RISK ASSESSMENT QUESTIONNAIRE

Time Horizon 6/14 Your current situation and future income needs. 1. What is your current age? 2. When do you expect to start drawing income? A Less than 45 A Not for at least 20 years B 45 to 55 B In 10 to 20 years C 56 to 65 C In 5 to 10 years D 66 to 75 D Not now, but within 5 years E Older than 75 E Immediately Long-Term Goals and Expectations Your views of how an investment should perform over the long-term. 3. What is your goal for this investment? A To grow aggressively B To grow significantly C To grow moderately D To grow with caution E To avoid losing money 4. Assuming normal market conditions, what would you expect from this investment over time? A To generally keep pace with the stock market B To slightly trail the stock market, but make a good profit C To trail the stock market, but make a moderate profit D To have some stability, but make modest profits E To have a high degree of stability, but make a small profit 5. Suppose the stock market performs unusually poorly over the next decade. What would you expect from this investment? A To lose money B To make very little or nothing C To make a little gain D To make a modest gain E To be little affected by what happens in the stock market Short-Term Risk Attitudes Your attitude toward short-term volatility. 6. Which of these statements would best describe your attitudes about the next three years performance of this investment? A I do not mind if I lose money B I can tolerate a loss C I can tolerate a small loss D I would have a hard time tolerating any losses E I need to see a least a little return 7. Which of these statements would best describe your attitudes about the next three months performance of this investment? A Who cares? One calendar quarter means nothing B I would not worry about losses in that time frame C If I suffered a loss of greater than 10%, I would get concerned D I can only tolerate small short-term losses E I would have a hard time stomaching any losses

Risk Tolerance Methodology Developing the Questions for the Risk Assessment Questionnaire In developing the individual questions and answers to the Risk Assessment Questionnaire, Morningstar combines principles of prudent financial planning along with mathematical probability testing. For example, for the short-term risk attitude questions, we calculated the probabilities of investors losing money over different time frames, using our own asset-class return assumptions. The survey and scoring system were also fine-tuned based on an analysis of a sample of the thousands of possible scenarios the survey could generate. The seven questions your clients will answer in this risk survey are designed to elicit their true risk profiles. Scoring the Risk Assessment Questionnaire and Checking for Inconsistencies Answers are assigned points as follows: A=5 B=4 C=3 D=2 E=1 We then calculate four risk tolerance scores: a time horizon score, a long-term goals score, a short-term goals score, and an overall score, and map them to one of five recommended asset mixes: Very Conservative, Conservative, Moderate, Moderately Aggressive, or Aggressive. Time Horizon, Questions 1-2 Long-term Goals and Expectations, Questions 3-5 Points Portfolio Points Portfolio 2 Very Conservative 2 Very Conservative 3-4 Conservative 3-4 Conservative 5-7 Moderate 5-7 Moderate 8-9 Moderately Aggressive 8-9 Moderately Aggressive 10 Aggressive 10-15 Aggressive Short-term Risk Attitudes, Questions 6-7 Overall Risk Points Portfolio Points Risk Tolerance 2 Very Conservative 7-10 Very Conservative 3-4 Conservative 11-17 Conservative 5-7 Moderate 18-24 Moderate 8-9 Moderately Aggressive 25-31 Moderately Aggressive 10 Aggressive 32-35 Aggressive

The overall risk score is mapped to one of the five risk profiles outlined below: Very Conservative The very conservative range is designed for the cautious investor, one with a low risk tolerance and/or a short time horizon. It is targeted toward the investor seeking investment stability and liquidity from their investable assets. The main objective of the individual in the conservative risk range is to preserve capital while providing income. Fluctuations in the values of portfolios within this range should be minor. Conservative The conservative risk range is appropriate for the investor who seeks both modest capital appreciation and income from their portfolio. This investor will have either a moderate time horizon or a slightly higher risk tolerance than the most conservative investor in the previous risk range. While this range is still designed to preserve the investor's capital, fluctuations in the values of portfolios may occur from year to year. Moderate The moderate range will best suit the investor who seeks relatively stable growth from their investable assets offset by a low level of income. An investor in the moderate risk range will have a higher tolerance for risk and/or a longer time horizon than either of the previous investors. The main objective of an individual within this range is to achieve steady portfolio growth while limiting fluctuations to less than those of the overall stock markets. Moderately Aggressive The moderately aggressive range is designed for investors with a relatively high tolerance for risk and a longer time horizon. These investors have little need for current income and seek above-average growth from their investable assets. The main objective of this risk range is capital appreciation, and its investors should be able to tolerate fluctuations in their portfolio values. Aggressive The aggressive range is appropriate for investors who have both a high tolerance for risk and a long investment time horizon. The main objective of the aggressive risk range is to provide high growth for the investor's assets without providing current income. Portfolios in this range may have substantial fluctuations in value from year to year, making this category unsuitable for those who do not have an extended investment horizon. Overall Risk Tolerance Sowell Management Services Portfolios Very Conservative Sowell AMP Bond, Sowell AMP Total Return, Sowell Platinum Plus Total Return Conservative Moderate Moderately Aggressive Aggressive Sowell AMP Income & Growth, Sowell AMP Conservative, Sowell Platinum Plus Income & Growth, Sowell Platinum Plus Conservative, Sowell Alternative Income Sowell AMP Balanced, Sowell Global Allocation ETF, Sowell Platinum Plus Balanced Sowell AMP Growth, Sowell AMP Global Growth, Sowell Flagship Dividend, Sowell Global Leaders ETF, Sowell Platinum Plus Growth, Sowell TAP 1x U.S. Stocks-Bonds, Sowell TAP U.S. Complete Market, Sowell TAP U.S. Stocks-Bonds Enhanced Sowell AMP Aggressive Growth, Sowell Flagship Equity, Sowell Flagship Insider, Sowell Flagship Smid, Sowell TAP 2x U.S. Stocks-Bonds, Sowell TAP 3x U.S. Stocks-Bonds

ASSET MANAGEMENT PORTFOLIOS ( AMP ) Sowell AMP Bond Objective: To produce current income. The management team will seek fixed income mutual funds and ETFs that will provide current income given current market conditions and interest rate environments. This portfolio is appropriate for investors with a time horizon of three years or less. Risk level is considered to be very conservative. Typical Allocation: 100% Fixed Income/Money Market Sowell AMP Total Return Objective: To provide maximum total return with preservation of capital and prudent investment management. This portfolio will invest in a diversified portfolio of fixed-income mutual funds and ETFs primarily invested in investment-grade securities, but may invest up to 10% of total assets in high-yield securities, up to 15% of total assets in foreign and/or emerging market debt securities. Dividend paying equity (stock) mutual funds and ETFs may also be considered for investment up to 20% of total assets. Risk level is considered to be very conservative. Typical Allocation: 0-20% Equity 80-100% Fixed Income/Alternative Investments Sowell AMP Income & Growth Objective: To produce current income with a secondary goal of minimal to moderate capital appreciation. Under normal market conditions the portfolio will be invested in diversified allocations of domestic and international bond and equity funds, and alternative investments. This portfolio is appropriate for investors with a time horizon of three to five years. Risk level is considered to be conservative. Typical Allocation: 20-30% Equity 70-80% Fixed Income/Alternative Investments Sowell AMP Conservative Objective: To produce current income with an equally important objective of moderate capital appreciation. Under normal market conditions, the portfolio will be invested in diversified allocations of domestic and international equity and bond funds, and alternative investments. This portfolio is appropriate for investors with a time horizon of five years. Risk level is considered to be conservative. Typical Allocation: 35-45% Equity 55-65% Fixed Income/Alternative Investments Sowell AMP Balanced Objective: To produce moderate capital appreciation with a secondary objective of current income. Under normal market conditions the portfolio will be invested in diversified allocations of domestic and international equity and bond funds, and alternative investments. This portfolio is appropriate for investors with a time horizon of five to seven years. Risk level is considered moderate. Typical Allocation: 50-60% Equity 40-50% Fixed Income/Alternative Investments Sowell AMP Growth Objective: To obtain long-term capital appreciation. The portfolio is invested in diversified allocations of domestic and international equity and bond funds, and alternative investments. This portfolio is designed for investors seeking long-term growth with moderate risk and is appropriate for investors with a time horizon of seven to ten years. Risk level is considered to be moderately aggressive. Typical Allocation: 70-80% Equity 20-30% Fixed Income/Alternative Investments Sowell AMP Global Growth Objective: To obtain long-term capital appreciation. The portfolio is invested in diversified allocations of domestic and international equity and bond funds (with a bias towards foreign), and alternative investments. This portfolio is designed for investors seeking long-term growth with moderate risk and is appropriate for investors with a time horizon of seven to ten years. Risk level is considered to be moderately aggressive. Typical Allocation: 70-80% Equity 20-30% Fixed Income/Alternative Investments Sowell AMP Aggressive Growth Objective: To obtain long-term capital appreciation without regard for current income. The portfolio will be invested in allocations of domestic and international equity funds, and alternative investments. This portfolio is appropriate for investors with a time horizon of ten years or greater. Risk level is considered to be aggressive. Typical Allocation: 80-100% Equity 0-20% Fixed Income/Alternative Investments

INDIVIDUAL STOCK AND HIGH NETWORTH PORTFOLIOS Sowell Flagship Equity Portfolio Objective: To obtain long-term capital appreciation. The portfolio seeks its objective by normally investing at least 90% of its assets in common stocks of companies that have improving fundamentals (based on growth criteria) and/or whose stock is undervalued by the market (based on value criteria). At least 80% of the portfolio is invested in common stocks of companies with market capitalizations of $3 billion or above. Risk level is considered to be aggressive. Typical Allocation: 90-100% Equity 0-10% Money Market Sowell Flagship Smid Portfolio Objective: To obtain long-term capital appreciation (in Small and Mid-Cap Stocks). The portfolio seeks its objective by normally investing at least 70% of its assets in common stocks of Small and Mid-Cap companies that have improving fundamentals (based on growth criteria) and/or whose stock is undervalued by the market (based on value criteria) and at least 30% of its assets in common stocks of Small and Mid-Cap profitable companies that have increasing dividends. At least 80% of the portfolio is invested in common stocks of companies with market capitalizations of $500 million or above. Risk level is considered to be aggressive. Typical Allocation: 90-100% Equity 0-10% Money Market Sowell Flagship Dividend Portfolio Objective: To produce income and long-term capital appreciation. The portfolio seeks its objective by investing its assets in common stocks of companies with high expected dividend yields as well as long track records of earnings growth, dividend growth and low price betas. Risk level is considered to be aggressive. Typical Allocation: 90-100% Equity 0-10% Money Market Sowell Flagship Insider Portfolio Objective: To obtain long-term capital appreciation. The portfolio seeks its objective by investing its assets in common stocks of companies that insiders are heavily purchasing their own company stock. Through the U.S. Securities and Exchange Commission s EDGAR System (Electronic Data Gathering, Analysis, and Retrieval system) certain documents are required to be filed by public companies of which some are open to the public and some aren t. Forms 3, 4, and 5 relate to security ownership and transaction reports filed by corporate insiders. These forms are open to the public and have specific filing deadlines and requirements. This public information and these filings are the basis and first step for the Insiders Portfolio; to identify those companies where insiders are buying heavily in their own company. Risk level is considered to be aggressive. Typical Allocation: 90-100% Equity 0-10% Money Market Sowell Platinum Plus Portfolios ( PPP ) Objective: To meet specific objectives on a case-by-case basis. These high net worth portfolios are customized but will contain the same individual stocks as the Flagship Equity, Flagship Smid, Flagship Dividend, and Flagship Insider Portfolios. They may also invest in equity mutual funds and/or exchange traded funds ( ETF ), and alternative investments. The fixed income portion of the portfolio may contain individual corporate, government or municipal bonds, fixed income mutual funds and/or ETFs, and money market funds. These portfolios are appropriate for investors with various time horizons, based on risk level initially chosen for the portfolio. Please refer to the following table and accompanying risk tolerance definitions to verify your investment objectives: Flagship Portfolios PPP Growth PPP Balanced PPP Conservative PPP Income & Growth PPP Total Return Equities 90-100% 70-80% 50-60% 35-45% 20-30% 0-20% Fixed Income and Alternative 0-10% 20-30% 40-50% 55-65% 70-80% 80-100% Investments

EXCHANGE TRADED FUND PORTFOLIOS Tactical Asset Portfolios ( TAP ) Objective: To obtain long-term capital appreciation. Over a long-term time period, this strategy is expected to achieve significant outperformance relative to both equity-only, and to the benchmark consisting of 60% stocks and 40% bonds. The outperformance is mainly due to benchmark timing avoiding significant sell-offs in equities. Most of the outperformance expected to occur during bear markets. Our Tactical Asset Portfolios include: Sowell TAP U.S. Stocks-Bonds - Objective: To obtain long-term capital appreciation by constructing a portfolio which consists of exposures to the broad U.S. equity market (as represented by the S&P 500 ETF), and to U.S. government or investment-grade corporate bonds. Although leverage is not used in the 1x U.S. Stocks-Bonds Portfolio it is considered to be aggressive. The 2x and 3x U.S. Stocks-Bonds Portfolios carry a high degree of risk based on the potential leveraged position (either 2x the leveraged or 3x the leveraged S&P 500 ETF). The table below illustrates the typical allocation of the portfolio based upon a 6-month future forecast return ranging from below 0% through above 10%. U.S. Stocks- Bonds Portfolio 100% Fixed Income 60% Equity/ 40% Fixed Income 100% S&P 500 ETF 1x Below 0% 0-2% 2+ % 100% 2x Leveraged S&P 500 ETF 2x Below 0% 0-2% 2-5 % 5+ % 100% 3x Leveraged S&P 500 ETF 3x Below 0% 0-2% 2-5 % 5-10 % 10+ % Sowell TAP U.S. Complete Market Objective: To obtain long-term capital appreciation by constructing a portfolio which consists of exposures to the S&P 500 Value, S&P 500 Growth, S&P MidCap 400, and the S&P SmallCap 600 Indices, U.S. Government or investment-grade corporate bonds, and other asset classes including Real Estate/REITS and high-yield bonds. Over a long-term time period, this strategy is expected to achieve significant outperformance relative to both equity-only, and to the benchmark consisting of 60% stocks and 40% bonds. The outperformance is mainly due to benchmark timing - avoiding significant sell-offs in equities. Most of outperformance is expected to occur during bear markets. In addition, this strategy manages timing of exposure to the style (Growth/Value) factor, and takes advantage of the tendency of Mid & Small-Cap equities to outperform Large-Cap equities. This is a tactical portfolio which can be invested in 100% stocks, 100% bonds or a combination of both. Risk level is considered to be moderately aggressive. Typical Allocation: 100-0% Equity 100-0% Fixed Income 100-0% Alternative Investments Sowell TAP U.S. Stocks-Bonds Enhanced - Objective: To obtain long-term capital appreciation by constructing a portfolio which consists of exposures to the broad U.S. equity market (as represented by the S&P 500 index), U.S. government bonds, and to investment-grade corporate bonds. Over a long-term time period, the strategy is expected to achieve significant outperformance relative to both equity-only, and to the benchmark consisting of 60% stocks and 40% bonds. Outperformance occurs mainly as a result of index timing avoiding significant sell-offs in equities- and is expected to occur during equity bear markets. Investments in commodities and other investments may make up 20% of the portfolios when the manager attempts to enhance the risk-return profile of the strategy by adding non-linear exposures designed to enhance the upside, and to provide protection on the downside. Risk level is considered to be moderately aggressive. Typical Allocation: 100-0% Equity 100-0% Fixed Income 0-20% Alternative Investments and Option Strategies

Sowell Global Allocation ETF Objective: To achieve broad asset allocation to different asset classes while incorporating Tactical Allocation only to those asset classes that are strengthening. The individual weighting of each asset class will depend on the overall trend of the market as well as the relative strength of the asset class to the overall market. The asset classes that are included are as follows: Domestic Equities, International Equities, Commodities, Currencies, Fixed Income, and Alternatives. Risk level is considered to be moderate. Typical Allocation: 50-60% Equity 40-50% Fixed Income/Alternative Investments Sowell Global Leaders ETF Objective: To achieve broad asset allocation to different asset classes while incorporating Tactical Allocation only to those asset classes that are strengthening. The individual weighting of each asset class will depend on the overall trend of the market as well as the relative strength of the asset class to the Money Market. The asset classes that are included are as follows: Domestic Large Cap Equities, Domestic Small Cap Equities, and international Emerging Equities. Risk level is considered to be moderately aggressive. Typical Allocation: 0-100% Equity 0-100% Money Market Sowell Alternative Income Objective: To target income above the rate of inflation with the potential for capital appreciation, by drawing on a set of globally diversified assets. The secondary objective is to achieve broad asset allocation to different asset classes while incorporating Tactical Allocation only to those asset classes that are strengthening. The individual weighting of each asset class will depend on the relative strength of the asset class to the Money Market. The asset classes that are included are as follows: Core Fixed Income, Master Limited Partnerships, Dividend Stocks, Precious Metals, REITs, Preferred Stocks, and Currencies. Risk level is considered to be conservative. Typical Allocation: 0-50% Equity 0-75% Fixed Income/Alternative Investments

RISK MANAGEMENT Sowell Risk Management System Objective: To use a rules based model of models to determine if the current market environment is a good environment to be 100% in the stock market, 50% in the stock market, or effectively neutral the stock market. The Risk Management System is only applied to the equity position of a portfolio and can be utilized within any brokerage account with an equity component. This is not available within Variable Products, 401(k), 403(b) and 457 accounts. Please note: The Risk Management System should only be utilized within your current risk tolerance as a means to potentially further reduce market risk and not as a means to take additional risk in hopes of mitigating that risk. At this point, you should check scores in each section for internal consistency to ensure that you/your client has a realistic set of expectations and attitudes given his or her circumstances. You can go back to the Risk Assessment Questionnaire if desired. Alternatively, you can choose to select a different risk profile, if appropriate. The client's risk profile is used to provide a default position/allocation on the Efficient Frontier. Type of Sowell Management Services Portfolio(s) you wish to invest in: Account Registration: Management Style: Account Number: Qualified Non-Qualified Please add the Risk Management System to this account Account Registration: Management Style: Account Number: Qualified Non-Qualified Please add the Risk Management System to this account Account Registration: Management Style: Account Number: Qualified Non-Qualified Please add the Risk Management System to this account Account Registration: Management Style: Account Number: Qualified Non-Qualified Please add the Risk Management System to this account

Please use the space below to provide any additional information you wish to convey to Sowell Management Services that may help in the management of any of the above accounts; By signing below I agree that I have taken the Sowell Management Services Risk Assessment Questionnaire. I have reviewed the scoring and used that information when selecting the Sowell Management Services portfolio I want used for my investments. Client s Printed Name: Client s Social Security or Tax I.D. Number: Client s Date of Birth: Joint Client s Printed Name : Joint Client s Social Security or Tax I.D. Number: Joint Client s Date of Birth: Street Address: City / State / Zip Code: Email Address: Client Signature: Date: Joint Client Signature: Date: Advisor Name: Advisor Signature: Date: Sowell Management Services Phone 1.800.399.2391 Fax 501.812.6380 7301 River Pointe Drive, North Little Rock, AR 72113 www.businessdevelopment@sowellmanagement.com