Advisers

Ten Investment “Truths” nvesting is a process, not an event o investment process, as good as it may be, is perfect olatility / risk of your portfolio should never exceed your comfort level very investment proposal that sounds too good to be true, is ound investment portfolios are liquid-there is no substitute for liquidity o achieve your goals, you don’t have to hit homeruns, just don’t strikeout ake at least a 5 year commitment to your investment plan ake at least a 5 year commitment to your investment plan motional and tax-driven investment decisions are rarely good decisions ever confuse investment information with investment knowledge he path to investment success is paved with proven investment management principles and risk management techniques INVESTMENT

 Behavioral Studies Suggest Investors Do Not Always  Understand risk / reward tradeoffs  Remain focused on long-term goals  Make rational investment decisions Investor Behavior 2002 Nobel Prize in Economics to Daniel Kahneman for His Work in Behavioral Finance

Institutional Investment Process Increases the probability of achieving your investment goals, regardless of what happens in the stock market, the economy, or the course of world events

Report the results Continuous portfolio management Build your portfolio using proven investment management principles and risk management techniques Set your asset allocation policy Determine your investment objectives and tolerance for risk Institutional Investment Process

Determine Your Investment Objectives And Tolerance For Risk  Personal profile that drives investment of your assets  Your goals and objectives  Your time frame  Your tolerance for volatility / risk

Source: Brinson, Singer, and Beebower (1991) Security Selection 4.6% Market Timing 1.8% Other 2.1% AssetAllocation91.5% Asset Allocation - The Mixture of Stocks, Bonds, & Cash Is The Primary Determinant of Volatility / Risk & Reward Set Your Asset Allocation Policy

Build Your Portfolio Using Proven Investment Management Principles & Risk Management Techniques Our Portfolio Management Partner SEI INVESTMENTS Financially strong public company founded in 1968  Financially strong public company founded in 1968  Global institutional asset management company  $150+ billion in assets under management

Build Your Portfolio Using Proven Investment Management Principles & Risk Management Techniques Efficient, broadly diversified, style neutral portfolios Modern Portfolio Theory 1990 Nobel Prize In Economics To Harry Markowitz

Efficient Portfolios Efficient Portfolios Volatility / Risk Expected Return 100% Bonds 40% Stocks 60% Bonds 60% Stocks 40% Bonds 80% Stocks 20% Bonds 100% Stocks Portfolios above curve are unattainable Portfolios below curve are inefficient – greater risk than necessary to achieve expected return Structured to Maximize the Expected Return for the Level of Volatility / Risk You Are Willing to Accept

Active Tax-Management To Enhance Your Portfolio’s After-Tax Return  Fundamental portfolio engineering principles persist  Focus on the after-tax return of the asset class  Defer capital gains as long as possible  Implement active tax-management techniques to minimize taxes

Continuous Portfolio Management  Quarterly portfolio rebalancing  Maintains your volatility / risk mandate  Risk management techniques  Eliminate unnecessary and unrewarded risks  Supervision of the specialist money managers  Philosophy, process, people, and performance

Report The Results  Comprehensive, understandable reporting package  Monthly activity report  Quarterly performance report  Annual tax report

Institutional Investment Process – Report the results Continuous portfolio management Build your portfolio using proven investment management principles and risk management techniques Set your asset allocation policy Determine your investment objectives and tolerance for risk A Disciplined, Scientific Process

The Institutional Investment Process increases the probability of achieving your investment goals, regardless of what happens in the stock market, the economy, or the course of world events Provides greater control Brings you peace of mind

Annual Account Assets Management Fee On the first $ 250, % On the next $ 250, % On the next $ 250, % On the next $ 250, % On the next $ 250, % On the next $ 250, % On all amounts over $ 1,500, % Minimum account $ 150,000. Management fees are billed quarterly, in arrears. The fee is based on the account value on the last business day of the calendar quarter and is deducted from the investment management account. The deduction of the management fee is reported on the monthly statement of account activity. ADMINISTRATIVE FEES SEI Private Trust Company provides custody and reporting services for all portfolios. Accounts with a market value less than $250,000 are charged an annual administrative fee of $200. There is no administrative fee on accounts with a market value greater than $250,000. Fee Schedule