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Tiburon Research September 23, 2019

Edelman Financial Engines: Servicing Retirement Plans & Building a Leading Fee-Based Financial Advisory Firm with a Growing National Presence. Tiburon Research September 23, 2019. Edelman Financial Engines. Comments. Founded in 1987 Founded as Edelman Financial Services

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Tiburon Research September 23, 2019

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  1. Edelman Financial Engines:Servicing Retirement Plans & Building a Leading Fee-Based Financial Advisory Firm with a Growing National Presence Tiburon Research September 23, 2019

  2. Edelman Financial Engines Comments • Founded in 1987 • Founded as Edelman Financial Services • Founded by Ric & Jean Edelman • Based in Boston, MA • 442 employees • $239.0 million revenues • $156.4 million expenses • $44.9 pre-tax earnings • $55.8 million adjusted EBITDA • $30.0 million net profits • $25.0 million adjusted net profits • $30.0 million net profits attributable to common shareholders • Chairman: Alan Thorpe • CEO: Larry Raffone • Privately owned • Web site: www.financialengines.com Source: 8/12/14 Securities & Exchange Commission Web Site; 8/11/14 Business Week Web Site; 5/14/13 Business Week Web Site; 5/9/13 San Francisco Chronicle;12/31/12 Edelman Financial Engines Annual Report;10/12 Edelman Financial Engines Advisors ADV Form;4/12/11 Yahoo Finance Web Site; 3/22/11 Google News Alerts; 3/19/11 Google News Alerts; 1/6/11 Google News Alerts; Tiburon Research & Analysis

  3. Edelman Financial Engines was Founded in 1997 and Has Subsequently Evolved through its Independent, Sanders Morris Harris Group, Lee Equity Partners, & Hellman & Friedman Phases Independent Phase Sanders Morris Harris Group Phase Lee Equity Partners Phase Hellman & Friedman Phase Edelman Financial EnginesHistory Edelman Financial Services Founded Edelman Financial Engines Today Approximate Dates: 1987 1988 - 2004 2005 - 2011 2012 - 2014 2015 - 2019 2019 Key Steps: • 1987: Edelman Financial Services founded • 1990: Ed Moore joined • 1992: Ric Edelman launched the Ric Edelman show on WMAL-AM radio • 1996: Ric Edelman published The Truth About Money • 1996: Financial Engines founded • 1996: The Mutual Fund Store founded • 1997: Jeff Maggioncalda joined • 1998: Raised second round of venture capital • 1998: Launched online advice business • 1998: Ric Edelman published second edition of The Truth About Money • 1998: Lesley Roberts joined • 1998: Adam Bold started radio program • 1999: Ric Edelman published The New Rules of Money • 1999: Ric Edelman given honorary doctorate by Rowan University • 1999: Raymond Sims joined • 2000: Opened second office in Saint Louis, MO • 2001: Ric Edelman published Ordinary People, Extraordinary Wealth • 2001: Ric Edelman named entrepreneur of the year (Washington, DC region) by Ernst & Young • 2001: Shifted to enterprise model • 2001: Larry Raffone joined • 2003: Ric Edelman published What You Need to Know • 2003: Ric Edelman published Discover the Wealth Within You • 2003: Listed as great place to work by Washington Magazine • 2003-2004: FTV Capital helped revise strategy • 2003: Paul Koontz became chairman • 2004: Launched professional management business • 2004-2012: Ric Edelman listed on Barron’s top 100 financial advisors list • 2004: Ric Edelman published third edition of The Truth About Money • 2004: Ric Edelman inducted into Financial Advisor Hall of Fame by Research Magazine • 2004: Ric Edelman listed on Registered Rep’s America's Top 50 Brokers list • 2004: Christine Cataldo joined • 2005: Sanders Morris Harris Group acquired a 51% stake in Edelman Financial Services • 2005: Converted its business model to fee-only • 2005: Listed as great place to work by Washington Magazine • 2006: Christopher Jones joined • 2006: Anne Cappel joined • 2006: Business boosted by Pension Protection Act • 2006: Raised series A venture capital from Summit Partners • 2006-2007: Ric Edelman named among The Winner’s Circle’s top 100 financial advisors • 2007: Shifted custody from Royal Alliance to TD Ameritrade • 2007: Ric Edelman published The Lies About Money • 2007: Eraine Parker joined • 2007: Listed as great place to work by Washington Magazine • 2007-2010: Listed on Inc. Magazine’s 5,000 list of fastest growing private companies • 2008: Sanders Morris Harris Group increased its stake in Edelman Financial Services to 76% • 2008-2010: Listed as #1 in client relationships by Wealth Manager Magazine • 2009-2010: Ric Edelman named number one independent advisor by Barron’s • 2009: Began national expansion plan by opening six offices in the New York, NY metropolitan area • 2009: Ric Edelman published Rescue Your Money • 2010: Ric Edelman published fourth edition of The Truth About Money • 2010: Reincorporated in Delaware • 2010: Went public • 2010: Listed as #3 in assets under management by Wealth Manager Magazine • 2011: Introduced Income + • 2011: Debra Babbit joined • 2011: Ric Edelman named co-CEO with George Ball • 2011: Ric Edelman launched PBS television show called The Truth About Money with Ric Edelman • 2011: Rene Chaze joined • 2011: Joe Bottazzi joined • 2011: Steve Cordill resigned • 2011: Celebrated fifteenth anniversary • 2011: Raised private equity from Warburg Pincus • 2011: Adam Bord became Chairman & John Bunch became CEO • 2011: Listed as #3 in discretionary client assets under management by Investment News • 2012: The Edelman Financial Group went private by selling stake to Lee Equity Partners • 2012: George Ball became chairman and Ric Edelman became sole CEO • 2012 Moved headquarters from Houston, TX to Fairfax, VA • 2012: Ric Edelman named number one independent advisor by Barron’s • 2012: Ric Edelman named the #1 most influential financial advisor in America by RIA Biz • 2012: Inside Personal Finance newsletter received award for excellence from APEX • 2012: Ric Edelman radio show ranked #2 most important weekend only talk radio show by Talkers magazine • 2012: Ric Edelman named one of nine advisors with vast Twitter followings by Financial Planning • 2012: Ric Edelman celebrated twenty years on radio • 2012: Introduced Total Retirement Advice • 2012: Introduced IRA Management • 2012: Moved corporate headquarters to Sunnyvale, CA • 2012: Larry Raffone named president • 2013: Launched Edelman Online • 2013: Lowered account minimum from $50,000 to $5,000 • 2013: Ranked #3 largest RIA • 2013: Ric Edelman named the #3 most influential figure in the Registered Investment Advisor industry • 2013: Ric Edelman named one of the fifteen people who has transformed the investment advisory business over the past fifteen years by Investment News • 2013: Inside Personal Finance newsletter received award for excellence from APEX • 2013: Rene Chaze named chief financial officer • 2013: Marvin Davis joined • 2013: Bill Hayes joined • 2014: The Edelman Financial Group changed name to Pinnacle Summer Investments • 2014: Refinanced debt • 2014: Ric Edelman published The Truth About Retirement Plans & IRAs • 2014: Ric Edelman radio show listed in the Heavy Hundred by Talkers Magazine • 2014: Listed in 300 top RIA firms by the Financial Times • 2014: Ranked #9 best workplace amongst medium sized companies in Washington, DC metro area • 2014: Ranked #9 largest RIA firm by Financial Advisor Magazine • 2014: Inside Personal Finance newsletter received award for excellence from APEX • 2015: Pinnacle Summer Investments spun off other wealth managers business • 2015: Rene Chaze named chief operating officer • 2015: Worked with BlackRock to launch exponential technologies ETF • 2015: Hellman & Friedman acquired majority stake • 2015: Issued $230 million of debt • 2015: Ranked #10 largest RIA firm by Financial Advisor Magazine • 2016: Launched broker/dealer EF Legacy Securities • 2016: Ric Edelman published second edition of Rescue Your Money • 2016: Ryan Parker joined • 2016: James Mendelsohn joined • 2016: Marvin Davis resigned • 2016: Lesley Roberts resigned • 2016: Listed on top financial advisory firms list by Barron’s • 2016: Listed in 300 top RIA firms by the Financial Times • 2016: Ranked #6 largest fee-only RIA by Investment News • 2016: Ric Edelman named one of top ten wealth advisors by Forbes • 2016: Rene Chaze named CFO of the Year by the Washington Business Journal • 2016: Rene Chase named CFO of the Year by Virginia Business • 2016: Inside Personal Finance newsletter received Grand Award for overall excellence & award for excellence in financial & investment writing from APEX • 2017: Refinanced debt, increased borrowings, & paid out substantial dvidend • 2017: Ric Edelman published The Truth About Your Future: The Money Guide You Need Now, Later, & Much Later • 2017: Ric Edelman received Loren Dutton Memorial award from International Association of Registered Financial Consultants • 2017: Mike Russell joined • 2017: Aaron Gordon joined • 2017: Jon Isaacon joined • 2017: Rene Chaze refocused on corporate development efforts • 2017: Teri Kozikowski joined • 2017: James Mendelsohn resigned • 2017: Joe Bottazzi resigned • 2018: Ranked #1 financial advisor firm by Barron’s • 2018: Listed in top 300 RIA firms by the Financial Times • 2018: Ric Edelman ranked #16 financial advisor by Forbes • 2018: Financial Engines & Edelman Financial Services merged Source: 9/20/18 Edelman Financial Services Email (Edelman); 9/18/18 Edelman Financial Services Conversation (Parker); 9/18/18 Edelman Financial Services Conversation (Edelman); 9/18 Edelman Financial Services Newsletter; 5/17 Edelman Financial Services Newsletter; 5/17 Financial Planning; 4/27/17 Google News Alerts; 4/26/17 Think Advisor; 4/27/17 Investment News; 4/16/17 New York Times; Tiburon Research & Analysis

  4. Edelman Financial Engines’ Financial Engines Business Has Raised Several Rounds of Venture Capital, Including its Second Round in 1998 Financial Engines Venture Capital Raises Round 2 -- -- Round 1 • Raised in 1998 • Raised $9.0 million • Investors • Thomson Reuters (TTC Ventures) • Charter Ventures • Foundation Capital • New Enterprise Associates • Raised in XXXX • Investors • Charter Ventures • Foundation Capital • New Enterprise Associates • -- • -- Source: 3/17/10 Wall Street Journal; 6/2/08 FT Ventures Web Site; 4/29/03 Integrated Decision Systems Press Release; 11/02 Bloomberg Wealth Manager; 8/14/00 Investment News; 7/28/00 HD Vest Meeting (Vest); 4/10/00 Edelman Financial Engines Web Site; 4/10/00 Forbes Web Site; 3/1/00 CBS Market Watch Web Site; 3/3/00 CNET News Web Site; 9/30/98 Edelman Financial Engines Press Release; Tiburon Research & Analysis

  5. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Ric Edelman Has Won Many Awards, Including Being Given an Honorary Doctorate by Rowan University in 1999 (Page 1) Ric Edelman Awards & Recognitions Ernest & Young Barron's Rowan University Research Magazine • 2001: Named entrepreneur of the year (Washington, DC region) • 1999: Received honorary doctorate • 2004-2012: Listed on Barron's Top 100 list of financial advisors • Named the number one independent financial advisor in 2009, 2010, & 2012 • 2004: Inducted into financial advisor hall of fame Source: 5/17 Edelman Financial Services Newsletter; 3/23/17 Edelman Financial Services Web Site; 7/19/16 PR Newswire; 7/5/16 Edelman Financial Services Press Release; 6/20/16 PR Newswire; 10/8/15 LInkedIn Web Site; 5/15 Edelman Financial Services Brochure; 5/12/14 Think Advisor Web Site; 8/1/13 Edelman Financial Services Email (Edelman); 7/8/13 Barron’s; 6/24/13 Edelman Financial Services Email (Edelman); Tiburon Research & Analysis

  6. Ric Edelman Awards & Recognitions (Page 2) Ric Edelman Awards & Recognitions Registered Rep The Winner’s Circle RIA Biz Talkers Magazine • 2004: Listed on America's Top 50 Brokers list • 2012: Ranked as the #1 most influential financial advisor in America • 2013: Ranked as the #3 most influential figure in the Registered Investments Advisor industry • 2006 & 2007: Named among The Winner’s Circle’s top 100 financial advisors • 2012: Ranked radio show as #2 most important weekend only talk radio show • 2014: Ranked in the Heavy Hundred Source: 5/17 Edelman Financial Services Newsletter;10/8/15 Investment News Web Site; 6/7/13 Investment News Web Site; 3/13/13 RIA Biz; 10/12 Edelman Financial Services Presentation (Edelman); 9/6/12 PR Web; 5/2/12 The Edelman Financial Group Press Release; 5/2/12 PR Web; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

  7. Ric Edelman Awards & Recognitions (Page 3) Ric Edelman Awards & Recognitions International Association of Registered Financial Consultants Financial Planning Forbes Investment News • 2012: Named one of nine advisors with vast Twitter followings • 2016: Named one of top ten wealth advisors • 2018: Ranked #16 financial advisor • 2013: Named one of the fifteen people who have transformed the investment advisory business over the past fifteen years • 2017: Received Loren Dunton Memorial Award Source: 9/20/18 Edelman Financial Services Email (Edelman); 5/17 Edelman Financial Services Newsletter;3/23/17 Edelman Financial Services Web Site;10/8/15 LInkedIn Web Site; 10/8/15 Investment News Web Site; 10/12 Edelman Financial Services Presentation (Edelman); 9/6/12 PR Web; 5/2/12 The Edelman Financial Group Press Release; 5/2/12 PR Web; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

  8. Ric Edelman Awards & Recognitions (Page 4) Ric Edelman Awards & Recognitions -- -- -- -- • -- • -- • -- • -- Source: Tiburon Research & Analysis

  9. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Has Won Many Awards, Including Being Listed as One of the Great Places to Work by Washington Magazine in 2003, 2005, & 2007 (Page 1) Edelman Financial Services Awards & Recognition APEX Washington Magazine Wealth Management Financial Times • 2003, 2005, & 2007: Listed in great places to work • 2012-2014: Received Award for Excellence • 2016: Received Grand Award for Overall Excellence & Award for Excellence in Financial & Investment Writing • 2017: Received Grand Award • 2018: Received award for excellence for investment writing and design layout • 2014: Listed as one of 300 top RIAs • 2016: Listed as one of top 300 RIAs • 2018: Listed as one of 300 RIAs • 2015: Ranked #3 Largest RIA Source: 8/16 Edelman Financial Services Newsletter; 7/27/16 Career Builder Web Site; 7/19/16 PR Newswire; 7/13/16 PR Newsire; 7/5/16 Edelman Financial Services Press Release; 7/16 Financial Advisor Magazine;6/21/16 LinkedIn Email (Doe);6/20/16 Google News Alerts;6/20/16 PR Newswire; 10/8/15 LInkedIn Web Site; 10/6/15 Washington Post Web Site;5/15 Edelman Financial Services Brochure; Tiburon Research & Analysis

  10. Edelman’s Edelman Financial Services Awards & Recognition (Page 2) Edelman Financial Services Awards & Recognition Financial Advisor Magazine Investment News Barron’s Washington Post • 2016: Ranked as #6 largest fee-only RIA • 2016: Listed on top financial advisory firms list • 2018: Ranked #1 financial advisor firm • 2014: Ranked #14 best workplace amongst medium size companies in the Washington, DC metro region • 2014: Ranked #9 largest RIA • 2015: Ranked #10 largest RIA • 2015: Ranked #10 largest RIA firm Source: 9/20/18 Edelman Financial Services Email (Edelman); 7/13/16 Google News Alerts; 7/13/16 LinkedIn Web Site; 1/1/15 Wealth Management; Tiburon Research & Analysis

  11. Edelman Financial Engines’ Predecessor The Mutual Fund Store Raised Venture Capital from Summit Partners in 2006 The Mutual Fund Store Venture Capital Raises Series A -- -- -- • Raised in 2006 • Summit Partners • -- • -- • -- Source: 5/30/11 Kansas City Star; 2/11/18 TMFS Holdings Reg D Filings; Tiburon Research & Analysis

  12. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Marketing Strategies Include a Radio Show, Books, Client Markets Events, Television Show, Monthly Newsletter, Media Appearances, Advertising, & Web Site Radio Show Seminars Digital Direct Response Referral All Other Marketing Strategies Public Relations Books Client Markets Events Television Show Monthly Newsletter Media Appearances Advertising Web Site Edelman Financial Services Marketing Strategies Edelman Financial Services Marketing Strategies Edelman Financial Services Marketing Strategies Source: 5/12/14 Think Advisor Web Site;Tiburon Research & Analysis

  13. Edelman Financial Engines Has Two Businesses, Including its Retail Business & Workplace Business Edelman Financial Engines Businesses Edelman Financial Engines Businesses Workplace Business (Financial Engines) Retail Business (Edelman Financial Engines) Source: Tiburon Research & Analysis

  14. Edelman Financial Engines’ first Business is its Retail Business (Edelman Financial Engines) Comments • Founded in 1987 • Founded by Ric & Jean Edelman • Based in Fairfax, VA • 566 employees • 37,351 clients • 80,000 accounts • $21.6 billion assets under management & administration • Web sites: www.edelmanfinancial.com & www.ricedelman.com Source: 9/20/18 Wall Street Journal; 9/18/18 Edelman Financial Services Corporation (Edelman); 9/18 Edelman Financial Services Newsletter; 7/27/16 Career Builder Web Site; 7/20/16 Career Builder Web Site; 7/19/16 PR Newswire; 7/13/16 PR Newswire; 1/15/16 Edelman Financial Services ADV Part 2; 10/15 Edelman Financial Services Presentation (Moore); 4/22/15 Edelman Financial Services Privacy Policy; Tiburon Research & Analysis

  15. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Has 566 Employees, Up from 50 in 2004 But Down from its Peak of 552 in 2016 Edelman Financial Engines Retail Business Employees Source: 7/20/16 Virginia Business Magazine; 7/20/16 Career Builder Web Site; 10/15 Edelman Financial Services (Moore); 5/12/14 Think Advisor Web Site; 10/12 Edelman Financial Services Presentations (Edelman); 4/12 Financial Advisor Magazine; 8/29/11 Complaints Board Web Site;6/15/11 Financial Advisor; 4/14/11 Edelman Financial Services Presentation (Edelman); 1/18/11 RIA Biz; 10/21/10 RIA Biz; 8/31/09 RIA Biz; Tiburon Research & Analysis

  16. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Has 163 Financial Planners, Up from Nineteen in 2003 Edelman Financial Engines Retail Business Financial Planners Source: 6/15/16 Think Advisor; 6/9/16 Think Advisor; 5/24/16 Think Advisor; 10/15 Edelman Financial Services (Moore);5/12/14 Think Advisor Web Site; 7/8/13 Barron’s; 6/7/13 Investment News;10/12 Edelman Financial Services Presentation (Edelman);4/12 Financial Advisor Magazine; 8/29/11 Complaints Board Web Site; 6/15/11 Financial Advisor; 6/8/11 The Mutual Fund Store Web Site; Tiburon Research & Analysis

  17. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Serves 37,351 Clients, Up from 5,000 in 2003 Edelman Financial Engines Retail Business Clients Source: 9/20/18 Wall Street Journal; 7/17/16 Career Builder Web Site; 7/20/16 Career Builder Web Site; 7/19/16 PR Newswire; 7/5/16 Edelman Financial Services Press Release; 7/13/16 PR Newswire; 6/15/16 Think Advisor; 5/24/16 Think Advisor; 6/20/16 PR Newswire; 10/15 Edelman Financial Services Presentation (Moore); 4/10/15 Mutual Fund Wire; 5/23/14 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

  18. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Has Gathered 80,000 Accounts, Up from 29,000 in 2009 Edelman Financial Engines Retail Business Accounts Source: 1/15/16 Edelman Financial Services ADV Part 2A;6/8/11 The Mutual Fund Store Web Site; 5/31/11 The Mutual Fund Store Web Site; 5/31/11 The Charles Schwab Corporation Email (Salesky); 5/30/11 Investment News;10/21/10 RIA Biz; Tiburon Research & Analysis

  19. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Clients Nearly All Have Less than $1.0 Million at the Firm Edelman Financial Engines Retail Business Clients By Assets at Edelman Financial Services Source: 6/20/16 PR Newswire; Tiburon Research & Analysis

  20. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Has Gathered $21.6 Billion Assets Under Management & Administration, Up from $2.5 Billion in 2003 Edelman Financial Engines Retail Business Assets Under Management & Administration ($ Billions) Source: 9/18 Edelman Financial Services Newsletter; 5/17 Financial Planning; 7/19/16 PR Newswire; 7/13/16 PR Newsire; 7/16 Financial Planner Magazine; 7/5/16 Edelman Financial Services Press Release; 6/20/16 PR Newswire; 6/15/16 Think Advisor; 6/9/16 Think Advisor; 5/24/16 Think Advisor; 10/15 Edelman Financial Services Presentation (Moore); 4/10/15 Mutual Fund Wire; 6/8/11 The Mutual Fund Store Web Site; Tiburon Research & Analysis

  21. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Has Five Businesses, Including its Retail Business, Edelman Online, Edelman Financial Network (TAMP), Retirement Plans, & Institutional Edelman Financial Engines Retail Business Businesses Edelman Financial Services Businesses Retail Business Edelman Online Edelman Financial Network (TAMP) Retirement Plans Institutional Source: 9/18/18 Edelman Financial Services Conversation; 4/22/15 Edelman Financial Services Privacy Policy; 4/14/11 Edelman Financial Services Presentation (Edelman);4/10/15 Mutual Fund Wire; 5/12/14 Think Advisor Web Site;7/8/13 Barron’s; 9/25/12 Barron’s; 9/6/12 PR Web; 5/10/12 Google News Alerts; 5/2/12 PR Web; 4/12 Financial Advisor Magazine; 6/20/11 Investment News; 6/20/11 RIA Biz; Tiburon Research & Analysis

  22. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ First Business is its Retail Business Comments • Founded in 1987 • Founded by Ric & Jean Edelman • Based in Fairfax, VA • 16 states • 43 offices • 163 financial planners • 26,866 clients • 29,000 accounts • Web sites: www.edelmanfinancial.com & www.ricedelman.com Source: 9/20/18 Wall Street Journal; 5/9/16 Think Advisor; 5/17 Financial Planning; 4/22/15 Edelman Financial Services Privacy Policy; 4/10/15 Mutual Fund Wire; 5/12/14 Think Advisor Web Site;7/8/13 Barron’s; 9/25/12 Barron’s; 9/6/12 PR Web; 5/10/12 Google News Alerts; 5/2/12 PR Web; 4/12 Financial Advisor Magazine; 6/20/11 Investment News; 6/20/11 RIA Biz; 4/26/11 Edelman Financial Services Email (Edelman); Tiburon Research & Analysis

  23. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Retail Business Has 163 Financial Planners, Up from Nineteen in 2003 Edelman Financial Engines Retail Business Financial Planners Source: 9/20/18 Wall Street Journal; 6/9/16 Think Advisor; 10/15 Edelman Financial Services Presentation (Moore);5/12/14 Think Advisor Web Site; 7/8/13 Barron’s; 6/7/13 Investment News;10/12 Edelman Financial Services Presentation (Edelman);4/12 Financial Advisor Magazine; 8/27/07 Barron’s; 6/15/11 Financial Advisor; 4/14/11 Edelman Financial Services Presentation (Edelman); 1/18/11 RIA Biz; 10/21/10 RIA Biz; Tiburon Research & Analysis

  24. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business Retail Business Provides Three Core Services, Including Financial Planning, Investment Management (EMAP), & Insurance (HWG Insurance Agency) Edelman Financial Engines Retail Business Services Edelman Financial Services Retail Business Services Financial Planning Investment Management (EMAP) Insurance (HWG Insurance Agency) Source: 7/27/16 Career Builder Web Site; 4/14/11 Edelman Financial Services Presentation (Edelman); Tiburon Research & Analysis

  25. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Second Business is its Edelman Online Comments • Launched in 2003 Source: 6/7/13 Investment News; Tiburon Research & Analysis

  26. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Third Business is its Edelman Financial Network (TAMP) Comments • -- Source: Tiburon Research & Analysis

  27. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Fourth Business is Retirement Plans Comments • -- Source: Tiburon Research & Analysis

  28. Edelman Financial Engines’ Retail Business' Edelman Financial Services Business’ Fifth Business is Institutional Comments • -- Source: 7/19/16 PR Newswire; 7/13/16 PR Newswire; 7/5/16 Edelman Financial Services Press Release; 6/20/16 PR Newswire; Tiburon Research & Analysis

  29. Edelman Financial Engines’ Second Business is its Workplace Business (Financial Engines) Comments • Founded in 1996 • Founded by Joe Grundfest & Bill Sharpe • Based in Boston, MA • 442 employees • 8 record keeper partners • 500 corporate clients • 8.3 million corporate client plan participants • $239.0 million revenues • $156.4 million expenses • $44.9 pre-tax earnings • $55.8 million adjusted EBITDA • $30.0 million net profits • $25.0 million adjusted net profits • $30.0 million net profits attributable to common shareholders • Privately owned • Web site: www.financialengines.com Source: 8/12/14 Securities & Exchange Commission Web Site; 8/11/14 Business Week Web Site; 5/14/13 Business Week Web Site; 5/9/13 San Francisco Chronicle;12/31/12 Edelman Financial Engines Annual Report;10/12 Edelman Financial Engines Advisors ADV Form;4/12/11 Yahoo Finance Web Site; 3/22/11 Google News Alerts; 3/19/11 Google News Alerts; 1/6/11 Google News Alerts; Tiburon Research & Analysis

  30. Edelman Financial Engines’ Workplace Business Has 442 Employees, Up Over 100% Since 2007 Edelman Financial Engines Workplace Business Employees Source: 8/11/14 Business Week Web Site; 4/12/11 Yahoo Finance Web Site; 10/12 Edelman Financial Engines Advisors ADV Form;8/23/10 Edelman Financial Engines Conversation (Maggioncalda); Tiburon Research & Analysis

  31. Edelman Financial Engines’ Workplace Business Serves 513 Corporate Clients, Up Almost 400% Since 2009 Edelman Financial Engines Workplace Business Corporate Clients Source: 5/9/13 San Francisco Chronicle;12/31/12 Edelman Financial Engines Annual Report;10/7/10 Edelman Financial Engines Presentation (Maggioncalda); 3/23/10 American Banker; 1/1/10 Financial Engines (Tuttle); Tiburon Research & Analysis

  32. Edelman Financial Engines’ Workplace Business Generates $239.0 Million Revenues, Up Over 200% Since 2007 Edelman Financial Engines Workplace Business Revenues ($ Millions) Source: 8/11/14 Business Week; 5/9/13 San Francisco Chronicle;5/9/13 San Francisco Chronicle;12/31/12 Edelman Financial Engines Annual Report;4/12/11 Yahoo Finance Web Site; 8/23/10 Edelman Financial Engines Conversation (Maggioncalda); 3/23/10 American Banker; 3/17/10 Wall Street Journal; 2/26/10 San Francisco Business Times; 11/4/08 Edelman Financial Engines Web Site; Tiburon Research & Analysis

  33. Edelman Financial Engines’ Workplace Business Earns $30.0 Million, Up Nearly 100% Since 2011 Edelman Financial Engines Workplace Business Net Profits ($ Millions) 2008 2007 Source: 8/11/14 Business Week Web Site; 12/31/12 Edelman Financial Engines Annual Report;5/31/11 The Mutual Fund Store Web Site;4/12/11 Yahoo Finance Web Site; 8/23/10 Edelman Financial Engines Conversation (Maggioncalda); 3/23/10 American Banker; 3/17/10 Wall Street Journal; 2/26/10 San Francisco Business Times; 11/4/08 Edelman Financial Engines Web Site; Tiburon Research & Analysis

  34. Edelman Financial Engines’ Workplace Business Provides Three Services, Including Retirement Evaluation, Online Advice, & Professional Management Edelman Financial Engines Workplace Business Services Financial Engines Services Online Advice Professional Management (Edelman Financial Engines Advisors) Retirement Evaluation Source: 8/11/14 Business Week Web Site; 12/31/12 Edelman Financial Engines Annual Report; 3/23/10 American Banker; 11/4/08 Edelman Financial Engines Web Site; Tiburon Research & Analysis

  35. Edelman Financial Engines’ Workplace Business Generates Over Three-Quarters of its Revenues from Professional Management Edelman Financial Engines Workplace Business Revenues By Type Other Revenues Platform Professional Management (Member Fees) Source: 5/9/13 San Francisco Chronicle;12/31/12 Edelman Financial Engines Annual Report;3/18/10 Seeking Alpha Web Site;Tiburon Research & Analysis

  36. Edelman Financial Engines’ Workplace Business’ First Service is Retirement Evaluation which Delivers Personal Retirement Evaluations to All Employees Comments • 3.0 million personal retirement evaluations Source: 12/31/12 Edelman Financial Engines Annual Report; 8/23/10 Edelman Financial Engines Conversation (Maggioncalda); Tiburon Research & Analysis

  37. Edelman Financial Engines’ Workplace Business’ Retirement Evaluation Provides a Number of Services, Including Personal Retirement Evaluations Edelman Financial Engines Workplace Business Retirement Evaluation Services Personal Retirement Evaluations -- -- Edelman Financial Engines Workplace Business Retirement Evaluation Services Source: 12/31/12 Edelman Financial Engines Annual Report; 8/23/10 Edelman Financial Engines Conversation (Maggioncalda); 3/23/10 American Banker; Tiburon Research & Analysis; 36

  38. Edelman Financial Engines’ Workplace Business’ Second Service is Online Advice Comments • Launched in 1998 Source: 12/31/12 Edelman Financial Engines Annual Report; 10/7/10 Edelman Financial Engines Presentation (Maggioncalda); 11/02 Bloomberg Wealth Manager; 8/14/00 Investment News; 7/28/00 HD Vest Meeting; 4/10/00 Edelman Financial Engines Web Site; 4/10/00 Forbes Web Site; 3/1/00 CBS Market Watch Web Site; 3/3/00 CNET News Web Site; Tiburon Research & Analysis

  39. Edelman Financial Engines’ Workplace Business’ Online Advice Provides a Number of Services, Including Non-Discretionary Online Advice & Advice Engines Edelman Financial Engines Workplace Business Online Advice Services Edelman Financial Engines Online Advice Services Non-Discretionary Online Advice Advice Engines Source: 12/31/12 Edelman Financial Engines Annual Report; 10/7/10 Edelman Financial Engines Presentation (Maggioncalda); 11/02 Bloomberg Wealth Manager; 8/14/00 Investment News; 7/28/00 HD Vest Meeting; 4/10/00 Edelman Financial Engines Web Site; 4/10/00 Forbes Web Site; 3/1/00 CBS Market Watch Web Site; 3/3/00 CNET News Web Site; Tiburon Research & Analysis 38

  40. Edelman Financial Engines’ Workplace Business’ Third Service is Professional Management Called Financial Engines Advisors Comments • Launched in 2004 • 660,000 managed accounts • $70.8 billion assets under management Source: 5/9/13 San Francisco Chronicle;12/31/12 Edelman Financial Engines Annual Report;10/7/10 Edelman Financial Engines Presentation (Maggioncalda); 8/23/10 Edelman Financial Engines Conversation (Maggioncalda); 3/23/10 American Banker; 3/17/20 Wall Street Journal; 11/4/08 Edelman Financial Engines Web Site; 9/30/98 Edelman Financial Engines Press Release; Tiburon Research & Analysis

  41. Edelman Financial Engines’ Workplace Business’ Professional Management Edelman Financial Engines Advisors Has Gathered $70.8 Billion Assets Under Management, Up 350% Since 2007 Edelman Financial Engines Workplace Business Financial Engines Advisors Assets Under Management ($ Billions) Source: 5/9/13 San Francisco Chronicle; 12/31/12 Edelman Financial Engines Annual Report; 10/12 Edelman Financial Engines Advisors ADV Form; 10/7/10 Edelman Financial Engines Presentation (Maggioncalda); 8/23/10 Edelman Financial Engines Conversation (Maggioncalda); 3/23/10 American Banker; 3/17/10 Wall Street Journal; 3/16/10 Seeking Alpha Web Site; 11/4/08 Edelman Financial Engines Web Site; Tiburon Research & Analysis

  42. Edelman Financial Engines’ Workplace Business’ Professional Management Business Provides a Number of Services, Including Retirement Plans, Quarterly Retirement Updates, Total Retirement Advice, Income + Offering, Advisor Center, & Retirement Check Ups Edelman Financial Engines Workplace Business Financial Engines Advisors Professional Management Services Edelman Financial Engines Professional Management Services Retirement Plans Quarterly Retirement Updates Total Retirement Advice Income + Offering Advisor Center Retirement Check Ups Source: 12/31/12 Edelman Financial Engines Annual Report; Tiburon Research & Analysis 41

  43. Edelman Financial Engines’ Financial Engines Business is Led by its CEO Larry Raffone Edelman Financial Engines Organizational Chart Larry Raffone CEO Garry Hallee Executive Vice President Technology & Service Delivery Kelly O’Donnell Executive Vice President Marketing Paul Gamble Executive Vice President Distribution & Institutional Services Christopher Jones Chief Investment Officer Raymond Sims Chief Financial Officer Jeffrey Grace Controller Mary Lee Sharp Executive Vice President Human Resources Anne Cappel General Counsel Debra Babbit Chief Compliance Officer Note: Ric Edelman co-founded the firm in 1987; Larry Raffone joined the firm in 2001 and was named president in 2012; he was formerly at Fidelity Investments; Ryan Parker joined the firm in 2016; he was formerly at Franklin Resources LPL Financial Holdings, Putnam Investments, & Russell Investments; Ed Moore joined the firm in 1990; Mike Russell joined the firm in 2017; Christopher Jones joined the firm in 2006; Raymond Sims joined the firm in 1999; Rene Chaze joined the firm in 2011; he was formerly at Ernst & Young; Teri Kozikowski joined the firm in 2017; Jon Isaacon joined the firm in 2017; he was formerly at American Capital, GTCR Golder Rauner, MKinsey & Company, Morgan Stanley, and Thayer Capital Partners; Anne Cappel joined the firm in 2006; Bill Hayes joined the firm in 2013; he was formerly at American International Group (AIG), CIBC World Markets, Morgan Lewis, Nomura, & Wells Fargo Corporation; & Debra Babbit joined the firm in 2011 Source: 7/27/16 Career Builder Web Site; 7/19/16 PR Newsire; 7/13/16 LinkedIn Web Site; 7/13/16 PR Newswire; 6/20/16 PR Newswire; 6/9/16 Think Advisor; 6/16 Financial Advisor Magazine; 5/26/16 Google News Alerts; 5/26/16 Think Advisor; 5/24/16 Think Advisor; 10/8/15 LinkedIn Web Site; 5/5/15 Linked In Web Site; 5/4/15 LinkedIn Web Site; 1/19/15 Financial Advisor; 8/11/14 Business Week Web Site; Tiburon Research & Analysis

  44. Edelman Financial Engines Has a Board of Directors Led by its Chairman Allen Thorpe (Page 1) Edelman Financial Engines Board of Directors Allen Thorpe (Chairman) Phyllis Borzi Leslie Ferraro Adam Durrant Ric Edelman • -- • -- • Chairman, Financial Education • Director, Hellman & Friedman • Chairman, Financial Education Source: 9/18/18 Edelman Financial Services Conversation (Edelman); 10/8/15 LinkedIn Web Site; 8/11/14 Business Week Web Site; 5/12/14 Think Advisor Web Site; 6/21/13 Lee Equity Partners Email (Gormley); 12/31/12 Edelman Financial Engines Annual Report;5/25/12 Google News Alerts; 4/12 Financial Advisor Magazine; 5/18/11 Answers.Com Web Site; 5/16/11 The Edelman Financial Group Conversation (Edelman);Tiburon Research & Analysis

  45. Edelman Financial Engines Board of Directors (Page 2) Edelman Financial Engines Board of Directors Adam Halpern-Leistner -- Chip Roame Mark Gormley Paul Guyardo • -- • -- • Managing Partner, Tiburon Strategic Advisors • Joined board in 2016 • Partner, Lee Equity Partners • -- Source: 9/18/18 Edelman Financial Services Conversation (Edelman); 5/19/11 Sanders, Morris, Harris Group Annual Report; 5/18/11 Answers.Com Web Site; 11/29/10 On Wall Street; 11/29/10 Sanders Morris Harris Group Press Release; Tiburon Research & Analysis

  46. Edelman Financial Engines is a Private Company Comments • Publicly traded (NASDAQ: FNGN) • Cash & equivalents: $181.2 million • Current assets: $247.9 million • Assets: $306.8 million • Current liabilities: $35.4 million • Working capital: $212.5 million • Bank borrowings & notes payable: $0.0 million • Liabilities: $43.4 million • Stockholders equity: $263.4 million • Basic earnings-per-share attributable to common stock holders: $0.40 • Diluted earnings-per-share attributable to common stock holders: $0.37 • Return on assets: 9.19% • Return on capital: 10.54% • Return on equity: 10.84% • Price-to-earnings ratio: 53.6x • Dividends per share: $0.00 • Stock price: $35.89 • Shares outstanding: 51.8 million • Basic shares outstanding: 46.7 million • Diluted shares outstanding: 50.2 million • Market capitalization: $1.9 billion • Stock volume: 296,900 shares Source: 5/15/15 Securities & Exchange Commission (SEC) Web Site;9/23/14 Securities & Exchange Commission Web Site; 8/12/14 Securities & Exchange Commission Web Site; 8/11/14 Bloomberg Web Site; 8/11/14 Business Week Web Site; 8/4/14 Business Week Web Site; 5/14/13 Business Week Web Site; 12/31/12 Edelman Financial Engines Annual Report; 10/12 Edelman Financial Engines Advisors ADV Form; Research & Analysis

  47. Tiburon Strategic Advisors Comments • Focus on corporate-level strategy • Serve senior executives only at financial services companies • Key services: market seminars, market research, & strategy consulting • Served over 450 corporate clients and completed over 2,200 projects since 1998 • Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors • Chip Roame background • McKinsey & Company • Charles Schwab & Company • Tiburon since 1998 Source: Tiburon Research & Analysis 46

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