Disclaimer

Financial analysis and planning services may be provided to you through your affiliation with the securities dealer and registered investment advisor named on the cover page of this Disclaimer (the “Dealer”). Dealer offers access to eMoney software in conjunction with financial planning services (see the discussion of financial planning services below), or Dealer may offer eMoney software without financial planning services.

The financial analysis provided compares your assets and savings program with your financial priorities and concerns. It provides a broad general guideline that may be helpful in shaping your financial and investment objectives. This analysis represents possible financial strategies based on your responses to the questions within the Questionnaire regarding your personal circumstances, financial goals and risk tolerance.

The reports furnished are dependent on the financial information that you provide as well as the interest rate/rate of return assumptions that have been agreed upon. All future predictions are hypothetical, based solely on hypothetical rates of return and the financial information provided in the Questionnaire. All financial data values provided are current only as of the date of this analysis. Calculations illustrating income tax concepts, deductions, as well as investment gains and losses are based solely on the data provided by you.

All examples, charts, and graphs that depict future values, expenses or other estimated numbers are hypothetical in nature, and are not intended to be actual future numbers, but rather an estimation based on reasonable assumptions. This material uses hypothetical rates of return to depict future values for various investments, including mutual funds, variable life insurance, variable annuities, equity, fixed income and cash instruments. Actual results will vary; even a slight difference in the assumptions used can produce vastly different results.

The value of securities (including but not limited to mutual funds, variable life insurance, variable annuities, and individual equities, fixed income, and cash instruments) will fluctuate, and when redeemed may be worth more or less than originally invested.

Government Bonds and Treasury Bills offer a fixed rate of return if held to maturity, and are insured by the US Government.

Investments in a money market fund are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and there is no assurance that the account will be able to maintain a stable net asset value of $1 per share. It is possible to lose money by investing in money market funds.

Savings and checking accounts typically offer a fixed rate of interest, and are backed by the FDIC or NCUA insured. Investments in equities, fixed income or cash instruments are not federally insured, and have no financial institution guarantee, and can lose money.

This information is a general discussion of the relevant federal tax laws. It is not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. This information is provided as general education that may benefit a taxpayer. Taxpayers should seek the advice of their own tax and legal advisors regarding any tax and legal issues applicable to their specific circumstances.

Dealer has made no attempt to review your property and liability insurance policies. Dealer strongly recommends that you consult with your property and liability agent to review your current coverage to ensure that it continues to be appropriate. In doing so, you may wish to review the dollar amount of your coverage, the deductibles, the liability coverage, and the premium amounts.

You will receive financial planning services from Dealer only if you have entered into a financial planning agreement with Dealer. The financial planning services will include various recommendations and planning strategies, depending on the nature of the services selected. These may include recommendations to allocate your assets among generic product or account types. These services do not include recommendations, however, to buy or invest in specific products or accounts through Dealer for purposes of implementing a financial plan. Implementation of financial planning recommendations is your responsibility. The actions necessary to implement a financial planning recommendation, including the development of specific implementation recommendations, are not included in the services, nor are the costs of implementation included in the fees charged to you. In addition to being a registered investment advisor, Dealer is separately registered as a securities broker-dealer. Your advisor, in addition to being an investment advisor representative of Dealer, is also a registered representative authorized to provide securities brokerage services through Dealer and an insurance agent licensed with one or more insurance companies. In those capacities, and separate from the financial planning services provided, your advisor may offer to help you implement one or more financial planning recommendations included with the financial planning services.

If you have entered into a financial planning agreement with the Dealer and you accept your advisor’s offer to assist with implementation of the financial plan, he or she may make additional recommendations to invest in specific products or accounts or to purchase additional investment advisory services. However, these recommendations will be limited to those products, accounts and services that Dealer has authorized your advisor to sell. For information about which products and services your advisor is authorized to sell on Dealer’s behalf, please contact Dealer at 1-800-820-4205. You are under no obligation, however, to employ your advisor or Dealer to implement the financial plan, or to purchase any investment, insurance product, or other advisory service from Dealer or your advisor in connection with the implementation of financial planning recommendations.

DISCLOSURES CONCERNING MUTUAL FUND/INVESTMENT OPTIONS


Past performance is not necessarily indicative of future results.

In all cases, refer to the fund's prospectus for specific information about risks associated with the investment, as well as charges and expenses.

This summary report was prepared by your representative for informational purposes only. This document is not a statement or a guarantee of account or future values. Any inaccuracies within this document may impact the recommendation provided to you. This report should not be relied upon for tax purposes. It has not been issued by Securian Financial Services, Inc. The information included in this summary has been obtained electronically from various sources that regularly provide such data and/or directly from the client. The data is believed to be reliable, but no representation is made as to its accuracy or completeness. Values may be subject to market value adjustments and other factors. For further verification and information, please refer to the account statements provided by your account custodians and product sponsors. This report does not replace your official account statements. You should retain and review your official account statements to verify the accuracy of the information included in this report. Please notify your representative promptly in writing of any concerns regarding the accuracy of the information contained in this report.

Manually Entered Accounts

Accounts derived from holding, cash, and margin positions that have been manually input into the system either by you or your financial representative are termed "Manually Entered" accounts. Manually entered accounts reflect values provided by you and/or taken from financial statements provided by you, but these manually input values may be outdated and/or otherwise inaccurate. The position values manually entered are as of the date they were entered in the system and may not reflect the as of date reported on the financial statements from which they are taken. Neither your financial representative’s firm nor any of its agents or affiliates is responsible for the accuracy of manually entered information. Neither your financial representative’s firm nor your financial representative has taken measures to verify the accuracy of the information or values that you provided or to verify that the purchase, sale, or ownership of such products is or was suitable for your needs. Assets and policies not managed by your financial representative’s firm or issued by an affiliate are not included on your financial representative’s books and records. You are solely responsible for the accuracy and completeness of the information that you have provided to your financial representative. The information’s accuracy and completeness will affect the results presented in this report. For manually entered accounts where share pricing updates are available, share pricing updates occur on a 20-minute delay. If the current market price is unavailable, or the market is closed, share prices reflect the most recent update available. In order to obtain current values, please consult the institution where the account or policy is held.

Connected Accounts via:

Direct Feed Accounts "Direct Feed" Accounts consisting of holding, cash, and margin positions are derived from direct systematic updates from the specified institution. Direct Feed Values reflect the last available systematic update from your representative’s firm or a clearing firm and are believed to be accurate. Although these account values have been quality-tested, translation and/or presentation errors may occur. While direct feed account data is deemed to be more reliable than third party feed account data, neither your financial representative's firm nor any of its agents or affiliates is responsible for the accuracy of the account values obtained by direct feeds. Consult your official account statement at the specified firm for the most up-to-date and accurate values.

Third Party Feed Accounts

"Third Party" Accounts consisting of holding, cash, and margin positions are derived from systematic updates from various third party institutional websites using credentials provided by you or your financial representative. Values reflect the last available systematic update presented by the institutional source or service. Third Party Values are obtained through a variety of methods that may have significant collection, interpretation, translation, or presentation errors. Neither your financial representative's firm nor any of its agents or affiliates is responsible for the accuracy of account values obtained by third party feeds. Consult your official account statement for the most up-to-date and accurate values.

PRODUCT DISCLOSURES:

Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender charges. Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. Policy loans and withdrawals may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the cash value and death benefit.

An annuity is intended to be a long-term, tax deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59 1/2, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals.

Variable annuities have additional expenses such as mortality and expense risk, administrative charges, investment management fees and rider fees. Variable annuities are subject to market fluctuation, investment risk and loss of principal.

Mutual funds are sold by prospectus, and municipal fund securities are sold through an offering statement. Both of these are available from your registered representative. Please carefully consider investment objectives, risks, charges, and expenses before investing. For this and other information about any mutual fund or municipal fund security investment please obtain a prospectus or offering statement and read it carefully before you invest or send money.

A 529 college savings plan is a tax-advantaged investment program designed to help pay for qualified higher education costs. Participation in a 529 plan does not guarantee that the contributions and investment returns will be adequate to cover higher education expenses. Contributors to the plan assume all investment risk, including the potential for loss of principal, and any penalties for non-educational withdrawals.

Your state of residence may offer state tax advantages to residents who participate in the in-state plan, subject to meeting certain conditions or requirements. You may miss out on certain state tax advantages should you choose another state’s 529 plan. Any state based benefits should be one of many appropriately weighted factors to be considered in making an investment decision. You should consult with your financial, tax or other advisor to learn more about how state based benefits (including any limitations) would apply to your specific circumstances. You may also wish to contact your home state’s 529 plan Program Administrator to learn more about the benefits that might be available to you by investing in the in-state plan.

INDEX DISCLOSURES:

Please note an investor cannot invest directly in an index.

The S&P 500/Citigroup Growth Index is an index of stocks representing approximately half of the market capitalization of the stocks in the S&P 500 index that, on a growth-value spectrum, have been identified as falling either wholly or partially within the growth half of the spectrum based on a number of factors.

The S&P 500/Citigroup Value Index is an index of stocks representing approximately half of the market capitalization of the stocks in the S&P 500 Index that, on a growth-value spectrum, have been identified as falling either wholly or partially within the value half of the spectrum based on a number of factors.

The Barclays U.S. Aggregate Bond Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indexes from Europe, Australia and Southeast Asia.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consists of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

The Citigroup Non-U.S. Government Bond Index is an index of bonds from several major world government bond markets outside the U.S. with maturities of less than 1 year.

The FTSE NAREIT All Equity REITs index contains all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property that also meet minimum size and liquidity criteria. Stocks are free-float weighted to ensure that only the investable opportunity set is included within the indices. The index is calculated based on price and total return methodologies, both real time and end-of-day.

Credit Suisse/Tremont Hedge Fund Index is compiled by Credit Suisse Tremont Index, LLC. It is an asset weighted hedge fund index and includes only funds, as opposed to separate accounts. The Index uses the Credit Suisse/Tremont database, which tracks over 4500 funds, and consists only of funds with a minimum of US$50 million under management, a 12-month track record, and audited financial statements. It is calculated and rebalanced on a monthly basis, and shown net of all performance fees and expenses. It is the exclusive property of Credit Suisse Tremont Index, LLC

ASSET CLASS DISCLOSURES:

Cash: Includes free credit balances in client accounts, as well as investments of such free credit balances in money market funds, or in accounts at banks insured by the Federal Deposit Insurance Corporation (FDIC). Investments in money market funds are neither insured nor guaranteed by the FDIC or any other government agency. Although money market funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in such funds.

Domestic Bonds: Risks of investment in domestic bonds include, but are not limited to, changes in interest rates and the credit worthiness of their issuers. Also, in a low interest rate market there is the risk that bonds could be called by the issuer and prepaid prior to maturity. They could be replaced by bonds that offer lower interest rates.

High Yield Bonds: Investments in high-yield securities are subject to greater credit risk and price fluctuation than many fixed income investments.

International Bonds: Investment risks associated with international investing, in addition to other risks, may include currency fluctuations, political, social, and economic instability and differences in accounting standards when investing in foreign markets.

Specialty (Convertible) Bonds: Convertible securities generally provide yields higher than the underlying stocks, but generally lower than comparable nonconvertible securities, in exchange for limited upside potential. Issuers of convertible securities may not be as financially strong as those issuing securities with higher credit ratings and may be more vulnerable to changes in the economy. Other risks associated with convertible bond investments include: Call risk which is the risk that bond issuers may repay securities with higher coupon or interest rates before the security’s maturity date; liquidity risk which is the risk that certain types of investments may not be possible to sell the investment at any particular time or at an acceptable price; and investments in derivatives, which can be more sensitive to sudden fluctuations in interest rates or market prices, potential illiquidity of the markets, as well as potential loss of principal.

Large Cap Growth and Large Cap Value: Investments will fluctuate and when redeemed may be worth more or less than when originally invested.

Mid Cap Value, Small Cap Growth and Small Cap Value: Investments in small, mid or micro cap companies involve greater risks not associated with investing in more established companies, such as business risk, stock price fluctuations, increased sensitivity to changing economic conditions, less certain growth prospects and illiquidity.

International Large Cap: Investment risks associated with international investing, in addition to other risks may include currency fluctuations, political, social and economic instability and differences in accounting standards when investing in foreign markets.

International Small Cap: Investments in small, mid or micro cap companies involve greater risks not associated with investing in more established companies, such as business risk, stock price fluctuations, increased sensitivity to changing economic conditions, less certain growth prospects and illiquidity. Investment risks associated with international investing, in addition to other risks may include currency fluctuations, political, social and economic instability and differences in accounting standards when investing in foreign markets.

Emerging Markets: Investments in emerging markets involve heightened risks due to their smaller size and decreased liquidity.

Natural Resources/Commodities: Investments in commodities and natural resources involve heightened risk due to leveraging and speculative investment practices, lack of periodic valuation requirements and potentially complex tax structures.

Real Estate Equity: Investment risks associated with real estate investing, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes, and differences in real estate market values.

Tactical Allocation: While tactical investments are designed to create a more efficient portfolio, they may increase your exposure to investment risks such as, but not limited to, international, small, mid, and micro cap, emerging market, sector, fixed income, debt obligation, and real estate risks. Additional risk may also be incurred as tactical investments may be subject to broad investment mandates with little restriction as to asset type, market capitalization, or investment styles. As a result this, tactical investments may be exposed to speculative transactions such as short sales, the use of derivatives, the use of long/short strategies, and a greater reliance on the fund managers’ ability to accurately anticipate the future value of the security. Under certain conditions, tactical investments may compound the overall risk in your portfolio.

Municipal Bonds: Bond interest paid by a municipality outside the state in which you reside could be subject to state and local income taxes. If you sell a municipal bond at a profit, you could incur capital gains taxes. In some cases, municipal bond interest could be subject to the federal alternative minimum tax.

ETFs: ETFs entail the same risks as direct stock ownership and ETFs structured as "fund of funds" will entail the same risks associated with the underlying funds.

Sectors: Investments that focus in one sector may involve a greater degree of risk and volatility than an investment with greater diversification.