Financial Service Solutions June 2018

Avg 3 yr Certificate of Deposit* Investing Dilemma Today’s low interest rate environment presents challenges for investors whose primary goal is asset preservation Need investments to generate a sustainable cash flow Need safe investments that grow faster than inflation Need to maintain liquidity Our clients have these challenges in both the short-term (1 to 3 years) and medium- term (3 to 5 years) Short-term, when you may need to access your money within a year or so, how do you find safe and competitive returns, while maintaining your flexibility? Medium-term, how do you increase your return without significantly increasing your risk? Inflation Avg Savings Acct* Avg 3 yr Certificate of Deposit* Avg Money Market Acct* Rate (APY) 2.0% .09% 2.46% .18% * Source: Bankrate.com June 15, 2018, Fed’s current inflation target is 2.0%

Gripman has developed 2 primary strategies to address these challenges Our Enhanced Cash strategy is designed for investors to generate more income out of their cash than other short-term (1 to 3 years) fixed income approaches Our Absolute Value Balanced strategy is designed for investors with longer-term horizons (3 to 5 years) who are seeking higher investment growth while mitigating market volatility For some clients, we further customize their financial strategy by blending a mix of both the Enhanced Cash and Absolute Value Balanced strategies Our clients receive tailored investment programs reflecting their goals, risk profiles and liquidity needs

Our Enhanced Cash strategy Generates attractive and steady income without loss of principal by investing in a range of BB or higher rated bonds with one to three-year remaining maturities Portfolio contains between 30 to 50 bonds at any given time Average bond rating across the portfolio is BB Bonds prescreened for yield and market liquidity Highlights Clients can maximize their possible yield while protecting against default risk and rate changes Targeted return is twice Fed-targeted inflation levels Liquidity is maintained through purchasing limited bond durations and disciplined bond selection Gripman Enhanced Cash*** Inflation** Avg Savings Acct* Avg 3 yr CD* Avg Money Market Acct* Rate (APY) 4.3% 2.0% .09% 2.46% .18% * Source: Bankrate.com June 15, 2018, ** Fed’s current inflation target is 2.0% *** Gripman Enhanced Cash Q1, 2018

Our Absolute Value Balanced strategy Generates a measure of growth for clients looking for more return and having a longer investment horizon (3 to 5 years) Portfolio is composed of 70% bonds and 30% equities which has shown optimal risk vs. return characteristics Goal for the bond portion is to find value across all ratings segments Invest in smaller issuers often overlooked by bigger asset managers Shape return timing by actively selecting shorter maturities and highly liquid instruments Hand screen equities with solid earnings and cash flow Diversify risk sufficiently across industries and asset classes while not losing performance Highlights Allows investors to take advantage of growth opportunities in up markets Maintains a level of protection in down markets Targeted return matches the 7% projected return of most pension funds

Client Examples

Gripman creates returns for HOA from existing funds Home Owners’ Associations (HOA) are required to hold a significant capital cash reserve But only need a portion of funds to be liquid in any given year HOA can offset lower bank rates by splitting capital reserves Cash that is needed in the short-term is kept in a highly liquid bank account Cash that is not needed for 1 to 3 years is invested in our enhanced cash product Gripman enhanced cash product Strengthens community’s financial well-being Grows HOA capital reserves faster than inflation (~2%) Delivers earnings similar to having another house paying dues in the neighborhood Superior returns than local/regional bank savings account or CD Gripman Enhanced Cash* Avg Savings Acct* Avg 3 yr CD* Avg Money Market Acct* Rate (APY) 4.3% .09% 2.46% .18% * Source: Bankrate.com June 15, 2018, Gripman Q1 2018

Gripman strategies help fund sports scholarships Youth sports association had built up sizable cash balance over the years Major facility maintenance was only needed on a set three-year cycle Board wanted to generate enough return from cash reserves to fund 4 annual scholarships Boost returns by splitting cash account Cash that is needed for yearly operations is kept in a highly liquid bank account Cash needed for 3 year maintenance cycle is invested in our enhanced cash product Gripman enhanced cash product Generates desired return while risk is kept in check Maintains scholarship program Delivers returns higher than inflation (~2%) Superior returns than local/regional bank savings account or CD Gripman Enhanced Cash* Avg Savings Acct* Avg 3 yr CD* Avg Money Market Acct* Rate (APY) 4.3% .09% 2.46% .18% * Source: Bankrate.com June 15, 2018, Gripman 2018

Gripman serves as a treasury function Private company had excess cash that it wanted to better utilize while maintaining liquidity We helped company expand its investment options by developing a blended strategy of investing in Treasury products along with our Enhanced Cash strategy Client had not considered investing cash in financial instruments beyond simple Treasury bonds and savings accounts Company was able to increase yield by splitting its capital reserves Gripman Treasury function: Analyzes cash flows to determine liquidity and interest income targets Delivers higher overall returns than traditional bank products Maintains adequate liquidity Gripman Enhanced Cash* Avg 1 Year Treasury Bond** Avg Savings Acct*** Allocation 50% 25% Rate (APY) 4.3% 2.35% .09% 2.76% * Gripman Enhanced Cash Q1, 2018, ** U.S. Treasury, *** Bankrate.com June 15, 2018

Gripman helps retirement clients build a more stable investment strategy We work with high net worth families to design a retirement strategy that meets their risk tolerances and still delivers the returns that they are looking for Our Absolute Value Balanced strategy, a medium-term (3 to 5 year) strategy is specifically designed for higher investment growth with limited market volatility Portfolio is composed of 70% bonds and 30% equities which has shown optimal risk vs. return characteristics Risk is diversified sufficiently across industries and asset classes while not losing performance or paying for excess hedging Strong returns come from picking cheap securities in multiple asset classes with solid earnings and cash flow Gripman AVB 2016 overall return was 10% vs. 7% expected return of most pension funds

We are Gripman We are a financial advisory firm dedicated to serving individuals, non-profits and institutional investors with the highest level of professionalism and integrity. We are a fiduciary. We hold ourselves to the highest standards of care and act in the best interests of our clients at all times. We are a specialized firm. We offer clients the attention and personal relationship they desire but cannot get at a giant organization. We are investors too. We consistently put significant amounts of our own money in the investments we make. We believe this aligns us best with our client’s interests. We are seasoned investment and asset management professionals. We also offer retirement planning, tax management and consulting services to round out our service offerings.

Absolute Value Balanced Gripman Fee Options Fixed Fee (Annualized) Or Performance Base Fee Assets Managed Absolute Value Balanced Enhanced Cash $500,000 to $2,500,000 0.74% 0.50% $2,500,000 to $5,000,000 0.69% 0.45% $5,000,000 to $10,000,000 0.64% 0.40% $10,000,000 and above 0.59% 0.35% Assets Managed Annualized Fee Performance Fee $10,000,000 and above 0.10% 10% of Capital Gain