1. Investment Adviser Arbitration: what you need to know Podcast # 3 August 11, 2015

2. The ranks of the investment advisory community have grown rapidly over the past decade, as the asset-gathering model has led to more wirehouse brokers migrating to RIA platforms and more investors, shaken by the tech crash and the 2008 financial crisis, have looked for professional advice as a protection against uncertain markets. Dodd-Frank in 2010 added more RIAs to the existing ranks with the requirement that hedge fund managers and other money managers become RIA-registered. At a time when the two disciplines – RIAs and BDs – are becoming more alike and even being forced into a consistent regulatory regime, the situation in arbitration could not be more different. Introduction 2

3. RIAs are not required, as FINRA members are, to arbitrate upon the demand of a client. Adviser representatives are not required, as are brokers signing Form U4s, to arbitrate their employment disputes. Perhaps 40% or 50% of RIAs employ pre-dispute arbitration agreements (PDAAs) in their client advisory agreements -- as contrasted with near-ubiquitous use of PDAAs among broker-dealers -- and those who do utilize PDAAs do not have a developed and sophisticated SRO forum with oversight from the SEC. Yet, the SEC will, presumably, need to harmonize these two regimes, using its Dodd-Frank section 921 powers, In this fast-paced podcast, our panel - experts and practitioners in the securities dispute resolution field field - will discuss arbitration, as utilized today, by RIAs and their advisory clients. Introduction - continued 3

4. Disclaimer This presentation is © 2015 Securities Arbitration Commentator, Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise distributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying or using any information storage and retrieval system, without written permission from the Securities Arbitration Commentator, Inc. Any reproduction, transmission or distribution of this form or any of the material herein is prohibited and is in violation of US and international law. Securities Arbitration Commentator, Inc. expressly disclaims any liability in connection with use of this presentation or its contents by any third party. The views expressed by panelists in this webcast are not necessarily those of Securities Arbitration Commentator, Inc. The Securities Arbitration Commentator, Inc. assumes no responsibility for the content and materials presented by speakers during the webcast. We are lawyers. So there. 4

5. Speakers Glenn S. Gitomer, Esq. Shareholder McCausland Keen & Buckman Radnor, PA Salvador M. Hernandez, Esq. Partner Riley Warnock & Jacobson, PLC Nashville, TN George H. Friedman, Esq. George H. Friedman Consulting, LLC Fordham Law School Arbitration Resolution Services, Inc. Teaneck, NJ Ross Tulman Principal TIA Group Columbus, OH Jeffrey T. Zaino, Esq. Vice President American Arbitration Association New York, NY Richard Ryder, Esq. President Securities Arbitration Commentator Maplewood, NJ

6. What we will be discussing How has AAA progressed in its handling of these disputes? What will happen over the next 5 years? What RIAs are able to use FINRA Arbitration? Advantages and disadvantages of that forum? Advantages and disadvantages of resolving disputes through the use of AAA arbitration? How does the advisory client fare in arbitration versus court? What are the timelines, expense, and collection variables? 6

7. The state of investment adviser arbitration today What do the parties want? Where will we be 5 years from now? Discussion topics 7

8. Where the cases come from and who’s administering them? “Market share” and competitors Arbitration at the AAA Arbitration at FINRA The State of Investment Adviser Arbitration Today 8

9. Factors important to RIAs Factors important to customers The expert’s perspective What do the Parties want? 9

10. The panelists’ predictions for the future… Will FINRA be handling IA disputes? Should it? What changes are needed? What else will happen? Where will we be 5 years from now? 10

11. Concluding Remarks Don’t forget to follow us on Twitter @SACDispRes Also follow George Friedman @GFriedmanADR Be sure to look for our next podcast coming this spring. Conclusion 11

12. Thank you for attending. Please visit our Website at www.sacarbitration.com to see additional program offerings www.sacarbitration.com Podcast # 3 August 11, 2015