Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD2011 1.16% 1.87% 0.97% 2.88% 0.29% -0.51% -1.98% -3.59% -3.76% 7.81% 0.72% 1.80% 7.36%2012 2.13% 2.25% 2.09% -0.43% -4.75% 3.75% -0.03% 1.26% 1.44% -0.86% -0.26% 0.65% 7.21%2013 3.40% 0.56% 2.82% 1.41% -0.89% 0.25% 2.98% -2.28% 1.72% 2.63% 0.96% 1.49% 15.96%

Statistical Analysis (since inception) Fund S&P 500Annualized Return 10.12% 15.77%Cumulative Return 33.47% 55.04%Best Month 7.81% 10.93%Worst Month -4.75% -7.03%% of Positive Months 69% 69%Std. Deviation 10.78 16.58Sharpe 1.01 0.97Sortino 1.40 1.37Fund return data is net of fees; risk metrics are gross of fees.

Correlations to Benchmarks (since inception) S&P 500Regression alpha 0.92%Regression beta 0.62Correlation 0.96R2 0.91

Fund Portfolio Composition 12/31/13Number of Longs 65Number of covered call positions written 210 Historical Returns- Cumulative 3 Mo. 6 Mo. InceptionWgt. Avg. Market Cap (Millions) $94,325 WMVIF (net) 5.16% 7.64% 33.47%% Invested Assets Investment Grade (1) 95% S&P 500 (total return) 10.52% 16.32% 55.04%

BXM Index 7.12% 8.00% 25.24%

Inception Date 1/3/2011 AUM ($mm) $115.3 Auditor/TPAMinimum Investment $1,000,000 High Water Mark n/a Legal Stewart, Melvin & FrostManagement Fee 1.00% Lockup None Domicile GeorgiaPerformance Fee None Redemption Monthly StructureSubscription Monthly Redemption Notice Monthly Custodian Merrill LynchCurrency U.S. Dollar Redemption Fee None Prime Broker Services

Year Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD2010 0.26% 5.90% 2.37% -1.06% 3.83% 11.66%2011 0.01% 1.94% 1.04% 3.09% 0.37% -0.77% -1.92% -1.71% -3.27% 8.20% 0.44% 2.08% 9.41%2012 1.90% 2.48% 1.83% -0.01% -4.14% 3.76% 0.51% 1.10% 1.30% -0.84% -0.41% 0.71% 8.27%2013 3.24% 0.57% 2.90% 1.39% -0.59% 0.30% 2.87% -2.22% 1.69% 2.76% 0.93% 1.52% 16.32%

Address 710 Green Street, Gainesville, Georgia 30501 Contact George KushnerPhone 770.718.0706 Email gkushner@wicinvest.comWebsite www.wicinvest.com Phone 770.718.0706

* The "Fund" that applies this strategy began 1/3/11; the "Composite" that applies this strategy on a separately managed basis began 7/31/10 and is GIPS-verified.

The Fund returned 15.96% (net) in 2013, capturing 49% of the total return of the S&P 500 index (+32.41% YTD). Since inception, the Fund has returned 10.12% annualized (net). Calendar 2013 witnessed another year of particularly low stock market volatility, with no peak to trough declines greater than 7%. As a result, the Fund's upside capture ratio was below our normalized expectation range. As was the case in 2012, the Fund's OTM position hovered between 1%-5% throughout the year, below the 5%-11% levels seen in 2010 and 2011. During periods of lower volatility, we generally have to write new covered call positions closer to the money in order to have sufficient downside protection. At year-end, the Fund was positioned defensively with an OTM posture of 1.51% and a delta adjusted position of 0.55.

Limited Partnership

Wells Fargo Prime Services

WIC Managed Volatility and Income Fund, L.P. (WMVIF)Fund Description

The Fund aims to compound capital by maintaining lower downside absorption (during down markets), while layering in higher than average dividend yields, covered call option premiums, and principal upside potential from long equity positions. The Fund is structured to generate attractive risk-adjusted returns across most market performance environments. Absent positions being called, equity turnover is modest; however, option turnover may be significant in volatile market environments in an effort to maintain the targeted delta-adjusted position. The Fund invests in a diversified (65+ holdings) portfolio of U.S.-traded common equities with covered call options written against 90% or more of underlying equities. Holdings are generally higher quality, attractively priced large caps, carrying lower betas and higher dividend yields than the S&P 500 average. Loss mitigation is managed primarily through the portfolio’s lower downside beta profile and a diversified options portfolio (by expiry and strike). The strategy targets an average delta-adjusted position of 0.55 - 0.65 with a beta-adjusted exposure of 0.50. The Fund maintains sector weights roughly equivalent to the S&P 500 to the extent that dividend thresholds are maintained and option alternatives permit. The Fund does not employ leverage or short equities.

Commentary

Fund Contact Information

FUND Monthly Net Returns (Inception Date January 2011)

Performance During Down Markets

Fund Profile *Bates, Carter & Co.

COMPOSITE Monthly Net Return (Inception Date July 2010) *

-20.0%

-10.0%

0.0%

2/18/11 -3/16/11

4/29/11 -10/3/11

10/27/11 -11/25/11

4/2/12 -5/18/12

9/14/12 -11/15/12

-3.36%

-10.61%

-5.15%

-6.41%

-4.01%

-6.27%

-18.64%

-9.60% -8.45%

-7.31%

WMVIF (gross) S&P 500

www.wicinvest.comDecember 31, 2013

Risk Metrics December 2013 2013 YTD Inception Date (January 2011)Down days capture ratio 0.61 0.54 0.59Up days capture ratio 0.59 0.54 0.60Total capture ratio 0.97 1.00 1.02

Regression Alpha (2) -1.13 0.39 0.92Weighted average beta (3) 0.83 0.85 0.85Delta-adjusted exposure (4) 0.59 0.57 0.60Beta-adjusted exposure (5) 0.49 0.48 0.51

Return MetricsWMVIF, net (6) 1.49% 15.96% 10.12%BXM Index (7) 2.05.% 13.25% 7.81%S&P 500, gross 2.53% 32.41% 15.77%Barclays Lehman Aggregate Bond index, gross -0.57% -2.02% 3.31%HFRX Equity Hedge Index 1.01% 10.87% -2.12%

Dividend yield (8) 3.39%Dividend growth (9) 7.22%

Option Contract Positioning (10)

Out-of-the-money percentage (%) 1.51%Weighted average expiry (expressed in months) 3.05

Sharpe Ratio Sector Weights WMVIF S&P 500Consumer Discretionary 12% 13%Consumer Staples 12% 10%Financial Services 10% 16%Health Care 12% 13%Materials 4% 3%Industrials 10% 11%Technology 13% 19%Utilities 6% 3%Energy 14% 10%Telecom 5% 2%Cash 1% 0%Total 100% 100%

Top Ten Holdings: Net Exposure % AUM Div. YieldMcDonalds 1.7% 3.3%Eli Lilly 1.7% 3.8%MAXIM 1.6% 3.7%Johnson & Johnson 1.5% 2.9%Cisco 1.5% 3.0%Baxter 1.4% 2.8%Kellogg 1.3% 3.0%Target 1.3% 2.7%Chevron 1.3% 3.2%Phillip Morris 1.2% 4.3%

Investment Team

WMVIF return data is derived from WIC's Advent software and is preliminary data pending auditor verification. Other data provided by Wells Fargo Prime Services. See attached information for GIPS compliance, regulatory disclosures and for further information and disclosures visit our website at www.wicinvest.com.

(1) Remaining balance is due to cash and 3 non-rated (NR) companies.(2)Regression alpha is an annualized number equal to the portfolio return less (S&P 500 return * regression beta). All risk metrics on this page are gross of fees. (3) Weighted average beta measures tendency of the portfolio return to rise if the market rises.(4) Delta-adjusted exposure measures the extent to which the portfolio as a whole should participate in stock market movements.(5) Beta-adjusted exposure measures total sensitivity of the portfolio to the market.(6) The WMVIF returns are total returns, net of our fees and transactions costs. Historical returns are not predictive of future returns. Since inception is annualized from 1/3/11.(7) BXM Index is the CBOE S&P 500 BuyWrite Index. (8) (9) Weighted average dividend yield is as of period end. Dividend growth rate is the trailing five-year compounded annual growth rate as of period end. (10) We write covered calls on 90+% of the stocks in the portfolio and do not use index options.

Robert T. Willis, Jr., CFA, Chief Investment Officer, oversees the portfolio construction of the Fund and also participates in stock selection and fundamental analysis. Prior to founding WIC in 1979, Mr. Willis was a tax accountant in the Atlanta office of Arthur Andersen & Co. Mr. Willis is a CFA® charter holder, and holds a bachelor of business administration degree, with high distinction, from Emory University's Goizueta Business School. Mr. Willis is a former trustee and investment committee member of the State of Georgia Employee Pension Fund.

Brett M. Slattery, CFA, Portfolio Manager, is responsible for fundamental analysis and stock selection for the Fund. Mr. Slattery was a senior portfolio manager at Harris SBSB (a unit of BMO Financial Group) for three years, and an analyst at Abingdon Capital Management for seven years. Mr. Slattery is a CFA® charter holder, holds an MBA from the McDonough School of Business at Georgetown University, and a bachelor of business administration degree from the University of Wisconsin at Whitewater.

Peter D. Miller, Portfolio Manager, is largely responsible for portfolio construction, option strategy and trading execution of the Fund. Mr. Miller was Regional CEO of Regions Financial (NYSE: RF) and President of First National Bancorp Georgia (acquired by Regions in 1996). Mr. Miller served in a variety of positions at Regions and First National Bancorp, including security analyst, portfolio manager, and trust department head. Mr. Miller currently chairs the Brenau University Board of Trustees and chairs the investment committee for the Georgia State University Foundation. Mr. Miller holds a business degree in finance from Georgia State University.

James J. Kilroy, Portfolio Manager, is responsible for fundamental analysis and stock selection for the Fund. Mr. Kilroy was an analyst with Abingdon Capital Management, a long/short hedge fund, for seven years. Mr. Kilroy's tenure at Abingdon Capital Management was preceded by two years as an equity research analyst at Bear, Stearns & Co. covering the multi-industrials sector. Mr. Kilroy holds a bachelor of science degree in Business Administration from the Kenan-Flagler School of Business at the University of North Carolina at Chapel Hill, and an MBA from the Kellogg School of Management at Northwestern University.

WIC Managed Volatility and Income Fund, L.P. (WMVIF)

As of 12/31/2013

-3.00

0.00

3.00

6.00

Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 SinceInception

(1)

2.04

1.36

-1.41

2.64

4.50

-0.49

1.75

-0.18

4.26

0.59

1.77

3.18

1.01

1.52

0.09

-1.60

1.80

5.08

-0.60

2.19

-0.06

4.16

0.87

2.27

3.86

0.97

WMVIF (gross) S&P 500

*Annualized Standard Deviation of daily return data is since inception.

Annualized Standard Deviation*WMVIFS&P 500

10.7816.58

7.82%

8/31/2012

Regulatory Disclosures Willis Investment Counsel (WIC) is an independent investment management firm founded in 1979 and registered with the U.S. Securities and Exchange Commission. WIC employs a multi-cap core equity methodology with a value orientation, an investment grade fixed income methodology, and a blend of the two for balanced portfolios. The securities and data described and discussed in the foregoing materials are for informational purposes only and do not constitute recommendations to purchase or sell specific securities. Prior performance data and information are not predictive of future returns or results. See www.wicinvest.com for more disclosures. Except as otherwise noted (i.e., net), the WIC Managed Volatility and Income Composite yield and return data include all transaction costs but exclude management fees. The yields and returns presented stipulated are total return data, including reinvested income, and some years will incur losses. The WIC Managed Volatility and Income strategy involves judgment in selecting securities, is applied differently in varying economic and market conditions, and cannot be mechanically applied.

WIC Managed Volatility and Income Strategy Composite (not WMVIF)

*Data presented in the table is updated annually. Returns presented in the presentation are preliminary pending performance examination by Ashland Partners & Company, LLP. **Internal Dispersion calculation is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. The 3 year ex-post standard deviation is not applicable due to an insufficient number of data points (less than 36 months). Willis Investment Counsel (WIC) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. WIC has been independently verified for the periods of 12/31/1996 through 09/30/2013 by Ashland Partners & Company, LLP. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The WIC Managed Volatility and Income Strategy composite has been examined for the periods of August 1, 2010 through September 30, 2013. The verification and performance examination reports are available upon request. The WIC Managed Volatility and Income Strategy Composite includes all fully-discretionary equity clients that invest in our managed volatility and income strategy, that are valued over $10,000,000, and that are fully invested in accordance with the strategy. This strategy focuses on high quality, dividend yielding stocks and utilizes covered call option writing. The composite seeks to generate compelling annualized returns with a stable cash flow component and relatively low portfolio downside volatility. Cash flow yield is achieved by investing in stocks of high quality companies with an above-average dividend yield and a high probability of future dividend growth. Yield is enhanced, and portfolio volatility is reduced, by selling “out of the money” covered call options against portfolio holdings. This composite also includes the WIC Managed Volatility and Income Fund, LP. This composite was created on July 31, 2010. A complete list of WIC composite descriptions is available upon request. Valuations are in U.S. dollars, and return calculations are generated by Advent/Axys software (TWR). The comparative benchmarks for this composite are the S&P 500 and the Barclays Aggregate Bond Index.

S&P 500Barclays Aggregate

(gross/net) (gross/net)

7/31/10-12/31/10* 930,573 116,010 7 11.76 11.67 15.20/14.20 0.08/-0.42

2011 1,007,356 422,073 2 9.78 9.42 2.11/1.11 7.84/7.34

2012 1,148,138 571,868 3 8.67 8.27 16.00/15.00 4.22/3.72

Composite Gross

Returns

Composite Net Returns

Internal Dispersion*

*Year Total AUM

Composite Assets

Number of Accounts

All returns are total returns. All gross returns exclude management fees. Composite Returns Gross include cash and are net of custodian and transaction costs. S&P 500 and Barclay’s Aggregate Returns Gross exclude all costs and do not include cash. Composite Net Returns are net of all costs, including custodian fees, transaction cost and the actual management fee applied quarterly. For comparison consistency, S&P 500 and Barclay’s Aggregate Returns Net are also net of a 1.00% and 0.50% cost estimate, respectively. WIC’s management fee schedule for stand-alone portfolios in this composite is as follows: 1.43% on the first $750,000, 1.1% on the next $250,000, .65% on the next million and .5% on that portion over $2 million. WIC’s management fee schedule for the partner accounts in the WIC Managed Volatility and Income Fund, LP is as follows: 1.0% on the first $2,000,000, 0.80% on the next $1,000,000 and 0.65 on that portion over $3,000,000. Returns are account size-weighted. For the last three years, WIC’s fees in all client accounts averaged less than 1.00%. Internal Dispersion is calculated using the asset-weighted standard deviation of all portfolios that were included in the composite for each entire year. Composite Asset Size, shown in thousands, is the market value of the client portfolios comprising this composite. Total WIC Client Assets, shown in thousands, are total client assets managed and advised by WIC (discretionary and non-discretionary). For years prior to 2006, non-discretionary assets were immaterial. For 2006, 2007, 2008, 2009, 2010, 2011 and 2012 client assets that were part management and part advisory approximated 66%, 23%, 40%, 11%, 11%, 11% and 10% respectively, of total client assets. For years 1982-1996, WIC returns were not presented in conformity with current GIPS standards due to the impracticality of calculating internal dispersion, composite asset size, and total client assets for those years. Past performance is not predictive of future results. Additional information regarding the firm’s policies for valuing portfolios, calculating performance, preparing compliant presentations, fees, and our regulatory disclosures are available upon request and at www.wicinvest.com.