the Hancock Horizon Family of Funds Information about our firm is submitted to the following databases: eVestment Alliance, PSN Informa,

Zephyr, Equest, Morningstar, Callan, and Wilshire Odyssey

Investment Styles: Equity: Large Cap Core, Value, Growth, Small Cap Regional, Small Cap National, International and Dividend

Income Fixed Income: Intermediate Duration, Short Duration, High Yield, Government and Tax-free Income Alternative: Long/Short, Diversified Income, Preferred Stock, Dynamic Global , Master Limited Partnerships

(MLPs) and Real Estate Investment Trust (REITs)

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Footprint Across the Gulf Coast

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John Portwood, CFAChief Investment

Strategist

Luther McDougal, CFATrading & Performance

Bryan McCaulley, CFAPerformance Analyst

Shaw BrelandEquity Trader

Sean PetriFixed Income Trader

Gayle JuneauInvestments

Administrator

Jeffery TanguisDirector of Fixed Income

Nathan Grant, CFACredit Analyst

David Lundgren, CFAManaging Director

Sarah CarterPortfolio Manager

Kristy OehmsQuantitative Analyst

Paula ChastainPortfolio Manager

Jacob Hartl, CFAPortfolio Manager

Greg Hodlewsky, CFAEquity & Portfolio

Management

Steve Solomon, CFAPortfolio Manager

Anthony Slovick, CFAPortfolio Manager

Austin Zaunbrecher, CFA

Portfolio Manager

Investment Management Team

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OVERVIEW OF MUTUAL FUNDS

Meet the Family The Hancock Horizon Funds were launched on May 31, 2000, with three funds and assets of $240 million. As of 12/31/2014, Hancock Horizon Funds offers eleven funds and has assets of approximately $2.4 billion:

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- Government Money Market Fund; May 31, 2000*

- Core Bond Fund; May 31, 2000

- Louisiana Tax-Free Income Fund; February 2011

- Mississippi Tax-Free Income Fund; February 2011

- Diversified Income Fund; September 2012

- Value Fund; May 31, 2000

- Growth Fund; January 2001

- Quantitative Long/Short Fund; September 2008

- U.S. Small Cap Fund; December 2013

- Burkenroad Small Cap Fund; December 2001

- Diversified International Fund; September 2008

Investment Management Infrastructure

- Already in place

Distribution of Investment Management Services

- To clients with smaller assets

- To non-bank clients

Maximize Shareholder Value

Why Proprietary Funds

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Turnkey, bundled solution that investment managers can leverage to launch and grow mutual funds while focusing on:

- Investment performance, and - Investor relations

Provides complete infrastructure for offering mutual funds- Governance Infrastructure

• Board of Trustees• Fund Counsel/Independent Trustee Counsel

- Compliance Infrastructure• CCO• Compliance Program

- Operational Infrastructure• Administrator and Fund Accountant• Distributor• Transfer Agent• Custodian• Independent Public Accountant

Market leader and pioneer

What is SEI’s Advisors’ Inner Circle Trust (“AIC”)?

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Fund Shareholders

Fund Board of Directors(Majority of board must be independent directors)

Oversee the fund’s activities, including approval of the contracts with the management company and certain other service providers

Mutual Fund

Investment Adviser

Manages the fund’s portfolio according to the objectives and

policies described in the fund’s prospectus

Principal Underwriter

Sells fund shares, either directly to

the public or through other

firms(e.g. broker dealers

AdministratorOversees the

performance of other companies

that provide services to the

fund and ensures that the fund’s

operations comply with requirements

Transfer AgentExecutes

shareholder transactions,

maintains records of transactions and other shareholder account activity,

and send account statements and

other documents to shareholders

CustodianHolds the fund’s

assets, maintaining them separately to

protect shareholder

interests

Independent Public

AccountantCertifies the fund’s

financial statements.

Business Structure Hancock Horizon Funds

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Advisors’ Inner Circle Umbrella Trust

SEI Board of Trustees

Fund CCO & AML Compliance Officer

Fund Compliance Program

Sarbanes Oxley President & CFO

Joint Insurance Policies

Accounting Services

Administrative Services

Compliance

• Experienced• Independent• Fund Governance and oversight• 15c Review

• Annual Review• Compliance oversight• Compliance Consults• 15c Review• Fund Level SEC exam

• Independent 38a-1 testing• Board Reporting

• Regular Review of Internal Controls• Prepare Financial Stmts.• Certify Financial Stmts.

• Reduced Premiums• Improved Coverage

• Fund Counsel• Board Meeting Minutes• SEC Exam Ownership• Review Regulatory Documents

• Official Books & Records• Daily NAV Calculation• SSAE 16

• Financial Statements• Tax Return Prep• Tax Return Filing

• Post Trade-Advisor Alert• Quarterly Checklists• SEC Exam Assistance

DistributionServices

• Dealer Agreement Coordination• Call Center• FINRA Review / Filing• Regulatory Report Printing, Mailing & Fulfillment

LegalServices

Standard Services Provided by SEI

Additional Services Under AIC Trust

KeyOversight of all service providers – Transfer Agent, Custodian, Independent Public Accountant 11

Comprehensive Services under AIC

Intermediary Agreement Support

Contact Center

Marketing Review & Compliance

Platform Strategy Development

Distribution and sales planning

Market and competitive intelligence

FINRA Series 24 Licensed Personnel

Workflow & Recordkeeping Technology

Marketing Compliance Training

Marketing Partners

Dealer Agreement Management Process

Master Agreement Strategy

Workflow Technology

Inbound Intermediary & Shareholder Call / E-Mail Support

Outbound Call Support Capabilities

FINRA Series 7 Licensed Personnel

Solution Management - Client SupportEnsure service and response level

Activity & status reporting

Core Execution & Implementation

Platform Sales Solution

Distribution Insights

SEI Knowledge Partnership

Conferences & Web Seminars

Strategy Briefs Share class

development

Knowledge

• Speed to market• Scale• Sales planning

• Fact sheets• Prospectus• Website

• Messaging• Skilled team• Lead generation

• Strategic planning • Thought leadership• Business plan execution

Solution Benefits

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Comprehensive Distribution Services

Ability to review and understand information about the Funds provided to them by management

Identify and request other information they may deem relevant to the performance of their duties

Question management and other service providers regarding material factors bearing on the management and administration of the Funds

Exercise their business judgment in a manner that serves the best interests of the Funds’ shareholders.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the funds

Board Membership Criteria

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Average Net Assets by Type

Jun-0

0

Jun-0

1

Jun-0

2

Jun-0

3

Jun-0

4

Jun-0

5

Jun-0

6

Jun-0

7

Jun-0

8

Jun-0

9

Jun-1

0

Jun-1

1

Jun-1

2

Jun-1

3

Jun-1

4

Jun-1

5$0

$500,000,000

$1,000,000,000

$1,500,000,000

$2,000,000,000

$2,500,000,000

$3,000,000,000

Total NAV Funds Money Market14

Rolling 12 Months Advisory Revenue

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

Net Monthly Advisory Fee - NAV Funds Only

$0

$2,000,000

$4,000,000

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

Net Advisory Fee - Rolling 12 Months

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