Source: © 2013 Roger C. Gibson. Derived from the work “Asset Allocation and the Rewards of Multiple-Asset-Class Investing”, © 1998 Roger C. Gibson. Updated by author. This presentation is intended for educational purposes only. It does not constitute an offer or solicitation of any security or product nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not indicative of future results. The Rewards of Multiple-Asset-Class Investing IMPORTANT: Terms of Use Users shall not modify or distribute this Presentation. Users shall not remove, erase or tamper with any copyright, trademark, or other proprietary notice printed or encoded or recorded in the Presentation, nor shall users fail to preserve any proprietary notice in the Presentation.

Source: © 2013 Roger C. Gibson. Derived from the work “Asset Allocation and the Rewards of Multiple-Asset-Class Investing”, © 1998 Roger C. Gibson. Updated by author. This presentation is intended for educational purposes only. It does not constitute an offer or solicitation of any security or product nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not indicative of future results. A Blindfolded Preference Test

Source: © 2013 Roger C. Gibson. Derived from the work “Asset Allocation and the Rewards of Multiple-Asset-Class Investing”, © 1998 Roger C. Gibson. Updated by author. This presentation is intended for educational purposes only. It does not constitute an offer or solicitation of any security or product nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not indicative of future results. Fifteen Equity Portfolios 1972−2012

Source: © 2013 Roger C. Gibson. Derived from the work “Asset Allocation and the Rewards of Multiple-Asset-Class Investing”, © 1998 Roger C. Gibson. Updated by author. This presentation is intended for educational purposes only. It does not constitute an offer or solicitation of any security or product nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not indicative of future results. Fifteen Equity Portfolios 1972−2012 Single-Asset-Class PortfoliosThree-Asset-Class Portfolios: Equally Allocated, Annually Rebalanced A ---- U.S. Stocks ABC ---- U.S. Stocks, Non-U.S. Stocks, Real Estate Securities B ---- Non-U.S. Stocks ABD ---- U.S. Stocks, Non-U.S. Stocks, Commodity-Linked Securities C ---- Real Estate Securities ACD ---- U.S. Stocks, Real Estate Securities, Commodity-Linked Securities D ---- Commodity-Linked Securities BCD ---- Non-U.S. Stocks, Real Estate Securities, Commodity-Linked Securities Two-Asset-Class Portfolios: Equally Allocated, Annually RebalancedFour-Asset-Class Portfolio: Equally Allocated, Annually Rebalanced AB --- U.S. Stocks, Non-U.S. StocksABCD --- U.S. Stocks, Non-U.S. Stocks, Real Estate Securities, Commodity-Linked Securities AC --- U.S. Stocks, Real Estate Securities AD --- U.S. Stocks, Commodity-Linked Securities BC --- Non-U.S. Stocks, Real Estate Securities BD --- Non-U.S. Stocks, Commodity-Linked Securities CD --- Real Estate Securities, Commodity-Linked Securities

Source: © 2013 Roger C. Gibson. Derived from the work “Asset Allocation and the Rewards of Multiple-Asset-Class Investing”, © 1998 Roger C. Gibson. Updated by author. This presentation is intended for educational purposes only. It does not constitute an offer or solicitation of any security or product nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not indicative of future results. Fifteen Equity Portfolios Performance Statistics 1972−2012

Source: © 2013 Roger C. Gibson. Derived from the work “Asset Allocation and the Rewards of Multiple-Asset-Class Investing”, © 1998 Roger C. Gibson. Updated by author. This presentation is intended for educational purposes only. It does not constitute an offer or solicitation of any security or product nor does it constitute a recommendation of the suitability of any investment strategy for a particular investor. Past performance is not indicative of future results. Performance Statistics 1972−2012