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2017 ADVISOR TRAINING SCHEDULE MARCH 2017 DREW K. SOUTHERN CALIFORNIA HORTERTuesday 28th & Wednesday 29th FOUNDER & UPDATED DATES CHIEF APRIL 2017 INVESTMENT Thursday 6th & Friday 7th STRATEGIST MAY 2017 AIRPORTS Thursday 18th & Friday 19th Cincinnati/N. Kentucky Int’l Airport (CVG) JULY 2017 Dayton International Airport (DAY) Thursday 20th & Friday 21st SEPTEMBER 2017 EXECUTIVE SHUTTLE LAS VEGAS Airport to Hotel— CVG ONLYMonday 18th & Tuesday 19th Phone: (1-800) 990-8841 OCTOBER 2017 For Transportation between the Airport (CVG only) andThursday 19th & Friday 20th The Hilton Garden Inn, please call Executive Shuttle to schedule your pick up for a nominal fee. NOVEMBER 2017Thursday 16th & Friday 17th HOTEL Hilton Garden Inn 5300 Cornell Road, Cincinnati, OH 45242 Phone: (513) 469-6900 Room Reservation for APRIL Training Room Reservation for MAY TrainingAttendees can also call The Hilton Garden Inn (Blue Ash) directly at (513) 469-6900 and let the front desk personnel know you are coming in forHorter Training. Room blocks expire two weeks before monthly training, so being sure to reserve your room prior to ensure the availability and discounted rate of $132. For Further information and to reserve your spot please contact Pattie Hall via email ([email protected]) or Tricia Winterman via email ([email protected]) or by phone (513) 984-9933* By participating in Horter training, attendee consents to the sharing of names and email addresses with Horter’s strategic marketing partners for the purpose of confirming advi- sor affiliations.

DREW HORTER REVEALS HOW TODRASTICALLY GROWYOUR AUM ANDFIA BUSINESS...LIKE CLOCKWORK DESTINATION: $50 MILLION! INSIDE COVER

SPONSOREDDrastically Grow Your AUM andFIA Business... Like ClockworkDrew K. Horter started in the financial services industry in 1982. In 1986, as a CFP, he joined forceswith three other CFPs to start their own financial planning firm. After the 1987 stock market crash,he and his partners decided to become fee-based and avoid high commission mutual funds fortheir clients. They started as solicitors to third party money managers, then went on to start theirown RIA firms in 1991. By 1992, Drew had over $22 million of Assets Under Management and a verysuccessful practice. In 2002, after working strictly by referrals for 20 years, he started marketingin order to attain $25 million in new assets every year, generally $10 million in Fixed Index Annu-ities and $15 million in Assets Under Management.The result was a fine-tuned system that enabled Drew to know precisely the marketing metricsfor each event, including marketing expenses, client acquisition costs, how many new clients he’dacquire and how much assets he’d attain for each new client. Now, as Founder and Chief Invest-ment Strategist of Horter Investment Management, Drew is showing other advisors how to achievethese same astounding results. In this Q&A, he discusses exactly how it happens.Why did you choose the financial What obstacles hold securities- this with low and moderate risk assetindustry for your career? licensed advisors back from management. Advisors need to plan forInvesting has always been a passion advancing in their careers? the next six months to a year for mar-of mine. I owned 40 apartments by Most advisors do not have adequate keting, industry education and familythe time I was 24, and very few peo- marketing systems and procedures time, and we help set that plan in place.ple understood how to invest in real to manage the growth and efficiencyestate. of their practice. Broker/dealers do Plus, we have an abundance of online not teach you how to market, provide resources, and we provide additional By nature, I am risk-averse, so I a detailed first and second meeting coaches who complement the Horterchose the financial industry for my agenda, analyze the client’s current Training System very well. We also havecareer because I really wanted to help portfolio, define the client’s true risk six vice presidents standing ready toclients understand investments and tolerance, or evaluate the client’s actual tear apart brokerage statements, taxhow to make the right decision for maximum drawdown and risk. Insurance returns, etc., to help advisors win thetheir long-term future. Many investors companies do not provide any of these business virtually every time.lack the knowledge on how to design detailed steps either. Advisors need a What makes Horter Investmentspecific portfolios that match their coach and mentor who has extensive Management different when itdesired risk tolerance; they go blindly knowledge and has been in the trenches comes to asset management andinto stocks and bonds, where the risk a long time to guide them every step planning?is the diametric opposite of what they of the way. At Horter, we provide these. On the asset management side, we doreally want. How does Horter Investment Man- not like drawdowns in client portfolios.How did you end up mentoring agement help advisors overcome We do everything we can to minimizeother agents? this void? drawdowns or losses while still main-The stock market volatility and risk We teach and coach systems and pro- taining an excellent rate of return overthat started in July 2007 was so bad cedures with what we call our Financial time. We believe in combining excellentthat we sought to find low risk, low Manufacturing Firm, and it all starts low risk, low drawdown tactical manag-volatility and low drawdown money with excellent external and internal ers with FIAs to protect clients’ assetsmanagers who still could provide pro- marketing campaigns to see 10–20 over the next 15, 20, 25-plus years.tection and very good rates of return new quality prospects per month.over time for our clients. We had a very Constant training is a must for our We use all third-party managers. Wesuccessful RIA firm, with $88 million advisors. Our monthly trainings also believe with third-party managers youin AUM in 2008. That’s when other include what to do every step of the have total objectivity. When you haveadvisors began asking me to mentor way through first and second appoint- a proprietary manager, you assumeand coach them on our proven sys- ments, to determine how much risk cli- you are the very best. Not so! RIAstems and procedures for a successful ents want, where they cannot lose their with their own proprietary portfoliospractice. principal or annual gain and integrate (some with back testing) are not being fiduciaries to their clients or advisors. You have to do what is in your clients’

SPONSOREDand advisors’ best interest, not yours. How can Horter Investment Man- Investments ThatSure proprietary managers can have agement help advisors with the Complement Fixedlower fees—since they do not have Department of Labor’s new ruling? Index Annuitiesto pay any outside managers—but As an RIA, we are one of the four insti-how can they say they are the best tutions approved by the DOL. We can Drew Recommends:at everything when there are thou- help advisors as fee-based fiduciariessands of managers to choose from? It by showing them how to be compliant Low risk, low volatility and lowdoesn’t make any sense. with our portfolios and their annuities. drawdown tactical third party With an excellent compliance depart- portfolios with excellent rates If you have a bad year as a pro- ment, excellent strategic partners and of return over time.prietary portfolio manager, do you consultants, our advisors will thrive. Wefire yourself, or do you “spin” it for will make the necessary changes and Why:your clients or advisors? We actu- updates for them. And with our risk tol-ally fired ourselves in 2008 as a buy erance scoring and stress tests, we will It’s the “perfect segue” from theand hold equity portfolio manager. excel with both the DOL regulation and FIA sale of safety and security.We came to the conclusion that buy the client’s best interest.and hold (hope and a prayer invest- What kind of business growth can How Horter Does It:ing) did not work for retirees, pre-re- advisors expect when working withtirees and conservative investors. It Horter Investment Management? With low risk investment man-was the right thing to do for our cli- We can take advisors from $0 to $10 agers who have low maximuments and advisors. It’s not about me; million, $20 million, $30 million, $40 drawdowns (generally 2-5%) forit’s about doing what’s right. With pro- million or $50 million per year of AUM retirees, pre-retirees and conser-prietary asset management, you lack and FIA sales. We have done this many vative investors; they’re placedtotal objectivity, which is a bad idea times. If advisors specifically follow our together in a sleeve of 3-4 man-for investors. systems and procedures, in just a few agers with different tactical mod-How do you help advisors comply short years this can happen to focused, els, asset classes and algorithms.with SEC regulations? energetic advisors. Our system worksWe have a full compliance team at so advisors do not have to deviate from Moderate Risk Option:Horter Investment Management, com- what we teach them. With our extensivebined with former FINRA and SEC con- training, in six months they can know The moderate risk Sleeve hassultants to help our Chief Compliance more than 95 percent of the advisors in approximately 20% of the S&POfficer oversee our Investment Advi- the field. I’d like to add that attending 500 maximum drawdown of 50%.sor Representatives. We also have as our Las Vegas 2016 Training Septemberour outside counsel the former Direc- 19th and 20th will be a great experience.tor of Enforcement for Ohio.Head Toward $50 Million!Help increase your chances of drastically multiplying your AUM and FIA sales withthe Horter Advisor Success Kit. This 6-piece resource kit includes:• Why you won’t have to worry about your • A special invitation to our Las Vegas eventcompetitors – with 12 reasons why you should be there!• 3 key differentiators you can have as an • Comparison charts for ideal portfolios for Investment Advisor Rep (IAR) and how to your clients get thereGet your success kit today at www.HorterSuccess.comInvestment advisory services offered through Horter Investment Management, LLC, a SEC-Registered Investment Advisor. Horter Investment Management does not pro-vide legal or tax advice. Investment Advisor Representatives of Horter Investment Management may only conduct business with residents of the states and jurisdictions inwhich they are properly registered or exempt from registration requirements. Insurance and annuity products are sold separately through Horter Financial Strategies, LLC.Securities transactions for Horter Investment Management clients are placed through Trust Company of America, TD Ameritrade, Jefferson National Life InsuranceCompany, Security Benefit Life Insurance Company and ED&F Man Capital Markets.

www.HorterSuccess.com

Investing Horter Investment recently expanded into a larger $5 million building in Sycamore Township.Getting in the Client’s ShoesHORTER GROWS OFFERING LESS RISKY INVESTMENT STYLEBy Mike BoyerT he world of retirement planning Horter now has 360 investment advisors equity market returns while attempting to faces major changes in April when working as independent contractors avoid the volatility of the stock and bond the Department of Labor’s new with his firm and the firm’s assets under markets.fiduciary rules will take effect. management has grown from $90 million in 2010 to just shy of $1.1 billion today. Offering his approach to other The new rules, which have been investment advisors has fueled Horter’schallenged in court and in Congress, Horter, who has been in the investment national growth.require investment advisors to act in a business for 34 years, has been using a moreclient’s best interest rather than under the conservative approach since the late 1980s. “We see more opportunity for us to growcurrent less stringent “suitability standard” The turning point was Black Monday in as brokers don’t know what to do with theirwhen marketing products to clients. October 1987 when stock markets around practice or how to transition to a fiduciary the world crashed. standard,” he says. But the new regulations are nothing “We had clients losing 22 percent of theirnew for Drew K. Horter, founder and investments and we were selling 8.5 percent Recently, the firm expanded into a larger,chief investment strategist with Horter load mutual funds, so all of a sudden we $5 million building on Montgomery RoadInvestment Management LLC, in Symmes had clients down 30 percent,” he says. “We in Sycamore Township, which will serve asTownship. said, ‘We’re not going to do this anymore.’” the firm’s national headquarters. It’s a short distance from the Symmes Township office, Horter’s approach, honed through several Horter, who graduated from the which now focuses on the firm’s Cincinnatimarket downturns during his years in the University of Cincinnati with a degree in clients.investment business, is focused on offering political science and business, obtainedclients less volatile choices. certification as a Chartered Financial A key feature of the new 25,000-square- Planner and began offering fee-based foot building is a 40-seat multi-purpose “We don’t like risk. We don’t like going services to his clients. room for training Horter’s advisors andbackwards [in asset value],” he says. “ So, “It was a tough change to go to fees over to launch what he calls Horter Universitywe’ll never make you rich but our tactical time versus getting a big commission up to teach high school and college studentsportfolios allow us to take you to cash or to front,” he says, “But it was the right thing to about asset investing.make money if interest rates go up,” he says. do.” “We want to give them enough Over the last several years, Horter’s Horter launched his own registered knowledge so they can say, ‘I’ve learned thisfirm has experienced explosive growth investment advisory in 1991 and over the about investing and this is my preference,’”by offering his low-risk, low volatility last nine years has focused on seeking he says.investment approach through an expandingnational network of affiliated advisors. Cincy Magazine October 2016

NewRegulationsfor InvestorsWritten by J K KlaiberPhotography by Daniel SmythUntil recently, it was common for a client’s interest and return on investment to takea backseat to a stock brokers’ own quest for personal profit.Earlier in 2016, the United States Department of Labor recommendations on what they reasonably believed(DOL) changed all that by introducing new regulations were best for their clients. However, brokers who held tothat would ensure the investors would come first when it the suitability standard may have been more loyal to thecame to investing, IRAs and 401K rollovers. company they work for and not their client.“In essence, the regulations layout that anyone work- On the other hand, the fiduciary standard requires ad-ing with IRA assets or rollover visers to put their clients’ inter-assets must be a fiduciary,” ex- “We have always put our ests ahead of their own.plains Drew Horter, president, Many firms, like Horter,founder and chief investment clients’ interest before have always followed the fidu-strategist of Horter Investment our own. With the new ciary standard.Management, LLC. “This is a “A lot of the other adviserssignificant difference for a lot regulations, we do have to might not want to switch to theof stock brokers and insurance fiduciary fee-based transac-agents. update some of our forms, tions over their current way of“Before, representatives but our changes aren’t nearly doing business that can earnhad a ‘suitability standard’ them high commissions,” saysthat allowed them to sell you a the magnitude a lot of our Horter. “Experts believe thatproduct that wasn’t necessar- competitors will have.” 30 to 40 percent of advisersily in your best interest.” – Drew Horter will leave the industry instead The suitability standard of adhering to the new DOLmade brokers give advice and regulations.”

Horter and his team will have to make some adjust- “We needed more space to continue our nationalments, too. growth,” explains Horter. “We are all over the country – from Hawaii to Maine. We have 350 advisers right now “We have always put our clients’ interest before our and want to add up to 100 more.own,” explains Horter. “With the new regulations, we dohave to update some of our forms, but our changes aren’t “In the building, we currently have around 30 employ-nearly the magnitude a lot of our competitors will have.” ees and are looking to hire upwards to 90 employees in the coming years to handle our firm’s continuous growth.” Even though the regulations are aimed to betterprotect investors, Horter notes that there are still some Their first building now serves as their local adviser of-things investors should know. fice that allows Horter to increase its presence in Cincin- nati. “The advice I would give to any investor out there wouldbe to sit down with their adviser and ask them if they are a “It’s important to me to teach our Cincinnati investorsfiduciary and following all of the new rules regarding IRAs about low-risk and low-volatility portfolios. We want ourand rollovers. If they don’t, they are in violation.” clients to not simply trust us, but really understand what it is we’re doing because it’s different than what you’ve Another way the new DOL regulations may affect in- been taught about investing for the last 30 years. Wevestors is that some firms and brokers may raise the mini- don’t just buy low and sell high,” smiles Horter.mum amount of assets a client must have. “Significant losses for our clients are unacceptable to “For those clients that may no longer fit the brokerage us. We want them to make money if the market is up orbusiness model, they may fit very well with Horter,” says down or if interest rates are climbing or going down.”Horter. “We serve the middle market and upper-middlemarket.” To find out more, please visit www.HorterInvestment.com Horter Investment Management recently celebratedthe opening of their new national headquarters locatedon Mason-Montgomery Road in Symmes Township.

Pass the 65© Study Plan Pass the 65© Full Package: 1 Pass the 65© Textbook   2 Pass the 65© ExamCram Online Test Prep http://www.examzone.com/MyExams 3 Pass the 65© DVD set  •  4‐6 weeks of study (60‐80 hours) •  3‐5 days per week   •  2‐4 hours per day    Estimated Time Commitments: WEEK 1    Goals:   Finish textbook through Chapter 1     Take Section 1 quizzes in ExamCram Online Test Prep     Listen to DVD Session 1 & Session 2    WEEK 2    Goals:   Finish textbook through Chapter 2     Take Section 2 quizzes in ExamCram Online Test Prep     Listen to DVD Session 3    WEEK 3    Goals:   Finish textbook through Chapter 3     Take Section 3 quizzes in ExamCram Online Test Prep     Listen to DVD Session 4    WEEK 4    Goals:   Finish textbook through Chapter 4     Take Section 4 quizzes in ExamCram Online Test Prep     Listen to DVD Session 5 & Session 6    WEEK 5    Goals:   Take all Practice Finals in ExamCram Online Test Prep     Schedule tutoring if you need extra help  https://examzone.secure.force.com/pmtx/exams/tutoring  WEEK 6    Goals:   Review textbook, DVD materials     Take all practice finals one more time     Take Go No Go exams and proceed according to recommendation   

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HIM #1 (1)(4) HIM #20 Barclay's US HIM #2 (1)(4) S&P Muni HIM Corp HY Index Bond IndexYTD 2.71%  9.13% 17.13%  -0.32%  0.77% -13 Year  4.57% 2.25%  4.66%  5.23% 4.39% 15 Year  8.11% 4.06%  7.36%  3.94% 3.55% 27 Year  8.11% 4.58%  8.09%  4.31% 4.38% 310 Year 11.95% n/a 7.45% 6.59% 4.20% 6Max Drawdown (9 yr)  -10.44% -5.69%  -32.46%  -6.06% -6.97% -5Beta (9 yr) 0.35  0.31 1.00 0.13 1.00Standard Deviation (9 yr)  11.92% 5.26% 11.14%   5.78% 4.92% 6Inception Date - Manager Jan-07 Apr 2006 n/a Jan-07 n/a OcInception Date - Horter Jun-15 Jul 2016 n/a Jan-15 n/a JuStrategy AUM $149.5 M $153.6 M n/a $138 M n/a $18Manager Total AUM $830 M 2.7 B n/a $830 M n/a $6• Remember the 3 Year and 5 Year Returns Do Not include 2008. Please review the 7 & 10 Year periods.• The market indices are used as benchmarks for comparison purposes only and cannot be invested in directly. The performance of an unmanagedcorresponding portfolios indicated, given (i) the market represented by each index, and (ii) the asset composition of each portfolio. While these indbenchmarks for comparison to client account performance. Please refer to the index descriptions shown under INDEX INFORMATION in the disclosu• The investment returns shown have been provided to Horter by the money managers. Horter has not independently verified this return data. D• Past performance is no guarantee of future results. Investing is risky. Investors can lose money.• All money manager returns are net of Horter's 1.99% advisory fees. Custodial expenses are charged separately by the custodian.(1) See attached important disclosures regarding backtested, hypothetical performance. Backtested, hypothetical performance has several importa(2) Preston Income Portfolio can be used in a Lower Risk Sleeve to compliment other lower risk managers. Preston Income should not be considere(3) See Leverage disclosure on Page 6(4) See Hedging disclosure on Page 6(5) Risk statistics, indicated by an (*) are based on a 25-year time horizon.Revised February 2, 2017

PORTFOLIO STATISTICS 1.99% LOW RISK MANAGERS 12/31/2016M #7 (1)(3) HIM #19 (1)(4) Barclay's HIM #3(2) HIM #6 Barclay's US Federated1.81% 5.88%  Intermediate 4.60% Aggregate HIM # 23 (5) High Yield Bond Index Treasury Trust Index 10.18% 2.65% 12.82% 14.48% 1.06%1.53% 6.15% 1.60% -0.58% 1.80% 3.03% 4.42% 4.99%2.60%  4.63% 1.03% 3.98% 4.21% 2.23% 6.53% 9.10%3.44%  6.99% 2.41% 7.36% 4.47% 3.62% 6.56% 9.35%6.27% 8.22% 3.50% n/a 6.60% 4.34% 10.57% 10.10%5.16% -6.50%  -2.60% -18.58% -9.22% -3.82% -5.05% -32.07%0.92 -0.1 1.00 1.18 0.30 1.00 0.4 1.006.81%  6.93% 3.09% 11.87% 5.72% 3.38% 6.13% 10.85%ct 2009 Jan-07 n/a Jan 2008 Jul 1998 n/a Dec-91 n/aul 2011 Jul-16 n/a Jan 2015 Jun 2010 n/a Jan-16 n/a83.3 M $41 M n/a $57 M $123.7 M n/a $120 M n/a605 M $830 M n/a $200 M $1.6 B n/a $130 M n/a d index is not indicative of the performance of any particular investment. The indices chosen were determined to be appropriate for thedices can be useful for comparisons to the portfolio performance data shown above (during a given date range), they should not be used asure document that has been included on Page 7 of these materials.Detailed disclosures for each money manager can be found beginning on Page 8.ant limitations you should be aware of.ed a \"stand-alone\" manager in the Lower Risk bucket, but can be used as a stand-alone manager in the Moderate Risk bucket. Page 1

LOW RISK M 01/01/2000 - EXAMPLE OF LOWER RISK SLEEVE (1) HIM #1 HIM #2 HIM #7 HIM #3 HIM #192016 2.71% -0.32% -1.81% 4.60% 5.88%2015 0.39% 1.66% 1.01% -10.13% 6.81%2014 10.89% 14.99% 5.53% 4.53% 5.77%2013 19.59% -1.28% 0.13% 13.59% -0.86%2012 7.99% 5.46% 8.49% 8.88% 5.73%2011 5.41% 7.50% 2.15% 19.19% 13.42%2010 10.91% 3.02% 9.09% 13.49% 12.80%2009 24.75% 21.68% 13.12% 13.20% 9.39%2008 28.48% 12.14% 21.38% 18.08%2007 11.77% 3.28% 5.61% N/A 6.31%2006 N/A N/A N/A N/A N/A2005 N/A N/A N/A N/A N/A2004 N/A N/A N/A N/A N/A2003 N/A N/A N/A N/A N/A2002 N/A N/A N/A N/A N/A2001 N/A N/A N/A N/A N/A2000 N/A N/A N/A N/A N/A N/A● All money manager returns are net of Horter's 1.99% advisory fee. Custodial expenses ar(1) The Lower Risk Sleeve represents an example allocation only. Actual recommendations objective, time horizons, risk tolerance and liquidity needs. See additional disclosure reRevised February 2, 2017

MANAGERS 12/31/2016HIM #20 HIM #6 HIM # 23 Barclay U.S. 60% MSCI ACWI/40% Aggregate Index Citi World Govt. Bond9.13% 10.18% 12.82%-2.47% -3.47% -2.03% 2.65% Index0.43% -0.79% 2.46% 0.55%4.05% 5.73% 6.20% 5.97% 7.90%9.70% 10.17% 13.21% -2.02% -2.30%0.44% 1.84% 4.76% 4.21% 2.67%11.64% 8.49% 8.49% 7.84% 11.77%38.51% 33.08% 46.07% 6.54% 10.72%1.56% 1.11% 8.04% 5.93% -1.45%3.60% 3.77% 68.00% 5.24% 10.35% 9.94% 9.30% 6.97% 21.71% N/A 3.32% 4.96% 4.33% -23.79% N/A 5.11% 4.93% 2.43% 11.88% N/A 29.78% 15.36% 4.34% 15.23% N/A 9.69% 7.05% 4.10% 3.83% N/A 0.88% 7.56% 10.25% 13.61% N/A 2.88% 2.08% 8.44% 26.68% N/A 11.63% -4.63% -2.31% -7.86%re charged separately by the custodian.s should be based on a client's unique circumstances, including the client's individualegarding sleeves on Page 5. Page 2

HIM #9 (1) (3) HIM #10 HIM #22 (2)(3) HIM #12 (1)(2) HIM #21 (1) (YTD  0.51% 13.64% 11.59% 15.41% 13.55% 3 Year 1.51%  8.58% 14.14% 7.36%  13.05%5 Year  7.51% 11.68% 21.89% 10.15%  11.87%7 Year  7.06% 10.31% 15.36% 9.83%  15.53%10 Year  10.84% 11.01% 15.95% 12.06%  16.39%Max Drawdown (9 yr)  -17.37% -12.28% -25.00% -16.68% -15.38% Beta (9 yr) -0.19 0.02 0.41 0.39 -0.17Standard Deviation (9 yr)  17.05% 13.05% 16.43% 12.57%  17.00%Inception Date - Manager Jan 2005 Nov 2012 Jun 2002 Jan 2010 Jan 2007Inception Date - Horter Jan 2015 Nov 2013 Jul 2016 Jul 2011 Jul 2016Strategy AUM $80 M $1.5 B $175 M $364.2 M $45 MManager Total AUM $830 M $2.1 B $184 M $605 M $830 M• Remember the 3 Year and 5 Year Returns Do Not include 2008. Please review the 7 & 10 Year periods.• The market indices are used as benchmarks for comparison purposes only and cannot be invested in directly. The performancdetermined to be appropriate for the corresponding portfolios indicated, given (i) the market represented by each index, and (ii)shown above (during a given date range), they should not be used as benchmarks for comparison to client account performance.Page 7 of these materials.• The investment returns shown have been provided to Horter by the money managers. Horter has not independently verified• Past performance is no guarantee of future results. Investing is risky. Investors can lose money.• All money manager returns are net of Horter's 1.99% advisory fees. Custodial expenses are charged separately by the custodia(1) See attached important disclosures regarding backtested, hypothetical performance. Backtested, hypothetical performance h(2) See Leverage disclosure on Page 6(3) See Hedging disclosure on Page 6Revised February 2, 2017

PORTFOLIO STATISTICS 1.99% MODERATE RISK MANAGERS 12/31/2016(3) HIM #11(1) HIM #8 (3) S&P 500 Vanguard Long- HIM #15 BNY Mellon -1.03% -10.75% Index HIM #14 (2)(3) Term Treasury 8.86% Composite Depository  11.96% Bond Index Receipt Index 4.70% 1.80% 3.93%5.42% 1.36%  8.87% 6.20% 7.90% 1.27% -1.77%17.49% 5.98%  14.66% 5.50% 2.50% 3.39% 5.68%16.79% 7.88%  12.83% 8.10% 6.90% 1.89% 3.75%25.37% n/a  6.95% n/a n/a 7.75% 0.72%-19.88% -22.01% -50.95% -20.30% -16.70% -20.35% -57.86%0.79 0.12 1.00 0.47 1.00 0.30 1.0032.14% 16.20% 15.28% 15.10% 12.60% 13.47% 20.72%Jan 2007 Jan 2008 n/a Mar 2007 n/a Aug 2014 n/aNov 2015 Jan 2015 n/a Jan 2015 n/a Nov 2014 n/a$24 M $42 M n/a $50 M n/a $8.8 M n/a$155 M $200 M n/a $70 M n/a $2.1 B n/ace of an unmanaged index is not indicative of the performance of any particular investment. The indices chosen were the asset composition of each portfolio. While these indices can be useful for comparisons to the portfolio performance data Please refer to the index descriptions shown under INDEX INFORMATION in the disclosure document that has been included on this return data. Detailed disclosures for each money manager can be found beginning on Page 8.an.has several important limitations you should be aware of. Page 3

MODERATE RIS 01/01/2000 - EXAMPLE OF MODERATE RISK SLEEVE 2 HIM #9 HIM #10 (3) HIM #21 HIM #22 HIM #11 H2016 0.51% 13.64% 13.55% 11.59% -1.03% -12015 -10.84% -6.83% 14.21% 9.96% -1.60% 12014 16.73% 12.55% 11.42% 21.17% 20.30% 152013 19.45% 31.40% 1.57% 47.92% 67.15% 252012 14.95% 8.29% 19.38% 22.32% 14.32% 22011 -10.66% 0.05% 20.48% 3.16% 7.90% 172010 25.60% 17.12% 30.15% -2.06% 22.65% 82009 21.34% 38.11% 19.92% 17.68% 91.60% 202008 46.60% -1.25% 26.88% 17.51% 0.49%2007 -2.43% -1.45% 9.17% 16.82% 68.10%2006 13.49% 17.52% N/A 13.30% N/A2005 -2.22% 2.64% N/A -2.99% N/A2004 N/A 14.43% N/A 16.74% N/A2003 N/A 29.33% N/A 32.82% N/A2002 N/A -7.52% N/A -1.49% N/A2001 N/A 11.27% N/A N/A N/A2000 N/A 5.91% N/A N/A N/A● All money manager returns are net of Horter's 1.99% advisory fee. Custodial expenses ar(1) The S&P 500 is an unhedged, maximum risk long portfolio shown for illustrative purpose(2) The Moderate Risk Sleeve represents an example allocation only. Actual recommendati individual objectives, time horizons, risk tolerance and liquidity needs. See additional d(3) In the Moderate Risk Sleeve, the Wedco Power Dividend managed strategy is shown as aRevised February 2, 2017

SK MANAGERS- 12/31/2016HIM #8 HIM #12 HIM #14 HIM #15 60% MSCI S&P 500 Index (1) ACWI/40% Citi10.75% 15.41% 4.70% 8.86% World Govt. Bond 11.96% Index 7.90%1.26% 1.01% 6.40% -9.70% -2.30% 1.39%5.22% 6.16% 7.60% 1.21% 2.67% 13.69%5.27% 16.99% -1.00% 11.91% 11.77% 32.39%2.51% 12.00% 10.30% 6.18% 10.72% 16.00%7.61% -0.71% 19.90% -0.77% -1.45% 2.11%8.15% 19.70% 9.70% 2.84% 10.35% 15.06%0.78% 18.71% 10.40% 43.30% 21.71% 26.46%N/A 18.42% 59.50% -12.41% -23.79% -37.00%N/A 15.28% 0.80% 29.15% 11.88% 5.49%N/A N/A N/A 33.83% 15.23% 15.79%N/A N/A N/A 12.78% 3.83% 4.91%N/A N/A N/A 10.26% 13.61% 10.88%N/A N/A N/A 61.38% 26.68% 28.68%N/A N/A N/A N/A -4.63% -22.10%N/A N/A N/A N/A -2.31% -11.89%N/A N/A N/A N/A -7.86% -9.10%re charged separately by the custodian.es only and should not be considered a benchmark for a typical client portfolio.ions should be based on a client's unique circumstances, including the client'sdisclosure regarding sleeves on Page 5.a proxy for the Wedco Power Dividend Index Fund. Page 4

WATCH LIST & DISCON 01/01/2000 - 1 HIM #16 HIM #18(2) HIM #4 Inception Date: *Discontinued* *Discontinued* *Discontinued*Termination Date: Aug 2011 Sep 2011 Dec 2012 Jun 2014 Jul 2015 Apr 2016 2015 -6.41%2014 -1.14% 6.11% 0.06%2013 4.77% 28.54% 6.09%2012 5.78% 12.04% 11.59%2011 -4.17% -1.86% 3.21%2010 5.62% 14.24% 6.90%2009 19.29% 28.84% 44.20%2008 -1.25% -6.66% 6.49%2007 5.16% N/A 1.14%2006 5.62% N/A 7.71%2005 0.81% N/A 3.41%2004 9.05% N/A 3.37%2003 18.98% N/A 13.73%2002 9.34% N/A 5.48%2001 6.88% N/A 5.98%2000 -0.89% N/A 0.55%● All money manager returns are net of Horter's 1.99% advisory fee. Custodial expenses ar● The Inception Date represents the date Horter began recommending the strategy, while tstrategy.Revised February 2, 2017

NTINUED STRATEGIES 12/31/2015HIM #5 HIM #13*Discontinued* *Discontinued* Jan 2015 Nov 2014 Apr 2016 Apr 2016 -5.56% -6.40%3.72% 1.42%3.43% 20.53%9.42% 16.20%-0.97% 1.31%9.21% 25.07%35.96% 70.71%3.95% 1.49%0.88% 10.77%4.28% 17.04%1.77% 9.06%3.65% 18.09%17.11% 36.85%7.18% 5.60%3.11% 10.26% N/A N/Are charged separately by the custodian.the Termination Date represents the date Horter stopped recommending the Page 5

DISCLOSUGENERAL NOTES ON PERFORMANCE PRESENTATIONSThe performance data in this presentation has been provided by the various investment manaIn order to understand any presentation, you must carefully read the disclosure for that invesare charged separately by the custodian and are not reflected in the performance data.The returns presented are for the investment managers’ clients, and do not reflect the peindicated the date when Horter Investment Management began recommending each of theseCertain investment managers (marked with (1)) have included hypothetical, backtested perfoperformance applying a particular investment strategy to historical financial data to show wseveral limitations inherent in the use of backtested performance. Performance results presdecisions were during that period. The manager’s actual results for that period may differ.limitations: whether the trading strategies being retroactively applied were not available durinwhether the model was changed materially over the time period presented, and; whether thebeing presented.Past performance is no guarantee of future results.PORTFOLIO SLEEVESYour advisor may recommend that you invest in a grouping of Manager portfolios, known astogether, are designed to match a client's objectives and risk tolerance. The use of these slediversification of portfolio assets. The sleeves presented represent examples of portfoliocircumstances, including the client's investment objectives, time horizon, risk tolerance and liqDEFINITIONSAnnualized Return: The rate of return that is compounded year-over-year from the begBeta: A measure of a dependent variable's volatility or systematic risk relative to an indin the independent variable implies a 0.5*X% move in the dependent variable.Hedging Risk: The manager's use of inverse securities or other transactions to reduce rchanges in the relationships of such hedge instruments to the strategy's portfolio holdinjudgment in this respect will be correct. In addition, no assurance can be given that thecircumstances in which it may be advisable to do so.Leverage: Involves the use of various financial instruments or borrowed capital, such aMaximum Drawdown: Defined as a measure of peak to trough percentage loss in a giveRevised February 2, 2017

URESagers and has not been independently verified by Horter Investment Management. stment portfolio. All returns are net of fees and commissions. Custodial expenseserformance of Horter Investment Management clients over the period. We havee investment managers to our clients.ormance in their presentations. Backtested performance is the use of theoretical what decisions would have been made if the strategy were employed. There are sented do not represent actual trading, or what the investment manager’s actual. If applicable, each manager should disclose any or all of the following potential ng the periods presented; material market and economic factors during the period;e performance of the manager’s actual account was materially less than the results a \"sleeve\". The sleeves that are offered are comprised of Manager portfolios that,eeves is intended to smooth out volatility and returns over time through enhancedo groupings. Actual recommendations will be based on each client's individualquidity needs.ginning to the end of the stated time period.dependent variable (usually an index); for example, if beta is 0.5, an X% moverisk involves costs and are subject to the manager's ability to predict correctlyngs or other factors. No assurance can be given that the manager's e manager will enter into hedging or other transactions at times or underas margin, to increase the potential return of an investment. Conversely, en period. A maximum drawdown is the largest drawdown in a period. Page 6

Standard Deviation: A measure of dispersion of a set of data from its mean. Standard dmeasure the investment's volatility. All metrics are calculated using total return monthly data.INDEX INFORMATIONThe historical performance results of indices presented are provided exclusively for comparisoindividual client or prospective client in determining whether the performance of a manager pnot be assumed that manager account holdings will correspond directly to any index presenteof dividends, nor do results reflect deductions for transaction or custodial fees, investment adS&P 500 Index:The S&P 500 Composite Index is a market capitalization-weighted index of 500 widely held smember companies for the S&P based on market size, liquidity, and industry group repretransportation companies. The historical performance results of the S&P (and those of or alldeduction of an investment management fee, the incurrence of which would have the effect oBarclay's U.S. Aggregate Bond Index:A market capitalization-weighted index which is representative of the US investment grade fi(includes treasury securities, government agency bonds, mortgage-backed bonds, corporate band Treasury Inflation-Protected Securities are excluded due to tax treatment issues.Barclay's U.S. Corporate High Yield Bond Index:A market capitalization-weighted index which covers the USD-denominated, non-investmentyield if the middle rating of Moody's, Fitch and S&P is Ba1/BB+/BB+ or below. The index excluS&P Municipal Bond Index:The S&P Municipal Bond Index TR is a broad, comprehensive, market value-weighted index fthe alternative minimum tax. (AMT)60% MSCI ACWI / 40% Citi World Gov't Bond BlendA blend of 60%: MSCI All Country World Index is a free float-adjusted market capitalizationdeveloped and emerging markets; 40%: Citi World Govt Bond Index is a total-return index thaillustrate a sample blend containing both equity and fixed income exposure.Vanguard Long Term Treasury Bond FundTicker Symbol VUSTX. Data obtained from Investors Fasttrack.BNY Mellon Composite Depositary Receipt IndexA capitalization weighted index that tracks all American and Global Depositary Receipts tradedMorningstar Multisector BondThis index represents an equally weighted average of the mutual funds categorized as Multiseof the most common multisector fund choices available to investors.Revised February 2, 2017

deviation is generally applied to the annual rate of return of an investment toon purposes only, so as to provide general comparative information to assist anportfolio meets, or continues to meet, his/her investment objective(s). It shoulded or any other comparative index. Performance results do not reflect the impactdvisory fees or taxes.stocks often used as a proxy for the stock market. Standard & Poor’s chooses the esentation. Included are the common stocks of industrial, financial, utility, and indices) do not reflect the deduction of transaction and custodial charges, nor theof decreasing indicated historical performance results.ixed-rate bond market. Most U.S. traded investment grade bonds are represented bonds and small number of foreign bonds traded in the U.S.), but municipal bonds grade, fixed-rate, taxable corporate bond market. Securities are classified as high-udes Emerging Markets debt.following bond issues that are exempt from U.S. federal income taxes or subject to n weighted index that is designed to measure the equity market performance ofat includes sovereign bonds from developed and emerging markets. This is shown tod on the NYSE, NYSE MKT, NASDAQ, LSW and OTC marketplaces.ector Bond Funds by Morningstar. The index is a proxy for the performance Page 7

MONEY MANAGERHIM #1Results represent a hypothetical portfolio combining proprietary trading models utilized in live client accounts managed by HIM #change without notice) in managing actual client portfolios. However the combined portfolio results do not reflect the results ofassume that future performance will be profitable, or equal either the HIM #1 performance results reflected or any correspondingResults are based upon total return closing index prices from data obtained from Bloomberg, LP and reflect the reinvestment of1.99% annually, deducted monthly for performance reporting purposes. The 1.99% management fee encompasses both HIM #1’scosts or commissions are accounted for. Actual implementation of investment models may yield substantially different results dCombined portfolio results reflect hypothetical, back-tested returns that were achieved by means of the retroactive applicatioportfolio results do not reflect the results of actual trading using client assets, but were achieved by means of the retroactive aphindsight; (2) back-tested performance may not reflect the impact that any material market or economic factors might have hmanage client assets; and, (3) for various reasons (including the reasons indicated above), HIM #1’s clients may have experiencethe portfolio.NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FTRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMETRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESUaccount holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engagespecific client’s account may have varied substantially from the indicated HIM #1 hypothetical portfolio performance results.INDEX INFORMATION: The Barclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate coBa1/BB+/BB+ or below. Bonds from issuers with an emerging markets country of risk, based on Barclays EM country definition, arHIM #2Results represent a hypothetical portfolio combining proprietary trading models utilized in live client accounts managed by Hutilized by the HIM #2 strategy to the Municipal Bond market. (HIM #2 is another tactical fixed income strategy managed byrepresent a proprietary trading model utilized in live client accounts managed by HIM #2. HIM #2 utilizes the investment modelnot reflect the results of any specific HIM #2 client portfolio or any HIM #2 composite. Therefore, no current or prospective clientor any corresponding historical index.Results are based upon total return closing index prices from data obtained from Bloomberg, LP and reflect the reinvestment of1.99% annually, deducted monthly for performance reporting purposes. The 1.99% management fee encompasses both HIM #2’scosts or commissions are accounted for. Actual implementation of investment models may yield substantially different results dmutual funds and variable annuity sub-accounts can and do deviate from their underlying benchmark.Combined portfolio results reflect hypothetical, back-tested returns that were achieved by means of the retroactive applicatioportfolio results do not reflect the results of actual trading using client assets, but were achieved by means of the retroactive aphindsight; (2) back-tested performance may not reflect the impact that any material market or economic factors might have had oclient assets; and, (3) for various reasons (including the reasons indicated above), HIM #2’s clients may have experienced inveportfolio. NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRSPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NTRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESUaccount holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engagespecific client’s account may have varied substantially from the indicated HIM #2 hypothetical portfolio performance results.INDEX INFORMATION: The S&P Municipal Bond Index TR is a broad, comprehensive, market value-weighted index following bondRevised February 2, 2017

R DISCLOSURES #1, and by Institutional HIM #1 Research clients since 2007. HIM #1 utilizes the investment models (subject to any specific HIM #1 client portfolio or any HIM #1 composite. Therefore, no current or prospective client should g historical index. f dividends and interest. Investors cannot invest directly in an index. Results presented include management fees of s management fee as well as an unaffiliated third-party registered investment advisor’s management fee. No trading due to the timing of trades and securities used in execution. Index based securities such as exchange traded funds, on of a back-tested portfolio and, as such, the corresponding results have inherent limitations, including: (1) the pplication of each of the referenced portfolios, certain aspects of which may have been designed with the benefit of had on the advisor’s use of the hypothetical portfolio if the portfolio had been used during the period to actually ed investment results during the corresponding time periods that were materially different from those portrayed in FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF EROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFICULTS ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. For reasons including variances in portfolio ed HIM #1’s investment management services, and any account contributions or withdrawals, the performance of a orporate bond market. Securities are classified as high yield if the middle rating of Moody's, Fitch and S&P is re excluded.HIM #2. Results from 1/1/2007-2/29/2012 are calculated by applying proprietary trading models and methodology HIM #2 with a live composite client track record inception date of 4/1/2007.) Results presented since 2/29/2012 ls (subject to change without notice) in managing actual client portfolios. However the combined portfolio results do t should assume that future performance will be profitable, or equal either the HIM #2 performance results reflected f dividends and interest. Investors cannot invest directly in an index. Results presented include management fees of s management fee as well as an unaffiliated third-party registered investment advisor’s management fee. No trading due to the timing of trades and securities used in execution. Index based securities such as exchange traded funds, on of a back-tested portfolio and, as such, the corresponding results have inherent limitations, including: (1) the pplication of each of the referenced portfolios, certain aspects of which may have been designed with the benefit of on the adviser’s use of the hypothetical portfolio if the portfolio had been used during the period to actually manage estment results during the corresponding time periods that were materially different from those portrayed in the RADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFICULTS ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. For reasons including variances in portfolio ed HIM #2’s investment management services, and any account contributions or withdrawals, the performance of a d issues that are exempt from U.S. federal income taxes or subject to the alternative minimum tax. (AMT) Page 8

HIM #3It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the secudividends and other account earnings, and are net of applicable account transactions and custodial charges, Horter Investmenunaffiliated mutual fund or ETF holding that comprised the portfolio. The reinvestment of dividends and other earnings may hathe investment management fee occurred, market fluctuation, the date on which a client engaged HIM #3's investment managemsubstantially from the indicated HIM #3 composite performance results. A portion of each account may be actively managed in aHIM #3 managed accounts may own assets and follow investment strategies which cause them to differ materially from the costrategies used in the accounts or portfolios involve active management of a potentially wide range of assets, no widely recognand/or market indices are shown simply as a reference to familiar investment benchmarks, not because they are, or are likely to bThe historical performance results of the comparative indices do not include dividends. The results do not reflect the deductionwould have the effect of decreasing indicated historical performance results. The historical index performance results are prindividual client or prospective client in determining whether a specific Portfolio meets, or continues to meet, his/her investmentindexes.Difference types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance thatdevised by HIM #3) will be either suitable or profitable for a client’s or prospective client’s portfolio and may result in a loss ofthereof) serve as the receipt of, or a substitute for, personalized advice from HIM #3, Horter Investment Management, or fromforth in HIM #3 currently disclosure statement, as is on file with the United States Securities and Exchange Commission, a copy ofHIM #6HIM #6 diversifies each client account among at least 4 selected HIM #6 funds. The goals of the HIM #6 Program are to produceretirees and other conservative investors. Notice that our results do vary from quarter to quarter, and that some quarters areperformance of any mutual fund is no guarantee of future performance.CAUTIONS: The periods prior to 7/98 are hypothetical (back-tested). Although some HIM #6 Funds used by HIM #6 in actual accouPlease note the following cautions (based on SEC requirements): a) back-tested performance does not represent actual account pthese back-tested results could, or would have, been achieved by HIM #6 during the years presented; c) The back-tested portion oan investment advisor’s decision-making if the advisor were actually managing clients’ money; d) The SEC mandates that we statewith the benefit of hindsight in order to show better back-tested, and (theoretically) the strategy can continue to be tested and ain fact been made.Revised February 2, 2017

urities in this list. Actual composite performance results reflect time-weighted rates of return, the reinvestment ofnt Management’s 1.99% management fee, third party solicitor/advisor fees, and the fees assessed directly by eachave a material impact on overall returns. For reasons including variances in portfolio account holdings, variances inment services, and any account contributions or withdrawals, the performance of a specific client’s account may varyan attempt to respond to changing conditions. omposition and performance of the indices or benchmarks shown on performance or other reports. Because thenized benchmark is likely to be representative of the performance of any managed account. Widely known indicesbecome, representative of past of expected managed account performance. of transaction and custodial charges, nor the deduction of an investment management fee, the incurrence of which rovided exclusively for comparison purposes only, so as to provide general comparative information to assist ant objective(s). It should not be assumed that the account holdings will correspond directly to any of the comparative any specific investment or investment strategy (including the investments purchased and/or investment strategies principle. Accordingly, no client or prospective client should assume that the above portfolios (or any component any other investment professional. Information pertaining to HIM #3 advisory operations, services, and fees is setf which is available from HIM #3 upon request. HIM #3 is a Registered Investment Advisor based in Reston, VA. e satisfying long-term returns while limiting downside risk, a combination which we have found meets the goals ofe negative, but the downturns have never been very large, even during the bear market 2000-2002 and 2008. Past unts had comparable results, HIM #6 did not have any actual managed accounts using this portfolio until 7/98.performance and should not be interpreted as an indication of such performance; b) There is no assurance that of the performance data does not represent the impact that material economic and market factors might have one: The investment strategy that the back-tested results were based upon can (theoretically) be changed at any timeadjusted until the desired results are achieved. Please note that at HIM #6, no such “data fitting” adjustments have Page 9

HIM #7The HIM #7 Strategy combines the performance of conservative bond funds with HIM #7’s unique seasonal trading protocol. Lat2000 small-cap index leveraged by 50%. These trades are designed to exploit the year-end tendency of small-cap stocks to ouintermediate-term bond funds throughout the fourth quarter. This enhancement shows up in the fourth quarter returns of thecomponent of the strategy.CAUTIONS: The periods prior to 10/09 are hypothetical (backtested). Actual managed accounts in this strategy began 10/09. Allreinvestment of dividends, interest and capital gains. Hypothetical backtests should be regarded with caution since they are creatoccurrence of actual market and economic events. Backtested performance does not represent actual account performance. Thepresented. No matter how positive the model returns have been over any time period, the potential for loss is always present dueinvestment strategy that the backtested results were based upon can (theoretically) be changed at any time with the benefit of hiadjusted until the desired results are achieved. Please note that HIM #7 has not made any data-fitting adjustments.DISCLOSURE:  Past performance is not a guarantee of future performance. The Alpha Bonds Strategy data presented represent ainterest and capital gains. Actual managed accounts in this strategy began October 2009. The strategy follows a precise asset allofunds; late-October to Dec. 31: 40% intermediate-term bond funds + three power period trades using the Russell 2000 Index leveequity component of the strategy. Actual bond fund fees and expenses are incorporated in the illustration. The hypothetical datain actual investing and index funds that replicate the Russell 2000 may vary from the index returns. The hypothetical data does non 60% of the portfolio during the fourth quarter is included in the hypothetical data. Model results, being hypothetical, have inheconomic and market factors might have had on the advisor’s decision-making if actual client funds had been invested in the modalways present due to factors in the future which may not be accounted for in the model. The data used to construct the backtesinvestment consultants in the U.S.  While Alpha believes that the data is accurate, we cannot guarantee it to be so. This strategy mcompensate for reduced minimum account sizes or other value-added services.  This strategy may also be executed using productinvestors should inquire as to the exact additional costs of these investment venues.Revised February 2, 2017

te in the calendar year, HIM #7 supplements the returns of the bond funds with three equity trades using the Russellutperform the market. Client accounts devote 60% of assets to these trades while retaining a 40% commitment toe strategy. Investors should be aware that the use of leveraged funds increases the volatility and risk of the equity returns presented reflect an annual charge of 1.99%, applied quarterly, for fees and expenses and assumeted with the benefit of hindsight and do not reflect how the investment manager would have reacted to the ere is no assurance that these backtested results could, or would have been achieved by HIM #7 during the periods e to factors in the future which may not be accounted for in the model. The SEC mandates that we state: The indsight in order to show better backtested results, and (theoretically) the strategy can continue to be tested and net of a 1.99% annual charge for fees and expenses, applied quarterly, and assume reinvestment of dividends,ocation formula as follows: Jan. 1 to late-October: 70% intermediate-term bond funds / 30% short-term bonderaged by 50%. Investors should be aware that the use of leveraged funds increases the volatility and risk of thea uses index returns for the Russell 2000 prior to October 2009. The Russell 2000 is an index which cannot be usednot include interest and dividends attributed to the Russell 2000 index. No allowance for interest/dividends earnedherent limitations due to the fact that they do not reflect actual trading and may not reflect the impact that materialdel strategy. No matter how positive the model returns have been over any time period, the potential for loss issted results were obtained from a database provided by Callan Associates, one of the oldest and largest institutionalmay be offered by investment advisors to their clients at a fee which is higher than Alpha’s maximum fee to ts which may increase the total expense factor. These expense factors cannot be quantified in advance. Potential Page 10

HIM #8It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the seinvestors started participating in the models in October 2012; therefore, the model performance presented for the period 01/01for the 11/1/2012 to 09/30/2014 time period.The performance is prepared using the following methodologies consistently. Other methods may produce different results.- The Model was constructed retroactively for the periods January 1, 2008, to September 30, 2014.- Back tested performance was derived from the retroactive application of a model with the benefit of hindsight.- Monthly performance is calculated using a time-weighted rate of return.- Annual performance for the Model is computed by geometrically linking the monthly performance results for the indicated num- Total investment performance includes realized and unrealized gains and losses, dividends and interest.- Performance is presented net of an advisory fee of 1.99%.- All purchases and sales are assumed executed at the security closing price the day the recommendation was made.HIM #8's performance results take into account expected time-weighted rates of return, the reinvestment of dividends and othedirectly by each unaffiliated mutual fund or ETF holding that comprised the portfolio. Third party solicitor / advisor fees are paycustodial charges are charged separately by the custodian and are not included in the composite performance results. The reinvare hypothetical they have inherent limitations due to the fact that they do not reflect actual trading and may not reflect the impinvested in the model strategy. No matter how positive the model returns have been over any time period, the potential for locreates the potential for a financial professional to select superior performance results in order to get the desired model results.HIM #8 managed accounts may own assets and follow investment strategies which cause them to differ materially from the cstrategies used in the accounts or portfolios involve active management of a potentially wide range of assets, no widely recognand/or market indices are shown simply as a reference to familiar investment benchmarks, not because they are, or are likely toThe historical performance results of the comparative indexes do not include dividends. The results do not reflect the deduction operformance results. The historical index performance results are provided exclusively for comparison purposes only, so as to prspecific Portfolio meets, or continues to meet, his/her investment objective(s). It should not be assumed that account holdings wiAll economic and performance information is historical and not indicative of future results. Different types of investments invoinvestment strategy, or product made reference to directly or indirectly in this brochure, will be profitable, equal any corresponthat any discussion or information provided here serves as the receipt of, or as a substitute for, personalized investment advice fas the sole determining factor for making investment decisions. To the extent that you have any questions regarding the applinformation, including that used to compile charts, is obtained from sources believed to be reliable, but HIM #8 does not guarancurrent disclosure statement, a copy of which is available from HIM #8 upon request.Revised February 2, 2017

ecurities in this list. HIM #8 is a model developed by HIM #8 and its portfolio manager on January 1, 2008. Actual 1/2008 to 10/30/2012 has been back-tested and is strictly hypothetical. Actual account performance has been usedmber of months.er account earnings, and are net of Horter Investment Management’s 1.99% management fee and the fees assessedyable by Horter Investment Management and are included in the 1.99% management fee. Account transaction andvestment of dividends and other earnings may have a material impact on overall returns. Because the model resultspact that material economic and market factors might have had on HIM #8 decision-making if actual clients had beenoss is always present due to factors that may not be accounted for in the model. The nature of a back-tested modelcomposition and performance of the indices or benchmarks shown on performance or other reports. Because thenized benchmark is likely to be representative of the performance of any managed account. Widely known indices become, representative of past or expected managed account performance. Indexes cannot be invested in directly. of transaction and custodial charges the incurrence of which would have the effect of decreasing indicated historical rovide general comparative information to assist an individual client or prospective client in determining whether a ill correspond directly to any of the comparative indexes.olve varying degrees of risk, and there can be no assurance that the future performance of any specific investment,nding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assumefromHIM #8 or any other investment professional. Further, the charts and graphs contained herein should not servelicability of any specific issue discussed to your individual situation, you are encouraged to consult withHIM #8. Allntee its reliability. Information pertaining toHIM #8’s advisory operations, services, and fees is set forth inHIM #8’s Page 11

HIM #9Results represent a hypothetical portfolio combining proprietary trading models utilized in live client accounts managed by HIMchange without notice) in managing actual client portfolios. However the combined portfolio results presented do not reflect theshould assume that future performance will be profitable, or equal either the HIM #9 performance results reflected or any corresResults are based upon closing index prices only from data obtained from Bloomberg, LP and do not reflect the reinvestment o1.99% annually, deducted monthly for performance reporting purposes. The 1.99% management fee encompasses bothHIM #9’scosts or commissions are accounted for. Actual implementation of investment models may yield substantially different results dmutual funds and variable annuity sub-accounts can and do deviate from their underlying benchmark.Combined portfolio results reflect hypothetical, back-tested returns that were achieved by means of the retroactive applicatioportfolio results do not reflect the results of actual trading using client assets, but were achieved by means of the retroactive aphindsight; (2) back-tested performance may not reflect the impact that any material market or economic factors might have hadclient assets; and, (3) for various reasons (including the reasons indicated above), HIM #9 clients may have experienced invesportfolio. NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRSPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NTRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESUaccount holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engagespecific client’s account may have varied substantially from the indicated HIM #9 hypothetical portfolio performance results.INDEX INFORMATION: The S&P 500 Composite Index is a market capitalization-weighted index of 500 widely held stocks often ussize, liquidity, and industry group representation. Included are the common stocks of industrial, financial, utility, and transportatiodeduction of transaction and custodial charges, nor the deduction of an investment management fee, the incurrence of which woRevised February 2, 2017

M #9, and by institutional HIM #9 Research clients since 2005. HIM #9 utilizes the investment models (subject to e results of any specific HIM #9 client portfolio or any HIM #9 composite. Therefore, no current or prospective clientsponding historical index.of dividends or interest. Investors cannot invest directly in an index. Results presented include management fees ofs management fee as well as an unaffiliated third-party registered investment advisor’s management fee. No tradingdue to the timing of trades and securities used in execution. Index based securities such as exchange traded funds, on of a back-tested portfolio and, as such, the corresponding results have inherent limitations, including: (1) thepplication of each of the referenced portfolios, certain aspects of which may have been designed with the benefit of on the adviser’s use of the hypothetical portfolio if the portfolio had been used during the period to actually mange stment results during the corresponding time periods that were materially different from those portrayed in the RADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM INNUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFICULTS ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. For reasons including variances in portfolio ed HIM #9 investment management services, and any account contributions or withdrawals, the performance of ased as a proxy for the stock market. Standard & Poor's chooses the member companies for the S&P based on market on companies. The historical performance results of the S&P (and those of or all indices) do not reflect theould have the effect of decreasing indicated historical performance results. Page 12

HIM #10HIM #10 (Ticker:HIM #10) is a Service Mark of HIM #10. HIM #10 is based on the HIM #10 with an inception date of 12/31/199theoretical performance an investor would have obtained had it invested in the manner shown and does not represent returns aand index.HIM #10 returns represented in this material do not reflect the actual trading of any client account. No representationHIM #10 performance is net of a 1.99% annual fee deducted from the account balance quarterly. The annual fee is derived from tdividends and distributions. Additional fees will apply for transactions and trading which will be determined by the Custodian of tHIM #10 and HIM #10 returns. Past performance is no guarantee of future results or returns. Therefore, no current or prospectiveThe inclusion of the S&P 500 (S&P) Index results are for comparison purposes only. The S&P 500 Index is a market capitalization wthe member companies based upon market size, liquidity, and industry group representation. Included are stocks of industrial, finindexes) are unmanaged; do not reflect the deduction of transaction and custodial charges, or the deduction of a management febe invested in directly. Economic factors, market conditions and investment strategies will affect the performance of any portfoliocalculations are based upon month end values beginning 12/31/1999. Drawdown is the percentage loss from the highest month ereturn to, or exceed, the account value at the beginning of the drawdown period, including the months of the decline.The S-Network Sector Dividend Dogs Index, SDOGX and SDOGXTR (\"Index\") are service marks of S-Network Global Indexes, LLC (\"Lthere from (\"the Product\") which is offered by HIM #10 is not sponsored, endorsed, sold or promoted by S-Network Global IndexeProduct. Licensor makes no representation or warranty, express or implied, to the owners of the Product or any member of the prelationship to the Licensee is the licensing of certain service marks and trade names of Licensor and of the Index that is determinto take the needs of the Licensee or the owners of the Product into consideration in determining, composing or calculating the Inquantities of the Product to be issued or in the determination or calculation of the equation by which the Product is to be convertthe Product.LICENSOR DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREINMAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OF THE PRODUCT, OR ANYEXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTIOF THE FOREGOING, IN NO EVENT SHALL LICENSOR HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTStandard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones is a regisJones Indices LLC and sublicensed for certain purposes by HIM #10. S-Network Global Indexes LLC’s trademarks are trademarks of#10 is a product of S&P Dow Jones Indices LLC, and has been licensed for use by HIM #10. HIM #10 is not sponsored, endorsed, soIndexes LLC and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates or S-Network Global Indexes make800-642-4276 or email info@HIM #10.comRevised February 2, 2017

99; one cannot invest directly in an index. The Index is a rules based index, which the HIM #10 follows; reflects the actually obtained and does not represent returns an investor actually attained, as investors cannot invest directly in is being made that any client will or is likely to achieve results similar to those presented herein.the average daily balance of the previous quarter. The Portfolio performance includes the reinvestments of allthe account and will decrease the return experienced by a client. Individual client account results will vary from thee client should assume that future performance will be profitable. HIM #10 inception date is 11/30/2012.weighted index of 500 widely held stocks often used as a proxy for the stock market. Standard and Poor’s choosesnancial, utility, and transportation companies. The historical performance results of the S&P 500 Index (and all otheree, the incurrence of which would have the effect of decreasing indicated historical performance results and cannoto, and therefore are not assurances that it will match or outperform any particular benchmark. Drawdownend value to the lowest month end value in the drawdown period. Recapture is the number of months required to Licensor\") and have been licensed for use by HIM #10. Any financial product based on the Index or any index derived es, LLC and S-Network Global Indexes, LLC makes no representation regarding the advisability of investing in thepublic regarding the advisability of investing in securities generally or in the Product particularly. Licensor’s onlyned, composed and calculated by Licensor without regard to the Licensee or the Product. Licensor has no obligationndex. Licensor is not responsible for and has not participated in the determination of the timing of, prices at, or ted into cash. Licensor has no obligation or liability in connection with the administration, marketing or trading of AND LICENSOR SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LICENSORY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. LICENSOR MAKES NO ICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANYTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. stered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dowf the S-Network Global Indexes LLC and have been licensed for use by S&P Dow Jones Indices LLC and HIM #10. HIMold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, or S-Network Globale any representation regarding the advisability of investing in such product(s). For additional information please call Page 13

HIM #11For the years 2007 – 2014, the model performance of HIM #11 has been independently examined by a public accounting firm, badifferent results. Interim 2015 performance has not been independently examined.Calculation Methodologies:The performance is prepared using the following methodologies: (i) the performance is achieved by a model portfolio to which anin 20 securities at the beginning of each annual period; (iii) the securities are priced at month end and securities held are valuedpurchases and sales are based on the day and time a trade was entered into and the price is recorded as of the time the decisiomodel is computed by geometrically linking the monthly performance results for the indicated number of months; (vii) the totaleffect of interest; (viii) the performance results are shown gross and net of management fees; (xi) gross of fee performance is staof other fees and transaction costs; (xi) net of fee performance is calculated using an annual management fee of 1.99% applied quLimitations of Model Performance:The performance represents model results for HIM #11 during the measurement time period. As such, these results have inherentrading by specific HIM #11 clients, but were achieved by means of the calculation methodologies described above; (ii) model perHIM #11 by an individual client; (iii) for various reasons, HIM #11 clients may have experienced investment results, either posreflected by the HIM #11 model performance. For example, variances in client account holdings, investment management feesmarket conditions, may have caused the performance of a specific client’s portfolio to vary substantially from the HIM #11 modeland there can be no assurance that any specific investment or strategy will be either suitable or profitable for a prospective clientThe model performance does not reflect other earnings, brokerage commissions, ETF expenses and custodian expenses. It is implower. The model results may differ materially from actual results based upon various factors. Past performance may not be inmodel performance reflected for HIM #11, or equal the corresponding historical benchmark index. The historical index performacharges, or the deduction of an advisor fee, the incurrence of which would have the effect of decreasing the historical index pprovide general information to assist a prospective client in determining whether the index performance meets the client’s invethat portfolios will correspond directly to any such comparative benchmark index. Further, the comparative index may be more oPAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.Revised February 2, 2017

ased on calculation methodologies set forth in the policies and procedures of HIM #11. Other methods may producen investment methodology is applied on a current and on-going basis; (ii) the model begins with $1,000,000 invested at the closing price as of the last business day of each month; (iv) the cost basis and proceeds for individual security on was made; (v) monthly performance is calculated using a holding-period return; (vi) annual performance for thel investment performance includes realized and unrealized gains and losses, and dividends but does not include theated gross of all fees and transaction costs; (x) net of fee performance is reduced by the management fee but is grossuarterly, in arrears; and (xii) the U.S. Dollar is the currency used to express performance. nt limitations, including, but not limited to, the following: (i) the HIM #11 results do not reflect the results of actualrformance may not reflect the impact that all or any material market or economic conditions may have had on use of sitive and negative, during the measurement period that were or may have been materially different from those incurred, the date on which a client began using HIM #11, client account contributions or withdrawals and general l performance results; and (iv) different types of investments and investment strategies involve varying levels of risk,t.portant to note that actual portfolios would be charged other fees and transaction costs and performance would bendicative of future results. Therefore, no client should assume that future performance will be profitable, equal the ance results for the index reflect reinvested dividends, but do not reflect the deduction of transaction and custodialperformance results. The historical index performance results are provided for comparison purposes only, so as toestment objectives. Historical index performance results do not reflect the impact of taxes. It should not be assumedor less volatile than HIM #11. Page 14

HIM #12The HIM #12 is an asset allocation strategy which seeks to exploits two seasonal influences on the stock market.  These seasonalmonths of the year. Each year, the HIM #12 holds an S&P MidCap 400 Index fund from late-October to the end of May and thenthe available trading days each year. During the fourth quarter of each year, the strategy raises the beta of the mid-cap index fumonth and holiday seasonal forces which are particularly robust in small and mid-cap stocks.CAUTIONS:  The periods prior to 2010 are hypothetical (backtested). Actual managed accounts in this strategy began 1/10.reinvestment of dividends, interest and capital gains. Hypothetical backtests should be regarded with caution since they are coccurrence of actual market and economic events. Backtested performance does not represent actual account performance. Thepresented. No matter how positive the model returns have been over any time period, the potential for loss is always presentinvestment strategy that the backtested results were based upon can (theoretically) be changed at any time with the benefit ofadjusted until the desired results are achieved. Please note that HIM #12 has not made any data-fitting adjustments.DISCLOSURE:   Past performance is not a guarantee of future performance.  The HIM #12 account data presented represent a netand capital gains. The returns prior to January 2010 are hypothetical (backtested). Actual managed accounts in this strategy begexpenses. The enhancement process includes raising the beta of the S&P 400 MidCap Index by 50% during three short periods inOctober, first two trading days of November; last six trading days of November, first three trading days of December; and last sevrisk of the investment strategy during these periods. The hypothetical backtested computer model reflects a precise asset allTreasury Bond Index. The hypothetical backtested computer model applies the rules of the strategy to indexes rather than actuafunds, which may have results slightly different from the indexes themselves. The backtested data does include interest and divdisclosed, hypothetical models must be approached with caution because they are created with the benefit of hindsight and doused to construct the backtested results were obtained from a database provided by Callan Associates, one of the oldest and laguarantee it to be so. This strategy may be offered by investment advisors to their clients at a fee which is higher than HIM #12also be executed using products which may increase the total expense factor. These expense factors cannot be quantified in advaHIM #12 account data presented represent a net of a 1.99% annual charge for fees and expenses for returns prior to January 2010precise asset allocation formula for the HIM #12 strategy as follows:  November 1 to May 31:  100% S&P 400 MidCap Index plOctober 31: 100% Barclays Capital Intermediate Treasury Bond Index. The backtested computer model applies the rules of theprogram invests in index funds and bond funds, which may have results slightly different from the indexes themselves.  The dawere obtained from a database provided by Callan Associates, one of the oldest and largest institutional investment consultants iRevised February 2, 2017

l forces have historically “skewed” returns into certain months of the year and specific sub-periods in the final three invests in intermediate bond funds from June to late-October.  As a result, equity exposure is constrained to 60% ofund by 50% during three “power period” trades totaling 20 days.  These three sub-periods are influenced by end-of- All returns presented reflect an annual charge of 1.99%, applied quarterly, for fees and expenses and assume created with the benefit of hindsight and do not reflect how the investment manager would have reacted to the ere is no assurance that these backtested results could, or would have been achieved by HIM #12 during the periodst due to factors in the future which may not be accounted for in the model. The SEC mandates that we state: The hindsight in order to show better backtested results, and (theoretically) the strategy can continue to be tested and t of a 1.99% annual charge for fees and expenses, applied quarterly, and assume reinvestment of dividends, interestgan January 2010. The HIM #12 represents the managed enhancement of the S&P MidCap 400 Index net of fees andn the fourth quarter of each year. These periods comprise 20 trading days in total as follows: last two trading days ofven trading days of December. Investors should be aware that the use of leveraged funds increases the volatility andlocation formula for the HIM #12 strategy using the S&P 400 MidCap Index and the Barclays Capital Intermediateal investment vehicles which cannot be used in actual investing. The actual program invests in index funds and bond vidends attributed to each index. Even though the enhancements of the index are mechanical, objective, and fully not represent how the manager of the model may react under material economic and market conditions. The dataargest institutional investment consultants in the U.S.  While HIM #12 believes that the data is accurate, we cannot maximum fee to compensate for reduced minimum account sizes or other value-added services.  This strategy mayance. Potential investors should inquire as to the exact additional costs of these investment venues. 0.  Actual client composite net returns are used beginning January 2010.  The hypothetical backtested data reflects alus three power period trades in the fourth quarter using the S&P 400 MidCap Index leveraged by 50%; June 1 to e strategy to indexes rather than actual investment vehicles which cannot be used in actual investing.  The actualata does include interest and dividends attributed to each index.  The data used to construct the backtested results in the U.S.  While HIM #12 believes that the data is accurate, we cannot guarantee it to be so. Page 15

HIM #14HIM #14 strategies utilize a wide variety of techniques (such as trend–following, momentum, relative strength, among others). Aholding securities of the U.S. companies of any size market capitalization.Performance Beginning July 2011 Performance for periods beginning July 2011 reflects the composite returns of a representativproprietary technical indicators in order to provide and confirm directional market movement. Returns reflect the reinvestment1.99%, which is calculated monthly for reporting purposes. Further information regarding HIM #14 investment management fcontained in its Form ADV, Part II or substitute disclosure document, available from HIM #14 upon request.Performance prior to July 2011. Prior to July 2011, the performance information presented is the result of a third party tracked cadjusted for an annual fee of 1.99% which is calculated monthly for reporting purposes.Other Fees and Expenses; Impact of Taxes. The investment management fee paid to HIM #14 is separate and distinct from the ineach fund's prospectus, and will generally include a management fee, internal investment, custodial, and other expenses, and a pinvest in the program. Performance results for this program do not reflect the impact of taxes. Program accounts may engage inwill likely not be suitable for clients seeking tax efficiency.Other Considerations. Program accounts will invest in so-called \"leveraged\" and \"inverse\" mutual funds such funds may seek tosales. Although such instruments may improve fund returns, they will also increase the funds' risks of loss and magnify the funds'the total return of the index to which it is benchmarked. This will not be the case for any time period beyond one day. Due to thereturn of an inverse fund's benchmark index over any time frame beyond one day. Due to the increased risks of leveraged fundsvalue of their program investment, and who do not foresee the need to liquidate their investment for at least three to five years.HIM #15HIM #15 (Ticker: HIM #15) is a Service Mark of HIM #15. HIM #15 is based upon the HIM #15 (Ticker: HIM #15). HIM #15 refl7/24/2014 as calculated by Standard & Poor's. HIM #15 client composite inception began on 8/1/2014. One cannot invest direcinvestor would have obtained had it invested in the manner shown and does not represent returns actually obtained and doesrepresented in this material do not reflect the actual trading of any client account. No representation is being made that any cliefee deducted from the account balance quarterly. The annual fee is derived from the average daily balance of the previous quaapply for transactions and trading which will be determined by the Custodian of the account and will decrease the return eperformance is no guarantee of future results or returns. Therefore, no current or prospective client should assume that future pHIM #15 inception date is 7/28/2014.The inclusion of the Bank of NY Mellon Composite Depositary Receipt Total Return Index (BKCDRIT) is for comparative purposes oall American and Global Depositary Receipts traded on the NYSE, NYSE MKT, NASDAQ, LSE and OTC marketplaces.BNY Mellon and BNY Mellon Composite Depositary Receipt Index (the “Indexes” and together with BNY Mellon, the “Marks”) are(“BNY Mellon”) and have been licensed for use for certain purposes by S-Network Global Indexes, Inc. (“Licensee”). Licensee’s indor promoted BNY Mellon, and BNY Mellon does not make any representation or warranty, express or implied, to the purchasersgenerally or in these products particularly, the ability of the Indexes named above to track market performance or the suitabilibetween BNY Mellon, on one hand, and Licensee, on the other, is limited to the licensing of certain intellectual property, servicewithout regard to Licensee or its products. BNY Mellon has no obligation to take the needs of Licensee or the purchasers or owMellon is not responsible for, nor has participated in, the determination of the timing of, prices at, or quantities of the productscash. BNY Mellon has no obligation or liability in connection with the administration, marketing or trading of the products.Revised February 2, 2017

All, or almost all, of the portfolio of accounts participating in the HIM #14 program will be invested in mutual fundsve account managed by HIM #14. The algorithmic model provided by a third party is overlaid through HIM #14 own t of dividends and other earnings, and are net of all transaction fees and an annual investment management fee of fees, as well as important information regardingHIM #14, its services, compensation, and conflicts of interest are composite of an account at another advisor managed on the same algorithmic model now provided to HIM #14 and nternal fees and expenses charged by mutual funds to their shareholders. These fees and expenses are described in possible distribution fee. Prospective clients should consider all of these fees and charges when deciding whether to n a significant amount of trading. Gains or losses will generally be short-term in nature; consequently, this programo enhance returns through the use of financial instruments, such as derivatives, swaps, and options, as well as short potential volatility. A common misconception is that the total return of an inverse fund will be the exact opposite of e nature of compounding, it would be virtually impossible to produce a total return that is exactly opposite the total s and inverse funds, this program is only suitable for investors who are able to withstand significant volatility in the lects back tested performance from the period beginning 12/31/2002 to 7/24/2014. HIM #15 inception began onctly in an index. The Index is a rules based index, which theHIM #15 follows, reflects the theoretical performance an not represent returns an investor actually attained, as investors cannot invest directly in an index. HIM #15 returns nt will or is likely to achieve results similar to those presented herein. HIM #15 performance is net of a 1.99% annual arter. The Portfolio performance includes the reinvestment of all dividends and distributions. Additional fees willexperienced by a client. Individual client account results will vary from the HIM #15 and HIM #15 returns. Pastperformance will be profitable.only. The Bank of New York Mellon Composite Depositary Receipt Index is a capitalization weighted index that tracks e service marks of The Bank of New York Mellon Corporation or any of its subsidiaries, affiliates or group companiesdexes and products based on the Indexes and Marks named above are not sponsored, endorsed, sold, recommendeds or owners of the products or any member of the public regarding the advisability of investing in financial products ity or appropriateness of the products for such purchasers, owners or such member of the public. The relationshipe marks and trade names of BNY Mellon, and the Indexes are determined, composed and calculated by BNY Mellonwners of their products into consideration in determining, composing or calculating the Indexes named above. BNYs to be issued or in the determination or calculation of the equation by which the products are to be converted into Page 16

HIM #19Results represent a hypothetical portfolio combining proprietary trading models utilized in live client accounts managed by HIM #results do not reflect the results of any specific HIM #19 client portfolio or any HIM #19 composite. Therefore, no current or prosperformance results reflected or any corresponding historical index.Results are based upon total return closing index prices from data obtained from Bloomberg, LP and reflect the reinvestment of d1.99% annually, deducted monthly for performance reporting purposes. The 1.99% management fee encompasses both HIM #19trading costs or commissions are accounted for. Actual implementation of investment models may yield substantially different refunds, mutual funds and variable annuity sub-accounts can and do deviate from their underlying benchmark.Combined portfolio results reflect hypothetical, back-tested returns that were achieved by means of the retroactive application oresults do not reflect the results of actual trading using client assets, but were achieved by means of the retroactive application of(2) back-tested performance may not reflect the impact that any material market or economic factors might have had on the adviassets, and, (3) for various reasons (including the reasons indicated above), HIM #19 clients may have experienced investment resHYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXTRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROTRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PEROFRMANCE RESULTaccount holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged Hspecific client's account may have varied substantially from the indicated HIM #19 hypothetical portfolio performance results.INDEX INFORMATION: The Barclay's Capital U.S. 7-10 Year Treasury Bond Index measures the performance of U.S. Treasury securHIM #20Past performance is not necessarily indicative of future results. There are no guarantees investment objectives will be met. Theaccuracy. Dividends and capital gains may be invested in money market funds or other cash equivalent investments pending reinconditions which affected the results portrayed. With the exception of several market corrections during the period(s), the overareal capital losses in their managed accounts.Prior to May 2013, HIM #20 was known as HIM #20, which had the same investment goals, strategies and portfolio management tThe information contained herein includes information that has been obtained from third party sources and has not been indepeexcluded from the composite, only accounts that traded open end mutual funds were included. Beginning January 1, 2011, the cotaxable fully discretionary HIM #20 accounts are included in the composite. Eligible accounts are included in the composite in thefull month. Results portrayed reflect the reinvestment of dividends, capital gains and other earnings when appropriate. Prior toDecember 2012, HIM #20 was referred to by HIM #20 as the HIM #20 Strategy. Between December, 2012 and May, 2013 HIM #2Exchange Traded Funds (ETF's) trade like stocks, are subject to investment risk and will fluctuate in market value. Because high yiaccount the special nature of such securities and certain special considerations in assessing the risk associated with such investmerated securities and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interestRevised February 2, 2017

#19. Anchor utilizes the investment models in managing actual client portfolios. However, the combined portfolio spective client should assume that future performance will be profitable, or equal to either the HIM #19dividends and interest. Investors cannot invest directly in an index. Results presented include management fees of9 management fee as well as an unaffiliated third-party registered investment advisor's management fee. Noesults due to the timing of trades and securities used in execution. Index based securities such as exchange tradedof a back-tested portfolio and, as such, the corresponding results have inherent limitations including: (1) the portfolio f each of the referenced portfolios, certain aspects of which may have been designed with the benefit of hindsight, isor's use of the hypothetical portfolio if the portfolio had been used during the period to actually manage client sults during the corresponding time periods that were materially different from those portrayed in the portfolio. NO XAMPLE, THE ABILITY TO WITHSTAND LOSSES OR ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OFOUS OTHER FACTORS RELATED TO THE MARKETS IN GENERALOR TO THE IMPLEMENTATION OF ANY SPECIFIC TS ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. For reasons including variances in portfolio HIM #19 investment management services, and any account contributions or withdrawals, the performance of a rities that have a remaining maturity of at least seven years and less than 10 years. information contained herein has been obtained from sources believed to be reliable but cannot be guaranteed fornvestment in other portfolio securities. During the period(s) shown, there were no material market or economic all market as measured by the S&P 500 was generally rising. If such trends are broken, the clients may experience team. HIM #20 is a service mark of HIM #20. This material has been prepared solely for informative purposes.endently verified. HIM #20 Critieria: Prior to January 1, 2011 accounts that used exchange traded funds were omposite includes accounts using open end mutual funds and exchange traded funds. All active taxable and non-e month following the month of account inception. Closed accounts are included through the completion of the last December , 2009, the HIM #20 was referred to by HIM #20 as the HIM #20. Between December 2009 and20 was referred to by HIM #20 as HIM #20 Strategy. ield bonds are rated in the lower rating categories by the various credit rating agencies, investors must take into ents. Securities in the lower rating categories are subject to greater risk of loss of principal and interest than higher-t and repay principal. Page 17

HIM #21Results represent a hypothetical portfolio combining proprietary trading models utilized in live client accounts managed by HIM #results do not reflect the results of any specific HIM #21 client portfolio or any HIM #21 composite. Therefore, no current or prospresults reflected or any corresponding historical index.Results are based upon total return closing index prices from data obtained from Bloomberg, LP and reflect the reinvestment of d1.99% annually, deducted monthly for performance reporting purposes. The 1.99% management fee encompasses both HIM #21costs or commissions are accounted for. Actual implementation of investment models may yield substantially different results duemutual funds and variable annuity sub-accounts can and do deviate from their underlying benchmark.Combined portfolio results reflect hypothetical, back-tested returns that were achieved by means of the retroactive application oportfolio results do not reflect the results of actual trading using client assets, but were achieved by means of the retroactive apphindsight; (2) back-tested performance may not reflect the impact that any material market or economic factors might have had oclient assets; and, (3) for various reasons (including the reasons indicated above), HIM #21 clients may have experienced investmeportfolio. NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRASPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NTRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTaccount holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged Hspecific client's account may have varied substantially from the indicated HIM #21 hypothetical portfolio performance results.INDEX INFORMATION: The S&P 500 Composite Index is a market capitalization-weighted index of 500 widely held stocks often ussize, liquidity, and industry group representation. Included are the common stocks of industrial, financial, utility, and transportatiodeduction of transaction and custodial charges, nor the deduction of an investment management fee, the incurrence of which woHIM #22HIM #22 performance is based on actual accounts and comprises all accounts in the composite. Composite performance has beenHIM #22. The oldest account in the composite has been verified for performance since inception by Theta Research and is continmajority of client accounts with similar investment objectives. Individual investors' objectives, financial situations, their specific inare made may result in different trades and returns from the composite. Composite returns are time-weighted total returns that rmutual fund management fees, other fund (administrative) expenses.Results presented include simulated management fees of 1.99% annually, deducted quarterly in the month after the quarters ePerformance for other composite investment programs may differ materially (more or less) from the performance of this compoinvestment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, mayperformance quoted.The benchmark returns of the S&P 500 are total returns and reflect the reinvestment of dividends. The S&P 500 Index is a capitalinvestment. Benchmark returns are provided exclusively for comparison purposes only so as to provide general comparative infomeets, or continues to meet, his/her investment objective(s).It should not be assumed that any of HIM #22 programs will correspond directly to any such comparative index. The volatility of thinvest directly into any index, deductions for management fees or other custodial or transaction charges are not taken into accouinvesting in mutual funds. Mutual fund shares are not insured by the FDIC or any other agency, are not guaranteed by any financiprincipal.The data presented has been collected from sources believed to be reliable; however, HIM #22 does not guarantee or warrant thematerial is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security.HIM #22 is registered as an investment adviser under various state laws. Such registration does not imply a certain skill or trainingand fees is set forth in HIM #22 current Form ADV Part II, a copy of which is available from HIM #22 upon request. Information peof which is also available from HIM #22 upon request.Revised February 2, 2017