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MAKING RETIREMENT INVESTING EASY Who is Horter Investment Management, LLC?  370 Advisors (250 IARs and 120 RIAs)  $1.2B in AUM  Great Training—Southern California, Las Vegas & Cincinnati  Advanced Trainings  Elite Advisor Trainings  6 Vice Presidents of Advisor Development  New Business Teams  Great and Unique Advisor Marketing  17 Tactical SMA’s and 11 Tactical Mutual Funds  10—12 Managers in a $100,000 account  Accelerate Advisor FIA & AUM Growth

A Letter from Our FounderWelcome To Horter InvestmentManagement, LLCThis is your home for practice growth, peer relationships andbusiness acceleration.Our Financial Manufacturing Firm teaches you every step of theway to grow to $10M, $20M, $30M or $40M per year in assetsunder management and fixed index annuities. After 35 years inthe business, 31 years as a CFP™ and 26 years as a Registered In-vestment Advisor, we have all of the tools to help you integrateour tactical portfolio management where clients can go risk off tocash, possibly make money if the stock market goes up or down,or possibly make money if interest rates go up or down.Great training, great service and a great platform of 17 TacticalSeparately Managed Accounts and 11 Tactical mutual funds al-lows you to have your dream business.Come To Our Training and See! Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

How This Investment Advisor Helps Save Financial Lives BY WALLACE FORBES | CONTRIBUTOR | JUNE 20, 2017 AN INTERVIEW WITH Currently we work with 17 separately managed Drew K. Horter, CFP accounts that are primarily tactical asset managers and 11 different tactical mutual funds. Portfolio riskFounder, President and Chief Investment Strategist, management is one of our key features. Horter Investment Management, LLC Wally Forbes: In what capacity do you work withDrew Horter: Horter Investment Management, our them?RIA, was formed in 1991. Our goal was to findthird-party money managers that could potentially Horter: They are all third-party managers and weprevent devastation similar to that of the Black work with them to assemble combinations ofMonday crash of October 1987. Horter has built managers and portfolios that are non-correlated toabout 250 IARs (investment advisor each other and have different models and assetrepresentatives) and 120 RIA (Registered classes. We're very much concerned about riskInvestment Advisor) firms that we work with across mitigation, capital preservation and minimizingthe country. We are registered in all 50 states. drawdowns so that people don't get hurt with severe corrections or a Bear Market. Forbes: So you work with advisors and not directly with investors? Horter: Yes. For our 250 advisors across the country, we use managers that we believe can significantly reduce the investors’ risk. -- as compared to a buy and hold type of portfolio. So, when you look at our combinations (sleeves) of managers, our maximum drawdown that a client might receive is minus maybe 5% to 10% over the last nine years versus minus 51% for S&P 500. So, we’re focused on creating the ideal combinations of these managers for our clients. In combining these non-correlated models, for example, I take a 20 to 30 year Treasury portfolio manager that can be long or short (makes money if interest rates go up) and I combine that with a dividend paying strategy of the S&P 500 with the five highest paying dividend stocks of the tenInvestment advisory services offered through Horter Investment Management, LLC, a SEC-Registered Investment Adviser. Horter Investment Management doesnot provide legal or tax advice. Investment Adviser Representatives of Horter Investment Management may only conduct business with residents of the statesand jurisdictions in which they are properly registered. Insurance and annuity products are sold separately through Horter Financial Strategies, LLC. Securitiestransactions for Horter Investment Management clients are placed through Trust Company of America, TD Ameritrade and Jefferson National Life InsuranceCompany.

sectors of the S&P, there's little or no actual choose from any one or more of the 28correlation between those two managers. They're managers/funds.actually non-correlated. Yet the historical returnsover time of both have been very good. So, non- Forbes: This is definitely a very different approachcorrelation helps us minimize drawdowns, which to investing because you're not directly managinghelps us save financial lives when there's a major the money; you manage the managers and help yourbear market or correction. advisors. You are dealing with managers who you choose from your selection process for puttingForbes: You're dealing with the managers or are together a portfolio. Is that correct?you dealing with investors? Horter: Yes, we use all third-party separatelyHorter: We have contracts with the managers and managed accounts and tactical mutual funds to putadd tactical mutual funds to design portfolios for together a portfolio. We are totally objective andour advisors’ clients. These portfolios are what we can fire a manager if our investment committee andcall sleeves of managers (i.e. up to 12 managers in a our Chief Investment Officer (CIO) deem it$100,000 portfolio) that our advisors across the necessary. So, we manage the managers and putcountry can use for their clients. The mass affluent them together in these portfolios -- these sleeves --investor is our niche. These investors generally have for our advisors to use for their clients based on the$250,000 to $2,000,000 to invest. We want to help risk score of each of the clients.those people save their investments from another30%, 40% or 50% drop in the market. Do they currently have maybe too much in stocks or too much in bonds -- or what type of bonds? We'reForbes: So you put together individual portfolios helping them understand from a risk/rewardfor the people you're working with? standpoint that this is what you say you want, versus what you actually have. What clients sayHorter: Yes, we do so for our advisors. Again, we they want versus what they currently own ishave 250 advisors across the country and about 120 generally diametrically opposite.additional investment advisor representatives by We call this a mini-tamp of sorts because of the wayway of our relationships with 50 independent we're working with these 17 separately managedadvisory firms. Those advisors all have their own accounts and 11 mutual funds, with the bottom lineclients, and we show them the portfolios of being that we want capital preservation whilemanagers that they can choose from based on the minimizing drawdown in the next bear market orrisk tolerance of the client. For example, we might serious correction.have a small $30,000 portfolio and there might befive managers in that portfolio or about $6,000 We ultimately want to help save people financiallyeach. They're all non-correlated together to after almost nine years into this recovery based onminimize risk but still provide good upside quantitative easing by the government. Whatpotential. We show them examples of combinations happens when there's another major correction, orof managers and we also use specialized software to bear market? We're trying to protect people thatmeasure risk. have pre-retirement or retirement assets from losing 30%, 40%, or 50% like they did in the GreatForbes: Do you choose or do they choose how Recession and possibly be down only 0%-10% withmuch to put into each portfolio? our sleeves and managers.Horter: We help them choose with our sleeves, If you look at the stock market and the bond market:based on the client’s risk score. But if they want to, the stock market is at all-time highs and the bondthey can use our menu of managers and funds to market could have potentially a big swing upwardsmake their own choices. We make suggestions in interest rates. Those are two bad scenarios forbased on non-correlation and drawdown, and they most investors – especially more conservativealso have the menu of managers where they can people that might have 60% stocks and 40% bonds

in their portfolio. At Horter we might have a when you package them together.combination of managers and can take advantage ofrising interest rates with one manager, and another Forbes: How do you package the managersthat can potentially make money in the stock market together?if stocks go up or down. If the stock market startsto correct, we help investors with our managers who Horter: Well, we do a study of correlation andcan go risk off to cash or possibly make money as drawdowns. We analyze their correlation to eachthe stock market is going down. other and their drawdown. Then we combine them to get the most amount of gains in the portfolio -- atHere’s another example. We can combine a high least from a historical standpoint – whileyield tactical manager, which invests in high yield minimizing drawdowns or losses to the clientbond ETFs or mutual funds. But, they have more portfolio.risk than investment grade bonds like IBM orProctor and Gamble. Right now they pay a nice The second part is looking at whether I can add anyinterest rate – of 5%. This high yield bond asset alpha, or investment gains, to the portfolio byclass in 2008 lost 20% to 25%. We need to have the adding a manager into a sleeve or combination ofability for our advisors’ clients to be able to go risk managers. If I could go from a 10% maximumoff to a money market account if high yield bond drawdown in a sleeve of managers to a minus 8%values begin to deteriorate. So, we have other drawdown, and my alpha or return is the same, I'mmanagers that have expertise with high yield bonds okay with that because I've minimized drawdownthrough ETFs that can also be either long or short to first.help our advisors’ clients. Forbes: Do you put the managers together in aForbes: What are you doing at the present time? portfolio?Horter: We're using several combinations of these Horter: Yes, since we work with our CIO and wemanagers based on a client’s risk tolerance. So, it's have contracts with the tactical managers witha selection process of managers doing different Horter Investment Management as the registeredtypes of tactical investing in different asset classes investment advisor.with non-correlation with minimal drawdowns

Forbes: And you determine to what degree each Forbes: Well, that's a very different kind of a set upmanager has funds in it? than the usual money management situation.Horter: Correct. Horter: Yes, we are much different from other RIA’s or brokers who use some form of 60/40 stockForbes: Who is your client? to bond portfolios. This is Modern Portfolio Theory (MPT), a 60 year-old investment doctrine. The bigHorter: Our client is the advisor who services their problem with MPT came after 2000, 2001, 2002,clients. Their clients are generally conservative when people lost upwards of 50%. Then youinvestors, pre-retirees or retirees. Our advisors help recover your money five years later, but go on tothese clients minimize risk and when we engage in lose 51% from October of '07 to March of '09.contracts with managers we require an eight yearaudited history. We're trying to save financial lives because of longevity risk. You can’t lose 30%, 40%, or 50%Forbes: Is your client an institution or retail twice in 10 years. We’re teaching our advisors toinvestors only? explain risk management to their clients before the next major decline.Horter: We serve individual investors andsuccessful small business owners. Forbes: Thanks very much, Drew, for sharing yourOur clients -- as we've referred to them -- are the unique approach to money management with us.advisors who help their clients. So, they're listed asinvestment advisor representatives for Horter and Horter: My pleasure, Wally.we're teaching them how to use risk mitigation andupside potential in portfolio management.Forbes: You're advising advisors?Horter: Correct, who then help their clients.Reprints with minor edits for compliance reasons by permission of Forbes Media LLC © 2017 – Reprints contact 212.620.2399 – License Expiration 06/2018Investment advisory services offered through Horter Investment Management, LLC, a SEC-Registered Investment Adviser. Horter Investment Management doesnot provide legal or tax advice. Investment Adviser Representatives of Horter Investment Management may only conduct business with residents of the statesand jurisdictions in which they are properly registered. Insurance and annuity products are sold separately through Horter Financial Strategies, LLC. Securitiestransactions for Horter Investment Management clients are placed through Trust Company of America, TD Ameritrade and Jefferson National Life InsuranceCompany.

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.

ADVISOR EXPERIENCES“I have been with Horter Investment Management since late 2012. I love the tactical portfolios that Drew and his teamhave put together. The tactical sleeves work as they are designed by limiting the downside risk as well as participating onthe upside. Having 12 tactical managers over multiple asset classes in the sleeves allows us to focus on our client relation-ships and not having to worry about the day to day movements of the multiple markets. The system allows us to positionnot only the AUM part of the portfolio, it also creates a perfect fit for the FIA and life insurance solutions available in cli-ent’s plans. Horter’s systems and processes allows any advisor that is serious about growing their business a perfect solu-tion for success.”Elite Advisor, April 2012, CO ($55M in AUM)“I have found that when I made the decision to work with Horter Investment Management as a IAR was one of the bestdecisions in my business I have ever made. They have always been there to support me in and help me in growing mybusiness. The training is the best I have received on the broker and investment advisory side of my business over the last15 years. We have become more professional and are kept up to date four times a month with their conference calls andattending the personal two and three day trainings in Cincinnati held several times throughout the year. Drew’sknowledge and foresight is amazing and is a very caring person that has put together a system and group of people thatwill help you succeed if you follow their system. I would highly recommend Horter Investment Management for anyonethat has a series 65 and want to be with a top notch RIA.”Elite Advisor, February 2012, UT ($27M in AUM)“I have been with Horter since January of 2015 and it is one of the best decisions I have ever made in my 33 years in thebusiness. I was basically just an \"annuity advisor\" on the fixed side for many years and was finding it more and more diffi-cult to attract and retain high net worth and sophisticated clients. However, I didn't want to be a \"stock jockey\" and Iwanted to be able to offer some sort of downside protection for my mostly conservative senior clients and prospects.Horter has been all that and more. The training is cutting edge and the product is second to none. Access to softwarethat helps us bury the competition, the weekly conference calls, and the service by the Horter staff is the best I have expe-rienced in 33 years.After just 2 years, my business has gone to the next level and I now have a clear path for how my career and business willevolve - something I didn't have a clue about before.Thanks for all you do and will do going forward.”Top Advisor, December 2014, NC ($21M in AUM)“Being associated with Horter has been a tremendous experience in a variety of ways. The platform Drew has put togeth-er rivals the biggest and best investments firms (I should know since I was previously employed by one of the largest in-vestment firms in the country). As I tell my clients \"when you cut through all of the rhetoric, charts and graphs - the ONLYthing that matters is how your money is invested and how much risk you are really taking\". The tactical asset managersat Horter are literally some of the best investments available - bar none. The investments, training and back office sup-port is of the highest levels, professionalism and integrity in all constraints. If anyone truly wants to do what is best forthe client and the best for their career - being associated with Horter will allow you to accomplish both.”Elite Advisor, October 2010, OH ($20M in AUM) MAKING RETIREMENT INVESTING EASY Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

“I started working with Drew Horter and Horter Investment Management about 3 years ago. I had NO experience what-soever in working with securities. In fact, I did not like the securities world as there was so much risk involved with thosetypes of investments. I’ve watched people lose, literally, everything they had saved for their retirement as the Dot Combust and the Financial Crisis wiped them out twice.Then, I was introduced to Drew and his platform of low-risk, low-volatility money managers. It seemed impossible thatthese platforms would actually exist and I did not understand why no one knew about them. Drew’s training help me tounderstand. I got my Series 65 license and joined the Horter team and never looked back. I grew my business from noth-ing to a very sizable number in a few short years. It’s a combination of his training, his systems and his managers. You putall 3 of these together and you can provide your clients with something they really want and need, market like returns ontheir investments with less than market risk. That is an amazing combination.The bottom line is, as an advisor, I get the satisfaction of doing something good for my clients and, for the first time in mycareer, I’ve also been able to create a steady ongoing residual income as well. Working with Horter has clearly been awin/win situation for both my clients and me.”Top Advisor, July 2013, CA ($10M in AUM)“My association with Horter has revolutionized my practice, my business and my income. Prior to joining Horter, I had aone man RIA with less than $3M AUM - I intentionally did not try to grow that business because I did not want the liabilityand the responsibility of losing people's retirement nest egg when the market inevitably would tank.The capital preservation priority of the Horter platform gave me the confidence to assertively offer these excellent man-agers and powerful strategies to all my prospects. Guess what? Almost all of them responded favorably and I havebrought in over $25M to Horter in 4 years.Since my primary client acquisition method is teaching the college retirement classes, I have to mention how helpful theHorterized class and PowerPoint has been. For the first year in my career, I will likely hit $10M in annuity produc-tion. Most importantly, I know in my heart that I am doing the very best I can to protect and serve my clients. Thank youDrew!”Elite Advisor, May 2013, VA ($22M in AUM)“We have been with Horter Investment Management now for 34 months. After shifting our focus in 2011 and then usingsome alternatives pretty heavily, we had only grown our net AUM in the market to $3 million in the 3 years prior to mov-ing to Horter. Looking back on it, I think it was due to lack of process and confidence in the platform. I have watched theHorter team continue to never be satisfied chasing the ultimate outcome of limiting the drawdown risk while maximizingthe upside. We have had some tough, slushy and sideways markets in that 34 months so it's never perfect. The consistentmovement towards proven models being incorporated into the sleeves that can make our clients money in multiple envi-ronments has kept us faithful and motivated. The amount of diversity that we give our clients across various account sizesis second to none that I have seen in the industry. We are currently just under $16 million net AUM in the market andgrowing. Drew and his team have always maintained a \"client first\" approach and commitment to being a fiduciary. Thatis in alignment with our core values and makes for a great partnership.”Top Advisor, June 2014, TN ($16M in AUM)“Horter Investment Management has been a life changer for me. I never worked with investments before working withHorter. The training is fantastic and the team really cares. I have tripled my business in the past 2 1/2 years, and now re-ceive significant recurring revenue every quarter! My family took our first vacation in 14 years! Working with Drew Horterand his team has changed my business life forever!”Top Advisor, May 2014, WI ($15M in AUM) MAKING RETIREMENT INVESTING EASY Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

“Thanks for a renewed hope and confidence in the business and a strategy to actually HELP clients first and reap the ben-efits for my family second. Thanks!”Prospective Advisor, April 2017“The hope that I feel (experience) that I’ve finally found what I’ve searched and prayed for is now within reach.”Prospective Advisor, April 2017“You’ve nailed this. Been to so many training programs. This one is, honestly, the best. Cocktail time was extremely valu-able as well.”Registered Advisor, March 2017“Thank you for the time and effort spent on training for my benefit. This is an important benefit for advisor to be able tounderstand just how good these investments can be for my clients.”Registered Advisor, January 2017“After over 30 years in the financial services industry I may have found the best system out there if I just follow the blue-print and don’t try to reinvent the wheel.”Registered Advisor, January 2017“Enjoyed meeting everyone. Learned so much and can’t wait to get home and start implementing the ideas I took awayfrom this event. Thanks so much!”Prospective Advisor, September 2016“Thank you for the opportunity to learn about Horter. I admire the growth that you achieved and I believe your vision iswell founded and achievable.”Registered Advisor, November 2016“An eye opening experience. I think that I found the way to protect myself compliance wise from the DOL and IRS, yet beable to sleep at night and know that my client comes first.”Registered Advisor, September 2016“The fire has been lit, the knowledge is on point. I cannot wait to become a part of this and watch my clients achieve thegoals. I took away so much, but this stuck with me: \"If you don't seek perfection, then you are just skating by.\" So true!”Prospective Advisor, September 2016“HIM provides a unique, client-oriented solution using tactically managed securities strategies to compliment fixed lifeannuity strategies that will better the client together than either can do on their own.”Registered Advisor, September 2016The novelty and depth of the information presented was invaluable and refreshing.”Registered Advisor, November 2016“Second time I’ve attended training – virtually no time wasted. All useful information that will make me more effectiveadvisor.”Prospective Advisor, January 2017 TRAINING & EDUCATION | ATTENDEE COMMENTS Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219

2017 ADVISOR TRAINING SCHEDULE SEPTEMBER 2017 DREW K. LAS VEGAS HORTERMonday 18th & Tuesday 19th FOUNDER & CHIEF OCTOBER 2017Thursday 19th & Friday 20th EXECUTIVE OFFICER NOVEMBER 2017Thursday 16th & Friday 17th AIRPORTS TRAINING ROOM Cincinnati/N. Kentucky Int’l Airport (CVG) Dayton International Airport (DAY) Hilton Garden Inn The Ballroom EXECUTIVE SHUTTLE Airport to Hotel— CVG ONLY Phone: (1-800) 990-8841 For transportation between CVG Airport and The Hilton Garden Inn, please call Executive Shuttle to schedule your pick up. Re- serve a round trip (shared shuttle) for approx. $80 or $50 one way. HOTEL Hilton Garden Inn 5200 Natorp Blvd Mason, Ohio 45040 Phone: (513) 204-6000 Room Reservation for SEPTEMBER TrainingLet the front desk personnel know you are coming in for Horter Training. Room blocks expire two weeks before monthly training, so be sure to reserve your room prior to ensure the availability and discounted rate of $124. For further information and to reserve your spot at training please contact Tricia Winterman via email ([email protected]) or Pattie Hall 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 advisor affiliations.

How Our Fiduciary Standard Protects YouYou may have heard media reports about a new fiduciary rule for retirement accounts that President Trumphas called for a review of just two months before it was to go into effect. Understandably, you have questionsabout how this might impact to your accounts. The rule was designed to ensure recommendations made byfinancial advisors to their clients regarding their retirement accounts are always made in the best interests ofthe client without any conflicts of interest.The good news is that doesn’t affect your accounts at all. As a Registered Investment Advisor, we are alreadyunder the highest fiduciary standard—so enacting the rule, changing it, or possibly rescinding it doesn’tchange our status. We have had this higher standard in place all along and will continue to do so. It’s alwaysbeen part of our DNA.As your financial advisor, we have been serving you as a fiduciary all alongA “fiduciary” who manages an investor’s assets has a legal and ethical obligation to put the investor’s interestsfirst. That means helping the investor make decisions in his or her best interests. This fiduciary standard hasalways been at the core of our firm’s mission to our clients.Here’s how we protect you and your investments:• We always put your needs first. We are committed to the highest professional and personal standards, and this commitment remains as strong as ever. Our sole focus is on your financial needs and goals and how we can best help you pursue them.• We always act in your best interests. We are committed to putting your needs and goals before those of our firm. We strive to avoid any conflicts of interest, and if they arise and are unavoidable, we disclose these to you immediately. We provide a high level of transparency around any fees or expenses associated with your accounts, so that you always know what you own and what you’re paying for it, so there are never any surprises. Continued on the reverse

• We are an independent and objective resource. As an independent OUR PLEDGE TO THE firm, we provide you with objective, unbiased advice based solely on FIDUCIARY STANDARD your needs and goals. We provide guidance that is truly objective, unencumbered by any potential conflicts of interest. We have no • Always put your best vested interest in promoting a particular product or service. Our only interests first. interest is that your financial objectives are met. • Act with prudence,UNDERSTANDING THE FIDUCIARY STANDARD providing you with the skill, diligence andIn financial services, there have traditionally been two types of good judgment of astandards: the suitability standard and the fiduciary standard. trusted advisor.The suitability standard is defined as determining whether an • Provide full andinvestment product or strategy is “suitable” for the investor based on his fair disclosure of allor her financial objectives and risk comfort level. Many advisors operate important facts.under the suitability standard where the advisor simply determineswhether a recommended product or strategy is suitable for the client. • Ensure all investment advice and analysis isThe fiduciary standard is a higher level of responsibility for the advisor. accurate and complete.The fiduciary standard goes beyond suitability and requires that anyadvice on products and strategies be provided in the best interests of • Avoid conflicts ofthe investor. The fiduciary standard of care requires that the advisor interest and fairlytake into consideration whether the fees are reasonable, whether manage, in the clients’there are any conflicts of interest, and whether the investments are favor, any unavoidableadequately diversified. conflicts of interest.OUR COMMITMENT TO YOUAs your advisor, we adhere to the fiduciary standard, and we believe this model of disclosure and transparencyis in your best interests. In our view, you deserve to have your needs put first and the strategies andinvestment products we recommend should align according to those needs.Our fiduciary standard mandates that every single recommendation we make must be based on your bestinterests, and there is no circumstance when we can place our interests above yours. By adhering to thefiduciary standard, we believe we can provide you with the highest standard of care for all your investmentand retirement needs.SAFEGUARDING YOUR FINANCIAL DREAMSWhen it comes to managing your money, your financial relationships should be built on a foundation of trust,integrity and transparency. Not all firms and advisors adhere to the same legal and regulatory standards.We remain committed to earning and maintaining your trust through expert advice and effective strategiescustom tailored to your unique needs. We define our success by seeing you succeed in achieving yourfinancial goals. And our focus remains on serving your interests first and foremost.11726 Seven Gables Road, Symmes Township, Cincinnati,OH 45249P: (513) 984-9933F: (513) 984-5219 Investment advisory services offered through Horter Investment Management, LLC, a SEC-Registered Investment Advisor. Horter Investment Management does not provide legal or tax advice. Investment Advisor Representatives of Horter Investment Management may only conduct business with residents of the states and jurisdictions in which 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 and Jefferson National Life Insurance Company.

HORTER Investment Management, LLC Valuing A Client's Best Interest Above AllBy Lisa Stephenson PowellGiven the roller coaster activity the stock market experienced in 2016 – plunging more than five hundred pointsin January, only to edge excitedly toward a twenty thousand point finish in December – coupled with an unsettledglobal finance, it would be interesting to ask Alexander Hamilton, the first Secretary of the United States Treasury,if he continued to embrace his philosophy that, “A national debt, if it is not excessive, will be a universal blessingto our country.”Drew K. Horter, Founder and Chief Executive Officer of HorterInvestment Management, LLC (HIM) described the twentytrillion dollars of debt currently held by the United States as,“The greatest challenge that keeps me awake at night.” Andthe quandary brings concerns that are tied to the essence ofour society: how to pay down the debt as aging baby boomersstrain Medicare, Medicaid and Social Security; how to achievea balanced budget and reduce deficits; and how to establish agrowing economy at three to four percent per year.New rules established by the Department of Labor, which willbe in place by April, require investment advisors to makedecisions that are in the best interest of their clients for theirIRA and rollover assets, and to maintain a fiduciary standard.HIM, which was founded in 1991, has approximately twohundred and fifty Investment Advisor Representatives nationallywho are objective, fee-based, and who utilize insight fromseveral third party managers at HIM to manage portfolios.They fuse academic knowledge with “real world” experience,and counsel pre-retirees, retirees and conservative investorswho need low risk, but excellent performing portfolios. “Wespeak with them about the flow of money, how volatilityaffects the stock market and provide them with a realisticperspective about making better choices,” he said.Mr. Horter explained some of the variables that currently exist in the financial environment. When he entered theindustry in 1982 the thirty-year U.S. Treasury Bond was near fifteen percent -- it is now three percent. Theescalation of interest rates may result in a decrease of bond values and although stocks are trading at approximatelytwenty-six times earnings (Shiller P/E 10 Ratio), interest rates have maintained historical lows. Many analystsforesee a possible correction in the stock market due to the recent earnings recession and with stocks movingmuch higher after the election.“I tell our advisors they are part financial advisor and part psychiatrist because clients do not have a good under-standing of the various aspects of risk. We calm their nerves by reassuring them that their holdings can increasein value with less risk and volatility.”

Public assumptions – correct and incorrect – are limited to buy and hold assets (primarily asset allocation modelswith sixty percent in stocks and forty percent in bonds) in their portfolio and they hope for the best. Many peopleknow that stocks are riskier than bonds, but do not understand much of the real risk of their total portfoliodesign. Mr. Horter pointed out that all investment management should begin with a risk management discussion,and advisors at HIM examine the top holdings in a portfolio to determine their performance strength, and downsiderisk (drawdown) and volatility. Horter's new National Headquarters building in Symmes Township, Ohio“As a fiduciary our obligation is to share the good, the bad and the ugly of their existing asset allocation portfoliowith our client as it relates to risk tolerance,” Mr. Horter said, “which involves telling them what the risk is, gaugingtheir comfort level with that risk and, then, taking appropriate action based on their own risk tolerance.” HIMpractices tactical asset management which hedges against the volatility of the stock and bond markets.Although it’s impossible to predict the future from a crystal ball, Mr. Horter offered cautious predictions that mayresult now that Mr. Trump is President. Interest rates will rise (“long overdue”) with the first businessman in theWhite House, trade agreements will be redone, regulations will be decreased, steps will be taken to keep companiesin the US and a revamped corporate and individual tax structure will be enacted. Investors from the ages oftwenty to seventy will be obliged to reassess their portfolios to accommodate a longer life. The pool of moneythat seniors have at sixty-five may have to sustain them until the age of ninety or longer. With the volatility thepast sixteen years and the two fifty percent drops in the stock market, reassessing their risk tolerance is paramount.“Human beings are emotionally driven, whether it’s toward the positive or the negative,” he explained. “We alwayspresent our clients with a realistic picture, which focuses on their knowledge of investments, while managingtheir expectations, and changing their portfolio to meet those expectations. I’ve been very fortunate during mycareer,” he added. “After I graduated from the University of Cincinnati it took me five years to decide what Iwanted to do, and after I chose the investment profession, I’ve always kept the best interest of a client forefront inmy decisions. In 1987 I decided to become fee based and not commission based with my securities license.I have the best job in the world -- although it isn’t just a job -- because I’m able to impact the lives of our advisors,their families and their clients, and it’s my passion to protect, and to be dedicated to, saving as many financial livesas possible.” *Investment advisory services offered through Horter Investment Management, LLC, an SEC-Registered Investment Advisor. Horter Investment Management does not provide legal or tax advice. Investment Advisor Representatives of Horter Investment Management may only conduct business with residents of the states and jurisdictions in which 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 and Jefferson National Life Insurance Company.

TacticalInvestingYieldsSUCCESS Protecting client assets with successful tactical wealth managers is the key to long-term investment management. Written by Peggy O’Farrell Photography by Tracy Doyle In volatile times, knowing when to take a risk and when What adjustments, if any, are you making in your moneyto walk away is the key to success. Drew K. Horter, presi- management strategy because of it?dent, founder and chief investment strategist at HorterInvestment Management LLC, helps clients balance risk DH: Fortunately, we have multiple money managers onand investment success. The firm oversees more than $1 our platform that have successfully navigated rising inter-billion in assets under management, and has more than est rate environments. There seems to be little debate200 investment advisors and relationships with more than on whether interest rates will rise, the uncertainty is at50 independent advisory firms, representing over 100 ad- what pace rates will rise. Each of the private money man-ditional investment advisor representatives.  These advi- agers we work with are what we would consider “special-sors are located in 44 states including Hawaii. ists”. We’ve integrated each one of them in such a way that we’re diversified across asset classes and manage- Horter talked to LEAD Management about facing ment style, so that our clients are invested in assets thatchallenging market conditions: are not sensitive to interest rate moves, or are less corre- lated, and their portfolio is equipped to handle any sortLEAD MAGAZINE: Can you share what the investment of pace that rates increase.philosophy of Horter Investment Management is? Our strategy remains low risk, low volatility at its core.HORTER INVESTMENT MANAGEMENT: At Horter In- Should interest rates increase quickly, we’ve integratedvestment Management we believe in tactical investment models into portfolios that can benefit from these moves.management. Unfortunately, the term “tactical” has In a situation where interest rates rise at a very slow andbeen used loosely within our industry, but to us it means drawn-out pace, we’ve integrated models that will movehaving the ability to move to a “risk off” or cash position into the strongest income producing areas with the leastto sidestep significant downward moves in the markets. sensitivity to rate changes. This particular scenario con-With lower downside risk, lower volatility and the abil- tinues to be a struggle for fixed income investing, as in-ity to make gains within the portfolio regardless of the terest rates continue to be historically low for a very ex-market’s direction, we believe our clients will be able to tended time.achieve investment success. More specifically, we seekto achieve superior risk-adjusted returns over a full mar- LM: Can you describe the flexibility and benefits pro-ket cycle compared to a traditional 60 percent equities/ vided by Horter’s Tactical Asset Management platform40 percent bonds asset allocation. for your clients?LM: With interest rates expected to gradually increase, DH: Our clients tend to be conservative in nature andhow is your firm preparing for this anticipated event? without a doubt, one of the main benefits they enjoy is knowing that every minute of every day someone is# • LEAD The Leading Organizations of Greater Cincinnati 2014

watching their hard-earning savings looking to make a AT-A- GL ANCEHorter Investmentmove into cash, into a defensive position or into an op- Management Factsportunistic position. They are not subject to the largedraw-downs that are a part of the “buy and hold” pro- • 2014 Ranked # 1 Nationally by Financial Advisorcess. It’s a peace of mind that is hard to place a value on. Magazine by Percentage of Growth in Assets in the $500 million to less than $1 billion category. The flexibility each of our managers have in being ableto protect principal and take positions to make money • 2015 Ranked # 6 Nationally by Financial Advisorin any given market environment is special. We’ve posi- Magazine by Percentage of Growth in Assets intioned each of our models in such a way that they truly the $1 billion to less than $2 billion category.complement one another. We like to say that we are op-portunistic in good times and defensive in bad. At the • 2015 Recognized as a Top Money Managerend of the day, it provides our clients the opportunity to by the Cincinnati Business Couriernot only protect their investment principal in any marketenvironment, but participate with gains in any market en- • 2013 Fastest Growing RIA with Custodian,vironment – up market, down market or a sideways mar- Trust Company of Americaket. Our clients do not have to rely on markets to makenew highs to realize growth in their portfolios. It is reas-suring for them to know that they do not sacrifice upsideopportunities in exchange for managing downside risk. LM: How does your firm determine what are the most continuously test a client’s risk tolerance while delivering above average returns in helping them meet their finan- important factors to consider when recommending in- cial goals. vestment products to clients? LM: It’s been five years since Dodd Frank became law and placed major regulations on the financial industry DH: For us it is very simple: As a client, what is the maxi- to protect consumers as a result of the financial collapse mum loss you would accept before you would begin to in 2008. Can you give us a fresh look on the impact it’s feel very uncomfortable? At its core, isn’t that the ques- had on the industry and consumers? tion every risk tolerance questionnaire or test is trying to answer? Let’s skip the dance and just address it upfront. DH: The consumer has been better protected and in- We use the term “maximum draw-down” a lot. It’s noth- formed through this legislation, and we always believe ing more than a measure of change from a portfolio’s that is a good thing. It has definitely had an impact and top value to its bottom value. If a client’s account was changed the industry. Consumers have never had as at $300,000 and dropped to $240,000, would that client much transparency and information about the financial become very uncomfortable? Would they be tempted to industry as they do today. As a fiduciary it is our respon- change their investment approach, or even get out of the sibility to do what is in the clients’ best interest as well. market? Unfortunately, emotions are an investor’s worst The flipside of that is can the consumer process all of this enemy. Even though it’s only a 20 percent draw-down to make better decisions? We live in a 24/7 on-demand in this example, it’s $60,000 of a client’s hard-earned life world, so how does the consumer decipher what is fact savings that they cannot afford to lose. Compare this to and what is misconception? Will it protect everyone from the 35 percent maximum draw-down of a 60/40 allocation another financial collapse? Only time will tell. Even with (balanced by most industry standards), and clients are the best of intentions, sometimes people cannot even be constantly battling their instincts over their investment protected from themselves. positioning recommended by their advisor. LM: Since the Fed isn’t expected to raise rates aggres- We go through a simple process with our clients of sively, does this mean income-oriented investors are“bucketing” their overall assets based on maximum draw- going to be at a disadvantage for some time yet? If so, down. Through a small series of questions we will have what’s your firm’s advice to your clients on how to pro- an allocation comprised of principal guaranteed invest- duce above average returns without a large degree ments (where clients cannot lose money), low risk invest- of risk? ments with lower draw-downs, and moderate risk invest- ments with slightly higher draw-downs but nowhere near DH: In reality, it is really secondary on when the Fed actu- the S&P 500 maximum draw-downs. This Managing Risk ally decides to raise interest rates. The real factor to con- 3 Buckets approach clearly defines the expectations and sider is how the market behaves in anticipation of a Fed experiences along the way for both the advisor and client. We strive to recommend portfolio allocations that will not LEAD The Leading Organizations of Greater Cincinnati 2014 • #

decision. If investors look to exit a popular trade (which er investments in their search for yield. Their first stopfixed income has been) and there is a run on redemp- – bonds. In an extremely overcrowded trade, the mosttions, you don’t want to be the last one out of a burning fearful investors will be quick to exit. Whether it’s in an-building. ticipation of, or a reaction to a rise in rates, we believe allFixed income investors have been at a disadvantage markets will move quickly. We see an environment full offor quite some time. With interest rates being held at volatility in short spurts. If you can envision a crowdedthese historically low levels for an extremely extended room with everyone huddled near the door, just waitingperiod of time, traditional fixed income investors have for the fire alarm to be pulled or someone to smell smokebeen forced to look elsewhere for return. It starts with before starting to race out . . . that’s how this market feels.a bit more risky fixed income investment, then gravitates Sometimes there isn’t even an alarm that rings or theinto dividend-paying stocks and then possibly into real smell of smoke, sometimes it’s just the rumor of smokeestate or master limited partnerships. This is all done in that sends people crashing through the door.an effort to maintain an income or cash flow from theirinvestments. All the while, the client has significantly in- LM: What is your firms view on how best to prepare andcreased their exposure to risk and maximum draw-down. monitor the markets to continue providing above aver- We are recommending clients continue to reallocate age returns while maintaining a reasonable amount ofto investments that don’t have as much interest rate sen- safety and stability in their portfolios?sitivity. In addition, we are allocating more of the port-folios to models that can hedge interest rates. This al- DH: We believe that markets always change, but investorlows clients to stay invested in traditional fixed income or behavior doesn’t. That being said, we look much closerincome oriented investments without being significantly at different areas of the markets that tend to be lead-impacted by rising interest rates. ing indicators and a direct reflection of investor behav- ior. Whether it is high yield bonds or small cap stocks, orLM: In an economic environment where rates gradually even a flight to quality in the perceived “safest” of assets, all of these are taken into consideration when construct-increase, how do you expect the stock markets to react ing our client portfolios.short and longer term? We’ve seen some deterioration and breakdowns in several areas of the markets that have led us to positionDH: There are several reasons that make this particular our portfolios more defensively. The recent volatility inrising rate environment very challenging. In preparing long-term treasuries has been extremely high. This isourselves for the future, we need to take a look back to due to the anticipation of the Federal Reserve potentiallysee how we’ve arrived at where we are. The Federal Re- raising the Fed Funds Rate and the growing concern ofserve reduced the Federal Funds Rate from over 5% to slowing global growth and ultimately a flight to safety.0%-0.25%. The economy did not respond and more wasneeded. The Fed then embarked on Large Asset Pur- Both high yield bonds and small cap stocks beganchasing programs, purchasing mortgage and treasury to breakdown in June. The majority of the fixed incomebonds (the most sensitive of fixed income investments) in world has been down for most of this year due to the fearthe open market. Through this process, the Fed essen- of rising interest rates. Taking everything into consider-tially has created the “effect” of interest rates below zero. ation, we have been in positions that are not sensitive, or have very little sensitivity, to interest rates. In addition, In addition, bank debt capital issuance has touched an we have been in larger-than-normal cash or “hedged”all-time high as new rules in the aftermath of the global positions for the last few weeks. This has allowed us tofinancial crisis have prompted global financial institutions better protect our clients from what we foresee as a veryto shore up their balance sheets with unprecedented vol- volatile and challenging period for equities.umes of subordinated bonds. Global banks more thandoubled debt issuance last year – driven by a sixfold rise Safety and stability are some of the main reasons ourin Asian bonds. Just about every region in the globe has clients have chosen to work with Horter Investment Man-entered some form of “easing”. This means that as inter- agement. In addition, our ability to sidestep potentialest rates begin to rise, which will more than likely start market drawdowns and exploit opportunities, allows ushere in the U.S., the effects will ripple around the world. to deliver above average returns. We believe that we’re entering the beginning of an extremely challenging envi- Keep in mind that the Federal Reserve only controls ronment, and our clients have very little anxiety.the Federal Funds Rate, which is nothing more than theovernight rate banks lend to one another and the Dis-count Window. They do not control the rates on bonds. Horter Investment Management is located at 8316 Cornell Road,The most conservative investors have been forced to Cincinnati, OH 45249. You can reach them at 513.984.9933 orexpand their natural risk tolerance and move into riski- visit their website at www.horterinvestment.com# • LEAD The Leading Organizations of Greater Cincinnati 2014

HIM #1 (1)(4) HIM #20 Barclay's US HIM #2 (1)(4) S&P Muni HIM Corp HY Index Bond IndexYTD 1.10% 0.87% 2.70% -0.81% 1.37% 03 Year 5.17% 1.88% 4.56% 2.98% 3.65% 15 Year 7.30% 3.37% 6.82% 3.29% 3.40% 27 Year 8.39% 4.26% 7.81% 3.90% 4.38% 310 Year 12.14% 7.21% 7.46% 6.44% 4.25% 6Max Drawdown (9 yr) -10.44% -5.69% -32.46% -6.06% -6.78% -5Beta (9 yr) 0.33 0.32 1.00 0.13 1.00Standard Deviation (9 yr) 11.62% 5.37% 11.05% 5.79% 4.52% 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 $155.3 M $56.7 M n/a $124.6 M n/a $14 Manager Total AUM $822.7 M $2.7 B n/a $822.7 M n/a $57• 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 May 5, 2017

PORTFOLIO STATISTICS 1.99% LOW RISK MANAGERS 3/31/2017M #7 (1)(3) HIM #19 (1)(4) Barclay's HIM #3(2) HIM #6 Barclay's US Federated0.38% -0.33% Intermediate 0.75% Aggregate HIM # 23 (5) High Yield Bond Index Treasury Trust Index 0.85% 0.82% 1.01% 2.94% 0.54%1.41% 5.56% 1.57% -1.53% 1.26% 2.68% 3.71% 4.98%2.31% 4.43% 1.24% 3.11% 3.71% 2.34% 5.44% 8.12%3.21% 6.24% 2.32% 6.52% 4.22% 3.48% 6.21% 9.04%6.20% 7.98% 3.40% n/a 6.69% 4.27% 10.27% 9.35%5.16% -6.50% -2.60% -18.58% -9.22% -3.82% -5.05% -32.07%0.91 -0.1 1.00 1.18 0.33 1.00 0.39 1.006.80% 6.95% 3.07% 11.71% 5.72% 3.35% 6.07% 10.73%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/a40.8 M $42.2 M n/a $45 M $123.8 M n/a $22 M n/a79.6 M $822.7 M n/a $200 M $1.72 B n/a $275 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 May 5, 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 5.50% 2.53% 3.15% 3.08% -0.37%3 Year 3.45% 6.59% 13.54% 7.66% 12.53%5 Year 6.19% 10.70% 18.58% 8.30% 10.60%7 Year 7.09% 10.25% 15.40% 9.12% 13.64%10 Year 11.80% 10.91% 16.32% 11.83% 16.21%Max Drawdown (9 yr) -17.70% -11.97% -25.00% -16.68% -15.38%Beta (9 yr) -0.20 0.46 0.39 0.39 -0.18Standard Deviation (9 yr) 16.92% 12.93% 16.19% 12.57% 17.03%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 $74.9 M $1.9 B $244 M $390.3 M $65.7 MManager Total AUM $822.7 M $2.48 B $253 M $579.6 M $822.7 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 May 5, 2017

PORTFOLIO STATISTICS 1.99% MODERATE RISK MANAGERS 3/31/2017(3) HIM #11(1) HIM #8 (3) S&P 500 Vanguard Long- HIM #15 BNY Mellon 13.40% 10.27% Index HIM #14 (2)(3) Term Treasury 10.57% Composite Depository 6.07% Bond Index Receipt Index -6.00% 1.60% 8.65%6.66% 4.83% 10.37% -0.90% 5.90% 0.32% 1.04%18.32% 5.97% 13.30% 4.00% 4.00% 5.06% 5.04%18.18% 9.86% 12.94% 7.10% 7.00% 2.23% 4.14%25.58% n/a 7.51% 11.10% 6.40% 6.04% 1.35%-19.88% -22.01% -46.41% -6.20% -8.50% -17.82% -57.86%0.79 0.12 1.00 0.50 1.00 0.32 1.0032.14% 16.07% 15.63% 14.80% 12.10% 13.05% 20.93%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$20 M $ 32M n/a $50 M n/a $12 M n/aM $150 M $200M n/a $70 M n/a $2.48 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 May 5, 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

How To Become An IARWith Horter Investment Management, LLC

WHY BECOME AN IAR?The ultimate reason to become an investment advisor representative (IAR) is to move your financial advisor practice tothe next level and beyond by becoming a fee-based trusted advisor.Becoming a fee-based trusted advisor is far and away one of the most significant changes you will ever make in your ca-reer.With one major change, you can catapult yourself from a product salesperson to a fiduciary who is charged with actingin the best interest of your client.You will leap past \"old school\" commissions-based brokers and bankers who sell mutual funds with loads or deferredsales charges and unnecessary 12B-1 fees.As a fee-based trusted advisor, you can explain that your money manager of choice is totally unbiased and completelyobjective when choosing some of the top money managers in the world (unlike brokers and bankers, who often sell onlytheir own proprietary mutual funds to their clients).Above all, you can explain to clients that, as a fiduciary, you owe them the highest standard of care, meaning that youare required under the law to act always in their best interest and to avoid any actual or potential conflicts of interest.This is an important difference from most brokers and bankers, who typically are not acting as fiduciaries and thus owetheir clients a lower standard of care under the law.HOW TO BECOME AN IARTo become an IAR, you will need to meet certain qualification requirements and become properly registered. The qualifi-cation requirements and registration process are described below.Qualification RequirementsEach state establishes its own qualification requirements for IARs. As such, the specific requirements that you will haveto satisfy will depend upon the state in which you live.Most states require that IARs pass an examination or maintain certain professional designations in order to be qualified.Again, while each state is different, generally these requirements may be satisfied in one of the following ways:  Series 65 passed within the past 2 years; OR  Series 7 and Series 66 passed within the past 2 years; OR  Currently hold one of the following professional designations: CFA, ChFC, CFP, or PFS.In Ohio, a passing grade on a Series 6 exam (even though your active registration may have since lapsed) is sufficient andone does not have to take the Series 65 or any other exam.Horter Investment Management will help you determine what the particular qualification requirements are in your stateand how to satisfy them. HOW TO BECOME AN ADVISOR WITH HORTER INVESTMENT MANAGEMENT Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

Most people who are new to the investment advisory business will satisfy the qualification requirement by passing theSeries 65 exam.Once your Form U10 at www.finra.org (under uniform forms) has been accepted by FINRA, your Series 65 exam windowwill be opened. You then have 120 days to schedule and take the test. There is a fee (currently $155) when registering totake the Series 65 exam. You will be required to pay this fee with a credit card when completing the Form U10 online.Form U10 instructions are included as an addendum to this document.Sponsorship information (not required to register for U10)Horter Investment Management, LLC8316 Cornell RoadCincinnati, OH 45249Phone: 513-984-9933Contact Person: Compliance Department ([email protected])RIA CRD# 119880You will schedule a specific time to take the exam through Prometric's website, www.prometric.com. Prometric is anindependent company that administers the Series 65 exam. You will not be able to schedule a time to take the exam un-til your Form U10 has been accepted by FINRA. This may take several days from the date your Form U10 is submitted.The time it takes to prepare for the Series 65 exam depends on your personal experience, knowledge of the securitiesindustry and investment advisor laws, and on your ability to study quickly and efficiently. The exam covers a variety oftopics, including federal and state securities regulations, ethical guidelines, types of security products, methods for eval-uating securities, securities trading strategies, and basic economics. There are 130 questions in a multiple-choice format.You have 180 minutes to complete the exam.Registration ProcessOnce you have satisfied the qualification requirements, the next step is to become properly registered as an IAR.While there is a variety of paperwork to be completed in this process, two primary documents are of central importance.The first is the IAR Agreement that you enter into with Horter Investment Management. This Agreement outlines thescope of your duties and obligations as an IAR.The second is the Form U4. The Form U4 is used to register you with the appropriate state securities regulators as an IARunder Horter Investment Management. You will be provided with a draft U4 questionnaire, which you will fill in and re-turn to Horter . Horter handles the processing of all the paperwork that is part of the IAR registration process, includingthe filing of the U4. You will not be able to provide investment advice to clients until your U4 has been approved by thestate(s) you wish to register in.There is a $595 fee that each IAR must pay to Horter Investment Management to process the registration paperwork.This charge covers the costs of filing the Form U4, applicable state registration fees, and other compliance-related costs.It is required that each IAR obtain E&O coverage under Horter Investment Management's group policy. In addition to yourwork as an IAR, the policy covers the recommendation, sale and servicing of life, annuities, health, accident and disabilityand long-term care insurance. See the \"Cost Breakdown\" and \"Errors and Omissions\" sections of these materials formore information about E&O costs. HOW TO BECOME AN ADVISOR WITH HORTER INVESTMENT MANAGEMENT Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

Once your Form U4 has been approved and your E&O coverage finalized , you will be provided with a copy of Horter In-vestment Management's Investment Advisor Policies and Procedures Manual (\"Compliance Manual\") and Code of Ethics.You are required to sign an acknowledgment form indicating that you have read these two documents thoroughly andthat you agree to abide by them.BECOMING AN IAR: STEP BY STEP1. Register to take the Series 65 exam by going to www.finra.org and completing the Form U10. Paying the $155 fee online opens the 120-day window to take the Series 65 exam. If you do not receive an email confirming your Form U10 filing within 24 hours, call FINRA at 1-301-590-6500 to check on the status your registration.2. Sign up for the Series 65 prep course at one of several respectable vendors. Discounts may be available if you state you are associated with Horter Investment Management. a. www.examzone.com b. www.testeachers.com c. www.kaplan.com3. Schedule a time to take Series 65 exam at Prometric's website, www.prometric.com.4. Upon meeting your state's qualification requirements, contact Horter Investment Management to begin the IAR registration process. This includes: - Signing and returning the IAR Agreement; - Filling out and returning the draft Form U4 questionnaire; - Paying the $595 invoice covering U4 processing, state registration fees, and compliance costs; - Some states may require additional paperwork, including fingerprint cards.5. Horter Investment Management will notify you when your registration is approved and E&O coverage finalized! This may take up to 14 days.6. You will then receive a copy of the firm's Compliance Manual and Code of Ethics. You are required to sign and return an acknowledgement form indicating that you have read these important documents and agree to abide by them.7. You will receive an Investment Advisor Representative Welcome Packet with information designed to help you get started as a new IAR under Horter Investment Management.8. Congratulations! You have taken an important step forward in building your business and better serving your clients.RESPONSIBILITIES AND EXPECTATIONS OF IARsHorter Investment Management takes its fiduciary and other legal obligations very seriously. It expects the same com-mitment from its IARs. HOW TO BECOME AN ADVISOR WITH HORTER INVESTMENT MANAGEMENT Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

The Compliance Manual and Code of Ethics that you will receive upon becoming an IAR spell out in detail the firm's ex-pectations with regard to compliance and your responsibilities as an IAR.Provided here is an overview of some of the primary concepts and principles that will guide and govern your conduct.Fiduciary DutyAs an investment advisor, Horter Investment Management owes a fiduciary duty to its clients. This fiduciary duty gov-erns IARs and their conduct, as well.Stated simply, a fiduciary duty is an obligation to act always in the best interest of the client. This includes maintainingthe highest standards of honesty and full disclosure and avoiding any actual or potential conflicts of interest.The fiduciary concept is the central supporting element of your obligations as an IAR. All the investment advisor laws arebuilt around it.DisclosureAs mentioned above, the fiduciary duty owed to clients requires full and honest disclosure. In addition, the InvestmentAdvisers Act of 1940 (\"Advisers Act\"), a federal law regulating SEC-registered advisors such as Horter Investment Man-agement, sets forth certain specific mandatory disclosures.All clients and potential clients must be provided with a copy of the firm's most recent Form ADV, Part 2A “Firm Bro-chure” (a detailed form required by the SEC) and a copy of the firm's Notice of Privacy Practices. In addition, all clientsand potential clients must be provided a copy of the IAR’s most recent Form ADV, Part 2B “Brochure Supplement” (adetailed form listing the qualifications, experience and background of the advisor).Depending upon the circumstances, certain other disclosure documents may also be required. For example, if you areaffiliated with an insurance marketing organization or field marketing organization (\"FMO\") that has a solicitation agree-ment with Horter Investment Management, then you will be required to provide a disclosure document describing therelationship between you, the FMO, and Horter Investment Management.Each new client is required to sign a document indicating that they have received the appropriate and necessary disclo-sures. No new account will be opened without a signed copy of this acknowledgement on file.Supervision and ControlIARs are considered, as a matter of law, to be subject to Horter Investment Management's supervision and control withrespect the investment advisory services provided to clients. From a practical standpoint, this affects the conduct andactivities of IARs in a variety of areas.One of the most significant areas involves advertising and marketing. Horter Investment Management creates or makesavailable to IARs marketing materials about the advisory services available through the firm. These materials, which willbe included in your Welcome Packet, may not be altered in any way.Other than materials provided by the firm, IARs may create their own marketing materials. Any marketing materials cre-ated by the IAR must be submitted to Horter’s Compliance Department for review and approval, before the advisor ispermitted to use the materials to market to clients or prospective clients.No materials may be used without the express approval of Horter Investment Management. HOW TO BECOME AN ADVISOR WITH HORTER INVESTMENT MANAGEMENT Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

IAR COST BREAKDOWN $155.00 $200.00FINRA/U-10 Filing for 120-Day Examination Window $595.00Series 65 Study Materials (approx.) $50.00U-4 Processing and State RegistrationIAR Business Cards (est.) $1,000.00TOTAL (est.)Errors & Omissions Coverage See Schedule on Next PageERRORS & OMISSIONS ANNUAL PREMIUMS1$1,595 Flat RateThis rate is an annual rate for the E&O year from August to August. Your rate will be pro-rated based on your start datewith Horter Investment Management.All IARs registered with Horter must obtain our Group E&O Policy. This covers:- Life Insurance- Annuities- Health Insurance- Long Term Care Insurance- Accident & Disability Insurance- Investment Advisor Representative (IAR) Coverage. 1 Premiums shown are annual and subject to change without notice. Actual premiums may be lower and prorated depending on the date your individual coverage begins under the firm's group policy. Coverage under the group policy renews each year on August 24.These materials are created by Horter Investment Management, LLC for the use with financial professionals only. The unauthorized use of these materials without the express consent of Horter Investment Management is strictly prohibited. HOW TO BECOME AN ADVISOR WITH HORTER INVESTMENT MANAGEMENT Horter Investment Management, LLC 11726 Seven Gables Road | Symmes Township | Cincinnati | OH | 45249 P: (513) 984-9933 | F: (513) 984-5219 www.hortertrustedadvisors.com

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 May 5, 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 May 5, 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 May 5, 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 May 5, 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 May 5, 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 May 5, 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 May 5, 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 May 5, 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