Eton Advisors Group LLC

The client experience at Eton Advisors is a full cycle of integrated advice designed to meet the family’s needs, priorities and aspirations in a multi-generational context. Through our service model, we develop a goals-based plan by reviewing the structure of wealth, family governance, wealth transfer, asset protection, and asset location. We then build a portfolio to meet the criteria of the plan by customizing the asset allocation, risk management, manager selection and monitoring. The finished plan is a blueprint of client service for management, coordination, execution and ongoing monitoring.

 Estate Transfer and Tax Planning  Goals-based integration of investment and tax planning  Wealth transfer strategies  Gifting and philanthropic strategies  Integration across households and multiple generations  Investment Services  Goals-Based Approach and Risk Tolerance  Comprehensive Financial Analysis  Determination of Economic & Market Outlook  Strategic Asset Allocation Framework  Tactical Allocation  Wealth Structuring & Asset Location Planning  Manager Selection  Investment Execution & Implementation  Performance Reporting and Ongoing Monitoring  Reporting and Administrative Services:  Compliance with regulations  Cash flow and budget management  Trust and Partnership administration  Oversight of fiduciaries, consolidated reports, statements, and record keeping  Accounts payable  Foundation Management  Private Wealth Education and Special Projects  Family meeting and retreat planning and administration  Planning for post-sale liquidity  Leadership succession planning  Vendor network library, management, and referrals  Private foundation overview and recommendations

Eton Advisors’ investment philosophy is built around our Goals-Based approach to asset allocation. As opposed to the oft-used approach of Mean Value Optimization—wherein the primary goal is maximizing portfolio return per unit risk—the chief objective of our goals-based approach is to maximize the probability of achieving the clients’ specific goals over multiple generations. • The goal-driven framework begins with a detailed analysis of client goals, wherein goals are identified, quantified, and prioritized. Extensive cash flow analysis is conducted to support these processes. • Goals are parsed into three categories based on their priority and the degree of certainty required: Needs & Obligations, Priorities & Expectations, and Desires & Aspirations. • Within the client’s overall portfolio, sub-portfolios are created specifically to fund each layer of goals. Higher levels of risk are permitted in funding the Priorities & Expectations and Desires & Aspirations-level goals, while the Needs & Obligations-level goals are funded with relatively low risk assets. • This multi-layered approach to asset allocation recognizes that clients have multiple levels of risk aversion, depending upon the particular goal under consideration. By segregating goals into distinct layers and creating a unique asset allocation for each respective layer, the probability of matching specific risk profiles with appropriate asset allocations is greatly increased. • As a final check to the asset allocation process, the Goals-Based portfolio is measured against certain Mean-Variance Optimized portfolios to ensure that no unintended or uncompensated risk is present in the proposed Goals-Based allocation.

Mission Eton Advisors is a multi-family office dedicated to helping families manage the vast complexity of their financial situation by encompassing the family's needs, aspirations, and constraints into an integrated solution of wealth structuring, investment consulting and service excellence. To be the industry leading expert in integrated solutions of investment consulting, financial planning, family service, and wealth structuring. Vision: At Eton we:  Understand the vast complexity of a family's situation;  Create coherent and actionable plans for managing complexity;  Optimize the interaction between family service, wealth structuring, financial planning, and investment implementation;  Implement all aspects of wealth management on an ongoing basis; and  Efficiently aggregate these services from a pricing and service excellence perspective

Our clients have a dedicated relationship manager who serves as the family quarterback, and whose areas of expertise include trust and family wealth office operations, coordination of complex wealth management, administration tasks, and many of the broad-ranging needs of wealthy families. The client team is comprised of multiple technical experts in the areas of investment consulting, wealth structuring and estate planning. The client can choose to contact any of the team members directly or coordinate all communication through the relationship manager. The technical expertise on the client relationship team at Eton allows us to truly integrate relationship management and consulting and therefore provide a higher-quality customized solution for the client.

Eton’s ideal client is a multi-generational family or non-profit organization with complex planning, investment, and administration needs; a client who is looking for a long-term partnership with Eton. Eton’s services can most benefit those families or organizations with more than $20M.

1. Holistic Goals-Based Framework The client experience at Eton Advisors is a full suite of integrated goals-based advice designed to meet the family’s needs, priorities, and aspirations in a multi-generational context. Through our service model, we develop a goals-based plan by reviewing the structure of wealth, family governance, wealth transfer, asset protection, and asset location. We then build a portfolio to meet the criteria of the plan by customizing the asset allocation, risk management, manager selection and monitoring. The finished plan is a blueprint of client service for management, coordination, execution and ongoing monitoring. This holistic approach is the core offering at Eton Advisors. 2. Service Culture Eton’s culture is service-oriented rather than sales-oriented, and our senior employees spend most of their time working with and for our clients. The technical expertise on the client relationship team at Eton allows us to truly integrate relationship management and consulting and therefore provide a higher-quality customized solution for the client. 3. Good Stewards of Wealth We strive to make our client into good stewards of their wealth. At Eton, we believe that our role is to be a partner to the family, and that our mission is to educate and counsel our clients to make their own solid financial decisions. Reporting and measurements are added to allow each client to track and evaluate their decisions wisely.

We schedule quarterly face-to-face client meetings one year in advance. Each meeting has a specific agenda to cover estate planning, tax planning, cash flow planning, or strategic planning. Investment reporting is included in all four meetings. We meet our clients at their location of choice. In addition, we host educational family-wide meetings as requested. For daily family operations, we communicate in the method of choice by the client, by phone, email, fax, or a combination of all.

Each quarterly meeting with our clients involves some form of informal education. Our approach to investment consulting is to make our clients good stewards of their wealth and well informed in decision making. We have in-house experts that teach and present topics on fiduciary responsibility, behavioral finance, estate planning, and asset allocation. We host children education as requested by our clients. We also host and present to multi-generational family meetings.

Our goals-based approach to risk management help families address the fact that family members have different levels of comfort with risk-taking. • The goal-driven framework begins with a detailed analysis of client goals, wherein goals are identified, quantified, and prioritized. Extensive cash flow analysis is conducted to support these processes. • Goals are parsed into three categories based on their priority and the degree of certainty required: Needs & Obligations, Priorities & Expectations, and Desires & Aspirations. • Within the client’s overall portfolio, sub-portfolios are created specifically to fund each layer of goals. Higher levels of risk are permitted in funding the Priorities & Expectations and Desires & Aspirations-level goals, while the Needs & Obligations-level goals are funded with relatively low risk assets. • This multi-layered approach to asset allocation recognizes that clients have multiple levels of risk aversion, depending upon the particular goal under consideration. By segregating goals into distinct layers and creating a unique asset allocation for each respective layer, the probability of matching specific risk profiles with appropriate asset allocations is greatly increased. • As a final check to the asset allocation process, the Goals-Based portfolio is measured against certain Mean-Variance Optimized portfolios to ensure that no unintended or uncompensated risk is present in the proposed Goals-Based allocation. This approach is a means of balancing the goals of both conservative and proactive family members and preventing conflict between those two opposing viewpoints on wealth management.

Eton is an integrated, cohesive, experienced MFO team. Excellent team culture, chemistry and experience built over last ten years. We employ twelve full-time employees with an average of 25 years of industry experience. The team credentials includes: 4 Chartered Financial Analysts (with a combined sixty-five years of investment industry experience), 2 Certified Public Accountants, J.D., 3 MBA, and CFP. Our past experiences are collected from independent trust companies, large American and international banks, portfolio management, and Single Family Office management.

The Eton team has been implementing multi-asset portfolios, including extensive use of alternative investments, for over a decade. We utilize CTC Consulting to support our manager search and selection processes. CTC actively tracks approximately 300 hedge funds, 500 traditional asset managers, and 145 private equity managers. Eton maintains a “short list” of investment managers / strategies by asset class, developed through a joint research effort of CTC and Eton investment professionals, for use by clients for whom those strategies are suitable. Our asset class categories include Cash, Fixed Income, US Equities, Non-US Equities, Hedge Funds, Real Estate, Private Equity, and Hard Assets. The first four categories are generally recognized as “traditional”, the last four as “alternative.” We generally recommend that portfolios with longer-term investment objectives establish exposures across the asset class spectrum. We also “look through” the asset category / label to the underlying investment exposures, which we may be able to establish through liquid or “proxy” vehicles rather than via traditional LP structures. We have access to best-in-class, institutional quality investment managers and strategies for both direct investments and pooled investments via our research partnership with CTC Consulting. We augment those capabilities with Eton’s local investment expertise and professional network to evaluate and select additional investment opportunities in the four categories listed above. We vary the investment approach and structure depending on specific client circumstances, preferences, and capital availability.