The document outlines the firm's historical focus on large institutional clients and consultants, plans to expand into mid-size consultants and direct sales to insurers and large asset owners, and projections that increasing assets under management will lead to consistent revenue growth and profitability as fixed costs are covered. The firm also maintains a proprietary database to track index constituents, process daily prices and corporate actions, and execute trades for indexed and ESG-focused portfolios while reviewing holdings and reporting to clients.

1. 1
Firm – Growth Strategy
Historical Fundraising Focus:
Bank Clients: Great Lakes Region & Surrounding States
Bank Markets, TX, FL, CA
Large Institutional Consultants - Control large end of institutional market
Callan, Hewitt, Wilshire, NEPC, Russell, Meketa, Alan Biller, ACG, PCA, Buck,
Bilkey Katz, Bogdahn, Cambridge, CTC, DeMarche, Ellwood, Summit, etc….
Top large competitors winning mandates: Blackrock,
Vanguard, State Street Global. WAM is unknown. Firm must continue with large
but also focus on midsize consultants
Future Fundraising Focus:
Midsize & Large Consultants
Midsize Consultants / RIAs / Third Parties
Twice as profitable environmentally &
socially responsible investment products
Direct Sales:
Insurers; Large captives
Large asset owners w/o consultants
0
5
10
15
20
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016…
Firm AUM
(In Billions. Not Adjusted For Market Movement)

2. 2
Firm – Future Focus / Institutional Markets
• Large Consultants:
• Have met, been reviewed and approved by the majority of their research teams, continue meetings where appropriate
• Loosing RFPs to larger competitors. Will continue to pursue opportunities, email consultants press releases of firm wins
• Midsize Consultants/RIAs/Third Parties:
• Identified, in my database, initial outreach completed. Firm manager review and approval in process
• 4 top midsize consultants/RIAs/third parties: all contacted, reviewing and in 2- 12 month manager approval process
• Once approved, will begin in person or conference calls with each team to promote the
use of the firm
• Anticipate $50-$300 Million each year from each firm and growing as they get to know the firm
• Investment Bank Affiliated – Assets Under Advisement = $234 Billion / 50 US Teams (1)
• Progress: 11 months into review process. Anticipate approval this month
• Bank Affiliated – Assets Under Advisement = $205 Billion / 24 US Teams (1)
• Investment Bank Affiliated – Assets Under Advisement = $105 Billion / 18 US Teams (1)
• Bank Affiliated – Asset Under Advisement = $58 Billion / 11 US Teams (1)
• Direct to Asset Owners:
• Insurers: Captives- Cross sell bank clients, CapTrust relationship, $117B / One Centralized Team
• Large Institutions: UPS, others not using consultants
• Institutional Market:
• Passive Management: strong consistent growth in assets
• Differentiating Products: Socially Responsible / Environmental, Social, Governmental Investing – Strong Growth Areas
• Customized Management, Portfolio Manager Access
1. Plan Sponsor Magazine / Research
.

3. 3
The Firm:
Consistent Fundraising = Increasingly Profitable Subsidiary
• The Firm Breakeven Calculation
• Fixed Costs: salaries, research, office space rent: to be analyzed and determined
• Cost cutting where possible
• Current Revenue Estimate: ($X.XB Firm AUM + Commingled Funds $X.XB) X Average Fee of XXbp
• Increasing Profit Margin, Once Breakeven Costs Covered
• Non interest rate related, non correlated (Bank Owned Firm)
• Long-term increasing revenue. Average account life 10 years
• Consistently Increase Firm Assets and Revenue
• Focus on higher revenue products; e.g. SRI, ESG and others
• Focus on successful channels and platforms, e.g. midsized consultants, direct to large asset owners
The Firm Estimated Expenses & Revenue in $ Millions (With Projections)
0
20
40
60
2015 2020 2025 2030 2035
Revenue
Breakeven

4. 4
Firm Proprietary Database
Daily FTP download of index
constituents from fixed income
index providers:
Barclays
Merrill Lynch
Daily Morning Maintenance Process:
Prices updated, corporate actions processed, cash flows
Index Verification:
Reports created to validate index constituent data
When no discrepancies
found, continue to next
step
If discrepancies found,
update data in World
Asset database and re-
run index verification
Morning Downloads:
• Cash balance from custodians:
Bank & external custodians via
Advent Portfolio Exchange™
• Daily prices via index provider
• Corporate actions via custodian
interface
Constituent weightings are calculated and portfolios are
reviewed to determine rebalancing trades
ESG Applications:
(if applicable)
Environmental, Social &
Governmentally responsible
restrictions & screens applied,
if elected
Trade Execution:
Seek to obtain “best execution”
on all securities transactions.
Ongoing Portfolio Review & Reporting:
Daily review of client portfolio holdings and performance.
Reporting according to client specifications.
Potential Client Investment Review and Recommendations
Work within investment guidelines to best meet investment objectives
Initial:
Ongoing:
Detailed Firm Investment Process