FOR ILLUSTRATIVE PURPOSES ONLY. ASSUMES ALL STRATEGIES HAVE BEEN REBALANCED QUARTERLY. STANDARD DEVIATION IS A STATISTICAL MEASUREMENT OF HISTORICAL VOLATILITY. A VOLATILE STOCK TENDS TO HAVE A HIGHER STANDARD DEVIATION. THE S&P DATA ARE PROVIDED BY STANDARD & POOR’S INDEX SERVICES GROUP. FAMA/FRENCH DATA PROVIDED BY FAMA/FRENCH. INTERNATIONAL SMALL CAP DATA COMPILED BY DIMENSIONAL FROM BLOOMBERG, STYLERESEARCH, LONDON BUSINESS SCHOOL, AND NOMURA SECURITIES DATA. MSCI DATA © MSCI 2015, ALL RIGHTS RESERVED. THE MERRILL LYNCH INDICES ARE USED WITH PERMISSION; © 2015 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED; ALL RIGHTS RESERVED. BARCLAYS CAPITAL DATA, FORMERLY LEHMAN BROTHERS, PROVIDED BY BARCLAYS BANK PLC. THE RETURNS AND OTHER CHARACTERISTICS OF THE ALLOCATION MIXES CONTAINED IN THIS PRESENTATION ARE BASED ON MODEL/BACK-TESTED SIMULATIONS TO DEMONSTRATE BROAD ECONOMIC PRINCIPLES. THEY WERE ACHIEVED WITH THE BENEFIT OF HINDSIGHT AND DO NOT REPRESENT ACTUAL INVESTMENT PERFORMANCE. THERE ARE LIMITATIONS INHERENT IN MODEL PERFORMANCE; IT DOES NOT REFLECT TRADING IN ACTUAL ACCOUNTS AND MAY NOT REFLECT THE IMPACT THAT ECONOMIC AND MARKET FACTORS MAY HAVE HAD ON AN ADVISOR’S DECISION MAKING IF THE ADVISOR HAD MANAGED ACTUAL CLIENT MONEY. MODEL PERFORMANCE IS HYPOTHETICAL AND IS FOR ILLUSTRATIVE PURPOSES ONLY. MODEL PERFORMANCE SHOWN INCLUDES REINVESTMENT OF DIVIDENDS AND OTHER EARNINGS BUT DOES NOT REFLECT THE DEDUCTION OF INVESTMENT ADVISORY FEES OR OTHER EXPENSES. CLIENTS’ INVESTMENT RETURNS WOULD BE REDUCED BY THE ADVISORY FEES AND OTHER EXPENSES THEY WOULD INCUR IN THE MANAGEMENT OF THEIR ACCOUNTS. INDEXES ARE NOT AVAILABLE FOR DIRECT INVESTMENT. INDEX PERFORMANCE DOES NOT REFLECT THE EXPENSES ASSOCIATED WITH THE MANAGEMENT OF AN ACTUAL PORTFOLIO. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. NOT TO BE CONSTRUED AS INVESTMENT ADVICE.