CORBELLINI, EMANUELSON, KALYANDURG & ASSOCIATES. Private Wealth Advisors

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C O R B EL L I N I, EM A N UEL S O N,

K A LYA N D U RG & A S S O CI AT ES

Private Wealth Advisors

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Merrill Lynch Wealth Management makes available products and services offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”) and other subsidiaries of Bank of America Corporation (BofA Corp.).

The Private Banking and Investment Group is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Group’s Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill Lynch’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment.

The banking, credit and trust services sold by the Group’s Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC, and other affiliated banks.

Investment products offered through MLPF&S and insurance and annuity products offered through Merrill Lynch Life Agency Inc.:

MLPF&S is a registered broker-dealer, a registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Lynch Life Agency Inc. is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Corbellini, Emanuelson, Kalyandurg & Associates

PRIVATE WE ALTH ADVISORS

300 Crescent Court | Suite 1300 | Dallas, TX 75201 800.477.1264 | www.pwa.ml.com/ce_group

William J. Corbellini

Managing Director–Wealth Management Private Wealth Advisor

Senior Portfolio Manager

In both 2014 and 2015, Bill Corbellini and Dwight Emanuelson were named to Barron’s list of Top 1,200 Advisors in the U.S. In 2013, Bill Corbellini was named to Barron’s list of Top 100 Advisors in the U.S.

Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

Are Not Deposits _{Federal Government Agency}Are Not Insured by Any _{Banking Service or Activity}Are Not a Condition to Any

Dwight H. Emanuelson Jr.

Raj S. Kalyandurg

Senior Vice President–Wealth Management Private Wealth Advisor

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Our Philosophy

Corbellini, Emanuelson, Kalyandurg & Associates provide wealth management and investment services to individuals and families of substantial wealth. As private wealth advisors, we focus on helping you to decode the complexities of your wealth and capitalize on the opportunities that come with it.

Our mission is to understand your needs, your goals, the dynamics and priorities of your family, and how you envision your eventual legacy. We guide you to create strategies designed to perpetuate your wealth, plan intergenerational wealth transfers, direct philanthropic gifts and pursue your other legacy goals.

CLIENTS

We serve a select group of highly affluent individuals, couples and families. Individual clients include some of the country’s foremost business owners, entrepreneurs, corporate executives, private equity investors and well-known professional athletes. In a number of instances, our relationships with families span several generations.

THE EXPERIENCE FACTOR

Managing your wealth requires insight, perspective and professional skill. The three of us have more than 78 years of combined experience advising clients with complicated wealth structures, specific financial issues and distinctive family situations. More than ever, experience matters.

William J. Corbellini Dwight H. Emanuelson Jr. Raj S. Kalyandurg

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“ Our private wealth management work is client-centered, customized

and based on the targeted application of our knowledge, experience

and skills. We assess your risk tolerance and how you measure

financial security. We delve into the many aspects that make up your

financial life, and we focus on creating strategies and diversified

investment portfolios designed to perpetuate your wealth.

We believe that with more than seven decades of combined experience

between us, we’ve become exceptionally good ‘readers’ of people. We

pride ourselves on understanding what clients are looking for and the

risks they’re willing to take.”

William J. Corbellini

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Customized, Sophisticated Services

We strive to be effective and efficient at addressing a range of financial issues, not just those that have to do with asset management and investments. Over the years, we have expanded the scope of our services to help meet the evolving requirements of clients. Although you may not currently need these specialized services, they may become important to you as you adapt your wealth strategy to the changes in your life that will inevitably occur. They include:

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■ Trust and Estate Planning Services ■

■ Intergenerational Wealth Transfer Strategies ■

■ Concentrated Stock Management

■

■ Access to Secured and Unsecured Personal and Commercial Lending

Through Bank of America

■

■ Portfolio Risk Management

■

■ Tax Minimization Strategies ■

■ Philanthropy and Charitable Giving Through Bank of America ■

■ Business Succession Planning

■

■ Family Office Services, including financial education “boot camps”

for the next generations

TRUST AND CONFIDENCE

We believe that the values, commitment and strong work ethic we share as a team are closely aligned with those of clients. It is gratifying to us that a number of client relationships have thrived for many years, some even spanning decades. We seek to build genuine relationships based on trust, confidence and mutual respect.

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“ Our investment approach is driven by client needs and what they

expect from us. What are they trying to accomplish with their wealth?

What is their cash flow need to maintain their lifestyle? What are their

aspirational goals and how much risk are they comfortable taking to

pursue them?

We endorse the concept that your investment portfolio is a derivative

of your long-term wealth strategy. It should support your strategy and

be the financial power behind it. Your asset allocation, the investments

we select or recommend for you, and the way we oversee your portfolio

depend largely on your risk tolerance, your objectives and your

experience as an investor.”

Dwight H. Emanuelson Jr.

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Your Goals and Cash Flow Needs

Affect the Structure of Your Portfolio

While most clients with substantial wealth have similar primary needs—wealth preservation, consistent cash flow and tax minimization strategies for the eventual transfer of wealth to the next generations—no two clients are the same. Each client, individual or family, has a distinct personality, view of the world, priorities and hopes for the future.

We are driven to find the most sensible solutions to your unique needs and circumstances. We bring our long experience to bear for you, customizing strategies and implementing portfolios with institutional sophistication and scale.

LIQUIDITY NEEDS AND YOUR LIFESTYLE

Typically, we will first determine your liquidity needs, then look at alternative portfolio structures that help us determine your risk tolerance. Using these base models, we may recommend the use of diversified investments that can help reduce risk for the portion of your portfolio aimed at preserving your wealth and maintaining your lifestyle.

We may diversify further by suggesting the inclusion of low-correlated asset classes such as commodities, global fixed-income and nontraditional investments. We may seek market out-performance by recommending that you over- or under-weight allocations to domestic equities, developed market foreign equities and high-yield bonds.

ASPIRATIONAL WEALTH

Depending on your overall strategy, a portion of your portfolio can be earmarked for aspirational wealth. We can guide you in taking measured risk to potentially enhance return, using vehicles such as alternative investments. If appropriate, and in order to enhance the cash flow from a portfolio, we might advise you to consider incorporating discretionary investment models that are designed with the potential to generate additional income.

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“ When clients come to our group, it is typical that they’ve already

achieved a high level of wealth. We often spot hidden weaknesses in

their wealth structure and inconsistencies in how they are managing

their wealth. There may be risks in their existing investment portfolio

that are hard to see.

We strive to give them a clear picture of their financial standing

and offer well-considered strategies designed to help preserve and

maintain their assets.”

Raj S. Kalyandurg

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“PERSONAL” RISK “MARKET” RISK “ASPIRATIONAL” RISK * PROTECT BASIC STANDARD OF LIVING * MAINTAIN LIFESTYLE * ENHANCE LIFESTYLE

■ Reduce downside risk ■ Willing to accept

below-market returns for reduced risk

■ Balance risk and return

to attain market-level performance from a broadly diversified portfolio

■ Increase upside ■ Take measured but

significant risk to potentially enhance return

Diligent Attention to Managing Risk

and Optimizing Strategies

Managing risk is a fundamental aspect of wealth management. Many clients think of risk management only in terms of price volatility, but we take a broader view. We consider drawdown risk, purchasing power risk and the impact of taxes.

As your private wealth advisor, we guide you through every phase of our wealth management process to give you an understanding of how your personal tolerance for risk affects allocation strategies, investment selection and potential returns.

Our approach is holistic. We can help you to potentially minimize risk by looking at how the various components of your financial life work in concert. We take all of your assets and liabilities into consideration and use a risk allocation framework to assess the elements of risk in your net worth. Drawing upon this risk allocation framework is critical to selecting appropriate assets for your portfolios.

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Global Competencies That Are Broad and Deep

A full platform of services and experienced advice and guidance can help you with nearly every aspect of your life.

INTEGRATING YOUR NEEDS AND OUR STRATEGIC GUIDANCE

Our advice and guidance reflects our deep understanding of you and your needs, our insights into the investment marketplace and securities issuers, as well as the strategic thinking of our most senior professionals. Our guidance through our research-driven, disciplined and repeatable process spans the entire investment management process. 1 Assess Situation 2 Articulate Needs and Goals 3 Deﬁne and Reﬁne Approach 5 Review Progress to Goals 4 Implement Goals-Based Solutions 1 0 | T H E C O R B E L L I N I , E M A N U E L S O N & K A L Y A N D U R G G R O U P Wealth Management Process

1_{Capability offered by Bank of America, N.A., and its bank affiliates.}2_{Capability offered by Merrill Lynch, Pierce, Fenner & Smith Incorporated.}

Investment Solutions2

n Discretionary and Nondiscretionary Investment Strategies

n Liquidity Management n Risk Management n Alternative Investments n Professionally Managed Accounts n Market-Linked Investments

Tax Minimization Strategies2

n Tax-Minimizing Concentrated Stock Management n Tax-Efficient Investments n Tax-Advantaged Credit and Lending1n Private Placement n Life Insurance n Tax Legislation Monitoring

Family Office2

n Family Wealth Transition Consulting n Lifestyle and Concierge Services n Income Tax Preparation and Consulting n Personalized Administration Services n Financial and Consolidated Reporting

Philanthropy1

n Philanthropic Strategies n Charitable Grant-Making Solutions n Donor-Advised Funds and Foundation Consulting

n Planned Giving Guidance and Management n Endowment Management and Consulting n Compliance n Governance and Succession Planning

Trust and Estate Planning Services1

n Personal Trust Services n Charitable Trusts and Foundations

n Fiduciary Investment Management n Trust Administration n Estate Planning Services n Estate Settlement and Administration n Services for Individual Trustees

Banking and Lending1

n Securities-Based Lending n International Financing n Sophisticated Deposit and Cash Management Strategies n Custom Lending Solutions n Home Financing n Aircraft Financing

Concentrated Stock Management2

n Hedging Strategies n Trust Solutions n Exchange Funds

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William J. Corbellini

M A N AGING DIREC T OR–WE ALT H M A N AGEMEN T PRI VAT E WE ALT H ADV ISOR

SENIOR P OR T F OL IO M A N AGER

Bill joined Merrill Lynch in 1984 and, as a founding member of the team, he has been an architect of the team’s investment approach. Bill focuses on the ultra-high-net worth segment, strategic planning and asset allocation for affluent investors. Bill earned a bachelor’s degree in finance from the University of Colorado in Boulder, and he served as an officer in the U.S. Air Force. In addition, he served on Merrill Lynch’s Advisory Council to Management for three years and the Private Banking & Investment Advisory Council for five years. These Advisory Councils formulate business strategies and address key issues to improve the client experience at Merrill Lynch.

Barron’s magazine named Bill to its list of Top 1,200 Financial Advisors in 2015, ranking him fifth in Texas. Away from the office, Bill’s interests include working with the Children’s Medical Center of Dallas and Big Thought, an organization focused on improving public education through creative learning.

Dwight H. Emanuelson Jr.

M A N AGING DIREC T OR–WE ALT H M A N AGEMEN T PRI VAT E WE ALT H ADV ISOR

With Merrill Lynch since 1984, Dwight serves as the primary equity strategist for the team. Additionally, Dwight is responsible for evaluating derivative strategies, structuring fixed-income portfolios and formulating asset allocation strategies for

high-net-worth clients. Dwight was listed in Barron’s Top 1,200 Financial Advisors in

2015, landing in the thirteenth spot in Texas.

Dwight graduated magna cum laude from Washington and Lee University with bachelor’s degrees in both economics and French. He is a current member of the board of trustees of his alma mater. Dwight has also served on the board of The Family Place and is currently on the advisory board of The Cattle Baron’s Ball, as well as LaunchAbility Texas. He supports many charitable organizations in the community with his time and resources, including Crystal Charity Ball, Ability Connection Texas and UTSW Medical Center. In 2011, he was honored to receive the Each Moment Matters Award from the Presbyterian Community and Services Foundation.

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Raj S. Kalyandurg

SENIOR V ICE PRE SIDEN T–WE ALT H M A N AGEMEN T PRI VAT E WE ALT H ADV ISOR

Raj focuses on the team’s strategic core portfolios, generating tactical opportunities and creating asset allocations strategies for affluent families. He joined Merrill Lynch in 1997. His experience also includes trust and estate planning services, philanthropic strategies and issues related to the sale of private businesses.

Raj holds a bachelor’s degree in economics and finance from the University of Texas at Dallas and graduated from the Financial Advisor Leadership Program, an advanced executive program sponsored by Merrill Lynch and taught by faculty from the Wharton School at the University of Pennsylvania.

Involved in several community organizations, Raj is a charter member of TiE, a global organization promoting entrepreneurship. He also serves on the boards of the Greater Dallas Indo-American Chamber of Commerce, the American Indian Foundation and his son’s Montessori New Beginnings Academy.

Sami A. Abboud

V ICE PRE SIDEN T

SENIOR F IN A NCIAL A N ALY S T

Sami joined Merrill Lynch in 1999 and is responsible for designing the team’s approach to wealth management. He focuses on investment research, portfolio development opportunities and outside investment manager due diligence. Conducting both macroeconomic and investment-oriented research, he assists the team with client-specific customized strategies. While every client and situation is different, Sami’s investment approaches are designed to be consistently innovative, forward-thinking and goal-oriented.

Sami graduated from the University of Texas at Dallas with a Global Executive MBA degree, specializing in global business implementation and emerging markets strategies. He was installed as a member of Beta Gamma Sigma, the international honor society. Sami pursued this program, as he sees it being critical to understanding today’s corporate operations and fundamental concepts of international business, including macro-level environmental factors that affect global businesses. Sami is a member of the French-American Chamber of Commerce and is on the board of DIFFA Dallas. He enjoys tennis, traveling and fitness training.

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Thomas N. Pierce Jr.

, CFP®

SENIOR F IN A NCIAL A N ALY S T

Thomas began his financial services career in 1997. Since joining Merrill Lynch in 1999, he has been guiding clients in the areas of employee benefits, retirement and legacy planning issues. He has deep knowledge of the oil and gas business and advises a number of clients from that industry. Additionally, Thomas is responsible for assisting the team with fixed-income strategies, client asset allocation management and analysis, and evaluations of private equity and hedge fund investment strategies.

He graduated with a bachelor’s degree in finance from Texas A&M University

in College Station. Thomas earned the CERTIFIED FINANCIAL PLANNERTM

(CFP®) designation awarded by the Certified Financial Planner Board of Standards, Inc.

A proud member of the Texas A&M University Association of Former Students, Thomas is also involved with Ducks Unlimited, the world’s leader in wetlands and waterfowl conservation. He enjoys hunting, fishing and watching sports.

Laurie J. Staten

REGIS T ERED SENIOR PRI VAT E WE ALT H AS SOCIAT E

Laurie is a deeply knowledgeable investment professional with more than 30 years of experience at Merrill Lynch. She draws on her wealth of experience in serving as the team’s key relationship manager. In addition, she is responsible for the administrative duties associated with Rule 144 and Rule 10b5-1 plans. Laurie works as a volunteer with several organizations in her community. She has taken several flying lessons with an interest in pursuing this hobby.

Sherah L. Yoder

Since beginning her financial services career with Merrill Lynch in 1996, Sherah has been committed to providing exceptional service to clients and exceptional support to her colleagues. She has multiple responsibilities, including client account management and administering restricted stock sales, and draws on a deep knowledge of SEC Rules 144 and 10b5-1.

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Kristina N. Tran

Kristina started her career at Merrill Lynch in 2007 in the Houston Private Banking office. She earned a bachelor’s degree from the Bauer College of Business at the University of Houston with a concentration in finance and a minor in sales. Kristina exclusively works as a key relationship manager for ultra-high-net-worth clients. She is proficient in Merrill Lynch products and handles all the administrative details for private placements, alternative investments, client events and new business development for the team. Kristina is an active member of the Dallas chapter of Junior League.

Daneé F. Riordan

REGIS T ERED PRI VAT E WE ALT H AS SOCIAT E

Daneé joined Merrill Lynch in September 2011. She spent five prior years in the property management industry. She graduated from Mays Business School at Texas A&M University, where she earned a bachelor’s degree in business administration. Daneé supports the group in all areas of office logistics, account administration and client services. She is a member of the Texas A&M University Association of Former Students and enjoys spending time with family and friends, traveling and fitness training.

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Investing involves risk. There is always the potential of losing money when you invest in securities.

Asset allocation, diversification and rebalancing do not ensure a profit or protect against loss in declining markets.

Some or all alternative investments may not be suitable for certain investors. Certain alternative investments carry significant risk and are not subject to the same regulatory oversight as mutual funds and other traditional investments. For these reasons, access to alternative investments may be limited to investors who are designated as sophisticated, high-net-worth investors.

Neither Merrill Lynch nor any of its affiliates or financial advisors provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. Merrill Lynch Family Office Services are offered through Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”). In connection with its Family Office Services, Merrill Lynch is not acting in the capacity as a broker-dealer, nor as a registered investment adviser. Accordingly, through its Family Office Services, Merrill Lynch is not offering, and its clients are not paying for, advice with respect to securities, the purchase or sale of securities, or the valuation thereof, nor do Merrill Lynch’s Family Office Services encompass financial planning, discretionary account management, or any other securities-related accounts, products or services. Merrill Lynch offers a broad array of brokerage and investment advisory accounts, products and services through other parts of its business outside of Family Office Services, which are subject to separate agreements, disclosures, and fee arrangements, and may be procured by applying or enrolling and contracting through those other business channels. Please contact your Financial Advisor or Private Wealth Advisor with questions regarding Merrill Lynch’s brokerage or investment advisory offerings.

Merrill Lynch offers a broad range of brokerage, investment advisory (including financial planning) and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining a service or services to select.

Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other developments. These risks are magnified for investments made in emerging markets.

Barron’s magazine, Feb. 23, 2015 and Feb. 24, 2014, Top 1,200 Advisors list. Advisors considered for the “America’s Top 1,200 Advisors: State-by-State” ranking have a minimum of seven years financial services experience and have been employed at their current firm for at least one year. Quantitative and qualitative measures used to determine the Advisor rankings include: client assets, return on assets, client satisfaction/retention, compliance records, and community involvement, among others. Barron’s does not receive compensation from Advisors, participating firms and their affiliates, or the media in exchange for rankings. Barron’s is a trademark of Dow Jones & Company, Inc. All rights reserved.

Barron’s magazine, April 15, 2013, America’s Top 100 Financial Advisors list. Advisors considered for the “America’s Top 100 Financial Advisors list” ranking have a minimum of seven years financial services experience and have been employed at their current firm for at least one year. Quantitative and qualitative measures used to determine the Advisor rankings include: client assets, return on assets, client satisfaction/retention, compliance records, and community involvement, among others. Barron’s does not receive compensation from Advisors, participating firms and their affiliates, or the media in exchange for rankings. Barron’s is a trademark of Dow Jones & Company, Inc. All rights reserved.

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Merrill Lynch Wealth Management and the Bull Symbol are trademarks of Bank of America Corporation.

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CORBELLINI, EMANUELSON,

KALYANDURG & ASSOCIATES

PRIVATE WE ALTH ADVISORS

300 Crescent Court | Suite 1300 | Dallas, TX 75201 800.477.1264 | www.pwa.ml.com/ce_group