1. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Investor Types, Managers and Asset Classes November 2015

2. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Major Types of Asset Pools Pension Funds Sovereign Wealth Funds Endowments Foundations Insurance Companies Corporations High Net Worth Individuals Retail Investors 2

3. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Major Types of Asset Managers Investment Advisors – Separate Account Managers – Mutual Fund and ETF Managers Hedge Funds – Absolute Return – Other Objectives Fund of Fund or Manager of Managers Internally Managed Individual Investors 3

4. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Major Asset Classes Equities (Public) Fixed Income (Bonds) Commodities Private Equity Real Estate Infrastructure Timberland Volatility FX Art / Collectibles Cash and Equivalents 4

5. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Major Asset Classes Equities (Public) – Domestic vs. International – Growth vs. Value – Large Cap vs. Small Cap – Emerging Markets – Distressed Fixed Income (Bonds) Commodities Private Equity Real Estate, etc. 5

6. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Major Asset Classes Equities Fixed Income (Bonds) – Domestic vs. International – Investment Grade vs. High Yield – Long Duration vs. Short Duration – Corporate Debt – Mortgage-Backed Debt Residential Commercial IOs and POs – Municipal Debt – Sovereign Debt – Asset-Backed Securities (ABS) – Structured Products – Distressed Commodities, etc… 6

7. Seminar: Timely Topics for Today’s Business World Mr. Bernstein Major Asset Classes Equities (Public) Fixed Income (Bonds) Commodities – Energy – Metals (Hard Commodities) – Agricultural (Soft Commodities) Private Equity Real Estate Infrastructure Timberland Volatility FX Art / Collectibles Cash and Equivalents 7

8. Seminar: Timely Topics for Today’s Business World Mr. Bernstein An Alternative to Asset Classes: Investment Needs and Risks Growth Income Inflation Liquidity 8