1. Managed360™
Pershing’s scalable managed account solution offered through Lockwood Advisors, Inc.

2. Our Shared Vision The Investments Company for the World
BNY
Mellon
The Investments Company for the World
Pershing’s Managed
Investments
Globally to provide an elegant advisory experience that helps investors meet their financial goals
Lockwood
Advisors1
Your dedicated investment solutions partner
1 Lockwood Advisors, Inc. (Lockwood) is an investment adviser registered in the United States under the Investment Advisers Act of 1940, an affiliate of Pershing LLC, and both wholly owned subsidiaries of The Bank of New York Mellon Corporation (BNY Mellon). Pershing LLC, member FINRA, NYSE, SIPC.

3. Managed360™: Continuing a History of Innovation
Lockwood partners with BNY Mellon Manager Research Group to conduct ongoing research for Pershing’s FundVest 200TM list
Lockwood integrated with Pershing LLC
Lockwood introduces alternative investments into various strategies
Lockwood becomes #1 provider of Separate Account services to independent financial advisors*
Launch of Lockwood sponsored program – open architecture SMA program
Jim Lockwood develops the first wrap account at E.F. Hutton
Lockwood acquired by The Bank of New York
Lockwood aligned with BNY Mellon Wealth Management
Lockwood founded
1975
1992
1995
1996
1999
2002
2003
2005
2007
2009
2010
2011
2013
2014
2015
Launch of the first wrap account at a wirehouse
Lockwood introduces Separate Account platform for independent financial advisors
Lockwood becomes early adopter of ETFs for systematic exposure
Lockwood launches UMA
Launch of objectives-based strategies in MF wrap program
PNC Managed Investments integrated into Lockwood
Lockwood formalizes alignment with BNY Mellon Investment Management
BNY Mellon Investment Management creates centralized manager research group
Managed360™ is integrated within Pershing’s technology platform and offered through Lockwood
*Cerulli, 1999

4. Managed360
Managed360 is an integrated managed account solution available to Pershing LLC1 clients offered through Lockwood Advisors, Inc.2
1 Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is not a registered investment adviser and does not offer investment advisory products, programs or services.
2 Investment advisory and overlay services provided by Lockwood Advisors, Inc. Lockwood Advisors, Inc. is an SEC Registered Investment Adviser and an affiliate of Pershing LLC, each subsidiaries of The Bank of New York Mellon Corporation. Pershing LLC, member FINRA, NYSE, SIPC.

5. Growth of Managed Account Assets
Managed360™ Can Help Increase Advisor Participation
Note: “E” represents estimates. Sources: J.P. Morgan Asset Management, Cerulli Associates (data published in The Cerulli Report: Managed Accounts 2014). Analyst Note: Capital market assumptions based on J.P. Morgan Asset Management's projections. Mutual fund advisory program assets include ETF advisory program assets. Statements of future expectations, estimates and other forward-looking statements are based on available information and our view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Source: Cerulli Managed Account Survey (3Q 2014). Data is preliminary and subject to change.

6. Exceptional Experience and Support for Managed360
$1.7 trillion under management1
$28.5 trillion under custody and administration1
Safest bank in the U.S. for five consecutive years2
$1.5 trillion in global client assets3
One of the Industry’s largest global outsourcing providers3
An Industry-leading technology and services platform
$12.2 billion in advisory assets under management, with more than 91,000 advisory client accounts4
Industry-leading provider of portfolio management and research solutions
Managed investments pioneer founded in 1995
Providing advisory solutions for investors exclusively through financial institutions and advisors
Primary location in King of Prussia, PA
1. The Bank of New York Mellon Corporation, Corporate Fact Sheet (Q4:2014). 2. BNY Mellon was ranked 29 (2013), 29 (2012), 24 (2011), 30 (2010) and 32 (2009) globally, and was the first U.S. bank listed, on Global Finance Magazine’s “The World’s 50 Safest Banks” list. The rankings are selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, S&P and Fitch were used. 3.Pershing At A Glance Fact Sheet (Q4:2014). 4. Lockwood Advisors, Inc. as of 12/31/14. RATINGS AND RANKINGS ARE SUBJECT TO CHANGE.

7. Investment Solutions and Research Education and Training
Managed360
Combines the Necessary Ingredients to Support Advisor Success
Key managed account functions fully accessible and integrated into NetX360®
Can be quickly delivered with limited implementation dependencies
Provide Pershing’s managed investments platform on your firm’s own books and records
Comprehensive menu of investment solutions and research capabilities
Saves time by allowing advisors to focus on growing their book of business and deepening relationships with their clients
Dedicated sales support and advisory consulting from experienced managed account professionals
Continuous education and training
Investment Solutions and Research
Advisors have access to:
A fully integrated managed account solution in Pershing’s leading technology platform, NetX360
A new account opening and account maintenance workflow system
Access to third-party asset managers and model providers
A range of managed account investment solutions, including mutual fund/ETF wrap accounts, unified managed accounts and separately managed accounts
Institutional-quality research delivered by Lockwood and powered by the BNY Mellon Manager Research Group
Investment selection, due diligence and portfolio management recommendations from Lockwood
Advisors may benefit from:
An Elegant Solution—access to a leading integrated managed account technology platform, with support from Lockwood during the client engagement process.
Business Development and Sales Support—assistance from a seasoned regional wholesaling team to train on investment solutions and/or point-of-sale support.
A Competitive Offering—compete by using some of the industry’s leading capabilities; this managed account solution can help support some of the most complex needs of a sophisticated investor.
Additional benefits
Designed to meet the needs of fee-based advisors and their clients
Access to leading third-party model providers and delivers mutual fund/exchange-traded fund (ETF) wrap accounts, unified managed accounts (UMA) and hundreds of separate account managers
Technology
Education and Training
Sales Support

8. Managed360 Integrated Managed Investments Platform
Proposal Generation
Portfolio Analytics
Performance Reporting
New Account Opening
Proposal System
Pershing’s proposal system creates a comprehensive investment proposal and includes a portfolio comparison tool depicting a current portfolio versus a proposed portfolio. This tool can help advisors acquire new clients and engage existing clients with a high quality investment proposal.
Portfolio Analytics
Pershing’s portfolio analytic tools can analyze investment holdings to create a portfolio that suits unique client needs. These tools are powered by Morningstar data and may highlight potential issues within a client’s current portfolio such as inadequate diversification, portfolio or asset concentration, portfolio risk and portfolio performance.
Performance Reporting
Pershing’s performance reports can help advisors effectively manage sophisticated client relationships with our performance householding capabilities. The on-demand reporting features reflect data as of the prior day close of business, and quarterly performance reports will display account- or household-related data in an intuitive and client friendly format.
New Account Opening
Managed360 offers integrated account opening solutions to reduce the time it takes to open a new account. Within this toolset, users can make changes to retail brokerage accounts—including a conversion to a managed account—with minimal effort, providing users with more time for client engagement.
Account Maintenance
With Pershing’s fully integrated account maintenance features within NetX360, complex or simple maintenance requests for client accounts can be met with ease. Tasks once performed individually may now be combined, creating a more streamlined experience.
Billing
Pershing’s enterprise billing system provides flexible billing reports and filtering tools for sophisticated data file processing. Billing starts with the account inception and continues through ongoing quarterly billing. Pershing facilitates all fee processing (program, manager and advisor fees).
Investment Solutions and Research
The complexities often associated with portfolio construction, investment vehicle selection and money manager due diligence can be simplified with the help of Lockwood’s institutional-quality research, which is powered by the BNY Mellon Manager Research Group1.
Education and Training
Comprehensive educational resources are available for Managed360 users, including on-demand training modules, onsite product training and dedicated sales and service desks.
Account Maintenance
Billing
Investment Solutions and Research1
Education and Training
1 Lockwood receives certain research services from BNY Mellon’s Manager Research Group in manager research, due diligence, ongoing monitoring, creation and the preparation of this report. Lockwood is an affiliate of Pershing, both wholly-owned subsidiaries of BNY Mellon. Pershing LLC, member FINRA, NYSE, SIPC.

9. Segmentation Flexible Solutions May Increase Your Value SMA
Ultra-High-Net-Worth
SMA
Managed360 offers flexible solutions that many advisors are looking to incorporate into their toolbox as a result of investor interest, and further increase the value the advisor adds to client relationships. As you can see, the investment solutions available through Managed360 will provide advisors flexibility in the range of investor wealth they manage, as well as offer greater flexibility in the investment products and allocations they offer their clients.
Unified Managed Account
Market Segment
Third-Party Model Providers
Fixed & Flexible MF/ETF Wrap
Emerging
Investor/ Mass Affluent
Advisor Flexibility to Select Allocations and Investments
No Flexibility
Some Flexibility
Greater Flexibility
MF: mutual fund ETF: exchange-traded fund SMA: separately managed account

10. Managed360 Investment Solutions
Third-Party Model
Providers
Access to leading third-party asset managers
More selections to manage a client’s portfolio
Investment solutions starting at $25,000
Fixed Mutual Fund/ ETF Wrap
Offering a series of multiple-style portfolios—each held in a single account—affording the features of diversification and professional management, starting at $50,000
Managed360
Flexible Mutual Fund/ ETF Wrap
Provides the choice and flexibility in both portfolio construction and investment selection
Unified Managed Accounts
Multi-asset class portfolios combining strategically driven asset allocation, subadvisor and investment selection and portfolio construction expertise in a single account structure
Separately Managed Accounts
Research covered managers1
Open architecture2
Tax-aware managers
1 Research Coverage—66 money managers and more than 136 options with traditional asset classes (as of February 18, 2015)
2 Open Architecture—156 money managers and 529 options with traditional asset classes (as of February 18, 2015)
Diversification and strategic asset allocation do not guarantee a profit or protect against a loss in declining markets.

11. Third-Party Model Providers’ Advisory Solutions in Managed360
Investment minimums starting at $25,000
Strategic and tactically managed portfolios
Retirement focused portfolios
Passively and actively managed portfolios
Vanguard Advisers, Inc.
Strategic ETF Models
BlackRock Investment Management, LLC
Target Income Models
Russell Investments
Comprehensive Models with Alternatives
Morningstar Investment Services, Inc.
Retirement Income
Newfound Research LLC
Tactically Risk Managed
As of February 3, 2015

12. Lockwood’s Advisory Solutions in Managed360
Investment minimums starting at $50,000
Retirement focused portfolios
Access to more than 500 separately managed account strategies
Passively and actively managed portfolios
Strategic and tactically managed portfolios
Lockwood Asset Allocation Portfolios
Lockwood AdvisorFlex Portfolios
Lockwood Investment Strategies
Separately Managed Accounts
Discretionary mutual fund/ETF account
Professional investment management
Ongoing portfolio oversight
Lockwood or advisor- directed mutual fund/ETF account
Objectives-based investment strategies
Portfolios tailored to meet investor needs
Discretionary unified managed account
Tax-sensitive models available1
Analyzes risk exposure across all holdings
Research coverage2
Open architecture3
Fixed income strategies
Expertise of individual money managers
1 Lockwood does not attempt to manage the impact of state, local or foreign government taxes, nor with respect to the alternative minimum tax (AMT), estate and gift or other taxes. Lockwood is not a tax advisor, and is not responsible for, and does not guarantee, that it will minimize the investor’s tax liabilities.
2 Research Coverage—66 money managers and more than 136 options with traditional asset classes (as of February 18, 2015)
3 Open Architecture—156 money managers and 529 options with traditional asset classes (as of February 18, 2015)

13. Sales Support, Training and Education
Our Commitment to Asset Acquisition
Potentially increase revenues and assets under management as highly experienced regional consultants within Lockwood work with advisors
Practice management tools available to advisors and firms to maintain a sustainable business model and remain competitive
Continual training available for new features and enhancements within the platform to improve productivity and scalability of advisor business
Managed360 not only provides the technology and products needed by advisors to participate in the growth of managed assets, but equally as important, Lockwood partners with advisors to develop and grow fee-based business. Managed360 offers sales support and advisory consulting services from experienced regional consultants within Lockwood Advisors. These regional consultants will guide advisors through the process of transitioning to fees, segmenting business, growing existing business as well as providing the latest product information and market trends. We believe this collaboration and offering advisors a knowledgeable partner is critical to their success.

14. We Can Help Regional Director, [Territory] FirstName LastName
Business Development Associate
FirstName LastName
Telephone:
Telephone:
Business Development Team
Advisory Consulting Services1
Kevin St. Clair and David Little
(800)
Telephone: St. Clair: (484) Little: (484)
St. Clair: Little:
1 Advisory Consulting Services provided by Lockwood Advisors, Inc.

15. Questions?
Can I answer any questions?

16. Important Disclosures
Lockwood Advisors, Inc. (Lockwood) is an investment adviser registered in the United States under the Investment Advisers Act of Lockwood and Pershing LLC are each wholly owned subsidiaries of The Bank of New York Mellon Corporation (BNY Mellon). Trademark(s) belong to their respective owners. This document contains proprietary information of Lockwood and is provided to you on a strictly confidential basis. This document and the information contained herein should not be reproduced, communicated, or shared with any other party, either in whole or in part, without the express written consent of Lockwood. The views expressed represent the opinion of Lockwood, which are subject to change and are not intended as investment recommendations, a forecast or guarantee of future results. Stated information is derived from proprietary and non-proprietary sources which have not been independently verified for accuracy or completeness. While Lockwood believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and management’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions which may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Past performance of various investment strategies, sectors, vehicles and indices are not indicative of future results. There is no guarantee that investment objectives will be attained. Results may vary. There is no guarantee that risk can be managed successfully.