Detailed Proposal Prepared For:Johnny and June Cash

Prepared By: David RistauMay 15, 2018

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FINANCIAL PLANNING.

The core of what we do for high net worth clients, pension funds, corporations, retire-ment plans and charitable foundations is guiding them toward their financial goals.

WEALTH SERVICES.

Estate planning, life insurance, asset-backed lending and corporate retirement plans can all play an important role in the lives of our clients. We’ve coordinated with top providers in these areas so that we can incorporate these services in a comprehensive manner.

What We Do

ASSET MANAGEMENT.

We believe in low-cost, simple investment plans in a marketplace of near-limitless complexity. The strategies and solutions we utilize are selected specifically to address the objectives of each client.

INVESTMENT ADVICE.

We work directly with clients on a conflict-free, fee-only basis. We are held to a Fiduciary Standard as a registered investment advisory firm (RIA) and giving the right advice is the soul of our firm. No one pays us but you, we serve no other interest but those of our clients.

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Stress Test Summary

Portfolio 1: Bruce Wayne's Current Holdings($3.56M)

Portfolio 2: Bruce Wayne's Recommendation($3.53M)

The above "potential downside" number is the hypothetical loss the portfolio could experience based onthe potential downside scenario defined below. These scenarios are "what-if" economic simulationsdone on the portfolio.

Past CrashesThis scenario looks at historical crashes, andasks "What if this past crash happened today?"

Financial Crisis - Max Draw Down

2000 Nasdaq Cut in Half

October 1987 Market Crash

S&P ValuationWhat impact would a shift in the S&P 500cyclically-adjusted PE ratio have on theeconomy?

17 CAPE - Long Term Average

21 CAPE - Typical Recession

33 CAPE - Flatline

44 CAPE - All-time Highs

Portfolio 2

-25%*

-31%

-15%

-15%

Portfolio 1

-25%*

-38%

-24%

-17%

Portfolio 2

-24%

-11%

+4%

+14%

Portfolio 1

-32%

-20%

+3%

+21%

-38%-$1.37M

-31%-$1.11M

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New Fed HawksIf the new Fed proves to be more hawkish, howcould this impact equity markets?

Yield Curve Inversion

1987 Crash Repeat

Old Normal

BaselineThis scenario examines the impact ofstraightforward moves in economic indicators.

S&P 500 Down 20%

Treasury rates up 200bp

S&P 500 Up 10%

S&P 500 Up 20%

Rising Interest RatesWhat if short-term interest rates rise back towardlonger-term historical levels?

Commodities Inflation

Wage Inflation

Growth Driven

Portfolio 2

-15%

-8%

+4%

Portfolio 1

-27%

-15%

+3%

Portfolio 2

-4%

+3%

+7%

+11%

Portfolio 1

-12%

+2%

+8%

+14%

Portfolio 2

-5%

-1%

+4%

Portfolio 1

-11%

-5%

+2%

* The dashed line represents your risk tolerance.

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The Risk Profile questionnaire is designed to help evaluate your tolerance for risk. Your answers havebeen tallied to determine your risk score and category. Your advisor can use this information to designan appropriate investment portfolio. If you do not agree with this analysis, you may adjust the riskcategory on the Investment Policy Statement with your advisor. Your advisor will then develop anappropriate investment portfolio based on the revised information.

 

This risk score puts you in the Moderate category.

Risk Profile

ConservativeModerately

Conservative ModerateModeratelyAggressive Aggressive

Conservative: 1-10%Accepting of lower returns for a higher degree of stability

Seeks principal preservation and minimizing risk

Moderately Conservative: 11-20%Comfortable accepting a small degree of risk volatility

Accepting of lower returns in exchange for minimal losses

Moderate: 21-30%Accepting of moderate risk to seek higher long-term returns

Accepting of short-term losses of principal in exchange for long-term appreciation

Moderately Aggressive: 31-40%Willing to accept significant risk

May endure large losses in favor of potentially higher long-term returns

Aggressive: 41-50%Willing to accept substantial risk

Maximizing long-term returns is more important than protecting principal

25%

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Bruce Wayne's Current Holdings ($3.56M) Bruce Wayne's Recommendation ($3.53M)

64% Equities 34% Fixed Income<1% Alternative 2% Cash

42% Equities 26% Fixed Income21% Alternative 11% Cash

HoldingsMBLVX 21.07% BlackRock Large Cap Value B

Fund - Large Value

SPY 14.53% SPDR SP 500 ETF Fund - US Index

WIPIX 13.88% Wells Fargo Core Plus Bond Fund Class Institutional Fund - Intermediate-Term Bond

BND 13.86% Vanguard Total Bond Market Index Fund ETF Shares Fund - Intermediate-Term Bond

GOOG 13.68% GOOGLE INC Tech Giants

VGT 5.95% Vanguard Information Technology Index Fund ETFShares

Fund - Specialty-Technology

FCNTX 5.76% Fidelity Contrafund Fund Fund - Large Growth

ABALX 5.69% American Funds American Balanced Fund Class A Fund - Moderate Allocation

LALDX 5.59% Lord Abbett Short Duration Income Fund Class A Fund - Short-Term Bond

HoldingsSPHD 16.24% Invesco SP 500 High Dividend Low Volatility ETF

Fund - Large Blend

DFP 15.83% Flaherty Crumrine Dynamic Preferred and IncomeFund

Fund - Convertible Securities

VYM 15.67% Vanguard High Dividend Yield Index Fund ETFShares

Fund - Large Value

BND 14.96% Vanguard Total Bond Market Index Fund ETF Shares Fund - Intermediate-Term Bond

9.54% US Dollar Cash Currencies

CPXAX 9.47% Cohen Steers Preferred Securities and Income FundInc. Class A

Fund - Preferred Securities

FPE 8.12% First Trust Preferred Securities and Income ETF Fund - Preferred Securities

VIG 5.56% Vanguard Dividend Appreciation Index Fund ETFShares

Fund - Large Blend

QQQ 4.05% Invesco QQQ Trust Fund - US Index

AAPL 0.56% Apple Inc. Tech Giants

Portfolio Allocations

64%Equities

42%Equities

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The information here explores other measures of risk. Please see disclosures for a glossary andexplanation of calculations.

Bruce Wayne's Current Holdings($3.56M)

Bruce Wayne's Recommendation($3.53M)

Forward-Looking Risk/Return

Historical Calcs Timeframe: October 4, 2008 to October 4, 2018

Risk Stats

Stress Test Risk

Correlation Risk

S&P 500 Beta

Performance Stats

Total Return

Max Drawdown

Volatility

Portfolio Stats

Yield

Sharpe Ratio

Sortino Ratio

Expenses

Expense Ratio

Fee % The hypothetical total return may not include all deducted fees (e.g. AUM fee) and charges inherent to investing.

Risk Statistics

Potential Downside: -$1.37M

Expected Return (5Yr): +$1.48M

Potential Downside: -$1.11M

Expected Return (5Yr): +$1.45M

-38% -31%

0.42 0.26

0.67 0.41

* 124.00% 75.67%

-15.70% -10.17%

7.09% 4.23%

1.41% 3.73%

0.81 0.75

0.90 0.78

0.52% 0.43%

N/A N/A*

-38% -31%

+42% +41%

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Performance history measures the return of each portfolio including dividends, and subtracting anyfees. It assumes the portfolio's allocation today has remained constant over the time period selected.The returns are backtested and not reflective of any actual traded account. Please refer to thedisclosure page for more information.

Timeframe: October 4, 2008 to October 4, 2018

Hypothetical Performance History

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-20%

0%

20%

40%

60%

80%

100%

120%

140%

Bruce Wayne's Current Holdings ($3.56M)

+124.00%

Bruce Wayne's Recommendation ($3.53M)

+75.67%

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The chart below shows the historical downside performance (in percentage terms) for each portfolio.The lowest point on the chart shows the maximum loss incurred by each portfolio over the depictedtimeframe. Please refer to the disclosures for more information.

Timeframe: October 4, 2008 to October 4, 2018

Hypothetical Drawdown Analysis

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-10%

-9%

-8%

-7%

-6%

-5%

-4%

-3%

-2%

-1%

0%

Bruce Wayne's Current Holdings ($3.56M)Peak: Sep-29-2008 Trough: Mar-02-2009

-15.70%

Bruce Wayne's Recommendation ($3.53M)Peak: Sep-29-2008 Trough: Mar-02-2009

-10.17%

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Portfolio 1 ($3.56M) Portfolio 2 ($3.56M*)

Portfolio 1: Bruce Wayne's CurrentHoldings ($3.56M)

Portfolio 2: Bruce Wayne'sRecommendation ($3.53M)

% $ % $Exp. Ratio 0.52% $18,344.73 0.43% $15,289.64AUM Fee N/A $0.00 N/A $0.00Total Fees 0.52% $18,344.73 0.43% $15,289.64

*For comparison purposes, both portfolios are depicted as having the same total value.

Bruce Wayne's Current Holdings ($3.56M) Symbol Name / Category Expense Ratio Cost Category Fee Range

Fee Attribution

Expense Analysis

MBLVX BlackRock Large Cap Value B Fund - Large Value

1.54 $11,550.00 0.02 1.54 1.99

WIPIX Wells Fargo Core Plus Bond FundClass Institutional

Fund - Intermediate-Term Bond

0.41 $2,025.00 0.00 0.41 1.66

FCNTX Fidelity Contrafund Fund Fund - Large Growth 0.74 $1,517.73 0.01 0.74 2.49

LALDX Lord Abbett Short Duration IncomeFund Class A

Fund - Short-Term Bond

0.59 $1,174.35 0.00 0.59 1.52

$18,345Total Fees

$15,290Total Fees

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Bruce Wayne's Recommendation ($3.53M) Symbol Name / Category Expense Ratio Cost Category Fee Range

ABALX American Funds American BalancedFund Class A

Fund - Moderate Allocation

0.57 $1,154.03 0.11 0.57 2.32

SPY SPDR SP 500 ETF Fund - US Index

0.09 $465.35 0.00 0.09 1.96

BND Vanguard Total Bond Market IndexFund ETF Shares

Fund - Intermediate-Term Bond

0.05 $246.59 0.00 0.05 1.66

VGT Vanguard Information Technology IndexFund ETF Shares

Fund - Specialty-Technology

0.10 $211.68 0.00 0.10 2.38

The following positions do not charge any fees: GOOG

DFP Flaherty Crumrine Dynamic Preferredand Income Fund

Fund - Convertible Securities

1.07 $6,029.23 0.20 1.07 2.42

CPXAX Cohen Steers Preferred Securities andIncome Fund Inc. Class A

Fund - Preferred Securities

1.16 $3,910.38 0.01 1.16 2.26

FPE First Trust Preferred Securities andIncome ETF

Fund - Preferred Securities

0.85 $2,456.63 0.01 0.85 2.26

SPHD Invesco SP 500 High Dividend LowVolatility ETF

Fund - Large Blend

0.30 $1,734.65 0.00 0.30 2.16

VYM Vanguard High Dividend Yield IndexFund ETF Shares

Fund - Large Value

0.08 $446.26 0.02 0.08 1.99

QQQ Invesco QQQ Trust Fund - US Index 0.20 $288.09 0.00 0.20 1.96

BND Vanguard Total Bond Market IndexFund ETF Shares

Fund - Intermediate-Term Bond

0.05 $266.19 0.00 0.05 1.66

VIG Vanguard Dividend Appreciation IndexFund ETF Shares

Fund - Large Blend

0.08 $158.22 0.00 0.08 2.16

The following positions do not charge any fees: AAPL, US Dollar Cash

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Style Analysis

Market Cap Analysis

Style Analysis

Bruce Wayne's Current Holdings ($3.56M)

Bruce Wayne's Recommendation ($3.53M)

Value

Large 23

Blend

18

Growth

46

Mid 5 3 3

Small 2 0 0

Value

Large 46

Blend

25

Growth

12

Mid 10 5 0

Small 0 1 0

Small Mid Large

2.7%11.8%

85.6%

1%

15.8%

83.1%

Market Cap Analysis Market CapReturns

Past 90Years

Past 30Years

Past 10Years

Large-CapStocks

S&P 500 Index

9.7% 7.1% 4.6%

Mid-Cap Stocks Russell Midcap Index

10.2% 8.7% 5.7%

Small-CapStocks

S&P 600 Small CapIndex

11.9% 7.4% 6.8%

Value Blend Growth

29.4%

21.9%

48.7%

56.2%

30.9%

12.9%

Style Analysis

Style ReturnsPast 30Years

Past 20Years

Past 10Years

Large Value Index Russell 1000 Value Index

6.5% 4.7% 3.3%

Large Blend Index Russell 1000 Index

7.1% 5.2% 5.1%

Large GrowthIndex

Russell 1000 GrowthIndex

7.3% 4.9% 7.5%

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Sector Analysis Bruce Wayne's Current Holdings ($3.56M)

Bruce Wayne's Recommendation ($3.53M)

ConsumerDiscretionary

Consumer Staples

Energy

Financials

Healthcare

Industrials

Materials

Real Estate

Technology

Telecommunications

Utilities

7.1

3.3

3.5

11

7.1

5.2

1.51.5

1.11.1

57.7

1.31.3

11

7.8

13.8

7.7

12.1

9.3

11.8

2.6

5.7

13.9

4.7

10.6

ConsumerDiscretionary

ConsumerStaples

Energy

Financials

Healthcare

Industrials

Materials

Real Estate

InformationTechnology

Telecom

Utilities

as % of equityallocation

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Fixed Income Analysis Portfolio 1: Bruce Wayne's Current Holdings ($3.56M)

Portfolio 2: Bruce Wayne's Recommendation ($3.53M)

Long Intermediate Short

37.4% 38%

24.6%

65.3%

21.9%

12.8%

Term Analysis

Municipal Corporate Government

2%

46.7%51.3%

0.4%

58.8%

40.8%

Type Analysis

Interest Rate Risk Portfolio 1 Portfolio 2

Average Yield 2.91% 4.19%

Average Duration 5.3 5.09

Credit Quality Portfolio 1 Portfolio 2

AAA 58.22% 46.54%

AA 3.59% 2.34%

A 12.21% 8.95%

BBB 17.81% 26.19%

BB 4.16% 9.24%

B 3.45% 1.87%

Below B / Unrated 0.57% 4.88%

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Geographic Analysis Portfolio 1: Bruce Wayne's Current Holdings ($3.56M)

Portfolio 2: Bruce Wayne's Recommendation ($3.53M)

Portfolio 1 ($3.56M) Portfolio 2 ($3.53M)

Domestic Developed Emerging Markets

98.7%

1% 0.3%

99.3%

0.6% 0.1%

Development TypeHoldings ByRegion Portfolio 1 Portfolio 2

North America 98.9% 99.1%

Latin America 0% 0%

Europe 0.7% 0.6%

Asia Pacific 0.4% 0.4%

Middle East +Africa

0% 0%

98.9% vs 99.1%

0% vs 0%

0.7% vs 0.6%0.4% vs

0.4%0% vs

0%

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Annualized Returns for Bruce Wayne's Current Holdings ($3.56M)

Symbol NameExpenseRatio YTD 1 Year 3 Years 5 Years 10 Years

Since Inception

Ann. Return Volatility Drawdown

MBLVX BlackRock Large CapValue B

1.54 0.00% 4.61% 11.50% 9.68% 8.05% 6.13% Dec-20-1999

16.23% -55.19%

FCNTX Fidelity Contrafund Fund 0.74 16.75% 23.94% 18.55% 15.54% 13.95% 11.86% Jan-01-1980

17.88% -47.98%

LALDX Lord Abbett ShortDuration Income FundClass A

0.59 -0.23% -0.04% 1.72% 1.77% 4.06% 4.05% Nov-01-1993

2.61% -8.68%

ABALX American FundsAmerican Balanced FundClass A

0.57 3.92% 8.24% 10.57% 9.17% 9.69% 8.11% Jan-01-1986

10.98% -39.26%

WIPIX Wells Fargo Core PlusBond Fund ClassInstitutional

0.41 -3.95% -3.37% 2.25% 2.92% 4.77% 4.68% Jul-18-2008

2.72% -5.96%

VGT Vanguard InformationTechnology Index FundETF Shares

0.10 23.57% 33.56% 27.23% 21.77% 18.00% 11.07% Jan-26-2004

16.26% -51.69%

SPY SPDR SP 500 ETF 0.09 9.32% 15.96% 16.12% 13.64% 12.36% 9.63% Jan-25-1993

14.79% -53.89%

BND Vanguard Total BondMarket Index Fund ETFShares

0.05 -2.69% -2.31% 0.76% 1.71% 3.19% 3.49% Apr-09-2007

3.22% -4.84%

GOOG GOOGLE INC N/A 14.96% 25.60% 24.22% 22.54% 20.12% 24.58% Aug-16-2004

26.81% -61.23%

Total (Since Jul-18-2008) 4.37% 8.52% 10.90% 9.07% 8.39% 7.57% 7.09% -15.70%

Annualized Returns for Bruce Wayne's Recommendation ($3.53M)

Symbol NameExpenseRatio YTD 1 Year 3 Years 5 Years 10 Years

Since Inception

Ann. Return Volatility Drawdown

CPXAX Cohen Steers PreferredSecurities and IncomeFund Inc. Class A

1.16 -5.37% -4.38% 4.03% 5.72% 7.42% May-03-2010

3.96% -7.51%

DFP Flaherty CrumrineDynamic Preferred andIncome Fund

1.07 -14.44% -12.63% 7.28% 9.06% 5.38% May-24-2013

8.85% -18.34%

FPE First Trust PreferredSecurities and IncomeETF

0.85 -4.85% -4.33% 4.70% 6.02% 3.91% Feb-12-2013

3.90% -12.31%

SPHD Invesco SP 500 HighDividend Low VolatilityETF

0.30 -2.43% 1.61% 12.36% 12.24% 12.40% Oct-26-2012

8.33% -8.83%

Historical Returns

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Annualized Returns for Bruce Wayne's Recommendation ($3.53M)

Symbol NameExpenseRatio YTD 1 Year 3 Years 5 Years 10 Years

Since Inception

Ann. Return Volatility Drawdown

QQQ Invesco QQQ Trust 0.20 19.38% 27.73% 22.27% 19.91% 18.90% 7.57% Mar-08-1999

23.89% -82.69%

VYM Vanguard High DividendYield Index Fund ETFShares

0.08 2.65% 8.41% 14.05% 11.80% 11.21% 7.81% Nov-13-2006

13.56% -55.80%

VIG Vanguard DividendAppreciation Index FundETF Shares

0.08 8.36% 16.66% 15.76% 11.82% 11.53% 8.54% May-01-2006

12.09% -45.24%

BND Vanguard Total BondMarket Index Fund ETFShares

0.05 -2.69% -2.31% 0.76% 1.71% 3.19% 3.49% Apr-09-2007

3.22% -4.84%

AAPL Apple Inc. N/A 38.71% 52.50% 30.36% 32.59% 37.90% 27.56% Dec-08-1980

102.70% -86.51%

Total (Since May-24-2013) -2.56% 0.10% 7.72% 7.44% 6.08% 4.23% -10.17%

The values here are calculated from each investment's reported data and price history. Past performance is not indicative of futureresults. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. Pleaserefer to the disclosure page for more information on these calculations.

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Client Acknowledgement

Client Signature Date Client Signature Date

Wealth Advisor Signature Date Wealth Advisor Signature Date

I understand that this report is only a guide to building an overall financial solution, and recognize that there are otherfactors to consider when making portfolio decisions. The purpose of this report is to establish a clear understandingbetween the client(s) and the advisor as to the investment guidelines and goals for the investor's assets. Please reviewthe underlying assumptions carefully. Past performance is no guarantee of future results and principal values fluctuatewith changing market conditions.The information presented in this report is for illustrative purposes only and does not constitute investment advice. Theresults presented here are hypothetical and may not reflect the actual growth of investments. The data presented mayexclude commissions, sales charges or fees which, if included, would have had a negative effect on the annual returns.Investing in securities involves risk of loss that clients should be prepared to bear. It should be assumed that investmentslisted in this report are not FDIC insured.Investors should consider an investment's objective, risks, charges, and expenses carefully before investing. In the caseof ETFs (Exchange Traded Funds) and mutual funds, the associated prospectus contains this and other importantinformation which should be considered before investing. The advisor will assist the client(s) in making investmentdecisions based in individual needs, objectives, and risk tolerance. The client(s) is/are responsible for providing validinformation on their financial status, risk tolerance, goals, and must notify the advisor of any changes.I hereby affirm that I have reviewed the information presented in this report. I acknowledge that the informationaccurately reflects my investment objectives and goals. On a timely basis, I will inform the advisor(s), in writing, of anymaterial changes in our financial situation and/or my investment objectives, which might affect the investment of myassets.

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The survey below was taken on August 14, 2018.

Survey

Goals

1. What is the main goal for your investments? Steadily grow my assets

2. I expect to pull money from my investments in: 11-20 years

Financials

1. Select your current net worth (excluding primaryresidence):

500K-1M

2. Please indicate your current annual householdincome:

200,001-350,000

3. Please select the most complex investment youhave owned, or would be comfortable owning:

Individual Stocks or Bonds

Risk Tolerance

1. Which best describes your tolerance to risk? I seek above-average growth in my investments,accepting above-average risk of loss

2. This chart shows the potential 1-year risk / returntradeoff of a $100,000 investment. Which would youchoose?

+9,000

-5,000

3. Imagine that an investment you own lost 30% ofits value in 3 days. What would you do?

Sell a portion of my shares

4. You make an investment, planning to hold it for 5years. It then loses 20% in its first year. How do youreact?

I would wait to see how it continues to perform

5. The following charts show the potentialperformance of an investment over 10 years. Whichwould you choose?

S&P 500 Investment

19

Disclosures

Excluded Tickers: CPXAX, SPHD, DFP, FPE : Excluded from charts and risk measures because they haveinsufficient data for this timeframe. Not excluded from stress testing and expected return. Important:The projections generated by HiddenLevers regarding the likelihood of various investment outcomes are hypothetical innature, do not reflect actual investment results, and are not guarantees of future results. Assumptions on rates of returnand standard deviation used in this analysis are based on historical return data for each security and asset class. Pastperformance is no guarantee of future results. Results may vary with each use and over time. You cannot invest directlyin a benchmark or index. Index results do not reflect fees, expenses, or sales charges incurred when makinginvestments. All calculations in this proposal are based on data from the previous day's market close. The previous dayrefers to the day before the date printed on the cover page and in the header of each page.For individual fixed income instruments (bond CUSIPS, preferred shares, CDs, etc.), HiddenLevers backfills performancedata. For symbols recognized as a US Treasury, the Barclays 3-7 Year Treasury Bond Index is used. For municipalbonds, the Barclays Capital Municipal Bond Index is used. For preferred equities, iShares S&P U.S. Preferred Stock datais used. For other fixed income instruments, the Barclays US Aggregate Index is used. These backfills affect calculationson the Risk Statistics, Hypothetical Drawdown Comparison, Hypothetical Performance History, and Historical Returnssections. Your advisor may change these backfills if they deem it appropriate.

Methodology Used to Generate this Report:Definitions:Beta - Beta measures the relationship between an investment and a major market index (the S&P 500 is used in thisreport). A beta of 1.0 means that a 1% rise in the S&P 500 could lead to a 1% rise in the investment, while a beta of -0.5means that a 1% rise in the S&P 500 could lead to a 0.5% drop in the investment. The beta for an investment isdetermined by using regression analysis to measure the relationship between the returns of the investment and thereturns of the S&P 500. HiddenLevers uses 10 years of data to measure the beta for an investment. For investments withless than 10 years of history, all available historical data is used.Category Fee Range - The range is determined by taking the average fee of all funds in a category, and then determiningthe standard deviation of fees from that average. The low end of the fee range is set to be two standard deviations belowthe average, and the high end of the fee range is set to be two standard deviations above the average.Cross Correlations - HiddenLevers measures the correlation between every pair of investments in the portfolio. Thecorrelation results can vary between 1 and -1, where a correlation of 1 means that two investments move togetherperfectly over time, and a correlation of -1 means that two investments move in opposite directions over time.Expected Return - This is the 5-year total return of the portfolio based on the stress test scenarios selected for the report.The system takes the weighted average of the economic scenarios to calculate a one-year return, which is thencompounded to determine the five-year return.Lever - HiddenLevers tracks different levers (economic indicators) like CPI, US GDP Growth, and oil prices, and usesmovements in these levers to define economic scenarios.Lever Impact - The lever impacts section describes the impact of different economic levers on the portfolio as a whole.An S&P lever impact of 1.0, for example, means that a 1% rise in the S&P 500 is projected to lead to a 1% rise in theportfolio. HiddenLevers similarly measures the impact of a range of economic levers on the portfolio.Maximum Drawdown (MDD) - this is measured as the largest percentage drop in a position during the timeframe ofmeasurement.

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Scenario - A scenario is a representation of a major macro-economic or geopolitical event which has the potential toimpact investment returns. HiddenLevers models scenarios as a set of up-or-down movements in any of the economicindicators (levers) in the system.Scenario Impacts - Using HiddenLevers' stress testing model, an upside and downside impact are projected for theportfolio in each scenario. Most scenarios are modeled with multiple potential outcomes, with both positive, neutral, andnegative outcomes considered. The best and worst projections are derived from running the different scenario outcomesagainst the portfolio in HiddenLevers model. The scenario-based stress testing model is discussed in detail in the Methodsection below.Sharpe Ratio - The Sharpe Ratio is the a measure for calculating risk-adjusted return, and this ratio has become theindustry standard for such calculations. It was developed by Nobel laureate William F. Sharpe. The Sharpe ratio is theaverage return earned in excess of the risk-free rate per unit of volatility or total risk. HiddenLevers calculates the Sharperatio by subtracting short term (1M) T-bill rates from the portfolio's annualized total return, and then dividing by theportfolio's volatility (annualized standard deviation).Sortino Ratio - The Sortino Ratio subtracts the risk-free rate of return form the portfolio's return, and then divides that bythe downside deviation.Stress Test Risk/Reward - The Stress Test Risk/Reward compares the portfolio's potential downside risk against the 5year expected return of the portfolio. Downside Risk: This is the maximum downside calculated across all of thescenarios included in the report. 5 Year Expected Return: HiddenLevers first calculates the expected return for theportfolio by calculating the one-year weighted average expected return across all included scenarios. The one-yearexpected return is then compounded to obtain a 5 year return estimate. Historically, major downside events occur roughlytwice a decade, making 5 years an appropriate timeframe for comparison of long term returns and downside scenariorisk.Volatility - HiddenLevers measures volatility as the annualized standard deviation of an investment or portfolio, expressedin percentage terms. The standard deviation is calculated using weekly data points, and is then annualized by multiplyingby the square-root of 52 (number of periods in one year).Potential Downside - Potential Downside is calculated by taking the account value and multiplying by the most potentialdownside seen in the portfolio through stress tests listed in the stress test section.Total Return - Calculation of returns of all securities inside of portfolio over the timeframe selected for proposal. Thecalculation assumes the same portfolio for entire timeframe rebalanced weekly. Yield and expense ratio for each securityis included in this calculation.Expense Ratio - The expense ratio is a weighted average of the most recently disclosed net expense ratio for securitiesin the portfolio.Yield - The weighted average of the current yield (data updated monthly) for securities in the portfolio.

Method:This report describes one or more potential scenarios, and shows the HiddenLevers-model based performancefor the portfolio in each scenario. The steps below are performed to generate the projections:Scenario -> Levers -> Assets (Stocks etc) -> Portfolio ReturnA scenario pushes levers up or down, which in turn push assets up or down, which in turn impact a portfolio's modeledreturn in the scenario. As defined above, a scenario is modeled as a set of movements in the levers. Regression analysisis used to determine the historical (prior 10 year) relationship between each lever and each asset in the portfolio. Themodel is then run 2500 times for each scenario/portfolio combination. In each iteration, the model projects the returns foreach asset using the historical regression coefficients for each lever, and using the scenario assumptions on how eachlever will change. The model varies the regression coefficients for each iteration using a normal distribution around theirmean (similar to a Monte Carlo model's varying of expected returns across iterations), and aggregates the results of the

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2500 iterations to find a mean portfolio return with a 95% confidence interval. The confidence interval is displayed on thereport as "margin of error" for each scenario.

Limitations and Assumptions:Each scenario discussed in this report is defined by the economic assumptions listed in the Macro Impact section of eachscenario page. HiddenLevers does not guarantee that any particular scenario will occur as modeled in this report.HiddenLevers uses historical analysis in the creation of this report, and past performance is not a guarantee of futureresults. Investors should consider this report as only a single factor in making their investment decision.IMPORTANT: The projections or other information generated by Hidden Levers regarding the likelihood of variousinvestment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of futureresults. The return assumptions in HiddenLevers are not reflective of any specific product, and do not include any fees orexpenses that may be incurred by investing in specific products. The actual returns of a specific product may be more orless than the returns used in HiddenLevers. It is not possible to directly invest in an index. Financial forecasts, rates ofreturn, risk, inflation, and other assumptions may be used as the basis for illustrations. They should not be considered aguarantee of future performance or a guarantee of achieving overall financial objectives. Past performance is not aguarantee or a predictor of future results of either the indices or any particular investment. HiddenLevers offers severalmethods of calculating results, each of which provides one outcome from a wide range of possible outcomes. All resultsin this Report are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results.All results use simplifying assumptions that may not completely or accurately reflect the specific circumstances. No Planor Report has the ability to accurately predict the future. As investment returns, inflation, taxes, and other economicconditions vary from the Hidden Levers assumptions, your actual results will vary (perhaps significantly) from thosepresented in this Report. The results are calculated over many years, small changes can create large differences infuture results. You should use this Report to help you focus on the factors that are most important to you. This Reportdoes not provide legal, tax, or accounting advice. Before making decisions with legal, tax, or accounting ramifications,you should consult appropriate professionals for advice that is specific to your situation. This information is provided foryour convenience, but should not be used as a substitute for your account's monthly statements and trade confirmations.It has been gathered from information provided by you and other sources believed to be reliable. Investors in MutualFunds and ETFs should consider the investment objectives, risks, charges and expenses of the investment companycarefully before investing. The prospectus and, if available, the summary prospectus contain this and other importantinformation about the investment company. You can obtain a prospectus and summary prospectus from your financialrepresentative. Read carefully before investing. The opinions voiced in this material are for general information only andare not intended to provide specific advice or recommendations for any individual. To determine which investment(s) maybe appropriate for you, consult your financial advisor prior to investing. All performance referenced is historical and is noguarantee of future results. All indices are unmanaged and may not be invested into directly. Assumed rates of return andstandard deviation assumptions used in the HiddenLevers analysis are based on historical return data for the benchmarkindex for the asset class. Indices are unmanaged and cannot be invested into directly. Past performance is no guaranteeof future results. HiddenLevers is not affiliated with Raymond James & Associates or Raymond James FinancialServices. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC Raymond James FinancialServices, Inc., member FINRA/SIPC. Investment products are: not deposits, not FDIC/NCUA insured, not insured by anygovernment agency, not bank guaranteed, subject to risk and may lose value.

GxWorks LLC, maker of software used to create this report, makes the following disclosures:GxWorks LLC's (GxWorks) mission is to educate and provide useful macro risk analytical tools to help provide data toassist with the investment decision process. GxWorks relies on financial data, including stock prices, provided by thirdparties. The data is believed to be accurate, but GxWorks does not guarantee or warranty this data. This report isintended only as an informational tool for you and your investment advisor, and should not in any way be construed asinvestment advice by GxWorks. If you make investment decisions based on information you receive in connection withthis report, you do so at your own risk and neither GxWorks nor its employees will be liable for any losses that you mayincur. GxWorks, its employees, officers or affiliates, in some instances, may have long or short positions or holdings in

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the securities or other related investments of companies mentioned herein. Users of this should conduct their ownindependent research and due diligence and consult with their investment advisor before making any investmentdecisions or recommendations.

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