Lee Summer: The Holding Company for a Family of Wealth Managers Tiburon Research May 12, 2015

Lee Summer Comments Founded in 1987 Founded as Sanders, Morris, & Mundy Founded by Dan Sanders, Ben Morris, & John Mundy Based in Houston, TX 9 firms 6 states 10 offices 152 employees 1,000 clients $8.4 billion assets under management Web sites: www.globalhou.com, www.smhca.com, www.cummermoyers.com, www.kissingernet.com, www.leonettiassoc.com, www.rikooncarret.com, www.miller-green.com, www.isgca.net, www.capitolmanagementgroup.org, www.signethealthcarepartners.com, & www.selectsportsgroup.com Source: 5/18/11 Answers.Com Web Site; 5/18/11 Funding Universe Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); 11/29/10 Sanders Morris Harris Group Press Release; 5/25/01 Houston Business Journal; 2/11/00 Houston Business Journal; Tiburon Research & Analysis

Lee Summer Has 152 Employees, Up Nearly 100% Since 2011 But Steady Since 2014 Source: 9/14/12 Houston Business Journal; 4/12 Financial Advisor Magazine; 5/18/11 Answers.Com Web Site; 5/18/11 Funding Universe Web Site; 5/17/11 Investor Solutions Group Web Site; 5/17/11 Sanders Morris Harris Web Site; 5/17/11 Miller-Green Financial Services Web Site; 5/17/11 Rikoon Group Web Site; 5/17/11 Leonetti & Associates Web Site; 5/17/11 Capitol Management Group Web Site; Tiburon Research & Analysis 3 3

Assets Under Management & Administration Lee Summer Has Gathered $8.4 Billion Assets Under Management & Administration, Up Nearly 200% Since 2008, But Down from its Peak of $8.8 Billion in 2014 Lee Summer Assets Under Management & Administration ($ Billions) Source: 9/14/12 Houston Business Journal; 9/13/12 The Edelman Financial Group Press Release; 6/20/11 RIA Biz; 6/20/11 Investment News; 5/18/11 Answers.Com Web Site; 5/18/11 Funding Universe Web Site; 5/10/11 SMH Group Press Release; 4/14/11 Edelman Financial Services Presentation (Edelman); 4/11/11 RIA Biz; 3/15/11 Barron’s; 3/25/11 RIA Biz; 11/29/10 On Wall Street; 11/30/10 Google News Alerts; Tiburon Research & Analysis 4 4

Lee Summer Has Eight Core Businesses, Including Global Financial Services & SMH Capital Advisors Edelman Financial Group Businesses Global Financial Services Sanders Morris Harris Leonetti & Associates SMH Capital Advisors The Rikoon Group Miller-Green Financial Services Investor Financial Solutions The Dickenson Group Source: 5/18/11 Answers.Com Web Site; 5/17/11 Reuters Web Site; 11/29/10 Sanders Morris Harris Group Press Release; 1/22/09 Sanders Morris Harris Group Press Release; 11/15/07 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer’s First Business is Global Financial Services Comments Founded in 1994 Founded by Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia Based in Houston, TX 28 employees $4.7 billion assets under management & administration Co-CEOs: Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia Web site: www.globalhou.com Sanders Morris Harris Group acquired 50.1% stake in 2010 (more precisely, SMH Group acquired a 48.7% capital interest & 50.1% profits interest in Global Financial Services (its broker/dealer) and a 50.1% capital & profits interest in GFS Advisors (its RIA)) Boosted assets under management by 33% to $16.0 billion Boosted earnings by 10% Principals retained remaining 49.9% ownership stake Acquired additional 25% stake to push ownership to 75.0% in 2011 Three individuals also granted put options at 6.0x EBITDA plus $1.0 million Source: 5/17/11 Reuters; 5/16/11 The Edelman Financial Group Conversation (Edelman); 4/14/11 Edelman Financial Services Presentation (Edelman); 12/9/10 RIA Biz; 11/29/10 On Wall Street; 11/29/10 Sanders Morris Harris Group Press Release; 11/29/10 Reuters; 10/31/10 Sanders Morris Harris Group Web Site; 8/31/09 RIA Biz; 3/08 Registered Rep; Tiburon Research & Analysis

Global Financial Services Lee Summer’s Global Financial Services Has 28 Employees, Up from 26 in 2014 Global Financial Services Employees Source: Tiburon Research & Analysis 7

Global Financial Services Assets Under Management & Administration Lee Summer’s Global Financial Services Has Gathered $4.7 Billion Assets Under Management & Administration, Up from $4.1 Billion in 2010 But Down from its Peak of $5.1 Billion in 2014 Global Financial Services Assets Under Management & Administration ($ Billions) Source: 11/29/10 Sanders Morris Harris Group Press Release; 11/29/10 On Wall Street; 11/29/10 Reuters; 12/9/10 RIA Biz; 10/31/10 Sanders Morris Harris Group Web Site; Tiburon Research & Analysis 8

Lee Summer’s Second Business is SMH Capital Advisors Comments Founded as Cummer Moyer Financial Services Based in Fort Worth, TX 14 employees $871.4 million assets under management Web sites: www.smha.com & www.cummermoyers.com Acquired by Sanders Morris Harris Group in 2000 Source: 5/17/11 SMH Capital Advisors Web Site; 5/13/11 Cummer Moyers Web Site; 11/1/10 Sanders Morris Harris Group Web Site; 11/15/07 SMH Group Press Release; 5/8/03 American Banker; 11/19/02 EnvestnetPMC Conference Brochure; 11/6/02 EnvestnetPMC Web Site; Tiburon Research & Analysis

SMH Capital Advisors Employees Lee Summer’s SMH Capital Advisors Has Fourteen Employees, Consistent Since 2014 SMH Capital Advisors Employees Source: Tiburon Research & Analysis

Assets Under Management & Administration Lee Summer’s SMH Capital Advisors Has Gathered $871.4 Million Assets Under Management & Administration, Down from $1.3 Billion in 2013 SMH Capital Advisors Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 11 11

Lee Summer’s Third Business is Sanders Morris Harris Comments 4 offices 66 employees Source: 5/16/11 The Edelman Financial Group Conversation (Edelman); 4/14/11 Edelman Financial Services Presentation (Edelman); 4/8/11 Google News Alerts; Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Has 66 Employees Source: Tiburon Research & Analysis

Assets Under Management & Administration Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has Gathered $753.1 Million Assets Under Management & Administration, Down from $886.0 Million in 2013 Don Sanders Practice Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 14 14

Kissinger Financial Services Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Sixteen Employees, Consistence Since 2014 Kissinger Financial Services Employees Source: Tiburon Research & Analysis

Kissinger Financial Services Assets Under Management & Administration Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Gathered $491.9 Million Assets Under Management & Administration, Up Slightly Since 2013 Kissinger Financial Services Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 16 16

Lee Summer’s Fourth Business is Leonetti & Associates Comments Founded in 1982 Founded by Michael Leonetti Based in Buffalo Grove, IL 16 employees $636.9 million assets under management CEO: Michael Leonetti Web site: www.leonettiassoc.com Acquired 50.1% in 2008 Allowed Leonetti & Associates to monetize the value of business and gain access to investment banking deals Acquired additional 30% stake to push ownership to 80.1% in 2011 Incremental stake acquired directly by Summer Holdings I One individual also granted put option at 8.0x EBITDA to be paid over four years Source: 6/21/11 Alacra Store.Com; 6/15/11 Leonetti & Associates Web Site; 5/17/11 Leonetti & Associates Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); 3/5/08 SMH Group Press Release; Tiburon Research & Analysis

Leonetti & Associates Employees Lee Summer’s Leonetti & Associates Has Sixteen Employees, Up from Twelve in 2010 Leonetti & Associates Employees Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 18 18

Assets Under Management Lee Summer’s Leonetti & Associates Has Gathered $636.9 Million Assets Under Management, Up Almost 50% Since 2011 Leonetti & Associates Assets Under Management ($ Millions) Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 19 19

Lee Summer’s Fifth Business is The Rikoon Group Comments Founded in 1987 Founded by Robert Rikoon Based in Santa Fe, NM 7 employees $464.7 million assets under management CEO: Robert Rikoon Web site: www.rikooncarret.com Acquired 80% stake in 2007 Allowed The Rikoon Group to monetize the value of business and gain access to investment banking deals Acquired additional 20.0% stake to push ownership to 100% in 2011 Incremental stake acquired by Summer Holdings II Source: 6/21/11 Rikoon Group Web Site; 5/17/11 Rikoon Group Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

The Rikoon Group Employees Lee Summer’s The Rikoon Group Has Seven Employees, Consistent Since 2014 The Rikoon Group Employees Source: Tiburon Research & Analysis 21 21

Assets Under Management Lee Summer’s The Rikoon Group Has Gathered $464.7 Million Assets Under Management, Relatively Consistent Since 2013 The Rikoon Group Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 22

Lee Summer’s Sixth Business is Miller-Green Financial Services Comments Founded in 1984 Founded by Bert Miller Based in The Woodlands, TX 10 employees $457.5 million asset under management CEO: Bert Miller Web site: www.miller-green.com Acquired in 2008 Previously had been SMH Partners affiliate Source: 6/21/11 Alacra Store.Com; 5/17/11 Miller-Green Financial Services Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); 4/21/08 SMH Group Press Release; Tiburon Research & Analysis

Miller-Green Financial Services Lee Summer’s Miller-Green Financial Services Has Ten Employees, Consistent Since 2014 Miller-Green Financial Services Employees Source: Tiburon Research & Analysis 24

Miller-Green Financial Services Lee Summer’s Miller-Green Financial Services Has Gathered $457.5 Million Assets Under Management & Administration, Up Almost 15% Since 2008 But Down Slightly Since its Peak in 2014 Miller-Green Financial Services Assets Under Management & Administration ($ Billions) Source: 4/21/08 SMH Group Press Release; Tiburon Research & Analysis 25

Lee Summer’s Seventh Business is The Dickenson Group Comments Founded in XXXX Based in Solon, OH 11 employees Acquired 50.1% in 2007 Four individuals also awarded put options at fair market value (paid out over four years) Source: 6/21/11 Alacra Store.Com; 5/17/11 Sanders Morris Harris Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

The Dickenson Group Employees Lee Summer’s The Dickenson Group Has Eleven Employees, Up from Ten in 2014 The Dickenson Group Employees Source: Tiburon Research & Analysis 27

Lee Summer’s Eighth Business is Investor Financial Solutions Comments Founded in 2001 Founded as Investor Solutions Group of California Based in Huntington Beach, CA Principal: Ruth Sully Web site: www.isgca.net Acquired 51% stake in XXXX Source: 11/18/13 The Edelman Financial Group Web Site; 11/18/13 BrightScope; 5/17/11 Investor Solutions Group Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer is Led by its CEO Ric Edelman Organizational Chart Ric Edelman CEO Ed Moore President George Ball President Other Wealth Managers Business Marvin Davis Chief Marketing Officer Joe Bottazi Executive Vice President Business Development Rene Chaze Chief Operating & Financial Officer Lesley Roberts Chief Administrative Officer Christine Cataldo Chief Information Officer Bill Hayes General Counsel Eraine Parker Chief Compliance Officer Leslie Jallans Chief Compliance Officer Sanders Morris Harris Note: Ric Edelman founded the firm in 1987; Rene Chaze joined the firm in 2011; he was formerly at Ernst & Young; Marvin Davis joined the firm in 2013; he was formerly at Life Lock, Comcast, Verizon, & Proctor & Gamble Source: 1/19/15 Financial Advisor; 5/12/14 Think Advisor Web Site; 3/28/14 The Edelman Financial Group Email (Jallans); 7/30/13 Thomas Lee Capital Email (Mahoney); 7/8/13 The Edelman Financial Group Email (Edelman); 7/17/12 The Edelman Financial Group Form 8k; 6/28/13 The Edelman Financial Group Email (Roberts); Tiburon Research & Analysis

Lee Summer is Privately Owned Comments -- Source: 9/23/14 Securities & Exchange Commission Web Site; 7/17/12 The Edelman Financial Group Form 8k; 7/6/12 The Edelman Financial Group Form 14A; 6/20/11 RIA Biz; 5/18/11 Answers.Com Web Site; 5/18/11 Funding Universe Web Site; 11/29/10 Reuters; 8/27/09 Small Cap World Web Site; 5/8/03 American Banker; Tiburon Research & Analysis

Tiburon Strategic Advisors Comments Focus on corporate-level strategy Serve senior executives only at financial services companies Key services: market seminars, market research, & strategy consulting Served over 400 corporate clients and completed over 1,700 projects since 1998 Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors Chip Roame background McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis 31