etcy • • Tactical Asset Allocation' - Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 ..... Portfolio Consultants tailor models according to client's unique circumstances Risk 4- Client Portfolios I. We are not tax a

Return Tactical Asset Allocation' - Shorter term (12-month outlook) -- Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Portfolio Consultants tailor models according to client's unique circumstances R.sk Client Portfolios fiJ We are not tax advisors. th

(1 year) Tactical Asset Allocationl — Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Client Portfolios Return Portfolio Consultants tailor models according to client's unique circumstances Risk We are not tax advisors

(1 year) Tactical Asset Allocationl — Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Client Portfolios Return Portfolio Consultants tailor models according to client's unique circumstances Risk We are not tax advisors