GIS Strategic 10 Dividend Select UMA Global Investment Solutions - Strategic Portfolios

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1 Global Invsmn Soluions - Sragic Porfolios 2000 Wschsr Av. Purchas, Nw York Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Valu $4.7 billion^ $86.8 million^ Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff: 2004 No Applicabl Morgan Sanly Smih Barny, LLC. 3 PODUCT OVEVIEW Th GIS Sragic 10 Dividnd Sragy sks long rm capial apprciaion by invsing in n "blu chip" companis, using dividnd yild as h primary invsmn cririon. Accouns ar gnrally rsrucurd and rbalancd annually, on or around h bginning of ach calndar yar. Thr may b circumsancs whn Morgan Sanly will dvia from h disciplin and mak adjusmns o h porfolios. TAGET POTFOLIO CHAACTEISTICS Numbr of sock holdings: 9 o 11 Avrag dividnd yild: Abov h S&P 500 P/E raio: Blow h S&P 500 Cash lvl ovr mark cycl: 1 o 2% isk (sandard dviaion): Similar o/blow h S&P 500 Avrag urnovr ra: 20 o 50% Us ADs: Capializaion: Mga and Larg companis POTFOLIO STATISTICS / /14 GIS Indx*** GIS Numbr of sock holdings Wd avg dividnd yild 3.5% 3.6% Wd avg P/E raio ¹ 15.50x Wd avg porfolio ba Mga capializaion + 0.0% 0.0% 0.0% Larg capializaion + 0.0% 0.0% 0.0% Mdium capializaion + 0.0% 0.0% 0.0% Small capializaion + 0.0% 0.0% 0.0% Micro capializaion + 0.0% 0.0% 0.0% MANAGE'S INVESTMENT STATEGY Top-down / porfolio srucurs basd on conomic rnds Boom-up / porfolio srucur basd on individual scuriis POTFOLIO'S EQUITY SECTO WEIGHTINGS / /14 Scor GIS Indx*** GIS Enrgy Indusrials Consumr Discrionary Consumr Sapls Halh Car Informaion Tchnology Tlcomm Srvics Cash/Cash Equivalns POTFOLIO'S TOP FIVE EQUITY HOLDINGS Exxon Mobil Corporaion Pfizr Inc. Procr & Gambl Company Coca-Cola Company Gnral Elcric Company % POCESS BASED ON 0 Ass allocaion - cash vs. sock 0 Indusry or scor wighing 100 Sock Slcion % ^As of 12/31/2014. Informaion as of 06/30/2015 is no y availabl. ^^As of 03/31/2014. Informaion as of 06/30/2015 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : DJ Indusrial Avg rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 8

2 MANAGE'S INVESTMENT POCESS Sysmaic invsmn approach, using a quaniaiv rank of h univrs basd on dividnd yild Gnrally compris h porfolio of h 10 highs yilding socks of h univrs balancd annually basd on h quaniaiv scrn ISK CONSIDEATIONS Equiy scuriis prics may flucua in rspons o spcific siuaions for ach company, indusry, mark condiions and gnral conomic nvironmn. Companis paying dividnds can rduc or cu payous a any im. Sragis ha invs a larg prcnag of asss in only on indusry scor (or in only a fw scors) ar mor vulnrabl o pric flucuaion han porfolios ha divrsify among a broad rang of scors. Invsing in scuriis nails risks, including: Whn invsing in valu scuriis, h mark may no ncssarily hav h sam valu assssmn as h managr, and, hrfor, h prformanc of h scuriis may dclin. Valu invsing involvs h risk ha h mark may no rcogniz ha scuriis ar undrvalud and hy may no apprcia as anicipad. Growh invsing dos no guaran a profi or limina risk. Th socks of hs companis can hav rlaivly high valuaions. Bcaus of hs high valuaions, an invsmn in a growh sock can b mor risky han an invsmn in a company wih mor mods growh xpcaions. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or succssfully mploy corrciv sragis which would rsul in sock prics ha do no ris as iniially xpcd. GIS Sragic 10 Dividnd POTFOLIO'S ALLOCATION HISTOY (%) + 06/15 03/15 12/14 09/14 U.S. Socks Cash/Cash Equivalns ^As of 12/31/2014. Informaion as of 06/30/2015 is no y availabl. ^^As of 03/31/2014. Informaion as of 06/30/2015 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : DJ Indusrial Avg rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 8

3 ISK/ETUN ANALYSIS - 5 YEAS ENDING 06/30/15 a o f u r n s Sandard Dviaion (%) STD O GIS (Gross) GIS (N) DJ Indusrial Avg Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 06/30/15 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 06/30/ Annual Sd. Dv. GIS (Gross) GIS (N) DJ Indusrial Avg ISK VOLATALITY (%) a o f u r n s POTFOLIO'S QUATELY ETUNS (%) Quarr1 Quarr2 Quarr3 Quarr4 Gross N Gross N Gross N Gross N lad POTFOLIO'S ISK STATISTICS - PEIODS ENDING 06/30/15 ¹ ² 3 Yar 5 Yar Sandard Dviaion 11.65% 12.84% Sandard Dviaion of Primary 8.34% 11.73% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha -4.24% 3.53% Ba Downsid isk 4.10% 3.33% -Squard Tracking Error 5.41% 6.35% Informaion aio *07/01/10-12/31/10 **01/01/15-06/30/15 Numbr Of Up Qrs. GIS (Gross) GIS (N) DJ Indusrial Avg Down Qrs POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² GIS vs. DJ Indusrial Avg Saisics ar calculad using gross of f prformanc only. 1. Saisics ar calculad using gross of f prformanc only. 2. DJ Indusrial Avg was usd as h primary bnchmark and h 90-Day T-Bills Indx as h risk-fr bnchmark. S imporan nos and disclosurs pags for a discussion of h sourcs of h prformanc daa usd o calcula h prformanc rsuls and rlad analyss shown abov. rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 8

4 COMPOSITE DISCLOSUES Pas prformanc is no guaran of fuur rsuls. Acual individual accoun rsuls may diffr from h prformanc shown in his profil. Thr is no guaran ha his invsmn sragy will work undr all mark condiions. Do no us his profil as h sol basis for your invsmn dcisions. Prformanc rsuls in his profil ar calculad assuming rinvsmn of dividnds and incom. urns for mor han on yar ar annualizd and basd on quarrly daa. urns for priods of lss han a calndar yar show h oal rurn for h priod and ar no annualizd. Sourcs of Prformanc suls and Ohr Daa: Th prformanc daa and crain ohr informaion for his sragy (including h daa on pag 1 of his profil) rflc h invsmn managr s rsuls in managing Morgan Sanly program accouns, or h invsmn managr s rsuls in managing accouns and invsmn producs, in h sam or a subsanially similar invsmn disciplin. (For priods hrough Jun 2012, h Fiduciary Srvics program oprad hrough wo channls - Morgan Sanly channl and h Smih Barny channl - and any prformanc and ohr daa rlaing o Fiduciary Srvics accouns shown hr for hs priods is calculad using accouns in only on of h hs channls.) This informaion for h invsmn managr is prsnd solly o provid informaion abou accouns ha wr managd according o invsmn objcivs and sragis h sam or subsanially similar o h corrsponding invsmn disciplin in h program. Alhough h Fiduciary Srvics and programs ar boh Morgan Sanly managd accoun programs, h prformanc rsuls and ohr faurs of similar invsmn disciplins in h wo programs may diffr du o invsmn and opraional diffrncs. For xampl, h individual invsmn disciplins in h accouns may conain fwr scuriis, which would lad o a mor concnrad porfolio. Th auomaic rbalancing, wash sal loss and ax-harvsing faurs of h program, which ar no availabl in Fiduciary Srvics, also could caus diffrncs in prformanc. Accordingly, h prformanc of h accouns in h Fiduciary Srvics program is no, and may diffr significanly from, h prformanc of h accouns in h program and should no b considrd indicaiv of or a subsiu for prformanc. Similarly, prformanc rsuls of h invsmn managr s composis may diffr from hos of accouns managd in h sam or a subsanially similar invsmn disciplin. lad Prformanc: GIS Sragic 10 Dividnd Sragy This Sragy sks as is primary invsmn objciv long-rm capial apprciaion. Th porfolios ar individually managd using a disciplind approach (h "Disciplin") o idnify and mainain a slc porfolio of socks from h 30 componns of h Dow Jons Indusrial Avrag (h "Indx"). Th Disciplin uss dividnd yild as h primary cririon for porfolio slcion. Gnrally, h Disciplin invss in h n highs-yilding socks in h Indx. Individual accouns ar invsd on a daily basis (as clins slc h Sragic 10 Dividnd Sragy for hir accouns), purchasing h n highs-yilding socks in h Indx as of h im of h immdialy prvious r-balanc for h Sragy (i.., on or around h bginning of ha calndar yar). Accouns ar gnrally rsrucurd and rbalancd annually, on or around h bginning of ach calndar yar. Gnrally, h Porfolio Managr will allow a full yar o laps bfor h nx rbalancing (o allow for long rm capial gain ramn). Thr may b som circumsancs whn Morgan Sanly Smih Barny LLC ("Morgan Sanly") will dvia from h Disciplin and mak adjusmns o h porfolios. Applicabl law or rgulaion may prohibi Morgan Sanly from purchasing h sock of Morgan Sanly or affilias, or scuriis whr Morgan Sanly affilias ar prforming invsmn banking or ohr srvics, for porfolios if such scuriis wr o m h slcion criria dscribd abov. In such vn, Morgan Sanly may subsiu on or mor ohr socks (for xampl, h 11h highs-yilding sock in h Indx) for h sock(s) ha i is unabl o purchas, and/or incras h wighings of h rmaining socks ha fi h Disciplin s slcion criria. Considr Your Own Invsmn Nds This profil is no inndd o b a clin-spcific suiabiliy analysis or rcommndaion, an offr o paricipa in any invsmn, or a rcommndaion o buy, hold or sll scuriis (including scuriis of Morgan Sanly, and/or is affilias if shown in his profil). Do no us his profil as h sol basis for invsmn dcisions. Do no slc an invsmn sragy basd on prformanc alon. Considr all rlvan informaion, including your xising porfolio, invsmn objcivs, risk olranc, liquidiy nds and invsmn im horizon. Prformanc and Ohr Porfolio Informaion Gnral: Th incpion da of his Sragy in h Morgan Sanly Global Invsmn Soluions program (as availabl as an Invsmn Produc in h Morgan Sanly program) is Spmbr 25, Prformanc and Ky Saisics (including Asss and Incpion) ar for h Morgan Sanly Sragic Porfolios program, which uilizs a subsanially similar sragy and is currnly closd o nw businss. Plas s h Morgan Sanly Smih Barny LLC Sragic Porfolios Wrap F Brochur, for mor informaion. Th Morgan Sanly ADVs ar availabl from your Financial Advisor or on lin a Th invsmn rsuls dpicd hrin rprsn hisorical prformanc of h Sragic Porfolios program. As a rsul of rcn mark aciviy, currn prformanc may vary from h figurs shown. Plas conac your Financial Advisor for up o da prformanc informaion. Pas prformanc dos no guaran fuur rsuls. Thr is no guaran ha his invsmn sragy will work undr all mark condiions. Prformanc rsuls includ all cash and cash quivalns, ar annualizd for im priods grar han on yar and includ ralizd and unralizd capial gains and losss and rinvsmn of dividnds, inrs and ohr incom. Toals ar roundd o h nars dollar and, as such, may no qual h sum of h dail. rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 8

5 Prformanc rsuls dpicd as "gross-" of-fs do no rflc h dducion of any wrap f or invsmn managmn fs. Acual rurns will b rducd by wrap fs and invsmn managmn fs and any ohr xpnss. Th clin is rfrrd o h Morgan Sanly Smih Barny LLC Form ADV Par 2 or comparabl applicabl disclosur brochur, for a full disclosur of h applicabl f schdul. Your Financial Advisor will provid hos documns o you upon rqus. Indics: Th invsmn sragis dpicd ar no indx sragis, and ar no rsricd o scuriis in any paricular indx. Th bnchmark indx is h Dow Jons Indusrial Avrag. Dpnding on h composiion of your accoun and your invsmn objcivs, any indics shown in his profil may no b an appropria masur for comparison purposs and ar hrfor prsnd for illusraion only. Indics ar unmanagd. Thy do no rflc any managmn, cusody, ransacion or ohr xpnss. Such xpnss would rduc prformanc. Indx rurns gnrally assum rinvsmn of dividnds, accrud incom and capial gains. Pas prformanc of indics dos no guaran fuur rsuls. You canno invs dircly in an indx. Prformanc of indics may b mor or lss volail han any invsmn sragy. Th risk of loss in valu of a spcific invsmn sragy is no h sam as h risk of loss in a broad mark indx. Thrfor, h hisorical rurns of an indx will no b h sam as h hisorical rurns of a paricular invsmn sragy. Dow Jons Indusrial Avrag is a pric-wighd indx of h 30 "blu-chip" socks and srvs as a masur of h U.S. mark, covring such divrs indusris as financial srvics, chnology, rail, nrainmn and consumr goods. An invsmn canno b mad dircly in a mark indx. Scuriis holdings: Holdings ar subjc o chang, so any scuriis discussd in his profil may or may no b includd in your accoun if you invs in his invsmn sragy. Your accoun may also includ ohr scuriis in addiion o or insad of any scuriis discussd in his profil. Thr is no assuranc ha any scuriis discussd hrin will rmain in an accoun a h im you rciv his profil, or ha scuriis sold hav no bn rpurchasd. Th scuriis discussd do no rprsn all h scuriis ha will b purchasd, sold or rcommndd for advisory clins. Do no assum ha any holdings mniond wr, or will b, profiabl or ha h invsmn rcommndaions or dcisions mad in h fuur will b profiabl or will qual h invsmn prformanc of h scuriis discussd in his marial. Holdings and scor allocaion ar basd on h holdings in h accouns in h porfolio. Holdings and scor allocaion ar masurd as a prcnag of h oal porfolio in rms of ass valu as of h spcifid da. Acual accoun daa may diffr from ha shown in his profil: Th prformanc, holdings, scor wighings, porfolio rais and ohr daa for an acual accoun may diffr from ha in his rpor du o various facors including h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Th composi was crad by Morgan Sanly from is accoun rcords and was no audid or vrifid by an indpndn hird pary. As indicad abov, h composi is for h Morgan Sanly Sragic Porfolios program, which uilizs a subsanially similar sragy and is currnly closd o nw businss. Th composi incpion da for Sragic Porfolios program is Dcmbr 31s, 1999.Th composi for Sragic Porfolios consiss of 304 accouns wih a mark valu of $84.7 million as of Jun 30, 2014Th incpion da of his Sragy in h Morgan Sanly Global Invsmn Soluions program (as availabl as an Invsmn Produc in h Morgan Sanly program) is Spmbr 25, Invsmn rurns of accouns invsd in h for Sragic 10 Dividnd ar drmind on h basis of rad-da accouning (maning ha scuriis ransacions ar rcordd on h da on which h ransacion occurs, xcp inrs arnd in conncion wih a ransacion is rcordd on h da h ransacion sls). Th cash flows (i.., conribuions and wihdrawals) ar wighd basd on h acual da of ach conribuion or wihdrawal. Th ra of rurn is calculad on a im-wighd ra of rurn basis wih h porfolios bing rvalud daily. Th im-wighd ra of rurn minimizs h ffc of cash flows on h invsmn prformanc of h porfolio. Accouns ar includd in h composi on h las calndar day of h monh during which h accoun bcoms managd in accordanc wih h sragy (ha is, addd for h firs full monh). Th composi prformanc is a monhly ass-wighd rurn of all accouns ha m h criria for inclusion in h composi. Accouns ha ar rminad or frozn ar xcludd from h composi in h sam monh ha h accoun is rminad or frozn. Accouns ha hav rsricions ar xcludd from h composi. Addiionally, if upon rviw of h composis, i is drmind ha h ruls did no xclud an accoun ha should no b includd, h accoun may b manually rmovd from h composi. Th composi prformanc for accouns invsd in h Sragic 10 Dividnd Sragy is drivd by gomrically linking monhly composi oal ras of rurn. Monhly composi oal ras of rurn ar compud as h avrag of ach porfolio s monhly oal ra of rurn wihin h composi wighd by is rspciv bginning mark valu. Th prformanc of ach accoun wihin h composi is qual o h chang in h mark valu of h porfolio, including capial apprciaion, dprciaion and incom, as a prcnag of h bginning mark valu of h porfolio, adjusd for h n of all conribuions and wihdrawals (h Cash Flows ). Th cash balanc of accouns invsd in h Sragic 10 Dividnd Sragy flucuas on a daily basis as purchass or sals of scuriis occur, as dividnds ar rcivd, and as funds ar conribud o or wihdrawn from such accouns, and h yild rcivd on such balancs will b calculad daily a h prvailing ras on h paricular day. Ky Ass Class Considraions Equiy scuriis prics may flucua in rspons o spcific siuaions for ach company, indusry, mark condiions and gnral conomic nvironmn. Companis paying dividnds can rduc or cu payous a any im. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or succssfully mploy corrciv sragis which would rsul in sock prics ha do no ris as iniially xpcd. Sragis ha invs a larg prcnag of asss in only on indusry scor (or in only a fw scors) ar mor vulnrabl o pric flucuaion han porfolios ha divrsify among a broad rang of scors. Prformanc: In his profil, h prformanc from 10/1/2008 consiss of accouns in ihr h Morgan Sanly or h Smih Barny form of h Fiduciary Srvics program. Prformanc composis calculad by Morgan Sanly Smih Barny includ all f-paying porfolios wih no invsmn rsricions. Nw accouns ar includd upon h firs full quarr of prformanc. Trminad accouns ar rmovd in h quarr in which hy rmina. Prformanc is calculad on a oal rurn basis and by ass wighing h individual porfolio rurns using h bginning of priod valus. Equiy Accoun (Gross): GIS s gross rsuls do no rflc a dducion of h invsmn advisory fs chargd by GIS, or program fs, if any, bu ar n of commissions chargd on scuriis ransacions. rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 8

6 N Prformanc for all Priods: N prformanc rsuls rflc a dducion of % quarrly. This consiss of hr componns: 0.625% maximum quarrly MS Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvics providd by Morgan Sanly), plus 0.075% quarrly SMA Managr Fs (bing h f currnly chargd by GIS o nw clins for managing hir asss in h program). Th SMA Managr Fs may diffr from managr o managr, and managrs may chang hir f o nw clins from im o im. If you slc his managr for your accoun, chck h SMA Managr Fs spcifid in h wrin clin agrmn, in cas hs hav changd sinc you rcivd his profil. Hisorical n fs rflc h Advisory F Schdul as of March 31, Morgan Sanly program fs ar usually dducd quarrly, and hav a compounding ffc on prformanc. Th Morgan Sanly program f, which diffrs among programs and clins, is dscribd in h applicabl Morgan Sanly ADV brochur, which is availabl a or on rqus from your Financial Advisor or Priva Walh Advisor. Documn approval da Ocobr Focus Lis, Approvd Lis, and Wach Saus: Global Invsmn Managr Analysis ("GIMA") uss wo mhods o valua invsmn producs in applicabl advisory programs. In gnral, sragis ha hav passd a mor horough valuaion may b placd on h "Focus Lis", whil sragis ha hav passd hrough a diffrn and lss comprhnsiv valuaion procss may b placd on h "Approvd Lis". Somims an invsmn produc may b valuad using h Focus Lis procss bu hn placd on h Approvd Lis insad of h Focus Lis. Invsmn producs may mov from h Focus Lis o h Approvd Lis, or vic vrsa. GIMA may also drmin ha an invsmn produc no longr ms h criria undr ihr valuaion procss and will no longr b rcommndd in invsmn advisory programs (in which cas h invsmn produc is givn a "No Approvd" saus). GIMA has a "Wach" policy and may dscrib a Focus Lis or Approvd Lis invsmn produc as bing on "Wach" if GIMA idnifis spcific aras ha (a) mri furhr valuaion by GIMA and (b) may, bu ar no crain o, rsul in h invsmn produc bcoming "No Approvd". Th Wach priod dpnds on h lngh of im ndd for GIMA o conduc is valuaion and for h invsmn managr o addrss any concrns. GIMA may, bu is no obligad o, no h Wach saus in his rpor wih a "W" or "Wach" on h covr pag. For mor informaion on h Focus Lis, Approvd Lis, and Wach procsss, plas s h applicabl Morgan Sanly ADV brochur ( Your Financial Advisor or Priva Walh Advisor can provid on rqus a copy of a papr nild "GIMA: A A Glanc ". ADDITIONAL DISCLOSUES Th informaion abou a rprsnaiv accoun is for illusraiv purposs only. Acual accoun holdings, prformanc and ohr daa will vary dpnding on h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Holdings ar subjc o chang daily. Th informaion in his profil is no a rcommndaion o buy, hold or sll scuriis. Acual porfolio saisics may vary from arg porfolio characrisics. Th invsmn managr may us h sam or subsanially similar invsmn sragis, and may hold similar porfolios of invsmns, in ohr porfolios or producs i manags (including muual funds). Ths may b availabl a Morgan Sanly or lswhr, and may cos an invsor mor or lss han his sragy in Morgan Sanly's program. Th porfolio may, a ims, invs in xchang-radd funds (ETFs), which ar a form of quiy scuriy in sking o mainain coninud full xposur o h broad quiy mark. Morgan Sanly invsmn advisory programs may rquir a minimum ass lvl and, dpnding on your spcific invsmn objcivs and financial posiion, may no b suiabl for you. Invsmn advisory program accouns ar opnd pursuan o a wrin clin agrmn. Th invsmn managr acs indpndnly of, and is no an affilia of, Morgan Sanly Smih Barny LLC. Divrsificaion dos no guaran a profi or proc agains a loss. No obligaion o noify Morgan Sanly has no obligaion o noify you whn informaion in his profil changs. Sourcs of informaion Marial in his profil has bn obaind from sourcs ha w bliv o b rliabl, bu w do no guaran is accuracy, complnss or imlinss. Third pary daa providrs mak no warranis or rprsnaions rlaing o h accuracy, complnss or imlinss of h daa hy provid and ar no liabl for any damags rlaing o his daa. No ax advic Morgan Sanly and is affilias do no rndr advic on lgal, ax and/or ax accouning mars o clins. Each clin should consul his/hr prsonal ax and/or lgal advisor o larn abou any ponial ax or ohr implicaions ha may rsul from acing on a paricular rcommndaion. No an EISA fiduciary Morgan Sanly is no acing as a fiduciary undr ihr h Employ irmn Incom Scuriy Ac of 1974, as amndd, or undr scion 4975 of h Inrnal vnu Cod of 1986, as amndd, in providing h informaion in his profil Morgan Sanly Smih Barny LLC Mmbr SIPC. INDEX DESCIPTIONS 90-Day T-Bills Th 90-Day Trasury Bill is a shor-rm obligaion issud by h Unid Sas govrnmn. T-bills ar purchasd a a discoun o h full fac valu, and h invsor rcivs h full valu whn hy maur. Th diffrnc of discoun is h inrsd arnd. T-bills ar issud in dnominaions of $10,000 aucion and $1,000 incrmns hrafr. rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 8

7 DJ Indusrial Avg Th Dow Jons Indusrial Avrag also calld h Indusrial Avrag, h Dow Jons, h Dow 30, or simply h Dow, is a sock mark indx, and on of svral indics crad by Wall Sr Journal dior and Dow Jons & Company co-foundr Charls Dow. I was foundd on May 26, 1896, and is now ownd by Dow Jons Indxs, which has is majoriy ownd by h CME Group. Th avrag is namd afr Dow and on of his businss associas, saisician Edward Jons. I is an indx ha shows how 30 larg publicly ownd companis basd in h Unid Sas hav radd during a sandard rading sssion in h sock mark. I is h scond olds U.S. mark indx afr h Dow Jons Transporaion Avrag, which was also crad by Dow. Th Indusrial porion of h nam is largly hisorical, as many of h modrn 30 componns hav lil or nohing o do wih radiional havy indusry. Th avrag is pric-wighd, and o compnsa for h ffcs of sock splis and ohr adjusmns, i is currnly a scald avrag. Th valu of h Dow is no h acual avrag of h prics of is componn socks, bu rahr h sum of h componn prics dividd by a divisor, which changs whnvr on of h componn socks has a sock spli or sock dividnd, so as o gnra a consisn valu for h indx. Along wih h NASDAQ Composi, h S&P 500 Indx, and h ussll 2000 Indx, h Dow is among h mos closly wachd U.S. bnchmark indics racking argd sock mark aciviy. Alhough Dow compild h indx o gaug h prformanc of h indusrial scor wihin h Amrican conomy, h indx's prformanc coninus o b influncd by no only corpora and conomic rpors, bu also by domsic and forign poliical vns such as war and rrorism, as wll as by naural disasrs ha could ponially lad o conomic harm. Componns of h Dow rad on boh h NASDAQ OMX and h NYSE Euronx, wo of h largs sock mark companis. Drivaivs of h Dow rad on h Chicago Board Opions Exchang and hrough h CME Group, h world's largs fuurs xchang company, which owns 90% of h indxing businss foundd by Dow Jons, including h Indusrial Avrag. S&P 500 Th S&P 500 has bn widly rgardd as h bs singl gaug of h larg cap U.S. quiis mark sinc h indx was firs publishd in Th indx has ovr $5.58 rillion bnchmarkd, wih indx asss comprising approximaly $1.31 rillion of his oal. Th indx includs 500 lading companis in lading indusris of h U.S. conomy, capuring 75% covrag of U.S. quiis. This indx includs dividnd rinvsmn. Indics ar unmanagd and hav no xpnss. You canno invs dircly in an indx. GLOSSAY OF TEMS Alpha is a mahmaical sima of risk-adjusd rurn xpcd from a porfolio abov and byond h bnchmark rurn a any poin in im. Amrican Dposiary cips (ADs) ar rcips for shars of a forign-basd corporaion hld in h vaul of a U.S. bank. Avrag Porfolio Ba is a masur of h snsiiviy of a bnchmark or porfolio's ras of rurn o changs agains a mark rurn. Th mark rurn is h S&P 500 Indx. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Ba is a masur of h snsiiviy of a porfolio's ras of rurn o changs in h mark rurn. I is h coffcin masuring a sock or a porfolio's rlaiv volailiy. Boom-Up Sock Slcion Emphasis primarily on individual sock slcion. Considraions of conomic and indusry facors ar of scondary imporanc in h invsmn dcision-making procss. Capializaion is dfind as h following: Mga (Abov $100 billion), Larg ($12 o $100 billion), Mdium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (blow $.50 billion). Dividnd a porion of a company's profi paid o common and prfrrd sharholdrs. Downsid isk is a masur of h risk associad wih achiving a spcific arg rurn. This saisic sparas porfolio volailiy ino downsid risk and upsid uncrainy. Th downsid considrs all rurns blow h arg rurn, whil h upsid considrs all rurns qual o or abov h arg rurn. Duraion is a masur of pric snsiiviy xprssd in yars. High Grad Corpora Bonds corpora bonds from issurs wih crdi raings of AA or AAA. Informaion aio is a masur of h invsmn managr's skill o add aciv valu agains a givn bnchmark rlaiv o how sabl ha aciv rurn has bn. Essnially, h informaion raio xplains how significan a managr's alpha is. Thrfor, h highr h informaion raio, h mor significan h alpha. Invsmn Grad Bonds ar hos rad by Sandard & Poor's AAA (highs rad), AA, A or BBB (or quivaln raing by ohr raing agncis or, in h cas of scuriis no rad, by h invsmn managr). Pric/Book aio (P/B) wighd avrag of h socks' pric dividd by book valu pr shar. Book valu pr shar is dfind as common quiy, including inangibls, dividd by shars ousanding ims h adjusmn facor. Pric/Cash Flow aio a raio usd o compar a company's mark valu o is cash flow. I is calculad by dividing h company's mark cap by h company' opraing cash flow in h mos rcn fiscal yar (or h mos rcn four fiscal quarrs); or, quivalnly, divid h pr-shar sock pric by h pr-shar opraing cash flow. Pric/Earnings aio (P/E aio) shows h mulipl of arnings a which a sock slls. Drmind by dividing currn sock pric by currn arnings pr shar (adjusd for sock splis). Earnings pr shar for h P/E raio ar drmind by dividing arnings for pas 12 monhs by h numbr of common shars ousanding. Th P/E raio shown hr is calculad by h harmonic man. Pric/Sals aio drmind by dividing currn sock pric by rvnu pr shar (adjusd for sock splis). vnu pr shar for h P/S raio is drmind by dividing rvnu for pas 12 monhs by numbr of shars ousanding. rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 7 of 8

8 2 (-Squard)/Porfolio Divrsificaion indicas h proporion of a scuriy's oal varianc ha is bnchmark-rlad or is xplaind by variaions in h bnchmark. Sharp aio masurs h fficincy, or xcss rurn pr uni of volailiy, of a managr's rurns. I valuas managrs' prformanc on a volailiy-adjusd basis. Sandard Dviaion is a saisical masur of hisorical variabiliy or sprad of rurns around a mahmaical avrag rurn ha was producd by h invsmn managr ovr a givn masurmn priod. Th highr h sandard dviaion, h grar h variabiliy in h invsmn managr's rurns rlaiv o is avrag rurn. Top-Down/Economic Analysis Emphasis primarily on macroconomic rnds as opposd o boom-up sock slcion. Tracking Error rprsns h sandard dviaion of h diffrnc bwn h prformanc of h invsmn sragy and h bnchmark. This provids a hisorical masur of h variabiliy of h invsmn sragy's rurns rlaiv o is bnchmark. U.S. Trasury Bonds a markabl, fixd inrs U.S. govrnmn db scuriy wih a mauriy of mor han 10 yars. Trasury bonds mak inrs paymns smi-annually and h incom ha holdrs rciv is only axd a h fdral lvl. Volailiy a masur of risk basd on h sandard dviaion of h ass rurn. Volailiy is a variabl ha appars in opion pricing formulas, whr i dnos h volailiy of h undrlying ass rurn from now o h xpiraion of h opion. Thr ar volailiy indxs. Such as a scal of 1-9; a highr raing mans highr risk. rms. Informaion shown is as of Jun 30, 2015, unlss ohrwis nod. All daa ar subjc o chang. Pag 8 of 8