1. HIGHTOWER BETHESDA

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At HighTower Bethesda,
our life’s work is to protect
and grow yours. We are
business owners and, like
you, we are passionate
about what we do.

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AWARDS AND ACCOLADES
Top 100 Independent Financial Advisor
2014
Top Advisor in Maryland
2009-2011, 2013, 2016
Top Financial Advisor FT 300
2012-2014
Named #2 to the Nationwide
Top 100 Wealth Managers
2015
Named to Inc. 500|5000 list of Fastest-
Growing Private Companies
2012-2014

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HIGHTOWER BY THE NUMBERS
FOUNDED
HEADQUARTERS
REGIONAL CORPORATE CENTERS
OFFICES
EMPLOYEES
ADVISOR TEAMS
TOTAL ADVISORS
2007
CHICAGO
NEW YORK & SAN FRANCISCO
42 NATIONWIDE
460
53
143

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OUR COMMITMENT
We listen thoughtfully
and assuredly
Our clients are the driving
force for everything we do
We are relentlessly focused
on generating great
risk-adjusted returns
We manage wealth to
a higher standard
LEADERS
R E L E N T L E S S
F O C U S
H I G H E R
S T A N D A R D
T H O U G H T F U L
L I S T E N E I N G
D R I V I N G
F O R C E

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OUR PROCESS
OUR THREE STEP PROCESS
The Focus of our investment philosophy is centered upon the creation and preservation
of client wealth.
A N A L Y S I S
& P L A N N I N G
I M P L E M E N TAT I O N
& E X E C U T I O N
M O N I T O R I N G
& O N - G O I N G
M A N A G E M E N T

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ANALYSIS & PLANNING
Long term planning is perhaps the most critical and often under emphasized aspect of
portfolio management. After an in-depth meeting, we develop a written plan.
• Carefully evaluate our clients’ most important needs
• Understand our clients’ risk tolerance
• Formulate written objectives oriented towards meeting
those needs

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INVESTMENT POLICY STATEMENTS
OBJECTIVE
To provide prudent, long-term growth of capital with a
moderate level of risk. Investments are intended to provide
multi-generational growth and income.
RISK MANAGEMENT
You recognize that achieving long-term investment
objectives requires the acceptance of some risk, and that
there are uncertainties inherent in contemporary capital
markets. Based upon your current financial condition,
prospects for the future, and ability to withstand
fluctuations in portfolio alues, your risk tolerance can be
characterized as Growth.
TIME HORIZON
Time horizon refers to the period of time before the
portfolio’s investment strategy is expected to be
substantially altered. The investment guidelines presented
here are based upon a horizon greater than 10 years.
Interim fluctuations should be viewed within an appropriate
perspective.
TAX CONSIDERATIONS
Because you are subject to the maximum federal and
state tax rates, reducing income taxes is an important
consideration in managing your portfolio. Your attitude
toward tax management can be described as minimizing
after-tax returns while minimizing taxes paid.
CASH FLOWS
No contributions to the portfolio are expected.
Distributions are discretionary and minimal, which
diversifies a client’s assets among several different
strategies.
INVESTMENT MANAGER SELECTION & MONITORING
The portfolio’s asset allocation strategy will be
implemented primarily through Indexed ETFs, actively
managed mutual funds, and alternative investments.
Investment managers will be evaluated quarterly using a
qualitative and quantitative system. Quantitative criteria
include risk-adjusted performance as well as absolute and
relative performance vs. a market benchmark. Qualitative
criteria include changes in the firm’s personnel,
organization or ownership structure, negative regulatory
issues, and investments inconsistent with style mandate or
objective.

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INVESTMENT POLICY STATEMENTS CONTINUED
CASH 3% 0-10%
FIXED INCOME 15% 10-30%
EQUITY 62% 50-80%
ALTERNATIVES 20% 5-35%
TOTAL 100%
LONG-TERM
TARGET
PERMITTED
RANGE
ASSET ALLOCATION
Assets will be allocated among Cash, Fixed Income,
Equity, and Alternative Strategies using the combination
of strategic and tactical targets described in this
section. Strategic targets are used to establish a
benchmark for diversification within the portfolio, while
tactical ‘permitted ranges set limits on the amount of
deviation that may occur from the targets due to
market conditions or tactical adjustments made to the
portfolio in response to changes in the performance
outlook of the capital markets.
FIXED INCOME POLICY
Providing capital preservation and income as the primary
goal of the fixed income allocation. Emphasis will be
placed on diversification of asset class, credit quality, and
interest rate sensitivity (duration).
EQUITY POLICY
Equity will be diversified by asset class, capitalization, and
geographical exposure. A variety of strategies with an
objective of providing an equity rate of return over time
with controlled volatility. In addition, structured notes may
be utilized to emphasize downside protection while
capturing upside growth.
ALTERNATIVE STRATEGY POLICY
Alternative strategies shall be diversified by structure, type,
and liquidity. These positions help to expand your
portfolio beyond the traditional equity and fixed income
asset classes. Their goal is to provide returns that perform
independently of the traditional markets. There is the
potential for investment time horizon to be long and have
less market liquidity than traditional asset classes.
The portfolio’s allocation will be reviewed at least
quarterly and the composition of the asset allocation
shall be subject to minimum diversification
requirements. Re-balancing will take place when actual
weights deviate from target weights by more than 20%.

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IMPLEMENTATION & EXECUTION
Implementing the written plan is the second step. With our open architecture platform, our clients
have access to the best in class investment solutions, including private equity, hedge funds, and
independent research providers.
Stocks
Domestic & International
Small Cap
Mid Cap
Large Cap
Growth
Value
Bonds
Municipal
Corporate
Treasury
Convertible
Mortgage
International
Cash
T-Bills
CDs
Money Market Funds
Commercial Paper
VDRO
Merger Arbitrage
Fixed Income Arbitrage
Equity Long-Term
Global Macro
Event Driven
Market Neutral
Multi Strategy
(directional / non-directional)
Private Equity
Private Real Estate
Venture Capital
Mezzanine-Financing
Credit Long-Short
Distressed
Energy Infrastructure
Currency
Hard Assets
Real Estate
Commodities
Manufactured Futures (CTA)

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PORTFOLIO OFFERINGS
Our team collaborates all investment decisions and holds weekly meetings to review the current
portfolio. We frequently engage portfolio managers, market strategists, and economists in an effort to
gain additional insight that will best serve our clients. We believe in identifying major themes in the
market, creating well-diversified portfolios and providing clients with returns that assist them in
achieving their goals.
• Achieve short and long term
returns consistent with the
MSCI All Cap World Index
• Utilize low cost index ETFs to
achieve these goals
• Incorporate a combination of
fundamental macro analysis,
along with technical analysis
• Remains 100% invested at all
times
• Sector ETFs are compared to
each other
• The top seven sectors are
bought, and are sold when they
fall sufficiently out of favor
• A new sector is only added
when one sector falls out.
• When a sector falls sufficiently,
the new sector replaces the
existing position in the portfolio
• Create a well-diversified
portfolio
• Maximize the overall efficiency
of the fixed income portfolio
• Understand how the portfolio
is allocated and how it will
react in different environments

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ALTERNATIVE INVESTMENTS
PHILOSOPHY
As we are long term investors, we seek to emulate the most successful pension and endowments when
structuring our portfolios. When studying the long term success of theses plans, it is clear that their
allocation towards hedge funds, private equity, and private real estate are key drives to consistently
strong returns. Furthermore, the steady returns and low volatility that is the hallmark of our alternative
investments dramatically helps clients stay focused on their long term objectives during market turmoil,
and is also a tremendous enhancement once they reach retirement and need to draw on their assets in
order to meet their financial needs.
1. To provide clients with an opportunity to move towards their goal without worrying
about the day to day movements of the equity and fixed income markets
2. To create a portfolio that allows clients to earn mid to high single digit returns with
about one-third to one-half of the long term volatility of the equity markets
- OBJECTIVES -

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MONITORING & ON-GOING MANAGEMENT
Monitoring your investment portfolio on an ongoing basis will help ensure that the plan and the
investment strategy is meeting client objectives.
• Meet regularly
• Monitor performance
• Respond to any changes in financial circumstances and in
the financial markets

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DUE-DILIGENCE REPORTING
We continually monitor every investment manager for any changes that could have negative impact on
the portfolio.
WEEKLY
Our investment committee receives
a performance update report on
every manager in our clients
portfolios.
MONTHLY
Members of the Investment Committee
conduct monthly calls with the
portfolio managers to discuss
performance and receive updates on
positioning and strategy.
QUARTERLY
Our Investment Committee devotes
time with the portfolio managers in
our offices and these face-to-face
meetings, along with our personal
relationships, provides access to the
“real story.”
OUR INVESTMENT COMMITTEE IS ALWAYS LOOKING FOR RED FLAGS THAT MAY LEAD TO TERMINATION
• Unexplained performance
• Style drift
• Illegal or unethical behavior
• Deviating from investment guidelines
• Deterioration in client service
• Negative changes in ownership
• Loss of key personnel
• Significant asset growth
• Lack of new ideas / seminal thinking
• Inability to admit and take responsibility

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OUR SERVICES
• Current income needs and projected
cash flow requirements
• Retirement planning
• Charitable giving strategies
• Family legacy planning
• Disability and long -term care
insurance coverage
• Business Succession planning
• Titling of assets including qualified
retirement accounts and trusts
• Tax planning
• Close coordination of plan with your
family advisors (CPA, Attorney,
Trustees)
• Creation and management of
portfolios
• Review and investment objectives
and asset allocation
• Ongoing due diligence monitoring of
managers and individual investments
• Portfolio rebalancing and tactical
overlay
• Tax optimization and loss harvesting
• Comprehensive reporting and
monitoring of investments
• Comprehensive year -end tax
reporting statement reported
directly to designated accountant /
tax advisor with copies to client
• Online and on -demand performance
reporting and account views
COMPREHENSIVE FINANCIAL PLANNING
INVESTMENT STRATEGY
PLANNING & MANAGEMENT
REPORTING SERVICES

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HIGHTOWER IS A FIDUCIARY
What investors want – and to a great degree what advisors want – is a
fiduciary relationship. An unbiased, transparent, fee-based relationship
unattached to corporate goals, incentives or quotas. It’s a relationship
where the interests of the investor are put ahead of the firm’s.
Our mission is simple: provide our financial advisors with an open
product architecture and the best tools possible to serve clients.
Every decision, resource, and strategy at HighTower is for the benefit
of the client; for your benefit.

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Jeff Leventhal joined HighTower as
Managing Director and Partner in 2011.
Previously, Jeff served as Senior Vice
President of Investments at UBS. He has
over 22 years of experience in finance and
was selected by Barron’s in 2009, 2010,
2011, and most recently in 2016, and was
named one of the Top 1000 Financial
Advisors in 2013.
In addition to being a Barron’s Top Advisor,
Jeff was also selected as one of the Top
20 Advisors in Maryland in 2013. Most
recently, Jeff was featured in the Financial
Times as one of the Top 300 Registered
Investment Advisors in the country in 2014
and 2016. Four years in a row, 2011-2014,
the Washington Business Journal recognized
HighTower Bethesda as a NABCAP* Premier
Advisor for high-quality Wealth Management
acumen.
Jeff specializes in complex financial
planning, estate-planning strategies, exit
planning, institutional money management,
and small business consulting.
Stephen Rosen is a respected financial
advisor, servicing clients for more than 22
years. He joined HighTower as Managing
Director and Partner in 2013. Prior to
joining Hightower, Mr. Rosen served as
Senior Vice President at UBS, where he was
selected to the UBS Global Circle of
Excellence, an honor held for the Top 150
advisors globally, and Morgan Stanley.
Most recently, in 2014 and 2016 Stephen
was featured by the Financial Times as one
of the top 300 Registered Investment
Advisers in the country while The
Washington Business Journal recognized
HighTower Bethesda as a NABCAP* Premier
Advisor because of their high quality in
Wealth Management (2011-2014).
Stephen focuses in alternative investments,
financial planning and portfolio management
for high-net-worth individuals and their
families, as well as exit planning for
business owners. Stephen is a graduate of
the University of Michigan and a native New
Yorker. He currently resides in Potomac,
Maryland with his wife and two children.
Stephen is an avid golfer and active coach
for his children's sports teams.
Evan Nowack joined HighTower from UBS,
where he served as Vice President of
Investments. Evan has over 16 years of
experience and specializes in asset
allocation modeling, investment strategy,
and financial planning.
Evan is a graduate of the Kelley School of
Business at Indiana University, where he
majored in Finance. Evan earned his CIMA
designation after graduating from the
Certified Investment Management Analyst
certification program at the University of
Pennsylvania, The Wharton’s School.
Additionally, Evan is a member of the
Investment Management Consultants
Association.
Four years in a row, 2011-2014, the
Washington Business Journal recognized
HighTower Bethesda as a NABCAP*
Premier Advisor for high-quality expertise in
Wealth Management. In 2014 and 2016,
Evan was featured in the Financial Times
as one of the Top 300 Registered
Investment Advisors in the United States.
JEFF LEVENTHAL, CIMA®, CEPA®
MANAGING DIRECTOR & PARTNER
STEPHEN ROSEN, AIF®, CEPA®
MANAGING DIRECTOR & PARTNER
EVAN NOWACK, CIMA®
MANAGING DIRECTOR & PARTNER
OUR TEAM

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LEAH JONES, CFP®, AEP, CDFA®
DIRECTOR OF FINANCIAL PLANNING
SARAH DJAMSHIDI
EXECUTIVE DIRECTOR, BUSINESS SUCCESSION PLANNING
Sarah Djamshidi joined HighTower in 2015 with over 18
years of successful experience providing fiscal, strategic
and operations leadership to business owners and
executives to formulate growth and business succession
plans. Prior to joining our team, Sarah was a Managing
Director of National Capital Companies and President
and Managing Partner of Speedshift Ventures.
Sarah has earned her reputation as a detail-oriented
executive leader who can synthesize complex business
challenges to uncover solutions and opportunities for
entrepreneurs. Sarah guides clients through a multi-
faceted planning process where both financial and
business goals are optimized for business transition.
Sarah holds a Bachelors of Science degree in
Management Science and Statistics with specialization
in Decision Information Systems from the University of
Maryland. She’s also completed courses in Executive
Management and Innovation Management Program from
University of Maryland’s A. James Clark School of
Engineering and Robert H. Smith School of Business.
OUR TEAM
Leah Jones is the Director of Financial Planning at
HighTower Bethesda. With more than 14 years of
brokerage, asset management and RIA private wealth
management experience, Leah has a deep background
in financial planning and estate and insurance
consultations.
Leah focuses on developing and implementing custom
financial plans for individuals and families, as well as
maintenance of client relationships. She leverages her
depth of investment knowledge to provide clients with
holistic guidance that aligns with their long-term goals
and values.
Prior to HighTower Bethesda, Leah served as Citigold
Relationship Manager at CITI Bank and CITI Private
Wealth Management, where she focused on developing
and identifying comprehensive solutions to meet
clients’ financial needs. She holds Certified Financial
Planner™ (CFP®) and Certified Divorce Financial
Analyst (CDFA®) designations, as well as Series 7, 65,
63, Life and Health Insurance licenses.

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DEBORAH ENGLE
REGISTERED CLIENT ASSOCIATE
JACQUELINE LONNDERDAL
REGISTERED CLIENT ASSOCIATE
COURTNEY SMITH
REGISTERED CLIENT ASSOCIATE
DOMINIQUE LEWIS
CLIENT SERVICE ASSOCIATE
Debi offers her expertise serving our
valued clients with over 19 years of
high-end customer service
experience.
Jacqueline brings over 8 years of
industry experience and the
highest level of client service.
Courtney’s consistently upholds a
high-level of service for high net
worth individuals, having served 12
years in the industry.
OUR TEAM
Dominique brings over 8 years of high-
end client service experience in the
financial industry.

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HighTower Bethesda is a team of investment professionals registered with HighTower Securities, LLC, member
FINRA, MSRB and SIPC & HighTower Advisors, LLC a registered investment advisor with the SEC. All
securities are offered through HighTower Securities, LLC and advisory services are offered through HighTower
Advisors, LLC.
No investment process is free of risk and there is no guarantee that the investment process described herein will
be profitable. Investors may lose all of their investments. Past performance is not indicative of current or future
performance and is not a guarantee. Carefully consider investment objectives, risk factors and charges and
expenses before investing.
These materials are solely informational. In preparing these materials, we have relied upon and assumed
without independent verification, the accuracy and completeness of all information available from public and
internal sources. HighTower shall not in any way be liable for claims and make no expressed or implied
representations or warranties as to their accuracy or completeness or for statements or errors contained in or
omissions from them.
DISCLOSURES