Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

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1 BRAD MCMILLAN, CFA Vice President, Chief Investment Officer As vice president and chief investment officer, Brad leads the Investment Research and Products departments, which incorporates several individual teams. These are Investment Research, which analyzes, approves, and does ongoing monitoring of all investment products; Fee-Based Advisory Services, which works with third-party asset managers; Asset Management, which manages the Commonwealth investment products, including PPS Select, and performs asset allocation modeling and research; and Investment Consulting Services, which serves the advisor community as an information resource and initial point of contact. Brad graduated from Dartmouth College. After working as a shopping center developer, he attended MIT, where he graduated with an MS in Real Estate. He then formed a company, Dartmouth Realty Advisors. In 2002, Brad went back to school at Boston College, where he earned an MS in Finance. A designated member of the Appraisal Institute, the CFA (Chartered Financial Analyst) Institute, and the CAIA (Chartered Alternative Investment Analyst) Association, Brad has served on the editorial board of the Appraisal Journal and has been a guest speaker at MIT and the Suffolk University Graduate School of Business.

2 SIMON HESLOP, CFA Director, Asset Management Simon serves as Commonwealth s director of asset management and has more than 15 years of industry experience. He is primarily responsible for overseeing Asset Management at Commonwealth. He manages the PPS Select portfolios and sets policy for the asset allocation decisions and for the Commonwealth model portfolios. He is a member of the Investment Committee and is heavily engaged in market forecasting, manager selection, and due diligence. Prior to joining Commonwealth, Simon served as a partner at Greystone Financial Advisors, LLC, and as a director of quantitative analysis at Fidelity Investments. Simon has extensive experience in asset allocation and portfolio construction and has worked as an analyst across a variety of asset classes. Simon has a BS in Electrical Engineering from Union College and an MBA from Northeastern University. He is a CFA charterholder.

3 SUSAN KELLY Manager, Alternative Financial Strategies Susan began working at Commonwealth in August As manager of alternative financial strategies, Susan s primary responsibilities include analysis, approval, and ongoing monitoring of all products within alternative financial strategies (e.g., managed futures, hedge funds, private equity, structured products). She also assists advisors with case design and asset allocation decisions, reviews client portfolios, and evaluates current and potential investment managers and asset management firms for the fee- and commission-based platforms at Commonwealth. Prior to joining Commonwealth, Susan held positions at Citizens Advisors in Portsmouth, New Hampshire; John Hancock Advisers in Boston; and Citigroup/Smith Barney in New York City. She holds a BS in Management with a concentration in finance from Purdue University and an MBA from New York University.

4 CHAD LAFAUCI, CFA Manager, Real Assets Chad joined Commonwealth's Waltham office in February 2000 and moved to our San Diego office in During his tenure with the firm, he has been a transfer of assets analyst and a member of the Account Services and Fee-Based Asset Management teams. In 2005, he joined Research. As manager of real assets, Chad s primary responsibilities include analysis, approval, and ongoing monitoring of all products with real assets as the underlying investments (e.g., real estate, infrastructure, natural resources, commodities). In addition, he trains and educates our advisors through print and Web-based media. Previously, Chad worked for Investors Bank & Trust. Chad graduated from Bates College with a degree in economics, is a CFA charterholder, and holds FINRA Series 7, 24, 63, and 65 securities registrations.

5 JOHN TENNARO, CIMA Manager, Core Financial Strategies John joined Commonwealth s Research department in January As a manager of core financial strategies, his primary responsibilities are the analysis, approval, and ongoing monitoring of all products within core financial strategies, which includes mutual funds, separate account managers, ETFs, and individual equities. He serves as a key resource for our advisors on economic analysis and works closely with them to discuss and develop optimal asset allocation models for their clients. John is a Certified Investment Management Analyst (CIMA), as well as a member of the Investment Management Consultants Association. Prior to joining Commonwealth, John held positions at New England Pension Consultants and State Street Bank. John graduated from Fairfield University with a BA in Economics.

6 BRIAN PRICE, CFA Portfolio Manager Brian began his Commonwealth career in February As a portfolio manager on the PPS Select platform, he assists with the asset allocation, fund selection, and overall management of the program. Brian brings with him more than seven years of industry experience, having previously worked for Bernstein Investment Research & Management as a senior financial advisor associate. He graduated from Georgetown University with a BA in American Government. In addition to holding FINRA Series 7, 63, and 65 securities registrations, Brian is a CFA charterholder.

7 JIM MCALLISTER, CFA Senior Investment Research Analyst Jim joined Commonwealth and the Investment Research team in September Jim is the lead analyst for the international and emerging markets asset classes, responsible for manager evaluation, manager selection, and dissemination of research. Prior to Commonwealth, Jim was a fundamental equity research analyst for Loomis, Sayles & Co. for seven years, where he followed the industrial, materials, and telecom sectors. Prior to that, Jim worked as a research analyst at State Street Global Advisors in the U.S. Active quantitative group for three years. In addition to earning a BS in Finance from Lehigh University, Jim is a CFA charterholder.

8 ALICIA NISBERG Senior Investment Research Analyst Alicia joined Commonwealth s Research team in September Alicia is the lead analyst for the small-cap asset class, responsible for manager evaluation, manager selection, and dissemination of research. She also has been instrumental in designing the Research team s investment process. Previously, she served as a senior investment analyst with Morgan Stanley Dean Witter, Inc., and as a due diligence analyst with CIBC Oppenheimer. Alicia graduated from the University of Vermont with a BA in Arts and Sciences and a minor in marketing. She holds FINRA Series 7 and 66 securities registrations.

9 FRED DEBAETS Senior Fixed Income Analyst Fred joined Commonwealth in May 2009 as a senior fixed income analyst. In this role, he is responsible for inquiries on fixed income portfolio construction and design and for idea generation with regards to opportunities in the fixed income market. In addition, he assists with fixed income research, as well as researching industry trends related to the fixed income market. Prior to joining Commonwealth, Fred worked in fixed income at both Morgan Stanley and Bear Stearns. He graduated from Plymouth State University with a double major in financial management and economics and proceeded to get his MBA from Plymouth as well. He attended Waterville Valley Academy for three years of high school and for two post graduate years as part of the Alpine ski-racing program.

10 ELISE RANDAZZO Investment Research Analyst Elise joined Commonwealth in June 2008 as an investment research analyst. Elise is the lead analyst for the fixed income sector, responsible for manager evaluation, manager selection, and dissemination of research. She also reviews client portfolios and evaluates current and potential investment managers and asset management firms for the fee- and commission-based platforms at Commonwealth. Prior to Commonwealth, Elise was a senior client service associate at Income Research & Management, and has also held client service positions at DDJ Capital Management and at Wellington Management Company. Elise graduated magna cum laude from Boston University with her BS in Economics and is currently a CFA Level I candidate.

11 JONATHAN BELANGER, CFA Analyst, Alternative Investments Jonathan started at Commonwealth in October In June 2007, he joined the Research team as an Alternative Investment Analyst, where his responsibilities include conducting due diligence and research on alternative investment sponsors and their products. Jonathan holds his FINRA Series 7, 24, and 66 registrations. Jonathan is a CFA charterholder.

12 BRIAN MCCORMICK Investment Research Analyst Brian joined Commonwealth in August 2004 as a member of Commonwealth s Retirement team. In January 2008, he joined the Research team as an investment research associate. Brian is the lead analyst for the mid- and multi-cap asset classes, responsible for manager evaluation, manager selection, and dissemination of research. In addition, he supports the Research team in creating reports, commentary, and investment manager profiles; and on other investment-related project work. Prior to Commonwealth, he worked at Signator Financial Network and at Putnam Investments. Brian graduated from Quinnipiac University with a BS in Management/Finance. He has earned FINRA Series 7, 24, and 63 securities registrations, as well as the Accredited Investment Fiduciary and Chartered Retirement Plan Specialist designations.

13 PETER ESSELE Investment Research Associate Peter joined Commonwealth in October 2004 as a member of Commonwealth's Direct Investment team. In May 2008, he joined the Research team as an investment research associate. Peter is responsible for responding to inquiries from our advisors on various investment topics, including asset allocation, mutual funds, exchange-traded funds, and separate account managers. In addition, he supports the Research team in creating reports, commentary, and investment manager profiles; and on other investment-related project work. Prior to joining Commonwealth, Peter interned at Albany International and worked as an assistant at Kestner Engineers. He graduated from Union College, where he earned his BS in Industrial Economics. He currently holds FINRA 7, 24, 31, 53, and 66 securities registrations and is a CFA Level 2 Candidate.

14 LINCOLN WEBBER Real Assets Analyst, Investment Research Lincoln joined Commonwealth in October 2009 as a real assets analyst. In this role, he is responsible for addressing inquiries concerning real assets (commodities, natural resources, and infrastructure) and for idea generation regarding opportunities in these markets. In addition, he assists with research on real assets-related topics, as well as researches industry trends related to applicable markets. Prior to joining Commonwealth, Lincoln worked as an investment banking analyst at BNP Paribas and interned at both Mirus Capital Advisors and the Bank of New York Mellon. He graduated from George Washington University with a bachelor's degree in business administration with a concentration in international business and a minor in Spanish; he earned his MSF from Boston College. Lincoln also has FINRA Series 7 and 63 securities registrations and is a CFA candidate.