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Step 1Step 1

Selecting your Selecting your Benchmark Asset Benchmark Asset

AllocationAllocation

Step 1Step 1

Selecting your Selecting your Benchmark Asset Benchmark Asset

AllocationAllocation

What is Asset Allocation?

Asset allocation is theprocess of combining asset classes such as Stocks Bonds

Cash

3/1/2009 • Source: Created by Raymond James using Ibbotson Presentation Materials ©2009 Morningstar, Inc. All rights reserved. Used with permission.

stocks, bonds, and cash in a portfolio in order to meet your goals.

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Long-Term Portfolio Performance1926 – 2008

$10,000

1,000

100

10

1

0.101926 1936 1946 1956 1966 1976 1986 1996 2006

$2,049$2,049$1,219$1,219

$597$597

$241$241

$80$80

9.6%9.6%8.98.98.08.06.86.85.45.4

Compound Annual Return

Portfolio 1 (100% Stocks)Portfolio 1 (100% Stocks) Portfolio 2 (75% Stocks, 25% Bonds)Portfolio 2 (75% Stocks, 25% Bonds) Portfolio 3 (50% Stocks, 50% Bonds)Portfolio 3 (50% Stocks, 50% Bonds) Portfolio 4 (25% Stocks, 75% Bonds)Portfolio 4 (25% Stocks, 75% Bonds) Portfolio 5 (100% Bonds)Portfolio 5 (100% Bonds)

Past performance is no guarantee of future results. • An investment cannot be made directly in an index. • Hypothetical value of $1 invested at the beginning of 1926. Assumes reinvestment of income and no transaction costs or taxes. This is for illustrative purposes only and not indicative of any investment. • Source: Created by Raymond James using Ibbotson Presentation Materials ©2009 Morningstar, Inc. All rights reserved. Used with permission.

Captures most of the return of Portfolio 1 with only 50% exposure to stocks

70% upside capture / 25% exposure to stocks

Portfolio 3 (50% Stocks, 50% Bonds)Portfolio 3 (50% Stocks, 50% Bonds) 8.08.06.86.8 Portfolio 4 (25% Stocks, 75% Bonds)Portfolio 4 (25% Stocks, 75% Bonds)

$5.05$5.05$5.04$5.04

$4.91$4.91$4.63$4.63$4.24$4.24

$10

5

11989 1994 1999 2004

20-Year Portfolio Performance1989 – 2008

Past performance is no guarantee of future results. • An investment cannot be made directly in an index. • Hypothetical value of $1 invested at the beginning of 1989. Assumes reinvestment of income and no transaction costs or taxes. This is for illustrative purposes only and not indicative of any investment. • Source: Created by Raymond James using Ibbotson Presentation Materials ©2009 Morningstar, Inc. All rights reserved. Used with permission.

1 (100% Stocks)1 (100% Stocks)

95% upside capture w/ 50% exposure to stocks90% upside capture w/ 25% exposure to stocks

3 (50% Stocks, 50% Bonds)3 (50% Stocks, 50% Bonds)4 (25% Stocks, 75% Bonds)4 (25% Stocks, 75% Bonds) 8.08.0

8.38.3

So why do you have so much money So why do you have so much money in stocks?in stocks?

Are you taking the appropriate Are you taking the appropriate amount of risk in an effort to reach amount of risk in an effort to reach your goals? your goals?

Conclusions Asset Allocation

• Given the historical information, the only two reasons for owning stocks as a major portion of your portfolio are because…

1. You have to in order to attempt to reach your goals…or

2. You want to speculate with the goal of achieving higher returns.

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We can help find the right

Benchmark Asset Allocation

for you.

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Information presented is believed to be factual and up-to-date and was obtained from sources known to be reliable. It should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author as of the date of presentation and are subject to change.

•The S&P 500 Index is an index, with dividends reinvested, of 500 issues representative of leading companies in the U.S. large cap securities market representative sample of leading companies in leading industries). Russell investments (02/09)

• None of the graphs or charts contained in this presentation represents the performance achieved by any client of Level Paths Investment Advisers. They are designed to illustrate Level Paths’ tactical asset allocation strategy. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may materially alter the performance and results of your portfolio. Past performance is not a guarantee of future success.

• Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client's investment portfolio.

• Historical performance results for investment indexes and/or categories, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. • Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark.

• Information presented does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. This information should not be construed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein.

• Level Paths LLC is registered as an investment adviser with the state of Missouri. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.

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