Portfolio Asset Allocation Tim Donivan Portfolio Manager Vince

Portfolio Asset Allocation Tim Donivan, Portfolio Manager Vince Donivan, Financial Advisor, CRPC® LPL Financial

Economic Outlook – Risks & Solutions Portfolio Risks Portfolio Solutions Potential for lower developed market equity returns 1. 2. 3. Focus on dividend growth strategies Emerging market equity Long/Short Equity Rising Interest Rates 1. 2. 3. Flexible/Unconstrained Fixed Income Strategies Floating Rate Note Managing duration/maturity Inflation 1. 2. Natural resources/Commodities Treasury Inflation Protected Securities (TIPS) Currency Risk / US Dollar Risk 1. 2. 3. Non-US Equity Non-US Fixed Income Commodities Volatility 1. 2. 3. Long/Short Equity Flexible Global Allocation Strategies Absolute Return/Multi-Strategy Fund of Fund Hedge Funds Asset Selection 1. 2. 3. 4. 5. 6. Focus on high quality equities Overweight mega cap equities Underweight small/to mid cap equities Focus on high quality municipal bonds Underweight high yield fixed income Overweight Natural Resources/Commodities 2

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Recommended Allocation - Fixed Income: 1) US Taxable Core– i. Shares Short Maturity Bond ETF– ● Seeks to maximize current income through diversified exposure to short-term bonds. Vanguard Intermediate Bond ETF– ● Seeks to track performance of the Barclays U. S. 5 -10 Year Government/Credit Float Adjusted Index. Fidelity Strategic Income– ● Multi-Sector bond fund focused on limiting interest rate risk. Research intensive credit selection process. Loomis Sayles Strategic Income– ● Multi-Sector bond fund focused generating high income and capital growth. It may invest up to 35% of assets in preferred stocks and common stocks. 2) International Fixed Income– Templeton Global Bond– ● Tactical manager focused on currency and global macro movements. Avoids over indebted nations and ineffectual policymaking 4) Emerging Markets – Vanguard Emerging Markets Government Bond ETF– ● Tracks the performance of U. S. dollar-denominated bonds issued by governments in emerging market counties. 4

Recommended Allocation – Equities: 1) Large Cap Stocks – Vanguard Dividend Growth ETF – ● Portfolio of stocks with conservative balance sheets, a history of increasing dividend payments, and a strong management team. Vanguard Mega Cap ETF– ● Portfolio of largest-capitalization stocks in the U. S. Median market cap is 89 billion. 2) Mid Cap Stocks – Vanguard Mid-Cap ETF – ● Seeks to track performance of mid-capitalization U. S. stocks. 3) International Stocks – First Eagle Global– ● Strong risk-adjusted returns; deep value investment strategy that can move up and down the capitalization spectrum and invest in bonds and precious metals. Blackrock Global Equity Dividend – ● Portfolio of international stocks with conservative balance sheets, a history of dividend payments, and a strong management team. 4) Emerging Markets – Vanguard FTSE Emerging Markets ETF– ● Low cost exposure to large value oriented emerging market companies. 5

Recommended Allocation - Alternatives Alternative Investments: 1) Real Estate– SPDR Dow Jones Global Real Estate ETF– ● Inflation hedge-rising rents and real asset prices diversify currency movements and counter inflation. 2) Global Allocation– Blackrock Global Allocation– ● Management invests across more than 700 holdings, a mix of stocks, bonds, hybrid securities, and exchangetraded funds seeking to generate equity-market like returns with less risk. Ivy Asset Strategy– ● The fund allocates its assets primarily among stocks, bonds and short-term instruments of issuers in markets around the globe, as well as investments in derivative instruments, precious metals and investments with exposure to various foreign currencies. Management's tactical and at times pronounced asset-allocation shifts set the fund apart from more-balanced world-allocation funds. Its market outlook and assessment of market valuations determine positioning. 6

Who We Are Tim Donivan Portfolio Manager Financial Advisor LPL Financial Vince Donivan, CRPC® Financial Advisor Financial Planning Specialist LPL Financial Tim began his career in the financial service industry in 1997 with Smith Barney and joined LPL Financial in 2006. He has been advising families, entrepreneurs, and foundations for over 16 years. Before working in the financial services industry Tim was an industrial engineer and analyst for Boise Cascade Corporation. Vince Donivan joined LPL Financial as a Financial Advisor in 2013 and is responsible for structuring customized financial planning strategies in order to help his clients meet their financial objectives and life goals. He is also responsible for quantitative and qualitative research and analysis. Prior to joining LPL Financial, Vince acted as a Financial Advisor at Morgan Stanley. Tim received his undergraduate degree in Forest Management and Masters in Business Administration from Oregon State University. His family includes two boys, one daughter, and seven grandchildren. He enjoys white water rafting and traveling. Vince graduated Cum Laude from Eastern Oregon University in 2003 with a Bachelor of Science degree in Accounting. He also carries the Certified Retirement Planning Consultant™ designation. An Oregon native, Vince is married to Julie Tumilson. Together they are busy raising two lively little boys. In addition to spending time with family, Vince enjoys traveling, skiing, and landscape photography. 7

What Makes Us Different ACCESS AND INSIGHT: SERVICES AND RESOURCES NORMALLY ONLY ACCESSIBLE TO INSTITUTIONAL (LARGE SCALE) INVESTORS • • extensive resources and strategies for clients seeking beyond a “retail” solution unbiased, “institutional caliber” thinking, planning techniques, tools and investment strategies which many of our competitors cannot access state of the art proprietary planning and risk management tools legacy planning and family advisory services: a unique offering designed to help families define and execute upon their philanthropic objectives and create positive, lasting effects within their family and the charities they support OBJECTIVE INVESTMENT SELECTION PROCESS • • • a process of selecting best in class investment solutions within a premier open architecture -avoids the conflict of interest issues inherent to using proprietary investment products and/or closed architecture platforms results in independent thought and unbiased, conflict free advice and solutions LPL FINANCIAL’S STRENGTH AND SIZE IS A SIGNIFICANT BENEFIT TO OUR CLIENTS • • confidence in a firm which has navigated and grown over 46 years of market cycles our size allows for significant ongoing investment in state of the art analytics, risk management and planning tools while many competitors may lack scale and resources to invest in tools and people • access to top (often exclusive) third party investment solutions • our industry leading managed investment solutions platform means unparalleled access to third party investment opportunities, where other firms lack resources to seek and research top third party investment solutions, thereby emphasizing proprietary solutions and sacrificing objectivity • scale in pricing - smaller, independent firms cannot duplicate this effort TAX SENSITIVITY • dedication to tax efficiency DECOMPLICATION AND PERSONAL SERVICE • with significant success and wealth, certain complexities can follow. We’re dedicated and focused on taking smart steps to de-complicate your life, not add more complexity to it 8

About LPL Financial Our business model • One of the distinguishing characteristics of our business model is that LPL does not engage in the business practices of investment banks or provide other alternative financial services. We do not engage in market-making activities nor do we engage in proprietary trading for our own account. Our trading activities are focused solely on facilitating trades for our advisors’ clients, and not on speculative trading for the firm’s own account. In addition, we have no exposure to mortgagerelated investments or securities, nor do we provide loans to hedge funds or other speculators. Financial performance and liquidity position • As a Financial Industry Regulatory Authority (FINRA) member firm subject to the federal securities laws and the rules of industry self-regulatory organizations, LPL has always carried out our obligations to protect client assets in our custody with the utmost care and scrupulous adherence to financial protection rules, including those governing the segregation of customer assets. Moreover, LPL maintains net capital well in excess of requirements set out by our regulators; as of March 31, 2014, we exceeded our net capital requirement by $173. 7 million. Counter-party risk assessment • Our Governance, Risk, and Compliance department routinely reviews our counter-party risk as well as those LPL does business with to limit our exposure to risk. The team monitors all outstanding debits and credits and the firms that clear those trades to ensure they are healthy and do not pose a risk to LPL or our advisors’ clients. This process includes extensive research, due diligence, financial analysis, and forward-looking measures of financial strength and sustainability. Client account protection • LPL is a member of the Securities Investor Protection Corporation (SIPC). Membership provides protection for client accounts up to $500, 000, of which $250, 000 may be claims for cash, in the unlikely event that LPL were to fail financially. (For an explanatory brochure, visit www. sipc. org. ) Moreover, LPL accounts have additional securities protection to cover the net equity of client accounts up to an overall aggregate firm limit of $575, 000, subject to conditions and limitations. This coverage is underwritten by London Insurers through the Lloyds of London syndicates. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to securities clients, but it does not protect against losses from the rise and fall in the market value of investments. This extensive coverage reflects a strong commitment to serving your investment needs. 9

Fee Schedule • Account Value Advisory Fee $0 -100 K 1. 35% $100 k-250 K 1% $250 k-500 K . 9% $500 k-1 MM . 75% Over $1 MM . 55% 10

Important Disclosures • • • • • Diversification does not guarantee a profit or protect against a loss. International investing may not be suitable for every investor and is subject to additional risks, including currency fluctuations, political factors, withholding, lack of liquidity, the absence of adequate financial information, and exchange control restrictions impacting foreign issuers. These risks may be magnified in emerging markets. The investments listed may not be suitable for all investors. LPL Financial recommends that investors independently evaluate particular investments, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment will depend upon an investor's individual circumstances and objectives. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this material may not be suitable for all investors. LPL Financial recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. The views expressed herein are those of the author and do not necessarily reflect the views of LPL Financial or its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results. Tax laws are complex and subject to change. LPL Financial , its affiliates and LPL Financials Financial Advisors do not provide tax or legal advice and are not “fiduciaries” (under ERISA, the Internal Revenue Code or otherwise) with respect to the services or activities described herein except as otherwise agreed to in writing by LPL Financial. This material was not intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Individuals are urged to consult their tax or legal advisors before establishing a retirement plan and to understand the tax, ERISA and related consequences of any investments made under such plan. Trust and other fiduciary services are provided by third parties, including The Private Trust Company, a wholly-owned subsidiary of LPL Financial. Tim Donivan Investments Services is an independent contractor of LPL Financial. Member SIPC. Investments and services offered through LPL Financial , member of FINRA/SIPC. 11