Wealth management and customized investment portfolios for individuals and institutions looking to preserve and grow wealth.

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Wealth management and customized investment portfolios for individuals and institutions looking to preserve and grow wealth. wealth MANAGEMENT

Choosing the right investment advisor is one of the most important choices an institution, individual, or family makes. You need an experienced advisor who can handle investment and planning decisions in any kind of market. You need an advisor with the capacity to invest in a changing global economy. You need an advisor who is disciplined and honest. Nelson Capital Management is built on this foundation. Nelson Capital Management Since 1974 Since our founding in 1974, we have steadily grown our business and increased our assets under management by developing and implementing individual investment strategies for our clients. Our utmost focus continues to be on meeting client specific goals and objectives in the most efficient, appropriate, and cost-effective way. In 2002, Nelson Capital was acquired by Wells Fargo Bank. This provided access to the banking, trust, and philanthropic services of a major financial institution while maintaining the continued flexibility, independent thinking, and service model of a registered investment advisor (RIA). The match has been highly complementary. Nelson Capital is a fee-based investment advisor, specializing in customized, separately managed portfolios for high net worth individuals and institutions. Our team consists of CFAs, CFPs, MBAs, and CIMAs with decades of experience in the financial services industry. Each client has a personal relationship with a dedicated Nelson Capital investment management team serviced from our offices in Foster City, CA; Corte Madera, CA; Boise, ID; and Minneapolis, MN. Nelson Capital does not take custody of your assets. Accounts are held with your preferred custodian. compre s e x p e r i e n c e

our disciplined investment approach Philosophy At Nelson Capital, we follow a disciplined investment approach designed to achieve consistent, long-term returns, while minimizing volatility. We help our clients define their investment goals by creating a sound asset allocation plan that uses multiple asset classes. Each portfolio is tailored and customized for a client s unique needs. Investment choices are driven by a wealth management process that identifies your objectives, tax sensitivity, tolerance for risk, need for income, growth, liquidity, and preservation of capital. Asset allocation We believe in the benefits of diversification to control risk and achieve consistent returns. We manage diversification by complementing our core domestic strategy with tactical positions in international securities, real assets, small and mid-cap exchangetraded funds (ETFs), non-proprietary mutual funds that have passed our due diligence, and alternative strategies where appropriate. Maintaining a diversified portfolio is a process that evolves with time and circumstances. Your Nelson Capital relationship team routinely monitors and rebalances the asset mix as necessary in order to attain optimal results, and you will receive reports on a quarterly basis. hensive i n s i g h t trategies Stocks Our core equity strategy is growthat-a-reasonable-price (GARP). Our team builds stock portfolios with typically between 40-50 positions, which are diversified across all economic sectors represented in the S&P 500 Index. We look for highquality companies with valuations similar to the overall market but with greater growth potential. The team makes tactical allocations across sectors based on macro-economic analysis and attractive investment ideas. Client-directed social screens are integrated into the investment process where appropriate. Bonds Our fixed income securities are chosen based on exemplary credit ratings, competitive projected returns, yield curve projections, and tax sensitivity. We have never invested in exotic fixed income securities or their derivatives.

customized solutions p e r s o n a l i z e d a p p r o a c h Please contact us to learn more about our wealth management, traditional, or SRI/ESG investment services. Nelson Capital Management 950 Tower Lane, Suite 1500 Foster City, CA 94404 650.376.6550 NCMinvest@nelsoncapital.com www.nelsoncapital.com Special Needs Many clients have special securities or needs in their portfolios, such as concentrated positions, low cost basis securities, stock options, large loss carry forwards, different income and principal beneficiaries, and socially responsible screening criteria. Our investment professionals work with each client to meet their special needs as part of the overall investment strategy. Nelson Capital has also been a leader in the field of socially responsible and sustainable investing for nearly 20 years. We combine traditional socially responsible investment (SRI) practices such as avoidance screens and corporate engagement with disciplined analysis on financial, environmental, social, and governance (ESG) factors. This process helps us create a truly integrated approach to social and sustainable investing.

Nelson Capital Management 950 Tower Lane, Suite 1500 Foster City, CA 94404 650.376.6550 NCMinvest@nelsoncapital.com www.nelsoncapital.com Disclosures: Nelson Capital Management is a registered investment adviser and non-bank affiliate of Wells Fargo & Company. The information in this report was prepared by Nelson Capital Management and expresses the opinions of its investment team unless otherwise noted. This material is for general information only, is not suitable for all investors, and is not soliciting any action from any particular investor. Information and opinions presented have been obtained or derived from sources we believe reliable, but we cannot guarantee their accuracy or completeness. Opinions represent NCM s judgment as of the date of the report and are subject to change without notice. Affiliates of Nelson Capital may issue reports or have opinions, which are inconsistent with, and reach different conclusions from, this report. Asset allocation does not assure or guarantee better performance and cannot eliminate the risk of investment losses. Fixed income securities are subject to availability and market fluctuation. These securities may be worth less than the original cost upon redemption. Certain high-yield/ high-risk bonds carry particular market risks and may experience greater volatility in market value than investment grade corporate bonds. Government bonds and Treasury bills are guaranteed by the U.S. government and, if held to maturity, offer a fixed rate of return and fixed principal value. Interest from certain municipal bonds may be subject to state and/or local taxes in some instances, the alternative minimum tax. Investing in foreign securities presents certain risk that may not be present in domestic securities. For example, investments in foreign and emerging markets present special risk including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risk, foreign taxation and differences in auditing and other financial standards. Real estate investments carry a degree of risk and may not be suitable for all investors. Past Performance does not indicate future results. The value or income associated with a security may fluctuate. There is always the potential for loss as well as gain. Returns include the reinvestment of all income. Nelson Capital Management and/or its affiliates do not provide tax or legal advice. Please consult appropriate tax or legal advisors to determine how this information may apply to your own situation. Because the social screens applied to an SRI account/portfolio may exclude securities of certain issuers, industries and sectors for non-financial reasons, Nelson may forgo some available market opportunities. As a result, the account/ portfolio investment returns may be affected. In addition, Nelson will generally sell the securities of a company that no longer meets the social screens, its portfolio turnover rate may be higher than it would otherwise and it may be selling securities when it not otherwise beneficial to do so. Nelson votes proxies consistent with social and environmental guidelines, but will not support proposals we determine to be potentially harmful to shareholder value. Indices represent securities widely held by investors. The indices and benchmarks shown for comparison purposes are unmanaged. Their performance returns do not reflect the deduction of any advisory fees or commissions. You cannot invest directly in an index. S&P 500 Index: An unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. MSCI KLD 400 Social Index: A market capitalization-weighted common stock index. It monitors the performance of 400 U.S. corporations that pass multiple, broad-based social screens. The index consists of approximately 250 companies included in the S&P 500, approximately 100 additional large companies not included in the S&P 500 but providing industry representation, and approximately 50 additional companies with particularly strong social characteristics. The Barclays Capital Government/Credit Bond Index (formerly the Lehman Brothers Government/Credit Bond Index) is an unmanaged, market-weighted index generally representative of intermediate and long-term government and investment grade corporate debt securities having maturities of greater than one year. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. MSCI EAFE Index (Europe, Australasia, Far East)The Morgan Stanley Capital International Europe, Australasia and Far East ( MSCI EAFE ) Stock Index is an unmanaged group of securities widely regarded by investors to be representations of the stock markets of Europe, Australasia and the Far East. The NAREIT Equity REIT Index includes all REITs that trade on the New York Stock Exchange, American Stock Exchange and NASDAQ National Market list, and is considered representative of the equity REIT market. The Dow Jones Commodity Index is a composite of commodity sector returns that is broadly diversified across the spectrum of commodities. Additional information is available upon request. 2015 Nelson Capital Management, LLC. All rights reserved.