True Fiduciary Guidance

Michael J. Chasnoff, CFP®

Principal and CEO

Steven T. Condon, CFAManaging Principal

03.31.12

4901 Hunt Road | Suite 200 | Cincinnati, OH | 45242 | 513.792.6648 PH | 513.792.6644 FX | TruepointInc.com

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"The fiduciary acts at all times for the sole benefit and interests of another, with loyalty to those interests. A fiduciary must not put personal interests before that duty, and must not be in a situation where his fiduciary duty to clients conflicts with a fiduciary duty to any other entity."

- John Bogle, founder and former CEO of Vanguard

Fiduciary GuidanceRole of the Advisor

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What We DoPartner with our clients to deliver insight, clarity and confidence to the management of

their financial lives

How We Do ItThrough the integration of highly qualified specialists and proven processes,

we provide superior, proactive wealth advisory services

The Results585 client surveys have been completed over the past seven years;

over 98% of those clients indicated they would refer others to Truepoint based on their experience

About Truepoint Inc.Who We Are

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We believe in challenging the industry’s traditional model of wealth management

True advisory firms are in the minority– Independent, unbiased advice necessitates a fee-only compensation

model– A client-first focus is most effectively achieved in a privately owned

firm that is fully controlled by the same professionals who actively deliver advice to clients

It is the integration of expertise in multiple financial specializations that produces the most value- A narrow focus only on the investment portfolio sacrifices the

significant opportunity to add value through integrated financial management

- The seamless coordination of expertise across areas such as investment management, tax management, wealth planning and estate & trust services is most powerful

The investment industry often exploits human emotion and lack of consumer awareness- The industry is designed to give advice based on the belief that the

very markets they trade in do not work - The overarching flaw is the concept that someone can predict the

future—all traditional Wall Street-investment advice involves forecasting some future event

About Truepoint Inc.Our Core Beliefs

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About Truepoint Inc. Service Offerings

A single family office experience that leverages Truepoint’s advisory platform

Suggested minimum assets of $25,000,000

Fees customized per family goals

Customized wealth management services integrating multiple disciplines

Suggested minimum assets of $2,000,000

Tiered fee schedule begins at 0.80%

Investment management coupled with financial advice and guidance

Suggested minimum assets of $500,000

Tiered fee schedule begins at 0.70%

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Truepoint Financial Truepoint Capital Truepoint Family Office Retirement income planning

Financial statement preparation Generational education and planning

Withdrawal rate analysis

Cash flow and budgeting projections

Philanthropy and trust administration

Education planning Advanced tax planning and preparation

Bill paying and banking

Employee benefit guidance

Estate planning and asset ownership review

Expense management and reporting

Charitable gift and succession planning

Family counseling and governance

Deferred compensation planning External account aggregation Corporate benefits review and analysis

Lifestyle services

Insurance analysis and recommendation

Family education

Document and record management Family bankStrategic stock option management Family business servicesCollege savings strategiesDebt management

About Truepoint Inc.A Wealth of Services

Investment policy statement and portfolio designInvestment manager/vehicle selection

Ongoing contingent portfolio rebalancingPortfolio performance monitoring and reporting

Investment services are delivered across all service offeringsAdditional services are progressive throughout the service offerings

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Investment strategy should be rooted not in speculation, but rather in the science of the capital markets

Decades of academic research and empirical data provide clear guidance for most effectively capturing financial market returns

We focus on factors within the investor’s control

We focus on what works, versus what sells

We don’t speculate. We invest.

Our Investment PhilosophyBetter Investing Through Science

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Conventional wisdom suggests that smart people, working diligently, can select stocks which are mispriced by the market. These informed investors are also assumed to be able to time the market.

A study of the returns of 3,156 U.S. stock mutual funds from 1984 to 2006 generated these findings:

− Most funds achieving some of level of market outperformance did so simply by chance

− Only zero to 3% of active managers exhibit the skill sufficient to outperform

− Even if “skilled” managers exist, they are indistinguishable on a forward-looking basis

Given the cost of active management, approximately three-quarters of investment managers have, and will continue over the long-term, to underperform the overall market.

The Myth of Active ManagementFooled by Randomness

“Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.”

Warren Buffett Chairman, Berkshire Hathaway

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In the face of overwhelming evidence, why do investors keep playing a game they are likely to lose?

It is consistently encouraged by those who stand to profit the most—Wall Street and the financial media

Investors are overconfident—a natural human condition not limited to investing

Active management is the triumph of hope over experience—but hope does spring eternal

Active investing is more exciting, and provides better cocktail chatter, than passive investing

The Myth of Active ManagementPlaying a Loser’s Game

“What’s really quite remarkable in the investment world is that people are playing a game which, in some sense, cannot be played. There are so many people out there in the market; the idea that any single individual without extra information or extra market power can beat the market is extraordinarily unlikely.

“Yet the market is full of people who think they can do it and full of other people who believe them. This is one of the great mysteries of finance: Why do people believe they can do the impossible? And why do other people believe them?”

Daniel Kahneman 2002 Nobel Laureate (Economics)

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Markets Work– Prices reflect all available information and the aggregate opinion of market

participants– Prices move only in response to new information, which may be better or worse

than expected

Diversification is Essential– Diversification reduces uncertainty– Concentrated investments add risk, with no additional expected return

Risk and Return are Related– Exposure to meaningful risk factors determines expected return– Asset allocation along size, value and market dimensions primarily determines the

returns of a broadly diversified portfolio

Control What You Can– Maintain discipline and have a long-term view of investing– Consider expenses and tax-efficiency of investment vehicles

Our Investment PhilosophyPrinciples and Beliefs

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Our Investment ProcessAn Institutional Approach

Identify Risk and Return ObjectivesEvaluate time horizon, cashflow expectations and need, ability and willingness to take risk

Determine the Appropriate Asset AllocationEfficiently balance market, inflation and longevity risks

Select Optimal Investment VehiclesIdentify most effective strategies in each category

Employ Disciplined Real-Time Portfolio RebalancingManage risk while capitalizing on market volatility

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The Behavior GapDiscipline is Critical to Success

Total returns are annualized and represent the 20-year period ending 12/31/10. Average Investor return is based on an analysis by Dalbar Inc., which utilizes the net of aggregate mutual fund sales, redemptions and exchanges each month as a measure of

investor behavior.

Investors often impair their returns through emotional reactions (fear or greed) to market performance

A 2009 study concluded that aggressive trading by individuals reduces returns by about 4% per year“The investor’s chief problem—and even his worst enemy—is

likely to be himself.”Benjamin Graham

Famed investor and mentor of Warren Buffet

REITS Oil US Stocks

Gold Bonds Foreign Stocks

Homes Average Investor

-1%1%3%5%7%9%

11%13%15%

10.50%

8.00% 7.70% 7.20%6.10%

4.70%2.80% 2.60%

20-Year Annualized Returns

13Source: Investment Company Institute, J.P. Morgan Asset Management. Data are as of 6/30/11.

Emotion over LogicBuying High and Selling Low

On average, investors repeatedly invest in stocks at high points, and sell at low points

“If you can plug your ears to every attempt (by anyone) to predict what the markets will do, you will outperform nearly every other investor alive over the long run. Only the mantra of ‘don’t know and, I don’t care’ will get you there.”

Jason Zweig Personal finance columnist, Wall Street Journal

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-3.2%-5.7%

-16.0%

-40%-35%-30%-25%-20%-15%-10%-5%0%5%

10%15%20%25%30%

2007 2008 2009 Cumulative

Truepoint 70/30 Morningstar Moderate Allocation S&P 500 Index

Truepoint’s 70/30 Portfolio Composite results reflect the aggregate net-of-fee performance of client portfolios managed to benchmark allocations of 70% stocks/30% bonds and cash. Morningstar Moderate Allocation results reflect the aggregate performance of mutual funds typically holding 50-70% of assets in stocks and the remainder in bonds and cash. Additional data and important disclosures can be found in the Appendix of this presentation.

Mitigate Downside, Maximize Upside

The Importance of Portfolio Construction

Dramatic Downturn of 2007-2009

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10.0%

0.4%

-11.7%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2001 2002 2003 Cumulative

Truepoint 70/ 30 Morningstar Moderate Allocation S&P 500 Index

Mitigate Downside, Maximize Upside

The Importance of Portfolio Construction

Challenging Market of 2001-2003

Truepoint’s 70/30 Portfolio Composite results reflect the aggregate net-of-fee performance of client portfolios managed to benchmark allocations of 70% stocks/30% bonds and cash. Morningstar Moderate Allocation results reflect the aggregate performance of mutual funds typically holding 50-70% of assets in stocks and the remainder in bonds and cash. Additional data and important disclosures can be found in the Appendix of this presentation.

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Additional Information

Up-to-date firm profile

National Recognition

Track Record

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Appendix

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Client Satisfaction Survey2011 Results

Overall Satisfaction   7-Year  2011 AverageConfidence in Truepoint and overall satisfaction with services 9.38 9.40Expectations being met or exceeded 99% 97%Likely to refer Truepoint to others 98% 98%

Advisory Team 2011

 

Professional Competence 9.61  Responsiveness 9.67  Proactivity 9.37  Personal Relationship 9.56  Satisfied with the frequency of interaction 95%  

Resources    Find online access to accounts via TruepointInc.com valuable 66%

 

Find value in educational content provided 88%  

Below is a summary of the results for 2011, along with seven-year averages where available. Questions are either scored on a 1 to 10 (highest) scale or are simply answered yes or no.

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Truepoint Financial

Truepoint Capital Truepoint Family Office

Client's Portfolio Value AUM AUM AUA AUM/AUAUp to $5,000,000 0.70% 0.80% 0.25%

Fees are based upon customized proposals

Next $5,000,000 0.60% 0.50% 0.20%Above $10,000,000 0.60% 0.30% 0.20%

Suggested Minimum Account Balance

$500,000 $2,000,000 $25,000,000

Service OfferingsFee Schedule

In recognition of the client's one-year anniversary, the firm will begin absorbing all advisor-directed portfolio transaction costs

Portfolio values falling below the suggested minimum account balance are subject to a minimum fee resulting in an annual rate in excess of those listed above

The weighted average expense of underlying portfolio holdings approximates 0.25% – 0.30%

Assets Under Management (AUM) includes all investment assets under the discretion of Truepoint

Assets Under Advisement (AUA) includes the fully-vested equity value of monitored assets not under Truepoint’s discretion

Truepoint provides ongoing advisement, continuous monitoring and periodic reporting on all AUM and AUA

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Truepoint Financial

Truepoint Capital

Fee ComparisonMedian Fees Charged vs. Truepoint

Source: 2007 industry survey, Investment Advisor and Rydex

Truepoint Financial suggested minimum - $500,000Truepoint Capital suggested minimum - $2,000,000Truepoint Family Office suggested minimum - $25,000,000

Investment Management& Financial Guidance

Integrated Wealth Management

Customized Family Office Services

.70% .80% .90% 1.00% 1.10%.60%.50%

Truepoint Family Office

Industry Median

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Truepoint Inc. Industry Average0.00%

0.25%

0.50%

0.75%

1.00%

1.25%

1.50%

1.75%

2.00%

2.25%

2.50%

2.75%

0.05%

0.26%

0.70%

1.08%

1.00%

0.20%

Financial Advisory Services Fund Expense Ratio Trading Expenses

Portfolio ManagementThe Truth About Fees

Trading Expenses – industry average taken from GIPS Guidance Statement on Fees (1/1/11)Truepoint absorbs all trading expenses after a client’s one-year anniversary

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P&G Pre-Retirement ServiceOur Procter & Gamble Pre-Retirement Service has been created specifically for current employees of P&G who are within five years of retirement or separation. This service offering is tailored to the distribution and management needs of the P&G Profit Sharing Trust and Savings Plan.

Non-Profit Portfolio ServicesTruepoint designs and manages portfolios congruent with the term and goals of foundations, endowments and other nonprofit organizations. Our institutional investment philosophy works well with tax-exempt organizations by decreasing their investment costs thus allowing more assets to support the organization's mission. For entities employing multiple investment advisors, Truepoint assists with the critically important monitoring, evaluation and coordination of the total portfolio inclusive of all assets and advisors.

Business ServicesFor institutional clients, Truepoint provides Retirement Plan Management services. We provide guidance for both profit sharing and defined benefit plans, working closely with trustees to develop the most appropriate plan.

Additionally, to meet the unique needs of our clients with closely held business interests, we provide Net Worth Consulting, advising on a total asset allocation which incorporates private business interest, real property holdings and other non-traditional assets in addition to the liquid investment portfolio.

Specialized ServicesCorporate Executives and Institutions

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Clients of Truepoint have access to our private trust company, National Advisors Trust Company (NATC), which can provide low-cost fiduciary trust services across current and future generations.

NATC, a federally chartered trust company, was created in 2001 by more than 120 independent, nationally-recognized financial advisors, to better integrate their distinctive understanding of their clients' personal and financial circumstances with the fiduciary responsibilities of a corporate trustee.

- Independent trust administration- $4.6 billion under management- Federal Deposit Insurance Corporation (FDIC) insured- Office of Thrift Supervision (OTS) regulated

Though NATC acts as trustee, Truepoint serves as our clients' primary advisor, ensuring seamless consistency of trust services and carefully planned long-term family financial objectives.

Private Trust ServicesNational Advisors Trust Company

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Financial Plan Excerpts

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Asset Allocation

Quarterly Performance Report Excerpts

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Segmented Account StructureSample Portfolio

Operating Account

Reserve Account Capital Account

IncomeDistributions

   Annualized distributions equal to 3.0% to replenish Operating Account  

Account Characteristics

High Quality Short to Intermediate-Term

Laddered Bond Portfolio

Truepoint PortfolioInterest Bearing Checking Account

AccountStrategy

Portfolio

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Client references

Biographies of advisory team

Form ADV, parts I and II

Client agreement

Client questionnaire

Sample investment policy statement, financial plan and aggregate portfolio review

Additional DetailAvailable Upon Request