INVESTMENT PLAN - Loring Ward · In an Asset Allocation Plan, you can select a Monte Carlo...

Sample Client

December 10, 2012

INVESTMENT PLAN

Prepared by:

Sample Advisor

For

Financial Consultant

[email protected]

Materials provided to approved advisors by LWI Financial Inc. ('Loring Ward'). Loring Ward is an investment adviser registered with the Securities andExchange Commission. Securities transactions may be offered through Loring Ward Securities Inc., an affiliate. Member FINRA/SIPC.

Table Of Contents

IMPORTANT DISCLOSURE INFORMATION 1 - 8

Results Comparison 9

Portfolio Detail 10

Distribution and Reallocation by Asset Class 11 - 12

Target Band 13

Risk Assessment 14 - 17

Monte Carlo Results - Portfolio Accumulation 18 - 20

Monte Carlo Results - Income Distribution 21 - 24

Implementation Action Plan 25 - 26

IMPORTANT DISCLOSURE INFORMATION

12/10/2012

Prepared for : Sample Client Prepared by: Sample Advisor

Page 1 of 26

The return assumptions in Investment Planning Center are not reflective of any specificproduct, and do not include any fees or expenses that may be incurred by investing inspecific products. The actual returns of a specific product may be more or less than thereturns used in Investment Planning Center. It is not possible to directly invest in an index.Financial forecasts, rates of return, risk, inflation, and other assumptions may be used as thebasis for illustrations. They should not be considered a guarantee of future performance or aguarantee of achieving overall financial objectives. Past performance is not a guarantee or apredictor of future results of either the indices or any particular investment.

IMPORTANT: The projections or other information generated by Investment Planning Centerregarding the likelihood of various investment outcomes are hypothetical in nature, do notreflect actual investment results, and are not guarantees of future results.

Investment Planning Center results may vary with each use and over time.

The SA Funds are sponsored by LWI Financial Inc. ('Loring Ward') and distributedby Loring Ward Securities Inc., an affiliate, member FINRA/SIPC. Consider theinvestment objectives, risks, charges, and expenses of the SA Funds carefullybefore investing. The prospectus contains this and other information about the SAFunds. To obtain a prospectus, additional information about the SA Funds, orperformance data current to the most recent month-end, please call, toll-free,1-800-366-7266 or visit www.sa-funds.net. Please read the prospectus carefullybefore investing.

The simulated performance based on index data shown is 'gross performance,' whichincludes the reinvestment of dividends and other earnings but does not reflect thededuction of investment advisory and administrative fees. A client's investment returns willbe reduced by advisory fees and other expenses incurred in the management of an advisoryaccount. For example, if a 1% annual advisory fee were deducted quarterly and a client'sannual return were 10% (based on quarterly returns of approximately 2.41% each) beforededuction of advisory fees, the deduction of advisory fees would result in an annual returnof approximately 8.91% due, in part, to the compound effect of such fees. Advisory feesare described in Part II of your Advisor's and Loring Ward's Forms ADV which may beobtained, without cost, from your Advisor. A financial advisor may not provide an investorwith 'gross performance' information unless the advisor does so in a one-on-onepresentation.

The securities recommended may be affiliates of the Advisor or Loring Ward. Othersecurities not recommended may have characteristics similar or superior to those beinganalyzed or suggested.

Investment Planning Center Assumptions and Limitations

Information Provided by You

Information that you provided about your assets, risk tolerance, and personal situation arekey assumptions for the calculations and projections in this Report. Please review theReport sections titled “Results Comparison,” “Risk Questionnaire,” and the last page of“Monte Carlo Results” to verify the accuracy of these assumptions. If any of theassumptions are incorrect, you should notify your financial advisor. Even small changes inassumptions can have a substantial impact on the results shown in this Report. Theinformation provided by you should be reviewed periodically and updated when either theinformation or your circumstances change.

All asset and net worth information included in this Report was provided by you or yourdesignated agents, and is not a substitute for the information contained in the officialaccount statements provided to you by custodians. The current asset data and valuescontained in those account statements should be used to update the asset informationincluded in this Report, as necessary.

Assumptions and Limitations

All results in this Report are hypothetical in nature, do not reflect actual investment results,and are not guarantees of future results. All results use simplifying assumptions that do notcompletely or accurately reflect your specific circumstances. No Plan or Report has theability to accurately predict the future. As investment returns, inflation, taxes, and othereconomic conditions vary from the Investment Planning Center assumptions, your actualresults will vary (perhaps significantly) from those presented in this Report.

All Investment Planning Center calculations use asset class returns, not returns of actualinvestments. The average annual historical returns are calculated using the indicescontained in this Report, which serve as proxies for their respective asset classes. The indexdata are for the period 1972 - 2011. The portfolio returns are calculated by weightingindividual return assumptions for each asset class according to your portfolio allocation. Theportfolio returns may have been modified by including adjustments to the total return andthe inflation rate. The portfolio returns assume reinvestment of interest and dividends atnet asset value without taxes, and also assume that the portfolio has been rebalanced toreflect the initial recommendation. No portfolio rebalancing costs, including taxes, ifapplicable, are deducted from the portfolio value. No portfolio allocation eliminates risk orguarantees investment results.


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Historical Return IndexAsset Class

Cash & Cash Alternatives One-Month US Treasury Bills (1972-2011)

Short Term Fixed Income 5 Yr US T-Notes (1972-1984), 50% 5 Yr US T-Notes and 50% Citigroup WGBI 1-5Years (hdg) (1985-1986), 50% BofA ML 1-3 yr US Corp/Govt Index and 50% CitigroupWGBI 1-5 Years (hdg) (1987-2011)

Short-Term Fixed Income 1-3 Five-Year US Treasury Notes (1972- 1986), BofA Merrill Lynch 1-3 Year US Corporateand Government Index (1987-2011)

Short-Term Fixed Income 1-5 Five-Year US Treasury Notes (1972- 1986), BofA Merrill Lynch 1-5 Year US Corporateand Government Index (1987-2011)

Short-Term Global Fixed Income 1-5 Years Five-Year US Treasury Notes (1972- 1984), Citigroup World Government Bond Index1-5 Years (hedged) (1985-2011)

Intermediate-Term Fixed Income Five-Year US Treasury Notes (1972-1975), Barclays Capital US Aggregate Bond Index(1976-2011)

Long-Term Government Fixed Income Long-Term Government Bonds (1972-2011)

Long-Term Corporate Fixed Income Long-Term Corporate Bonds (1972-2011)

TIPS Long-Term Government Bonds (1972- 1997), Barclays Capital US TIPS Index(1998-2011)

Municipal Bonds Long-Term Corporate Bonds (1972-1980), BarCap Municipal TR USD (1981-2011)

High Yield Bonds Morningstar High Yield Bond EW (1972-2011)

US Market CRSP Deciles 1-10 Index (market) (1972-2011)

US Large Value Fama/French US Large Value Index (ex utilities) (1972-2011)

US Large Neutral S&P 500 Index (1972-2011)

US Large Growth Fama/French US Large Growth Index (ex utilities) (1972-2011)

US Small Value Fama/French US Small Value Index (ex utilities) (1972-2011)

US Small Neutral CRSP Deciles 6-10 Index (1972-2011)

US Small Growth Fama/French US Small Growth Index (ex utilities) (1972-2011)

US Micro Cap CRSP Deciles 9-10 Index (1972-2011)

REITs FTSE NAREIT Equity REITs (1972-2011)

International Large Value DFA Developed International Large Company Composite Index (1972-1974),Fama/French International Value Index (1975-2011)

International Large Neutral MSCI EAFE Index (net div.) (1972-2011)

International Large Growth DFA Developed International Large Company Composite Index (1972-1974),Fama/French International Growth Index (1975-2011)


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Actual advisory fees under a current portfolio may be higher or lower than the fee input in aspecific calculation. Advisory fees may vary. Input of an advisory fee will result in thedecrease of a simulated portfolio's overall value.

Historical Return IndexAsset Class

International Small Value Dimensional International Small Cap Index (1972- 1981), Dimensional InternationalSmall Cap Value Index (1982-2011)

International Small Neutral Dimensional International Small Cap Index (1972-2011)

International Small Growth Dimensional International Small Cap Index (1972-1989), S&P Developed Ex US SmallGrowth (1990-2011)

Emerging Markets MSCI Pacific ex Japan Index (net div.) (1972-1987), MSCI Emerging Markets Index(gross div.) (1988-1998), MSCI Emerging Markets Index (net div.) (1999-2011)

Global Stock MSCI World Index (net div.) (1972-2011)

Commodities S&P GSCI (1972-1990), DJ UBS Commodity (1991-2011)

Other Assets S&P 500 (Price Return) (1972-2011)


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Risks Inherent in Investing

Investing in fixed income securities involves interest rate risk, credit risk, and inflation risk.Interest rate risk is the possibility that bond prices will decrease because of an interest rateincrease. When interest rates rise, bond prices and the values of fixed income securities fall.When interest rates fall, bond prices and the values of fixed income securities rise. Creditrisk is the risk that a company will not be able to pay its debts, including the interest on itsbonds. Inflation risk is the possibility that the interest paid on an investment in bonds willbe lower than the inflation rate, decreasing purchasing power.

Cash alternatives typically include money market securities and U.S. treasury bills. Investingin such cash alternatives involves inflation risk. In addition, investments in money marketsecurities may involve credit risk and a risk of principal loss. Because money marketsecurities are neither insured nor guaranteed by the Federal Deposit Insurance Corporationor any other government agency, there is no guarantee the value of your investment will bemaintained at $1.00 per share. U.S. Treasury bills are subject to market risk if sold prior tomaturity. Market risk is the possibility that the value, when sold, might be less than thepurchase price.

Investing in stock securities involves volatility risk, market risk, business risk, and industryrisk. The prices of most stocks fluctuate. Volatility risk is the chance that the value of a stockwill fall. Market risk is chance that the prices of all stocks will fall due to conditions in theeconomic environment. Business risk is the chance that a specific company’s stock will fallbecause of issues affecting it. Industry risk is the chance that a set of factors particular to anindustry group will adversely affect stock prices within the industry. (See “Asset Class –Stocks” in the Glossary section of this Important Disclosure Information for a summary ofthe relative potential volatility of different types of stocks.)

International investing involves additional risks including, but not limited to, changes incurrency exchange rates, differences in accounting and taxation policies, and political oreconomic instabilities that can increase or decrease returns.

Report Is a Snapshot and Does Not Provide Legal, Tax, or Accounting Advice

This Report provides a snapshot of your current financial position and can help you to focuson a possible Asset Allocation strategy, and to create a plan of action. Because the resultsare calculated over many years, small changes can create large differences in future results.You should use this Report to help you focus on the factors that are most important to you.This Report does not provide legal, tax, or accounting advice. Before making decisions withlegal, tax, or accounting ramifications, you should consult appropriate professionals foradvice that is specific to your situation.

Investment Planning Center Methodology

Monte Carlo Simulations

Monte Carlo simulations are used to show how variations in rates of return each year canaffect your results. A Monte Carlo simulation calculates the results of your Plan by runningit many times, each time using a different sequence of returns. Some sequences of returnswill give you better results, and some will give you worse results. These multiple trialsprovide a range of possible results. Monte Carlo Simulations illustrate the likelihood that anevent may occur as well as the likelihood that it may not occur. In analyzing thisinformation, please note that the analysis does not take into account actual marketconditions, which may severely affect the outcome of the results over the long-term.

In the Monte Carlo simulation in an Asset Allocation Plan, Investment Planning Center runs1,000 separate scenarios of your Plan, using the information you entered, while varying thesequence of returns and inflation rates. To create the sequences of returns and inflationrates, Investment Planning Center starts with the average returns and standard deviationsfor the portfolio and for inflation. If you are using historical returns, the return, inflationrate, and standard deviations are calculated based on the time period you have selected. Ifyou are using projected returns, the return, inflation rate, and standard deviations are asindicated by you. Standard deviation is a statistical measure of volatility, and indicates howmuch a typical sequence of portfolio returns (or inflation rates) may vary from the average.A small standard deviation indicates that the returns (or inflation rates) over a period of timewill typically be closer to the average than returns or inflation rates with a larger standarddeviation.

For each scenario, Investment Planning Center creates a random sequence of returns and arandom sequence of inflation rates (using the average return and standard deviation asguidelines for a range of returns, and the average inflation and standard deviation asguidelines for the range of inflation rates), which it uses to calculate the results for thatscenario. Each scenario has a different sequence of returns and inflation rates.

In an Asset Allocation Plan, you can select a Monte Carlo Simulation for an accumulationperiod, or for an accumulation period followed by a distribution period. When you selectonly an accumulation period, Investment Planning Center calculates, using the assumptionsyou have provided, a range for the amount of money that you could accumulate in theperiod specified.


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Investment Planning Center Presentation of Results

Investment Planning Center takes the 1,000 Results from the 1,000 scenarios, and putsthem in order from highest to lowest, based on the ending portfolio value. The range ofthese Results is usually very wide. Rather than showing all 1,000 Results, the Chart showsthe Results of three of the scenarios that provide a summary of the range of Results fromthis simulation. The Results are shown in both Current Dollars and Future Dollars.

Range of Possible Results Chart

Portfolio Value Graph

Rather than attempting to graph the Results of all 1,000 scenarios, Investment PlanningCenter shows 20 of the Results that provide a representative sample of all the Results.Investment Planning Center first ranks all 1,000 Results from highest to lowest, based onthe ending portfolio value. It then divides them into 20 groups of 50 Results each. For eachgroup, it takes the middle Result, and displays it on the graph. Therefore, each line on thegraph represents a group of 50 scenarios that had Results slightly higher or lower than theone shown.

When you select an accumulation period followed by a distribution period, in addition toproviding a range for the amount of money you could have at the end of the periodspecified, Investment Planning Center also tabulates whether each scenario is successful orunsuccessful. A scenario is counted as successful if you can withdraw the amount specifiedfor the total number of years in the distribution period. A scenario is counted asunsuccessful if the portfolio is depleted prior to the end of the distribution period. Thepercentage of successful scenarios is shown as the “Likelihood your money could last” forthe number of years specified. The highest calculated likelihood that your money could lastuntil the end of the distribution period is 99%. Even a likelihood of 99% does notconstitute a guarantee that the outcome will be as projected, because the results presentedare based on multiple assumptions, each of which is subject to change as a result of marketvolatility, economic factors and world events.

• High Result - This is the Result of the scenario that had the 25th Highest Result. Only24 Results were Higher, and 975 were Lower.

• Median Result - This is the Result that was in the middle. This means 499 were Higher,500 were Lower. It is close to the average Result.

• Low Result - This is the Result of the scenario with the 25th Lowest Result. This means975 Results were Higher, and only 24 were Lower.

If you selected an accumulation period followed by a distribution period, InvestmentPlanning Center also displays the percentage of scenarios that were successful as the“Likelihood your money could last” for the number of years specified.

Remember that each scenario had a different sequence of randomly generated returns andinflation rates. While each scenario is a possible outcome, there are other possibleoutcomes that are not shown. These scenarios illustrate a range of possible returns usingthe assumptions you specified.

Bear Market Returns

The Bear Market Returns are the portfolio returns during the worst bear markets since theGreat Depression – the “Great Recession” and the “Bond Bear Market.”

The Great Recession, from November 2007 through February 2009, was the worst bearmarket for stocks since the Great Depression. In Investment Planning Center, the GreatRecession Return is the rate of return, during the Great Recession, for a portfolio comprisedof cash, bonds, and stocks, with an asset mix equivalent to the portfolio referenced.

The Bond Bear Market, from July 1979 through February 1980, was the worst bear marketfor bonds since the Great Depression. In Investment Planning Center, the Bond Bear MarketReturn is the rate of return, for the Bond Bear Market period, for a portfolio comprised ofcash, bonds, and stocks, with an asset mix equivalent to the portfolio referenced.

Regardless of whether you are using historical or projected returns for all other InvestmentPlanning Center results, the Bear Market Returns are calculated from historical indices. Ifyou are using historical returns, the indices in the Bear Market Returns may be differentfrom indices used in other calculations. These results are calculated using only three assetclasses – Cash, Bonds, and Stocks. Alternative asset classes (e.g., real estate, commodities),if applicable, are included in the Stocks asset class. The indices and the resulting returns forthe Great Recession and the Bond Bear Market are:

AssetClass

Index Great RecessionReturn

11/2007 – 02/2009

Bond Bear MarketReturn

07/1979 – 02/1980

Cash Ibbotson U.S. 30-dayTreasury Bills

1.97% 7.08%

Bonds Ibbotson Intermediate-TermGovernment Bonds – TotalReturn

10.90% -8.89%

Stocks Ibbotson Large CompanyStocks – Total Return

-48.81% 14.61%


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Because the Bear Market Loss and Bear Market Test use the returns from asset class indicesrather than the returns of actual investments, they do not represent the performance forany specific portfolio, and are not a guarantee of minimum or maximum levels of losses orgains for any portfolio. The actual performance of your portfolio may differ substantiallyfrom those shown in the Great Recession Return, the Bond Bear Market Return, the BearMarket Loss, and the Bear Market Test.

Asset Allocation is the process of determining what portions of your portfolio holdings areto be invested in the various asset classes.

Asset Allocation

Glossary

Asset Class is a standard term that broadly defines a category of investments. The threebasic asset classes are Cash, Bonds, and Stocks. Bonds and Stocks are often furthersubdivided into more narrowly defined classes. Some of the most common asset classes aredefined below.

Asset Class

Cash and Cash Alternatives

Cash typically includes bank accounts or certificates of deposit, which are insured by theFederal Deposit Insurance Corporation up to a limit per account. Cash Alternatives typicallyinclude money market securities, U.S. treasury bills, and other investments that are readilyconvertible to cash, have a stable market value, and a very short-term maturity. U.S.Treasury bills are backed by the full faith and credit of the U.S. Government and, whenheld to maturity, provide safety of principal. (See the “Risks Inherent in Investing” sectionin this Important Disclosure Information for a summary of the risks associated withinvesting in cash alternatives.)

Bonds

Bonds are either domestic (U.S.) or global debt securities issued by either privatecorporations or governments. (See the “Risks Inherent in Investing” section in thisImportant Disclosure Information for a summary of the risks associated with investing inbonds. Bonds are also called “fixed income securities.”)

Domestic government bonds are backed by the full faith and credit of the U.S.Government and have superior liquidity and, when held to maturity, safety of principal.Domestic corporate bonds carry the credit risk of their issuers and thus usually offeradditional yield. Domestic government and corporate bonds can be sub-divided basedupon their term to maturity. Short-term bonds have an approximate term to maturity of 1to 5 years; intermediate-term bonds have an approximate term to maturity of 5 to 10years; and, long-term bonds have an approximate term to maturity greater than 10 years.

Domestic stocks are equity securities of U.S. corporations. Domestic stocks are oftensub-divided based upon the market capitalization of the company (the market value of thecompany's stock). "Large cap" stocks are from larger companies, "mid cap" from themiddle range of companies, and "small cap" from smaller, perhaps newer, companies.Generally, small cap stocks experience greater market volatility than stocks of companieswith larger capitalization. Small cap stocks are generally those from companies whosecapitalization is less than $500 million, mid cap stocks those between $500 million and $5billion, and large cap over $5 billion.

Large cap, mid cap and small cap may be further sub-divided into "growth" and "value"categories. Growth companies are those with an orientation towards growth, oftencharacterized by commonly used metrics such as higher price-to-book andprice-to-earnings ratios. Analogously, value companies are those with an orientationtowards value, often characterized by commonly used metrics such as lower price-to-bookand price-to-earnings ratios.

International stocks are equity securities from foreign corporations. International stocks areoften sub-divided into those from "developed" countries and those from "emergingmarkets." The emerging markets are in less developed countries with emerging economiesthat may be characterized by lower income per capita, less developed infrastructure andnascent capital markets. These "emerging markets" usually are less economically andpolitically stable than the "developed markets." Investing in international stocks involvesspecial risks, among which include foreign exchange volatility and risks of investing underdifferent tax, regulatory and accounting standards.

Stocks

Stocks are equity securities of domestic and foreign corporations. (See the “Risks Inherentin Investing” section in this Important Disclosure Information for a summary of the risksassociated with investing in stocks.)

Asset Mix

Asset Mix is the combination of asset classes within a portfolio, and is usually expressed as apercentage for each asset class.

Bond Bear Market Return

The Bond Bear Market Return is the rate of return for a cash-bond-stock portfolio duringthe Bond Bear Market (July 1979 through February 1980), the worst bear market for bondssince the Great Depression. Investment Planning Center shows a Bond Bear Market Returnfor your Current, Risk-based, and Target Portfolios, calculated using historical returns ofthree broad-based asset class indices. See Great Recession Return.


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Cash Receipt Schedule

A Cash Receipt Schedule consists of one or more years of future after-tax amounts receivedfrom the anticipated sale of an Other Asset, exercising of Stock Options grants, or proceedsfrom Restricted Stock grants.

Concentrated Position

A Concentrated Position is when your portfolio contains a significant amount (as apercentage of the total portfolio value) in individual stock or bonds. Concentrated Positionshave the potential to increase the risk of your portfolio.

Current Dollars

The Results of Investment Planning Center calculations are in Future Dollars. To help youcompare dollar amounts in different years, we also express the Results in Current Dollars,calculated by discounting the Future Dollars by the sequence of inflation rates used in thePlan.Current Portfolio

Your Current Portfolio is comprised of all the investment assets you currently own (or asubset of your assets, based on the information you provided for this Plan), categorized byAsset Class and Asset Mix.

Future Dollars

Future Dollars are inflated dollars. The Results of Investment Planning Center calculationsare in Future Dollars. To help you compare dollar amounts in different years, we discountthe Future Dollar amounts by the inflation rates used in the calculations and display theResults in the equivalent Current Dollars.

Great Recession Return

The Great Recession Return is the rate of return for a cash-bond-stock portfolio during theGreat Recession (November 2007 through February 2009), the worst bear market for stockssince the Great Depression. Investment Planning Center shows a Great Recession Return foryour Current, Risk-based, and Target Portfolios, calculated using historical returns of threebroad-based asset class indices. See Bond Bear Market Return.

Inflation Rate

The Inflation Rate is the percentage increase in the cost of goods and services for a specifiedtime period. A historical measure of inflation is the Consumer Price Index (CPI).

Likelihood your money could last

The “Likelihood your money could last,” used in a Monte Carlo simulation that includesboth accumulation and distribution periods, is the percentage of Monte Carlo scenariosthat were successful, using your Plan assumptions. In a Monte Carlo simulation of 1,000scenarios, if 600 of those scenarios were successful (i.e., you were able to withdraw theannual amount you specified for the number of years you specified), then the“Likelihood your money could last” for that Plan, with all its hypothetical assumptions,would be 60%.

Liquidity

Liquidity is the ease with which an investment can be converted into cash.

Monte Carlo Simulations

Monte Carlo simulations are used to show how variations in rates of return each year canaffect your results. A Monte Carlo simulation calculates the results of your Plan by runningit many times, each time using a different sequence of returns. Some sequences of returnswill give you better results, and some will give you worse results.

Portfolio Set

A Portfolio Set is a group of portfolios that provides a range of risk and return strategies fordifferent investors.

Portfolio Total Return

A Portfolio Total Return is determined by weighting the return assumption for each AssetClass according to the Asset Mix. Also see “Expense Adjustments.”

Real Return

The Real Return is the Total Return of your portfolio minus the Inflation Rate.

Risk

Risk is the chance that the actual return of an investment, asset class, or portfolio will bedifferent from its expected or average return.

Risk-based Portfolio

The risk-based portfolio is the Model Portfolio associated with the risk score you selected.

Standard Deviation

Standard Deviation is a statistical measure of the volatility of an investment, an asset class,or a portfolio. It measures the degree by which an actual return might vary from theaverage return, or mean. Typically, the higher the standard deviation, the higher thepotential risk of the investment, asset class, or portfolio.


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Target Portfolio

Your Target Portfolio is the portfolio you have selected based upon your risk tolerance andpersonal situation.

Target Band

The Target Band is the portfolio(s) that could be appropriate for you, based upon therisk-based portfolio.

Total Return

Total Return is the assumed growth rate of your portfolio for a specified time period. TheTotal Return is determined by weighting the return assumption for each Asset Classaccording to the Asset Mix. Also see “Real Return.”

Worst One-Year Loss

The Worst One-Year Loss is the lowest annual return that a portfolio with the specified assetmix and asset class indices would have received during the historical period specified.

Time Horizon

Time Horizon is the period from now until the time the assets in this portfolio will begin tobe used.

Results Comparison

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See Important Disclosures section in this Report for explanations of assumptions, limitations, methodologies, and a glossary.

Current Portfolio

These charts compare your Current Portfolio with the Target Portfolio you selected and show the allocation changes you should consider.

Target PortfolioBalanced 60-5

Historical Assumptions (1972 to 2011)

9.33% Total Return 10.10%

4.34% Base Inflation Rate 4.34%

4.99% Real Return 5.76%

-29.81% Worst One-Year Loss (or Lowest Gain) -19.39%

13.87% Standard Deviation 10.66%

Bear Market Returns

-22% Great Recession -18%

5% Bond Bear Market 3%

Asset Class % of Total Target AmountCurrent Amount % of Total

Portfolio Comparison with Allocation Changes

Increase / (Decrease)

Cash & Cash Alternatives 3% $30,0005%$50,000 -$20,000

Short Term Fixed Income 47% $470,0000%$0 $470,000

Intermediate-Term Fixed Income 0% $010%$100,000 -$100,000

High Yield Bonds 0% $030%$300,000 -$300,000

US Market 12% $120,00015%$150,000 -$30,000

US Large Value 9% $90,0000%$0 $90,000

US Large Growth 0% $010%$100,000 -$100,000

US Small Neutral 6% $60,0000%$0 $60,000

REITs 3% $30,0000%$0 $30,000

International Large Value 11% $110,0000%$0 $110,000

International Large Neutral 0% $015%$150,000 -$150,000

International Small Neutral 5% $50,0000%$0 $50,000

Emerging Markets 4% $40,0000%$0 $40,000

Global Stock 0% $015%$150,000 -$150,000

$1,000,000 $1,000,000

Portfolio Detail

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Portfolio Detail - Balanced 60-5

This graph shows the Annual HistoricalReturns by year for this portfolio.

This graph shows how a hypotheticalinvestment of $100,000 would have grownduring this period.

While Average Historical Returns are important when selecting your Target Portfolio, it is important to remember that returns have actuallyvaried by substantial amounts from year to year.

This chart summarizes the growth and returninformation for the portfolio for this period.

Results for Period 1972 - 2011

Ending Portfolio Value (Hypothetical) $4,699,261

Biggest Loss or Smallest Gain -19.39% in 2008

Largest Gain 27.30% in 1985

Years with Loss 6

Average Total Return 10.10%

Inflation 4.34%

Average Real Return 5.76%

Standard Deviation 10.66%

Distribution and Reallocation by Asset Class

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Description Total ValueCash &CashAlternatives

ShortTermFixedIncome

Intermediate-TermFixedIncome

High YieldBonds

US Market US LargeValue

US LargeGrowth

US SmallNeutral

REITs International LargeValue

International LargeNeutral

International SmallNeutral

Sample Funds

$250,000American Funds AmericanBalanced A

$100,000 $150,000

$300,000American Funds American HiInc Tr A

$300,000

$150,000American Funds Capital WorldG/I A

$150,000American Funds EuroPacific GrA

$150,000

$100,000American Funds Growth Fundof Amer A

$100,000

$50,000Cash $50,000

Total Current Portfolio : $1,000,000$50,000 $0 $100,000 $300,000 $150,000 $0 $100,000 $0 $0 $0 $150,000 $0

Increase / Decrease : $0

Total Target Portfolio : $1,000,000

Percent of Total Value : 100%

-$20,000

$30,000

3%

$470,000

$470,000

47%

-$100,000

$0

0%

-$300,000

$0

0%

-$30,000

$120,000

12%

$90,000

$90,000

9%

-$100,000

$0

0%

$60,000

$60,000

6%

$30,000

$30,000

3%

$110,000

$110,000

11%

-$150,000

$0

0%

$50,000

$50,000

5%

Distribution and Reallocation by Asset Class

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Description Total ValueEmergingMarkets

GlobalStock

Sample Funds

$250,000American Funds AmericanBalanced A

$300,000American Funds American HiInc Tr A

$150,000American Funds Capital WorldG/I A

$150,000

$150,000American Funds EuroPacific GrA

$100,000American Funds Growth Fundof Amer A

$50,000Cash

Total Current Portfolio : $1,000,000$0 $150,000

Increase / Decrease : $0

Total Target Portfolio : $1,000,000

Percent of Total Value : 100%

$40,000

$40,000

4%

-$150,000

$0

0%

Target Band

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The Risk-Based Portfolio was selected from this list of Portfolios, based upon the risk assessment. The Target Band is comprised of theportfolio(s) that could be appropriate for you, based upon the Risk-Based Portfolio indicated. The Target Portfolio was selected by you. TheAverage Real Return is equal to the Average Total Return minus the inflation rate of 4.34%.

RiskBased

Target Name Total Worst 1 YearLoss

Stock RealCurrent

Average Return

StandardDeviation

BondCash Alternative

Defensive 60-5 8.59% -6.82%25% 4.25% 6.46%71%4% 0%

Current 9.33% -29.81%55% 4.99% 13.87%40%5% 0%

Conservative 60-5 9.51% -14.20%40% 5.17% 8.78%57%3% 0%

Balanced 60-5 10.10% -19.39%50% 5.76% 10.66%47%3% 0%

Moderate 60-5 10.88% -26.87%65% 6.54% 13.51%33%2% 0%

Capital Appreciation 60-5 11.69% -36.76%85% 7.35% 17.43%13%2% 0%

Equity 60-5 12.13% -43.33%98% 7.79% 20.04%0%2% 0%

Balanced 60-5The Target Portfolio you selected is :

Return vs. Risk Graph

This graph shows the relationship of return and risk for each Portfolio in the chart above.

When deciding how to invest your money, you must determine the amount of risk you arewilling to assume to pursue a desired return. The Return versus Risk Graph reflects a set ofportfolios that assume a low relative level of risk for each level of return, or conversely anoptimal return for the degree of investment risk taken. The graph also shows the position ofthe Current, Target, Risk-Based, and Alternative Portfolios. The positioning of theseportfolios illustrates how their respective risks and returns compare to each other as well asthe optimized level of risk and return represented by the Portfolios.

Risk Assessment

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This Structured Investing Risk Assessment Questionnaire is designed to help your FinancialAdvisor decide how to allocate your assets among different asset classes (stocks, bonds, andshort-term reserves), based on your investment objectives and experience, time horizon, risktolerance, and financial situation. This Questionnaire is provided as a guide to help you andyour Financial Advisor in choosing an appropriate investment portfolio and should not beconstrued as investment advice.

Purpose, Assumptions, and Limitations

The suggestions provided are based on generally accepted investment principles. There is noguarantee, however, that any particular asset allocation or mix of funds will meet yourinvestment objectives. All investments involve risks, and fluctuations in the financial marketsand other factors may cause declines in the value of your account. You should carefullyconsider all of your options before investing.

The questionnaire bases the rate of return on historic data from 1972 to2011. Some estimates may be high because the inflation rate during this period of 4.3%was higher than the longer-term historic average inflation rate of 3% from 1926 to 2011.

Assumptions:

Investors in stocks, bonds and other asset classes can reasonably expect to see the value oftheir investment portfolios fluctuate. Depending on global economic conditions and themakeup of their portfolios, investors may experience unsettling periods of mild, moderate oreven severe losses. Such losses can be difficult to tolerate and may lead investors to loseconfidence in their investment policy.

Updated : 12/10/2012

Please note that the suggested asset allocations within this Questionnairedepend on subjective factors such as your risk tolerance and financial situation. The resultsshould be considered along with the specific details of your personal financial situation formore comprehensive advice from your Financial Advisor. The potential tax implications ofany modifications to your current mix of investments should also be considered.

Limitations:

Remember, past performance is not indicative of future performance. All investmentsinvolve risk, including loss of principal. Bonds are subject to risks, including interest rate risk,which can decrease the value of a bond as interest rates rise. Small company stocks haveadditional risks, including greater volatility and less liquidity than stocks of larger companies.Value companies have more risk than growth companies and may underperform when themarket favors growth companies. Foreign securities involve additional risks, includingforeign currency changes, political risks, foreign taxes, and different methods of accountingand financial reporting. Diversification and buy-and-hold strategies do not guarantee aprofit or principal protection.

The ability to accept investment risk is determined by your investment goals, investmenttime horizon, spending requirements, liquidity needs and income expectations.

An important consideration is your investment time horizon — the length of time youwill remain fully invested. Because of the increased possibility of losses, there should bea minimal allocation to stocks in portfolios with relatively short investment timehorizons.

5 to 9 years

10 to 19 years

20 years or more

1.

How long do you plan to hold this investment portfolio?

Your current need for income from your portfolio is an important factor in designingyour portfolio. How much will you need to withdraw from your portfolio each year?

0%

0 - 2%

2 - 4%

4 - 5%

Over 5%

Income Needs2.

LWI FInancial Inc. ('Loring Ward') is an investment adviser registered with the Securities andExchange Commission. Securities may be offered through Loring Ward Securities, Inc. (oryour advisor’s affiliates), member FINRA/SIPC IRN B 12-042 (Exp 9/2014)

Risk Capacity (Your ability to accept risk)

Investment Time Horizon

Less than 5 years

Risk Assessment

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If yes, please indicate the estimated amount of withdrawals as a percentage of yourportfolio:

Beyond your income needs above, will you need to make significant withdrawals fromyour portfolio within the next five years to fund major expenses (i.e. college funding,vacation home)?

Less than 15%

15 – 35%

35 – 50%

50 – 60%

60 – 75%

75 – 100%

Liquidity/Cash Needs3.

What level of returns do you expect from your portfolio and what losses can youwithstand?

4. Portfolio Returns vs. Potential Losses

The example below is for illustrative purposes only and not representative of any specificinvestment. The table below shows six hypothetical portfolios and their greatest 1-yearloss and highest 1-year gain for a hypothetical investment of $100,000.

Which portfolio would you feel most comfortable with?

This example is for illustrative purposes only and is not intended to represent a specificinvestment or portfolio of investments. The highest 1-year gain and greatest 1-year lossare based on rolling 12 month returns from January 1972 to December 2011 forportfolios represented by Five-Year U.S. Treasury Notes and the S&P 500 Index. Returnsassume the reinvestment of dividends and capital gains, but do not include thededuction of management fees or taxes, which will reduce an investor’s returns. Indicesare unmanaged and do not reflect the payment of advisory fees and other expensesassociated with an investment in a mutual fund or separate account. Investors cannotdirectly invest in an index. Portfolios were constructed using the following assumptions:

What has been your personal experience with financial market declines? Consider yourfeelings during the steep market declines that occurred during the Great Recessionwhen the S&P 500 Index lost more than 40% over a six month period from September1, 2008 through February 28, 2009. How did you (or would you have) reacted duringthat period.

I sold/would have sold all of my stock investments.

I sold/would have sold some of my stock investments.

I made/would have made no changes to my stock investments.

I increased/would have increased my stock investments.

Reaction to Financial Market Declines5.

a.

Based on my past investment experience, I tend to sell stock investments and invest themoney in safer assets during market declines.

b.

Strongly disagree

Somewhat agree

Disagree

Agree

Strongly agree

Risk Tolerance (Your willingness to accept risk)

Risk Assessment

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How would you react if you lost $50,000 on your $250,000 investment portfoliotomorrow? Please select the statement below that best reflects your reaction tothe decline in investment value.

I maintain a long-term focus with my investments and wouldn’t change myinvestment plan.

I would be very concerned, but probably wouldn’t change my investment plan.

I’m not sure what I would do.

I would probably make a change to my investment plan.

Reaction to Fluctuations in Portfolio Values6.

a.

I would definitely make a change to my investment plan.

Generally I prefer a portfolio with little or no fluctuation in value, and I am willing toaccept the lower potential returns associated with this type of portfolio.

b.

Strongly disagree

Somewhat agree

Disagree

Agree

Strongly agree

International investing can help increase your portfolio’s diversification as it enables youto spread risk across a variety of economies and financial markets. Internationalinvestments include developed markets, such as France and Germany, withwell-established companies and listing standards similar to the U.S., and also includemore speculative emerging markets in countries with rapid but volatile economicgrowth. Which statement best reflects your view on international investing?

I am very comfortable with international investments.

I am comfortable with international investments.

I am somewhat comfortable with international investments.

I am somewhat uneasy with international investments.

I am very uneasy with international investments.

International Investment Preference7.

Foreign securities involve additional risks, including foreign currency changes, politicalrisks, foreign taxes, and different methods of accounting and financial reporting.

Investment Preferences (Optional)

The style of stock market investing can affect your long-term rate of return. Investing incompanies experiencing rapid growth in revenues and profits is called “growth”investing. Investing in companies experiencing slow growth, difficult businessconditions, and/or declining revenues and profits is called “value” investing.

I am very comfortable with value company investments.

I am comfortable with value company investments.

I am somewhat comfortable with value company investments.

Value Investing8.

Value companies have more risk than growth companies and may underperform whenthe market favors growth companies.

Historical data suggests the expected returns of value stocks are higher than those ofgrowth stocks in both U.S. and international markets because there are higher risksassociated with investing in value stocks. While the stocks of value companies may belikely to outperform over the long term, such investments are also likely tounderperform the market for certain periods of time. How comfortable are you withincluding value company investments in your portfolio?

Risk Assessment

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Investing in the stocks of smaller, lesser-known companies can also affect long-termreturns. Generally, “small” company stocks have a market value that falls within thesmallest 10% of the market universe. “Large” company stocks are typically representedby the Standard & Poor’s 500 Index (S&P 500) and include well-established companieswith relatively high stock market value.

I am very comfortable with small company investments.

I am comfortable with small company investments.

I am somewhat comfortable with small company investments.

Small Company Investing9.

Small company stocks have additional risks, including greater volatility and less liquiditythan stocks of larger companies.

Historical data suggests the expected returns of small company stocks are higher thanthose of large company stocks in both U.S. and international markets. However, thereare higher risks associated with less-established companies, and such investments mayunderperform the market for certain periods of time. How comfortable are you withincluding small company investments in your portfolio?

All investments involve risk, including loss of principal. Bonds are subject to risks,including interest rate risk, which can decrease the value of a bond as interest rates rise.Small company stocks have additional risks, including greater volatility and less liquiditythan stocks of larger companies. Value companies have more risk than growthcompanies and may underperform when the market favors growth companies. Foreignsecurities involve additional risks, including foreign currency changes, political risks,foreign taxes, and different methods of accounting and financial reporting.Diversification and buy-and-hold strategies do not guarantee a profit or principalprotection.

Monte Carlo Results - Portfolio Accumulation

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This analysis shows how variations in rates of return can affect the results of the analysis.The simulations were calculated assuming a beginning portfolio value of $1,000,000, andassets and an allocation you have identified. The analysis is for a period of 20 years ofaccumulation.

This table illustrates a range of possible results, given the beginning portfolio value,additions, return assumptions, and time frame that you have indicated. The results shownbelow include only the assets selected. If any annual additions are included, the additionswill occur until the end date specified or the end of the period, whichever is earlier.

The selected target portfolio is Balanced 60-5.

Result Current Dollars Future Dollars

High Value: $3,208,517 $6,721,865

Median Value: $1,215,854 $2,795,493

Low Value: $420,171 $1,046,670

Hypothetical Value in 20 Years

Current

Result Current Dollars Future Dollars

High Value: $2,532,932 $6,670,123

Median Value: $1,637,500 $3,465,677

Low Value: $816,183 $1,721,542


Balanced 60-5


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Current

Year / EventLow Value Median Value High Value Low Value Median Value High Value

Balanced 60-5

2012$954,176 $938,826 $1,148,012 $974,007 $965,093 $1,124,176

2013$1,064,052 $1,076,497 $1,283,041 $1,042,344 $1,091,867 $1,232,230

2014$1,208,147 $1,121,372 $1,324,765 $1,065,904 $1,248,136 $1,449,947

2015$1,113,340 $1,329,023 $1,425,857 $989,386 $1,132,414 $1,557,747

2016$1,157,996 $1,469,192 $1,696,926 $1,088,553 $1,092,115 $1,828,453

2017$1,251,536 $1,120,749 $1,725,489 $908,784 $1,185,821 $2,069,958

2018$1,100,053 $1,272,784 $2,019,123 $940,073 $1,310,750 $2,221,181

2019$1,179,869 $1,201,325 $2,238,552 $917,173 $1,335,799 $2,380,453

2020$1,330,266 $1,388,802 $2,398,195 $1,055,278 $1,538,789 $2,685,277

2021$1,602,442 $1,579,348 $2,731,593 $1,196,319 $1,663,413 $2,925,098

2022$1,641,497 $1,648,066 $3,017,814 $1,339,181 $2,008,651 $3,189,632

2023$1,808,140 $1,648,146 $3,296,660 $1,359,914 $2,158,019 $3,703,837

2024$1,641,981 $1,960,725 $3,397,076 $1,439,553 $2,124,274 $4,018,554

2025$1,853,618 $2,096,540 $3,793,232 $1,431,682 $2,128,578 $4,460,043

2026$1,561,932 $2,064,769 $4,113,777 $1,596,229 $2,364,131 $4,812,690

2027$1,633,783 $1,973,853 $4,274,272 $1,418,255 $2,786,248 $5,105,310

2028$1,839,639 $2,195,177 $4,330,299 $1,603,210 $3,167,804 $5,579,539

2029$1,318,756 $2,536,064 $5,061,450 $1,624,204 $2,981,445 $6,435,383

2030$1,034,602 $2,732,779 $5,951,187 $1,855,161 $3,106,463 $6,393,543

2031$1,046,670 $2,795,493 $6,721,865 $1,721,542 $3,465,677 $6,670,123

The chart below displays the year-by-year Portfolio Values for the Low, Median, and High Scenarios from the Monte Carlo Simulation.


12/10/2012


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First Name :

Date of birth :

Age :

Client

Sample

01/01/1960

52

Your Monte Carlo results were calculated using the following information:

20

2031Last year of accumulation :

Tax Rate during accumulation period (marginal) : 30.00%

Number of years of accumulation :

Advisor Fee : 0.00%

Inflation rate : 4.34%

Data Source : Consumer Price Index (CPI) 1972-2011.

Description OwnerValue Annual AdditionsSelect Asset

The Program will assume that all assets checked will be reinvested into the Target Portfolio you choose.

$1,000,000 SampleSample Funds

Monte Carlo Results - Income Distribution

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Page 21 of 26


This analysis shows how variations in rates of return can affect the results of the analysis.The simulations were calculated assuming a beginning portfolio value of $1,000,000, assetsand an allocation you have identified, and an after-tax withdrawal of $4,000 per monthstarting in 2020. The analysis is for a total period of 28 years-- 8 years of accumulation and20 years of withdrawals.

This table illustrates the likelihood of sustaining a specified withdrawal amount, given thebeginning portfolio value, additions, return assumptions, and time frame that you haveindicated. The results shown below include only the assets selected. If any annual additionsare included, the additions will occur until the year before the withdrawals begin.

The selected target portfolio is Balanced 60-5.

Likelihood your money could last for 20 years of distribution is: 72%

Result Years Money Lasted Current Dollars Future Dollars

High Value: 20 years $3,219,239 $9,748,028

Median Value: 20 years $464,662 $1,227,389

Low Value: 10 years $0 $0


Current

Likelihood your money could last for 20 years of distribution is: 90%

Result Years Money Lasted Current Dollars Future Dollars

High Value: 20 years $3,193,216 $9,818,204

Median Value: 20 years $744,450 $2,514,863

Low Value: 16 years $0 $0


Balanced 60-5


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Current


Balanced 60-5

2012$1,120,469 $1,214,139 $1,210,231 $1,159,252 $984,363 $1,218,178

2013$1,287,764 $1,019,891 $1,256,827 $1,030,397 $986,358 $1,441,120

2014$1,183,495 $1,108,557 $1,443,154 $1,047,296 $1,095,510 $1,611,492

2015$1,146,249 $1,300,053 $1,573,613 $1,055,362 $1,291,114 $1,761,005

2016$1,370,976 $1,651,248 $1,667,043 $1,082,536 $1,467,922 $2,016,121

2017$1,279,714 $1,794,318 $1,757,785 $1,042,532 $1,381,566 $2,108,882

2018$1,147,496 $2,029,406 $1,989,890 $1,229,121 $1,439,497 $2,009,078

2019$1,165,627 $2,234,048 $2,189,476 $979,634 $1,605,953 $2,489,172

2020 / Withdrawals Begin$1,095,799 $2,663,066 $2,334,433 $1,033,666 $1,737,051 $2,756,281

2021$931,697 $2,313,368 $2,352,995 $820,828 $1,638,628 $2,761,011

2022$906,494 $2,090,907 $2,844,523 $843,934 $1,841,986 $3,040,930

2023$590,077 $1,649,262 $3,144,698 $886,105 $1,931,485 $3,007,687

2024$527,869 $1,833,169 $2,917,002 $802,271 $2,189,925 $3,214,844

2025$553,313 $1,824,399 $3,548,101 $788,360 $1,928,957 $3,320,310

2026$487,642 $1,929,485 $4,120,415 $773,454 $1,974,174 $3,195,744

2027$339,818 $1,958,518 $4,418,217 $753,498 $2,161,239 $3,315,233

2028$273,657 $1,550,669 $3,925,876 $700,370 $2,400,169 $3,483,529

2029$0 $1,673,044 $3,122,216 $691,073 $2,307,934 $3,626,197

2030$0 $1,798,296 $2,999,717 $657,466 $2,286,122 $3,618,364

2031$0 $1,744,020 $3,298,949 $572,071 $2,484,755 $4,395,945

2032$0 $1,777,563 $3,608,614 $555,363 $2,688,686 $4,440,472

2033$0 $1,821,227 $4,476,729 $378,877 $2,769,425 $4,860,482

2034$0 $1,974,871 $5,398,496 $235,141 $2,716,624 $5,525,716

2035$0 $1,780,598 $5,541,956 $0 $2,486,175 $6,774,784

2036$0 $1,753,519 $6,621,626 $0 $2,765,643 $6,919,281

2037$0 $1,454,476 $7,181,522 $0 $3,072,827 $8,168,416

2038$0 $1,330,767 $8,144,900 $0 $2,993,043 $8,435,426



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Current


Balanced 60-5

2039$0 $1,227,389 $9,748,028 $0 $2,514,863 $9,818,204



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Page 24 of 26


First Name :

Date of birth :

Age :

Client

Sample

01/01/1960

52

Your Monte Carlo results were calculated using the following information:

$4,000

Year to start withdrawals : 2020

Number of years money must last : 20

Last year of withdrawals : 2039

Tax Rate after withdrawals begin (average) : 20.00%

Program EstimateAt what rate will this withdrawal increase :

30.00%Tax Rate during accumulation period (marginal) :

Monthly withdrawal amount :

Advisor Fee : 0.00%

Deduct Tax Penalty on early withdrawals from Qualified Assets : YesNo

Inflation rate : 4.34%

Data Source : Consumer Price Index (CPI) 1972-2011.

Description OwnerValue Annual AdditionsSelect Asset

The Program will assume that all assets checked will be reinvested into the Target Portfolio you choose.

$1,000,000 SampleSample Funds

Implementation Action Plan

12/10/2012


Page 25 of 26


Allocation Summary

Asset Class Current Target Changes Needed After Change

$ % $ % Decreased $ Increased $ $ %

Cash & Cash Alternatives $50,000.00 5% $30,000.00 3% $30,000.00 3%

Short Term Fixed Income $470,000.00 47% $470,000.00 47%

Intermediate-Term Fixed Income $100,000.00 10%

High Yield Bonds $300,000.00 30%

US Market $150,000.00 15% $120,000.00 12% $120,000.00 12%

US Large Value $90,000.00 9% $90,000.00 9%

US Large Growth $100,000.00 10%

US Small Neutral $60,000.00 6% $60,000.00 6%

REITs $30,000.00 3% $30,000.00 3%

International Large Value $110,000.00 11% $110,000.00 11%

International Large Neutral $150,000.00 15%

International Small Neutral $50,000.00 5% $50,000.00 5%

Emerging Markets $40,000.00 4% $40,000.00 4%

Global Stock $150,000.00 15%

Total $1,000,000.00 100% $1,000,000.00 100% $1,000,000.00 100%

Assets To Be Sold

Asset Description Who Total Value

Sample Funds Sample $1,000,000.00

Implementation Action Plan

12/10/2012


Page 26 of 26


Assets To Be Purchased

Asset Class Asset Description Total ValueTicker %

DFA Funds (unbundled fees)

Cash & Cash Alternatives

Money Market Fund $30,000.00 3%$CASH$

Short Term Fixed Income

DFA One-Year Fixed-Income I $230,000.00 23%DFIHX

DFA Five-Year Global Fixed-Income I $240,000.00 24%DFGBX

US Market

DFA US Core Equity 1 I $120,000.00 12%DFEOX

US Large Value

DFA US Large Cap Value I $90,000.00 9%DFLVX

US Small Neutral

DFA US Small Cap I $60,000.00 6%DFSTX

REITs

DFA Real Estate Securities I $30,000.00 3%DFREX

International Large Value

DFA Intl Value I $110,000.00 11%DFIVX

International Small Neutral

DFA Intl Small Company I $50,000.00 5%DFISX

Emerging Markets

DFA Emerging Markets I $40,000.00 4%DFEMX

• This material is for your information only and should be accompanied by a prospectus. Before investing in any fund, please carefully readthe prospectus.

Notes

Plan Delivery Acknowledgement

Notes

Client Name :

Client Signature :

Sample Client

________________________________________________________

Delivery Date : ________________________________________

We have prepared this plan based on information provided by you. We have not attempted to verify the accuracy or completeness of thisinformation. As the future cannot be forecast with certainty, actual results will vary from these projections. It is possible that thesevariations may be material. The degree of uncertainty normally increases with the length of the future period covered.

Financial Advisor : Sample Advisor

I have reviewed and accept the information contained within this plan and understand the assumptions associated with it. We believe thatall information provided by me is complete and accurate to the best of our knowledge. We recognize that performance is not guaranteedand that all future projections are included simply as a tool for decision making and do not represent a forecast of our financial future. Thisplan should be reviewed periodically to ensure that the decisions made continue to be appropriate, particularly if there are changes in familycircumstances, including, but not limited to, an inheritance, birth of a child, death of a family member, or material change in incomes orexpenses.

Plan Name : Investment Plan

Report Name : Investment Plan 12/10/2012

Notes

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