Lee Summer: The Holding Company for a Family of Wealth Managers

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: & 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

Affiliated Wealth Partners
Lee Summer was Founded as Pinnacle Global Group in 1987 and Has Subsequently Evolved through its Sanders, Morris, & Mundy, Pinnacle Global Group & Sanders Morris Harris Group, The Edelman Financial Group, & Affiliated Wealth Partners Phases Lee Summer History Sanders, Morris, & Mundy Founded Affiliated Wealth Partners Today Sanders, Morris, & Mundy Phase Pinnacle Global Group & Sanders Morris Harris Group The Edelman Financial Group Affiliated Wealth Partners Approximate Dates: 1982 – 1987 2015 2015 Key Steps: 1982: Leonetti & Associates founded 1984: Miller-Green Financial Services founded 1987: The Rikoon Group founded 1987: Sanders, Morris, & Mundy founded 1994: Pinnacle Management & Trust Company founded 1994: Harris, Webb, & Garrison founded 1994: George Ball joined Sanders, Morris, & Mundy as chairman 1994: Global Financial Services founded 1996: Sanders, Morris, & Mundy acquired Williams, MacKay, Jordan, & Company 1998: Pinnacle Global Group founded 1996: Crest Advisors founded 2000: Pinnacle Global Group acquired Sanders, Morris, & Mundy 2000: Pinnacle Global Group acquired Cummer Moyers Financial Services 2000: Pinnacle Global Group acquired Blackford Securities 2001: Pinnacle Global Group changed its name to Sanders Morris Harris Group 2001: Sanders Morris Harris Group acquired Kissinger Financial Services 2001: Investor Solutions Group of California founded 2002: Sanders Morris Harris Group acquired Sutro & Company’s institutional sales team 2003: Sanders Morris Harris Group merged its Pinnacle Management & Trust Company into Salient Partners and ended up with a 50% stake in Salient Partners & 23% stake in its affiliate Endowment Advisers 2004: Sanders Morris Harris Group acquired Crest Advisors 2005: Sanders Morris Harris Group acquired a 51% stake in Edelman Financial Services 2007: Sanders Morris Harris Group wrote down high yield hedge fund investment (SMH Credit Opportunity Fund) and increased loan loss reserves 2007: Sanders Morris Harris Group acquired 80% stake in The Rikoon Group 2007: Sanders Morris Group acquired a 50.1% stake in The Dickenson Group 2008: Sanders Morris Harris Group increased its stake in Edelman Financial Services to 76% 2008: Sanders Morris Harris Group acquired a 50.1% stake in Leonetti & Associates 2008: Sanders Morris Harris Group acquired Miller-Green Financial Services 2008: Sanders Morris Harris Group sold its 50% stake in Salient Partners & its 23% stake in its affiliated Endowment Advisers 2008: Leonetti & Associates ranked as one of 150 best financial advisors for doctors by Medical Economics 2009: Spun-off Sanders Morris Harris Group capital markets business 2010: Spun-off in Concept Capital while retaining 44% profits interest 2010: Acquired 50.1% stake in Global Financial Services 2011: Changed name to The Edelman Financial Group 2011: Closed independent broker/dealer business SMH Capital Partners 2011: Ric Edelman named co-CEO with George Ball 2011: Changed NASDAQ ticker from SMHG to EF 2011: Acquired additional 25% stake in Global Financial Services to push ownership to 75% 2011: Acquired additional 30% stake in Leonetti & Associates to push ownership to 80.1% 2012: Went private by selling stake to Lee Equity Partners 2011: Steve Cordill resigned 2012: George Ball became chairman and Ric Edelman became sole CEO 2012: Sold Sanders Morris Harris retail brokerage offices (excluding Don Sanders’ business) to Wunderlich Securities 2012 Moved headquarters from Houston, TX to Fairfax, VA 2012: Disposed of proprietary funds business and related investments 2013: Changed name of Investor Solutions Group of California to Investor Financial Solutions and employees became employees of Edelman Financial Services 2012: Disposed of investment in Selected Sports Group 2012: Sold half of investment in Proton Therapy Center 2014: Leonetti & Associates listed in 300 top RIA firms by the Financial Times 2014: Changed name to Pinnacle Summer Investments 2015: Put Edelman Financial Services into separate business Source: 9/23/14 Securities & Exchange Commission Web Site; 5/12/14 Think Advisor Web Site; 4/6/14 Barron’s; 7/22/13 Securities & Exchange Commission Web Site; 7/8/13 Barron’s; 6/24/13 The Edelman Financial Group (Edelman); 6/8/13 Lee Equity Partners (Gormley); 9/5/12 The Edelman Financial Group (Edelman); 5/24/12 Google News Alerts; Tiburon Research & Analysis 3

Lee Summer’s Leonetti & Associates was Founded by Michael Leonetti in 1982
Comments Founded in 1982 Founded by Michael Leonetti Based in Buffalo Grove, IL CEO: Michael Leonetti Source: 3/5/08 SMH Group Press Release; Tiburon Research & Analysis 4 4

Lee Summer’s Miller-Green Financial Services was Founded in 1984
Who was Green? Comments Founded in 1984 Founded by Bert Miller Based in The Woodlands, TX CEO: Bert Miller Source: 5/17/11 Miller-Green Financial Services Web Site; 4/21/08 SMH Group Press Release; Tiburon Research & Analysis 5 5

Served as underwriter on IPOs Private equity placement firm
Lee Summer’s Predecessor Sanders, Morris, & Mundy was Founded by Don Sanders, Ben Morris, & John Mundy in 1987 Provided corporate equity financing and money management services to wealthy clientele Comments Founded in 1987 Founded by Don Sanders, Ben Morris, & John Mundy Served as underwriter on IPOs Private equity placement firm Source: 5/18/11 Funding Universe Web Site; 5/25/01 Houston Business Journal; 2/11/00 Houston Business Journal; Tiburon Research & Analysis 6 6

Lee Summer’s The Rikoon Group was Founded by Robert Rikoon in 1987
Comments Founded in 1987 Founded by Robert Rikoon Based in Santa Fe, NM CEO: Robert Rikoon Source: 5/17/11 Rikoon Group Web Site; Tiburon Research & Analysis 7 7

Harris later became name partner in SMH Group
Lee Summer’s Predecessor Harris, Webb, & Garrison was Founded by Titus Harris, Rit Webb, & Bob Garrison in 1994 Harris later became name partner in SMH Group Comments Founded in 1994 Founded by Titus Harris, Rit Webb, & Bob Garrison Based in Houston, TX Source: 5/18/11 Funding Universe Web Site; 10/01/01 The Daily Deal; 5/25/01 Houston Business Journal; 2/11/00 Houston Business Journal; Tiburon Research & Analysis 8 8

Lee Summer’s Predecessor Pinnacle Management & Trust Company was Founded by Robert Garrison in 1994
Comments Founded in 1994 Founded by Robert Garrison Source: 5/18/11 Funding Universe Web Site; Tiburon Research & Analysis 9 9

Lee Summer’s Global Financial Services was Founded by Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia in 1994 Comments Founded in 1994 Founded by Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia Based in Houston, TX Co-CEOs: Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia Web site: Source: 5/18/11 Funding Universe Web Site; 5/17/11 Sanders Morris Harris Web Site; 5/13/11 Cummer Moyers Web Site; 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; 4/23/07 Barron’s (The Winner’s Circle); Tiburon Research & Analysis 10 10

Investment Bank Acquisitions Williams, MacKay, Jordan, & Company
Lee Summer’s Predecessors Sanders, Morris, & Mundy Had Acquired Several Investment Banks, Starting with Williams, MacKay, Jordan, & Company in 1996 Sanders, Morris, & Mundy Investment Bank Acquisitions Williams, MacKay, Jordan, & Company -- -- -- Based in Houston, TX Acquired by Sanders, Morris, & Mundy in 1996 Added institutional brokerage and public company research services -- -- -- Source: 5/18/11 Funding Universe Web Site; 4/23/04 Houston Chronicle; 5/1/02 Buyside; 2/11/00 Houston Business Journal; Tiburon Research & Analysis

Lee Summer’s Predecessor Crest Advisors was Founded in 1996
Comments Founded in 1996 Based in New York, NY Source: 5/18/11 Funding Universe Web Site; 4/23/04 Houston Chronicle; Tiburon Research & Analysis 12 12

Pinnacle Global Group Capital Pinnacle Management & Trust Company
Lee Summer’s Predecessor Pinnacle Global Group was Founded by the Merger of Five Companies, Including Harris, Webb, & Garrison and Pinnacle Management & Trust Company in 1998 TEI was a publicly held environmental services company that sold its assets before the merger Pinnacle Global Group Founding Firms Pinnacle Global Group Capital (PGG Capital) Harris, Webb, & Garrison Pinnacle Management & Trust Company Spires Financial TEI Founded in 1994 Founded by Titus Harris, Rit Webb, & Bob Garrison Based in Houston, TX Titus Harris became Chairman & Bob Garrison became CEO of Pinnacle Global Group Rit Webb continued as Executive Vice President Founded in 1994 Founded by Robert Garrison Later merged into Salient Partners Later became SMH Capital -- -- Source: 3/15/12 The Edelman Financial Group 10K Report; 5/18/11 Funding Universe Web Site; 10/1/01 The Daily Deal; 2/11/00 Houston Business Journal; Tiburon Research & Analysis

Lee Summer’s Predecessor the Pinnacle Global Group Acquired Sanders, Morris, & Mundy in 2000
Institutional sales & research team covering 150 southwest companies Comments Founded in 1987 Founded by Don Sanders, Ben Morris, & John Mundy Chairman: George Ball CEO: Ben Morris Acquired in 2000 Paid $40.0 million (paid with 7.1 million new shares) (each firm owned 50% of the resulting firm) Pinnacle Global Group especially wanted the acquired business Williams, MacKay, Jordan, & Company Merged Sanders, Morris, & Mundy into Harris, Webb, & Garrison to form Sanders Morris Harris Titus Harris remained Chairman and Bob Garrison remained CEO of Pinnacle Global Group Don Sanders became Vice Chairman of Pinnacle Global Group and Chairman of the executive committee of Sanders Morris Harris George Ball became Chairman of Sanders Morris Harris Ben Morris became CEO of Sanders Morris Harris Rit Webb continued as Executive Vice President 2000? George Ball orchestrated this merger Source: 3/15/12 The Edelman Financial Group 10K Report; 5/18/11 Funding Universe Web Site; 10/1/01 The Daily Deal; 5/25/01 Houston Business Journal; 2/11/00 Houston Business Journal; Tiburon Research & Analysis 14 14

Pinnacle Global Group & Sanders Morris Harris Group
Lee Summer’s Predecessors Pinnacle Global Group & Sanders Morris Harris Group Had Acquired Several Investment Banks, Including Blackford Securities in 2000 (Page 1) Pinnacle Global Group & Sanders Morris Harris Group Investment Bank Acquisitions Sutro & Company (Institutional Sales Team) Blackford Securities Crest Advisors Concept Capital Markets Based in Garden City, NY Acquired by Pinnacle Global Group in 2000 Merged with Sanders Morris Harris Added prime brokerage capability Blackford Asset Management later became SMH Asset Management Based in Los Angeles, CA 23 employees Acquired by Sanders Morris Harris Group in 2002 Won bidding contest Added offices in Los Angeles, CA & New York, NY Allowed movement into new research sectors, including entertainment, media, satellites, & wireless Founded in 1996 Based in New York, NY Acquired by Sanders Morris Harris Group in 2004 Brought focus on the telecommunications, media, & technology sectors -- Source: 5/18/11 Funding Universe Web Site; 4/23/04 Houston Chronicle; 5/1/02 Buyside; 2/11/00 Houston Business Journal; Tiburon Research & Analysis

Sanders Morris Harris Group Investment Bank Acquisitions (Page 2)
-- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Pinnacle Global Group & Sanders Morris Harris Group
Lee Summer’s Predecessors Pinnacle Global Group & Sanders Morris Harris Group Has Acquired at Least Two Investment Management Firms, Including Cummer Moyers Financial Services in 2000 Pinnacle Global Group & Sanders Morris Harris Group Investment Management Firm Acquisitions Salient Partners & Endowment Advisers Cummer Moyers Financial Services -- -- Based in Fort Worth and Weatherford, TX Acquired by Pinnacle Global Group in 2000 Later renamed SMH Capital Advisors $670 million assets under management Sanders Morris Harris Group merged its Pinnacle Management & Trust Company into Salient Partners and ended up with a 50% stake in Salient Partners & 23% stake in its affiliate Endowment Advisers in 2003 Paid $16 million Raised Sanders Morris Harris assets under management to $5.2 billion -- -- Source: 5/8/11 Investing Universe Web Site; 11/10/08 Sanders, Morris, Harris Group Press Release; 9/2/08 Sanders, Morris, Harris Group Press Release; 5/25/01 Houston Business Journal; Tiburon Research & Analysis

Roots in private equity
Lee Summer’s Predecessor Pinnacle Global Group Changed its Name to Sanders Morris Harris Group in 2001 Roots in private equity Comments Founded in 1999 Founded as Pinnacle Global Group Chairman: George Ball CEO: Bob Garrison Changed name to Sanders Morris Harris Group in 2001 Sought to differentiate itself from other firms with the name Pinnacle Sanders Morris Harris had been the most well known of all the businesses operating under the Pinnacle Global Group umbrella Changed stock ticker from PING to SMHG Rebranded subsidiaries (Blackford Asset Management became SMH Asset Management; PGG Capital became SMH Capital; and Cummer Moyers became SMH Capital Advisors) Source: 6/8/11 Sanders Morris Harris Group Brochure; 5/18/11 Funding Universe Web Site; 10/1/01 The Daily Deal; 6/1/01 High Beam Business Website; 5/25/01 Houston Business Journal; Tiburon Research & Analysis

SMH Group Fee-Based Financial Advisor Acquisitions
Lee Summer’s its Predecessor Sanders Morris Harris Group Had Acquired Several Fee-Based Financial Advisors, Starting with Kissinger Financial Services in 2001 and Including 76% of Edelman Financial Services in 2005 (Page 1) SMH Group Fee-Based Financial Advisor Acquisitions Kissinger Financial Services Edelman Financial Services (The Edelman Financial Center) The Rikoon Group The Dickenson Group Founded in XXXX Based in Hunt Valley, MD $300 million assets under management $2.4 million revenues Sanders Morris Harris Group acquired in 2001 Came shortly after Pinnacle Global Group had rebranded itself Sanders Morris Harris Kissinger Financial Services retained its name Founded in 1987 Founded by Ric Edelman Based in Fairfax, VA CEO: Ric Edelman Sanders Morris Harris Group acquired 51% stake in 2005 Paid $100 million (largest transaction to date) Objective was to help Edelman Financial Services grow nationally Raised stake to 76% in 2008 Founded in 1987 Founded by Robert Rikoon Based in Santa Fe, NM CEO: Robert Rikoon Web site: Acquired 80% stake in 2007 Allowed 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 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: 5/12/14 Think Advisor Web Site; 4/12 Financial Advisor Magazine; 6/20/11 RIA Biz; 5/18/11 Funding Universe Web Site; 5/17/11 Reuters; 5/17/11 Sanders Morris Harris Web Site; 5/13/11 Cummer Moyers Web Site; 5/13/11 Kissinger Financial Services Web Site; 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; Tiburon Research & Analysis

SMH Group Fee-Based Financial Advisor Acquisitions
SMH Group Fee-Based Financial Advisor Acquisitions (Page 2) SMH Group Fee-Based Financial Advisor Acquisitions Leonetti & Associates Miller-Green Financial Services Global Financial Services Investor Solutions Group Founded in 1982 Founded by Michael Leonetti Based in Buffalo Grove, IL 12 employees $400.0 million assets under management CEO: Michael Leonetti Web site: 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 Founded in 1984 Founded by Bert Miller Based in The Woodlands, TX $400 million assets under management CEO: Bert Miller Web site: Acquired in 2008 Previously had been SMH Partners affiliate Founded in 1994 Founded by Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia Based in Houston, TX $4.1 billion assets under management Co-CEOs: Robert Benjamin, Gerardo Chapa, & Ricardo Perusquia Web site: 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 Founded in XXXX Based in Huntington Beach, CA Web site: Acquired in XXXX Source: 3/15/12 The Edelman Financial Group 10K Report; 6/21/11 Rikoon Group Web Site; 6/21/11 Alacra Store.Com Web Site; 6/15/11 Leonetti & Associates Web Site; 5/17/11 Rikoon Group Web Site; 4/4/11 Edelman Financial Services Presentation (Edelman); 5/17/11 Sanders Morris Harris Web Site; 1/14/11 Reuters; 11/29/10 Google News Alerts; Tiburon Research & Analysis

SMH Group Fee-Based Financial Advisor Acquisitions (Page 3)
Capitol Management Group -- -- -- Based in Houston, TX Web site: -- -- -- Source: 6/21/11 Alacra Store.Com Web Site; 5/17/11 Miller-Green Financial Services Web Site; 5/17/11 Sanders Morris Harris Web Site; 5/17/11 Investor Solutions Group Web Site; 4/4/11 Edelman Financial Services Presentation (Edelman); 5/9/08 SMH Group Press Release; 4/21/08 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer’s Predecessor Sanders Morris Harris Group Wrote Down the Value of its High Yield Hedge Fund Investment (SMH Credit Opportunity Fund) and Increased its Loan Loss Reserves by $5.0 Million in 2007 Turmoil in the debt markets Comments Price declines in bonds held by hedge fund -- Loan loss form investment banking related loan commitments Source: 11/10/08 Sanders, Morris, Harris Group Press Release; 5/9/08 SMH Group Press Release; 2/27/08 SMH Group Press Release; Tiburon Research & Analysis 22 22

Investment Management Firm Divestitures
Lee Summer and its Predecessor Sanders Morris Harris Group Has Divested at Least One Investment Management Firm, Including its 50% Stake in Salient Partners & its 23% Stake in its Affiliated Endowment Advisers in 2008 Lee Summer Investment Management Firm Divestitures Salient Partners & Endowment Advisers -- -- -- Sanders Morris Harris Group acquired 50% stake in Salient Partners & 23% stake in its affiliate Endowment Advisers in 2003 Paid $16 million Sold to management in 2008 Buyers had held option to acquire Sold for $95 million (to be paid greater of $12 million or 23% of all distributions per year until reaches $85 million plus 6% interest plus a $9 million note for its interest in Salient Partners payable over five years with interest) Realized gain of $30.1 million Set up special purpose vehicle called SMH Speadr to hold the notes Special purpose vehicle dissolved in 2013 upon agreement Agreed to continue to make Salient Partners investment products available to Sanders, Morris, Harris Group clients -- -- -- Source: 11/10/08 Sanders Morris Harris Group Press Release; 9/2/08 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis 23 23

Leonetti & Associates Awards & Recognition
Lee Summer’s Leonetti & Associates Has Won Many Awards, Including Being Named as One of the 150 Best Financial Advisors for Doctors by Medical Economics in 2008 Leonetti & Associates Awards & Recognition Medical Economics Financial Times -- -- 2008: Named one of the best 150 financial advisors for doctors 2014: Listed as one of 300 top RIAs -- -- Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 24 24

SMH Group & Lee Summer Investment Banking Firm Divestitures
Lee Summer & its Predecessor SMH Group Have Exited Several Investment Banking Businesses, Including the Spin-Off its Sanders Morris Harris Capital Markets Business in 2009 Repositioned its business in by exiting capital markets & investment banking and concentrating on wealth management & asset management (earnings are more predictable; Wall Street more highly valued) SMH Group & Lee Summer Investment Banking Firm Divestitures Sanders Morris Harris Capital Markets (Fixed Income & Institutional Equity Trading Business) Concept Capital -- -- CEO: William Sprague Sold capital markets business to Madison Williams Capital in 2009 Excluded Concept Capital & The Juda Group Temporary acquisition company Siwanoy Capital was formed by the senior management of the businesses and Pan Asia China Commerce Corporation (PAC3) Ultimately brought in second financial partner as well Ultimately renamed Madison, Williams, & Company Sanders, Morris, Harris Group received $2.7 million cash and an $8.0 million note Sanders, Morris, Harris Group also retained a 17.5% interest in the business subject to PAC3 and the other financial partner having options to purchase that interest for $4.0 million (one option was exercised in 2011 for $1.2 million reducing The Edelman Financial Group’s stake to 12.25%; the second option remains outstanding) Transformed Sanders, Morris, Harris Group almost entirely into a wealth & asset management company Based in Garden City, NY CEO: Bob Moore Web site: Sold in 2010 SMH Group entered into agreement with the principals of Concept Capital business to contribute certain of the assets, properties, & other rights pertaining to Concept, including the prime brokerage, research & capital markets, fund accounting & administration, and research library businesses to newly formed Concept Capital Markets & Concept Capital Administration Concept Capital Holdings (Concept Capital) sold its own Washington Research Group just prior to the transaction Received $5.3 million note (SMH purchased from Concept Capital Holding a $1.2 million note on March 1, 2010 and another note equivalent to 50% of the sum of its cash on December 31, 2010) Sanders, Morris, Harris Group retained 24% capital interest & 44% profits interest in Concept Capital Holdings -- -- Concept Capital: Prime brokerage business Source: 3/15/12 The Edelman Financial Group 10K Report; 5/17/11 Reuters; 5/10/11 Sanders Morris Harris Group Press Release; 5/10/11 The Edelman Financial Group Conversation (Edelman); 1/14/11 Reuters; 11/14/11 Sanders Morris Harris Group Press Release; 1/23/12 Traders Magazine; 8/27/09 Small Cap World Web Site; 1/22/09 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis 25 25

Lee Summer’s Edelman Financial Services Began a National Expansion Plan into Major Markets in 2009
Began by opening six offices in the New York, NY metropolitan area Comments -- Branding is strong in Chicago, Detroit, San Francisco, & Miami Source: 5/12/14 Think Advisor Web Site; 10/21/09 RIA Biz; 8/31/09 RIA Biz; Tiburon Research & Analysis 26 26

Lee Summer’s Predecessor Sanders Morris Harris Group Took on its Current Name in 2011
House of brands was ineffective Conducted study through Opinion Research Corporation (2,000 consumers) Comments -- Edelman Financial Services brand was better known than the Sanders Morris Harris Group brand Future advertising budget was to focus on Edelman Financial Services brand Institutional investors prefer well-known brands New name underscores management transition Other advisors (Cubbit Jacobs and Prosek Communications) supported the change Became first publicly traded advisory firm All subsidiaries required to reprint letterhead Source: 6/20/11 RIA Biz; 5/18/11 Answers.Com Web Site; 5/17/11 Reuters; 4/11/11 RIA Biz; 3/15/11 Barron’s; Tiburon Research & Analysis

Lee Summer Changed its NASDAQ Ticker from SMHG to EF in 2011
Reflects name change Comments Short tickers are prestigious -- Source: 9/13/12 Street Insider.Com Web Site; Tiburon Research & Analysis 28 28

Lee Summer Closed is its Independent Broker/Dealer Business Called SMH Partners Group in 2011
Financial Advisors: Carlyle Wealth Management; DH Financial Services; Equity Concepts; Equity Concepts North; Investment Associates; McMaken Financial Services; Outlook Financial Group; Seltzer Financial; Solley Financial Services; Solutions Group; Victory Financial ; Wellspring Financial Comments 12 financial advisor clients Independent broker/dealer reps = partners Marketed under own brand names Provided support in operations, marketing, custody & clearing, compliance, information technology, accounting & payroll, human resources, & employee benefits Criticized “big box” = broker/dealers Source: 10/12/11 Advisors 4 Advisors Web Site; 10/11/11 PR Web; 10/11/11 Think Advisor; 6/8/11 Sanders Morris Harris Group Brochure: 5/16/11 The Edelman Financial Group Conversation (Edelman); 5/16/11 Edelman Financial Services Presentation (Edelman); 4/4/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer went Private by Selling a Stake to Lee Equity Partners in 2012
Agreed 4/16/12 Comments Closed 9/20/12 -- Paid $258-$267 million ($8.85 per share) Paid 43% premium (private equity firms willing to pay well for large financial advisory firms) Held go shop period 95% approval vote (74% excluding management & Lee Equity Partners) Summer Holdings II (Delaware corporation) (and Summer Merger Sub (Texas corporation)) Other investors included Ric Edelman, executive team members, & minority investors sourced by Lee Equity Partners Mark Gormley & Ben Hochberg Source: 5/12/14 Think Advisor Web Site; 7/11/13 Google Web Site; 7/8/13 Barron’s; 6/18/13 Lee Equity Partners (Gormley); 9/14/12 Houston Business Journal; 9/13/12 Sacramento Bee; 9/13/12 Street Insider.Com Web Site; 9/13/12 The Edelman Financial Group Press Release; 7/17/12 The Edelman Financial Group Form 8k; Tiburon Research & Analysis

Lee Summer Moved its Corporate Headquarters from Houston, TX to Fairfax, VA in 2012
No expected job losses in Houston, TX Comments -- Tax & other issues needed to be studied Source: Tiburon Research & Analysis

Lee Summer Sold Sanders Morris Harris’ Retail Brokerage Business (Excluding Don Sanders Business) to Wunderlich Securities in 2012 Comments 4 offices 20 financial advisors 500 clients $3.6 billion assets under administration $20.0 million revenues $0.4 million net profits 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 Disposed of its Proprietary Funds Business & Related Investments in 2012
Comments -- Source: Tiburon Research & Analysis

Lee Summer Sold Half of its Investment in Proton Therapy Center in 2012

Lee Summer Disposed of its Investment in Select Sports Group in 2012

Lee Summer’s Investor Solutions Group of California Changed its Name to Investor Financial Solutions and its Employees Became Employees of Edelman Financial Services in 2013 Comments -- Source: 5/17/11 Investor Solutions Group Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer Changed its Name to Pinnacle Summer Investments in 2014

Lee Summer Put Edelman Financial Services into a Separate Business in 2015

Lee Summer Has an Advertising Strategy

“Fee-only private financial advisors”
Lee Summer’s Leonetti & Associates’ Tag Line is Similar to that of Other Leading Fee-Based Financial Advisors Leonetti & Associates Tag Line “Fee-only private financial advisors” Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 40 40

Lee Summer May Not Have a Web Site
-- -- -- -- -- Source: Tiburon Research & Analysis

Lee Summer is Planning Additional Acquisitions
Comments Targeting $500 million to $10 billion assets under management firms -- Plans to take advantage of recent economic turmoil Has cash & stock to do acquisitions Prices still realistic Negotiating with firms with $1.1 billion assets under management in 4/12 Source: 4/12 Financial Advisor Magazine; 4/14/11 Edelman Financial Services Presentation (Edelman); 10/21/11 RIA Biz; 3/25/11 RIA Biz; Tiburon Research & Analysis

Lee Summer Has a Charitable Giving Program

Lee Summer Includes Nine Firms, Up from Seven in 2008
2013 = 11/7/13 Lee Summer Firms Source: 5/18/11 Answers.Com Web Site; 5/17/11 Reuters Web Site; 5/16/11 The Edelman Financial Group Conversation (Edelman); 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 44 44

Lee Summer Has Offices in at Least Six States
Needs update Lee Summer States CA; IL; MD; NM; OH; TX Prior to the separation of Edelman Financial Services Lee Summer had offices in 21 states in 2012 (2007 – 21; 2008 – 21; 2010 – 20; 2011 – 25); 2012 = 9/13/12 Source: 9/13/12 The Edelman Financial Group Press Release; 5/18/11 Answers.Com 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; 5/17/11 Reuters Web Site; 5/13/11 Kissinger Financial Services Web Site; Tiburon Research & Analysis 45 45

Lee Summer Has at Least Ten Offices
Needs update Lee Summer Offices Prior to the separation of Edelman Financial Services Lee Summer had 41 offices in 2011 Source: 5/18/11 Answers.Com 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; 5/17/11 Reuters Web Site; 5/13/11 Kissinger Financial Services Web Site; 4/26/11 Edelman Financial Services (Edelman); Tiburon Research & Analysis 46 46

Lee Summer Has 152 Employees, Up Nearly 100% Since 2011 But Steady Since 2014
2015 = 3/31/15 Lee Summer Employees 2011 is estimate Prior to the separation of Edelman Financial Services Lee Summer Had 502 employees in 2012 (2003 – 317; 2007 – 610; 2010 – 540; 2011 – 530); 2012 = 9/14/12; sold Salient Partners in 2008?; 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 47 47

Lee Summer Serve 1,000 Clients
Needs update Lee Summer Clients Estimate Prior to the separation of Edelman Financial Services Lee Summer served 20,000 clients in 2013 (2010 – 14,200; 2011 – 17,000; 2012 – 17,000); 2012 & 2013: Edelman Financial Services only; 2011 total = 17,000 (15,000 = EFS) (estimate) Source: 5/2/12 The Edelman Financial Group Press Release; 6/20/11 RIA Biz; 5/18/11 Answers.Com Web Site; 4/26/11 Edelman Financial Services (Edelman); 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis 48 48

Lee Summer Has Gathered Accounts
Needs data Prior to the separation of Edelman Financial Services Lee Summer had 29,000 accounts in 2010 Lee Summer Accounts Source: 10/21/10 RIA Biz; Tiburon Research & Analysis 49 49

Lee Summer Has Gathered Net New Accounts
Needs data Lee Summer Net New Accounts Source: Tiburon Research & Analysis 50 50

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 $8.8 Billion in 2014 2015 = 3/31/15 Lee Summer Assets Under Management & Administration ($ 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 51 51

Lee Summer Earns $9.7 Million
Needs update Reports earnings from continuing operations Lee Summer Net Profits ($ Millions) -$0.4 2009 1Q/12 earnings from continuing operations: $0.3 million 1Q/11 earnings from continuing operations: $3.0 million 4Q/10 earnings from continuing operations: $4.2 million 1Q/10 = $2.6 million (including $2.6 million after-tax investment gain) $33.0 million in first three quarters of 2008 (including $30.1 million gain on Salient Partners sale) $5.7 million in first three quarters of 2007 Acquisition of Global Financial Services boosted by 10% Source: 5/8/12 Google News Alerts; 5/18/11 Answers.Com Web Site; 3/15/11 Barron’s; 11/29/10 Reuters; 10/21/10 RIA Biz; 11/10/08 SMH Group Press Release; 8/11/08 SMH Group Press Release; 5/9/08 SM H Group Press Release; Tiburon Research & Analysis 52 52

Lee Summer Utilizes Grant Thornton as its CPA Firm
Jim Stanker & Brian Bienert Comments -- Source: Tiburon Research & Analysis

Lee Summer Has Utilized Heidrick & Struggles in an Executive Recruiting Capacity
Todd Crockett Comments -- Source: Tiburon Research & Analysis

Lee Summer Has Utilized JM Search in an Executive Recruiting Capacity
Comments -- Source: 7/23/13 The Edelman Financial Group (Edelman); Tiburon Research & Analysis

Mostly 100% owned; two minority stakes (some puts & calls)
Lee Summer Has Eight Core Businesses, Including Global Financial Services & SMH Capital Advisors Mostly 100% owned; two minority stakes (some puts & calls) Lee Summer Businesses 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 Offices are Widely Dispersed
Prior to the separation of Edelman Financial Services Lee Summer’s businesses have 22 offices at Edelman Financial Services; total = 41 offices; other fee-bases financial advisors = 10+; Edelman Securities has four; asset management likely has three; other businesses likely have two; headquarters to shift to Fairfax, VA; job growth limited in Houston, TX; states not logical because aggregating would be illogical Needs data Lee Summer Offices By Business Source: 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; 5/17/11 Reuters Web Site; 5/13/11 Kissinger Financial Services Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); 12/9/10 RIA Biz; 11/29/10 Reuters; Tiburon Research & Analysis 57 57

Only this page replaces Investor Financial Group with Kissinger
Lee Summer’s Employees are Concentrated at Sanders Morris Harris & Global Financial Services Only this page replaces Investor Financial Group with Kissinger Lee Summer Employees By Business Put in size order? 2015 = 3/31/15 The Rikoon Group Miller-Green Financial Services The Dickson Group Prior to the separation of Edelman Financial Services Lee Summer’s employees are almost half at Edelman Financial Services; total = 530; Edelman Financial Services = 240; other fee-based financial advisors ~80; Edelman Securities ~150; asset management ~40; other businesses ~30 SMH Capital Advisors Kissinger Leonetti & Associates Global Financial Services Sanders Morris Harris Source: 4/26/11 Edelman Financial Services (Edelman); 4/14/11 Edelman Financial Services Presentation (Edelman); 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; 12/19/08 Edelman Financial Press Release; 12/19/08 Edelman Financial Services (Conti); 4/23/07 Barron’s (The Winner’s Circle); 12/04 Research; Tiburon Research & Analysis 58 58

Lee Summer Clients By Business
Lee Summer’s Clients are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Clients By Business Prior to the separation of Edelman Financial Services Lee Summer’s businesses each serve a number of clients, including 15,000 at Edelman Financial Services; total = 17,000 (estimate); Edelman Financial Services = 15,000; other fee-based financial advisors ~1,000; Edelman Securities ~500; asset management ~300; other businesses ~200 Source: 6/20/11 RIA Biz; 4/26/11 Edelman Financial Services (Edelman); 4/14/11 Edelman Financial Services Presentation (Edelman); 12/19/08 Edelman Financial Press Release; 12/19/08 Edelman Financial Services (Conti); 4/23/07 Barron’s (The Winner’s Circle); 12/04 Research; 9/04 Registered Rep; Tiburon Research & Analysis 59 59

Lee Summer Accounts By Business
Lee Summer’s Accounts are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Accounts By Business Source: Tiburon Research & Analysis 60 60

Lee Summer Net New Accounts By Business
Lee Summer’s Net New Accounts are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Net New Accounts By Business Source: Tiburon Research & Analysis 61 61

Lee Summer’s Assets Under Management & Administration are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Assets Under Management & Administration By Business Prior to the separation of Edelman Financial Services Lee Summer’s assets under management & administration are about 33% at Edelman Financial Services; total = $18.6 billion; Edelman Financial Services = $6.5 billion; other fee-based financial advisors ~$5.0 billion; Edelman Securities ~$1.0 billion; asset management ~$5.2 billion; other businesses ~$0.9 billion Source: 6/20/11 Investment News; 6/20/11 RIA Biz; 5/18/11 Answers.Com Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); 3/25/11 RIA Biz; 12/19/08 Edelman Financial Press Release; 3/15/11 Barron’s; 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; 12/19/08 Edelman Financial Services (Conti); Tiburon Research & Analysis 62 62

Lee Summer Net Flows By Business
Lee Summer’s Net Flows are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Net Flows By Business Source: Tiburon Research & Analysis 63 63

Lee Summer Revenues By Business
Lee Summer’s Revenues are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Revenues By Business Prior to the separation of Edelman Financial Services Lee Summer’s Edelman Financial Services generates about half of its revenues; total = $169 million; Edelman Financial Services & Other fee-based financial advisors = $101 million in 2009; Edelman Financial Services ~$60 million; other fee-based financial advisors ~$51 million; Edelman Securities ~$20 million; asset management ~$30 million; other businesses ~$18 million Source: 4/12 Financial Advisor Magazine; 4/14/11 Edelman Financial Services Presentation (Edelman); 10/21/10 RIA Biz; Tiburon Research & Analysis 64 64

Lee Summer Expenses By Business
Lee Summer’s Expenses are Concentrated at Global Financial Services & Cummer Moyers Financial Services Needs data Lee Summer Expenses By Business Source: Tiburon Research & Analysis 65 65

Lee Summer Net Profits By Business
Lee Summer’s Edelman Financial Services Accounts for About Half of its Net Profits Needs data Lee Summer Net Profits By Business Total = $9.7 million Edelman Financial Services ~$5.0 million Other fee-based financial advisors ~$4.0 million Edelman Securities ~$10.4 million Asset management ~$0.3 million Other businesses ~$0.2 million Source: 4/12 Financial Advisor Magazine; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis 66 66

Lee Summer’s First Business is Global Financial Services
Reposition as “Global” (Global Financial Services & GFS Advisors) 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: 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 Global Financial Services: LLC; incorporated in TX Actually Global Financial Services & GFS Advisors owned separately by Lee Summer: Global Financial Services is owned partially by Summer Wealth (48.74% of its capital & 50.1% of its profits) & partially directly by Summer Holdings I (25.63% of its capital & 24.05% of its profits) = 74.37% of its capital & 75.05% of its profits; GFS Advisors is owned 50.1% by Summer Wealth Management (both its capital & profits) & 24.95% directly by Summer Holdings I = 75.05% GFS Advisors: LLC; incorporated in TX 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 2015 = 3/31/15 Global Financial Services Employees Source: Tiburon Research & Analysis 68

Lee Summer’s Global Financial Services Serves Clients
Needs data Global Financial Services Clients Source: Tiburon Research & Analysis 69

Lee Summer’s Global Financial Services Has Gathered Accounts
Needs data Global Financial Services Accounts Source: Tiburon Research & Analysis 70

Lee Summer’s Global Financial Services Has Gathered Net New Accounts
Needs data Global Financial Services Net New Accounts Source: Tiburon Research & Analysis 71

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 $5.1 Billion in 2014 2015 = 3/31/15 Global Financial Services Assets Under Management & Administration ($ 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 72

Lee Summer’s Global Financial Services Has Expenses
Needs data Global Financial Services Expenses ($ Billions) Source: Tiburon Research & Analysis 73

Global Financial Services Businesses
Lee Summer’s Global Financial Services Has Two Businesses, Including Global Financial Services and GFS Advisors Global Financial Services Businesses Global Financial Services Businesses Global Financial Services (GFS) (Broker/Dealer) GFS Advisors (GFSA) (RIA) Source: Tiburon Research & Analysis 74 74

Limited liability company
Lee Summer’s Global Financial Services First Business is its Broker/Dealer which Goes by the Parent Company Name Global Financial Services (GFS) Limited liability company Comments Incorporated in Texas -- Serves most clients on a commission basis (50% stocks & 50% bonds) (owns many Mexican stocks); moving to version of EMAP (hope to move $1-$2 billion assets under management) Source: 5/17/11 Reuters; Tiburon Research & Analysis

Global Financial Services Broker/Dealer Business
Lee Summer’s Global Financial Services’ Broker/Dealer Business Provides a Number of Services, Including… Global Financial Services Broker/Dealer Business Services Global Financial Services Broker/Dealer Business Services -- Source: Tiburon Research & Analysis 76 76 76

Lee Summer’s Global Financial Services’ Broker/Dealer Business’ First Service is___

Lee Summer’s Global Financial Services’ Broker/Dealer Business’ Second Service is___

Limited liability company Collects performance fees
Lee Summer’s Global Financial Services’ Second Business is its RIA GFS Advisors Limited liability company Comments Incorporated in Texas $772 million assets under management Collects performance fees Source: Tiburon Research & Analysis

Lee Summer’s Global Financial Services’ GFS Advisors Provides a Number of Services, Including… Global Financial Services GFS Advisors Services Global Financial Services GFS Advisors Services -- Source: Tiburon Research & Analysis 80 80 80

Lee Summer’s Global Financial Services’ GFS Advisors’ First Service is___

Lee Summer’s Global Financial Services’ GFS Advisors’ Second Service is___

Lee Summer’s Global Financial Services Clears through JP Morgan Clearing Corporation
Moved to RBC? Comments -- Source: 5/17/11 Reuters; Tiburon Research & Analysis

Lee Summer’s Second Business is SMH Capital Advisors
Also still markets as Cummer Moyers Comments Incorporated in Texas Founded as Cummer Moyer Financial Services Based in Fort Worth, TX 14 employees $871.4 million assets under management Web sites: & Acquired by Sanders Morris Harris Group in 2000 Senior portfolio manager: Jeff Cummer 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 2015 = 3/31/15 SMH Capital Advisors Employees Source: Tiburon Research & Analysis

Lee Summer’s SMH Capital Advisors Has a 75.4% Employee Retention Rate
Employees By Retention Source: Tiburon Research & Analysis 86

Lee Summer’s SMH Capital Advisors Serves XXXX Clients
Needs data SMH Capital Advisors Clients Source: Tiburon Research & Analysis 87 87

Lee Summer’s SMH Capital Advisors Has XXXX Accounts
Needs data SMH Capital Advisors Accounts Source: Tiburon Research & Analysis 88 88

Lee Summer’s SMH Capital Advisors Has Gathered ___ Net New Accounts
Needs data SMH Capital Advisors Net New Accounts (Thousands) Source: Tiburon Research & Analysis

Lee Summer’s SMH Capital Advisors Has Gathered $871.4 Million Assets Under Management & Administration, Down from $1.3 Billion in 2013 2015 = 3/31/15 SMH Capital Advisors Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 90 90

Lee Summer’s SMH Capital Advisors Has Expenses
Needs data SMH Capital Advisors Expenses ($ Millions) Source: Tiburon Research & Analysis

SMH Capital Advisors Businesses
Lee Summer’s SMH Capital Advisors Has Two Businesses, Including Wealth Management and its High Yield Bond Fund Add institutional? SMH Capital Advisors Businesses Institutional business became Salient Capital Advisors Over half of assets are high-yield bond fund SMH Capital Advisors Businesses Wealth Management High Yield Bond Fund Source: 5/16/11 The Edelman Financial Group Conversation (Edelman); Tiburon Research & Analysis

Lee Summer’s SMH Capital Advisors’ First Business is Wealth Management
Comments -- Source: 5/16/11 The Edelman Financial Group Conversation (Edelman); Tiburon Research & Analysis

Wealth Management Business Assets Under Management
Lee Summer’s SMH Capital Advisors’ Wealth Management Business Has Gathered Assets Under Management Needs data SMH Capital Advisors Wealth Management Business Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 94 94

Wealth Management Business
Lee Summer’s SMH Capital Advisors’ Wealth Management Business Has Net Flows Needs data SMH Capital Advisors Wealth Management Business Net Flows ($ Millions) Source: Tiburon Research & Analysis 95 95

Lee Summer’s SMH Capital Advisors’ Wealth Management Business Generates Revenues Needs data SMH Capital Advisors Wealth Management Business Revenues ($ Millions) Source: Tiburon Research & Analysis 96 96

Lee Summer’s SMH Capital Advisors’ Wealth Management Business Has EBITDA Needs data SMH Capital Advisors Wealth Management Business EBITDA ($ Millions) Source: Tiburon Research & Analysis 97 97

Lee Summer’s SMH Capital Advisors’ Wealth Management Business Provides a Number of Services, Including… SMH Capital Advisors Wealth Management Business Services SMH Capital Advisors Wealth Management Business Services -- Source: Tiburon Research & Analysis 98 98 98

Lee Summer’s SMH Capital Advisors’ Wealth Management Business’ First Service is…

Lee Summer’s SMH Capital Advisors’ Wealth Management Business’ Second Service is…

Lee Summer’s SMH Capital Advisors’ Second Business is its High Yield Bond Fund
Raised mostly through Merrill Lynch Comments ~$1.0 billion assets under management -- Source: 5/16/11 The Edelman Financial Group Conversation (Edelman); Tiburon Research & Analysis

High Yield Bond Fund Business Assets Under Management
Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business Has Gathered Assets Under Management Needs data SMH Capital Advisors High Yield Bond Fund Business Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 102 102

High Yield Bond Fund Business
Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business Has Net Flows Needs data SMH Capital Advisors High Yield Bond Fund Business Net Flows ($ Millions) Source: Tiburon Research & Analysis 103 103

Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business Generates Revenues Needs data SMH Capital Advisors High Yield Bond Fund Business Revenues ($ Millions) Source: Tiburon Research & Analysis 104 104

Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business Has Net Profits Needs data SMH Capital Advisors High Yield Bond Fund Business Net Profits ($ Millions) Source: Tiburon Research & Analysis 105 105

Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business Provides a Number of Services, Including… SMH Capital Advisors High Yield Bond Fund Business Services SMH Capital Advisors High Yield Bond Fund Business Services -- Source: Tiburon Research & Analysis 106 106 106

Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business’ First Service is…

Lee Summer’s SMH Capital Advisors’ High Yield Bond Fund Business’ Second Service is…

Lee Summer’s Third Business is Sanders Morris Harris
Original holding company Comments Incorporated in Texas 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 Four Offices
Needs source Sanders Morris Harris Offices Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Has 66 Employees
2014 & 2015 both include sixteen employees at Kissinger Financial Services Sanders Morris Harris Employees 2015 = 3/31/15 Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Has a 92% Employee Retention Rate
Excluding Kissinger Financial Services Sanders Morris Harris Employees By Retention Source: Tiburon Research & Analysis 112

Lee Summer’s Sanders Morris Harris Has 20 Financial Advisors
Needs source; data taken from excel grid Sanders Morris Harris Financial Advisors Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Serves Clients
Needs data Sanders Morris Harris Clients Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Has Accounts
Needs data Sanders Morris Harris Accounts Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Has $___ Billion Assets Under Management & Administration Needs data Sanders Morris Harris Assets Under Management & Administration ($ Billions) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Generates Revenues
Needs data Sanders Morris Harris Revenues ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Has Expenses
Needs data Sanders Morris Harris Expenses ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris Earns Net Profits
Needs data Sanders Morris Harris Net Profits ($ Millions) Source: Tiburon Research & Analysis

Sanders Morris Harris Business
Lee Summer’s Sanders Morris Harris Has Three Businesses, Including Don Sanders Practice, Kissinger Financial Services, & Broker/Dealer Services to Other Affiliates HWG Insurance Agency (based in TX) Sanders Morris Harris Business Proton Therapy entities (100% owned) Sanders Morris Harris Business Don Sanders Practice Kissinger Financial Services Broker/Dealer Services to Other Affiliates Source: Tiburon Research & Analysis 120

Also includes Arnold & Rai and Bret Sanders
Lee Summer’s Sanders Morris Harris’ First Business is its Don Sanders Practice DAS Group Comments Also includes Arnold & Rai and Bret Sanders $753.1 million assets under management & Administration CEO: Don Sanders Source: Tiburon Research & Analysis 121

Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has Employees
Needs data Don Sanders Practice Employees Source: Tiburon Research & Analysis

Don Sanders Practice Clients
Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Serves Clients Needs data Don Sanders Practice Clients Source: Tiburon Research & Analysis 123 123

Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has Accounts
Needs data Don Sanders Practice Accounts Source: Tiburon Research & Analysis 124 124

Don Sanders Practice Net New Accounts (Thousands)
Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has Gathered ___ Net New Accounts Needs data Don Sanders Practice Net New Accounts (Thousands) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has Gathered $753.1 Million Assets Under Management & Administration, Down from $886.0 Million in 2013 2015 = 3/31/15 Don Sanders Practice Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 126 126

Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has Expenses
Needs data Don Sanders Practice Expenses ($ Millions) Source: Tiburon Research & Analysis

Don Sanders Practice Services
Lee Summer’s Sanders Morris Harris’ Don Sanders Practice Has a Number of Services, Including… Don Sanders Practice Services Don Sanders Practice Services -- -- -- Source: Tiburon Research & Analysis 128

Lee Summer’s Sanders Morris Harris’ Don Sanders Practice’s First Service is___
Comments -- Source: Tiburon Research & Analysis 129

Lee Summer’s Sanders Morris Harris’ Don Sanders Practice’s Second Service is___

Lee Summer’s Sanders Morris Harris’ Second Business is Kissinger Financial Services
Kissinger Financial Services: founded by Kissinger?; acquired by Sanders Morris Harris Group in 2000 Comments Founded in XXXX Based in Hunt Valley, MD 16 employees $491.9 million assets under management & administration Web Site: Acquired in XXXX Acquired by Sanders Morris Harris Group in 2001 Came shortly after Pinnacle Global Group had rebranded itself Sanders Morris Harris Kissinger Financial Services retained its name Source: 5/13/11 Kissinger Financial Services Web Site; 11/1/10 Sanders Morris Harris Group Web Site; 5/8/03 American Banker; Tiburon Research & Analysis 131

Kissinger Financial Services
Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Sixteen Employees, Consistence Since 2014 2015 = 3/31/15 Kissinger Financial Services Employees Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has an 87% Employee Retention Rate Kissinger Financial Services Employees By Retention Source: Tiburon Research & Analysis 133

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Serves Clients Needs data Kissinger Financial Services Clients Source: Tiburon Research & Analysis 134 134

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Accounts Needs data Kissinger Financial Services Accounts Source: Tiburon Research & Analysis 135 135

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Gathered ___ Net New Accounts Needs data Kissinger Financial Services Net New Accounts (Thousands) Source: Tiburon Research & Analysis

Kissinger Financial Services Assets Under Management & Administration
Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Gathered $491.9 Million Assets Under Management & Administration, Up Slightly Since 2013 2015 = 3/31/15 Kissinger Financial Services Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 137 137

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services Has Expenses Needs data Kissinger Financial Services Expenses ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Kissinger Financial Services Offers Services, Including Financial Planning & Investment Management Also sells insurance Kissinger Financial Services Services Kissinger Financial Services Services Financial Planning Investment Management Source: Tiburon Research & Analysis 139

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services’ First Service is Financial Planning Comments -- Source: Tiburon Research & Analysis 140

Lee Summer’s Sanders Morris Harris’ Kissinger Financial Services’ Second Service is Investment Management Comments -- Source: Tiburon Research & Analysis 141

Lee Summer’s Sanders Morris Harris’ Third Business is its Broker/Dealer Services to Other Affiliates

Broker/Dealer Services to Other Affiliates
Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has Employees Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Employees Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Serves Clients Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Clients Source: Tiburon Research & Analysis 144 144

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has Accounts Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Accounts Source: Tiburon Research & Analysis 145 145

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has Gathered ___ Net New Accounts Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Net New Accounts (Thousands) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has Gathered Assets Under Management & Administration Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Assets Under Management & Administration ($ Millions) Source: Tiburon Research & Analysis 147 147

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has Net Flows Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Net Flows ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Generates Revenues Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Revenues ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has Expenses Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates Expenses ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has EBITDA Needs data Sanders Morris Harris Broker/Dealer Services to Other Affiliates EBITDA ($ Millions) Source: Tiburon Research & Analysis

Broker/Dealer Services to Other Affiliates Services
Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates Has a Number of Services, Including… Sanders Morris Harris Broker/Dealer Services to Other Affiliates Services Sanders Morris Harris Broker/Dealer Services to Other Affiliates Services -- -- -- Source: Tiburon Research & Analysis 152

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates’ First Service is___

Lee Summer’s Sanders Morris Harris’ Broker/Dealer Services to Other Affiliates’ Second Service is___

Lee Summer’s Fourth Business is Leonetti & Associates
LLC; incorporated in IL 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: 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 2015 = 3/31/15 Leonetti & Associates Employees 2011 = 6/15/11 2010 = 6/15/11 Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 156 156

Lee Summer’s Leonetti & Associates Has a 100% Employee Retention Rate

Lee Summer’s Leonetti & Associates Serves Clients
Needs data Leonetti & Associates Clients Source: Tiburon Research & Analysis 158 158

Lee Summer’s Leonetti & Associates Has Gathered Accounts
Needs data Leonetti & Associates Accounts Source: Tiburon Research & Analysis 159 159

Lee Summer’s Leonetti & Associates Has Gathered Net New Accounts
Needs data Leonetti & Associates Net New Accounts Source: Tiburon Research & Analysis 160 160

No assets under administration Assets Under Management
Lee Summer’s Leonetti & Associates Has Gathered $636.9 Million Assets Under Management, Up Almost 50% Since 2011 No assets under administration Leonetti & Associates Assets Under Management ($ Millions) Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 161 161

Lee Summer’s Leonetti & Associates Has Expenses
Needs data Leonetti & Associates Expenses ($ Millions) Source: Tiburon Research & Analysis

Investment Management
Lee Summer’s Leonetti & Associates Offers Two Core Services, Including Financial Planning & Investment Management Leonetti & Associates Services Financial Planning Investment Management Leonetti & Associates Source: 6/15/11 Leonetti & Associates Web Site; Tiburon Research & Analysis 163 163

Lee Summer’s Leonetti & Associates’ First Service is Financial Planning

Lee Summer’s Leonetti & Associates’ Second Service is Investment Management

Lee Summer’s Fifth Business is The Rikoon Group
Limited liability company; incorporated in Delaware Comments Who is Carret? 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: 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 2015 = 3/31/15 The Rikoon Group Employees Source: Tiburon Research & Analysis 167 167

Lee Summer’s The Rikoon Group Has a 85% Employee Retention Rate

Lee Summer’s The Rikoon Group Serves Clients
Needs data The Rikoon Group Clients Source: Tiburon Research & Analysis 169 169

Lee Summer’s The Rikoon Group Has Gathered Accounts
Needs data The Rikoon Group Accounts Source: Tiburon Research & Analysis 170 170

Lee Summer’s The Rikoon Group Has Gathered ____ Net New Accounts
Needs data The Rikoon Group Net New Accounts (Thousands) Source: Tiburon Research & Analysis

Assets Under Management
Lee Summer’s The Rikoon Group Has Gathered $464.7 Million Assets Under Management, Relatively Consistent Since 2013 2015 = 1Q/15 The Rikoon Group Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 172

Lee Summer’s The Rikoon Group Has Expenses
Needs data The Rikoon Group Expenses ($ Millions) Source: Tiburon Research & Analysis

The Rikoon Group Services
Lee Summer’s The Rikoon Group Offers Four Services, Including Financial & Estate Planning, Investment Management Services, Wealth Education, & Family Retirement Invests in apartment complexes? The Rikoon Group Services The Rikoon Group Services Financial & Estate Planning Investment Management Services Wealth Education Family Retirement Source: Tiburon Research & Analysis 174 174

Lee Summer’s The Rikoon Group’s First Service is Financial & Estate Planning

Lee Summer’s The Rikoon Group’s Second Service is Investment Management Services

Lee Summer’s The Rikoon Group’s Third Service is Wealth Education

Lee Summer’s The Rikoon Group’s Fourth Service is Family Retirement

Lee Summer’s Sixth Business is Miller-Green Financial Services
1983? Comments Incorporated in Texas 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: Acquired in 2008 Previously had been SMH Partners affiliate Who was Green? 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 2015 = 3/31/15 Miller-Green Financial Services Employees Source: Tiburon Research & Analysis 180

Lee Summer’s Miller-Green Financial Services Has a 89% Employee Retention Rate Miller-Green Financial Services Employees By Retention Source: Tiburon Research & Analysis 181

Lee Summer’s Miller-Green Financial Services Serves Clients
Needs data Miller-Green Financial Services Clients Source: Tiburon Research & Analysis 182

Lee Summer’s Miller-Green Financial Services Has Gathered Accounts
Needs data Miller-Green Financial Services Accounts Source: Tiburon Research & Analysis 183

Lee Summer’s Miller-Green Financial Services Has Gathered Net New Accounts Needs data Miller-Green Financial Services Net New Accounts Source: Tiburon Research & Analysis 184

Lee Summer’s Miller-Green Financial Services Has Gathered $457.5 Million Assets Under Management & Administration, Up Almost 15% Since 2008 But Down Slightly Since its Peak in 2014 2015 = 3/31/15 Miller-Green Financial Services Assets Under Management & Administration ($ Billions) Source: 4/21/08 SMH Group Press Release; Tiburon Research & Analysis 185

Lee Summer’s Miller-Green Financial Services Has Expenses
Needs data Miller-Green Financial Services Expenses ($ Millions) Source: Tiburon Research & Analysis

Miller-Green Financial Services Services
Lee Summer’s Miller-Green Financial Services Offers Four Services, Including Financial Planning, Investment Planning, Retirement Planning, & Estate Planning Extensive pre-retirement planning Miller-Green Financial Services Services Conducts seminars for Exxon executives Miller-Green Financial Services Services Financial Planning Investment Planning Retirement Planning Estate Planning Source: Tiburon Research & Analysis 187 187

Lee Summer’s Miller-Green Financial Services’ First Service is Financial Planning

Lee Summer’s Miller-Green Financial Services’ Second Service is Investment Planning

Lee Summer’s Miller-Green Financial Services’ Third Service is Retirement Planning

Lee Summer’s Miller-Green Financial Services’ Fourth Service is Estate Planning

Lee Summer’s Seventh Business is The Dickenson Group
Limited liability company; incorporated in Ohio Comments Primarily an insurance agency? 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) Founded by who? Dickenson? 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 2015 = 3/31/15 The Dickenson Group Employees Source: Tiburon Research & Analysis 193

Lee Summer’s The Dickenson Group Has a 71% Employee Retention Rate

Lee Summer’s The Dickenson Group Serves Clients
Needs data The Dickenson Group Clients Source: Tiburon Research & Analysis 195

Lee Summer’s The Dickenson Group Has Gathered Accounts
Needs data The Dickenson Group Accounts Source: Tiburon Research & Analysis 196

Lee Summer’s The Dickenson Group Has Gathered Net New Accounts
Needs data The Dickenson Group Net New Accounts Source: Tiburon Research & Analysis 197

Lee Summer’s The Dickenson Group Has Gathered Assets Under Management
Needs data The Dickenson Group Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 198

Lee Summer’s The Dickenson Group Has Net Flows
Needs data The Dickenson Group Net Flows ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s The Dickenson Group Has Expenses
Needs data The Dickenson Group Expenses ($ Millions) Source: Tiburon Research & Analysis

Employee Benefits Communications
Lee Summer’s The Dickenson Group Offers Three Services, Including Insurance Planning, Employee Benefits Communications, & Estate Planning The Dickenson Group Services The Dickenson Group Services Insurance Planning Employee Benefits Communications Estate Planning Source: Tiburon Research & Analysis 201 201

Lee Summer’s The Dickenson Group’s First Service is Insurance Planning

Lee Summer’s The Dickenson Group’s Second Service is Employee Benefits Communications

Lee Summer’s The Dickenson Group’s Third Service is Estate Planning

Lee Summer’s Eighth Business is Investor Financial Solutions
Year acquired? Comments Web site under construction 2013 Founded in 2001 Founded as Investor Solutions Group of California Based in Huntington Beach, CA Principal: Ruth Sully Web site: Acquired 51% stake in XXXX Utilized EMAP ~$1.0 million revenues Changed name from Investor Solutions Group to Investor Financial Solutions Employees became employees of Edelman Financial Services Keeping entity for tax reasons No longer has business activity 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 Dissolved Businesses

Lee Summer’s First Dissolved Business is Pinnacle Management & Trust Company
Not included on earlier business chart Comments Became SMH Capital so why does logo still exist? Based in Houston, TX $670 million assets under management CEO: Stacey Wall Acquired Salient Partners in 2010 Source: 6/8/11 Pinnacle Trust Web Site; 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; 4/23/07 Barron’s (The Winner’s Circle); Tiburon Research & Analysis

Lee Summer’s Pinnacle Management & Trust Company Has Employees
Need data Pinnacle Management & Trust Company Employees Source: Tiburon Research & Analysis 208

Lee Summer’s Pinnacle Management & Trust Company Serves Clients
Need data Pinnacle Management & Trust Company Clients Source: Tiburon Research & Analysis 209

Lee Summer’s Pinnacle Management & Trust Company Has Gathered Accounts
Needs data Pinnacle Management & Trust Company Accounts Source: Tiburon Research & Analysis 210

Pinnacle Management & Trust Company
Lee Summer’s Pinnacle Management & Trust Company Has Gathered Net New Accounts Needs data Pinnacle Management & Trust Company Net New Accounts Source: Tiburon Research & Analysis 211

Pinnacle Management & Trust Company Assets Under Management
Lee Summer’s Pinnacle Management & Trust Company Has Gathered $670 Million Assets Under Management Need Update Pinnacle Management & Trust Company Assets Under Management ($ Millions) 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 212

Lee Summer’s Pinnacle Management & Trust Company Has Net Flows
Needs data Pinnacle Management & Trust Company Net Flows ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Pinnacle Management & Trust Company Generates Revenues
Needs data Pinnacle Management & Trust Company Revenues ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Pinnacle Management & Trust Company Has Expenses
Needs data Pinnacle Management & Trust Company Expenses ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Pinnacle Management & Trust Company Has EBITDA
Needs data Pinnacle Management & Trust Company EBITDA ($ Millions) Source: Tiburon Research & Analysis

Pinnacle Management & Trust Company
Lee Summer’s Pinnacle Management & Trust Company Offers Services, Including… Pinnacle Management & Trust Company Services -- Pinnacle Management & Trust Company Services Source: Tiburon Research & Analysis 217 217

Lee Summer’s Second Dissolved Business is Capitol Management Group
Founded by whom? Comments Based in Houston, TX Web site: Source: 5/17/11 Capitol Management Group Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer’s Capitol Management Group Has ___ Employees
Needs data Capitol Management Group Employees Source: Tiburon Research & Analysis

Lee Summer’s Capitol Management Group Serves ___ Clients
Needs data Capitol Management Group Clients Source: Tiburon Research & Analysis 220 220

Lee Summer’s Capitol Management Group Has ___ Accounts
Needs data Capitol Management Group Accounts Source: Tiburon Research & Analysis 221 221

Capitol Management Group
Lee Summer’s Capitol Management Group Has Gathered ____ Net New Accounts Needs data Capitol Management Group Net New Accounts (Thousands) Source: Tiburon Research & Analysis

Capitol Management Group Assets Under Management
Lee Summer’s Capitol Management Group Has Gathered Assets Under Management Needs data Capitol Management Group Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 223 223

Lee Summer’s Capitol Management Group Has Net Flows
Needs data Capitol Management Group Net Flows ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Capitol Management Group Generates Revenues
Needs data Capitol Management Group Revenues ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Capitol Management Group Has Expenses
Needs data Capitol Management Group Expenses ($ Millions) Source: Tiburon Research & Analysis

Lee Summer’s Capitol Management Group Has EBITDA
Needs data Capitol Management Group EBITDA ($ Millions) Source: Tiburon Research & Analysis

Capitol Management Group
Lee Summer’s Capitol Management Group Provides a Number of Services, Including… Capitol Management Group Services -- Capitol Management Group Services Source: Tiburon Research & Analysis 228 228

Lee Summer’s Capitol Management Group’s First Service is…

Lee Summer’s Capitol Management Group’s Second Service is…

Lee Summer’s Third Dissolved Business is Signet Healthcare Partners
Reposition or delete? Comments Based in New York, NY Web site: Source: 5/17/11 Signet Health Care Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer’s Signet Healthcare Partners Has Employees
Needs data Signet Healthcare Partners Employees Source: Tiburon Research & Analysis 232

Lee Summer’s Signet Healthcare Partners Has Clients
Needs data Signet Healthcare Partners Clients Source: Tiburon Research & Analysis 233

Lee Summer’s Signet Healthcare Partners Has Accounts
Needs data Signet Healthcare Partners Accounts Source: Tiburon Research & Analysis 234

Signet Healthcare Partners Assets Under Management
Lee Summer’s Signet Healthcare Partners Has Gathered Assets Under Management Reposition or delete? Needs data Signet Healthcare Partners Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 235

Lee Summer’s Signet Healthcare Partners Has Net Flows
Needs data Signet Healthcare Partners Net Flows ($ Millions) Source: Tiburon Research & Analysis 236

Lee Summer’s Signet Healthcare Partners Generates Revenues
Needs data Signet Healthcare Partners Revenues ($ Millions) Source: Tiburon Research & Analysis 237

Lee Summer’s Signet Healthcare Partners Has EBITDA
Needs data Signet Healthcare Partners EBITDA ($ Millions) Source: Tiburon Research & Analysis 238

Lee Summer’s Fourth Dissolved Business is SOF Management
Reposition or delete? Comments Based in Houston, TX Source: 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer’s SOF Management Has Employees
Needs data SOF Management Employees Source: Tiburon Research & Analysis 240

Lee Summer’s SOF Management Has Clients
Needs data SOF Management Clients Source: Tiburon Research & Analysis 241

Lee Summer’s SOF Management Has Gathered Assets Under Management
Reposition or delete? Needs data SOF Management Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 242

Lee Summer’s SOF Management Has Net Flows
Needs data SOF Management Net Flows ($ Millions) Source: Tiburon Research & Analysis 243

Lee Summer’s SOF Management Generates Revenues
Needs data SOF Management Revenues ($ Millions) Source: Tiburon Research & Analysis 244

Lee Summer’s SOF Management Earns $___ Million
Needs data SOF Management Net Profits ($ Millions) Source: Tiburon Research & Analysis 245

Lee Summer’s Fifth Dissolved Business is SMH Private Equity Group
Reposition or delete? Comments Based in Houston, TX Web site: Source: 5/17/11 SMH Private Equity Group Web Site; 4/4/11 Edelman Financial Services Presentation (Edelman); 11/1/10 Sanders Morris Harris Group Web Site; 5/8/03 American Banker; Tiburon Research & Analysis

Lee Summer’s SMH Private Equity Group Has Employees
Needs data SMH Private Equity Group Employees Source: Tiburon Research & Analysis 247

Lee Summer’s SMH Private Equity Group Has Clients
Needs data SMH Private Equity Group Clients Source: Tiburon Research & Analysis 248

SMH Private Equity Group Assets Under Management
Lee Summer’s SMH Private Equity Group Has Gathered Assets Under Management Reposition or delete? Needs data SMH Private Equity Group Assets Under Management ($ Millions) Source: Tiburon Research & Analysis 249

Lee Summer’s SMH Private Equity Group Has Net Flows
Needs data SMH Private Equity Group Net Flows ($ Millions) Source: Tiburon Research & Analysis 250

Lee Summer’s SMH Private Equity Group Generates Revenues
Needs data SMH Private Equity Group Revenues ($ Millions) Source: Tiburon Research & Analysis 251

Lee Summer’s SMH Private Equity Group Earns $___ Million
Needs data SMH Private Equity Group Net Profits ($ Millions) Source: Tiburon Research & Analysis 252

Lee Summer’s Sixth Dissolved Business is its Select Sports Group (SSG)
Reposition or delete? Comments Existed in 2007 Based in Houston, TX Web site: Considering sale in 2011 Source: 5/17/11 Select Sports Group Web Site; 4/4/11 Edelman Financial Services Presentation (Edelman); 11/15/07 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer’s Select Sports Group (SSG) Generates Revenues
Needs data Select Sports Group (SSG) Revenues ($ Millions) Source: Tiburon Research & Analysis 254

Lee Summer’s Select Sports Group (SSG) Earns $___ Million
Needs data Select Sports Group (SSG) Net Profits ($ Millions) Source: Tiburon Research & Analysis 255

Lee Summer’s Seventh Dissolved Business is 10 Sports Marketing (10SM)
Reposition or delete? Comments Based in Houston, TX Source: 5/17/11 Sanders Morris Harris Group Web Site; 4/4/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer’s 10 Sports Marketing (10SM) Generates Revenues
Needs data 10 Sports Marketing (10SM) Revenues ($ Millions) Source: Tiburon Research & Analysis 257

Lee Summer’s 10 Sports Marketing (10SM) Earns $___ Million
Needs data 10 Sports Marketing (10SM) Net Profits ($ Millions) Source: Tiburon Research & Analysis 258

Lee Summer’s Eighth Dissolved Business is The Juda Group
Reposition or delete? Comments Trading desk Based in Los Angeles, CA Source: 5/17/11 Sanders Morris Harris Group Web Site; 5/16/11 The Edelman Financial Group Conversation (Edelman); 4/4/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

Lee Summer’s The Juda Group Generates Revenues
Needs data The Juda Group Revenues ($ Millions) Source: Tiburon Research & Analysis 260

Lee Summer’s The Juda Group Earns $___ Million
Needs data The Juda Group Net Profits ($ Millions) Source: Tiburon Research & Analysis 261

Lee Summer Also Owns a 44% Interest in Prime Brokerage Business Concept Capital
Delete? Comments Spun-off in 2011 Received $5.3 million note Retained a 44% profits interest Web site: Source: 6/1/11 Concept Capital Web Site; 5/17/11 Reuters; 5/10/11 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis

Lee Summer is Led by its CEO Ric Edelman
Christine Cataldo, George Ball, & Lesley Roberts actually report to Ed Moore Lee Summer 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 (Jallans); 7/30/13 Thomas Lee Capital (Mahoney); 7/8/13 The Edelman Financial Group (Edelman); 7/17/12 The Edelman Financial Group Form 8k; 6/28/13 The Edelman Financial Group (Roberts); Tiburon Research & Analysis

Lee Summer Board of Directors
Lee Summer Has a Board of Directors Led by its Chairman George Ball (Page 1) Lee Summer Board of Directors George Ball (Chairman) Ric Edelman Barry Baker Mark Gormley Ben Hochberg Chairman, The Edelman Financial Group Formerly CEO, Prudential Bache & CEO, EF Hutton CEO, The Edelman Financial Group Senior Advisor, Lee Equity Partners Joined board 2015 Partner, Lee Equity Partners Partner, Lee Equity Partners Source: 5/12/14 Think Advisor Web Site; 6/21/13 Lee Equity Partners (Gormley); 5/25/12 Google News Alerts; 4/12 Financial Advisor Magazine; 5/18/11 Answers.Com Web Site; 5/16/11 The Edelman Financial Group Conversation (Edelman); 3/15/11 Barron’s; 11/29/10 On Wall Street; Tiburon Research & Analysis

Lee Summer Board of Directors (Page 2)
Danny Rodriguez: serves as secretary of the board Lee Summer Board of Directors Chip Roame Danny Rodriquez -- -- -- Managing Partner, Tiburon Strategic Advisors Joined board 2013 Vice President, Lee Equity Partners -- -- -- Source: 5/19/11 Sanders, Morris, Harris Group Annual Report; 5/18/11 Answers.Com Web Site; 11/29/10 On Wall Street; 11/29/10 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis

Edelman Financial Services
Lee Summer’s Board of Directors Has Several Committees, Including its Audit & Risk and Compensation Edelman Financial Services Board of Directors Committees Audit & Risk Committee Compensation Nominating & Governance Chairman:___ Members: Mark Gormley Ed Moore Chip Roame Danny Rodriquez Chairman: Ric Edelman Ben Hochberg Chairman: Chip Roame -- Source: 5/19/11 Sanders, Morris, Harris Group Annual Report; 5/18/11 Answers.Com Web Site; 11/29/10 On Wall Street; 11/29/10 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis 266 266

Lee Summer’s Global Financial Services Has a Board of Managers, Including Robert Benjamin, Gerardo Clara, & Ricardo Perusquia Global Financial Services Managing Board Robert Benjamin Gerardo Clara Ricardo Perusquia -- -- -- -- -- -- -- Source: 5/19/11 Sanders, Morris, Harris Group Annual Report; 11/29/10 On Wall Street; 11/29/10 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis

Lee Summer’s Global Financial Services Has a Board of Directors Led by its Chairman… (Page 1) Global Financial Services Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Global Financial Services Board of Directors (Page 2)
-- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

SMH Capital Advisors Board of Directors
Lee Summer’s SMH Capital Advisors Has a Board of Directors Led by its Chairman… (Page 1) SMH Capital Advisors Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

SMH Capital Advisors Board of Directors (Page 2)

Sanders Morris Harris Board of Directors
Lee Summer’s Sanders Morris Harris Has a Board of Directors Led by its Chairman… (Page 1) Sanders Morris Harris Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Sanders Morris Harris Board of Directors (Page 2)

Lee Summer’s Kissinger Financial Services Has a Board of Directors Led by its Chairman… (Page 1) Kissinger Financial Services Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Kissinger Financial Services Board of Directors (Page 2)

Leonetti & Associates Board of Directors
Lee Summer’s Leonetti & Associates Has a Board of Directors Led by its Chairman… (Page 1) Leonetti & Associates Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Leonetti & Associates Board of Directors (Page 2)

The Rikoon Group Board of Directors
Lee Summer’s The Rikoon Group Has a Board of Directors Led by its Chairman… (Page 1) The Rikoon Group Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

The Rikoon Group Board of Directors (Page 2)

Lee Summer’s Miller-Green Financial Services Has a Board of Directors Led by its Chairman… (Page 1) Miller-Green Financial Services Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Miller-Green Financial Services Board of Directors (Page 2)

The Dickenson Group Board of Directors
Lee Summer’s The Dickenson Group Has a Board of Directors Led by its Chairman… (Page 1) The Dickenson Group Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

The Dickenson Group Board of Directors (Page 2)

Investor Financial Solutions
Lee Summer’s Investor Financial Solutions Has a Board of Directors Led by its Chairman… (Page 1) Investor Financial Solutions Board of Directors -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Investor Financial Solutions Board of Directors (Page 2)

Lee Summer is Privately Owned
Edelman Financial Group Inc.: CIK#: ; based in TX; incorporated in TX; formerly Pinnacle Global Group through 4/27/01; formerly Morris Harris Group Inc through 5/13/11; now Summer Pinnacle Investments? 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

Lee Summer Cash ($ Millions)
Lee Summer Has Cash Needs data Lee Summer Cash ($ Millions) Source: 5/10/11 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis

Lee Summer Has No Long-Term Debt
Needs data Lee Summer Long-Term Debt ($ Millions) Source: 11/10/08 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer Has Tangible Net Worth
Needs data Lee Summer Tangible Net Worth ($ Millions) Source: 11/10/09 SMH Group Press Release; 1/22/09 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer Earns $___ Per Share
Needs data Lee Summer Earnings Per Share Source: 8/9/12 Google News Alerts; 5/8/12 Google News Alerts; 5/17/11 Reuters; 5/10/11 Sanders Morris Harris Group Press Release; 3/15/11 Barron’s; 11/10/08 Sanders Morris Harris Group Press Release; 8/11/08 Sanders Morris Harris Group Press Release; 5/9/08 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer Pays $___ Dividends Per Share
Needs data Lee Summer Dividends Per Share Source: 5/17/11 Reuters; 12/5/08 SMH Group Press Release; 9/8/08 SMH Group Press Release; 6/12/08 SMH Group Press Release; 11/15/07 SMH Group Press Release; Tiburon Research & Analysis

Lee Summer Has a Stock Price
Needs data Lee Summer Stock Price Source: 9/13/12 Street Insider.Com Web Site; 7/6/12 The Edelman Financial Group Form 14A; 8/27/09 Small Cap World Web Site; 6/27/11 RIA Biz; 5/17/11 Reuters; 10/21/10 RIA Biz; Tiburon Research & Analysis

Lee Summer Has Shares Outstanding
Needs data Lee Summer Shares Outstanding (Millions) Source: 7/6/12 The Edelman Financial Form 14A; 5/17/11 Reuters; Tiburon Research & Analysis

Lee Summer’s Market Capitalization is $___ Million
Needs data Lee Summer Market Capitalization ($ Millions) Source: 8/27/09 Small Cap World Web Site; Tiburon Research & Analysis

Lee Summer’s Stock Volume is___
Needs data Lee Summer Stock Volume Source: 5/17/11 Reuters; Tiburon Research & Analysis

Lee Summer Owns Three-Quarters of Global Financial Services
The Edelman Financial Group owns 48.7% of the capital & 50.1% of the profits; Summer Holdings I LLC owns 25.6% of the capital & 25.0% of the profits Global Financial Services Ownership By Owner Source: 11/29/10 On Wall Street; Tiburon Research & Analysis 296 296

Lee Summer Owns Three-Quarters of Global Financial Services Advisors
Ownership By Owner Source: Tiburon Research & Analysis 297 297

Lee Summer Owns 100% of SMH Capital Advisors

Lee Summer Owns 100% of Sanders Morris Harris

Lee Summer’s Sanders Morris Harris Owns Just Over Half of Kissinger Financial Services Kissinger Financial Services Ownership By Owner Source: Tiburon Research & Analysis 300 300

Lee Summer Owns 80.1% of Leonetti & Associates
50.1% owned by The Edelman Financial Group & 30.0% owned by Summer Holdings I LLC Leonetti & Associates Ownership By Owner Source: 5/9/08 SMH Group Press Release; Tiburon Research & Analysis 301 301

Lee Summer Owns 100% of The Rikoon Group
80% owned by The Edelman Financial Group; 20% owned by Summer Holdings II Inc. The Rikoon Group Ownership By Owner Source: Tiburon Research & Analysis 302 302

Lee Summer Owns 100% of Miller-Green Financial Services

Lee Summer Owns Just Over Half of The Dickenson Group

Lee Summer Owns Just Over Half of Investor Financial Solutions
Old data: 67% TEFG & 33% Ruth Sully Investor Financial Solutions Ownership By Owner Source: 11/18/13 BrightScope; Tiburon Research & Analysis 305 305

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 306

Lee Summer: The Holding Company for a Family of Wealth Managers

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Lee Summer: The Holding Company for a Family of Wealth Managers

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