Disciplined solutions for your serious money

ABC CorporationPrepared for

January 22, 2010

1 Disciplined solutions for your serious money

Areté Investment ConsultingPursuit of the highest excellence

• Formed in 2009• Investment Consulting Services

Retirement PlansIndividual Investors

• Product Neutral• Investment Fiduciary

• Improve Account Performance• Remove Unnecessary Costs• Manage Unwanted Risks

Who we are

Why Areté?

Brian A. Roberts, CFA

• President

• 23 years of experience

• $20+ billion

• American Funds®

Retirement pricing models

Retirement portfolios

• Davidson College

Honors in Economics

2 Disciplined solutions for your serious money

Retirement Plan Services Independent and objective

Cost BenchmarkingAreté provides cost benchmarking services to uncoverunnecessary plan expenses. When a plan is over-compensatingits providers, Areté assists plan sponsors with recovering these expenses. "Excess revenues" are redirected to defray other plan-related expenses. In some instances "excess revenues" may bereturned to participant accounts to reduce plan investment expenses.

Provider SearchesWhen a plan outgrows or wants to replace its current provider,Areté assists plan sponsors by conducting provider searches. The search process begins with an assessment of plan needs and then continues with a request for proposals. Areté summarizes provider responses to facilitate comparisons. Finalists are invited to present their proposal to an organization’s decision-

Investment MonitoringAreté serves as a co-fiduciary by working alongside plan sponsors to develop and implement the investment criteriaused to select and monitor its investment choices. Quarterly performance reporting is provided to monitor a plan's investment lineup. Investment manager searches are conducted when investment options fail to meet the minimum quality standards established by a plan.

Participant AdviceWhen participants want more than investment education, Areté offers an optional fee-based investment advice service that provides participants with specific investment recommen-dations. The service includes wealth forcasting studies, asset allocation studies, investment manager searches for non-plan assets and annual performance reviews. Areté serves as a

fiduciary to plan participants who choose this service. making group.

3 Disciplined solutions for your serious money

Investment MonitoringHigh quality, defensible choices

4 Disciplined solutions for your serious money

Manager SearchesRigorous and disciplined

5 Disciplined solutions for your serious money

Quarterly Reportsolor-coding fund reviews

Cost BenchmarkingUncovering unnecessary expenses

6 Disciplined solutions for your serious money

Investment Advisor or Broker

Recordkeeper andPlan Administrator

Investment Manager

• x.xx% of assets• $ xx,xxx

• x.xx% of assets• $ xx,xxx

• x.xx% of assets• $ xx,xxx

Is the amount reasonable ?

Yes or No

Yes or No

Yes or No

• Investment selection and monitoring

• Participant education

• Participant Services (800#, internet access, etc.)

• Plan sponsor services (compliance and legal services)

• Investment Management

1

2

3(1) Amounts should include both direct and indirect compensation.

How much are they receiving for

their services? (1)Who is the plan

paying?What are they being

paid to do?

ABC Corporation Retirement Plan

Plan Revenue and Payments Analysis

Fund Expenses Plan Revenue Sources Plan Paid Expenses Arete's Fees

Plan Investments Assets as of

Fund

Expense

Ratio

Total Annual

Cost

Total Plan

Receipts

Plan

Revenue

Credits 12b-1 fees

Record-

keeping

Revenue

Advisor

Payment

Ratio

Advisor

Revenue

Advisor

Payment

Ratio Advisor Revenue

MFS Value A 584,307$ 1.00% $5,843 2,337$ 0.15% 0.25% $876 0.25% 1,461$ 0.16% 935$

Davis NY Venture A 55,360$ 0.85% $471 304$ 0.30% 0.25% $166 0.25% 138$ 0.16% 89$

Maxim S&P 500 Indes 591,378$ 0.60% $3,548 2,070$ 0.35% 0.00% $2,070 0.25% 1,478$ 0.16% 946$

Growth Fund of America R3 1,553,449$ 0.94% $14,602 10,097$ 0.15% 0.50% $2,330 0.25% 3,884$ 0.16% 2,486$

Perkins Mid Cap Value S 247,463$ 1.34% $3,316 1,237$ 0.50% 0.00% $1,237 0.25% 619$ 0.16% 396$

First Eagle Overseas A 182,073$ 1.15% $2,094 546$ 0.05% 0.25% $91 0.25% 455$ 0.16% 291$

Columbia Small Cap Value A 21,607$ 1.30% $281 108$ 0.25% 0.25% $54 0.25% 54$ 0.16% 35$

Maxim Index 600 Portfolio 389,738$ 0.60% $2,338 1,364$ 0.35% 0.00% $1,364 0.25% 974$ 0.16% 624$

Alger Small Cap Growth Instl 92,965$ 1.27% $1,181 465$ 0.50% 0.00% $465 0.25% 232$ 0.16% 149$

Oppenheimer Developing Mkts Y 406,521$ 0.95% $3,862 1,016$ 0.25% 0.00% $1,016 0.25% 1,016$ 0.16% 650$

American Funds Europacific R3 1,380,657$ 1.11% $15,325 8,974$ 0.15% 0.50% $2,071 0.25% 3,452$ 0.16% 2,209$

Columbia Real Estate Equity Z 60,178$ 1.04% $626 150$ 0.25% 0.00% $150 0.25% 150$ 0.16% 96$

T Rowe Price Retirement 2010 Adv 377,237$ 0.83% $3,131 1,509$ 0.40% 0.00% $1,509 0.25% 943$ 0.16% 604$

T Rowe Price Retirement 2020 Adv 712,920$ 0.98% $6,987 2,852$ 0.40% 0.00% $2,852 0.25% 1,782$ 0.16% 1,141$

T Rowe Price Retirement 2030 Adv 164,719$ 1.03% $1,697 659$ 0.40% 0.00% $659 0.25% 412$ 0.16% 264$

T Rowe Price Retirement 2040 Adv 178,827$ 1.04% $1,860 715$ 0.40% 0.00% $715 0.25% 447$ 0.16% 286$

T Rowe Price Retirement 2050 Adv 450,914$ 1.04% $4,690 1,804$ 0.40% 0.00% $1,804 0.25% 1,127$ 0.16% 721$

PIMCO Mortgage Back Sec Adm 1,362,016$ 0.75% $10,215 3,405$ 0.25% 0.00% $3,405 0.25% 3,405$ 0.16% 2,179$

PIMCO Total Return Adm 49,890$ 0.71% $354 125$ 0.25% 0.00% $125 0.25% 125$ 0.16% 80$

Key Guaranteed Portfolio 2,269,325$ 0.84% $19,062 19,062$ 0.84% 0.00% $19,062 0.25% 5,673$ 0.16% 3,631$

Totals 11,131,544$ 101,482$ 58,801$ 30,972$ 27,829$ 17,810$

- Wtd. Avg. Expense 0.91% Expected Costs 14,950$ 17,810$

Expected Cost Savings 16,022$ 10,018$

Total Expected Cost Savings 0.23% 26,041$

Recordkeeping and Administration Costs

# of Plan Participants 130

Recordkeeping/Admin. Cost Ranges Actual Recordkeeping/Admin. Costs Arete Fee Schedule

Areas of Costs

Costs

(High)

Est. Annual

Cost (High)

Costs

(Low)

Est. Annual

Cost (Low) Fee Type

Dollar

Amount

Blended

Rate Plan Size

Recordkeeping 80$ 10,400$ 65$ 8,450$ Plan Recordkeeping Revenue 30,972$ 0.25% 1,000,000$

Plan Administration 20$ 2,600$ 10$ 1,300$ Billed Recordkeeping Fees -$ 0.25% 5,000,000$

Relationship Management 30$ 3,900$ 5$ 650$ Billed Plan Administration Fees -$ 0.18% 10,000,000$

Sales Support 15$ 1,950$ 5$ 650$ Billed - Other Fees -$ 0.15% 15,000,000$

Total Costs 145$ 18,850$ 85$ 11,050$ Total Costs 30,972$ 0.14% 20,000,000$

Expected Costs (Avg) 14,950$ Custom $ >25,000,000

8

Cost Allocation Methods

Disciplined solutions for your serious money

for participant investment education

Pre-Pension Protection Act Post-Pension Protection Act

(1) The Pension Protection Act of 2006 created 404(c) protection under ERISA for plan sponsors when participant accounts are defaulted to a Qualified DefaultInvestment Alternative (QDIA).

(2) Requires a minimum of 30 days advance notice and an opt out provision for participants.(3) The Pension Protection Act of 2006 created a new category of plan service provider, a “fiduciary adviser,” that exempts providing investment advice to plan

participants from ERISA’s prohibited transaction provisions provided the compensation received does not vary based on an advisor's recommendations.

][ ][Charge Everyone• Regardless of use

(Disproportionate cost sharing)

Charge No One• Offer limited support

(Potential liabilities under ERISA)

• Default Assets to a QDIA(1) (2)

• Provide optional investment advice for participants(3)

Charge No One

9 Disciplined solutions for your serious money

Adantages/Benefits to restructuring cost allocation

Lower Investment Expenses

Reduced Fiduciary Liability

"Better" Long-Term Investment Decsions

Advice, Not Education

Less Work

10 Disciplined solutions for your serious money

Participant Advice ...more than investment education

Wealth Forecasting Studies

Asset Allocation Studies

Investment Manager Searches (for non-plan assets)

Account Monitoring and Rebalancing

Annual Portfolio Reviews

Ibbotson Wealth Forecasting Engine™ Projects the impact of different saving, spending and asset allocation decisions

IMPORTANT: This is a visual interpretation of confidence intervals resulting from a hypothetical Monte Carlo simulation and does not reflect actual investment results, and is not a guarantee of future results. Results may vary over time and with each simulation.

$10 mil

1 mil

100k

10k

65 Years old 70 75 80 85 90 95 100

• 50% confidence level • 75% confidence level • 90% confidence level

2007

11.6

9.9

5.5

4.7

–5.2

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

8.1% 37.6 23.0 33.4 28.6 29.8 21.5 22.8 17.8 60.7 20.7 14.0 26.9

3.9 34.5 17.6 22.8 20.3 27.3 5.9 3.8 1.6 39.2 18.4 7.8 16.2

3.1 31.7 6.4 15.9 13.1 21.0 –3.6 3.7 –13.3 28.7 10.9 5.7 15.8

1.3 1 1.6 5.2 5.3 4.9 4.7 –9.1 –11.9 –15.7 1.4 8.5 4.9 4.8

–7.8 5.6 –0.9 2.1 –7.3 –9.0 –14.0 –21.2 –22.1 1.0 1.2 3.0 1.2

Asset-Class Winners and Losers Uncertain returns underscore the case for diversification

Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009

Highest return

Lowest return

• Small stocks • Large stocks • International stocks • Long-term government bonds • Treasury bills

2008

25.9

1.6

–36.7

–37.0

–43.1

Reduction of Risk Over Time 1926–2008

Past performance is no guarantee of future results. Each bar shows the range of compound annual returns for each asset class over the period 1926–2008. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009

Small stocks Large stocks Government bonds Treasury bills

–60

–30

0

30

60

90

120

150%

1-year Holding period

5-year 20-year 1-year 5-year 20-year 1-year 5-year 20-year 1-year 5-year 20-year

Compound annual return: 11.7% 9.6%

5.7% 3.7%

Maximize the Risk versus Return Tradeoff 1970–2008

Past performance is no guarantee of future results. Risk and return are measured by standard deviation and arithmetic mean, respectively. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009

12% Return

11

10

9

Maximum risk portfolio: 100% Stocks

60% Stocks, 40% Bonds 50% Stocks, 50% Bonds

100% Bonds

Minimum risk portfolio: 25% Stocks, 75% Bonds

11 12 13 14 15 16 19 17 18 10% Risk

80% Stocks, 20% Bonds

More Funds Do Not Always Mean Greater Diversification Duplication is NOT Diversification

Past performance is no guarantee of future results. This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. © 2009 Morningstar, Inc. All rights reserved. 3/1/2009

Equity portfolio B

Deep-value Core-value Core Core-growth High-growth

Mic

ro

Sm

all

Mid

La

rge

Gia

nt

Equity portfolio A

Deep-value Core-value Core Core-growth High-growth

Mic

ro

Sm

all

Mid

La

rge

Gia

nt

16 Disciplined solutions for your serious money

Retirement Plan Fees Clearly defined and product neutral

Investment Monitoring

• First $5,000,000 in plan assets 0.25%• Next $20,000,000 in plan assets 0.10%

(Custom quotes for plans greater than $25,000,000)

Services include:• Development of an Investment Policy Statement (IPS)• Quarterly Performance Reporting (QPR)• Investment Manager Searches (IMS)• Cost and Revenue Discussions with current vendors• Two days of on-site educational meetings per year

Additional Services:• Extra days of on-site educational meetings• Investment Education Webinars (IEW)

Cost Benchmarking Studies (optional)

• Based on the number of provider responses included in the study.

Participant Advice (optional)

• First $2,000,000 of personal asset 0.25%• Over $2,000,000 of personal asset 0.15%

(Minimum annual fees per user)

Services include:• Wealth Forecasting Studies (WFS)• Asset Allocation Studies (AAS)• Investment Manager Searches for non-plan assets (IMS)• Investment Monitoring for non-plan assets• Account Monitoring and Rebalancing• Annual Portfolio Reviews

Provider Searches (optional)

• Based on the number of providers includedthe search.

Impact of Fees over Time

Account Assumptions

Current Account

Value $ 11,131,544

Additional Annual

Investments $ 500,000

Investment Return

before Fees 9%

Competitor's Fees

as a % of Assets 0.91%

Arete's Fees

as a % of Assets 0.68%

Illustration only. Actual fees may vary.

Return assumption is only hypothetical.

$-

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

5 10 15 20 25Ending Value Difference $196,875 $623,970 $1,457,854 $2,992,014 $5,708,635

Number of Years

Sample Investment Fee Analysis(Plan Participant Advice Fees)

ABC Brokerage Firm Arete Investment Consulting Investment Expenses Investment Expenses

Mutual Funds Assets

Advisory

Fee

Fund

Expense

Ratio

Total

Investment

Fees

Total

Annual

Cost

Total

Annual

Cost

Total

Investment

Fees

Fund

Expense

Ratio

Advisory

Fee Assets Mutual Funds

T Rowe Price Small

Value Adv100,000$ 1.50% 1.09% 2.59% $2,590 $1,170 1.17% 0.92% 0.25% 100,000$ T Rowe Price Small

Value

Europacific Growth

Fund F1100,000$ 1.50% 0.84% 2.34% $2,340 $880 0.88% 0.63% 0.25% 100,000$ Europacific Growth

Fund F2

Growth Fund of

America F1100,000$ 1.50% 0.69% 2.19% $2,190 $710 0.71% 0.46% 0.25% 100,000$ Growth Fund of

America F2

Washington Mutual

Investors F1100,000$ 1.50% 0.67% 2.17% $2,170 $690 0.69% 0.44% 0.25% 100,000$ Washington Mutual

Investors F2

PIMCO Total Return

A100,000$ 1.50% 0.71% 2.21% $2,210 $710 0.71% 0.46% 0.25% 100,000$ PIMCO Total Return

Instl

Totals 500,000$ 11,500$ 4,160$ 500,000$ Totals

2.30% 0.83%

Impact of Fees over Time

Assumptions

Account Value $ 500,000

Additional Annual

Investments $ 50,000

Investment Return

before Fees 9%

Competitor's Fees

as a % of Assets 2.30%

Arete's Fees

as a % of Assets 0.83%

Illustration only. Actual fees may vary.

Return assumption is only hypothetical.

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

5 10 15 20 25Ending Value Difference $62,366 $203,345 $479,364 $981,122 $1,852,798

Number of Years

19 Disciplined solutions for your serious money

The Areté TeamKatharine

S.L. Merrill

Elizabeth Roberts

A. Williamson Beasley, Jr.

• Boston University, MS Mass Communication• Johns Hopkins University, MS Business

Marketing professional with expertise in strategy, market planning, product development and product management for such companies as VeriSign Inc, LifeMinders, Inc., and the National Journal Group

• Randolph- Macon College, BA Economics and Business Administration• Old Dominion University, MBA

Liaison between Financial Advisory community and American Funds Group;Worked with advisors to select investments to best suit client needs

• Hampden-Sydney College, BA History

Product specialist identifying client needs, matching with appropriate solutions forcompanies such as Golfdom and GVA Advantis Commercial Real Estate Services

Ending Account Values Ending Account Values

based on based on

Competitor's Fees Arete's Fees

Year Beginning Value

Annual

Investments

Net Return

(After fees) Ending Value

Beginning

Value

Annual

Investments

Net Return

(After fees) Ending Value

1 11,131,544$ 500,000$ 940,992$ 12,572,536$ 11,131,544$ 500,000$ 967,744$ 12,599,288$

2 12,572,536$ 500,000$ 1,057,568$ 14,130,104$ 12,599,288$ 500,000$ 1,089,861$ 14,189,149$

3 14,130,104$ 500,000$ 1,183,575$ 15,813,679$ 14,189,149$ 500,000$ 1,222,137$ 15,911,286$

4 15,813,679$ 500,000$ 1,319,777$ 17,633,456$ 15,911,286$ 500,000$ 1,365,419$ 17,776,706$

5 17,633,456$ 500,000$ 1,466,997$ 19,600,453$ 17,776,706$ 500,000$ 1,520,622$ 19,797,327$

6 19,600,453$ 500,000$ 1,626,127$ 21,726,579$ 19,797,327$ 500,000$ 1,688,738$ 21,986,065$

7 21,726,579$ 500,000$ 1,798,130$ 24,024,710$ 21,986,065$ 500,000$ 1,870,841$ 24,356,906$

8 24,024,710$ 500,000$ 1,984,049$ 26,508,759$ 24,356,906$ 500,000$ 2,068,095$ 26,925,000$

9 26,508,759$ 500,000$ 2,185,009$ 29,193,767$ 26,925,000$ 500,000$ 2,281,760$ 29,706,760$

10 29,193,767$ 500,000$ 2,402,226$ 32,095,993$ 29,706,760$ 500,000$ 2,513,202$ 32,719,963$

11 32,095,993$ 500,000$ 2,637,016$ 35,233,009$ 32,719,963$ 500,000$ 2,763,901$ 35,983,864$

12 35,233,009$ 500,000$ 2,890,800$ 38,623,809$ 35,983,864$ 500,000$ 3,035,457$ 39,519,321$

13 38,623,809$ 500,000$ 3,165,116$ 42,288,925$ 39,519,321$ 500,000$ 3,329,608$ 43,348,929$

14 42,288,925$ 500,000$ 3,461,624$ 46,250,550$ 43,348,929$ 500,000$ 3,648,231$ 47,497,159$

15 46,250,550$ 500,000$ 3,782,119$ 50,532,669$ 47,497,159$ 500,000$ 3,993,364$ 51,990,523$

16 50,532,669$ 500,000$ 4,128,543$ 55,161,212$ 51,990,523$ 500,000$ 4,367,212$ 56,857,735$

17 55,161,212$ 500,000$ 4,502,992$ 60,164,204$ 56,857,735$ 500,000$ 4,772,164$ 62,129,898$

18 60,164,204$ 500,000$ 4,907,734$ 65,571,938$ 62,129,898$ 500,000$ 5,210,808$ 67,840,706$

19 65,571,938$ 500,000$ 5,345,220$ 71,417,158$ 67,840,706$ 500,000$ 5,685,947$ 74,026,652$

20 71,417,158$ 500,000$ 5,818,098$ 77,735,256$ 74,026,652$ 500,000$ 6,200,617$ 80,727,270$

21 77,735,256$ 500,000$ 6,329,232$ 84,564,488$ 80,727,270$ 500,000$ 6,758,109$ 87,985,379$

22 84,564,488$ 500,000$ 6,881,717$ 91,946,205$ 87,985,379$ 500,000$ 7,361,984$ 95,847,362$

23 91,946,205$ 500,000$ 7,478,898$ 99,925,103$ 95,847,362$ 500,000$ 8,016,101$ 104,363,463$

24 99,925,103$ 500,000$ 8,124,391$ 108,549,494$ 104,363,463$ 500,000$ 8,724,640$ 113,588,103$

25 108,549,494$ 500,000$ 8,822,104$ 117,871,598$ 113,588,103$ 500,000$ 9,492,130$ 123,580,233$

Summary Information

Year

Competitors

Ending Value

Arete's Ending

Value

Ending Value

Difference

5 19,600,453$ 19,797,327$ 196,875$

10 32,095,993$ 32,719,963$ 623,970$

15 50,532,669$ 51,990,523$ 1,457,854$

Illustration only. Actual fees may vary. 20 77,735,256$ 80,727,270$ 2,992,014$

Return assumption is only hypothetical. 25 117,871,598$ 123,580,233$ 5,708,635$

Ending Account Values Ending Account Values

based on based on

Competitor's Fees Arete's Fees

Year Beginning Value

Annual

Investments

Net Return

(After fees) Ending Value

Beginning

Value

Annual

Investments

Net Return

(After fees) Ending Value

1 500,000$ 50,000$ 36,850$ 586,850$ 500,000$ 50,000$ 44,935$ 594,935$

2 586,850$ 50,000$ 42,669$ 679,519$ 594,935$ 50,000$ 52,691$ 697,626$

3 679,519$ 50,000$ 48,878$ 778,397$ 697,626$ 50,000$ 61,081$ 808,707$

4 778,397$ 50,000$ 55,503$ 883,899$ 808,707$ 50,000$ 70,156$ 928,864$

5 883,899$ 50,000$ 62,571$ 996,471$ 928,864$ 50,000$ 79,973$ 1,058,837$

6 996,471$ 50,000$ 70,114$ 1,116,584$ 1,058,837$ 50,000$ 90,592$ 1,199,429$

7 1,116,584$ 50,000$ 78,161$ 1,244,745$ 1,199,429$ 50,000$ 102,078$ 1,351,507$

8 1,244,745$ 50,000$ 86,748$ 1,381,493$ 1,351,507$ 50,000$ 114,503$ 1,516,010$

9 1,381,493$ 50,000$ 95,910$ 1,527,403$ 1,516,010$ 50,000$ 127,943$ 1,693,953$

10 1,527,403$ 50,000$ 105,686$ 1,683,089$ 1,693,953$ 50,000$ 142,481$ 1,886,434$

11 1,683,089$ 50,000$ 116,117$ 1,849,206$ 1,886,434$ 50,000$ 158,207$ 2,094,641$

12 1,849,206$ 50,000$ 127,247$ 2,026,453$ 2,094,641$ 50,000$ 175,217$ 2,319,858$

13 2,026,453$ 50,000$ 139,122$ 2,215,575$ 2,319,858$ 50,000$ 193,617$ 2,563,475$

14 2,215,575$ 50,000$ 151,794$ 2,417,369$ 2,563,475$ 50,000$ 213,521$ 2,826,996$

15 2,417,369$ 50,000$ 165,314$ 2,632,683$ 2,826,996$ 50,000$ 235,051$ 3,112,047$

16 2,632,683$ 50,000$ 179,740$ 2,862,422$ 3,112,047$ 50,000$ 258,339$ 3,420,386$

17 2,862,422$ 50,000$ 195,132$ 3,107,555$ 3,420,386$ 50,000$ 283,531$ 3,753,917$

18 3,107,555$ 50,000$ 211,556$ 3,369,111$ 3,753,917$ 50,000$ 310,780$ 4,114,697$

19 3,369,111$ 50,000$ 229,080$ 3,648,191$ 4,114,697$ 50,000$ 340,256$ 4,504,953$

20 3,648,191$ 50,000$ 247,779$ 3,945,970$ 4,504,953$ 50,000$ 372,140$ 4,927,092$

21 3,945,970$ 50,000$ 267,730$ 4,263,700$ 4,927,092$ 50,000$ 406,628$ 5,383,721$

22 4,263,700$ 50,000$ 289,018$ 4,602,718$ 5,383,721$ 50,000$ 443,935$ 5,877,656$

23 4,602,718$ 50,000$ 311,732$ 4,964,450$ 5,877,656$ 50,000$ 484,289$ 6,411,945$

24 4,964,450$ 50,000$ 335,968$ 5,350,418$ 6,411,945$ 50,000$ 527,941$ 6,989,886$

25 5,350,418$ 50,000$ 361,828$ 5,762,246$ 6,989,886$ 50,000$ 575,159$ 7,615,045$

Summary Information

Year

Competitors

Ending Value

Arete's Ending

Value

Ending Value

Difference

5 996,471$ 1,058,837$ 62,366$

10 1,683,089$ 1,886,434$ 203,345$

15 2,632,683$ 3,112,047$ 479,364$

Illustration only. Actual fees may vary. 20 3,945,970$ 4,927,092$ 981,122$

Return assumption is only hypothetical. 25 5,762,246$ 7,615,045$ 1,852,798$

22

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can beno assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this booklet,will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio.

Due to various factors, including changing market conditions and laws, the content may no longer be reflective of current opinions or positions. Moreover,you should not assume that any discussion or information contained in this booklet serves as the receipt of, or as a substitute for, personalized investment advice or legal advice from Areté Investment Consulting, LLC. To the extent that a reader has any questions regarding the applicability of any specific legal issues that are highlighted, you are encouraged to consult with the legal advisor of your choosing.

Finally, please remember to contact Areté Investment Consulting, LLC in writing, if there are any changes in your personal/financial situation or investmentobjectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you want to impose, add, to modify any reasonable restrictions to our investment advisory services.

A copy of our current written disclosure statement that details our advisory services and fees is available for your review upon request.

Disciplined solutions for your serious money

Disciplined solutions for your serious money

477 Goodspeed Road • Virginia Beach, VA 23451

(757) 422-2210 • Fax: (757) 422-2110 • www.areteic.com