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

2. 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

17. Lee Summer’s Fourth Business is Leonetti & Associates
Comments
Founded in 1982
Founded by Michael Leonetti
Based in Buffalo Grove, IL
16 employees
$636.9 million assets under management
CEO: Michael Leonetti
Web site:
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

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

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

20. Lee Summer’s Fifth Business is The Rikoon Group
Comments
Founded in 1987
Founded by Robert Rikoon
Based in Santa Fe, NM
7 employees
$464.7 million assets under management
CEO: Robert Rikoon
Web site:
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

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

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

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

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

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

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

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

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

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

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

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