1. Kevin M. Wilson, PhD Chairman/CEO 1405 Medical Arts Building 324 W. Superior Street Duluth, MN 55802 Office: 218-464-4399 Toll Free: 877-327-5062 Fax: 218-464-4397 Email: info@bluewater-cap.com www.bluewatercapitaladvisors.com Bi-Monthly Market Review “Global Opportunities Knocking on Our Door” (Making Money in Global Markets) September 18 th, 2014 1 Ted A. Pavlovich, WMS President/Wealth Mgmt. Advisor 1

2. INTRODUCTION TED A. PAVLOVICH 2

3. GLOBAL EQUITY VALUATIONS AND RISKS KEVIN M. WILSON 3

4. 4 High Valuations and Emotional Decisions Can Cause Losses

5. 5 Avg. Is Terrible We All Like To Buy High and Sell Low

6. 6 U.S. Valuations Are High And Prospects Are Low

7. 7 Foreign Markets Look Cheap In Comparison

8. 8 Rising Dollar Is Creating Headwinds For U.S. Stocks

9. 9

10. 10 YTD International Performance

11. ASIAN OPPORTUNITIES TED A. PAVLOVICH 11

12. 12 GDP Growth Does NOT Correlate With Market Returns

13. 13 Still, The Rise Of Asian Consumers And Falling Currencies Will Drive Markets For Years

14. 14 Japan Is Resurgent

15. 15 Caveats With Respect To Investing Internationally

16. DEVELOPED MARKET OPPORTUNITIES KEVIN M. WILSON 16

17. 17 European Markets and Profits Have Room To Grow

18. 18 European Stocks Appear Cheap

19. 19 Caveats For European Stocks

20. 20 UK Looks Strong, But Scotland Vote Is Important Factor Also

21. LATIN AMERICA OPPORTUNITIES KEVIN M. WILSON 21

22. 22 Latin America Emerging And Frontier Look Dynamic and Less Risky, Perhaps

23. 23 Boom & Bust Cycle Still Present

24. 24 Brazil Has Disappointed, But That May Be Changing

25. 25 Mexico Is Booming And Its Trade Volumes Are Rising

26. 26 Oil & Gas Are About To Take Off In Mexico

27. 27 Mexican Stocks Outperforming

28. WHERE DOES THE US MARKET FIT IN? 28 TED A. PAVLOVICH

29. 29 Buy-Backs Have Driven The U.S. Markets (But Not Much Longer?)

30. 30 Mergers Also Providing Huge Push To Stocks (But Not Much Longer?)

31. 31 Inflation Assets Are The Next Big Thing

32. 32 Oil Shortages Are On The Way In 2015-25

33. 33

34. Q & A 34 KEVIN M. WILSON TED A. PAVLOVICH

35. This report is provided for informational purposes only and does not constitute an offer or solicitation to purchase or sell any security or commodity and is not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. Any opinions expressed herein are subject to change at any time without notice. Information has been obtained from sources believed to be reliable, for its accuracy and interpretation are not guaranteed. Investing in securities involves risk, including possible loss of principal. Past performance should not be taken as an indication of guarantee of future performance and no representation, express or implied, is made regarding future performance. The firm does not provide tax advice; clients should contact their attorney, accountant, or other tax adviser regarding tax matters. “BWCA is a state registered investment adviser in all states in which it is required to be registered. All Blue Water Capital Advisors’ customer assets are held in the customer name with Fidelity Institutional Services, clearing through National Financial Services (NFS), Member SIPC, a Fidelity Investments Company as Qualified Custodian.” Disclaimer 35