Disclaimer

This report is for informational purposes only and is intended to be used as a basis for discussions with PNC Bank, National Association ("PNC Bank") investment professionals and your legal, accounting and other financial advisors. Nothing in this report is or should be construed as an offer or a recommendation to buy or sell any security or insurance product or adopt any particular asset allocation or strategy. Diversification does not assure a profit nor protect against loss. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment.

All data, facts, assumptions, opinions and analysis provided herein are as of the date of this report (or other stated date) and are subject to change without notice. PNC Bank assumes no responsibility to review or update this report or any data, facts, assumptions, opinions, analysis or other information provided herein.

This report was prepared using proprietary and third party data and software. PNC Bank makes no representation or warranty of any kind, express or implied, regarding the timeliness, accuracy or completeness of such data and assumes no liability for damages resulting from or arising out of the use of such data or software. All such data is provided on an "as is" basis. PNC Bank assumes no obligation to so verify or update such data. The imprecision of such data, malfunctions of software or other technology and programming inaccuracies could compromise the accuracy of this report. PNC Bank assumes no obligation to address defects in such software or inaccuracies caused therefrom.

This report is the intellectual property of PNC Bank. You may not disclose, reproduce or publish this report/material/presentation in whole or in part or use it for any other purpose without the express written consent of PNC Bank.

Returns and other measures of performance represent past performance. Past performance is no guarantee of future results, and investments may lose money. Carefully consider relevant investment objectives, risks associated with a particular investment strategy as wells as applicable charges and expenses before making any investment decision.

In preparing this report, PNC Bank relied, without any independent verification, on information provided by you (and your advisors and agents) verbally and in writing, regarding the securities held in, and/or the asset allocation of, your investment assets, as well as your investment goals, philosophy and risk tolerance levels ("Client Data"). Any change in Client Data would impact the results presented in this Report. PNC Bank assumes no obligation to verify or update any Client Data. Any list of securities or other assets in this report that may be held in your existing portfolio(s) are not the official record of your account or any account activity. Custodian statements are the official record of account for all purposes.

This report is based upon the assumptions stated herein which have been derived from the facts provided to us by you. Our recommendations to you contained in this report are based upon such assumptions and upon your goals, time horizon, and risk tolerance as stated by you. Any changes in assumptions, goals, time horizon, and risk tolerance would likely result in our making different recommendations. The projections and other information regarding potential future events or investment returns are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. This report and its hypothetical illustrations are intended to form a basis for further discussions with your legal, accounting, and other financial advisors. You and your attorneys and accountants are ultimately responsible for determining the legal, tax, and accounting consequences of any suggestions offered herein. Actual future investment returns, taxes, and rates of inflation are unknown. The information contained in this report and the opinions expressed herein are subject to change without notice. Past performance is no guarantee of future results. Neither the information in this report nor any opinion expressed herein constitutes an offer to buy or sell, nor a recommendation to buy or sell, any security or financial instrument. Accounts managed by PNC Bank and its affiliates may take positions from time to time in securities recommended and followed by PNC Bank affiliates. Securities are not bank deposits, nor are they backed or guaranteed by PNC Bank or any of its affiliates, and are not issued by, insured by, guaranteed by, or obligations of the FDIC or the Federal Reserve Board. Securities involve investment risks, including possible loss of principal.

The information provided in this Report does not constitute "investment advice" that would make PNC Bank or any affiliate thereof a "fiduciary" within the meaning of Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended.

Insurance transactions may be placed through M Financial Group and/or Willis Towers Watson Northeast, Inc. ("WTW") (together with M Financial Group and any respective successor of either entity or subsequently selected third party broker general agency firm, (the "BGA")). Insurance Strategists are employees of PNC Bank and licensed agents of PNC Bank's affiliated insurance agency, PNC Insurance Services, LLC, ("PNCIS") and PNC Bank's affiliated broker-dealer, PNC Wealth Management, ("PNC WM"). Insurance Strategists will refer potential clients for offered products which include certain non-variable, long-term care, and disability insurance products to M Financial Group, and offered products which include property and casualty insurance products to WTW, through PNCIS. Insurance strategists will refer potential clients for variable insurance products to M Financial Group through PNC WM. Insurance products offered by the BGA are not deposits or other obligations of, or guaranteed by, PNC Bank or any of its affiliates. Insurance products are not insured by the Federal Deposit Insurance Corporation or any Federal Government Agency. Insurance products are subject to investment risk, including possible loss of principal amount invested. Insurance products are obligations of unaffiliated insurance companies and any payments under the policies will depend upon the financial condition of those companies. We do not undertake to analyze or report to you on the financial condition of those companies. Your decision to purchase, or not to purchase, insurance products from the BGA will not affect the cost or availability of any products or services from PNC Bank or any of its affiliates. Insurance that is required in connection with any loan from PNC Bank may be purchased through the BGA or any other insurance agency. You are not required to purchase insurance through PNC Bank or its affiliates. If you choose to purchase insurance and finance the premium, you may choose to finance through PNC Bank or any lending institution. You are not required to finance through PNC Bank or its affiliates. Only licensed representatives of the BGA may offer insurance products and advice. In effecting your insurance transaction, the BGA and its agents represent the issuing insurance company as an appointed agent. The BGA will receive compensation for any insurance transaction that it places for you. The compensation that PNCIS or PNC WM receives from the BGA will be dependent on the type of insurance product sold and the relationship that the BGA has with the companies issuing the insurance products you purchase. Different types of insurance products, and different insurers, may provide different compensation amounts and structures. The insurance compensation paid to the BGA and PNCIS for non-variable life, long term care, disability and property and casualty insurance products or to PNC WM for variable insurance products by the insurance companies will be in addition to the fees that you pay to PNC Bank under your investment management agreement or other governing instrument that are related to insurance assets. Affiliates of PNC Bank and PNCIS or PNC WM may receive separate and additional compensation for investment advisory or other services provided to funds that may be included as investment choices underlying variable life insurance products. Under their incentive compensation programs, Insurance Strategists or other members of the PNC Private Bank, PNC Private Bank Hawthorn, and/or PNC Institutional Asset Management teams may receive incentive credits or other discretionary credit related to insurance transactions. The incentive credits or discretionary credit could, along with a number of other factors, lead to incentive compensation payments to Insurance Strategists or other PNC Private Bank, PNC Private Bank Hawthorn, and/or PNC Institutional Asset Management team members. PNC Private Bank, PNC Private Bank Hawthorn, and/or PNC Institutional Asset Management team members will not receive any direct commission split based on any insurance transaction that you enter into through the BGA. The compensation described above related to insurance transactions creates a conflict of interest between PNC Bank's fiduciary duty to you, if you are an investment management client or a settlor or beneficiary of a trust of which PNC is a trustee, and the financial benefits that PNC Bank, PNCIS or PNC WM and the Insurance Strategist or other PNC Private Bank, PNC Private Bank Hawthorn, and/or PNC Institutional Asset Management team members receive that relate to those insurance transactions.

This report includes accounts of which you individually are the sole or joint owner, as well as other accounts in which you have an interest (for example as a fiduciary, such as a trustee or executor, or beneficiary of a trust) or for which you have been authorized to see information ("Non-Ownership Accounts"). This report may include information regarding one or more Non-Ownership Accounts. This means that the information available to you in this report may reflect both assets of which you are a sole or joint owner and the assets of those Non-Ownership Accounts, with respect to which you may not directly own the trust or other account assets and may not be entitled to receive the income from the trust or other account assets. The Non-Ownership Accounts may include but are not limited to, investment management, custody, trust, estate, agency, escrow, guardianship, individual retirement account (IRA), and other retirement plan accounts.

PNC BANK MAKES NO REPRESENTATION THAT IT WILL OR IS LIKELY TO ACHIEVE RESULTS COMPARABLE TO THOSE SHOWN IN THIS REPORT, TO MAKE ANY PROFIT AT ALL OR TO BE ABLE TO AVOID INCURRING SUBSTANTIAL LOSSES. THERE CAN BE SIGNIFICANT DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE AND ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY A PARTICULAR INVESTMENT PORTFOLIO OR STRATEGY. YOU SHOULD ALWAYS REMEMBER THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The PNC Financial Services Group, Inc. ("PNC") uses the marketing names PNC Private Bank® and PNC Private Bank Hawthorn®, to provide investment consulting and wealth management, fiduciary services, FDIC-insured banking products and services, and lending of funds to individual clients through PNC Bank, National Association, which is a Member FDIC, and to provide specific fiduciary and agency services through PNC Delaware Trust Company or PNC Ohio Trust Company.

PNC does not provide legal, tax, or accounting advice unless, with respect to tax advice, PNC Bank has entered into a written tax services agreement. PNC Bank is not registered as a municipal advisor under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"PNC," "PNC Bank," "PNC Private Bank," and "PNC Private Bank Hawthorn," are registered marks of The PNC Financial Services Group, Inc.

Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.

Insurance: Not FDIC Insured. No Bank or Federal Government Guarantee. Not a Deposit. May Lose Value.

©2026 The PNC Financial Services Group, Inc. All rights reserved.

PNC CAPITAL MARKET ASSUMPTIONS

Results in this report incorporate PNC's Capital Market Assumptions (CMA) for calendar year 2026. These assumptions represent PNC Bank's 10-year projections of risk and return for the respective asset classes. These estimates are updated on an annual basis (generally at the beginning of each year) and take into account economic fundamentals, long-term historical trends, as well as other relevant factors.

METHODOLOGY

CMA returns reflect combining market-implied equilibrium returns with PNC's subjective views using a technique known as Black-Litterman (The Black-Litterman methodology was introduced by Fischer Black and Robert Litterman of Goldman Sachs in 1990. It avoids problems inherent in some other methods by incorporating market-implied equilibrium returns consistent with the risk structure of the asset classes. The model works by blending subjective and market-implied views using a Bayesian approach that takes account of cross-asset-class relationships to help determine an internally consistent set of final estimates. In general, the expected return on every asset class is adjusted so that it is as consistent as possible with both the market-implied equilibrium and our subjective views, even if we do not express a specific subjective view on that asset class).

Black-Litterman Methodology blends subjective and market-implied views using a Bayesian approach that takes account of cross-asset-class relationships to help determine an internally consistent set of final estimates. In general, the expected return on every asset class is adjusted so that it is as consistent as possible with both the market-implied equilibrium and our subjective views, even if we do not express a specific subjective view on that asset class. This methodology is an imperfect model of market behavior. Among the simplifications is the assumption that asset returns are adequately summarized by constant means, variances, and correlations. Empirical evidence generally indicates that these statistics are not sufficient to fully characterize asset returns.

The projected returns for hedge funds, private debt, private equity, and private real estate (property) include premiums for the fact that these classes are, in varying degrees, illiquid. The mean returns shown should be interpreted as arithmetic average returns. They are not compounded rates of return. The difference between these two concepts is approximately equal to one-half the asset's volatility squared.

For further information regarding the assumptions used in the methodology, please contact your PNC Bank investment professional.

RISKS ASSOCIATED WITH SIMULATED RESULTS

Data contained in this report is simulated. Simulated data is hypothetical, based upon forward looking views and past events that may or may not be relevant to your situation. Simulated results are not the same as actual results and are not predictive of future results. As such, simulated data is shown for illustrative and comparison purposes only, is not to be relied upon as advice or interpreted as a recommendation, and is not guaranteed in any manner. It is important to remember that simulated data is subject to inherent limitations because, among other things, such results do not reflect economic and market factors that change over time; are based upon static allocations; are not based on actual transactions; are based on the historical returns of selected securities; and are based upon assumptions of past and future events, which have the benefit of hindsight. Since trades have not actually been executed, simulated results may under or over compensate for the impact of certain economic and market factors that would impact investment decisions, all of which can adversely affect performance. If simulated data being used is gross of fees, simulated results and returns would be lower and impact cash flow projections, length of time assets would last, tax illustrations and asset allocation snapshots.

TAX ASSUMPTIONS

Certain reports contain simulated data that incorporates or is derived using assumed tax related matters, which are based upon or affected by information provided to PNC Bank. As such, information displayed is not a guarantee or predicative of actual results/outcomes. Simulated results may reflect, among other things, hypothetical tax rates, a flat tax, Form 1040 related calculations; projected Social Security, Medicare, Self-Employment, State and local income tax, as well as applicable tax deductions. All tax rates and other factors are as of the date the report is issued and subject to change at any time and without notice. Such changes may have a material impact upon information contained herein. You should consult your tax adviser with respect to any questions or concerns you have related to tax matters.

MONTE CARLO SIMULATIONS

A Monte Carlo simulation is a technique utilized to approximate the probability of certain outcomes by performing multiple trial runs (in this report, up to 1,000) that incorporate economic data, including but not necessarily limited to, a range of potential interest rates, inflation rates, tax rates, stock prices, and current portfolio information. The data is combined in random order in an attempt to account for the uncertainty and performance variation that's always present in financial markets.

To this effect, each trial run randomly chooses a year from the range of historical data available for each benchmark index that underlies each asset class. Next, a rate of return is generated for each asset class using the historical mean and standard deviation of the benchmark index in that chosen year. The results of each trial run are then plotted on a graph to show the range of potential outcomes. The calculations plotted on the Monte Carlo graphs illustrate the range of potential results: the best case scenario, the worst case scenario, a median measure and hundreds of scenarios in between.

As is the case with any simulation, Monte Carlo simulations are subject to inherent limitations. Chief among these limitations is the fact that investments are assigned a fixed rate of return that reflects a constant growth rate. A Monte Carlo simulation cannot consider consequences based on the "applicable market environment" that exists over an investor's lifetime. There are a number of unknown factors such as portfolio changes and modifications to investment preferences over time that cannot be accounted for. Accordingly, Monte Carlo simulations are strictly for discussion purposes only, are not predictive, nor are they a guaranteed in any regard. Actual results may be better or worse than those generated in this simulation.

MODEL PORTFOLIO INFORMATION

Model Portfolios can be used in this report to generate simulated information and are for comparison purposes only. They reflect reinvestment of interest, dividends and where applicable, capital gains distributions. You should carefully consider the limitations and differences of Model Portfolio comparisons and their impact on simulations contained in this report.

Model Portfolios, which are used to generate gross growth rates of investment assets are driven by blended market indices. The blended market indices used to generate these reports represent one of PNC Bank's Strategic Model Portfolios and was constructed by PNC Bank investment professionals. The growth rates used in these reports may be gross of net of advisory fees, the effect of which could be material. If fees were reflected, returns and growth rates would be lower and impact cash flow projections, length of time assets would last, tax illustrations and asset allocation snapshots. Please consult with a PNC investment professional for details and more information. PNC Strategic Model Portfolios and their component indices (see Index Descriptions below), are unmanaged, are not available for direct investment, and do not reflect the expenses associated with the active management of an actual portfolio. PNC Strategic Model Portfolios are subject to change at any time and without notice. Such changes could have a material impact on the information presented herein and PNC Bank is under no obligation nor will it update any such information.

INDEX DESCRIPTIONS

Indices or Benchmarks. Indices are unmanaged, are not available for direct investment, and are not subject to management fees, transaction costs or other types of expenses that an account may incur. Indices performance results do not represent, and are not necessarily indicative of, the results that may be achieved in accounts investing in the corresponding investment strategy; actual account returns may vary significantly. For definitions of Indices/Benchmarks used herein, please refer to https://www.pnc.com/indexdefinitions