BUILT FOR CLIENTS POWERED BY INNOVATION Pathstone com

BUILT FOR CLIENTS. POWERED BY INNOVATION. Pathstone. com | 1

Contact: Pathstone. com | 2

Table of Contents About 4 Services 5 Client Team Structure 6 Investments 7 Family Office Services 15 Tax Planning & Compliance 17 Accounting & Financial Planning 18 Insurance & Risk Management 19 Legacy Planning 20 Family & Business Management 21 Team 22 Disclosures 23 Contact Us 25 Pathstone. com | 3

About Overview Pathstone Federal Street is an independent, family and partner-owned, financial family office firm that offers integrated services and customized investment solutions to multigenerational families and nonprofit organizations nationwide. We are innovative in our thinking and disciplined in our approach, employing leading technology and proven investment processes to capture strategic opportunities and efficiencies for our clients. Mission Our mission is to empower our clients to achieve their long-term financial goals and help them build a lasting legacy. Philosophy Our client relationships are built on unconditional trust and objectivity. We are committed to our families’ generational success, and as such, strive to always put Founded: Combined firm legacy dates back to 1991 their interests first. Partners: 30 Employees: 107 Assets Under Advisement: $12 B* Locations: Massachusetts, New Jersey, Washington D. C. , Georgia, Florida, Oregon, California Clients: 300+ including high-net-worth individuals, multigenerational families, nonprofit organizations, and family foundations *As of December 31, 2016 Built for Clients. Powered by Innovation Investments Accounting & Finances Family Legacy Pathstone Federal Street Business Taxes Interests Lifestyle Pathstone. com | 4

Services With first-hand experience in multi-generational wealth, we offer integrated, objective, and customized solutions to meet the diverse needs of each family or foundation. § Objective and Reporting § Customized Portfolio Investments Family Office Services (FOS) Tax Planning & Compliance Structuring § Goals Based Strategy § Unified Managed Account Platform § Focus on Net Results – Post-Fees and Taxes § Improving After-Tax Results § Annual Tax Return Reporting and Compliance Accounting & Financial Planning § Accounting Systems § Bill Pay Services § Banking Insurance & Risk Management § § § Legacy Planning Family & Business Management Transparent Structure § Access to Innovative Solutions § Comprehensive Manager Due Diligence § Consolidated § Outsourced CIO Capabilities § ESG & Impact Investing (Socially Responsible Investing) § Notices & Administration § Research § Audit Defense § § Cash Mgmt Vendor Mgmt Property Mgmt Payroll Medical Life Disability Property & Casualty Excess Liability § Financial Reporting § Long-Term Care § In-Assist (Health Insurance) § Personal Security § Trusts & Estates Planning § Philanthropic Planning § Next Generation Engagement § Planning & Facilitating Family Meetings § Family Education § FO Structuring & Administration § Counseling & Acquisition of Special Assets § Concierge Services § Lifestyle Management § Personal CFO Pathstone. com | 5

Client Team Structure The team behind the client experience: Your Family FO Structure & Administration; Concierge; Personal CFO; Counseling & Acquisition of Special Assets Family & Business Management Trusts, Estates and Philanthropic Planning; Family Governance; Family Education Legacy Planning Services Accounting Systems; Banking Services; Bill Pay; Balance Sheets; Cash Management Accounting & Financial Reporting Client Service Team Director/ Senior Advisor Investment Research Team Investment Stewardship Advisory; Asset Allocation; Manager Selection; Aggregated Performance Reporting; Administration; Capital Markets Tax Services Tax Planning & Compliance; Audit Defense; Notice Management; Research Insurance & Risk Management Risk Profile & Exposure Analysis; Policy Review & Management Advisor Associate Operations/Admin UNIQUE CLIENT COMMUNICATION ID (UCCID): XXXX@pathstone. com Client Service Team Email Phone Cell Managing Director/Director: Associate Director/Sr. Advisor: Advisor/Associate: * Services listed are only examples of the types of services that Pathstone Federal Street can provide and not indicative of what is within scope for the family relationship. Please refer to the family client service matrix for additional family / entity specific details. Pathstone. com | 6

Investments Pathstone. com | 7

Investments Approach Pathstone Federal Street’s experienced team of investment advisors, research professionals and support staff are committed to the long-term success of your investment portfolio. Below are highlighted components of our approach: Goals-Based Approach We listen to you to fully understand your goals before offering solutions. We then assess your financial circumstances, identify investment opportunities and implement a portfolio strategy that best aligns with your specific objectives. Objectivity Notable Features § Institutional Due Diligence Process § Dedicated Research Capabilities § Unified Managed Account Platform § Consolidated Reporting § Socially Responsible Investing § Access to Private and Alternative Investments We operate independently on an open architecture platform, and we do not promote any proprietary products. Our advice is objective, and our methods fully transparent. Fiduciary We unconditionally align our focus with our clients’ interests. Outsourced Chief Investment Officer (CIO) As your investment steward, we oversee all aspects of asset allocation, manager and investment selection, implementation, due diligence and ongoing monitoring of your portfolio. Pathstone. com | 8

Investments Goals-based Strategy We first listen to fully understand your goals, then assess your financial circumstances in order to identify investment opportunities that meet your particular objectives. We construct your portfolio and strategically optimize over three tiers for a total portfolio target aligned with your specific goals. Helping Define & Achieve Your Investment Goals: sin Tier 2* § Return Target: 10. 5% § Return Range: 9 -12% § Std Dev (Risk): 15% ty idi Liquid Real Assets (Real Estate and Commodities) iqu rea Long-Only Equity g L g R isk ASPIRATIONAL sin What specific circumstances apply to you? • Liquidity needs • Time horizon • Tax and legal status • Unique circumstances Opportunistic Dislocations rea What is your risk and return objective? Does your target return agree with your appetite for risk? Inc § Private Equity (Direct, Buyout) Inc § Tier 1* § Return Target: 14% § Return Range: 1216% § Std Dev (Risk): 16% Venture Equity Risk Alternatives (Long/Short Equity) GROWTH Core Bonds Credit Risk Alternatives Tier 3* § Return Target: 4. 5% § Return Range: 3 -6% § Std Dev (Risk): 4. 5% STABILITY * Return ranges are based on potential variations that may arise from market opportunities or events but are not predictive, and actual returns may vary substantially from targets and ranges. Standard deviations are based on internal asset allocation models Pathstone. com | 9

Investments Unified Managed Account Our Unified Management Account (UMA) is an innovative investment platform that can hold multiple investments in a single account to lower costs and improve efficiencies. Holdings may consist of SMA’s, mutual funds, ETF’s or single stock positions across a variety of asset classes. Single Proposal System Customization Ability Single Account & Paperwork Coordinated Pricing Automatic Rebalancing Consolidated Reporting Tax-Loss Harvesting Multiple Products Unified Managed Account Individual Securities Exchange Traded Funds (ETF’s) How does a UMA work? UMA works by employing an advanced technology to: § Mutual Funds Separately Managed Accounts (SMA’s) Liquid Alternatives UMA Benefits § Lower management fees and minimums § Tax Loss Harvesting § Ease of restriction management & Manage and rebalance accounts with screening consideration to associated taxes (to seek § Efficient and systematic portfolio Tax Alpha*) rebalancing § Incorporate client restrictions, screens and § Simplified paperwork and account special considerations management § Provide trade execution for third-party active § Streamlined tax reporting Tax Alpha is defined by Parametric Portfolio Associates LLC as the portfolio’s after-tax return relative to a benchmark, adjusted for any excess pre-tax returns. managers * Pathstone. com | 10

UMA Tax Alpha Case Study This analysis compares the tax alpha obtained on equity investments in a Pathstone UMA versus the tax alpha obtained on a globally diversified equity ETF (Vanguard Global Stock : VTI)*. Tax-Alpha Explained § Tax alpha is the benefit or drag resulting from taxes on investment portfolios § Tax Alpha = Pre-Tax Return - [realized taxes/mid year market value] You can expect to see a 0% to 4% increase in after-tax results on the equity portion of your portfolio, but the amount of tax reduced will vary based on market volatility and direction, among many other factors. ND= no data available. *Vanguard Total Stock Market ETF (VTI). Vanguard tax calculations are based on actual distribution and mid year price **We calculated the average tax alpha using data for seven randomly selected clients. The data used to make this calculation was provided by Parametric and is based on actual client experiences. ***Highest federal brackets assumed for all tax calculations Pathstone. com | 11

Investments UMA Fee Case Study The study below compares investment management fees under a Pathstone UMA vs. fees on a potential investment portfolio. The cost savings can be significant. Fee-Reduction 2 Hypothetical Case Study 1: Pathstone UMA Fees vs. Separately Managed Fees With UMA, you can expect a 10 -100 bp reduction in active management fees. Under the UMA, you get active management at the cost of passive management. Costs UMA overlay manager (Parametric) charges an advisory and administrative fee of approximately 15 bps Hypothetical Net Outcome Fee reduction 3 0. 47% Tax Alpha 4 1. 86% Overlay fee - 0. 15% ____________ Net benefit +2. 18% Expected Fees are. 29% with Pathstone UMA, compared to. 76%. Value-Add This example shows a saving of $231, 058 in fees alone. 1 The information provided is a hypothetical study compiled by Pathstone for illustrative purposes and is not representative of any client portfolio. The above-noted positions are examples of the funds currently available; however, there is no guarantee that they will continue to be available to be held in clients’ portfolios. 2 Manager fee reduction will vary based on asset allocations, manager selections, and other factors. 3 Calculated using the data in the hypothetical case study displayed in the chart in the previous slide titled “Tax Alpha Case Study”. 4 We calculated the average tax alpha using Pathstone. com | 12

Investments Monitoring and Consolidated Reporting § Non-discretionary monitoring of assets, allocations, portfolio construction, investment policies, cash flows, and fees § Monitoring of external advisors § Real-time reporting § Ability to measure performance net of fees § Performance measured against established benchmarks § Illiquid portfolios receive periodic consolidated reports, and more upon request § 24 -7 access to consolidated reports via online portal Pathston e Pathstone. com | 13

Investments Socially Responsible Investing In accordance with each client’s mission, we can incorporate environmental, social, and corporate governance (ESG) criteria into our investment analysis and portfolio implementation across a range of asset classes. Implementation Options* Negative Screening Integrating Sustainability Factors Shareholder Engagement Impact Investing Direct investments Favors companies Establishes Recommended in projects, exclusions of certain with good records manager files companies and on ESG issues. sectors or resolutions and funds that companies involved Typically equity, but raises opportunities generate social or increasing in bonds for improvement with environmental in activities that do and private not fit an investor’s companies you own. impact in addition portfolios. values or mission. Establishes an to financial returns. Generally used in “Engagement Generally public equity Portfolio. ” accessed through portfolios. private equity or direct deals, but can also be achieved through public equities and bonds. * Some options are available only to investors that are ‘accredited investors’ and or satisfy other requirements. Full Frontier New ideas and structures. Social Impact Bonds, Green Bonds and Blue Bonds, “Evergreen” private equity structures and beyond. Pathstone. com | 14

Family Office Services Pathstone. com | 15

Family Office Services (FOS) Overview Individuals and multi-generational families with significant wealth often require a comprehensive set of solutions to meet their unique needs. We have the resources and perspective to manage the details of everyday life along with the demands of future generations—from anticipated milestones to unexpected responsibilities. Why Join Pathstone’s Family Office? § Peace of Mind – Families can rely on the expertise of our dedicated professionals to help protect, preserve and grow their wealth. This will help reduce family-decision makers’ stress, affording them the ability to focus on life’s big picture. § Trust & Transparency – Pathstone’s objective structure ensures family and advisors are always on same side of the table as clients § Harmony – Pathstone extends a platform for successful transfer of family assets, values, and relationships § Economies of Scale – Pathstone provides access to institutional quality resources, creating cost savings from combined AUM § Collaborative Solutions – Pathstone centralizes all areas critical to a family’s growth and success Pathstone. com | 16

FOS: Tax Planning & Compliance We play a proactive role in tax planning and management, providing expert guidance to help minimize taxes and simplify the preparation process. Highlights § Counsel on income tax minimization § Cash management of quarterly estimated tax payments § Active income tax planning, analysis, and management § Family and household tax return preparation § Response to tax authority notices and defense (as necessary) § Entity tax return preparation (as needed) Pathstone. com | 17

FOS: Accounting & Financial Planning We proactively oversee and streamline our clients’ accounting and financial reports to help ensure accuracy in details as well as clarity of the bigger picture. All-Inclusive Accounting Accessing Your Account Online § Log into one online account from anywhere to access everything: www. accounting. pathstone. c om § Approve your bills online § View previous payments To help achieve financial goals, we oversee all accounting functions, including bill pay, banking, money management and payroll. Our accounting programs are tailored to meet individualized objectives. We help assist individuals and businesses in bringing a seamless solution to their back-office financial needs. Full-View Financial Reporting We present financial reports in a structured, informative way to provide clients with clarity and understanding of their financial position. Our financial reports act as a guide to help achieve current and future financial goals through every life stage. § Access financial statements Pathstone. com | 18

FOS: Insurance & Risk Management We help ensure that goals are met and clients remain protected. Our insurance experts work with each family to inventory and review in-place coverage, suggest appropriate changes, help reduce costs, and ensure coverage is adequate and consistent. We proactively consider all options to help protect against known and unknown risks. Highlights § Medical § Life and Disability § Long Term Care § Excess Liability § Real Estate, Property § Automobile, Aviation, Watercraft Pathstone. com | 19

FOS: Legacy Planning Through thoughtful planning, we help build your family’s lasting legacy. Trusts & Estates We seek to preserve the value of an estate through thoughtful preparation and detailed execution. We begin with an indepth understanding of a client’s legacy goals, educate them on opportunities and risks, then guide them through strategies to help ensure that their specific goals are met. Philanthropy We work side-by-side with families to help them identify their philanthropic mission. We then develop a plan and put the appropriate processes in place to manage contributions. Pathstone. com | 20

FOS: Family & Business Management We help manage personal and business affairs to help alleviate any frustrations by ensuring all the details are being handled accurately and efficiently. Highlights § Concierge Convenience – We have the professionals and the partnerships to help find the right solutions— from finding the perfect gift to overseeing new construction or a vacation home. § Asset Acquisition & Management – As families avail themselves of special assets, we are available to assist with the details of acquisition, staffing, management and use. With deep experience in aircraft, yachts and art, we support families in pursuing their passions and enjoying their lives. Pathstone. com | 21

Team Pathstone. com | 22

Disclosures Pathstone. com | 23

Disclosures This presentation and its content are for informational and educational purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness. No information available through this communication is intended or should be construed as any advice, recommendation or endorsement from us as to any legal, tax, investment or other matters, nor shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security, and this communication has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient. Past performance is no guarantee of future results. Additional information and disclosure on Pathstone Federal Street is available via our Form ADV Part 2 A, which is available upon request or at www. adviserinfo. sec. gov. Some investment funds are offered only in a private offering and are intended to be exempt from registration as an investment company under the Investment Company Act of 1940, as amended. Accordingly, interests in any such fund are available only to investors who are accredited investors and meet additional requirements under applicable securities laws. In addition, interests in a fund generally cannot be sold or otherwise disposed of without the general partners’ or manager’s consent and registration (or exemption from registration) under applicable securities laws, which is not expected. Consequently, investors should be prepared to hold such interests for an indefinite period. Any tax advice contained herein, including attachments, is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of (i) avoiding tax penalties that may be imposed on the taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. The concept of ‘tax alpha’ referred to in this presentation is explained in detail in a publication of Parametric Portfolio Associates LLC, entitled Using Tax Alpha to Measure Tax Efficiency, which is available upon request. Third party rankings and recognition from ratings services are no guarantee of future investment success. Working with a highly rated adviser does not ensure that a client or prospective client will experience a higher level of performance or results. Ratings should not be considered an endorsement for the adviser by any client nor are they representative of any one client’s evaluation. Generally, rankings are based on information prepared and submitted by the adviser, or the amount of assets under management by the adviser. Please refer to the more thorough disclosure and additional information about the criteria used in making these rankings via the website of the publication and/or organization granting such recognition. Pathstone. com | 24

MASSACHUSETTS 24 Federal St. 8 th Floor Boston, MA 02110 Tel: 617 -350 -8999 Fax: 888 -850 -PATH NEW JERSEY 10 Sterling Blvd. Suite 402 Englewood, NJ 07631 Tel: 201 -944 -PATH (7284) Fax: 888 -850 -PATH WASHINGTON D. C. 12505 Park Potomac Ave. Suite 400 Potomac, MD 20854 Tel: 301 -998 -0300 Fax: 888 -850 -PATH GEORGIA Terminus 200 3333 Piedmont Road NE Suite 2000 Atlanta, GA 30305 Tel: 404 -592 -0180 Fax: 888 -850 -PATH FLORIDA 999 Vanderbilt Beach Rd. Suite 200 Naples, FL 34108 Tel: 239 -214 -7931 Fax: 888 -850 -PATH OREGON 720 W. Washington St. Suite 720 Portland, OR 97205 Tel: 503 -228 -3941 Fax: 888 -850 -PATH www. Pathstone. com CALIFORNIA 2000 Avenue of the Stars Suite 500 -N, 90067 Los Angeles, CA Tel: 310 -734 -5320 Fax: 888 -850 -PATH Pathstone. com | 25