1. Your Financial Advisor has your best interests at heart. Really?

2. I am not a Stock Broker or Financial Advisor! I am a CERTIFIED FINANCIAL PLANNER™ practitioner! I am a Fiduciary! W. David McShane, CFP ®, AAMS ® CFP Board ID 56728 Insurance License {NV} 1019578 Investment Experience 40 years financial & investment industry experience Regional Director, Sage Advisory Services {$11 billion institutional fixed income manager} Senior Vice President, Wachovia Wealth Management Senior Vice President, Bank of America Wealth Management Certified Financial Planner (CFP®) Accredited Asset Management SpecialistSM (AAMS®) Education Master of Business Administration - University of Pittsburgh Bachelor of Business Administration - University of New Brunswick, Canada

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4. So…why does that matter? A Fiduciary is bound by oath or regulation to always work in the client’s best interests…anyone else has NO obligation to do the best thing for you and will often work in their best interests as they are almost always compensated by the sale of a specific product. As a Fiduciary I work in YOUR best interests. 4

5. “Wall Street Spending Millions to Quash New Fiduciary Rule” Source: marketwatch.com May 15, 2015 Recent Headlines “Can Wall Street Kill a Fiduciary Rule” Source: huffingtonpost.com April 3, 2015 “Wall Street Bristles at New Fiduciary Standards” Source: benefitspro.com February 23, 2015 “Wall Street Snipers Aim to Pick Off Fiduciary Duty Rule” Source: seekingalpha.com March 15, 2015 Can Wall Street Kill a Fiduciary Rule? Source: bettermarkets.com April 7, 2015 5

6. Wall Street vs. The Fiduciary Standard “There's something called the Fiduciary Standard which stipulates that an advisor must place his or her interests beneath that of the client's. For instance: the standard would make it illegal for a broker to recommend a fund that would increase his or her compensation at the expense of the client's investment.” “As crazy as this sounds, the Fiduciary Standard currently doesn't apply to everyone. That means Wall Street brokers can push on their unaware clients poor investments that maximize fees and, more likely than not, lack any upside. They won't actually be giving investors the good advice they claim to provide.” Source: wealthdaily.com/articles/wall-street-vs-the-fiduciary-standard/5611 6

7. Gordon Gekko: Ever wonder why fund managers can't beat the S&P 500? 'Cause they're sheep, and sheep get slaughtered. Gordon Gekko: You’re walking around blind without a cane, pal. A fool and his money are lucky enough to get together in the first place. Source: The movie Wall Street {1987} The Wall Street Mentality 7

8. Has this ever happened to you? Insurance Brokerage CDs 8

9. DO YOU CONSTANTLY WORRY ABOUT THESE FINANCIAL RISKS TO YOUR PERSONAL RETIREMENT PLAN? The Market  Equity Market Volatility  Bond Market {interest rate increases} Taxes Reinvestment Risk Timing of Returns Longevity - Outlive Your Money Health Care Risks - Medical and LTC Inflation 9

10. Don’t you wish the market would give you a clear sign of what to do or not do? 10

11. But what about the cost of your portfolio?? How does that affect your bottom line? 11

12. Expense Ratio: Average.90% Transaction Costs: 1.44% Brokerage Commission Market Impact Spread Cost Tax Costs: 1% to 1.2% Cash Drag:.83% Soft Dollar Cost:.40% Advisory Fees:.25% to 2.50% Source: http://www.forbes.com/2011/04/04/real-cost-mutual-fund-taxes-fees-retirement-bernicke.html Cost of a Taxable Mutual Fund 12

13. Expense Ratio:.90% Transaction Costs:1.44% Tax Costs:1.00% Cash Drag:.83% *Total Costs4.17% But we also need to consider the other costs Soft Dollar Cost:.40% Advisory Fees:1.25% “Real” Total Costs5.82% * Source: http://www.forbes.com/2011/04/04/real-cost-mutual-fund-taxes-fees-retirement-bernicke.html Cost of a Taxable Mutual Fund 13

14. Fund Last Year's Cost of Ownership Projected Value In 10 Years Last Year’s Actual Returns Pre-TaxAfter-Tax Growth Fund of America; Class A Shares (AGTHX) $1021.02%$28,43911.41% Fidelity Concord Street Trust: Spartan 500 Index Fund; Fidelity Advantage Institutional Class (FXAIX)(FXAIX) $70.07%$30,87212.58% Vanguard Institutional Index Fund: Vanguard Institutional Index Fund; Institutional Plus Shares(VIIIX)(VIIIX) $70.07%$30,87212.66% Vanguard Index Funds: Vanguard 500 Index Fund; Admiral Shares (VFIAX)(VFIAX) $90.09%$30,82212.63% Vanguard Index Funds: Vanguard 500 Index Fund; ETF Shares (VOO)(VOO) $90.09%$30,82212.63% You can see from this table what a difference costs make over time. Looking forward 10 years and assuming that all the funds in this category did average 12% before costs, your $10,000 would grow to $28,439 after subtracting our estimated cost of ownership – or to as much as $30,872 in one of the lower-cost funds in this category. (See below for an important note about our projections.) What's more – and not reflected above – this fund carries a front-end load of 5.75%, so the future value of any new investment in the fund would be reduced by an additional 5.75% ($1,635 in this scenario). Of course, if you already own the shares, what's done is done – you won't recoup the load by selling the shares, so that's not relevant to deciding whether to keep them. (Note: many funds discount loads for large investors. We show here the maximum load, which is what most people pay.) Source: personalfund.com 5/20/2015 14

15. AccountName of FundTickerPersonal Fund Expense Ratio (1) Value of Fund (2) Mgmt Fee (3) Total Management Fees (4) Estimated Annual Cost of Ownership (5) Account #1Pas International Fund Of FundsFILFX1.30%$58,839.000.50%1.80%$1,059 Account #1Strategic Advisers Core FundFCSAX3.50%$54,296.000.50%4.00%$2,172 Account #1Pas Core Income Fund Of FundsFPCIX1.00%$37,178.000.50%1.50%$558 Account #1Strategic Advisers Value FundFVSAX3.30%$33,374.000.50%3.80%$1,268 Account #1Fidelity Strategic Advisers Growth FundFSGFX2.60%$32,372.000.50%3.10%$1,004 Account #1Fidelity Total BondFTBFX1.60%$20,760.000.50%2.10%$436 Account #1Pas Small Cap Fund Of FundsFSCFX4.60%$16,411.000.50%5.10%$837 Account #1Fidelity Rutland Square Trust IIFAUDX0.50%$16,110.000.50%1.00%$161 Account #1Pimco Funds Total Ret Fund Admin ShrPTRAX0.70%$13,476.000.50%1.20%$162 Account #1Pas Income Opportunities Fund Of FundsFPIOX1.80%$11,331.000.50%2.30%$261 Account #1Fidelity Rutland Square Trust IIFSAMX1.10%$4,355.000.50%1.60%$70 Account #1Templeton Global Bond Fund Class ATPINX2.70%$4,204.000.50%3.20%$135 Account #1BlckSt Alt Invt Shs -I- Multi-Mgr FundBXMMX2.50%$3,229.000.50%3.00%$97 Account #1Merger Fund [The]MERFX1.30%$2,717.000.50%1.80%$49 Account #1Arden Inv Srs Shs -I- Alternative Stgs FundARDNX2.50%$2,691.000.50%3.00%$81 Summary Fee StructuresFee Self Managed ETFs0.25%$778.36Savings-$7,569.06Total Value$311,343.00 Managed ETFs1.41%$4,389.94Savings-$3,957.48Fees$8,347 Annuity Only Portfolio0.25%$778.36Savings-$7,569.06Average Fee2.68% Annuity / ETF Combo0.82%$2,553.01Savings-$5,794.40 Sample 1 15

16. AccountName of FundTickerP Fund Expense Ratio (1) Value of Fund (2) Mgmt Fee (3) Total Mgmt Fees (4) Est. Annual Cost (5) Bank #1AIM Investment Securities FundsARGYX2.35%$7,882.811.75%4.10%$323 Bank #1William Blair International Growth IBIGIX3.00%$15,103.281.75%4.75%$717 Bank #1Dodge & Cox International StockDODFX1.31%$19,371.011.75%3.06%$593 Bank #1Dreyfus Appreciation FundDGAGX1.55%$33,360.621.75%3.30%$1,101 Bank #1Goldman Sachs Fincl Sqr Trs Instr FSTFTIXX0.10%$4,014.951.75%1.85%$74 Bank #1JHancock Global Absolute Ret Strats IJHAIX1.38%$8,017.491.75%3.13%$251 Bank #1Highland Funds I: Highland Long/Short Equity FundHEOZX12.39%$11,908.681.75%14.14%$1,684 Bank #1Hotchkis & Wiley Funds: Hotchkis & Wiley Diver.HWCIX1.76%$33,217.411.75%3.51%$1,166 Bank #1JHancock Absolute Return Currency IJCUIX1.05%$20,297.861.75%2.80%$568 Bank #1Lazard Funds, Inc: Lazard Emerging Markets EquityLZEMX2.50%$23,006.431.75%4.25%$978 Bank #1Legg Mason Partners Eq Trust: ClearBridge AG FundSAGYX1.19%$43,400.931.75%2.94%$1,276 Bank #1MainStay Marketfield IMFLDX1.52%$15,634.001.75%3.27%$511 Bank #1Neuberger Berman Alternative Funds: NB LS FundNLSIX4.40%$11,875.611.75%6.15%$730 Bank #1BlackRock Emerging Mkt L/S Eq InstlBLSIX1.75%$8,037.841.75%3.50%$281 Bank #1Wells Fargo Funds Trust: WellWFAdvantage EGFWEMIX4.16%$27,259.861.75%5.91%$1,611 Bank #1Heartland Group, Inc: Heartland Value Plus FundHNVIX4.57%$22,757.471.75%6.32%$1,438 Bank #1Oppenheimer Developing Markets FundODVYX1.72%$15,382.521.75%3.47%$534 Bank #1PIMCO Funds: PIMCO Commodity RR Strategy FundPCRIX1.61%$11,901.111.75%3.36%$400 Bank #1RS Investment Trust: RS Value FundRSVYX3.10%$23,573.931.75%4.85%$1,143 Bank #1T Rowe Price Mid-Cap Growth Fund, IncRPMGX3.00%$27,691.971.75%4.75%$1,315 Bank #1Natixis ASG Managed Futures StrategyASFYX1.45%$8,079.481.75%3.20%$259 Broker #2Tocqueville Trust: Tocqueville Gold FundTGLDX1.48%$2,833.970.00%1.48%$42 Broker #2US Global Investors Funds: World Prec Minerals FndUNWPX2.13%$1,152.100.00%2.13%$25 Broker #2US Global Investors Funds: Gold & Prec Metals FundUSERX2.71%$2,306.250.00%2.71%$62 Summary Fee StructuresFee Self Managed ETFs 0.25%$995.17Savings-$16,088.34 Total Value$398,067.58 Managed ETFs 1.41%$5,612.75Savings-$11,470.76 Fees$17,084 Annuity Only Portfolio 0.25%$995.17Savings-$16,088.34 Average Fee4.29% Annuity / ETF Combo 0.82%$3,264.15Savings-$13,819.36 Sample 2 16

17. (1) Pesonalfund.com is a website that estimates the true cost of owning a mutual fund. It does not include what a manager might charge you. (2) Value of Fund: What you gave your planner as an estimate of what your fund is worth. (3) Management Fee: The fee that an investment advisor or money manager charges you. (4) Total Management Fees: The total from the fund and the money manager {column 1 + 3}. (5) Total cost of ownership: The value of the fund multiplied by the total management fees. Disclosures: All fees are estimated by personalfund.com and may be higher or lower depending on the unreported internal fees by the fund. All estimates are based on past history and may not be an indication of the future. Alternative fee structures are only to make an estimated comparison and are not guarantees by any advisor presenting this calculation. This presentation is for example purposes only and does not constitute an offer to sell any particular strategy. Personal Fund reference key and Disclosure 17

18. So what effect do fees have on your retirement age? * Case Study: 22 year old recent college graduate who makes $50,000 per year and invests 10%. What is the effect on retirement age assuming certain fees? Total FeesRetirement Age 0.18%56 0.39%57 1.39%61 2.75%66 Source: http://cfiresim.com/blog/2013/11/07/how-fees-affect-retirement-dates/ 18

19. Results Summary Fee 1Fee 2Fee 3 Starting amount$5,000 Years30 years Additional contributions $5,000 per year, at the start of each period Annualized rate of return7% Annual investment fee0.18%1.39%2.75% Annual return after fees6.82%5.61%4.25% Total amount you will have contributed$155,000.00 Total at end of investment$524,653$415,604$322,284 Balance by Year Source: http://dinkytown.com/java/CompareFees.html 19

20. The future for some of us Remember…fees are something you can help control. 20

21. Any discussions of legal matters are for education only and you should consult with a licensed lawyer prior to any actions. Although we may discuss taxes and how they can affect your finances, I do not prepare tax returns. We do, however, work closely with some of the countries’ top tax planning and business advisory practitioners. Consult a tax professional before implementing any tax planning strategies. 21

22. 22 We are offering a conference special of a FREE Cost Benefit Analysis prepared by a CERTIFIED FINANCIAL PLANNER™. If you hold Mutual Funds, Variable Annuities and/or Variable Universal Life Insurance in your portfolio let us take a look at it for you. Webinar Special!!

23. 23 Thank you for your time.