INVESTMENT MANAGEMENTWINDHAVEN

GLOBAL DIVERSIFICATION. TACTICAL POSITIONING.

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WIND N. MOVEMENT OR INFLUENTIAL FORCE, OFTEN WITH VELOCITY.

HAVEN N. A SANCTUARY, REFUGE, OR PLACE OF RELATIVE SAFETY.

CLIENT FOCUS INNOVATION EXCELLENCE INTEGRITY GROWTH

Our mission is to champion our clients’ goals by achieving attractive risk-adjusted returns1 over full market cycles while

managing downside risks throughout. We attempt to position our strategies to benefit from a wide range of opportunities

while addressing a variety of risks always present within the global capital markets.

At Windhaven,® we are committed to a core set of values that cultivates an environment in which our employees can help

deliver on our clients’ long-term financial goals.

Windhaven Investment Management, Inc.SEIZING GLOBAL OPPORTUNITIES WHILE NAVIGATING UNCERTAIN MARKETS

Rick Wurster, Chief Executive Officer

Dynamic allocations in an interconnected world

SOUNDING V. THE ACTION OR PROCESS OF MEASURING THE DEPTH OF THE SEA.

N. INFORMATION OR EVIDENCE ASCERTAINED BEFORE DECIDING ON A COURSE OF ACTION.

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Active global diversification

• Broadens opportunity to achieve capital appreciation

over full market cycles

• Seeks to provide attractive risk-adjusted returns through

diversification by investing in asset classes that may

have lower correlations

Tactically managed for upside potential

• Modeling approach analyzes medium and longer

term fundamentals

• Proprietary modeling of expected risk-adjusted returns

grounded in a rigorous quantitative framework

• Seeks to capture the most attractive assets in

evolving market conditions

Focused on long-term downside risk management

• Proprietary quantitative model that seeks to reduce

drawdown when determining strategy allocations

• Strategic positioning across a variety of asset classes to

attempt to capitalize on shifting market scenarios

WHAT SHOULD YOUR PORTFOLIO LOOK LIKE TODAY?

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Dynamic global diversification

Our proprietary investment approach is fully dynamic,

combining opportunistic shifts with longer term, strategic

investment themes, striving to capture much of the up

market and less of the down.

A proven disciplined approach

Our active approach analyzes a wide range of market

and behavioral factors and allocates investments

that align with the ebb and flow of changing economic

and market cycles.

Our research team analyzes and models a large number

of assets across geographies and broad asset classes

including commodities, equities, fixed income, currencies

and real estate across developed and emerging markets

primarily through the use of exchange traded funds

(ETFs). We believe a broad mix of asset classes, as

opposed to a concentrated portfolio, mitigates the

downside over time.

Solid returns. Smoother ride.

Our investment philosophy and management approach

has provided our clients with solid returns and a

smoother ride.

Our goal: Less volatile, long-term,sustained performance.

Global diversification with a long-term perspective

1973 1976 1979 1982 1985 1988 1991 1994 1997 2000 2003 2006 2009 2012 2015

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-15%

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-35%

MSCI EAFE outperforms

S&P outperforms

ROLLING 3 YEAR EXCESS RETURNS BETWEEN S&P 500 & MSCI EAFE

As of 6.30.2016. Source: Bloomberg. EAFE = Europe, Australasia, Far East. S&P 500 is measured by SPX Index and EAFE is measured by MXEA Index. Past performance is no guarantee of future results. Indexes are unmanaged do not incur fees or expenses, and cannot be invested in directly.

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Tactically managed for upside potential and risk management

Uncovering global opportunities, seeking upside potential

In a world where asset class performance can vary

significantly from one year to the next, we believe it is

important to actively seek upside opportunities.

As a global tactical asset allocator, we strive to capture

those opportunities using our proprietary Global

Strategies Model, which helps guide the investment

management process.

GLOBAL ADJ. OF OR RELATING TO THE WHOLE WORLD.

RELATING TO OR EMBRACING THE WHOLE OF SOMETHING, OR OF A GROUP OF THINGS.

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Navigating changing scenarios

Each market and economic environment tends to

favor different asset classes. We start with a diversified

approach and dynamically navigate across asset classes

while adjusting allocations as opportunities arise or

risks appear.

• Individual global economies may go through multiple

market and economic environments at different times

• Strategy tilts to be best positioned for different market

and economic environments

• Global diversification can help smooth out the ride over

the long-term

TACTICS N. ANY MODE OF PROCEDURE FOR GAINING ADVANTAGE OR SUCCESS.

ISOLATED ACTIONS OR EVENTS THAT TAKE ADVANTAGE OF OPPORTUNITIES OFFERED BY

THE GAPS WITHIN A GIVEN STRATEGIC SYSTEM.

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ECONOMIC

SLOWDOW

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GOVERNMENT BONDS

OUTPERFORM

STAGFLATION

GOLD AND INFLATION LINKED

BONDS OUTPERFORM

INFLATIO

N/

GEOPOLITICAL RISK

HARD ASSETS OUTPERFORM*

STABLE ECONOMIC GROWTH

EQUITIES OUTPERFORM

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ECONOMIC ENVIRONMENTS

These relationships do not always hold true and there are periods of time when all asset classes might decline simultaneously. *Hard assets are physical assets.

WINDHAVEN’S STRATEGIES STAND OUT DURING PERIODS OF PROTRACTED DRAWDOWNS

• Model driven approach incorporates maximum drawdown when determining asset allocations

• Focusing on the long-term beyond daily/weekly fluctuations in an attempt to mitigate downside risk

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A proactive approach to risk management backed by a wealth of experience

Focused on long-term downside risk management

Our approach is rooted in our proprietary quantitative

model which incorporates maximum drawdown

management when determining investments. Maximum

drawdown is the maximum loss from a peak to a trough

of a portfolio’s value, before a new peak is attained.

While we pay close attention to daily and weekly

fluctuations in the markets, we attempt to mitigate

downside risk by focusing on events that persist beyond

a few days or weeks, in our modeling approach.

Preserving capital is key

Drawdown management is generally more effective in

more severe and prolonged downturns. Historically,

in periods during which our benchmarks were suffering

protracted drawdowns of more than 5%, each of our

strategies outperformed their benchmarks about 90% of

the time.2

STRATEGY N. A PLAN OF ACTION OR POLICY DESIGNED TO ACHIEVE A MAJOR AIM.

TO IDENTIFY CLEAR BROADER GOALS THAT ADVANCE THE OVERALL ORGANIZATION

AND ORGANIZE RESOURCES.

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2The time period represented begins in 1/1/2002 which is the longest time period for which all three Windhaven strategies existed concurrently. Performance is based on the actual returns of the respective Windhaven Diversified Wrap Composite, net of all fees and expenses. Past performance is no guarantee of future results. Please see the back panel of this brochure for further information.

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Windhaven investment process

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Our investment approach is the result of

years of research and consists of five steps:

1 ANALYZE global market, economic and behavioral

data using Windhaven’s Global Strategies Model

2 RANK global asset classes by expected risk and

return potential

3 BUILD strategies by optimizing risk-adjusted returns

using research and modeling process

4 TEST potential risk and return against major

volatility events

5 IMPLEMENT strategy allocations, primarily

using ETFs

At Windhaven, we believe in broad global diversification

and the importance of being well diversified in

preparation for future economic uncertainty.

We believe in tactically adjusting our strategies as

market conditions change.

Global Tactical Asset Allocation has served our clients

well in the past and we believe our process will continue

to benefit our clients over the long-term.

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COMPASS N. AN INSTRUMENT CONTAINING A MAGNETIZED POINTER THAT SHOWS

THE DIRECTION OF MAGNETIC NORTH AND BEARINGS FROM IT.

V. TO ACHIEVE; ACCOMPLISH; OBTAIN. TO COMPREHEND; TO GRASP, AS WITH THE MIND.

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Windhaven evaluates global markets

U.S.

INTERNATIONAL DEVELOPED

GLOBAL

INTERNATIONAL EMERGING

Domestic Equities

International Equities

Real Estate

Hard Assets

International Fixed Income

Domestic Fixed Income

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We offer three strategies that seek to achieve

capital appreciation by investing in a wide variety of

asset classes that may include U.S. and international

equities, fixed income securities, real estate, currencies

and commodities.

Our strategies are dynamically managed, striving to

take advantage of global capital market opportunities

while focusing on downside risk management by

changing allocations in response to the firm’s views

and market conditions.

• Model driven approach incorporating maximum

drawdown when determining allocations

• Focusing on long-term events persisting beyond

daily/weekly fluctuations in an attempt to mitigate

downside risk

• Strategies offered that take into account our clients’

individual risk tolerance and desired return potential

Windhaven investment strategies

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BEARING N. THE POSITION OR DIRECTION OF ONE POINT WITH RESPECT TO

ANOTHER OR TO THE COMPASS.

THE MANNER IN WHICH ONE BEARS OR COMPORTS ONESELF. ONE’S POSITION.

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Diversified Conservative Seeks capital appreciation over full market cycles with a conservative level of risk while generally maintaining global diversification.

Diversified Growth

Seeks capital appreciation over full

market cycles with a moderate level of

risk while generally maintaining broad

global diversification.

Diversified Aggressive

Seeks capital appreciation

over full market cycles with a

moderately aggressive level of risk,

while generally maintaining broad

global diversification.

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n Domestic Equities

n International Equities

n Real Estate

n Hard Assets*

n International Fixed Income

n Domestic Fixed Income

Charts are representative of Windhaven strategies. Asset classes and the proportional weightings in the strategies may change at any time without notice, subject to the discretion of Windhaven.*Hard assets are physical assets.

WATCH V. TO GUARD, TEND, OR OVERSEE

ESPECIALLY FOR PROTECTION OR SAFEKEEPING.

N. THE OFFICERS AND CREW WHO ATTEND TO

THE WORKING OF A SHIP FOR AN ALLOTTED

PERIOD OF TIME.

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Windhaven is an affiliate of Charles Schwab & Co., Inc.

Cause-and-effect analysis and experience

Windhaven investment professionals are experienced

investment managers with diverse backgrounds in finance,

mathematics, and academics, applying their knowledge of

portfolio theory and the global markets to your portfolio.

Our clients

Windhaven currently manages assets for individual

investors and trusts, retirement plans, foundations and

endowments, municipalities and non-profits.

Value and full transparency

• Program fees below 1%

• Strategies constructed primarily of ETFs

• Full transparency of our holdings and trades

• Active portfolio management with broad,

global diversification

All for about the same average cost as an actively

managed mutual fund.

Annual program fees

0.95% for the first $500,000

0.90% for the next $500,000

0.80% for the next $4,000,000

0.70% for amounts over $5,000,000

Minimum investment is $100,000 for brokerage and IRA

accounts and $25,000 for qualified ERISA accounts.

Windhaven services and fees SER

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CHART N. INFORMATION IN THE FORM OF A TABLE OR DIAGRAM.

A MAP OF AN AREA (SUCH AS THE SKY OR OCEAN) USED BY PILOTS, SAILORS, ETC.

V. TO PLAN: TO CHART A COURSE OF ACTION.

*Schwab Accountability Guarantee:

The guarantee applies to the following investment advisory services (“Participating Services”) and associated program fees: (i) Schwab Private Client (“SPC”); (ii) Schwab Managed Portfolios™ (“SMP”); and (iii) Managed Account Connection® (“Connection”) for accounts that are managed by investment advisors affiliated with Charles Schwab & Co., Inc. (“Schwab”): Windhaven Investment Management, Inc. (“Windhaven®”), ThomasPartners, Inc. (“ThomasPartners®”), and Charles Schwab Investment Management, Inc. (“CSIM”).

The guarantee does not apply to (i) accounts managed by investment advisors that are not affiliated with Schwab; (ii) accounts managed by Schwab-affiliated advisors outside of the SPC, Connection, and SMP programs; or (iii) any other product or service made available by Schwab or its affiliates. SPC, SMP, and Connection are wrap fee programs sponsored by Schwab.

Please see the back panel of this brochure for important information regarding The Schwab Accountability Guarantee.

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The Schwab Accountability Guarantee3

At Schwab, we believe every investor deserves account-

ability. If for any reason you’re not happy with one of our

participating investment advisory services listed below,

the Schwab Accountability Guarantee means we’ll refund

your program fee from the previous quarter and work

with you to make things right.*

For more information visit schwab.com/accountability

NAVIGATION N. THE PROCESS OR ACTIVITY OF ACCURATELY ASCERTAINING ONE’S

POSITION AND PLANNING AND FOLLOWING A ROUTE.

NAVIGATE V. TRAVEL ON A DESIRED COURSE.

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YOU EARNED YOUR WEALTH THE HARD WAY. WHY MANAGE IT THE OLD WAY?

WINDHAVEN IS BROUGHT TO YOU BY CHARLES SCHWAB

To find out more about Windhaven, please call 1-877-340-1714

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CURRENT ADJ. BELONGING TO THE PRESENT TIME; HAPPENING OR BEING USED OR DONE NOW.

N. A BODY OF WATER OR AIR MOVING IN A DEFINITE DIRECTION, ESPECIALLY THROUGH

A SURROUNDING BODY OF WATER OR AIR IN WHICH THERE IS LESS MOVEMENT.

Important information about Windhaven®

Risks

Please refer to Windhaven Investment Management, Inc.’s (“Windhaven”) Form ADV Part 2 for additional information.

Past performance is no guarantee of future results; the value of investments and the income derived from them can go down as well as up. Future returns and the achievement of stated goals are not guaranteed, and a loss of principal may occur.

Some specialized ETFs can be subject to additional risks. Investment returns will fluctuate and are subject to market volatility such that an investor’s shares, when redeemed or sold, may be worth more or less than their original cost.

Windhaven’s risk management process includes an effort to monitor and manage risk, but should not be confused with and does not imply low risk or the ability to control risk.

Asset classes and the proportional weighting in the strategies may change at any time without notice, subject to the discretion of Windhaven.

Diversification strategies do not ensure a profit and do not protect against losses in declining markets.

The tactical allocations can result in more portfolio concentration in a certain asset class or classes, which could reduce the overall return if the concentrated assets underperform Windhaven expectations.

There are risks associated with any investment approach, and Windhaven strategies have their own set of risks to be aware of. First, there are risks associated with the long-term strategic holdings for each of the strategies. The more aggressive the Windhaven strategy selected, the more likely the strategy will contain larger weights in riskier asset classes, such as equities. Second, there are distinct risks associated with Windhaven strategies’ shorter-term tactical allocations, which can result in more concentration of the strategies toward a certain asset class or classes. This introduces the risk that Windhaven could be on the wrong side of a tactical overweight, thus resulting in a drag on overall performance or loss of principal.

International investments may involve additional risks, which could include differences in financial accounting standards, currency fluctuations, political instability, foreign taxes and regulations, and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.

Hard assets can be significantly affected by commodity prices, world events, import controls, worldwide competition, government regulations, and economic conditions.

Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.

The information provided herein is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

Risk-Adjusted Return1Risk-adjusted return: a concept that refines an investment’s return by measuring how much risk is involved in producing that return, which is generally expressed as a number or rating. Risk-adjusted returns are applied to individual securities, investment funds, and portfolios.

There are several important risk measures, and each measure is unique in how it measures risk. Windhaven’s approach is a proprietary combination balancing compound annualized return, standard deviation (as measured by the Sharpe ratio), and maximum drawdown collectively at the strategy level. When comparing two or more potential investments, an investor should compare the same risk measures to each investment in order to get a relative performance perspective.

Windhaven Strategies Performance During Protracted Drawdowns2The statement “in periods during which our benchmarks were suffering protracted drawdowns of more than 5%, each of our strategies outperformed their respective benchmarks about 90% of the time” is represented by the time period which begins on 1/1/2002, which is the longest time period for which all three Windhaven strategies existed concurrently. Each downturn period measured began when the benchmark showed a negative monthly return and ended at the next positive monthly return. These downturn periods are not related to “maximum drawdown.” The number represented shows the percentage of periods where the respective Windhaven strategy outperformed its benchmark when the benchmark fell more than 5%. Monthly performance figures were used to calculate the results and the performance is based on the actual returns of the respective Windhaven Diversified Wrap Composite, net of all fees and expenses. Benchmark data source: Bloomberg.

Schwab Accountability Guarantee3If at any time or for any reason you are not completely satisfied with Windhaven Investment Management, Inc. or one of the other participating investment advisory services (“Participating Services”), at your request Schwab will refund the associated program fee for the previous calendar quarter applicable to the Participating Service. The program fee is a percentage of the eligible assets in your Participating Service account(s). You will receive a credit to your Participating Service account(s) within approximately four weeks of your request. No other fees, commissions, charges, expenses, or market losses will be refunded. If Schwab is unable to address your concerns after consulting with you and refunding your program fee, Schwab will work with you to help meet your financial goals. Schwab reserves the right to change this guarantee in the future after providing notice. For additional information regarding associated program fees, please see the disclosure brochure for the Participating Service, available at the time you enroll or upon your request. For a full list of Participating Services, please see schwab.com/accountability.

Entities

Windhaven Diversified Strategies are managed by Windhaven, a registered investment advisor, and are available through Schwab’s Managed Account Connection® and Managed Account Access® programs. Windhaven participates as a separate account manager in those programs, which include other separate account managers and strategies. Please read Schwab’s disclosure brochure for important information and disclosures relating to Schwab’s Managed Account Programs. Windhaven and Schwab are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

Brokerage Products: Not FDIC-Insured – No Bank Guarantee – May Lose Value

Ongoing investment income, capital gains, capital losses, and miscellaneous deductions from some commodity ETFs are reported annually on the Schedule K-1, and when commodity ETFs are sold in a taxable account, proceeds will be reported on Form 1099-B. Gains and losses associated with some commodities may be taxed differently than standard short-term and long-term capital gains and losses. Please consult your professional tax advisor for help with your unique situation.

CLIENT FOCUS INNOVATION EXCELLENCE INTEGRITY GROWTH

PAGE d.

INVESTMENT MANAGEMENTWINDHAVEN

Windhaven Investment Management, Inc., One International Place, 33rd Floor, Boston, MA 02110

©2016 Charles Schwab & Co., Inc. All rights reserved. Member SIPC.

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