new client account packet - amazon s3€¦ · after you have completed your client’s cap on...

New ClientAccount PacketThis New Client Account Packet contains the information and paperwork needed to set up your Account with FormulaFolio Investments, LLC quickly and efficiently. Each section of this packet is important and must be completed in its entirity. Please refer to the Getting Started Checklist (Section 1: page 3) to guide you through the contents of this packet. If you have any questions, please contact us via telephone at 888-562-8880 or via email at [email protected].

Charles Schwab

Return to FormulaFolio Investments Section 1: 1 of 1

SEC#: 801-72780 , Suite , MI 49

(Office) 888-562-8880 FormulaFolios.com (Email) [email protected]

4 11

© Copyright 2016 FormulaFolio Investments, LLC.

TABLE OF CONTENTS

Section 2

Account Application ............................................................ . 1-Transfer Form..........................................................................................1-6

Form... ............................................................. .1-Statement Bundling Form ..................................................................... 1-2

Section 3

Wrap Fee Program Brochure ................................................................. 1-

Section 4

Part 2B of Form ADV (Brochure Supplement) ........................................ 1-

Return to FormulaFolio Investments Section 1: 2 of 1© Copyright 2016 FormulaFolio Investments, LLC.

Section 1

Cover Page ............................................................................................... 1Table of Contents...................................................................................... 2Getting Started Checklist .......................................................................... 3

.....................................................................12-13

Asset Allocation Questionnaire.............................................................. - Client Profile ............................................................................................. Investment Management Agreement ................................................ 7-13Solicitor/ Financial Professional Suitability Analysis Attestation ..............10Solicitor’s Disclosure ..............................................................................11

GETTING STARTED CHECKLIST

1. Attach your Client’s completed Custom Allocation Proposal (CAP)

After you have completed your client’s CAP on www. formulafolios com, attach those documents to this New Account Packet. If you have not completed the CAP on , complete the Asset Allocation Questionnaire on pages . Then proceed to complete your client’s CAP on . This step is necessary in determining how FormulaFolios will allocate your client’s assets.

2. Complete Client Profile

On page , the client must fill out the information for the Primary Account Owner and for the Joint Account Owner (if applicable) in addition to the income and risk information.

. Complete Investment Management Agreement and Solicitor Attestation Form

On 9, fill out the appropriate Rep Fee. The number must be between 0%-1.5 %. Additionally, both the Client and Financial P ofessional must complete and sign all appropriate boxes on 10.

. Complete the Solicitor’s Disclosure

On age 11, the Financial Professional must complete the Solicitor’s Disclosure attesting that the information completed by their client is accurate.

. Leave Sections 3 and 4 with Client

The Wrap Fee Program Brochure and Part 2B of Form ADV (Brochure Supplement) are all documents that should be left with the Client. These documents are for their personal records and do not need to be returned to FormulaFolio Investments.

. Send completed packet to F

©201 FormulaFolio Investments, LLC. All Rights Reserved. Return to FormulaFolio Investments Section 1: 3 of 1

Check that all required signatures have been obtained and that all applicable information has been completed before submitting this packet. All pages from Sections 1 and 2 of the New Client Account Packet must be submitted to FormulaFolio Investments.

3. Complete In

12-13

.

Income

a b c d e

Growth

1. What is your current age?

Older than 75 65 to 75 55 to 65 45 to 55 Under 45

This questionnaire will help to determine the best asset allocation for your investments, based on your answers.

4. Which of the above best describes yourlong term needs from this investment?

a b c d e

a

1 YR 5YRS 10YRS 1 YR 5YRS 10YRS 1 YR 5YRS 10YRS

5. Below, you’ll see three hypothetical investments, withan initial deposit of $10,000.00 and approximate rates ofreturn of 5%, 7.5%, and 11.5%. Which investment looksmost attractive to you, taking into consideration bothreturns and volatility?

6. What is your long term rate of return expectationfrom this investment, net of fees but before taxes?

Less than 4% 4 to 6% 7 to 10% 10 to 12%

12% or greater

2. When do you expect to beginwithdrawing money from yourinvestments?

Less than 1 year1-3 years4-6 years7-10 years10 years or more

3. What would you say is the timehorizon for this investment?

Less than 1 year1-3 years4-6 years7-10 years10 years or more

7. The table to the right displays five scenarios for bestand worst outcomes of $100,000 invested in fivehypothetical portfolios over a five-year period. Withwhich portfolio are you most comfortable?

Portfolio 1 Portfolio 2 Portfolio 3 Portfolio 4 Portfolio 5

Worst Case Best Case

Portfolio1 $110,000.00 $115,000.00

Portfolio 2 $105,000.00 $125,000.00

Portfolio 3 $100,000.00 $175,000.00

Portfolio 4 $80,000.00 $200,000.00

Portfolio 5 $60,000.00 $250,000.00

Possible Outcomes: $100,000 Invested for 5 years

80

60

40

20

0

$16,289

$21,589

$31,089

Asset Allocation Questionnaire

©201 FormulaFolio Investments, LLC. All Rights Reserved. Return to FormulaFolio Investments Section 1:

LONG-TERM GOALS AND EXPECTATIONS

TIME HORIZON

SHORT-TERM RISK ATTITUDE

10.Do you have a minimum or desired annual income ordistribution requirement from this portfolio?

No income or distributions are needed 1 to 3% 2 to 4% 5 to 7% 8% or more

8. The graph to the right shows the quarterly returns ofa hypothetical investment over time. If you ownedthis investment (given its historical and currentreturns) what action would you take today?

Sell off the investments and cut your losses Sell off some of the investments to reduce your losses Continue to hold onto your investments with

expectations of future gains

9. Which of these statements would best describe yourattitude about the next three months performance ofthis investment?

I’d have a hard time stomaching any losses I can only tolerate small short-term losses If I suffered a loss of greater than 10%, I’d get concerned I wouldn’t worry about the losses in that time frame Short term losses do not concern me

OFFICE USE ONLY

$

11. Do you expect to take any large single sum distributionsin the next 12 months?

Yes / No

Purpose: _______________________________________________

How Much: _____________________

Is there anything else that we should know in determining your initial asset allocation?

Asset Allocation Total:

25

20

15

10

5

0

-5

-10

-15

-20Year 1 Year 2 Year 3 Year 4 Year 5

Quarters

Percentage

Client Signature Date

Client Signature Date

Advisor Signature Date

©201 FormulaFolio Investments, LLC. All Rights Reserved. Return to FormulaFolio Investments Section 1: of 1

LIQUIDITY NEEDS

©201 FormulaFolio Investments, LLC. All Rights Reserved. Return to FormulaFolio Investments Section 1: of 1

CLIENT PROFILE

Federal Income Tax Bracket: 10% 15% 25% 28% 33% 35%

Overall Planning Objective: Growth Growth + Income Income Capital Preservation

Overall Risk / Reward Profile: Aggressive Moderate Conservative

This Investment’s Objective: Growth Growth + Income Income Capital Preservation

Overall Investment Experience: < 3 yrs 3-5 yrs 5-10 yrs 10-20 yrs 20+ yrs

Client Birth Date or Trust Date

Client Resident Address

City, State, Zip

Client Phone #

Client Email Address

Client Marital Status

Client Citizenship

Client Employer Name

Client Employer Address

Client Employer Phone #

Client Employment

Client Occupation

Total Net Worth

Annual Gross Household Income

Liquid Net Worth

Joint Client SSN/Tax ID #

Joint Client Resident Address

City, State, Zip

Joint Client Phone #

Joint Client Email Address

Joint Client Marital Status

Joint Client Citizenship

Joint Client Employer Name

Joint Client Employer Address

Client Employer Phone #

Joint Client Employment

Joint Client Occupation

Married Single Widowed Divorced Married Single Widowed Divorced

Full-Time Part-Time Semi-Retired Retired Full-Time Part-Time Semi-Retired Retired

City, State, Zip City, State, Zip

Client SSN/Tax ID #

(MM/DD/YYYY)Joint Client Birth Date or Trust Date(MM/DD/YYYY)

Client First Name M.I. Joint First Name M.I.

Client Last Name Joint Last Name

For your convenience, the following form is available as a “Fillable” PDF. All of the text areas allow you to type in the blanks to fill in your information. To save this data, you must own and have installed on your computer the professional version of the Adobe Acrobat software (available at office stores everywhere or online at www.Adobe.com). If you are simply using the free, Adobe Reader plug-in, you can still type in the information and then print these pages. However, you will not be able to save your information.

Primary Account Owner

INVESTMENT MANAGEMENT AGREEMENT

This INVESTMENT MANAGEMENT AGREEMENT (this “Agreement”) is made between the client(s) named below (“Client”) and FormulaFolio Investments, LLC, a Michigan limited liability company (“Adviser”). Client desires Adviser to manage the investable assets identified below and other assets which are in the future placed under Adviser’s management (the “Account”). For this purpose, Client and Adviser agree as follows:

1. Appointment; Limited Authority. Client appoints Adviser to act as alimited discretionary investment manager with respect to all assetsheld in the Account, subject to the following limitations:

a. Adviser shall have limited discretion to direct and implement theinvestment and reinvestment, including account rebalancing, ofthe assets held in the Account without consultation with Client.Adviser’s authority shall survive Client’s death, incapacity, dissolution,or insolvency until Adviser’s receipt of written notice of that event.All transactions in the Account pursuant to this limited discretionaryauthority shall be solely for the benefit and risk of Client.

b. This limited discretionary authority will not be exercised by Advisersolely to cause Client to purchase or sell any investment in whichAdviser or its Advisory affiliates have any personal interest (otherthan fully disclosed commissions) without prior notice to Client. It ispossible that associated persons of our firm are invested in the samesecurities or investment products that we are recommending.

c. All assets under Adviser’s management shall be held or distributedin Client’s name or as Client otherwise directs Adviser in writing.Adviser shall not have custody or possession of Client’s cash,checks, securities, or other property, which is not permitted underapplicable law. Services to be provided by Adviser under thisAgreement are limited to management of the Account and do notinclude financial planning or other services.

Permissible Investments. Unless otherwise limited by Client,Adviser’s discretionary authority shall include the power to purchase,sell, exchange, rebalance or otherwise dispose of any and all types ofequity securities, whether publicly or privately offered for sale,domestic or foreign. Permissible investments may include, withoutlimitation, shares, units, and direct or indirect interests in stocks,mutual funds, ETFs, money markets, UITs, etc.

Investment Strategy and Limitations. Adviser’s investmentauthority will be limited by any investment objectives, guidelines, orrestrictions as Client and Adviser may agree upon from time to timein writing, as well as limitations imposed under any applicable legalinvestment laws. Adviser’s investment decisions will be largely drivenby Adviser’s formulas, investment strategies and any limitations, ratherthan the timing of Client’s purchase of any particular investment orhow long Client has held a particular investment. Adviser may purchase, sell, and hold investments in Client’s portfolio withoutspecific consideration of Client’s other investments which are notheld in the Account and without regard to the specific taxconsequences to Client resulting from the sale of an investment.

Additions and Withdrawals. Client will give Adviser notice of reasonablyanticipated additions to or withdrawals from the Account which are ofa significant size or are regularly recurring in nature.

Adviser’s Fees and Custodial Billing. Adviser’s asset undermanagement fees are calculated monthly based on assets undermanagement, as follows:

Client will pay Adviser periodic investment management feesbilled monthly as a percentage of assets held in the Account.Adviser’s account management fees will be calculated based onthe value of assets held in the Account as reported by theAccount custodian as of the end of the billing period. Client agreesto the fee and understands that his/her fee may changeperiodically based on the value of the assets in the account.Adviser’s fees will be billed to, and paid by, the account custodianby deducting the fees directly from Client’s Account. The account custodian will provide monthly statements, reporting all feedeductions from the Account.Adviser may from time to time unilaterally amend it fees andbilling arrangements. Any change will only become effective after30 days’ prior written notice unless Client terminates thisAgreement.Adviser’s fees are not based on the financial performance orcapital gains or losses experienced by the Account.

Custodial Services. Adviser uses an independent third party, as itsaccount custodian. You will have direct access to the custodian viatheir client website here you can access reports of the assets inthe Account and Account transactions occurring during the reportingperiod. Client will be responsible for paying any custodial feescharged by the custodian. Adviser cannot serve as a custodian andshall have no liability with respect to custody arrangements or theactions, conduct, or omissions of the custodian.

Adviser’s Representations. Adviser is currently registered as aninvestment adviser with the Securities and Exchange Commissionunder the Investment Advisers Act of 1940, as amended (“FederalAdvisers Act”).

Client’s Representations. Client represents that the engagement of Adviser under this Agreement is authorized by, has beenaccomplished in accordance with, and does not violate anydocuments to which Client is subject or by which Client is governed.The person whose signature appears below is duly authorized to acton Client’s behalf with respect to the Account. Adviser shallbe permitted to rely, without independent verification, upon thedirections and instructions of this person, the Client or Joint Clientnamed above, or any other representative with apparent authority toact on Client’s behalf.

Adviser shall have limited discretion to direct and implement theinvestment and reinvestment, including account rebalancing, ofthe assets held in the Account without consultation with Client.Adviser’s authority shall survive Client’s death, incapacity,dissolution, or insolvency until Adviser’s receipt of writtennotice of that event. All transactions in the Account pursuant tothis limited discretionary authority shall be solely for the benefitand risk of Client.

Client’s Responsibilities. Client shall be solely responsible for theaccuracy and completeness of all information provided to Adviser.The solicitor and the solicitor’s broker-dealer and/or registeredinvestment adviser will be responsible for obtaining informationconcerning Client’s background, circumstances, objectives, and risktolerances for suitability purposes. Adviser will not independentlyverify the accuracy or completeness of this information.

Proxy Voting. Adviser will not be responsible for responding to orvoting proxies that are solicited with respect to annual or specialmeetings of shareholders of securities held in the Account. Client’swill have direct access to proxy and voting materials at www.folioclient.com and Client is responsible for voting such materials.

Best Efforts. Adviser shall perform its obligations under thisAgreement with the care, skill, prudence, and diligence under thecircumstances then prevailing that a prudent man acting in a likecapacity and familiar with such matters would use in the conduct ofan enterprise of a like character and with like aims. Client


INVESTMENT MANAGEMENT AGREEMENT CONT.

Confidential Information. All information and advice furnished byClient or Adviser to the other party shall be treated as confidential andshall not be disclosed to third parties without prior consent, except aspermitted or required by law. Adviser may provide informationregarding Client and the Account to its affiliates, its custodian, andany other necessary third party required in orderto perform its services under this Agreement. Adviser may alsoprovide information to other persons as reasonably necessary inperforming its services under this Agreement for the Account,subject to Adviser’s privacy policy. The Adviser’s privacy policycontains important information that Client should consider and isincorporated into this Agreement by this reference.

Assignment. No “assignment” (as that term is construed underthe Federal Advisers Act, as applicable) of this Agreement may bemade by Adviser without Client’s consent. The Client’s consentmay be given orally, in writing, or by implied consent permitted underapplicable laws. Client’s consent to an assignment maybe conclusively presumed if Adviser provides Client with writtennotice describing the proposed assignment with an opportunityand method to terminate this Agreement not less than 30 daysprior to the event and, thereafter, Client continues Adviser’s servicesunder this Agreement without oral or written objection or contracttermination. Any corporate reorganization or change in ownership ofAdviser that does not result in a change of control of Adviser is not an“assignment” for this purpose.

Termination. This Agreement may be terminated within the first fivebusiness days after the date indicated below without cost or penalty.Thereafter, this Agreement may be terminated by Client or Adviser atany time by giving five business days prior written notice. Client mayimmediately give notice to terminate this Agreement after receipt ofAdviser’s notice of any proposed “assignment” of this Agreement.Termination of this Agreement shall not affect liabilities or obligationsincurred or arising from transactions initiated under this Agreementprior to the termination date, such as the purchase of investments byAdviser for the Account. Client is responsible for any cost incurred intransferring assets from the Account to a different account. After thetermination date, Adviser shall have no further duties or obligations toClient under this Agreement.

Client’s Acknowledgments.

Client acknowledges receipt of Adviser’s Form ADV, Part II,or the equivalent Schedule H brochure, on or before the dateof execution of this Agreement (the“Adviser’s Disclosures”). TheAdviser’s Disclosures contain important information that Clientshould carefully consider and are incorporated into this Agreementby this reference. This Agreement shall control over anyinconsistency with Adviser’s Disclosures.

Client acknowledges receipt of Adviser’s Privacy Policy(contained in Schedule H brochure) describing its practices for thecollection and sharing of client information.

Client acknowledges that Adviser serves other clients andaffiliates, and may take action with respect to any of them whichmay differ from the timing or nature of action taken, with respectto Client and the Account. Adviser shall have no obligation topurchase or sell for the Account, or to recommend for purchase orsale by the Account, any security which Adviser, its principals,affiliates, or employees may purchase or sell for themselves or forany other client.

Entire Agreement; Amendments. This Agreement constitutes theentire agreement between Client and Adviser with respect to the Account amend this Agreement, including its fee

with 30 days prior written notice. Client is free to terminate this Agreement, as provided below, if the change is not acceptable. In the event that any provision of this Agreement is declared to be invalid, such declaration shall not be deemed to affect the validity of any of the other provisions of this Agreement. This Agreement shall be governed and construed in accordance with the laws of the State of Michigan without regard for conflict of laws principles.

Notices. All required notices shall be in writing and directed tothe address indicated below, or to such other address as may bedesignated for this purpose by Client or Adviser from time to time.Notice shall be deemed delivered and effective after seven days ifsent to the last designated address by ordinary United States mail,postage prepaid.

For all accounts non-discretionary, non-managed accounts (non-assetbilled) there is an annual fee of $50 for administrative services. For allmanaged accounts, there is a administrative fee of $5 . Thisfee applies on accounts that have balances of less than $100,000 atthe end of a billing cycle. This fee can be waived at the discretion ofthe firm.

BINDING ARBITRATION

Client and Adviser each agree to final and binding arbitration, asprovided below. Client and Adviser each acknowledge that:

• Arbitration shall be final and binding on the parties.

• The parties are each waiving their right to seek remedies incourt, including the right to jury trial.

• Pre-arbitration discovery is generally more limited than, anddifferent from, court proceedings.

• The arbitrators’ award is not required to include factualfindings or legal reasoning, and any party’s right to appeal orto seek modification of rulings by the arbitrators is strictlylimited.

• The panel of arbitrators may include a minority of arbitratorswho were or are affiliated with the securities industry.

• This agreement to arbitrate does not constitute a waiver ofthe right to seek a judicial forum to the extent that such awaiver would be void under applicable law.

Client and Adviser each agree that, except as prohibited byapplicable law, ALL CLAIMS OR CONTROVERSIES, AND ANYRELATED ISSUES, which may arise at any time betweenus (including Adviser’s representatives, directors, officers,employees, and agents) concerning any investment or planningadvice, recommendation, or exercise of limited discretionaryauthority with respect to any subject matter; any transaction ororder; the conduct of Adviser or its representatives, directors,officers, employees, and agents; the construction, performance,or breach of this or any other agreement between us, whetherentered into prior to, on, or subsequent to the date of thisAgreement; the breach of any common law or statutory duty; orthe violation of any federal or state law of any nature SHALL BERESOLVED BY BINDING ARBITRATION rather than by a lawsuitin a court of law or equity.Any arbitration pursuant to this Agreement shall be in accordancewith, and governed by, the Code of Commercial Arbitration ofthe American Arbitration Association. Any arbitration shall be heldin the County of Kent, State of Michigan.The award of the arbitrators, or of the majority of them, shall befinal and binding, and judgment upon the award rendered may beentered in any federal or state court having jurisdiction. Clientand Adviser agree and consent that any state or federal courtlocated in Michigan shall have personal and subject matterjurisdiction to enter judgment on an arbitration award.Any arbitration must be commenced by delivery to the otherparty of a written demand for arbitration or a written noticeof intention to arbitrate setting forth in detail the claim orcontroversy to be arbitrated.

Therefore, Client and Adviser have executed this Agreement as of the date indicated on the following, final pages of this contract.


First: <$100,000 0. %

(0% to 1. 5%)Next: $100,000 - $249,999

Next: $250,000 - $499,999

Next: $500,000 - $999,999

Next: > $1,000,000

0. %

0. %

0. %

0. %

Amount Under Mgmt. FF Investments Mgmt Fee. Rep Fee

First: <$ 00,000 0. %

(0% to 1.5 %)Next: $ 00,000 - $

Next:

0. %

0

Series


0. %


(0% to 1. %)

INVESTMENT MANAGEMENT AGREEMENT

Multi-Manager Series


Custodian :

Custodian Account Number:

1. Client’s receipt of FormulaFolio Investments, LLC Form ADV Part A or the Wrap Fee Brochure, Adviser’s Form ADV Part 2B,privacy policy, and Investment Management Agreement.

2. Client’s being fully informed of the risks associate with investments, Adviser’s assets under management fees, accountmaintenance fees, and transaction fees.

3. If securities or insurance products are being sold, redeemed, or exchanged for the purpose of funding an investment, Client’s beingfully informed that there may be surrender charges or additional sales charges and tax consequences associated with a sale,redemption, or exchange.

4. Client has made an informed decision and that the recommended investment is consistent with Client’s investment needs andobjectives and Client’s signature below indicates Client’s consent to the investment transactions covered by this Agreement.

5. Client represents that the above information accurately reflects Client’s investment objectives and financial status, and Clientundertakes to promptly inform Adviser of any material changes.

6. Client has received a description of the WealthGuardTM account tracking and reporting services, including related disclosures anddisclaimers; and Client authorizes Adviser to manage Client’s accounts based on Client’s selections, as may be amended in writing bymutual agreement from time to time.

7. Client authorizes Adviser to verify Client’s name(s), address, birth date(s), social security number(s) and any other informationnecessary to establish a client relationship as may be prescribed by anti-money laundering and other federal and state laws.

8. Client accepts the terms, conditions, representations, obligations, in the Investment Management Agreement, and Client agrees tobe bound by this Agreement.

Client / Trustee Name:

Client / Trustee Signature: Date:

Joint Client / Trustee Name:

Joint Client /Trustee Signature Date:

Solicitor Representative’s BD / RIA / Applicable Firm:

Solicitor Representative’s Name:

Solicitor Representative’s Signature: Date:

Home-Office Authorized Printed Name:

Home-Office Authorized Signature: Date:

Solicitor / Referring Financial Professional Name:

Solicitor / Referring Financial Professional Signature: Date:


I certify, as the Solicitor/Referring Financial Professional, that I have conducted a suitability analysis with this client and I believe these advisory services are suitable for the client given his/her current financial status and risk tolerance. I understand that I am responsible for conducting ongoing suitability analyses to verify that the advisory services remain appropriate for the client. I further attest that the information referenced above accurately reflects the client’s investment objectives and financial status, as dictated by the client.

SOLICITOR/REFERRING FINANCIAL PROFESSIONAL SUITABILITY ANALYSIS ATTESTATION

By signing below, Client acknowledges:

SOLICITOR’S DISCLOSURE

Pursuant to SEC Rule 206 (4)-3 of the Investment Advisors Act of 1940:

Enclosed is a copy of the current Wrap-Fee Brochure of FormulaFolio Investments, LLC. (hereinafter “FFI”). This is the firm’s disclosure brochure that is to be provided to any client or prospective client (hereinafter “Client”) before establishing a relationship with FFI as an investment advisor. Provision is required under the Investment Advisers Act, by the Securities and Exchange Commission, and/or by the State of Michigan. This document is to inform the client that your Financial Professional is not employed or affiliated in any way with FFI and may assist in establishing (and maintaining) Client’s relationship with the FFI or the term of Client’s advisory relationship with FFI, and according to an agreement between the Financial Professional and FFI, FFI will pay to F nancial Professional and/or the Financial Professional’s Firm, both initial and ongoing compensation. FFI will pay the Financial Professional and/or the Financial Professional’s firm up to an annual rate of 1.5% of assets under management that will be deducted monthly in arrears from the client’s account as described in the FormulaFolios Wrap-Fee Brochure. The exact Financial Professional fee charged to client will be specified in ection #8 of the Investment Management Agreement of this Application. The compensation paid to Financial Professional by FFI is for the solicitation services and for referring client to FFI and covers any expenses associated with these efforts. Financial Professional’s services may also include periodic contacts about investment performance, reviews, or other information as may be requested or required to assist in understanding FFI’s services or establishing an advisory relationship or providing/updating client information on behalf of FFI. In no event will the services include providing investment advisory services on behalf of FFI. FFI may additional compensation to the Financial Professional’s firm and/or marketing representatives that are independently contracted by FFI for marketing, client servicing, or related services. These payments will not increase the fees associated to client’s accounts. The compensation for these services is paid to Financial Professional by FFI from the wrap-fees earned. The wrap-fees are detailed in the FormulaFolios Wrap-Fee Brochure. Therefore, Client’s advisory fees paid to FFI are all inclusive of the fees paid to Financial Professional. management fees will not be increased above and beyond the total wrap-fees charged by FFI. Signing ection 10 of this account application constitutes a receipt of the Wrap-Fee Brochure and this Solicitor’s Disclosure Document. This will confirm for the SEC that you have received this information and are informed about the solicitor fee arrangement between FFI and Financial Professional as described above.

Financial Professional Name

BD/RIA Firm Name

Address

City State Zip


Initial ll ati n Request

0

0

5

5

7.5

Cash Management Needs

*WealthGuardTM Rebalance Details: In the event that your account reaches its WealthGuardTM value, and is invested in a Moderate Conservative or higher risktolerance portfolio, your account will be rebalanced two allocations "more conservative" within the same series (i.e. from MM100 to MM60). If your account isinvested in a Conservative portfolio, it will be rebalanced to the Income portfolio within the same series (i.e. FF20 to FFIncome). If your account is invested in anIncome portfolio, no action will be taken, and you will continue to receive alerts.

client account packet, or to your Trade Request and Allocation Change ShareFile Folder once the account has been established.

Version 1.4

A

rebalance my account using a more conservative model. *see below for details

( consequences on non-qualified accounts)

FOLIO Institutional TD Ameritrade Fidelity Charles Schwab Jefferson National


Name

Name

Initial ll ati n Request nt

Version 1.4©201 FormulaFolio Investments, LLC. All Rights Reserved. Return to FormulaFolio Investments Section 1: 13 of 1

©2015 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC. CC0147022 (0715-4950) APP13582-31 (11/15)

*APP13582-31=01*

Schwab One® Account Applicationfor Personal Accounts

Investment Advisor (“IA”) Information (This portion to be completed by IA.)

IA Firm Name (please print): _________________________________________________________________________________________________________

IA Master Account Number: ___________________________________________________________________ Service Team: ________________________

Advisor Contact Information (if follow-up is required): ___________________________________________________________________________________Is your firm (or a principal, employee or related person* of your firm) an owner, executor, guardian, conservator or custodian of this account? ! Yes ! NoIf “yes,” is it intended that this account will hold assets belonging to persons or entities other than your firm, your firm employees or yourself, or relatives of you or your firm members? ! Yes ! No* A “related person” is defined as any advisory affiliate or any person that is under common control with your firm. See Form ADV for additional information.

To use this form, all account holders must be U.S. citizens or U.S. resident aliens, reside in the U.S. or one of its territories, and provide a U.S. mailing address.

Please print in CAPITAL LETTERS if you are filling out this form or providing an attached instruction by hand.

Note: To add checks or debit cards to your Personal account, please submit the Update Your Schwab One Account form.

1. Type of Account (Select only one.)

! Schwab One ! Schwab One with Margin

2. Registration (Select only one.)

! Individual ! Joint Tenants with Rights of Survivorship ! Tenants in Common

! Tenants by the Entirety† ! Community Property† ! Community Property with Rights of Survivorship†

! Conservatorship‡ ! Guardianship‡

! Custodial (Section 12, optional) Under Laws of (State)§____________ Age of Termination§____________

! Estate‡ ___________________________________________________________

Decedent’s First Name _____________________________________________ Decedent’s Middle Name __________________________________________

Decedent’s Last Name _____________________________________________ Decedent’s Social Security Number _________________________________

Tax ID Number of the Estate ________________________________________

† This type of registration may not be available in your state. ‡ For Estate, Guardianship, or Conservatorship accounts, also submit a copy of your court order (Letters Testamentary, Letters of Administration,

Letters of Guardianship, or Letters of Conservatorship), certified as currently valid by the court clerk within the last 60 days and bearing the clerk’s original signature and seal.

§ Required for minors who are residents of states governed by the Uniform Transfers to Minors Act or by the Uniform Gifts to Minors Act. The age of custodianship termination varies by state, although many states set the maximum age for termination at 21. If you do not indicate an age or governing state law here, the account will be set up using the custodian’s state of residence and that state’s default age of custodianship termination (either 18 or 21). If neither the minor nor the custodian is a U.S. resident, the custodian must indicate the governing state law in the Governing State Law field above.

I understand that electing to extend custodianship to age 25, if applicable, may cause me to lose my annual exclusion from federal gift tax and that I should consult with an attorney or tax advisor before making this election. (Note: Only certain states allow the custodianship to be extended to the minor’s 25th birthday. This election may be exercised only in those states that specifically provide for it.)

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

For Charles Schwab Use OnlyAccount Number

Page 1 of 8

WB

*APP13582-31=02*©2015 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC. CC0147022 (0715-4950) APP13582-31 (11/15)

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3. Account Holder Information (For information about Schwab’s privacy policy, see the attached Schwab One® Account Application Agreement.) As required by federal law, Schwab will use the information provided below to verify your identity.

Primary Account Holder/Minor/ExecutorName (First) (Middle) (Last)

Are you known by another name? Specify:

Home/Legal Street Address (no P.O. boxes, please) Line 1 Line 2

City State Zip Code

Mailing Address (if different from above; P.O. boxes may be used) Line 1 Line 2

City State Zip Code

Social Security/Tax ID Number Date of Birth (mm/dd/yyyy) Email Address

Home Telephone Number

( )

Business Telephone Number

( )

Cellular Telephone Number

( )Country(ies) of Citizenship (Must list all; if not a U.S. citizen, please complete identification information below.)

! USA ! Other: ______________________________________ ! Other: ______________________________________

Country of Legal Residence

! USA ! Other: ______________________________________

Identification Type (Complete only if not a U.S. citizen.)

! Passport ! U.S. Driver’s License ! U.S. Gov’t-Issued ID

Identification Number

State or Country of Issuance Issue Date Expiration Date

Employment Status (Select only one.)

! Employed ! Self-Employed ! Retired ! Homemaker ! Student ! Not Employed

Employer Name/Business Name

Occupation (If you selected “Employed” or “Self-Employed,” please select one option that best describes your occupation.)

! Business Owner/Self-Employed ! Financial Services/Banking Professional ! Military ! Consultant

! Executive/Senior Management ! Information Technology Professional ! Educator ! Other (please specify): _______________________

! Medical Professional ! Other Professional ! Clerical/Administrative Services

! Legal Professional ! U.S. Government Employee (Federal/State/Local) ! Trade/Service (Labor/Manufacturing/Production)

! Accounting Professional ! Foreign Government Employee (Non-U.S.) ! Sales/Marketing

Business Street Address (no P.O. boxes may be used) Line 1 Line 2

City State Zip Code

Are you affiliated with or employed by a stock exchange or member firm of an exchange or FINRA, or a municipal securities broker-dealer? ! No ! Yes

(If “yes,” you must attach a letter from your employer or affiliated broker-dealer approving the establishment of your account when submitting this application.

List the company name ___________________________________________________________________.)

Are you a director, 10% shareholder or policy-making officer of a publicly held company? ! No ! Yes

(If “yes,” enter company name _______________________________________________________________________________ and trading symbol ______________________.)

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Additional Account Holder/Custodian/Co-ExecutorName (First) (Middle) (Last)

Are you known by another name? Specify:


City State Zip Code

Mailing Address (if different from above; P.O. boxes may be used) Line 1 Line 2

City State Zip Code

Social Security/Tax ID Number Date of Birth (mm/dd/yyyy)

Home Telephone Number

( )

Business Telephone Number

( )

Cellular Telephone Number

( )Country(ies) of Citizenship (Must list all; if not a U.S. citizen, please complete identification information below.)

! USA ! Other: ______________________________________ ! Other: ______________________________________

Country of Legal Residence

! USA ! Other: ______________________________________

Identification Type (Complete only if not a U.S. citizen.)

! Passport ! U.S. Driver’s License ! U.S. Gov’t-Issued ID

Identification Number

State or Country of Issuance Issue Date Expiration Date

Employment Status (Select only one.)

! Employed ! Self-Employed ! Retired ! Homemaker ! Student ! Not Employed

Employer Name/Business Name

Occupation (If you selected “Employed” or “Self-Employed,” please select one option that best describes your occupation.)

! Business Owner/Self-Employed ! Financial Services/Banking Professional ! Military ! Consultant

! Executive/Senior Management ! Information Technology Professional ! Educator ! Other (please specify): _______________________

! Medical Professional ! Other Professional ! Clerical/Administrative Services

! Legal Professional ! U.S. Government Employee (Federal/State/Local) ! Trade/Service (Labor/Manufacturing/Production)

! Accounting Professional ! Foreign Government Employee (Non-U.S.) ! Sales/Marketing

Business Street Address (no P.O. boxes may be used) Line 1 Line 2

City State Zip Code

Are you affiliated with or employed by a stock exchange or member firm of an exchange or FINRA, or a municipal securities broker-dealer? ! No ! Yes

(If “yes,” you must attach a letter from your employer or affiliated broker-dealer approving the establishment of your account when submitting this application.

List the company name ___________________________________________________________________.)

Are you a director, 10% shareholder or policy-making officer of a publicly held company? ! No ! Yes

(If “yes,” enter company name _______________________________________________________________________________ and trading symbol ______________________.)

3. Account Holder Information (Continued)

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4. Your Consent to Enroll in Schwab’s Cash Features ProgramThe Cash Features Program is the service that we provide that permits the uninvested cash or “free credit balance” in your brokerage account to earn income while you decide how those funds should be invested. The attached Cash Features Program General Terms and Conditions will inform you of the general terms and conditions of the products available through our Cash Features Program.

By signing this Application, you consent to having the free credit balances in your brokerage account included in the Cash Features Program. You understand that the Schwab Bank Sweep feature will be automatically included on accounts of account holders residing in the U.S. and that the Schwab One® Interest feature will be automatically included on accounts of account holders who reside outside the U.S. You also understand that if you or your Independent Investment Advisor would prefer the Schwab One Interest or Money Fund Sweep feature, and your account is eligible for your preferred feature, you or your Independent Investment Advisor may change your cash feature selection by contacting Schwab after your account is opened.

You acknowledge receipt of the Cash Features Program General Terms and Conditions that is attached to this Application. You understand that the Cash Features Program and the individual products are governed by the Schwab One Account Agreement and acknowledge that additional information is available within the Cash Features Disclosure Statement applicable to your account. You understand and agree that Schwab may upon 30 days’ advance written notice (1) make changes to the terms and conditions of the Cash Features Program; (2) make changes to the terms and conditions of a product currently available through the Cash Features Program; or (3) move your free credit balances from one product to another product available under the Cash Features Program.

5. Paperless Document EnrollmentYou will receive account statements, trade confirmations, shareholder materials, account agreements and related disclosures, and other regulatory documents, if available in paperless form, by email. For certain documents, including account statements, you will receive an email notification with a link to log on to our secure website to access your documents. For complete information, please see Important Information About Your Informed Consent to Receive Paperless Documents in the Appendix to this application. Enrollment may also qualify you for lower online equity trades—consult your IA or the applicable Charles Schwab Pricing Guide for additional details.

To opt for Paperless Documents, simply provide your email address in Section 3. The completion of your enrollment will depend on one of the following scenarios.

Scenario 1:If you already have an account enrolled in Paperless Documents using the email address provided in Section 3, have logged on to schwaballiance.com in the past six months, and agree to the following, your paperless enrollment will be complete once your account is opened.• I have read and understood the Important Information About Your Informed Consent to Receive Paperless Documents in the Appendix to this applica-

tion and consent to enrolling this account in Paperless Documents.

• I understand that I will receive an email with my new account agreement and related disclosures.

Or

Scenario 2:

If you do not have an existing account enrolled in Paperless Documents, are using a different email address, or have not logged on to schwaballiance.com in the past six months, we will send you an email after the account is opened. To complete enrollment, you will need to click the “I Consent” button in that email and/or follow the instructions to access schwaballiance.com. If you do not click the “I Consent” button, this account will not be enrolled in Paperless Documents and we will send your account agreement and related disclosures, as well as future regulatory documents, by postal mail.

If you do not want to participate in Paperless Documents, please check the circle below.

! No, do not enroll my account in Paperless Documents. Please send my regulatory documents via postal mail.

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6. Required Information About the AccountSource of Funds (Please select all that apply.)

In this section, we’re collecting information about the categories (“sources”) of assets that will be held in your account. Please select all of the sources of the assets that will be deposited or held in your account, including the original sources of any assets that will be transferred into the account from another firm.

! Salary/Wages/Savings ! Investment Capital Gains

! Social Security Benefits ! Gifts

! Sale of Property or Business ! Gambling/Lottery

! Family/Relatives/Inheritance ! Other (please specify): ______________________________________

Purpose of Account (Please select all that apply.)

! General Investing

! Investing for Estate Planning

! Investing for Tax Planning

! Investing for College

! Investing for Retirement

! Investment of Pooled Assets

! Other (please specify): ______________________________________

7. Checking PreferencesIf you want checks, make one selection in A or B. If you do not want checks, skip this section and go to Section 8.

A. ! Schwab One® brokerage checks and Visa® Platinum debit cards.

Select only one:

! Checks only

! Checks and one Visa debit card

! Checks and two Visa debit cards (second debit card may be issued only in the name of the additional account holder on joint accounts)

Anticipated Activity

On average, how many times per month do you anticipate writing checks and/or making ATM withdrawals? (Select only one.)

! Less than 5 times per month

! 5 to 10 times per month

! 11 to 20 times per month

! More than 20 times per month

B. ! Schwab Bank High Yield Investor Checking® account.* Complete and attach the Add Schwab Bank High Yield Investor Checking to Your Schwab One Brokerage Account Application.

* You must be a U.S. citizen or U.S. resident alien, reside in the U.S. or one of its territories, and have a U.S. mailing address to open a High Yield Investor Checking account.

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8. Authorizations (Optional—please select all that apply.)

You may change or revoke these Authorizations at any time by providing written notice to Schwab.

! Trading and Disbursement Authorization. By checking the circle and signing this Application, I authorize Schwab (1) to execute trades in my account at the direction of IA as provided under the Trading Authorization heading in the attached Schwab One® Account Application Agreement; (2) to disburse assets for investment purposes or to me personally, as instructed by IA; (3) to remit checks, wire funds and make certain disbursements of funds held in the account as regulations permit (i) to banks, broker-dealers, investment companies or other financial institutions for credit to an account of identical registration, or (ii) to me at my address of record. This disbursement authorization does not apply to Schwab MoneyLink® distributions or direct, ongoing electronic payments of dividends, interest and money market income. I acknowledge and agree that Schwab cannot confirm the account registration at the receiving financial institution and will rely solely on the representations of my IA as to the identical registration of the receiving accounts. (Note: This option is not available for Estate, Guardianship, or Conservatorship accounts in the name of the aforementioned account types.)

! Trading Authorization. By checking the circle and signing this Application, I authorize Schwab to execute trades in my account at the direction of IA as provided under the Trading Authorization heading in the attached Schwab One Account Application Agreement.

! Fee Payment Authorization. By checking the circle and signing this Application, I authorize Schwab to pay investment advisory and related fees to IA from my account in the amount of IA’s instructions.

9. Issuer Communications and Related ActionsIf you have granted your IA trading authority over your account, and your IA exercises investment discretion for you pursuant to an advisory contract, you can appoint your IA to be sent certain issuer and issuer-related communications (proxies, tender offers, proposed mergers, rights offerings, exchange offers and warrants, among other things) that may require a voting decision or other action regarding investments held in your account.

If you appoint your IA below, your IA will, regarding only those voting decisions or other action communications sent to your IA: (i) be requested to vote proxy ballots; (ii) be requested to provide instructions regarding corporate reorganizations and other corporate actions; and (iii) be sent certain prospec-tuses and annual reports and other communications. In these cases, you will be authorizing your IA to make all voting decisions and take all actions on your behalf. You will not be sent informational copies of these communications.

Even if you appoint your IA below, you may still be sent certain other issuer and issuer-related communications regarding investments held in your account. You agree that you will be responsible for providing Schwab any applicable instructions or directions on those items.

Please select only one:

! Yes. I appoint my IA, and I will fulfill my responsibilities, as described above. I instruct Schwab not to disclose my name, address and securities positions to any issuer of securities held in my account.

! No. I do not appoint my IA as described above. I wish to be sent all issuer and issuer-related communications, make all voting decisions and take all actions described above. I understand that any issuer of securities held in my account may request that Schwab disclose to it my name, address and securities positions in that issuer.

If you selected “No” above, please select one: My IA ! should / ! should not be sent informational copies of any issuer or issuer-related communications.

If you do not select either “Yes” or “No” above, Schwab will deem you to have indicated “No,” but informational copies of issuer and issuer-related communications may be sent to your IA.

10. Certification and Indemnification—Estate, Guardianship, or Conservatorship Accounts OnlyBy signing this Application, each Executor, Guardian, or Conservator certifies that the representations and warranties in the attached Certification and Indemnification are true and complete.

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______________________________________________________________________________________________________ Date _______________________ Signature: Primary Account Holder/Custodian/Executor Print Name (mm/dd/yyyy)

______________________________________________________________________________________________________ Date _______________________ Signature: Additional Account Holder/Custodian/Executor Print Name (mm/dd/yyyy)

I certify, under penalty of perjury, that (1) the number shown on this Application is the correct Taxpayer Identification Number; (2) I am not subject to backup withholding due to a failure to report interest and dividend income; (3) I am a U.S. person (a U.S. citizen or U.S. resident alien); and (4) I am exempt from Foreign Account Tax Compliance Act (FATCA) reporting. I understand that if I have been notified by the IRS that I am subject to backup withholding as a result of dividend or interest underreporting and I have not received a notice from the IRS advising me that backup withholding is terminated, I must cross out item 2 above.

The Agreement with Schwab includes a predispute arbitration clause. I acknowledge receipt of the predispute arbitration clause contained in the Required Arbitration Disclosures and Arbitration Agreement sections on page 1 of the Schwab One Account Application Agreement.

The Internal Revenue Service does not require your consent to any provision of this document other than the certification required to avoid backup withholding.

All Account Holders must sign and date. All Executors, Guardians, or Conservators must sign this application even if you will not conduct business on the account. Your signature(s) below will also serve as a signature card for checks and Visa® debit card(s).

11. Authorization to Open AccountBy signing this Application, you acknowledge that you have received and read a copy of the attached Application Agreement, which contains a predispute arbitration provision. You acknowl-edge that your signature signifies and consti-tutes your agreement that this account and your relationship with Schwab will be governed by the Application Agreement and all incorporated agreements and disclosures, including, but not limited to, the Schwab One® Account Agreement

and the applicable Charles Schwab Pricing Guide, each as amended from time to time (the “Agreement and Disclosures”). You understand there are fees associated with establishing, maintaining and engaging in transactions.If you have selected the margin feature, you acknowledge that securities securing loans from Schwab may be lent to Schwab and lent by Schwab to others. You also acknowledge that if you trade “on margin,” you are borrowing money

from Schwab and that you understand the requirements and risks associated with margin borrowing as summarized in the Margin Disclo-sure Statement included with this Application.For purposes of this Account Application and the attached Application Agreement, the terms “you,” “your” and “Account Holder” refer to each person who signs this Account Application. The terms “we,” “us,” “our” and “Schwab” refer to Charles Schwab & Co., Inc.

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12. Nominate a Successor Custodian—Custodial Accounts OnlyUse this section to designate a successor custodian to act on this account in the event of your incapacity, death, resignation or removal as custodian. This is a nomination only. To activate the role of a successor custodian, the account registration must be changed.

Name of Successor Custodian Social Security Number of Successor Custodian


City State Zip Code

This designation shall take effect for this account in the event of my incapacity, death, resignation or removal as custodian.

IN WITNESS THEREOF, I have executed this Designation of Successor Custodian Form.

______________________________________________________________________________________________ Date _______________________________ Signature: Current Custodian (mm/dd/yyyy)

____________________________________________________________________________________________________________________________________ Print Name Title

Witness (The witness may NOT be the individual designated as the successor custodian.)

______________________________________________________________________________________________ Date _______________________________ Signature: Witness (mm/dd/yyyy)

____________________________________________________________________________________________________________________________________ Print Name Title

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Schwab One® Account Application Agreement for Personal Accounts

These terms relate to your account and are part of the Account Agreement between each Account Holder and Schwab. Please retain for your files.

I hereby request that Charles Schwab & Co., Inc. (“Schwab”) open a brokerage account (the “Account”) in the names listed as Account Holders on this Schwab One Account Applica-tion (“AA”). I agree to read and be bound by the terms of the Account Agreement (which includes information on the Cash Account and, if applicable, the Schwab Sweep Funds, the Margin and Short Account, Disclosure of Credit Terms and Policies, the Schwab StockBuilder Plan® and other written agreements between me and Schwab that apply to my brokerage account) as currently in effect and as amended from time to time. If, in the future, I add features to this Account governed by the foregoing agreements (e.g., a money fund or margin trading), I agree to be bound by their terms and conditions. If I do not receive or understand the Account Agreement, I will notify Schwab.In accordance with Section 8 of Brokerage Services in the Schwab One Account Agreement, I agree that all debts and other obligations owed to Schwab by any party to the Account Agreement will be secured by a lien on all Securities and Other Property now or hereafter held, carried or maintained in any of my present or future brokerage accounts with Schwab, whether individually or jointly held with others, or in any brokerage account at Schwab in which I have an interest.Required Arbitration Disclosures. Regulatory authorities require that any brokerage agree-ment containing a predispute arbitration agreement must disclose that this agreement contains a predispute arbitration clause. This Agreement contains a predispute arbitration clause. By signing an arbitration agreement, the parties agree as follows:• All parties to this Agreement are giving up the

right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.

• Arbitration awards are generally final and binding; a party’s ability to have a court reverse or modify an arbitration award is very limited.

• The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.

• The arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date.

• The panel of arbitrators will typically include a minority of arbitrators who were or are affiliated with the securities industry.

• The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.

• The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement.

No person shall bring a putative or certified class action to arbitration, nor seek to enforce any predispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until:1. the class certification is denied;2. the class is decertified; or3. the customer is excluded from the class

by the court.Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.Arbitration Agreement. Any controversy or claim arising out of or relating to (i) this Agreement, any other agreement with Schwab, an instruction or authorization provided to Schwab or the breach of any such agreements, instructions, or authorizations; (ii) the Account, any other Schwab account or Services; (iii) transactions in the Account or any other Schwab account; (iv) or in any way arising from the relationship with Schwab, its parent, subsidiaries, affiliates, officers, directors, employees, agents or service providers (“Related Third Parties”), including any controversy over the arbitrability of a dispute, will be settled by arbitration. This arbitration agreement will be binding upon and inure to the benefit of the parties hereto and their respective representatives, attorneys-in-fact, heirs, successors, assigns and any other persons having or claiming to have a legal or beneficial interest in the Account, including court-appointed trustees and receivers. This arbitration agree-ment will also inure to the benefit of third-party service providers that assist Schwab in providing Services (“Third-Party Service Providers”) and such Third-Party Service Providers are deemed to be third-party beneficiaries of this arbitration agreement. The parties agree that this arbitration agreement will apply even if the application to open the Account is denied and will survive the closure of your Account and/or the termination of services rendered under this Agreement.Such arbitration will be conducted by, and according to the securities arbitration rules and regulations then in effect of, the Financial Industry Regulatory Authority (FINRA) or any national securities exchange that provides a forum for the arbitration of disputes, provided that Schwab is a member of such national securities exchange at the time the arbitration is initiated. Any party may initiate arbitration by filing a written claim with FINRA or such eligible national securities exchange. If arbitration before FINRA or an eligible national securities exchange is unavailable or impossible for any reason, then such arbitration will be conducted by, and

according to the rules and regulations then in effect of, the American Arbitration Association (AAA). If arbitration before the AAA is unavail-able or impossible for any reason, the parties agree to have a court of competent jurisdiction appoint three (3) arbitrators to resolve any and all disputes or controversies between or among the parties. Each party shall bear its own initial arbitration costs, which are determined by the rules and regulations of the arbitration forum. In the event of financial hardship, the arbitration forum may waive certain costs in accordance with such rules. At the conclusion of the hearing, the arbitrators will decide how to assess the costs of the arbitration among the parties.Any award the arbitrator makes shall be final and binding, and judgment on it may be entered in any court having jurisdiction. This arbitration agreement shall be enforced and interpreted exclusively in accordance with applicable federal laws of the United States, including the Federal Arbitration Act. Any costs, fees or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforce-ment of said award.For FINRA arbitrations, FINRA will appoint a single public arbitrator in customer cases decided by one arbitrator. In customer cases decided by three arbitrators, investors have the option of choosing an arbitration panel with two public arbitrators and one non-public arbitrator (Majority-Public Panel Rule) or a panel of all public arbitrators (Optional All-Public Panel Rule). If the customer declines to elect a panel selection method in writing by the applicable deadline, the Majority-Public Panel Rule for selecting arbitrators will apply.All notices from one party to the other involving arbitration shall be considered to have been fully given when so served, mailed by first-class, certified or registered mail, or otherwise given by other commercially accepted medium of written notification.In addition to the above provisions, if a party to this Agreement is or becomes a non-U.S. resident at the time of any controversy subject to this arbitration agreement, such party acknowledges and agrees to the following additional provisions:(1) The rules of the organization administering

the arbitration specifically provide for the formal designation of the place at which the arbitration is to be held.

(2) Entering into this Agreement constitutes consent to submit to the personal jurisdiction of the courts of the state of California, U.S.A., to interpret or enforce any or all of these arbitration provisions. Judgment on any arbitration award may be entered in any court having jurisdiction, or application may be made to such court for judicial acceptance of the award and an order of enforcement, as the case may be.

(3) The exclusive language to be used by the parties and the arbitrators in the arbitration proceedings shall be English. Any party

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wishing an interpreter shall make all arrangements directly with the interpreter and shall assume all costs of the service.

(4) If a party is a foreign government or state, state-owned or state-operated enterprise or other instrumentality of a foreign govern-ment or state, such party waives all rights of sovereign immunity and neither the Federal Act of State doctrine nor the doctrine of sovereign immunity shall apply insofar as any enforcement in courts located in the U.S.A. is concerned.

Schwab One® Accounts. I further request Bank of New York Mellon Investment Servicing Trust Company (BNY IST) to issue checks and Visa® Platinum debit card(s) as indicated on this AA. I authorize Schwab to make inquiries for the purpose of verifying my creditworthiness and the creditworthiness of my spouse if I am married and live in a community property state. Such inquiries may include verifying information I have given in my AA, contacting my employer and obtaining credit reports. I further authorize Schwab to disclose information to others about me and my Accounts when it is necessary for completing transactions; to comply with a government agency request or court order, such as the IRS or the SEC; to verify the existence and condition of my Account for a third party, such as a credit bureau or merchant; and as otherwise authorized by the Schwab One Account Agreement.For account holders with more than one account at Schwab: This authorization further authorizes Schwab to direct transfers between your accounts at Schwab when no written authorization is requested.Linking Your Account to a Schwab Bank High Yield Investor Checking® Account. If you link your Account to a High Yield Investor Checking account held at Schwab Bank, you authorize Schwab to accept and follow instructions received from Schwab Bank to transfer funds from your Account to your High Yield Investor Checking account as set forth in your Schwab Bank High Yield Investor Checking Account Application and Schwab Bank Deposit Account Agreement. The provisions of the Agreement and Disclosures relating to checks and debit cards will not apply to the services received from Schwab Bank. You authorize Schwab to act as your agent in processing those instructions from Schwab Bank. You understand and agree that Schwab has sole discretion to accept or deny, in whole or in part, any such instruction. You also agree that Schwab is not responsible for any errors in calculation or damages resulting from errors in calculation or delays in transfers. In no event will Schwab be liable for any special, indirect or consequential damages, even if we have been informed of the possibility of such damages. You authorize Schwab to act upon your requests for Real-Time Funds Transfers (as defined in the Schwab Bank Deposit Account Agreement) from Schwab Bank. The maximum amount you may transfer will be calculated in the same way that Schwab calculates the Authorization Limit for brokerage checkwriting privileges as set forth in the Schwab One Account Agreement. By requesting a Real-Time Funds Transfer, you understand that you may

create a margin loan in your brokerage account that may be subject to daily interest charges.In order for transfers to occur, both your High Yield Investor Checking account and your Account must be open and active and linked with each other. Target Balance Transfers will be limited to your Authorization Limit (as described in the Schwab One Account Agreement), excluding your Available Margin Loan Value (as defined in the Schwab One Account Agreement). Overdraft Transfers will be limited to your Authorization Limit.If you have a debit balance in your Account, Target Balance Transfers will not be made to your High Yield Investor Checking account. Pending securities trades (including the Automatic Investment Plan [AIP]), pending debits to your Account, and pending transfers of funds from your Account may not be considered in determining whether funds are available for transfer from your Account to your High Yield Investor Checking account at Schwab Bank.Further, transfers of funds from your Account are subject to Schwab’s minimum deposit requirements. You and your Account may not have any restrictions preventing Schwab from using funds in your Account to satisfy a transfer instruction from Schwab Bank. If your Account becomes subject to a restriction, your eligibility for this feature may be revoked and you understand that Schwab Bank may close your High Yield Investor Checking account.Transfers to Schwab Bank may result in debits in your Account. You acknowledge that you are responsible for all debits (and interest on debits) in your Account, as described in further detail in the Agreement and Disclosures. Your Account remains an obligation solely of Schwab. Likewise, your High Yield Investor Checking account remains an obligation solely of Schwab Bank.Trading Authorization. If I have indicated on this AA that the Investment Advisor (“IA”) named above, which I understand may be referred to as “Investment Manager” or “IM” in other documentation relating to my Account, will have the authority to direct Schwab to execute trades in my Account, I authorize Schwab to accept instructions from IA regarding my Account, and to take all other actions necessary or incidental to the execution of such instructions, as IA shall direct. If my Account has a margin feature, Schwab is authorized to accept instructions from IA to trade on margin, to sell short, to borrow securities, to otherwise cause credit to be extended through the Account, and to secure the performance of obligations in the Account with any assets held in the Account (the “Account Assets”). If my Account is authorized for option trading, Schwab is authorized to accept instructions from IA to purchase and sell (write) index participation contracts and covered and uncovered option contracts on securities and securities-related indexes, up to my approved level of options trading strategy. Schwab, and other people to whom Schwab has given instructions in order to implement the IA’s instructions, may rely on IA’s instructions without obtaining my approval, counter-signature or co-signature. IA’s authority will include, without limitation: the authority to

give instructions for transactions in securities and financial instruments, including the buying and selling of stocks, bonds, debentures, notes, subscription warrants, stock purchase warrants, covered and uncovered options (if I have authorized trading covered and uncovered options, and only up to my approved level of option trading strategy), mutual fund shares, evidences of indebtedness and any other securities, instruments or contracts relating to securities.I authorize Schwab to take such actions as Schwab deems reasonably necessary to carry out instructions Schwab receives from me and/or IA. I further authorize Schwab, acting upon IA’s instructions, to aggregate transaction orders for my Account with orders for one or more other accounts over which IA has trading authorization or to accept or deliver assets in transactions executed by other broker-dealers where IA has so aggregated orders. I agree that if any such aggregated order is executed in more than one transaction, my portion of such order may be deemed to have been executed at the weighted average of the prices at which all of such transactions were executed.Fee Payment Authorization. If I have indicated on this Application that my IA will have fee payment authority over my Account, I authorize Schwab to pay investment advisory and related fees from my Account to my IA in the amount of my IA’s instructions. I have authorized my IA in writing to receive fee payments directly from my Account. Schwab may rely on the instruc-tions submitted by my IA, and will have no responsibility to confirm those instructions with me or verify the fees. Schwab may redeem money market fund shares in my Account to the extent necessary to pay these fees. My IA’s fees debited from my Account will appear on Schwab’s statements of my Account.Disbursement Authorization. If I have indicated on this Application that my IA will have trading and disbursement authority over my Account, I authorize Schwab to disburse assets from my Account for investment purposes, and funds to me personally, as instructed by my IA. On my IA’s instruction, Schwab is authorized to remit checks, wire funds, and make certain disbursements of funds held in the account as regulations permit (i) to banks, broker-dealers, investment companies or other financial institutions for credit to an account of identical registration, or (ii) to me at my address of record. This disbursement authorization does not apply to Schwab MoneyLink® distributions or direct, ongoing electronic payments of dividends, interest and money market income. Note: I acknowledge and agree that Schwab cannot confirm the account registration at the receiving financial institution and will rely solely on the representations of my IA as to the identical registration of the receiving accounts.Role of Charles Schwab & Co., Inc. I acknowledge and agree that: Schwab will merely carry out transactions as directed by me and/or IA as the case may be; I (and not Schwab) am responsible for investigating and selecting IA; except in the case of Schwab’s affiliated IAs, Windhaven Investment Management, Inc. (“Windhaven®”) and

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ThomasPartners, Inc. (“ThomasPartners®”), IAs are not affiliated with, or controlled or employed by, Schwab; and Schwab has no duty to supervise or monitor trading by me or by IA, including Windhaven® and ThomasPartners, in my Account. Schwab will send me written confirmations of my trades executed through Schwab and monthly statements of all activity in my Account. If my IA and/or I direct Schwab to act as custodian of non-publicly traded assets, I acknowledge and agree: (1) that non-publicly traded assets generally lack a liquid market and that the value of such assets may be difficult to ascertain; (2) that any estimated value reflected on my account statement or other communication from Schwab is for informational purposes only and may be significantly different from the actual market value or the liquidation value of such assets; (3) that Schwab has no responsibility for, nor does Schwab guarantee the accuracy of, any such valuation of assets, even if the assets have been valued by a pricing service selected by Schwab; and (4) that Schwab may require that I sign an addendum to my Account Agreement if Schwab agrees, in the exercise of its discretion, to accept custody of any non-publicly traded assets in my Account. I authorize Schwab to obtain from IA, and IA to provide to Schwab, information regarding my Account as Schwab may reasonably request. If any of IA’s employees is associated with a member of FINRA or affiliate, Schwab is authorized to deliver information concerning my Account to such member upon request.I acknowledge, understand and agree that (1) Schwab Advisor Network® member advisors (“Network member advisors”) pay Schwab fees to be members; (2) Network member advisors, including IA, are independent and not employ-ees or agents of Schwab; (3) Schwab prescreens Network member advisors and checks their experience and credentials against criteria Schwab sets; (4) neither an IA’s membership in Schwab Advisor Network nor the affiliation of Schwab with Windhaven or ThomasPartners changes that (A) I am solely responsible for (i) the decision to hire IA, (ii) what authority to give IA and (iii) evaluating IA’s services and performance; and (B) Schwab (i) does not supervise IA and (ii) takes no responsibility to monitor IA’s performance or transactions in the Account; and (5) if I was referred to IA through the Schwab Advisor Network or referred to Windhaven or ThomasPartners, I received, read and under stood the Schwab Advisor Network Disclosure Document and the Windhaven®Disclosure Brochure or the ThomasPartners®Disclosure Brochure.Products and Services Provided to IA. Schwab may provide IA, at no fee or at a discounted fee, with research, software and other technology, information and consulting services, and other products and services that benefit IA. Schwab’s provision of these products and services to IA may be based upon clients of IA placing a certain amount of assets in their brokerage accounts at Schwab (i.e., custodying assets at Schwab) within a cer-tain period of time. IA may be influenced by this commitment in recommending or requiring that its clients establish brokerage accounts at Schwab. These products and services may not necessarily benefit my Account.

Pricing. Schwab and IA may agree to pricing (including commissions and transaction account and service fees) for my Account and IA’s other clients’ accounts at Schwab based upon the nature and scope of business that IA transacts with Schwab, including the current and future expected amount of IA’s clients’ assets custodied at Schwab, the types of securities managed by IA and/or expected frequency of IA’s trading. Schwab may change this pricing if the nature and scope of business that IA transacts with Schwab changes or does not reach agreed-upon levels, in which case pricing for IA’s clients’ accounts, including my Account, may increase to an amount determined by Schwab not to exceed Schwab’s standard pricing as published in the then-current applicable Charles Schwab Pricing Guide.Accounts with Margin Features. I understand that when I buy securities on margin or enter into short sales or short options, or when my IA, if I have granted this authority to my IA, does so for my Account, I am borrowing money from Schwab for part of that transaction(s). All securities and other assets in my Schwab Account(s) are pledged as collateral to secure this loan. I acknowledge that margin transac-tions are riskier and involve the possibility of greater loss than transactions where I am not borrowing money. If the value of my securities and other assets falls, I acknowledge that I may be required to deposit more assets (a margin call) to secure this loan or that securities and other assets held in my Account may be sold to pay down or pay off my loan without prior notice and at a loss or at lower prices than under other circumstances. I agree to carefully consider my own financial condi-tion, tolerance for risk and investment objectives, as well as market conditions, before I decide to use margin credit or grant this authority to my IA. By placing an order on margin, or by granting this authority to my IA, I acknowledge that I have considered all of these factors and have decided that margin financing is appropriate for me. All securities and other assets now or hereafter held in this Account may be pledged, repledged or otherwise used as collateral, separately or together with securities of other customers, for the amount I owe Charles Schwab & Co., Inc., or for a larger amount.Interest on debit balances will be charged and compounded in accordance with the Account Agreement and as permitted under the laws of the state of California. Termination of Authorizations. The authoriza-tions I have granted in this AA will remain effective until I or IA have revoked or termi-nated any of them by giving notice to Schwab, either by mail, telephone, facsimile, telegraph, messenger, electronic mail, voice mail or otherwise, provided, however, that Schwab reserves the right to require written notice or confirmation that such authorization has been terminated or revoked. I understand that I may revoke or terminate all authorizations or designations conferred herein at any time. Unless revoked or terminated by me, all authorizations and designations conferred herein to IA shall continue to apply to IA’s successors or assigns. Such revocation will not affect my obligation resulting from transactions

initiated prior to Schwab’s receipt of such notice. I understand that if Schwab terminates its Investment Manager Service Agreement with IA, Schwab will not be obligated to honor any further instructions from IA; I will have exclusive control over, and responsibility for, my Account; and unless Schwab notifies me otherwise, my Account will become a Schwab retail brokerage account subject to all terms and conditions applicable thereto, including fees and commissions, investment products and other services available to Schwab retail customers. Schwab will notify me as soon as reasonably possible after any such termination.Indemnification. I agree to indemnify and hold harmless Schwab, its affiliates and their directors, officers, employees and agents from and against all claims, actions, costs and liabilities, including attorneys’ fees, arising out of or relating to: (1) their reliance on this AA, and (2) Schwab’s execution of IA’s instructions.Verification. I authorize Schwab to inquire from any source, including a consumer reporting agency, as to my identity (as required by federal law), creditworthiness and ongoing eligibility for the Account (and that of my spouse, if I live in a community property state) at account opening, at any time throughout the life of the Account, and thereafter for debt collection or investigative purposes.Suitability. From time to time, Schwab may make available investment research and information (“Schwab Research”). I agree and acknowledge that my IA and I are responsible for the transactions in my Account, including assessing the suitability of transactions for my Account, even if Schwab Research was used in making the investment decisions for my Account. Account Ownership. For Accounts held as Joint Tenants with Rights of Survivorship, on the death of either party, the entire Account shall vest in and belong to the surviving joint tenant(s). For Accounts held as Tenants in Common, each party shall be deemed to own an equal interest in the Account unless otherwise specified, and on the death of either party, the decedent’s interest shall vest in and be distributed to that party’s estate. For Accounts held as Community Property, all rights shall be governed by applicable state law. For Custodial accounts governed by the Uniform Transfers to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA), I agree that the Account is irrevocably vested in and belongs to the minor, to be used for the sole benefit of the minor, and delivered to the minor promptly upon attaining the age of majority (or other age specified for termination under applicable state law).Unclaimed Property. If no activity occurs in the Account within the time period specified by applicable state law, the Account may be transferred to the appropriate state. Account Handling Instructions. Schwab will automatically hold all securities purchased, as well as all sale proceeds, dividends and interest, unless you specify otherwise.Schwab’s Privacy Policy and Disclosure of Information. Schwab respects your privacy. Schwab will use the information you provide to open and service your Account, to communi-cate with you when necessary, to provide you with additional information about products and services, and to provide to your IA, and certain

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third parties as your IA directs Schwab, information as provided in this AA. Pursuant to your Account Agreement, Schwab may disclose information about you and your Account to certain other third parties. Please call Schwab at 1-800-515-2157 for a copy of Schwab’s privacy policy.I consent to Schwab: (i) sending, by mail, electronic delivery and/or other means, duplicate copies of account trade confirma-tions, account statements and any other information relating to me and my Accounts to my IA and MM, if and in such manner as requested by my IA and MM; (ii) sending such

information about me and my Accounts to third parties as my IA or MM shall direct Schwab; and (iii) disclosing information about me and my Accounts to other third parties as provided in Schwab’s privacy policy, this Account Application and the Account Agreement. Information About SIPC. To obtain information about the Securities Investor Protection Corporation (SIPC), including an explanatory SIPC brochure, please contact SIPC at www.sipc.org or 1-202-371-8300. Impartial Lottery for Securities Subject to Partial Call or Partial Redemption. If Schwab holds securities for you in street name, in

Schwab’s name, or in bearer form that are subject to partial call or partial redemption, then in the case of a partial call or partial redemption Schwab will use an impartial lottery system to select the securities to be called or redeemed from among accounts holding those securities. For a description of Schwab’s lottery system, please visit www.schwab.com/PartialCalls. If you would like a printed description of Schwab’s lottery system mailed to you, please contact Schwab Alliance at 1-800-515-2157.

Certification and Indemnification sets forth Executors’, Guardians’, or Conservators’ representations and warranties regarding their authority under the estate, guardianship or conservatorship. In consideration for Schwab opening and/or maintaining a brokerage account for the estate, guardianship, or conservatorship named in this application, the Executor(s), Guardian(s), or Conservator(s) represent, warrant and certify that they are all of the duly appointed Executors of the estate, Guardians of the guardianship, or Conservators of the conservatorship and any one of them who is authorized in Section 3 to conduct business in the account shall obtain the prior consent and

approval of all other Executors, Guardians, or Conservators to the extent required by law before taking any action. The Executors, Guardians, or Conservators hereby jointly and severally agree to indemnify Schwab and each of its officers, directors, employees and agents from, and hold such persons harmless against, any claims, judgments, surcharges, settlement amounts or other liabilities or costs of defense or settlement (including attorneys’ fees) arising out of or related to any actual or alleged improper or unsuitable actions taken at any Executor’s, Guardian’s, or Conservator’s instructions in connection with the brokerage account established at Schwab for the estate,

guardianship, or conservatorship. This indemnifi-cation is made by the Executors, Guardians, or Conservators, both in their capacities as Executors, Guardians, or Conservators and in their individual capacities, and shall not be limited by the Executors’, Guardians’, or Conservators’ provision to Schwab of indepen-dent documentation concerning the representa-tions made herein. The representations and obligations stated herein shall survive termina-tion of the estate, guardianship, or conservator-ship and the Account Agreement relating to the estate’s, guardianship’s, or conservatorship’s brokerage account.

Certification and Indemnification—Estate, Guardianship, or Conservatorship Accounts Only

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Cash Features Program

General Terms and Conditions

Page 1 of 2

For detailed information, please see the Account Agreement and the Cash Features Disclosure Statement applicable to your account.

How the Cash Features Program Works

Our Cash Features Program allows you to earn a return on the uninvested cash balances

in your account by automatically placing (“sweeping”) cash balances into a sweep vehicle

until such balances are invested by you or otherwise needed to satisfy obligations arising in

connection with your account or by paying interest on the eligible free credit balances in your

eligible account.

Available Cash Feature Products

The available cash feature products for clients of independent investment advisors currently

consist of (1) interest payments by Schwab on the eligible free credit balances in your eligible

account (the “Schwab One® Interest” feature); (2) one or more affi liated money market mutual

funds (the “Money Fund Sweep” feature); or (3) interest-bearing Deposit Accounts at our

affi liated bank, Schwab Bank (the “Bank Sweep” feature).

Eligibility Eligibility for these cash features is based on the registered ownership and type of account (for

example, individual accounts are eligible for some cash features that IRA and retirement accounts are not, and managed accounts are generally not eligible for the Bank Sweep feature). Some cash features also require a minimum Household Balance as determined by the value of eligible assets in your accounts and the accounts of other members of your household. A description of how we

determine the Household Balance is contained in the Charles Schwab Pricing Guide applicable to your account. For details on eligibility, please see the Cash Features Disclosure Statement applicable to your account.

Rate of Return The rates of return for the different cash feature products vary over time. Current rates

can be obtained by contacting your independent investment advisor or by calling

Schwab Alliance at 1-800-515-2157. If you already have an account, you can visit our website at www.schwab.com/SA_cash.

• The rate of return on the Schwab One Interest feature is set by us. We may seek to pay as low a rate as possible consistent with our views of competitive necessities. With certain

exceptions, the rate will be tiered based upon account type and the overall household value of your account(s) with Schwab.

• Money market mutual funds in the Money Fund Sweep feature seek to achieve the highest rate of return (less fees and expenses) consistent with prudence and their investment objectives.

• The rate of return on the Bank Sweep feature is set by Schwab Bank, which may seek to pay as low a rate as possible consistent with its views of competitive necessities. With certain

exceptions, the rate will be tiered based upon account type and the overall household value of your account(s) with Schwab and Schwab Bank.

• There is no guarantee that the yield on any particular cash feature will remain higher than

others over any given period. The rate of return on any cash feature may be lower than that of

similar investments offered outside of the Cash Features Program.

Please note: The automatic investment of your free credit balances, including the frequency and the amount of each sweep, is governed by the terms and conditions set forth in the Account Agreement applicable to your account. The material in this document is intended for informational purposes. If there is any confl ict between the descriptions in this document and the terms of your Account Agreement, your Account Agreement will control.


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Rate of Return (Continued)

The Cash Features Program should not be viewed as a long-term investment option. If you

desire to maintain cash balances for other than a short-term period and/or are seeking the highest yields currently available in the market, please contact your independent investment advisor to discuss investment options that may be available outside of the Cash Features

Program to help maximize your return potential consistent with your investment objectives and

risk tolerance.

Duty to Monitor • You and your independent investment advisor must monitor and determine the best option for

your cash.

• For purposes of FDIC insurance of deposits held under the Bank Sweep feature: You are responsible for monitoring the total amount of deposits that you hold with Schwab Bank, directly or through an intermediary, in order for you to determine the extent of deposit insurance coverage available to you on your deposits, including the Deposit Accounts. Schwab is not responsible for any insured or uninsured portion of the Deposit Accounts or

any other deposits.

Benefi ts to Schwab We may charge fees and receive certain benefi ts under the different cash features. Because of these fees and benefi ts, we have a fi nancial incentive to select the particular sweep vehicles included in our program.

Differing Risks and Account Protection

The different cash features are subject to different risks and account protection:

• The Schwab One® Interest feature is not subject to market risk and value loss but is subject to the

risk of Schwab’s failure. In the unlikely event Schwab fails, cash is eligible for SIPC coverage up to a limit of $250,000 (including principal and interest) per client in each insurable capacity (e.g., individual or joint).

• Money market mutual funds in the Money Fund Sweep feature invest in high-quality, short-term securities and seek to maintain a stable value but are subject to market risks and potential value loss. They are not bank accounts and are not subject to FDIC insurance protection. They are instead covered by SIPC, which protects against the custodial risk (and not a decline in market value) when a brokerage fi rm fails by replacing missing securities and cash up to a limit of $500,000, of which $250,000 may be cash.

• The Bank Sweep feature is not subject to market risk and value loss but is subject to the risk of Schwab Bank’s failure. In the unlikely event Schwab Bank fails, deposits at Schwab Bank are eligible for FDIC insurance protection up to a limit of $250,000 (including principal and interest) per depositor in each insurable capacity (e.g., individual or joint). This limit includes any other deposits you may have at Schwab Bank outside of this program. You are responsible for monitoring your bank balances in this program and the balances in any of your other bank accounts at Schwab Bank to determine if these, in total, exceed FDIC insurance limits. Monies held in the Bank Sweep feature are not covered by SIPC.

Changes and Amendments to the Cash Features Program

• Schwab may change the terms of the Cash Features Program, including the products and investment options available or eligibility rules for cash feature products, upon 30 days’ advance written notice.

• Schwab may move your balances to an eligible cash features product in the event you

become ineligible for an existing cash feature upon 30 days’ advance written notice.

Please note: The automatic investment of your free credit balances, including the frequency and the amount of each sweep, is governed by the terms and conditions set forth in the Account Agreement applicable to your account. The material in this document is intended for informational purposes. If there is any confl ict between the descriptions in this document and the terms of your Account Agreement, your Account Agreement will control.


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Margin Disclosure Statement• This is important information regarding margin borrowing, if you have requested the margin feature on your brokerage account.

Please retain this document for your fi les.

• When using margin, please keep these important rules and conditions in mind.

• A complete list of terms and conditions pertaining to margin trading and short selling, including credit terms and policies, can be found in the Account Agreement. The Account Agreement will be provided to you after account opening or you can access it

at any time on our website or by calling us. Please read this important document before opening a margin account.

• If you have any questions, please call 1-800-515-2157 or contact your Investment Advisor.

When considering a margin loan, you should determine how the useof margin fi ts your own investment philosophy. It is important that you fully understand the risks, rules, and requirements involved in trading securities on margin.

The following paragraphs highlight some of the critical aspects of

margin trading:

Margin trading increases your level of market risk. Margin trading

increases your buying power, allowing you to purchase a greater amount of securities with your investing dollar. Therefore, your exposure to market volatility increases—a declining market could result in even greater losses. A decline in the value of your securities that you purchase on margin may require you to provide additional funds to Schwab in order to avoid the forced sale of those securities or other securities in your account.

Your downside is not limited to the collateral value in your margin account. When you buy securities on margin, you are borrowing money from Schwab for part of your transactions. Securities and

other assets in your Schwab account(s) are pledged as collateral to

secure this loan. These margin transactions are riskier and involve the possibility of greater loss than transactions where you are not

borrowing money. If the securities in your account decline in value, so does the value of the collateral supporting your loan. When the value

of the collateral falls below the maintenance margin requirements, or Schwab’s higher “house” requirements, Schwab can move to protect its position. In order to cover margin defi ciencies, Schwab may issue you a margin call—a request for additional cash—or sell securities from your account. If a sale does not cover the defi ciency, you will be responsible for any shortfall.

Schwab may initiate the sale of any securities in your account, without contacting you, to meet a margin call. Schwab will attempt

to involve you in the case of margin defi ciency; however, market conditions may require the fi rm to quickly sell any of your securities without your consent. Because the securities are collateral for the margin loan, Schwab has the right to decide which security to sell in order to protect its interests. Even if Schwab has contacted you and

provided a specifi c date by which you can meet a margin call, the fi rm can still take necessary steps to protect its fi nancial interests, including immediately selling the securities without prior notice to you.

Schwab’s “house” initial and maintenance margin requirements may exceed those established by the Federal Reserve Board and/or the Financial Industry Regulatory Authority, Inc. Please call Schwab for current margin requirements.

Schwab may change its initial margin requirements at any time and

without prior notice. We may also impose anytime and without prior

notice more stringent requirements on positions that in our sole

discretion involve higher levels of risk; for example, higher limits may apply for thinly traded, speculative or volatile securities, or concentrated positions of securities.

Schwab may increase its “house” maintenance margin requirements at any time and is not required to provide you with advance written notice. Changes in Schwab’s policy regarding “house” maintenance margin requirements often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call

may cause Schwab to liquidate or sell securities in your account.

Schwab retains absolute discretion to determine whether, when and in what amounts we will require additional collateral. For example, we may require additional collateral if an account contains only one security or

a large concentration of one or more securities; or low-priced, thinly traded or volatile securities; or if some of your collateral is or becomes

restricted or non-negotiable or non-marginable. We may also consider

market conditions, your fi nancial resources, or other factors deemed by us to be relevant given the circumstances at the time.

You are not entitled to an extension of time on a margin call. While

an extension of time to meet margin requirements may be available

to customers under certain conditions, a customer does not have aright to the extension.

Some accounts that carry a margin loan balance and hold dividend-

paying securities may receive a “substitute income payment in lieu of

a dividend” (PIL). This payment may be taxable as ordinary income.

Taxable accounts that receive a PIL instead of a qualifi ed dividend may also receive a supplemental credit from Schwab. This will be identifi ed on customer statements as a “Schwab substitute income credit.”

However, when Schwab can identify that a dividend is nonqualifi ed, we will not credit your account with this additional payment.

• This credit is NOT “payment in lieu,” and is unrelated to any payment from either the security issuer or the borrower.

• It is a discretionary credit from Schwab which may be discontinued in

the future with or without notice.*

• It may be subject to tax at your ordinary income tax rate. Please

consult your tax advisor about your specifi c tax situation.

• Because individual tax situations differ, Schwab cannot precisely calculate the additional tax costs a client might incur. Therefore, we do not intend, nor should clients expect, for this payment to be an exact reimbursement of any excess tax cost.

*Please refer to the “Loan Consent” section of your Account Agreement

which states that no compensation is due in connection with such

loans and that Schwab “is not required to compensate you for any

differential tax treatment between dividends and payments in lieu

of dividends.”

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The Purpose and Effect of Your ConsentWe are required to give you “in writing” certain records and disclosures

about our relationship and transactions in your account. You are entitled

to receive those documents on paper. With your affi rmative consent, we can provide the documents to you electronically instead (“Paperless

Documents”). The information below will help you understand the

conditions and requirements relating to the Schwab Paperless

Documents program. You can always fi nd the most up-to-date version of this important information at schwab.com/paperless_consent.

Paperless Document categories include: tax documents, trade confi rmations, account statements, and other account-related documents delivered after account opening, including account agreement amendments and program disclosures, fund prospectuses, shareholder materials, and investment advisory service disclosures. Each of these document categories is described below. If you are

opening an account, Paperless Documents also include the account agreements and account and program disclosures delivered to you as

part of the account opening process. Paperless Documents specifi c to your transactions and account will be available online after you log in for

up to 10 years from the date of initial delivery.

Depending on where you reside, the initial scope of your Paperless Documents enrollment, and whether you have made modifi cations to your enrollment, not all of the document categories may apply to you. If you are uncertain which documents are covered by your Paperless

Documents enrollment, please check online at schwab.com/paperless_services or call or email Schwab using the contact information that

follows.

For additional information about Schwab Bank High Yield Investor Checking® Account statements, see the “Addendum” on the following page.

You indicate your consent by providing an email address and signing an

account agreement, or by clicking or touching an “I consent” or similarly worded button, which we record. The method depends on whether you are opening an account or separately enrolling in Paperless Documents.

If you do not provide consent, Schwab will send you paper copies. Your consent will be effective until you cancel your enrollment in Paperless

Documents or Schwab notifi es you that the program is discontinued. If you are a joint account holder, your consent binds the other holder on your account.

By providing consent, you confi rm that you have the ability to access Schwab on the web, and are able to open, view, save, retain, and print PDF documents as described below. You have also validated your

email address as part of the account opening or Paperless Documents

enrollment process. This demonstrates that you can receive the

Paperless Documents we will deliver to you.

To Request Paper or Ask QuestionsAfter you provide your consent, you may still request paper documents. To access the document and print a copy, log in to your Schwab account, select the “Accounts” tab, then select the “History & Statements” tab, and link to “Statements & Reports.” To request paper, ask questions, or report problems about Paperless Documents, you may contact us as follows:

To contact us by email, log in to Schwab.com, click “Contact Us,” and then click “Send a Secure Message.” Advisor Services clients, please log in to schwaballiance.com. To contact us by phone:

• Investor Services clients: 1-800-435-4000.

• Schwab Bank High Yield Investor Checking (or other Schwab Bank) account clients: 1-888-403-9000.

• Clients in the U.K.: 00 800 0826-5001.

• Clients in Switzerland: 0800 56-3711.

• Advisor Services clients: Contact your independent advisor or call

1-800-515-2157.

• Schwab Intelligent Portfolios™ clients: 1-855-694-5208.

• Institutional Intelligent Portfolios™ clients: 1-877-805-3399.

To Withdraw Your ConsentWhen you change your preference back to postal mail delivery, this cancels your enrollment in Paperless Documents and withdraws

your consent for the document categories you indicate. You can do

this by logging in to schwab.com/paperless_services, or by calling or emailing Schwab using the contact information above. Allow 48 hours

for processing. We will confi rm via postal mail or email when we have completed your request. Your consent will remain effective for other

document categories for which you maintain a Paperless preference.

Important note for Schwab Advisor Services clients: Canceling or

modifying your enrollment may make your account(s) ineligible for lower commission rates, and the commissions you pay may increase.

Important note for Schwab Intelligent Portfolios and Institutional Intelligent Portfolios clients: Intelligent Portfolios is an all-electronic

service. If in the future you request paper documents, withdraw your consent, or are unable to receive Paperless Documents, Schwab may terminate your account.

Electronic Notifi cation When a Paperless Document Is ReadyWe deliver a Paperless Document to you by sending an email to let

you know it is available. For trade confi rmations, the email itself is the Paperless Document. For all other documents, the email will contain a link to a website where you can access the document, usually after you log in. The document will be in HTML (regular web hypertext) or PDF

format.

Keeping Your Email Address Current, and Actions Schwab Will Take If There Is a ProblemIt is your responsibility to notify Schwab of any change in your email

address by logging in to the Schwab site and going to Service > My

Profi le > Email Addresses or using the contact information above. If we receive any indication either that the email notifi cation did not reach you successfully or there is a problem with your email address or service, we will take the following actions:

• Tax Forms —Send a letter by postal mail within two business days to inform you that we were unable to deliver your tax form electronically.

After three unsuccessful electronic delivery attempts, the account will be unenrolled from the Paperless Documents program and we

will begin to send you paper tax forms by postal mail.

• Trade Confi rmation—Send a paper copy by regular mail within 24 hours.

• Account Statements and Other Account-Related Documents—Send a letter informing you that we were unable to deliver your statement

electronically. After three unsuccessful attempts, the account will be unenrolled from the Paperless Documents program and we will begin

to send you paper statements by postal mail.

• Shareholder Materials—Send a paper copy of the shareholder materials via postal mail within 24 hours. We will send you a letter

informing you that we were unable to deliver your shareholder

materials electronically. The account will be unenrolled from the

Paperless Delivery program and we will begin to send you paper

shareholder materials.

Hardware and Software RequirementsTo receive Schwab’s Paperless Documents, you need access to a device (a computer or a smartphone) with Internet service and an active email

account and address, along with the following:

• A current version of a common Internet browser, with JavaScript enabled.

Important Information About Your Informed Consent to Receive Paperless Documents

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©2015 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. CC0012369 (0815-3791) REG86030-00 (05/15)

CLIENT COPY

Informed Consent to Receive Paperless Documents | Page 2 of 2

• A current version of a program, such as Adobe® Reader®, that accurately reads and displays PDF documents. If you do not have

Adobe Acrobat installed on your computer, you can download the free software at adobe.com.

• An operating system on your device that supports the above.

• A printer that connects to your device, if you wish to print and retain records on paper.

• Electronic storage connected to your device, if you wish to retain records in electronic form (if using your computer, just save documents to your local hard drive).

If you use your smartphone, you must access the full Schwab website to view and print your documents. If you have questions relating to

hardware and software requirements, please call or email Schwab using the contact information on the previous page.

Security and Privacy InformationUnless expressly stated, email notifi cations for Paperless Documents are not encrypted. For security and confi dentiality, unencrypted emails will not include your name, full account number, or any other personal identifi er. Be aware, however, that some email addresses may use part of or your entire name. If you use a work email address, your employer or other employees may have access to your email. To help you identify

your account, we may include some portion, but not all, of your account number. Schwab may use a vendor to deliver Paperless Documents.

Whether Schwab or a vendor delivers the Paperless Documents, Schwab’s privacy policy applies.

Records and Disclosures Included in Schwab’s Paperless Documents Program

Tax Forms (“eTax Documents”)A tax document provides important information you need to complete

your tax returns. Much of the information we provide in tax documents

is also reported to the IRS. Currently, the Paperless tax form that is available is the 1099 Composite, which includes 1099-DIV, 1099-INT, 1099-MISC, 1099-OID, 1099-B, and a year-end summary. This includes any corrected tax documents and accompanying inserts. By consenting to Paperless tax forms, you will receive a Paperless 1099 Composite as well as any additional Paperless tax forms we may make available in the future. When your tax documents are ready, we will send an email notifi cation with the subject line “IMPORTANT TAX RETURN DOCUMENT AVAILABLE” and containing a web link to the document available after you log in.

Trade Confi rmations (“eConfi rms”)A trade confi rmation is an offi cial record of your securities transaction. It includes the price, number of shares, and the commission we charge you, as well as disclosures required under federal law. If you choose to receive Paperless trade confi rmations, the terms and conditions of your transaction will appear in the email and on a web page you can

link to from the email. Your consent also covers Paperless Delivery of prospectuses or other regulatory information we provide to you at the

time of your online trade, which will be in HTML or PDF format, as well as Trade Confi rmation Reports if you elected this alternative as part of your Managed Account enrollment and Schwab makes this available in the future.

Account Statements and Other Account-Related Documents (“eStatements”)An account statement provides important information about your

account, including the price and quantity of securities you hold, the transactions conducted, other activity in your account, and terms and conditions governing your account. Account statements are sent at

the end of each month in which you conducted activity in your account

or at the end of each calendar quarter, regardless of any account activity. With your account statements, we often include accompanying account-related notices and other regulatory information such

as Schwab’s Statement of Financial Condition, pricing changes, privacy policy, and annual notices and amendments to your account agreements. At account opening and from time to time thereafter,

we also send you notifications about your account. Collectively, we call these “account-related documents.” When you consent

to Paperless account statements, you also consent to Paperless account-related documents.

Investment Advisory Service Disclosures (A Sub-Category of Account-Related Documents)Your consent to Account Statements and Other Account-Related Documents includes investment advisory program disclosures, brochure supplements with information about individual Schwab

representatives, and related materials such as periodic updates or annual summaries of any changes to those documents (“Form ADV Disclosures”), as Schwab makes these available in the future. The investment advisory programs may include Schwab Private Client™, Schwab Managed Portfolios™, Schwab Managed Account Services™, the Schwab Advisor Network®, Schwab Intelligent Portfolios™, and other similar advisory services, and fee-based Financial Planning Services. In addition to Schwab’s and its affi liates’ own Form ADV Disclosures, your consent also covers ADV Disclosures from third-party investment advisors whose services you select through Schwab. Paperless

Form ADV Disclosures may accompany your account statements or be sent independently. If the third party does not make its Form ADV Disclosures available electronically, you will instead receive the standard printed materials by postal mail.

Shareholder Materials (“Electronic Delivery”)Shareholder materials include regulatory information such as

prospectuses; prospectus supplements; quarterly, semi-annual, and annual reports; and proxy materials. You will receive an email notifi cation with a web link to shareholder materials if you have a position in an equity or mutual fund as of the record date for a particular shareholder

distribution and the materials are made available electronically by

the issuer or third party. If the issuer or third party does not make shareholder materials available electronically, you will instead receive the standard printed materials by postal mail. By providing your consent to receive electronic delivery of shareholder material, you also consent to electronic householding. This means that if you and someone else

enroll in this Paperless service using the same email address, we may send one email announcement to this email address if each account

holds securities of the same issuer. This avoids duplicate mailings of

shareholder documents. If you no longer want electronic householding of

your shareholder materials, you must modify your Paperless Documents enrollment as described above. Your shareholder materials may

include electronic proxies. You may elect to vote your proxy online at

proxyvote.com by entering the control number included in your email

announcement and the last four digits of your Social Security number or

Taxpayer Identifi cation Number as your PIN.

Addendum for Schwab Bank Paperless Statements (“eStatements”)The above information regarding the purpose and effect of your

consent; how to request paper or ask questions; how to withdraw consent; electronic notifi cation when your statement is ready; keeping your email address current; hardware and software requirements; and

security and privacy information are all applicable to Schwab Bank High Yield Investor Checking statements. Account statements for your Investor Checking account(s) provide important information about your account, including the account balance, the transactions conducted, other activity in your account, and other information, terms, and conditions governing your account. With your Schwab Bank account statements, we often include accompanying account-related notices and other regulatory information including disclosures such as annual

notices and amendments to your account agreements (collectively, “account statement inserts”). Schwab Bank does not currently deliver these account statement inserts electronically, nor are they available at Schwab.com. However, by consenting to Account statements for your Investor Checking account(s), you also consent to Paperless Delivery of account statement inserts once Paperless Delivery is made available

by Schwab Bank. Until such time as Schwab Bank enables Paperless Delivery, you will continue to receive these account statement inserts by postal mail.

Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affi liated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products offered by Charles Schwab & Co., Inc. are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. Deposit and other lending products and services are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender. Charles Schwab Bank is not acting or registered as a securities broker-dealer or investment advisor.

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©2015 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.CC0258357 (0514-2539) APP10864-25 (09/15) *APP10864-25=01*

Transfer Your Account to Schwab• Use this form to transfer securities and/or funds from another financial institution

(e.g., a brokerage firm, mutual fund company, bank or insurance company) into your Charles Schwab & Co., Inc. (“Schwab”) account.

• To roll over assets from a 401(k) or other qualified employer-sponsored retirement plan, please contact your Investment Advisor to determine your next steps, as the plan may require its own paperwork.

• If you want to open a new Schwab account, please attach a completed new account application to this form.

• For assistance with completing this form, please contact your Investment Advisor.

Page 1 of 5

•

As you’re filling out this form, PleAse remember to: Verify that the names on the account you’re transferring are identical to those on your schwab account. if they are not, you may need to attach the additional documents listed in section 2.

• Attach a copy of your most recent account statement (dated within 90 days) for the account you wish to transfer.• in sections 3–6, please complete only one section and then continue to section 7. • use a separate transfer your Account to schwab form for each account you are transferring.

tell us About your schwAb Account (required)

name(s) (Please list all names as they appear on your account.)

Account type/registration schwab Account number social security/tax id number

tell us About the Account you’re trAnsferring (required)

name of firm, mutual fund company or insurance company delivering firm telephone number

name and title of Account (as shown on your account) Account number Account type/registration

ADDITIONAL DOCUMENTSIf the name(s) on your Schwab account differs from the name(s) on the account that you wish to transfer, you may need to provide additional documentation. Trust discrepancies may require additional documentation not listed below.

last name changed. Please provide a certified marriage certificate, certified divorce decree or other certified court document.

first/middle name changed or listed differently. Please provide a court document or second-name letter.

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2

If you are opening a new Schwab account, you can

leave the Schwab account number field blank.

If the names listed here do not match those listed on

your Schwab account, you may need to attach

additional documentation and/or you must have their

signatures notarized.

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credit union, bAnK, broKerAge, trust comPAny, And/or diVidend reinVestment trAnsfers (if APPlicAble) follows on next page

single

company retirement Account

Joint

Keogh/qrP

trust

custodial

traditional irA

corporate

roth irA

non-incorporated

inherited irA

other / /successor custodian Authorized signature

date (mm/dd/yyyy)

for chArles schwAb use onlyletter of Acceptance—to the prior custodian: Please be advised that Schwab will accept the transferred account as successor custodian.

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*APP10864-25=02*©2015 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.CC0258357 (0514-2539) APP10864-25 (09/15)

transfer your Account to schwab | Page 2 of 5

credit union, bAnK, broKerAge, trust comPAny, And/or diVidend reinVestment trAnsfers (if APPlicAble)

If the account you are transferring holds pooled investments such as hedge funds, private equity, limited partnerships, Real Estate Investment Trusts (REITs), any other Alternative Investments, or unregistered securities, please contact your Investment Advisor to determine whether they are transferable to Schwab. if your cash is held in a checking and/or savings account, please deposit a check instead of completing this form. if you are liquidating a cd, please complete section 4.

Amount of transfer:

full. Transfer my entire account in kind (includes cash and/or money market balances). (Skip to Section 7.)

Partial. Transfer $ (cash amount) and/or the assets listed below.

description of Asset (money market, stocks, bonds, etc.; partial transfers only)

quantity (indicate # of shares or “ALL”)

description of Asset (money market, stocks, bonds, etc.; partial transfers only)

quantity (indicate # of shares or “ALL”)

liquidAte certificAte of dePosit (cd) And trAnsfer cAsh (if APPlicAble)Please be aware of and acknowledge that you may incur a penalty from early withdrawal. It is your decision to proceed with this request. Submit all bank- or credit union held CD requests two to three weeks before the maturity date; you should not submit requests any earlier than 30 days before maturity.

liquidate my cd immediately and transfer cash:

All. Transfer my entire CD proceeds.

Partial. Transfer only $ of my CD proceeds.

liquidate my cd at maturity on / / and transfer cash: (mm/dd/yyyy)

All. Transfer my entire CD proceeds.

Partial. Transfer only $ of my CD proceeds.

surrender or liquidAte Annuity And trAnsfer cAsh (if APPlicAble)All annuities must be surrendered or liquidated and the proceeds transferred to Schwab, which could result in negative tax consequences, penalties and fees. Before signing this form and liquidating your existing annuity, you may wish to discuss the implications with your own legal, tax, or estate planning professional.

liquidate my annuity immediately and transfer cash:

All. Transfer my entire annuity proceeds.

Partial. Transfer only $ of my annuity proceeds.

liquidate my annuity at maturity on / / and transfer cash: (mm/dd/yyyy)

All. Transfer my entire annuity proceeds.

Partial. Transfer only $ of my annuity proceeds.

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4

5

Please select only one box.

Please only list assets for a partial transfer.

Attach additional pages if needed.

in sections 3–6, complete only one section and continue to section 7.

Please select only one of the four boxes in this section.

Do not complete this section if you are making a 1035

annuity exchange. For all 1035 annuity exchanges,

call 1-888-745-9676.

surrender or liquidAte Annuity And trAnsfer cAsh (if APPlicAble) continues on next page

Please select only one of the four boxes in this section.

You may be charged a penalty for early withdrawal.

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AuthorizAtion to trAnsfer And Account holder signAture(s) continues on next page

important Annuity information: Before signing this form and requesting that your annuity be liquidated and the proceeds transferred to Schwab, please contact your own legal, tax, or estate planning professional. To transfer your annuity assets, a surrender or liquidation of your annuity contract assets must generally occur. This may result in the following consequences: surrender charges, loss of vested living or death benefits, potential impact to your estate plan, taxable earnings and possible tax penalties. For annuities not held in an IRA account, Section 1035 of the Internal Revenue Code allows you to make a tax-free exchange of one annuity contract for another annuity contract. Some annuities require the submission of the original policy to complete a transfer; please consult with your insurance company and submit the original policy if needed. Please contact our annuity sales team at 1-888-745-9676 for all 1035 exchanges.

mutuAl fund comPAny trAnsfers (if APPlicAble)type of transfer:

full. Transfer my entire account. (List below all mutual fund account numbers being transferred.)

Partial. Transfer only certain funds. (Complete entire section below.)

name of fund, cusiP and/or symbol

fund Account number quantity (Indicate # of shares or “ALL.”)

handling (Check one.)

future dividends and capital gains

in Kind liquidate Pay cash reinvest Pay/ reinvest

*if you do not select a future dividend and capital gains option, schwab will transfer all shares requested in kind and reinvest your dividends and capital gains distributions. if dividend reinvestment is not available at schwab, schwab will automatically pay all future dividends and capital gains distributions in cash.

AuthorizAtion to trAnsfer And Account holder signAture(s)to delivering firm: Unless otherwise indicated in the instructions in Sections 3 6, please transfer all assets in my account to Charles Schwab & Co., Inc. (“Schwab”). I understand that to the extent any assets in my account are not readily transferable, with or without penalties, such assets may not be transferred within the time frames required by FINRA Rule 11870 or a similar rule of another designated examining authority. Unless otherwise indicated in the instructions in Sections 3 6, I authorize you to liquidate any nontransferable proprietary money market fund assets that are part of my account, and transfer the resulting credit balance to the successor custodian. I understand that you will contact me with respect to the disposition of any other assets in my securities account that are nontransferable. I authorize you to deduct any outstanding fees due you from the credit balance in my account. If my account does not contain a credit balance, or if the credit balance in the account is insufficient to satisfy any outstanding fees due you, I authorize you to liquidate the assets in my account to the extent necessary to satisfy that obligation.

If certificates or other instruments in my account are in your physical possession, I instruct you to transfer them in good deliverable form, including affixing any necessary tax waivers, to enable the successor custodian to transfer them in their name for the purpose of sale, when and as directed by me. I understand that upon receiving a copy of this transfer instruction, you will cancel all open orders for my account on your books. I affirm that I have destroyed or returned to you credit/debit cards and/or unused checks issued to me in connection with my securities account.

for retirement Accounts: If this transfer of account is for a qualified retirement account, I have amended the applicable plan so that it names Schwab as successor custodian. If this transfer of account is for an IRA, I hereby adopt or reaffirm my adoption of the Charles Schwab & Co., Inc. Individual Retirement Plan. If I am transferring an IRA and the IRA type indicated on my statement is different from the IRA I currently maintain at Schwab (e.g., a Traditional IRA vs. a Rollover IRA), I hereby authorize Schwab to commingle my IRA assets.

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7

Please select only one box.

Please list all mutual fund accounts and include

a current statement dated within 90 days.

Use a separate transfer form for each mutual

fund company.

Attach additional pages if needed.

Please read and sign on the following page.

5. surrender or liquidAte Annuity And trAnsfer cAsh (if APPlicAble)

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fees: If the assets I am transferring are considered nonstandard assets at Schwab (such as limited partnerships), I understand that I will be charged set-up and maintenance fees.

I understand that fractional shares of stock are nontransferable, and I agree that any fractional shares will be liquidated by the delivering firm upon the transfer of the whole shares. The delivering firm may or may not charge a fee for this liquidation.

I understand that the delivering firm may or may not assess account fees for the transfer and/or termination of my account with them.

mutual fund dividends and capital gains (Account transfers via AcAt only): I understand that my delivering broker may provide Schwab with mutual fund dividends and capital gains distribution instructions for each mutual fund position, so that Schwab may implement these instructions. (If the same position is already held in your Schwab account, the dividend instructions will default to the current Schwab choice.) In the event that the instructions are not provided by the delivering broker or the dividend and/or capital gains distribution option

requested is not available at Schwab, the instructions will default to reinvest (unless reinvestment isn’t available, in which case dividends and capital gains will be paid in cash).

liquidations: I understand that buying and selling securities during the account transfer process may complicate and delay my transfer. Some firms may even “freeze” an account that is in the process of being transferred, meaning that no trades will be permitted until the transfer is complete. As a result, I understand that I should avoid trading during the transfer process. If I am concerned about not being able to sell my stock during the transfer process, I should con-sider selling my stock and waiting until I have received the proceeds before entering the transfer request.

cost basis: I understand that Schwab will update my account with the cost basis information provided on a transfer statement by a delivering firm. Because the accuracy of cost basis data depends upon these third-party statements, Schwab is not able to guarantee the availability, accuracy, or completeness of such cost basis data. It is my obligation to confirm the accuracy of the information Schwab receives from the delivering firm by visiting www.schwaballiance.com or contacting my Investment Advisor.

name discrepancies: All account holders or authorized signers of the account(s) listed in sections 1 and 2 of this form must sign below. if an account holder’s name appears differently on either account, the owner must sign the form using all name variations (e.g., maiden name and married name). if there is a name variation, schwab may re uire additional documentation be ore acceptin the account such as a marria e certificate or a di orce decree

registration discrepancies: by signing below, i/we acknowledge the existence of any differences in account owners and/or account type between the account being transferred into schwab and the schwab account. each individual who signs below is aware of these discrepancies and authorizes schwab to accept the transfer of assets as indicated on this orm Schwab or the deli erin firm may re uire additional documentation to e ect trans ers o assets between unlike accounts.

by signing below, i/we acknowledge that i/we have read and i/we understand this form in its entirety. i/we hereby authorize the transfer of my/our account as listed in section 2 to the schwab account listed in section 1. by signing below, i/we also authorize any name or account discrepancy during the transfer.

7. AuthorizAtion to trAnsfer And Account holder signAture(s) (continued)

Important disclosures regarding account

discrepancies.

SIgn here

All account holders must sign and date using

blue or black ink.

Please note that a Full Power of Attorney is

not authorized to sign this form.

All non-Schwab account holders must have their

signatures notarized.

Account holder/trustee signature today’s date (mm/dd/yyyy)

Print name Title, First Middle Last, Suffix

Additional Account holder/trustee signature today’s date (mm/dd/yyyy)


Additional Account holder/trustee signature today’s date (mm/dd/yyyy)


/ /

/ /

/ /

DID YOU REMEMBER TO:

Attach a copy of your most recent statement for the account you are transferring?

Attach any necessary additional documents listed in section 2?

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Please return pages 1–5 of this form to your investment Advisor or mail to charles schwab & co., inc. at P.o. box 982600, el Paso, tX 79998-2600 or P.o. box 628291, orlando, fl 32862-8291.

Return instructions

All dtc-eligible securities: All deliveries MUST include client name and Schwab account number.

Delivery to DTC Clearing 0164, Code 40.

dividend reinvestment or closed-end mutual funds: All deliveries MUST reference client name and Schwab account number. The client’s Schwab account number must not be included in the mailing address. Do not establish an account in the name of Charles Schwab & Co., Inc. FBO (for benefit of) the client.

Issue a certificate for all whole shares, liquidate all fractional shares and discontinue dividend reinvestment.

Physical delivery of checks and/or securities: All deliveries MUST reference client name and Schwab account number.

Name and Address: Charles Schwab & Co., Inc. AS Document Control P.O. Box 982600 El Paso, TX 79998-2600

Overnight Mailing Address: Charles Schwab & Co., Inc. AS Document Control 1945 Northwestern Drive El Paso, TX 79912

tax id number: 94-1737782

fed book-entry securities (e.g., treasury notes): All deliveries MUST include client name and Schwab account number.

JPM CHASE/CCC ABA : 021000021 Charles Schwab A/C G69873 FBO: 8-digit customer A/C and name.

liquidate money fund and transfer cash according to instructions listed below.

fedwire® monies: All deliveries MUST include client name and Schwab account number.

Wire to: Citibank NA, 111 Wall Street, New York, NY 10005

ABA : 021000089 FBO: Charles Schwab & Co., Inc. A/C : 40553953 For further credit to Schwab Client Account :

Foreign Securities: All deliveries MUST include client name and Schwab account number.

Call 1-602-355-9003 for delivery instructions.

for deliVering firm use only

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client copy

©2015 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.CC0258357 (0514-2539) APP10864-25 (09/15)

Transfer Your Account: Additional Information GENERAL INFORMATIONSchwab will not accept or honor any oral or written instructions from you to purchase or sell securities with the proceeds of the cash and/or transferred securities before we have actual receipt of your assets and the transfer process is complete.

If you want dividend reinvestment on your stocks, contact your Investment Advisor.

If dividend reinvestment is not available for your mutual fund shares, Schwab will automatically pay all future dividends and capital gains distributions in cash. Requests to sell mutual fund positions are dependent upon the delivering firm receiving and processing the request and may take several weeks to complete.

If your fund is not transferable as shares, you may con-sider initiating a redemption at the fund company and request that they deliver cash to your Schwab account for a faster transfer.

If the account you are transferring holds pooled invest-ments such as hedge funds, funds of funds, private equity, limited partnerships, REITs, or any other Alternative Investments, please contact our Alternative Investments Service team at 1-877-201-2985.

FRE UENTLY ASKED UESTIONShow long will it take?Depending on the type of securities, a typical transfer will take approximately three weeks. However, some may take up to six weeks or even longer.

Please remember that while we make every effort to ensure a swift transfer, the actual transfer time depends on how quickly securities are liquidated and released or transferred by the financial institution currently holding your investments.

will i be charged a fee?An exit fee may be charged by your previous financial institution upon receiving your transfer request. A wire fee may also be charged by your previous financial institution to transfer to Schwab.

Fractional shares of stock are nontransferable, and any fractional shares will be liquidated by the delivering firm upon the transfer of the whole shares. The delivering firm may or may not charge a fee for this liquidation.

If the assets you are transferring are considered nonstan-dard assets at Schwab (such as limited partnerships), there will be set-up and maintenance fees.

Are my funds transferable?Schwab can transfer over 6,000 different mutual funds. Some financial firms issue their own (proprietary) mutual funds, and these funds typically cannot be transferred to any firm. Also, there are some mutual fund companies with whom Schwab has not established an agreement with the fund issuer to hold a particular mutual fund. If the mutual fund cannot be transferred, then you may be notified by mail.

how do i sell assets prior to transfer?If there are assets that need to be sold before being trans-ferred to Schwab, please instruct the delivering firm to sell assets in your brokerage or trust company account and cancel dividend reinvestment prior to sending this form to Schwab. This helps ensure that liquidations proceed efficiently, because many brokerage or trust companies will not accept instructions from Schwab to sell assets.

On a mutual fund transfer where the fund is held directly with the mutual fund company, you may utilize Section 6 of the Transfer Your Account form to facilitate the liquidation (sell).

can i liquidate my securities during the account transfer?Buying and selling securities during the account transfer process may complicate and delay your transfer. Some firms may even “freeze” an account that is in the process of being transferred, meaning that no trades will be permitted until the transfer is complete. As a result, you should avoid trad ing during the transfer process. If you are concerned about not being able to sell your stock during the transfer process, please consider selling and waiting until you have received the proceeds before entering the transfer request.

how do i transfer an annuity?We recommend that you contact your existing insurer to verify the status of any charges or benefits before you proceed with your transfer/exchange request. Please also note that, in order to process your request, additional documentation and information may be required by Schwab or the current insurer.

To transfer your annuity assets, a surrender or liquidation of your annuity contract assets must generally occur. This may result in the following consequences: surrender charges, loss of vested living or death benefits, taxable earnings and possible tax penalties. For annuities not held in an IRA account, Section 1035 of the Internal Revenue Code allows you to make a tax-free exchange of one annuity contract for another annuity contract. Some annuities require the submission of the original policy to complete a transfer; please consult with your insurance company and submit the original policy if needed.

how do i transfer my company retirement plans?Please consult with your plan administrator before initiating a transfer request. Then, to roll over your 401(k) or another employer-sponsored retirement plan, contact your Investment Advisor. From filling out paper work to answering your questions and helping you work with your plan administrator, a dedicated Rollover Consultant will personally manage the process for you from start to finish, making it easy to roll over to a new IRA.

what about cost basis?Schwab will update your account with the cost basis information provided on a transfer statement by a delivering firm. Because the accuracy of cost basis data depends upon these third-party statements, Schwab is not able to guarantee the availability, accuracy or completeness of such cost basis data. It is your obligation to confirm the accuracy of the information Schwab receives from the delivering firm by visiting www.schwaballiance.com or contacting your Investment Advisor.

thank you for investing with charles schwab.

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©2016 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.CC0399133 (0116-BU74) APP20124-17 (03/16)

*APP20124-17=01*


IA Firm Name (Please print.):

IA Master Account Number: Service Team:

Advisor Contact Information (if follow-up is required):

Use this form to:

• Establish a standing authorization to transfer funds electronically between your Schwab account(s) and your account at another U.S. financial institution. You may not transfer funds to financial institutions outside the territorial jurisdiction of the United States. You may also use this form to authorize your IA to request such transfers on your behalf.

• Set up direct, ongoing electronic payments of income (dividends, interest, and money market account income) from your eligible Schwab account(s) (individual, joint, trust, sole owner, or proprietor) to your Schwab Bank account or to an account at another financial institution.

• Change or terminate an existing electronic income payment plan.

Schwab MoneyLink is not available for some account registrations, including Individual 401(k), QRP, 403(b)(7), Estate, Guardianship, SEP-IRA (inbound), Conservatorship, and Custodial (outbound to another financial institution account on which the minor’s name is not listed). Please read the Important Eligibility Information on page 6 for other limitations on Schwab MoneyLink.

To set up an electronic funds transfer for a Schwab Bank account, contact a Schwab Bank representative at 1-800-515-2157 or visit www.schwaballiance.com and click on the Banking tab.

Please remember to:

• Use the IRA Distribution Request Form to request distributions from an IRA, SEP-IRA, or SIMPLE IRA. If any IRA accounts are listed, we will only set up an inbound profile. Use the ESA Distribution Request Form to request distributions from education savings accounts (ESAs).

• Complete a separate form for each other financial institution account.

• Allow up to two weeks following your account enrollment before you request your first transfer.

1. Schwab Account Information (Required)

Multiple accounts may be listed only if they are identically registered.

Schwab Account Number(s):

Name(s) on Schwab Account(s) (List all names on the account[s].):

2. Transfer Instructions (Select one.) A. SET UP OR TERMINATE INSTRUCTIONS.

! Set up new instructions. (Complete Sections 3, 4, and 7. Section 6 is needed ONLY if adding IA authorization.)

! Set up an additional other financial institution account without removing existing instructions. (Complete Sections 3, 4, and 7. Section 6 is needed

ONLY if adding IA authorization.)

! Set up an additional other financial institution account and terminate existing instructions for other financial institution account number

.

(Complete Sections 3, 4, and 7. Section 6 is needed ONLY if adding IA authorization.)

! Terminate existing instructions. (Complete Sections 3 and 7.)

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Schwab MoneyLink® Electronic Funds Transfer Form

ESIG


*APP20124-17=02*

Page 2 of 5

2. Transfer Instructions (Continued) B. CHANGE EXISTING INSTRUCTIONS.

If your account has an existing MoneyLink authorization on file for more than one other financial institution account, you must provide the specific other financial institution account information to be updated in Section 3.

! Change amount for recurring transfer and/or frequency and start date instructions. (Complete Sections 4B and 7.)

! Change direction for on-request transfer instructions. (Complete Sections 4A and 7.)

! Add IA authorization only. (Complete Sections 3, 6, and 7.)

! Remove IA authorization only. (Complete Sections 3 and 7.)

3. Other Financial Institution Account Information

ACH Routing/Transit Number: _________________________________________ Account Number: ______________________________________

Type of Account (Select one.): ! Personal Checking Account ! Corporate/Organization Checking Account*

! Personal Savings Account ! Corporate/Organization Savings Account**For more information about Corporate or Organization accounts, see the last page.

Attach an original preprinted voided check (required).

Dana Jones123 Main StreetAnytown, NY 12345

REQUIREDTape your voided check here.

(Use a preprinted deposit slip for savings accounts.)

ACH Routing/Transit Number Account Number

Name must be preprinted and unaltered.

Alternative acceptable documentation for accounts without checks:

• Deposit/withdrawal slip

• Account statement from bank or broker-dealer reflecting account registration and number

• Preprinted direct deposit form from the other financial institution including account title, account number, account type, and ACH routing/transit number

• A letter from the other financial institution, on its letterhead and signed by an officer, that includes the account title, account number, account type, and ACH routing/transit number. For Organization accounts, this letter should include the names of the authorized account signers.

4. Type of Transfer A. On-Request Transfers. (Select one. If you do not make a selection, your account will be set up for on-request transfers into and out of your account. For

SIMPLE IRA Master Accounts, select “into my Schwab account.”)

On-request transfers allow you the flexibility to move funds into or out of your account on the date and in the amount that you specify. Once you establish the Schwab MoneyLink® setup, you must contact Schwab or log on to www.schwaballiance.com to make the first on-request transaction.

! into my Schwab account

! out of my Schwab account

! into and out of my Schwab account

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*APP20124-17=03*

Page 3 of 5

4. Type of Transfer (Continued) B. Recurring Transfers. (Select one. Recurring transfers are not available for SIMPLE IRA Master Accounts.)

If this application is not received in time to make the first requested transfer date, we will start on the next transfer date in the sequence.

! into my Schwab account in the amount of $______________

! out of my Schwab account in the amount of $______________

! into my Schwab IRA account, beginning for tax year (yyyy) ______________in the amount of (up to the annual contribution limit) $______________

Indicate Frequency and Start Date Below. (Select one.)

! weekly, every __________, beginning (mm/dd) _____________ (M, T, W, Th, F)

! two times per month, beginning on first transfer date (mm/dd) _____________ and second transfer date (mm/dd) _____________

! monthly, beginning (mm/dd) _____________

! monthly; last business day of each month, beginning (mm/dd) _____________

! quarterly, beginning (mm/dd) _____________

! two times per year, beginning (mm/dd) _____________

! annually, beginning (mm/dd) _____________

5. Electronic Dividend and Interest Payment Instructions (If Applicable)

SET UP/CHANGE INSTRUCTIONS

! Set up a new income payment plan.

! Change my existing income payment plan.

! Terminate my existing income payment plan

INCOME OPTIONS

Choose “All Income Plan” in Option A below OR up to three income payment options from Option B below. Note: The maximum amount that can be transferred in a single transaction is $500,000.

A. ! All Income Plan (All dividend, interest, and money market account income will be consolidated into a single electronic payment.)

B. Flexible Income Plan (Choose up to three.)

! Dividends (Includes capital gains distributions; will be consolidated into a single electronic payment.)

! Interest (Includes fixed income and CD; will be consolidated into a single electronic payment.)

! Money Market (Includes Schwab One® interest and Schwab Bank interest; will be consolidated into a single electronic payment.)

FREQUENCY (Check One)

Note: If frequency is not provided, your account will be set up to begin paying income on the earliest available last business day of the month.

! As Accrued (Your account will be debited on the first business day after the day on which income is credited to your account. Generally, your other

financial institution account will be credited one business day after the debit occurs.)

! Last Business Day of the Month (Income is aggregated on the last business day of each month, and your account is debited on the first business

day of the next month [excluding December]. Generally, your other financial institution account will be credited one business day after

the debit occurs.)

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6. Investment Advisor (IA) AuthorizationPlease initial below only if you want your IA to initiate Schwab MoneyLink® transactions on your behalf (and on the behalf of any other holder[s] of the other financial institution account). All Schwab account holders must initial below (an “X” is not sufficient). Only Schwab account holders, not holders of the other financial institution account, may initial this authorization. If you want to allow your IA to disburse funds via MoneyLink to an account of identical registration, you still need to initial this section even if you have previously given your IA Disbursement Authority. You may revoke this authoriza-tion by notifying Schwab. IAs are not permitted to initiate MoneyLink transactions for testamentary trusts or SIMPLE IRA Master Accounts.

All Schwab account holders are required to initial below to authorize your IA to give Schwab instructions on your behalf, and on behalf of any other account holder(s). You must be an account holder on both accounts to enable your IA to request transfers from another financial institution account to your Schwab account.

Account Holder/ Trustee/Custodian

Add’l Account Holder/Co-Trustee

Add’l Account Holder/Co-Trustee

I/We authorize Schwab to accept instructions from my/our IA to electronically transfer funds between my/our Schwab account and my/our other financial institution account specified in Section 3, as well as to transmit instructions to set up, change, or terminate an existing electronic income payment plan from my/our Schwab account to my/our Schwab Bank account or other financial institution account as instructed by my/our IA. IA’s authority includes giving Schwab instructions on my/our behalf and changing existing instruc-tions for one-time (on-request) transfers and recurring transfers, IRA contributions, stopping transfers, and canceling the Schwab MoneyLink Service (and reestablishing it within 60 days of cancellation). My/Our IA’s authority does not include enrolling other Schwab accounts or other financial institution accounts in the Service. The authority I/we am/are granting to my/our IA is subject to the Terms and Conditions of the Service and this Authorization Form. I/We understand that this authorization only allows my/our IA to provide MoneyLink instructions between my/our Schwab account and my/our other financial institution account, and does not enable my/our IA to instruct Schwab to make other types of disbursements from my Schwab account (for example, wire, journal, or check requests). I/We agree to indemnify and hold harmless Schwab; its affiliates; and their directors, officers, employees, and agents from and against all claims, actions, costs, and liabilities, including attorneys’ fees, arising out of or relating to: (1) their reliance on these Standing Instructions and (2) Schwab’s execution of my IA’s instructions.

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*APP20124-17=05*

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7. Authorization to Transfer FundsA. Terms for Schwab Account Holders. By signing this Agreement, I am signing up for the Schwab MoneyLink® Service (the “Service”). Terms and Condi-tions for the Service will be sent to me when this form is processed. Those Terms and Conditions will govern all transactions initiated under the Service, and my use of such Service will confirm that I have received, reviewed, and agreed to be bound by the Terms and Conditions, including, without limit, any amendments, until I cancel the Service as described in the Terms and Conditions. If this is a Trust account, I certify, as Trustee, that all one-time and recurring withdrawals from the Trust account will be in accordance with the authority granted under the Trust instrument and applicable law.

B. Terms Relating to the Other Financial Institution Account. My signature below authorizes Charles Schwab & Co., Inc. (“Schwab”) to (i) initiate credit entries to my account indicated (the “Other Account”) and to credit that account; (ii) initiate debit entries to the Other Account and to debit that account; and (iii) initiate reversals to the Other Account of erroneous or duplicate credit or debit entries and to credit or debit such account as appropriate. This authorization will remain in full force and effect until Schwab receives written or verbal notification in a time and manner so as to give Schwab and the other financial institution a reasonable opportunity to act on it.

SIGNATURES ARE REQUIRED BELOW FOR ALL SCHWAB ACCOUNT HOLDERS if you initialed Section 6, Investment Advisor (IA) Authorization, or AT LEAST ONE SCHWAB ACCOUNT HOLDER if you did not initial Section 6.

For Schwab Corporate, Partnership, or other Organization accounts, at least two authorized agents’ signatures are required.

SIGNATURES ARE REQUIRED FOR ALL OTHER FINANCIAL INSTITUTION ACCOUNT HOLDERS.

If I am the sole account holder on the Schwab account and the other financial institution account, my signature below constitutes my agreement with the terms set forth in Sections 7A and 7B. If I am an account holder on the other financial institution account, by signing below I am acknowl-edging my agreement with the terms set forth in Section 7B.

Signature(s) and Date(s) Required

X Account Holder/Co-Trustee/Authorized Agent or Other Financial Institution Account Holder Signature Print Name Date





ESIG


Important Eligibility InformationOrganization or Corporate AccountsIf the account at the other financial institution is a corporation, partner-ship, sole proprietor or other organization account and is not identically registered as the Schwab account, a copy of the corporate resolution, partnership or sole proprietor letter, organization paperwork, or a signed letter from the bank (on bank letterhead, with authorized signers and pertinent account information listed) is required to determine authorized signers.

Custodial AccountsWithdrawals from Custodial accounts are permitted only when any one-time and recurring withdrawals from a Custodial account will be in accordance with the authority granted under the applicable enactment of the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, and will be for the benefit of the minor.

Loan ProductsGenerally speaking, electronic transfers are not available for loan products (such as HELOCs).

Retirement Accounts• This form cannot be used to request a distribution from an IRA or from an

ESA. Use the IRA Distribution Request Form or the ESA Distribution Request Form.

• Schwab MoneyLink is not available for transfers into or out of Schwab Individual 401(k), QRP, or 403(b)7 accounts.

• Schwab MoneyLink is not available for transfers into Schwab SEP-IRA or SIMPLE IRA Participant accounts.

• For transfers into IRAs, if you do not specify a contribution limit or if you do not establish a regular contribution schedule, we will set your limit at the current federal maximum annual contribution limit based upon your age. If you have questions about the maximum annual contribution limit for a given tax year, please consult with your tax advisor. For each contribution year, transfers will stop once you have reached the contribution limit or at the end of the year, and your existing transfer schedule will resume in January for the next contribution year. If you would like to change your limit, call us at 1-800-515-2157 or contact your investment advisor.

Company Retirement Accounts (CRAs)• Schwab MoneyLink is only available into a CRA (Pension Trust Account)

at Schwab if the funds are coming from an account of identical registra-tion or from a company account with the same company name as the CRA.

• Schwab MoneyLink is only available out of a CRA (Pension Trust Account) if the funds are being sent to an account of identical registration or to an individual participant identified on the MoneyLink Authorization Form by the plan trustee(s).

Schwab MoneyLink® Electronic Funds Transfer Information

00160190

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*APP23626-04=01*©2013 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.Schwab Institutional® is a division of Schwab. CS19249-22 (1007-1488) APP23626-04 (09/13)

Statement Bundling Letter of Authorization Form


IA Firm Name (please print): __________________________________________________________________________________________________________

IA Master Account Number: ________________________________________________________ Service Team: _____________________________________

This form is a letter of authorization that can be used to bundle multiple accounts in one envelope or unbundle accounts into separate envelopes.

1. Statement Bundling InstructionsI authorize Charles Schwab & Co., Inc. to execute the following statement bundling instructions on these accounts (see restrictions below):

Account bundling restrictions1. All accounts in the bundle must have the same mailing address.2. An account can exist in one bundle only, and a bundle must have at least two accounts.3. Different statement types cannot be bundled in the same envelope.4. Retail and Schwab Personal Choice Retirement Account® statements cannot be bundled with Schwab Institutional® account statements. 5. Trust registrations may be combined with other accounts only if the trustees are the same as the owners on the other accounts.6. Corporate registrations may not be combined with any other registration types.

Primary Account*

!Bundle

!Unbundle Account Number Account Name (as it appears on statement)

!Bundle

!Unbundle Additional Account Number Account Name (as it appears on statement)

!Bundle


!Bundle


!Bundle


!Bundle


!Bundle


!Bundle


*The primary account’s address will be used to mail the entire statement bundle. Unbundling requests do not require signatures.

Page 1 of 2

WB

©2013 Charles Schwab & Co., Inc. (“Schwab”). All rights reserved. Member SIPC.Schwab Institutional® is a division of Schwab. CS19249-22 (1007-1488) APP23626-04 (09/13)

*APP23626-04=02*

2. Authorized Signature(s)All account holders of all accounts to be bundled must sign (e.g., primary, joint, trustees). Bundling instructions will remain effective until written notice is given to Schwab.

For additional accounts or signatures, please use another Statement Bundling Letter of Authorization Form with the same primary account.

______________________________________________________________________________________________________ Date _______________________ Signature: Account Holder Print Name (mm/dd/yyyy)




Page 2 of 2

00102626

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Wrap Fee Program Brochure

This wrap fee program brochure provides information about the qualifications and business practices of FormulaFolio Investments, LLC. If you have any questions about the contents of this brochure, please contact us via telephone at 888-562-8880 or via email at [email protected]. The information in thisbrochure has not been approved or verified by the United States Securities andExchange Commission or by any state securities authority. Additional informationabout FormulaFolio Investments, LLC also is available on the SEC’s website atwww.adviserinfo.sec.gov.

Effective Da80SEC#: 1-72780

(Office) 888-562-8880 (Fax) 616-965-2328FormulaFolios.com (Email) [email protected]

©201 FormulaFolio Investments, LLC. All Rights Reserved. Client Page Section 3: 1 of

ITEM 2 - MATERIAL CHANGES


ITEM 3 - TABLE OF CONTENTS

Item 1 - Cover Page .................................................................................. 1Item 2 - Material Changes ........................................................................ 2Item 3 - Table of Contents......................................................................... 3Item 4 - Services, Fees, and Compensation ............................................. 4 Terminology...................................................................................... 4

General Program Overview .............................................................. 4 FormulaFolio Accounts ..................................................................... 4Portfolio and Supervisory Services...................................................5Client Costs......................................................................................5Account Maintenance Fees, Share Prices and Ticket Charges......... 5Additional Compensation .................................................................

Item 5 - Account Requirements and Types of Clients................................Item 6 - Portfolio Manager Selection and Evaluation ................................

Manager Selection ...........................................................................Model Manager Allocation Changes ................................................Portfolio Managers ...........................................................................Methods of Analysis ........................................................................Related Persons Disclosure .............................................................

Item 7 - Client Information Provided to Porfolio Managers .......................Item 8 - Client Contact with Portfolio Managers ......................................Item 9 - Additional Information .................................................................

Disciplinary Information ................................................................... Other Financial Industry Activities and Affiliations ........................... Code of Ethics................................................................................ Participation or Interest in Client Transactions...............................Review of Accounts .........................................................................Client Referrals .................................................................................

Exhibit 1 ..................................................................................................


ITEM 4 - SERVICES, FEES, AND COMPENSATION

Terminology

The following definitions are essential to understanding the explanations contained within this disclosure document.

American Stock Exchange (AMEX): The second-largest stock exchange in the United States, after the New York Stock Exchange (NYSE). In general, the listing rules are a little more lenient than those of the NYSE, and thus the AMEX has a larger representation of stocks and bonds issued by smaller companies than the NYSE. Some index options and interest rate options trading also occurs on the AMEX. The AMEX started as an alternative to the NYSE. It originated when brokers began meeting on the curb outside the NYSE in order to trade stocks that failed to meet the Big Board’s stringent listing requirements, but the AMEX now has its own trading floor. In 1998 the parent company of the NASDAQ purchased the AMEX and combined their markets, although the two continue to operate separately

Aggregate: The total or the sum.

Cross Transactions: A transaction in which a person acts as an investment adviser in relation to a transaction in which such investment adviser, or any person controlling,controlled by, or under common control with such investment adviser, acts as broker for both such advisory client and for another person on the other side of the transaction.

Custodian: An agent, bank, trust company, or other organization which holds and safeguards an individual’s assets for them.

NASDAQ: A capitalization weighted index that tracks the performance of domestic commons stocks traded on the regular NASDAQ markets as well as the National Market System traded foreign common stocks and American Depository Receipts (ADRs). The NASDAQ is a computerized system established by the FINRA to facilitate trading by providing broker/dealers with current bid and ask price quotes on over-the-counter stocks

and some listed stocks. Unlike the Amex and the NYSE, the NASDAQ (once an acronym for the National Association of Securities Dealers Automated Quotation system) does not have a physical trading floor that brings together buyers and sellers. Instead, all trading on the NASDAQ exchange is done over a network of computers and telephones. An investor cannot invest directly in the index

New York Stock Exchange: The oldest and largest stock exchange in the United States, located on Wall Street in New York City. The NYSE is responsible for setting policy, supervising member activities, listing securities, overseeing the transfer of member seats, and evaluating applicants. It traces its origins back to 1792, when a group of brokers met under a tree at the tip of Manhattan and signed an agreement to trade securities. Unlike some of the newer exchanges, the NYSE still uses a large trading floor in order to conduct its transactions. It is here that the representatives of buyers and sellers, professionals known as brokers, meet and shout out prices at one another in order to strike a deal. This is called the open outcry system and it usually produces fair market pricing. In order to facilitate the exchange of stocks, the NYSE employs individuals called specialists who are assigned to manage the buying and selling of specific stocks and to buy those stocks when no one else will. Of the exchanges, the NYSE has the most stringent set of requirements in place for the companies whose stocks it lists, and even meeting these requirements is not a guarantee that the NYSE will list the company.

Proxy: A written authorization given by a shareholder for someone else, usually the company’s management, to cast his/her vote at a shareholder meeting or at another time. Re balancing: Making adjustments to counteract the fact that different assets have performed differently and now comprise different percentages of the portfolio than originally intended.

Soft Dollars: Payments to a financial institution in terms of commission revenue, rather than actual cash payments.

General Program Overview

FormulaFolio Investments, LLC, (herein referred to as “FormulaFolios”, “us,” “we” and “our”) is a registered investment adviser with the Securities and Exchange Commission (“SEC”). We provide investment portfolio advice and supervisory services to our clients utilizing equities, index mutual funds, and exchange traded funds (ETFs). We allocate your assets in accordance with your specific goals, financial situation and any investment limitations you may impose.

The trade name for our portfolios is “FormulaFolios” and each portfolio is built as a “FormulaFolio Custom Allocation.” We offer multiple investment portfolios, some of which are managed through application of our proprietary investment model. We also utilize outside Model Managers which are blended with FormulaFolio Strategies to create the Multi-Manager Allocation Series. Each FormulaFolio Allocation is different, and you should choose the FormulaFolio Allocation that best suits your investment goals and objectives. Our FormulaFolio accounts are discretionary; however, our discretionary authority is limited. This means that you authorize the firm to engage solely in implementing your FormulaFolio Allocation’s specific investment criteria and account rebalancing. Re balancing is accomplished by reallocating assets to achieve original asset targets. The re balancing process does not involve investment supervisory services. Please keep in mind that the rebalancing process is done without regard to how long you have held the securities or various tax consequences from purchases or sells. If you are concerned about how the tax consequences may affect your unique situation, please consult a tax professional.

FormulaFolio Accounts

We use our proprietary securities screening models to determine our investment recommendations. The equities, mutual funds, and exchange traded funds (ETFs) that comprise our portfolios are chosen by a formula to help eliminate human emotion from the investing process.

Each account is established with a minimum four percent cash position, and the remaining percentage is fully invested in the selected FormulaFolio Custom Allocation. We then implement our model to identify and direct which securities to own. Throughout the course of your participation in this program, the proprietary model will dictate how long to hold each security, and when to sell. You will always be able to identify what securities you own inside your account.

Your account holdings are then updated by reapplying the formula and rebalancing the account to achieve the original asset allocation on an annual basis. Each FormulaFolio Custom Allocation will only accept securities that specifically meet the qualification of our proprietary investment model. It may be possible that no securities will qualify for the FormulaFolio Custom Allocation during a given period of time. This may result in an account maintaining a full cash position for a given amount of time. Since FormulaFolio Custom Allocations are derived by the application of a statistical model, it is important investors understand portfolio manag ment decisions are made entirely via investing formulas (computer models) and not by an individual or committe .

If you decide to remove your funds from a FormulaFolio Custom Allocation, or, if you do not wish to participate in market fluctuations, you may direct us to place your funds in our money market account.However, we do not recommend this as a long-term strategy since you will be charged the standard account fees while your funds are sitting in the money market account (please see “Program Fees” section below for a detailed description of the fees associated with the FormulaFolio strategies).

A proprietary asset allocation model recommends each FormulaFolio Custom Allocation, which is entirely separate from the proprietary securities screening models. The asset allocation model helps us determine the most suitable FormulaFolio Custom Allocation based on investor financial goals, risk tolerance, and tax qualification of their accounts. This asset allocation process can be updated at any time by request to the client’s advisor. It is possible that in the future, we may decide to change an asset allocation based on economic research concerning the various formulas and portfolios. It is extremely important to understand that past performance of an investment is no indication of that investment’s future performance.

Our services are introduced exclusively by solicitors who are typically associated with brokerage firms and/or other investment advisers. We pay these solicitors a portion of the advisory fee we collect from clients referred to us by the solicitors.


SERVICES, FEES, AND COMPENSATION CONT.


(Custodian: Folio Institutional)


First: < $250,000

Multi-ManagerAllocation Series

Next: $250,001 - $500,000

Next: $500,001 - $1,000,000

Next: $1,000,001 - $2,000,000

0.9 %

0. %

0.8 %

0.7 %

(0% to 1.5 %)

FF Investments Mgmt Fee. Rep Fee

First: <$100,000 0. %

(0% to 1.5 %)Next: $100,000 - $249,999

Next: $250,000 - $499,999

Next: $500,000 - $999,999

Next: > $1,000,000

0.7 %

0. %

0.6 %

0. %

Amount Under Mgmt.

(Custodian: TD Ameritrade, Fidelity, and Charles Schwab)

FF Investments Mgmt Fee. Rep FeeAmount Under Mgmt.

Allocation Style FF Investments Mgmt. Fee

Multi-Manager Allocation 0. % %

(0% -1. %)

Amount Under Mgmt.


First: <$ 00,000 0. %

(0% to 1.5 %)Next: $ 00,000 - $

Next: $

0. %

0. %



First: <$ 00,000 0. %

(0% to 1.5 %)Next: $ 00,000 - $

Next: $

0. %

0. %

Amount Under Mgmt.

(Custodian: )

%

(0% -1.25%)

%


©201 FormulaFolio Investments, LLC. All Rights Reserved. Client Page Section 3: of

Amount Under Mgmt.

(Custodian: Folio Institutional)


First: < $250,000

Multi-ManagerAllocation Series

Next: $250,001 - $500,000

Next: $500,001 - $1,000,000

Next: $1,000,001 - $2,000,000

0.95%

0.90%

0.85%

0.75%

(0% to 1.5%)


First: <$100,000 0.80%

(0% to 1.5%)Next: $100,000 - $249,999

Next: $250,000 - $499,999

Next: $500,000 - $999,999

Next: > $1,000,000

0.75%

0.70%

0.65%

0.60%

Amount Under Mgmt.


FF Investments Mgmt Fee. Rep FeeAmount Under Mgmt.

Allocation Style FF Investments Mgmt. Fee

Multi-Manager Allocation 0. % %

(0% -1.25%)

Amount Under Mgmt.

ITEM 5 - ACCOUNT REQUIREMENTS AND TYPES OF CLIENTS

The firm requires a minimum account size of $50,000 for portfolio asset management. Exceptions may be made, solely at the firm’s discretion, based on a variety of factors, including but not limited to, prior or anticipated investment activity and family or employment

relationships. We may, at our discretion, aggregate related accounts in the same household in determining whether the account minimum has been met. Minimums may be negotiated depending on your personal circumstances.

ITEM 6 - PORTFOLIO MANAGER SELECTION AND EVALUATION

Manager Selection

Mr. Jason Wenk, the Chief Investment Officer of FormulaFolio Investments, LLC, heads our investment management team. The investment management team is directly responsible for the review, due-diligence, and inclusion into the FormulaFolios Wrap-Fee Program.

When vetting new managers, the following criteria is considered for induction into the program:

• T rack Record• V olatility• Methodology• T enure• Education• Assets Under Management• Relative Cost

If, after meeting all of our requirements, the manager is inducted into the program, FormulaFolio Investments continues to monitor the performance of all Model Managers to make certain they are continually providing the performance and value for which they were selected.

Model Manager Allocation Changes

The performance returns of the selected Model Managers is monitored by FormulaFolio Investments. At FormulaFolios’ discretion, a Model Manager who is under-performing may be eliminated from the platform. In the event that a Model Manager needs to be replaced, FormulaFolio Investments has the sole discretion to hire a new Model Manager and adjust the weighting of the allocation accordingly.

When hiring selected Model Managers, we utilize the numbers provided to us by said manager and other third-party reporting sources.


Account Maintenance Fees, Share Prices and Ticket Charges

In addition to the fees mentioned above, you will pay a annual custodian charge on all retirement accounts (IRAs, Roth IRAs, SEP IRAs, etc) in the amount of $25, and other ancillary fees based upon actions you take, such as wire transfers out. The schedule of such ancillary charges is subject to change at any time and is available by logging into the custodian. We may, from time to time, amend our fees and billing procedures. Changes will become effective after 30 days prior notice. Our fees are not based on the financial performance, capital gains or losses experienced by your account. Lower fees for comparable services (bundled or unbundled) may be available from other sources. Based on the factors explained above, some clients may pay lower fees than the fees described above.

Additional Compensation

Our firm does not receive “soft dollars” from any vendor or service provider, such as an insurance company or broker -dealer, in exchange for our placement of brokerage transactions. We may enter into agreements with brokerage, investment advisory, or insurance firms, which permit us to enter into solicitor agreements with the firm’s salespersons. We may also enter into agreements with individuals, corporations, or partnerships to act as solicitors. These solicitor agreements are structured according to SEC Rule 206(4)-3 under the Investment Advisers Act of 1940. We pay referral fees to persons who solicit clients for our firm. If the individual solicitor is a registered representative of a brokerage firm, we pay the referral fees to the brokerage firm and the brokerage firm pays a substantial portion of the referral fees to the individual who referred the client to us.

Account management fees are calculated monthly, in arrears, based on the average daily market value as reported by your account custodian, FOLIOfn Investments, Inc. (“Folio Institutional”), TD Ameritrade Institutional, Fidelity Investments, or Charles Schwab as of the preceding month’s end. Under some circumstances, our account management fees may be lower than this rate schedule. For example, in determining fees, rates, and minimums, we may aggregate related accounts and, for billing purposes, treat them like one account. This is done at our discretion and should not be considered the normal order of business. Other factors may include reduced fees for managing the accounts of employees and employees’ immediate family members

Account management and custodian fees will be billed to you by the account custodian on a monthly basis and will be reflected on your official statement issued electronically by the custodian. You can also access your custodian issued statements directly by logging into:

• Folio Institutional : www.folioclient.com

• TD Ameritrade :

• Fidelity :

www.advisorclient.com

www.fidelity.com

• Charles Schwab : https://client.schwab.com

The custodian will deduct the fees directly from your account. The statements will detail the account value upon which our fees are calculated and the amount of the fee. The statement is sent to you electronically at the end of the billing cycle, and the fees will be deducted from your account approximately 10-15 days later. You may object to the deduction of fees from the account by notifying us at the address or telephone numbers shown on each billing invoice. Please keep in mind that in addition to the monthly electronic statements you receive, you will receive a detailed quarterly performance report directly from FormulaFolio Investments in the mail

Client Costs

The strategies provided in the FormulaFolios Wrap-Fee Program may be greater or less than the client would otherwise pay if they purchased each service separately.


ITEM 9 - ADDITIONAL INFORMATION

Jason Crump

Joel VanWoerkom

Joel VanWoerkom is a shareholder of FormulaFolio Investments, LLC. In addition to Mr. VanWoerkom’s duties for FormulaFolio Investments, LLC, he is also: 1) a shareholder and Director of Financial Planning for Retirement Wealth Advisors, Inc., an SEC Registered Investment Advisor; 2) a shareholder of Altruistic Financial Planning, LLC, an Insurance Agency; and 3) a licensed life insurance agent.

Stephen Odom, Steven Craig, Andrew Craig, Brandon George, Edward Nolan, Ford Stokes and Stephen A. Ashton are shareholders of FormulaFolio Investments, LLC and Retirement Wealth Advisors, Inc. Their roles in these two firms are as investor shareholders only. Stephen Odom, Steven Craig, Andrew Craig, Brandon George, Edward Nolan, and Stephen A. Ashton are also owners of The Impact Partnership, LLC. an Insurance Marketing Organization (IMO) headquartered in Kennesaw, Georgia.

Code of Ethics

FormulaFolio Investments and persons associated with FormulaFolio Investments (“Associated Persons”) are permitted to buy or sell securities that it also recommends to clients consistent with FormulaFolio Investment’s policies and procedures.

FormulaFolio Investments has adopted a code of ethics that sets forth the standards of conduct expected of its associated persons and requires compliance with applicable securities laws (“Code of Ethics”).


ITEM 8 - CLIENT CONTACT WITH PORTFOLIO MANAGERSClients primary contact will be the financial advisor that acts as a solicitor on behalf of FormulaFolio Investments. However, should a client wish to contact the Portfolio Manager they are welcome to do so via email at [email protected] or via telephone at 888-

ITEM 7 - CLIENT INFORMATION PROVIDED TO PORTFOLIO MANAGERS

Financial Professionals who act as solicitors on behalf of FormulaFolio Investments will be required to identify the financial situation an suitability of the client in order to implement the appropriate allocation selection. With that being said, financial professionals will need to gather information related to a client’s net worth, risk tolerance, time horizon,

income distribution requirements. The client’s financial professional should review these items on an annual basis and immediately notify FormulaFolio Investments if any changes have occurred that will directly impact the client’s allocation.

Methods of Analysis

As stated above, we use our proprietary asset allocation model in addition to our proprietary securities screening model to build a FormulaFolio Custom Allocation for each client. Using the proprietary models, we follow a formulaic process to help eliminate human emotion and automate the investing process. The asset allocation, equities, mutual funds, and ETFs that comprise our portfolios are chosen by a proprietary model and not by an individual or committee.

Related Persons Disclosure

FormulaFolio Investments acts as both the portfolio manager for all accounts as well as the Wrap Fee Program Sponsor. This creates a potential conflict of interest, as outside money managers are not considered as part of client portfolios.

Portfolio Managers

In addition to hiring outside Model Managers, FormulaFolio Investments runs its own proprietary models. A client’s assets in one these allocations may be managed solely by Formula Folio Investments. A lower client fee is charged for allocations using only FormulaFolio Investments. We recognize that this may create a conflict of interest. We try to mitigate this conflict of interest by using a proposal system and allowing Financial Professionals who are part of the program to make the proper based off of the client’s suitability and financial situation. FormulaFolio Investments is committed to the fiduciary standard which adheres us to make decisions in the client’s best interest before our own. FormulaFolios strives to provide a high-standard of satisfaction to both financial professional and clients.

ITEM 6 - PORTFOLIO MANAGER SELECTION AND EVALUATION

ITEM 9 - ADDITIONAL INFORMATION CONT.

relevant account and/or market-related information such as an inventory of account holdings and account performance on a quarterly basis. Clients should compare the account statements they receive from their custodian with those they receive from FormulaFolio Investments. The firm will furnish a supporting schedule for capital gains and losses realized in the account for the year, as requested by the client

Client Referrals and Other Compensation

FormulaFolio Investments may receive economic benefits from non-clients for providing advice or other advisory services to clients. This type of relationship poses a conflict of interest and any such relationship is disclosed in response to Item 12, above.

In addition, FormulaFolio Investments is required to disclose any direct or indirect compensation that it provides for client referrals. If a client is introduced to FormulaFolio Investments by either an unaffiliated or an affiliated solicitor, FormulaFolio Investments may pay that solicitor a referral fee in accordance with the requirements of Rule 206(4)-3 of the Advisers Act and any corresponding state securities law requirements. Any such referral fee is paid solely from FormulaFolio Investment’s investment management fee, and does not result in any additional charge to the client. If the client is introduced to FormulaFolio Investments by an unaffiliated solicitor, the solicitor provides the client with a copy of FormulaFolio Investment’s written disclosure brochure which meets the requirements of Rule 204-3 of the Advisers Act and a copy of the solicitor’s disclosure statement containing the terms and conditions of the solicitation arrangement including compensation. Any affiliated solicitor of FormulaFolio Investments discloses the nature of his/her relationship to prospective clients at the time of the solicitation

These requirements are not applicable to: (i) direct obligations of the Government of the United States; (ii) money market instruments, bankers’ acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by mutual funds or money market funds; and (iv) shares issued by unit investment trusts that are invested exclusively in one or more mutual funds

Clients and prospective clients may contact FormulaFolio Investments to request a copy of its Code of Ethics.

Review of Accounts

FormulaFolio Investments monitors client portfolios as part of an ongoing process while regular account reviews are conducted on at least a quarterly basis. Such reviews are conducted by one of FormulaFolio Investment’s investment advisor representatives. All investment advisory clients are encouraged to discuss their needs, goals, and objectives with the firm and to keep FormulaFolio Investments informed of any changes thereto. FormulaFolio Investments contacts ongoing investment advisory clients at least annually to review its previous services and/or recommendations and to discuss the impact resulting from any changes in the client’s financial situation and/or investment objectives.

Unless otherwise agreed upon, clients are provided with transaction confirmation notices and regular summary account statements directly from the broker-dealer or custodian for the client accounts. Clients also receive a report from FormulaFolio Investments that may include such

(Remainder of page intentionally left blank.)


Participation or Interest in Client Transactions

FormulaFolio Investments and persons associated with FormulaFolio Investments (“Associated Persons”) are permitted to buy or sell securities that it also recommends to clients consistent with FormulaFolio Investment’s policies and procedures.

FormulaFolio Investments has adopted a code of ethics that sets forth the standards of conduct expected of its associated persons and requires compliance with applicable securities laws (“Code of Ethics”). In accordance with Section 204A of the Investment Advisers Act of 1940 (the “Advisers Act”), its Code of Ethics contains written policies reasonably designed to prevent the unlawful use of material non- public information by FormulaFolio Investments or any of its associated persons. The Code of Ethics also requires that certain of FormulaFolio Investment’s personnel (called “Access Persons”) report their personal securities holdings and transactions and obtain pre-approval of certain investments such as initial public offerings and limited offerings.

Unless specifically permitted in FormulaFolio Investment’s Code of Ethics, none of FormulaFolio Investment’s Access Persons may effect for themselves or for their immediate family (i.e., spouse, minor children, and adults living in the same household as the Access Person) any transactions in a security which is being actively purchased or sold, or is being considered for purchase or sale, on behalf of any of FormulaFolio Investment’s clients.

When FormulaFolio Investments is purchasing or considering for purchase any security on behalf of a client, no Access Person may effect a transaction in that security prior to the completion of the purchase or until a decision has been made not to purchase such security. Similarly, when FormulaFolio Investments is selling or considering the sale of any security on behalf of a client, no Access Person may effect a transaction in that security prior to the completion of the sale or until a decision has been made not to sell such security.

EXHIBIT 1 - MODEL PORTFOLIO INFORMATION

FormulaFolio Investments/ Tactical GrowthThis strategy employs ETFs to focus on broad-growth investment categories which include the total stock, market, the total bond market, real estate, commodities, and International Equity. The overall goal of the Tactical Growth strategy is to accentuate the asset classes that show the greatest potential for return with minimal risk.

FormulaFolio Investments/Tactical IncomeThis strategy is a tactical asset allocation model using only income-based ETFs. Everyday, the bond markets in the illustration to the right are analyzed to determine to what degree they should be invested in or if they should be invested in at all. The ultimate goal of the Tactical Income is to produce consistent results while minimizing risk.

FormulaFolio Investments/Total Return GrowthThis strategy is a diversified total return model that analyzes markets in a unique way. Sometimes, the model will be fully invested to take advantage of upward market movements. Other times, it will utilize inverse index funds to hedge against market risk. The result is a portfolio that has the ability to produce non-market correlated returns, as well as the potential to produce positive returns in spite of falling equity markets

FormulaFolios/ Multi-Cap EquityThe Multi Cap Equity strategy is a flexible strategy designed to choose a group of 20 top ranked, indi-vidual equities. The model uses a “multi-market” approach to top down fundamental analysis. When the model determines the market or economy is week, it only selects stocks from defensive sectors of the economy, and when it is strong, it selects stocks from all sectors of the economy. This feature helps the portfolio limit downside risk in poor market conditions while still participating in strong market conditions.

Redwood Investments/ Redwood Managed RiskThe objective of Redwood Managed Risk is to react to actual market downturns. When the price of high yield bond funds decline by an abnormal fluctuation, Redwood allocates your assets into the safety of money market. Alternatively, when the trend reverses and the funds’ indicate significant relative strength, Redwood allocates your assets back into high yield bond funds. In general, these moves are based on momentum of the markets and not on subjective judgments.

BCA: Brian Carruthers & Associates/BCA Managed IncomeThe BCA Managed Income is a “tactically” managed bond portfolio which invests 100% in bond mutual funds, such as treasury, government, corporate (including high yield bonds) and international bond funds. Money market funds may also be utilized during defensive periods.


Brochure SupplementPART 2B OF FORM ADV

ITEM 1 - COVER PAGE

This brochure provides information about principals and adviser representatives of FormulaFolio Investments, LLC and this brochure supplements the FormulaFolio Investments, LLC brochure. You should have received a copy of that brochure. Please contact Jason Wenk at (888) 562-8880, or by email at: [email protected] if you did not receive FormulaFolio Invesments, LLC brochure or if you have any questions about the contents of this supplement. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission, or by any state securities authority.

Additional information about the firm and its investment advisory representatives is available on the SEC’s website at www.adviserinfo.sec.gov.

Effective Date: / /201SEC#: 801-72780

, uite , MI

(Office) 888-562-8880 (Fax) 616-965-2328FormulaFolios.com (Email) [email protected]

©201 FormulaFolio Investments, LLC. All Rights Reserved. Page 1 of

ITEM 2 - EDUCATIONAL BACKGROUND AND BUSINESS EXPERIENCE

FormulaFolio Investments, LLC, requires that advisors have a bachelor’s degree and further coursework demonstrating knowledge of financial planning and tax planning or at least 4 years of work experience as either a registered representative, investment advisor representative, or licensed insurance agent. Examples of acceptable coursework may include: an MBA, a CFP, a CFA, a ChFC, JD, CTFA, EA or CPA. Additionally, advisors must have work experience that demonstrates their aptitude for financial planning and investment management.

Professional Certificates

Employees have earned certifications and credentials that are required to be explained in further detail.

JASON WENK - PRESIDENT

Date of Birth: 1980

Educational Background:

• Grand Valley State University, 1998-1999

• Securities licenses: Series 65 license (active), Series 7 (inactive), Series 31 (inactive)

Business Experience:

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•

•

•

/2011 - Present, FormulaFolio Investments,LLC., President

/2005 - Present, Retirement Wealth Advisors, President

/2004 - /2005, Geneos Wealth Management, Financial Advisor

09/2002 - /2004, Woodbury Financial Services, Financial Advisor

• 01/2002 - 09/2002, Foresters Equity Services, Financial Advisor

• 10/2000 - 12/2002, Morgan Stanley, Financial Advisor

ITEM 3 & 7 - DISCIPLINARY INFORMATION

As it relates to past, current or prospective clients, Jason Wenk not been involved in legal or disciplinary events, has not been involved in arbitrations, has not been subject to self regulatory organization or administrative proceedings and has not filed or planning to file a bankruptcy petition.

ITEM 4 - OTHER BUSINESS ACTIVITIES

Mr. Wenk is a 50% silent partner in Kasia Insurance Agency, a commercial insurance brokerage firm in Chicago, IL. He does not actively work in this company nor does he hold any insurance licenses, his role is as an investor only.

ITEM 5 - ADDITIONAL COMPENSATION

Jason Wenk does not receive any economic benefits from anyone who is not a client for providing advisory services.

ITEM 6 - SUPERVISION

Jason Wenk is supervised by Gerald Sikkenga, Chief Operations Officer. He reviews Jason Wenk’s work through frequent office interactions.

Gerald Sikkenga’s contact information:PHONE 616-667-2150, ext 7002EMAIL [email protected]

©201 FormulaFolio Investments, LLC. All Rights Reserved. Page 2 of

GERALD SIKKENGA - CHIEF OPERATIONS OFFICER

Date of Birth: 1953


• Calvin College, BS 1975

• Securities licenses: Series 65 license (active)


• 01/2011 - Present, FormulaFolio Investments, LLC., r/COO• 01/2006 - Present, Retirement Wealth Advisors, Inc, Operations Manager

• 02/1976 - 12/2005, Rothbury True Value Hardware, Owner/Treasurer


As it relates to past, current or prospective clients, Gerald Sikkenga has not been involved in legal or disciplinary events, has not been involved in arbitrations, has not been subject to self regulatory organization or administrative proceedings and has not filed or planning to file a bankruptcy petition.



Gerald Sikkenga does not receive any economic benefits from anyone who is not a client for providing advisory services.


Gerald Sikkenga is supervised by Jason Wenk, President. He reviews Gerald Sikkenga’s work through frequent office interactions.

Jason Wenk’s contact information:PHONE (888)-562-8880, ext 7001EMAIL [email protected]

©201 FormulaFolio Investments, LLC. All Rights Reserved. Page of

JASON CRUMP - PARTNER

Date of Birth: 1977


• Calvin College, BS 1999



• 01/2014 - Present, FormulaFolio Investments, LLC.,

• 09/2007 - Present, Retirement Wealth Advisors, Inc., Investment Advisor Representative

• 10/2004 - /2007, Fifth Third Securities, Inc., Investment Advisor Representative

• 09/2003 - 10/2004, Ban One Securities Corp, Representative

•

•

• /2002 - /200 , Foresters Equity Services, Registered Rep


As it relates to past, current or prospective clients, a has not been involved in legal or disciplinary events, has not been involved in arbitrations, has not been subject to self regulatory organization or administrative proceedings and has not filed or planning to file a bankruptcy petition.


Jason Crump is a licensed insurance agent. He may offer insurance products and receive normal and customary fees as a result of insurance sales. A conflict of interest may arise as these insurance sales may create an incentive to recommend products based on the compensation adviser and/or our supervised persons may earn and may not necessarily be in the best interests of the client.


Jason Crump does not receive any economic benefits from anyone who is not a client for providing advisory services.


Jason Crump is supervised by Jason Wenk, President. He reviews Jason Crump’s work through frequent office interactions.



JOEL VANWOERKOM - PARTNER

Date of Birth: 1977


• Calvin College, BA 1999

• Western Michigan University, Masters of Business Administration (MBA), 2010



• 01/2014 - Present, FormulaFolio Investments, LLC. r

• 2007 - Present, Retirement Wealth Advisors, Inc., Investment Advisor Representative

•

• 08/2004 - 08/2005, Waiakea Middle School, Teacher

• 08/2002 - 08/2004, Timberland Charter Academy, Teacher


As it relates to past, current or prospective clients, Joel VanWoerkom has not been involved in legal or disciplinary events, has not been involved in arbitrations, has not been subject to self regulatory organization or administrative proceedings and has not filed or planning to file a bankruptcy petition.


Joel VanWoerkom is a licensed insurance agent. He may offer insurance products and receive normal and customary fees as a result of insurance sales. A conflict of interest may arise as these insurance sales may create an incentive to recommend products based on the compensation adviser and/or our supervised persons may earn and may not necessarily be in the best interests of the client.


Joel VanWoerkom does not receive any economic benefits from anyone who is not a client for providing advisory services.


Joel VanWoerkom is supervised by Jason Wenk, President. He review Joel VanWoerkom’s work through frequent office interactions.

