Investment Grade Fixed Income Select UMA Cincinnati Asset Management

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1 Invsmn Grad Fixd Incom Cincinnai Ass Managmn 8845 Govrnor's Hill Driv Cincinnai, Ohio Syl: US Taxabl Cor Sub-Syl: Taxabl Corpora Firm AUM: $2.7 billion Firm Sragy AUM: $2.0 billion Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff: 1989 Approvd Employ-Ownd 13 PODUCT OVEVIEW Cincinnai Ass Managmn's (CAM) Invsmn Grad Fixd Incom porfolio managmn am mploys a "Valu" approach o slc bonds for is porfolios. CAM sks o purchas bonds ha hy bliv ar undrvalud bu poisd o improv, ovr im, basd on fundamnal crdi analysis and financial projcions. CAM dos no manag by inrs ra anicipaion or mark iming, bu focuss on valu in individual siuaions. An invsmn grad (A3/A- minimum) avrag crdi raing is mainaind wih a mix of "BBB" and "AA" rad bonds. Only bonds rad invsmn grad a iniial purchas by a las on agncy ar considrd for invsmn. Porfolios ar divrsifid and fully invsd in only Norh Amrican and U.S. dollar dnominad corpora bonds. CAM uilizs a consrvaiv sragy ha focuss firs on prsrvaion of capial and hn on oal rurn. Any yild curv "managmn" is a scondary and srucural rahr han acical considraion. Gnrally porfolios will no hold issus lss han 3 yars o mauriy du o h significanly lowr mark yild. TAGET POTFOLIO CHAACTEISTICS Numbr of bond holdings: 20 o 25 Avrag crdi qualiy: Avrag mauriy: Avrag duraion: AAA o BBB 6.0 o 8.0 yars 4.0 o 6.0 yars Avrag coupon: 4.0 o 7.0% Avrag urnovr ra: 15 o 30% POTFOLIO STATISTICS / /15 CAM Indx*** CAM Numbr of bond holdings SEC Yild Avg crdi qualiy A A Avg mauriy 8.2 yrs. 8.1 yrs. Avg duraion 6.8 yrs. 6.7 yrs. Avg coupon 3.7% 3.8% FIXED INCOME SECTO DISTIBUTION (%) + 03/16 12/15 09/15 06/15 Indusrials ¹ Financials ¹ Cash/Cash Equivalns Mdium capializaion ¹ Ohr ¹High Grad Corporas +Toal may no qual 100% du o rounding. ***Indx : BC Crdi Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of March 31, 2016, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 6

2 MANAGE'S INVESTMENT POCESS Valu orind wih objciv of prsrving capial Buy undrvalud and sll ovrvalud or fully valud scuriis Broad divrsificaion Avrag hr monhs o fully invs ISK CONSIDEATIONS Invsing in scuriis nails risks, including: Fixd Incom scuriis may b snsiiv o changs in prvailing inrs ras. Whn ras ris h valu gnrally dclins. Thr is no assuranc ha h priva guaranors or insurrs will m hir obligaions. U.S. Trasuris ar guarand by h U.S. govrnmn and, if hld o mauriy, offr a fixd ra of rurn and fixd principal valu. 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. Invsmn Grad Fixd Incom POTFOLIO'S MATUITY STUCTUE (%) + 03/16 12/15 09/15 06/15 0 o 2 Yars o 4 Yars o 6 Yars o 8 Yars o 12 Yars o 17 Yars Ovr 17 Yars Cash/Cash Equivalns POTFOLIO'S CEDIT QUALITY STUCTUE (%) + * Invsmn Grad 03/16 12/15 09/15 06/15 AAA AA A BBB Blow Invsmn Grad BB B Blow B No ad Cash/Cash Equivalns ¹High Grad Corporas +Toal may no qual 100% du o rounding. ***Indx : BC Crdi Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of March 31, 2016, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 6

3 Invsmn Grad Fixd Incom ISK/ETUN ANALYSIS - 5 YEAS ENDING 03/31/16 a o f u r n s Sandard Dviaion (%) STD O CAM (Gross) CAM (N) BC Crdi Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 03/31/16 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 03/31/ Annual Sd. Dv. CAM (Gross) CAM (N) BC Crdi 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 03/31/16 ¹ ² 3 Yar 5 Yar Sandard Dviaion 4.47% 3.98% Sandard Dviaion of Primary 4.46% 3.90% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha 0.50% 0.63% Ba Downsid isk 0.39% 0.30% -Squard Tracking Error 0.80% 0.74% Informaion aio *04/01/11-12/31/11 **01/01/16-03/31/16 Numbr Of Up Qrs. CAM (Gross) CAM (N) BC Crdi Down 4 Qrs. 7 5 POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² CAM vs. BC Crdi Saisics ar calculad using gross of f prformanc only. 1. Saisics ar calculad using gross of f prformanc only. 2. BC Crdi 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. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of March 31, 2016, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 6

4 Invsmn Grad Fixd Incom 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 Slc UMA 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: Cincinnai Ass Managmn, Inc.'s ("CAM") Invsmn Grad Fixd Incom composi prior o 1/1/2011 consiss of all fully-discrionary ''Invsmn Grad" insiuional and rail sparaly managd accoun porfolios undr managmn by CAM. Th composi includs all scuriis and cash hld in h porfolios. All accouns ar subsanially invsd. Th composi was siz-wighd and includd 783 accouns wih a mark valu of $335.0 million as of 3/31/2006. Prformanc: In his profil, h prformanc from 1/1/2011 from Jun 2012 consiss of accouns in ihr h Morgan Sanly or h Smih Barny form of h Fiduciary Srvics program. From July 2012, prformanc consiss of all Fiduciary Srvics accouns managd by h invsmn managr in h sragy, subjc o any ohr limiaions sad in his profil. Prformanc composis calculad by Morgan Sanly 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. Gross Prformanc: CAM s gross rsuls do no rflc a dducion of any invsmn advisory fs or program fs, chargd by CAM or Morgan Sanly, bu ar n of commissions chargd on scuriis ransacions. N Prformanc for all Priods: N prformanc rsuls rflc a dducion of 0.7% quarrly. This consiss of hr componns: 0.625% maximum quarrly MSSB Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvics providd by Morgan Sanly), plus % quarrly SMA Managr Fs (bing h f currnly chargd by CAM o nw clins for managing hir asss in h Prsonal Porfolio 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 Fbruary 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. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of March 31, 2016, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 6

5 Invsmn Grad Fixd Incom 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. BC Crdi Th Barclays Crdi Bond Indx conains publicly issud U.S. corpora and spcifid forign dbnurs and scurd nos ha m h spcifid mauriy, liquidiy and qualiy rquirmns. S&P 500 Th S&P 500 Toal urn 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). Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of March 31, 2016, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 6

6 Invsmn Grad Fixd Incom 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. 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. 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. 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. Pas prformanc is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of March 31, 2016, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 6