Established in 1985 Tel: (949) Fax: (949)

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1 Established in 1985 Tel: (949) Fax: (949) Principal: Steven Lee Yamshon, B.S., MBA, Pg.Dip. (Oxford). Adjunct Scholar: Von Mises Institute, Auburn University, Alabama Adjunct Professor: UCLA Investment Management: Steven Lee Yamshon, B.S., MBA, Pg.Dip. (Oxford), Chief Investment Officer and Chief Compliance Officer Michael Vediner, B.S., Accounting Manager & Compliance Officer Robert Verdugo, B.S., Financial Analyst Administrative Management: Nora Rascon-Brooks, Operations Manager, Portfolio Administrator, Compliance Manager & Anti-Money Laundering Officer Tiffany Yang, Media Coordinator, Trading Assistant, Administrative Assistant Taylor Morgan, Administrative Assistant Investment Account Types: Equities Only: 25%-100% Equities, Balance in Fixed Income Traditional Value: 15%-75% Equities, Balance in Fixed Income Enhanced Fixed Income: 0%-50% High Dividend Equities, Balance in Fixed Income Fixed Income: 80% Fixed Income and 20% Bond Equivalent Private Investment Partnership: 25%-100% Equities, Exposure to Commodities and Currencies Investment Style: Value Investment Philosophy: Our investment methodology is based on extensive research principles developed by our principal and contributions by some of the most highly respected professors from major universities such as Columbia, Harvard, UCLA, London Business School, and Oxford University, England. This investment philosophy has been time-tested for many years by practitioners, both institutions and individuals alike. Steven Yamshon s dissertations broke new ground in investment research and risk management. He serves on the faculty of UCLA as a Professor. Our investment approach is driven by solid academic principles, combined with practical application that has been employed for many years by some of the world s most astute investors. We believe that good investment principles should stand the test of time. Therefore, all of our investment selections are research-intensive, drawing upon the fields of finance, economics, and management to help us build you a better portfolio. Our Macro research collaborations with Oxford University, BCA Research, and others, enable us to navigate through the global economic environment with up to date information and analysis. This helps us to make informed and wise decisions about investing your funds. Stevens First Principles Investment Advisors seeks securities that have value. Our approach is to buy stocks when they are undervalued in the market. These stocks usually tend to be misunderstood and neglected.

2 Our People Steven Lee Yamshon, APMA - President & Chief Investment Officer Steven Yamshon has been providing investment advice and managing high net worth individuals, companies, and non-profit organizations for over thirty-five years. As a popular and highly respected professor, Steve has been teaching investment finance at University of California, Los Angeles for over nineteen years. Mr. Yamshon has several designations from the College for Financial Planning. He earned his Bachelors of Science degree from Sacramento State University and finished graduate school at the UCLA Anderson School of Management, Harvard Business School, and Said Business School at the University of Oxford where he was awarded two master level qualifications Post Graduate Diploma in Financial Strategy and Global Business. Nora Rascon-Brooks, RP - Operations Manager, Portfolio Administrator As the Operations Manager and Portfolio Administrator, Nora Rascon-Brooks handles the company s internal organization, including financial management, organizational effectiveness, as well as portfolio administration, which includes providing clients with account assistance, such as requests for funds, balances, standing instructions and any other account administrative services. With 15 years of experience, she had previously worked in technology and architectural environments. Nora has earned the Registered ParaPlanner (RP) designation from the College for Financial Planning. Michael Vediner - Accounting and Compliance Manager As the Accounting and Compliance Manager, Michael Vediner ensures that all compliance procedures are followed and that accounting records are accurately maintained. His previous work experience includes three years in Public Accounting at both national and regional firms. Michael completed his Bachelors of Science in Accounting from the University of Southern California and is currently in the process of attaining his Certified Public Accountant (CPA) license. Robert Verdugo - Financial Analyst As the Financial Analyst, Robert Verdugo assists in the execution of trades, account analysis, performance reporting, and compliance activities. He has previously worked for the Los Angeles Angels of Anaheim, LLP in their finance department. Robert completed his Bachelor's degree in Business Economics from the University of California, Irvine and hopes to begin the process of obtaining a Chartered Financial Analyst (CFA) license. Tiffany Yang - Media Coordinator As the Media Coordinator, Tiffany Yang facilitates all updates for digital media and website content as well as managing the vendors and third party services. She maintains and monitors the social media profiles related to Stevens First Principles and organizes online and offline marketing initiatives. Tiffany completed her Bachelors of Arts in Psychology and minors in Business and Accounting from the University of California, San Diego. Taylor Morgan - Administrative Assistant As the Administrative Assistant, Taylor Morgan provides Stevens First Principles quality office services through administrative support for office personnel, management of records and documents, and superior customer service. Taylor completed her Bachelors of Science in Health Science from California State University, Fullerton and anticipates the start of her Master s degree in Business Management.

3 Fee Schedule: All management fees are calculated on an annual basis and billed quarterly. Fees are calculated as a percentage of total account asset value. BALANCED & TRADITIONAL VALUE ACCOUNTS FEE OVER $5 MILLION IN TOTAL ASSETS FEE UPON REQUEST OVER $1 MILLION IN TOTAL ASSETS 1.00% UNDER $1 MILLION IN TOTAL ASSETS 1.25% ENHANCED FIXED INCOME ACCOUNTS OVER $5 MILLION IN TOTAL ASSETS FEE UPON REQUEST OVER $1 MILLION IN TOTAL ASSETS 1.00% UNDER $1 MILLION IN TOTAL ASSETS 1.25% FIXED INCOME ACCOUNTS 0.75% INVESTMENT ADVICE AND CONSULTATIONS $350 per hour YELLIN-YAMSHON-RUBINSTEIN, L.P. FUND 1.5% These fees are for account management only and do not include brokerage and trading commissions as charged by the institution where we buy and sell securities nor do these fees include bank custody charges. However, Stevens First Principles Investment Advisors makes every possible effort to negotiate the lowest possible charges.

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5 Investment Research Process MACROECONOMY RESEARCH PUBLICATION OXFORD ECONOMICS RESEARCH PUBLICATIONS SCREENS ASSET ALLOCATION FIXED INCOME SMALL CAP TV EO OPTIONS LARGE CAP FI ETF SPECIAL SITUATION FX EFI YYR TRADING PORTFOLIO REVIEW Steven Lee Yamshon B.S., MBA., PGDip (OXON), Chief Investment Officer