The Only Returns that Matter are the Returns You Keep Strategic Methodology 102

Understanding Your Risk Tolerance Personal Knowledge of You and Your World Risk Tolerance Questionnaire Your Risk Tolerance Your Financial Plan Your Risk Score Risk Tolerance = The level of risk you are willing to bear to pursue long-term wealth 2

Understanding Your Challenges Investor ChallengeInvestment Consideration Time Horizon: As you get closer to retirement, you need greater certainty that your wealth will address your financial goals; your tolerance for risk changes over time. Truro provides a series of investment strategies across the risk spectrum that allow you to reduce your risk profile as you age. Liquidity: Having access to your money is important to meet unexpected financial obligations. Truro strategies can maintain strategies to ensure an appropriate amount of your investments are liquid or readily available. Portfolio Losses: Recovery from a significant decline in the value of your portfolio may be difficult to overcome in time for retirement. Truro strategies actively manage risk in an effort to minimize large losses and to help preserve your wealth. 3

1.Actively managing risk to potentially dampen price swings and provide stability during stressful markets. 2.Pursuing strong return opportunities across the globe. 3.Staying the course by providing an approach that can help you address your financial objectives. Our Approach 4

Establishing Portfolio Objectives (i.e. Return and Risk Goals) Determining Asset Allocation Framework (i.e, asset classes and allocation size) Analyzing and Selecting Investment Managers Performing On-Going Risk Insight Into Portfolio Daily Monitoring and Analysis of Portfolio Risk to Understand Risk Return Impact of Allocation Decisions Coordinating input and make on-going portfolio allocation decisions to support portfolio objectives 5 Daily monintoring and analysis of portfolio risk to understand risk return impact of allocation decisions. that will meet the portfolio objectes Our Investment Process

Our Investment Team 6 John P. Napolitano, CFP®, CPA, PFS, MST, RLP® Chairman and CEO Phil Kosmala, CFA Chief Investment Strategist Rob Napolitano Associate Portfolio Manager Tom Fletcher Client Manager Truro was founded by a firm of financial planners and investment professionals who have spent their careers understanding the investment needs of individual investors.

GLOBAL DIVERSIFIED STRATEGIES Truro Asset Management 7

Portfolio Design In a world in which attractive investment returns are hard to find, we believe thoughtful portfolio design is more important than ever in helping clients address their financial goals. 8

Truro was founded by a firm of financial planners and investment professionals who have spent their careers understanding the investment needs of individual investors. Our Investment Expertise 9

Key Objectives Portfolio Design Analysis Supporting clients financial goals. Over exposure to anyone asset class may result in too much investment risk. Spreading your investment dollars into many different asset classes may result in greater stability and a better chance of achieving your financial goals Get Broad & Global Avoid Overexposure Actively Manage Risk Broad and Global exposure across asset classes may provide diversification benefits, lower portfolio risk and enhanced returns In a volatile and complex investing environment active risk management may be necessary to maintain appropriate levels of portfolio risk given your risk tolerance and financial goals 3 Key Objectives of Portfolio Design 10

Broad Diversification At Truro Asset Management we have identified what we believe are the essential asset class exposures to consider as compliments to core asset class exposures. We define the core asset classes to include developed market equity and fixed income securities. We believe there are important advantages to investing beyond the core. *Truro Strategic Asset Classes Portfolio Exposures US Equities Developed International Equities Global Real Estate International Small Cap Emerging Market Debt Emerging Market Equity Commodities (via Mfund/ETF) High Yield Leveraged Loans Hedge Funds Portfolio Design Analysis 11

Risk Management Strategies In Today’s investment environment which is characterized by significant interest rate risk, constrained earnings per share growth, constrained P/E multiple expansion, and a high level of volatility in market volatility levels, we believe it is essential to be very active in managing portfolio risk. In the table on the right we have identified what we believe are the 5 essential risk management strategies to consider when navigating the current environment. Truro Suggested Risk Management Strategies Risk Management Strategies Broad Allocation Global Allocation Active Risk Targeting at the Holding Level Active Risk Targeting at the Portfolio Level Tail Risk Management at the Portfolio Level Portfolio Design Analysis 12 There is no assurance that the stated objectives of any investment program will be achieved. No strategy can assure success or guarantee against loss.

Capital Allocation ≠ Risk Allocation Risk Budgeting in Action Core equity explains 99% of the portfolios expected volatility, but is only 70% of the Capital Allocation Capital Allocation Risk Allocation 17% US Large Cap Growth Equity 18% US LC Value Equity 10% US MCap Equity 10% US Small Cap 15% EAFE Equity % US Agg FI 24% US Large Cap Growth Equity 24% US LC Value Equity 16% US MCap Equity 18% US Small Cap 17% EAFE Equity % US Agg FI 13

Active Risk Budgeting is Required… …Because Correlations Fall and Rise as Markets Change As Correlation Increases Rising correlations diminish the power of diversification Diversification Decreases Risk Budgeting in Action 14

Truro Manager Selection A 5-Step Process Informed By Purpose Fit 15

Truro Asset Management: Globally Diversified Strategies 5 Globally Diversified Risk Managed strategies that span the broad spectrum of client risk tolerance and return needs Sophisticated, active and robust risk management A focus on Real Return (after Inflation) with an absolute Return Bias An active focus on drawdown control Truro Growth Truro Growth & Income Truro Balanced Truro Enhanced Income Truro Conservative Investment Objective Aggressive Growth Growth Modest Growth Modest Growth with Income Purchasing Power Preservation Investment Time Horizon 10+ Years8+ Years5+5+ Years3+ Years *Volatility Objective 13%11%9% 7% Target Return Inflation + 6% - 8%5% - 7%4% - 6% 3% - 5% Broad & Global Asset Allocation Active Volatility Management Tail Risk Management 16 There is no assurance that the stated objectives of any investment program will be achieved. No strategy can assure success or guarantee against loss.

Truro Asset Management: Broad Diversification Strategic Asset Classes Truro Growth Truro Growth & Income Truro Balanced Truro Conservative Truro Enhanced Income US Equities15.5%13.3%10.9%8.4%12% Developed International Equities 13%11.2%9.1%7%8% Developed Global Fixed Income 14%30%46%19% Global Real Estate4.7%4%3.3%2.6%6% International Small Cap 6.2%5.4%4.4%3.4%2% *Emerging Market Debt 11.2%9.7%7.8%6.1%10% Emerging Market Equity 8%6.9%5.6%4.3%6% Commodities3.4%2.9%2.4%1.8%2% Global High Yield6.3%5.4%4.4%3.4%20% Leveraged Loans4.2%3.6%2.9%2.2%8% Hedge Funds27.4%23.6%19.2%14.8%7% At Truro Asset Management we have identified what we believe are the essential asset class exposures to consider when designing a portfolio. We believe each asset class can be additive to the over all portfolio. *Emerging Market Debt consists of two distinct asset classes – EM Local Currency and EM USD The percentages provided are our Strategic asset class weights…at any point in time our actual portfolio weights, which reflect our tactical views, may differ significantly Truro Asset Management currently allocates across 12 broad asset classes. 17 There is no assurance that the stated objectives of any investment program will be achieved. No strategy can assure success or guarantee against loss.

Disclosure: Investing in securities is subject to risk including possible loss of principal. There is no assurance that the stated objectives of any investment program will be achieved. No strategy can assure success or guarantee against loss. ADV information on U.S. Financial Advisors, LLC may be found at the following address: The firm’s home office address is: 30 Braintree Hill Office Park, Suite 201 Braintree, MA Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through U.S. Financial Advisors, a registered investment advisor. U.S. Financial Advisors and U.S. Wealth Management are separate entities from LPL Financial. 18