Enhancing and Preserving Wealth for Generations June 13

Enhancing and Preserving Wealth for Generations June 13, 2013 Mark Lamensdorf Principal

This material is provided for your general information. It does not take into account the particular investment objectives, financial situation, or needs of individual clients. This material has been prepared based on information that Bessemer Trust believes to be reliable, but Bessemer Trust makes no representation or warranty with respect to the accuracy or completeness of such information. This presentation does not include a complete description of any fund or portfolio mentioned herein. Investors should consider the investment objectives, risks, charges, and expenses of each fund or portfolio before investing. Views expressed herein are current opinions only as of the date indicated, and are subject to change without notice. Forecasts may not be realized due to a variety of factors, including changes in economic growth, corporate profitability, geopolitical conditions, and inflation. Past returns are no guarantee of future performance. The mention of a particular security is not intended to represent a stock-specific or other investment recommendation, and our view of these holdings may change at any time based on stock price movements, new research conclusions, or changes in risk preference. Index information is included herein to show the general trend in the securities markets during the periods indicated and is not intended to imply that any referenced portfolio is similar to the indices in either composition or volatility. Alternative investments, including hedge funds, private equity, and real estate, are not suitable for all clients and are available only to qualified investors. 2

By Clients, for Clients Long history as a family office • 1907: Henry Phipps founds Bessemer Trust as his family office after selling his interest in Carnegie Steel to J. P. Morgan. • 1974: Mr. Phipps’s descendants invite other like-minded families to join as clients. • 2007: Bessemer Trust celebrates 100 years as a wealth management firm. Culture of accountability • The Phipps family is our owner and largest client, making them a powerful advocate for clients’ interests. “It is my desire that neither the stock nor the bonds of the Company shall pass out of my family … I advise that you approve action … declaring no dividend on the stock for at least 10 years. ” — Henry Phipps regarding the management of the family business Henry Phipps and his partner, Andrew Carnegie 3

Executive Summary Privately owned for over 100 years. As an independent firm, our heritage contributes to stability of purpose, consistent personnel, and continuity of service. London Alignment of interests. Clients, owners, and employees invest side by side. Objective advice. Our platform reflects our belief that trustworthy counsel comes only from unbiased research and judgment rather than financial incentive to sell a product. Innovative investment platform. Combining internal and external managers, we are committed to delivering superior long-term investment results across a broad range of asset classes. Service oriented. Our 3: 1 client-to-employee ratio is among the best in our industry, allowing us to work closely with the families we serve. At 98. 1%, our 10 -year average client asset retention rate is among the highest in the industry. San Francisco Greenwich Chicago Denver Boston New York Woodbridge Wilmington Washington, D. C. Los Angeles Dallas Atlanta Naples Wanganui, NZ Palm Beach Miami Cayman Islands Offices 18 Employees 760 Assets Under Supervision $88. 2 billion Client Relationships 2, 195 As of March 31, 2013 4

Guiding Principles of Our Firm 1. Maintain our unblemished reputation 2. Deliver competitive long-term investment results 3. Provide expert advice and proactive service 4. Attract, develop, and retain the brightest and most dedicated professionals 5. Sustain profitability through measured growth 5

A Singular Focus on Wealth Management Bessemer Trust Our only business is long-term wealth management for high-net-worth families. vs. Investment Banks/Brokerages Core Business: Corporate M & A, IPOs, and trading Investment Managers Core Business: Investment management for institutional clients Commercial Banks Core Business: Retail deposits and loans Consultants Core Business: Institutional manager analysis 6

Estimated Percent of Revenues from Private Wealth Management 97% Bessemer 47% UBS 46% Northern Trust 37% Morgan Stanley 20% Alliance. Bernstein 16% Bank of America 14% Wells Fargo BNY Mellon 5% JP Morgan 5% Goldman Sachs Citigroup 4% 3% Source: Bessemer estimates are based on 2011 public filings, Factset, and sell-side bank analyst research. This material is provided for your general information. It has been prepared based on information that Bessemer Trust believes to be reliable, but Bessemer makes no representation or warranty with respect to the accuracy or completeness of such information. 7

Our Financial Stability We Do • Have high-quality assets in the firm’s portfolio and minimal exposure to interest rate and currency risk • Invest our capital in marketable securities, which are similar to the holdings in our clients’ portfolios • Have financial institution liability insurance to protect clients against employee wrongdoing • Segregate client assets held in a fiduciary capacity from our firm’s assets • Maintain a “well-capitalized” status, subject to periodic review by regulators We Do Not • Leverage our balance sheet for investment purposes • Trade for our own account • Issue or acquire commercial or mortgage loans • Lend client securities • Sell our investment portfolios through third parties • Need, request, or receive money from TARP or other government programs • Finance business growth with debt 8

Multidisciplinary Team Approach The caliber of our staff is exceptional. Most senior members of our Client Service Teams have over 24 years of experience in the industry and one or more advanced degrees. Investment Management Trusteeship Family Wealth Stewardship Philanthropic Private Banking Bill Pay Family Education Client Service Team Customized wealth plans Resource coordination Service and communication Investment Management Asset allocation Portfolio management Insurance Advisory Real Estate Management & Advisory Oil, Gas, & Mineral Advisory Concentrated Holding Strategies Consolidated Reporting 9

The Benefit of a Comprehensive Wealth Plan Is our family secure? Liquidity Can we achieve our goals? Family Legacy and Governance Lifetime Capital What’s our legacy? Philanthropy Comprehensive Wealth Plan Asset Classes Entities Generations 10

Investment Management

A Mandate to Uncover Opportunity Our private ownership and exclusive focus on high-net-worth clients give us the extraordinary flexibility to uncover investment opportunities with high potential return, while preserving irreplaceable capital. • For our owners, achieving strong investment performance over time is more critical than maximizing Bessemer’s profitability. • Our clients, including our owners, expect us to meet our return objectives without regard to which style box we fit into or whether we use internal or external managers for any given asset class. Over 3 -5 -year market cycles, our three central objectives are: • Deliver strong absolute returns outpacing inflation, fees, and taxes • Participate in stronger market periods while limiting losses in difficult ones • Achieve superior relative returns versus benchmarks 12

A Clear Philosophy Guides Our Strategy Independent research • Rely on global research on complementary asset classes Collaboration • Share ideas across disciplines • Align interests by compensating portfolio managers, research directors, and analysts based on long-term performance, not asset gathering Innovation • Find better ways to manage investments by challenging conventional thinking Discipline • Be proactive, but take risk only when justified by attractive potential reward High conviction • Stand by research conclusions and disciplines to buy and sell securities 13

Global Research More than 80 investment team members dedicated to finding opportunities. Our portfolios are invested in 71 countries, representing 93% of the world GDP. Countries in which we currently invest Countries we monitor As of December 31, 2012. World GDP (gross domestic product) is based on the IMF World Economic Outlook database of 185 countries as of October 2012. Source: International Monetary Fund 14

Collaboration Across Disciplines Debating and sharing ideas among experienced professionals surfaces the best investment ideas. 15

Innovative Investment Platform By combining internal and external managers, Bessemer is able to leverage the strengths of dueling platforms while avoiding their potential weaknesses. Bessemer’s Approach: A Rational Combination Internal Managers Only • • • Ensures full accountability and focus on performance Allows for high degree of flexibility Enables focus on core areas of expertise Leverages direct market exposure to make informed asset allocation decisions and manager selections Encourages regular contact with managers across all disciplines Facilitates coordinated tax management External Managers Only Critical Questions We Ask for Each Asset Class • • • Is it a core competency of ours? Is it a highly specialized asset class? Will it be a staple in our portfolio? Can we retain talented professionals to manage it? Can we manage it without creating conflicts of interest? 16

Bessemer Balanced Growth Portfolio With Alternative Investments This presentation reflects Bessemer’s asset class exposure allocation as of April 30, 2013. Numbers are approximate due to rounding. Each client situation is unique and may be subject to special circumstances that may require adjustments to the recommended allocations, including greater or less risk tolerance, classes and concentrations of assets not managed by Bessemer, investment limitations imposed under applicable governing documents and other limitations. These guidelines are based on, among other things, market conditions, Bessemer’s current views on projected return and risk parameters, and overall political or economic conditions, changes to any of which could affect these recommended allocations. These model asset allocation guidelines may be adjusted from time to time on the basis of the foregoing or other factors. Alternative Investments, including Bessemer private equity, real estate and hedge funds of funds, are not suitable for all clients and are available only to qualified investors. 17

How We Work with CPAs and Attorneys

Creating an Efficient Wealth Management Plan We work with you to create a tax-efficient wealth management plan for your clients that balances their financial and personal goals, and then execute the plan seamlessly through generations. Identifying financial goals • Develop a comprehensive investment strategy • Minimize taxes • Transfer wealth efficiently • Transition business thoughtfully Defining personal goals Creating your plan • Secure family’s financial future • Protect assets • Raise responsible children • Build a community legacy • Give to charitable organizations • Identify optimal asset allocation • Draft investment guidelines • Establish family wealth structures • Educate family on wealth and communication 19

Implementing The Wealth Management Plan Sample Wealth Plan Deliverables and Timeframe Working with you on behalf of your clients, we provide detailed analyses and help craft and monitor a comprehensive wealth plan. Month Activity 1 2 3 4 5 6 7 8 9 10 11 12 Introductory Meeting(s) Discuss Objectives and Collect Documents Open Accounts and Transfer Assets Prepare Client Profile and Analyze Holdings Prepare Investment Policy and Asset Allocation Collaborate on Tax Efficient Portfolio Transition Plan Collaborate on Family Wealth Plan Collaborate on Balance Sheet Collaborate on Cash Flow Projections Review Trust and Estate Plan Review Prior Tax Returns Conduct Risk Management Review Collaborate on Trust and Estate Recommendations Collaborate on Tax Recommendations Provide Risk Management Report Implement Investment Policy Implement Estate and Tax Plans Monitor Investments, Estate and Tax Plans 20

Keeping You Informed In addition to regular meetings, we offer: • Timely publications, conference calls, and webcasts • Wealth Management Conferences • Next Generation education • Client website John Doe 21

Selected Biographies

Selected Biographies Mark Lamensdorf, Principal Mr. Lamensdorf is a Principal in the Los Angeles office for Bessemer Trust where he draws on the skills of internal and external experts to deliver services in investment management, legacy planning, trust administration, tax planning, real estate advisory, private banking, and other financial services. Mr. Lamensdorf has over 20 years of experience working with ultra-affluent clients, their families, their foundations, and their companies. Prior to his wealth management career, Mr. Lamensdorf spent 10 years in finance and management with Fortune 500 companies in the Aerospace, Media, and Financial Services industries. Mr. Lamensdorf received a Bachelor of Science degree in Economics from the Wharton School of Business at the University of Pennsylvania and an M. B. A. from the Anderson Graduate School of Management at UCLA. Mr. Lamensdorf resides in Orange County, California and is active in the Southern California community where he has been involved in fundraising efforts for The City of Hope and various support programs for cancer patients. 23

Selected Biographies Peter J. Langas, Managing Director and Head of Investment Strategies Mr. Langas serves as head of investment strategies, developing and refining policies on asset allocation, portfolio strategies, rebalancing, and tax management. He is a member of the Investment Policy and Strategy Committee. Prior to joining Bessemer in 2008, Mr. Langas was a senior portfolio manager at Bernstein Global Wealth Management, where he was a member of the firm’s Private Client Investment Policy Group. Prior to that, he was a portfolio manager with The Chicago Trust Company, Vestor Capital, and Morgan Stanley. Mr. Langas earned a B. S. in Civil Engineering from Cornell University and an M. B. A. in Finance from the University of Chicago. He holds a Chartered Financial Analyst designation, is a member of the Economic Club of Chicago, and the Investment Committee of the Adler Planetarium. He has guest lectured at the University of Chicago Booth School of Business and Yale School of Management. 24

Selected Biographies Rebecca H. Patterson, Managing Director and Chief Investment Officer Ms. Patterson has overall responsibility for investments, including asset allocation, strategic portfolio direction, and research. She is chairman of the Investment Policy and Strategy Committee and a member of the Management Committee. Prior to joining Bessemer Trust, Ms. Patterson was chief markets strategist at J. P. Morgan Asset Management. In that role, she headed the global Client Advisory Group and was a member of the Private Bank’s Investment Committee. Ms. Patterson joined J. P. Morgan as a research analyst and later became the global head of Foreign Exchange and Commodities for the Private Bank, working in the U. S. , Europe, and Asia. Prior to her career at J. P. Morgan, Ms. Patterson was a journalist who covered economics and financial markets for Dow Jones and the Associated Press. Ms. Patterson earned an M. B. A. from New York University, an M. A. in international economics from Johns Hopkins University School of Advanced International Studies, and a B. S. in journalism from University of Florida. She is a member of the Economic Club of New York, the University of Florida Investment Corporation’s Advisory Board, and the Committee of 200. Additionally, Ms. Patterson is a CNBC contributor. 25

26