GLOBAL TACTICAL STRATEGIES · 1Net of Fees assumes maximum LPL Model Wealth Portfolios Account fee of 2.5% prior to January 1 2016; 2.83% prior to October 1, 2016; 2.78% prior to

GLOBAL TACTICAL STRATEGIESOverview and ProcessNOVEMBER | 2018

Client Presentation

FOR FINANCIAL ADVISOR AND CURRENT CLIENT USE ONLY – NOT TO BE REPRODUCED OR SHOWN TO THE PUBLIC ©2019 Cougar Global Investments Limited. All rights reserved.

FOURTH QUARTER | 2019

GLOBAL TACTICAL STRATEGIESLPL Client Presentation

AN AFFILIATE OF CARILLON TOWER ADVISERSAN AFFILIATE OF CARILLON TOWER ADVISERS

Three distinct features

1. Global Tactical Asset Allocator

– Founded in 1993

2. Macroeconomic Driven Investment Process

– Macroeconomic scenario analysis

3. Global Tactical Asset Allocator

– We define risk as the probability of losing money, not volatility as measured by standard deviation

– Practice Post Modern Portfolio Theory

About Cougar Global Investments

cougarglobal.com | 2CG19-0058 Exp. 4/30/2020


AN AFFILIATE OF CARILLON TOWER ADVISERS

• Cougar Global utilizes Post Modern Portfolio Theory, and defines risk as the probability of negative returns.

• The goal of investing is to generate compound growth, primarily by avoiding loss of principal − the “snowball” principle.

Investment Philosophy

There is no guarantee that these investment objectives will be met.



Changes in Mix of U.S. and International

Asset allocation and index price levels for November 30, 2001 – December 31, 2019. Inception date: October 31, 2001. U.S. Equity, International Equity, Gold and Cash/Bonds are allocations of Cougar Tactical Allocation – Growth with Income (formerly MAR 8). Bonds could be from a variety of sectors including government or corporate. The chart presented herein is for illustrative purposes only and should not be considered as the sole basis for your investment decision. Asset allocation and diversification do not ensure a profit or protect against loss. All investments are subject to risk. There is no assurance that any investment strategy will be successful or that any securities transaction, holdings, sectors or allocations discussed will be profitable. Strategies discussed are subject to change at any time due to market condition or opportunities. Past performance is no guarantee of future results. Indexes are not available for direct investment.

Asset Allocation of Cougar Tactical Allocation – Growth with Income (Formerly MAR 8)

0

50

100

150

200

250

300

350

400

450

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nov-

01

Jun-

02

Jan-

03

Aug-

03

Mar

-04

Oct-

04

May

-05

Dec-

05

Jul-0

6

Feb-

07

Sep-

07

Apr-

08

Nov-

08

Jun-

09

Jan-

10

Aug-

10

Mar

-11

Oct-

11

May

-12

Dec-

12

Jul-1

3

Feb-

14

Sep-

14

Apr-

15

Nov-

15

Jun-

16

Jan-

17

Aug-

17

Mar

-18

Oct-

18

May

-19

Dec-

19

U.S. Equity Cash/Bonds Gold International Equity MSCI ACWI Ex U.S. [RHS] S&P 500 [RHS]



Cougar Global’s Investment Process

• Utilizing a macroeconomic-driven investment process, the team establishes an outlook for the U.S. economy over the next 12 months.

Macroeconomic Scenario Analysis(Outlook)

Bootstrapping(Simulate Asset Class Returns)

Construct Portfolios(Downside Risk Management)

• Cougar Global uses an advanced statistical sampling technique to estimate how each asset class may perform over the forecast horizon using our Macro Economic Scenario Analysis.

• Cougar Global analyzes the probability distributions for each asset class and the correlations among them to generate the optimal asset mix for each investment mandate for that month.

There is no guarantee that these investment objectives will be met.



The Five Macroeconomic Scenarios are:

• Growth: U.S. economy is growing at or above its potential growth rate

• Stagnation: U.S. economy is growing at lower than its potential growth rate

• Recession: U.S. economy is shrinking (negative quarter over quarter growth rate)

• Inflation: Consumer Price Index (CPI) inflation rate is higher than U.S. economy’s potential growth rate

• Chaos: A high-impact, low probability event (“Black Swans”)

Macroeconomic Scenario Analysis

Note: Economic forecasts set forth may not develop as predicted.



Using the scenario analysis results, the investment team generates its belief on probability of distributions and correlations for the asset classes.

Source: Cougar Global InvestmentsCougar Global’s Macro Economic Scenario (MES) Analysis assigns probabilities to each of the 5 economic scenarios over the next 12 months.Growth – U.S. economy is growing at or above its potential growth rateInflation – Consumer Price Index (CPI) inflation rate is higher than U.S. Economy’s potential growth rateStagnation – U.S. economy is growing at lower than its potential growth rateChaos – A high impact, low probability event (“Black Swan”)Recession – U.S. economy is shrinking (negative quarter over quarter growth rate)Macroeconomic Scenarios are based on quantitative data sourced from independent research firms and then weighted and may be adjusted based upon Cougar Global Investments’ investment team judgements. MES are subject to change. NOTE: These are hypothetical examples and are not representative of any specific situation. Actual economic results may vary. Economic forecasts set forth may not develop as Cougar Global MES or Current Consensus indicates.

Macroeconomic Scenario AnalysisScenario Probabilities as of December 2019

STAGNATION

78%CURRENT

78%NOVEMBER

0%

GROWTH

7%CURRENT

7%

NOVEMBER

0%

INFLATION

3%CURRENT

3%NOVEMBER

0%

CHAOS

8%CURRENT

8%NOVEMBER

0%

RECESSION

4%CURRENT

4%NOVEMBER

0%



Four Mandates for Four Client Profiles

Mandate Client Profile

Cougar Tactical Allocation Income Moderate Growth

(Formerly MAR 6)

For clients who have accumulated sufficient wealth and seek to begin making regular withdrawals for income requirements.

Cougar Tactical Allocation Growth with Income

(Formerly MAR 8)

For clients who may have occasional income needs and are willing to take moderate risk to achieve investment returns.

Cougar Tactical Allocation Growth

(Formerly MAR 10)

For clients who have a long term investment horizon and can tolerate some volatility, the portfolio will usually have a moderately aggressive mix.

Cougar Tactical Allocation Aggressive Growth (Formerly MAR 12)

For clients who have a long term investment horizon and can tolerate high volatility, the portfolio will usually have an aggressive mix.

Source: Cougar Global Investments Ltd There is no guarantee that these investment objectives will be met.



Portfolio Construction Asset Class Weightings as of December 2019

1The cash portion of this portfolio is represented by money market instruments. Asset allocation and diversification do not ensure a profit or protect against a loss. All investments are subject to risk. There is no assurance that any investment strategy will be successful or that any securities transaction, holdings, sectors or allocations discussed will be profitable. Strategies discussed are subject to change at any time due to market conditions or opportunities.

2%5 % 5 %

88% 78%

15 %

2% 5%

25 %

55%

18 % 25%

20%48%

2% 5%

30%

30%

28%

2% 10%

Asset Class Symbol PreviousMonth

Current Month Change Previous

MonthCurrent Month Change Previous

MonthCurrent Month Change Previous

MonthCurrent Month Change

U.S. Large Cap IVV 5 5 0 10 10 0 20 20 0 15 15 0

U.S. Small Cap IJR 0 0 0 5 5 0 5 5 0 5 5 0

Nasdaq 100 QQQ 0 0 0 0 0 0 0 0 0 10 10 0

Developed International IEFA 5 5 0 5 5 0 15 15 0 25 25 0

Emerging Markets IEMG 0 0 0 0 0 0 5 5 0 5 5 0

TOTAL EQUITIES 10 10 0 20 20 0 45 45 0 60 60 0

U.S. Aggregate Bonds AGG 54 54 0 48 48 0 30 30 0 18 18 0

U.S. 1-3 Year Treasury Bonds SHY 19 19 0 15 15 0 0 0 0 0 0 0

U.S. Short-Term Treasury Bonds SHV 10 10 0 10 10 0 10 10 0 10 10 0

High Yield Corporate Bonds HYG 5 5 0 5 5 0 8 8 0 0 0 0

TOTAL FIXED INCOME 88 88 0 78 78 0 48 48 0 28 28 0

Cash1 CASH 2 2 0 2 2 0 2 2 0 2 2 0

Gold IAU 0 0 0 0 0 0 5 5 0 10 10 0

GoldCashTotal Fixed Income Total Int'l EquityTotal US Equity

Cougar Tactical Allocation Income Moderate Growth

(Formerly MAR 6)

Cougar Tactical Allocation Growth with Income

(Formerly MAR 8)

Cougar Tactical Allocation Growth

(Formerly MAR 10)

Cougar Tactical Allocation Aggressive Growth(Formerly MAR 12)



Performance Track Recordas of December 31, 2019

Cougar Global Investments claims compliance with the Global Investment Performance Standards (GIPS®).1Net of Fees assumes maximum LPL Model Wealth Portfolios Account fee of 2.5% prior to January 1 2016; 2.83% prior to October 1, 2016; 2.78% prior to January 1, 2017; and 2.65% thereafter deducted monthly. 2Performance data for the Cougar Tactical Allocation - Growth (formerly MAR 10) composite ends July 31, 2010, and restarts on February 28, 2011. The Cougar Tactical Allocation - Growth (formerly MAR 10) composite initially launched December 31, 1999. Since Inception returns are calculated starting on February 28, 2011 since the Cougar Tactical Allocation - Growth (formerly MAR 10) was not active between July 31, 2010, and February 28, 2011. 3Custom Client Benchmark: Stocks - Russell 3000 Index; Bonds - Bloomberg Barclays Capital US Aggregate Index; TB3 – FTSE 3-month T-Bill 45-year rolling returns represent 5 years of compound annual returns ending with December of each listed year and averaged over 5 years. Indices are unmanaged and cannot be invested into directly. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. Any charts and tables presented herein are for illustrative purposes only and should not be considered as the sole basis for an investment decision. The performance data quoted represent past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor’s portfolio, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted.

Annualized Returns 5-Calendar Year Rolling Returns 4

Inception Date Since Inception

OneYear

ThreeYears

FiveYears

10Years 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

Cougar Tactical Allocation – IMG (Formerly MAR 6)(December 31,1999)

Gross 6.07% 11.68% 5.53% 3.70% 3.58% 2.99% 3.77% 2.59% 2.35% 3.46% 3.93% 4.46% 6.00% 7.19% 11.29%Net1 3.41% 8.76% 2.77% 0.99% 0.95% 0.33% 1.12% 0.00% -0.18% 0.91% 1.37% 1.89% 3.38% 4.55% 8.55%

Benchmark: 40% Stocks, 53% Bonds, 7% TB33 5.65% 16.97% 8.18% 6.33% 7.53%7.53% 4.69% 7.31% 7.06% 6.71% 8.74% 9.98% 4.48% 3.98% 4.75% 3.46%

Cougar Tactical Allocation – GWI (Formerly MAR 8)(October 31, 2001)

Gross 7.78% 14.45% 6.79% 4.42% 4.58% 2.98% 5.75% 4.38% 3.18% 4.74% 5.31% 3.90% 4.80% 7.38% 11.38%Net1 5.08% 11.46% 4.00% 1.69% 1.92% 0.31% 3.04% 1.74% 0.63% 2.16% 2.71% 1.33% 2.22% 4.73% 8.63%

Benchmark: 60% Stocks, 35% Bonds, 5% TB33 7.11% 21.57% 10.34% 8.01% 9.53% 5.80% 10.04% 9.58% 8.56% 11.07% 12.93% 3.81% 2.78% 4.21% 2.66%

Cougar Tactical Allocation – G (Formerly MAR 102)(December 31,1999)

Gross 5.99% 21.68% 9.07% 5.85% N/A 2.84% 7.92% 6.41% N/A N/A N/A N/A N/A N/A 11.01%Net1 3.29% 18.50% 6.22% 3.08% N/A 0.18% 5.16% 3.72% N/A N/A N/A N/A N/A N/A 8.27%

Benchmark: 80% Stocks, 15% Bonds, 5% TB33 10.67% 26.07% 12.41% 9.60% N/A 6.83% 12.75% 12.07% N/A N/A N/A N/A N/A N/A 1.72%

Cougar Tactical Allocation – AG (Formerly MAR 12)(December 31, 2011)

Gross 8.03% 25.05% 9.70% 6.66% N/A 2.70% 7.92% 7.04% N/A N/A N/A N/A N/A N/A N/ANet1 5.26% 21.78% 6.83% 3.87% N/A 0.05% 5.16% 4.33% N/A N/A N/A N/A N/A N/A N/A

Benchmark: 95% Stocks, 5% TB33 13.93% 29.47% 13.93% 10.75% N/A 7.57% 14.79% 13.92% N/A N/A N/A N/A N/A N/A N/A

Inception Date QTD YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Cougar Tactical Allocation – IMG (Formerly MAR 6)(December 31,1999)

Gross 1.22% 11.68% -2.53% 7.95% 3.86% -1.75% 7.95% 1.20% 1.95% 2.64% 3.72% 10.41% 3.81% 9.67% 8.55%Net1 0.56% 8.76% -5.07% 5.13% 0.97% -4.17% 5.29% -1.30% -0.57% 0.10% 1.16% 7.68% 1.25% 6.96% 5.87%

Benchmark: 40% Stocks, 53% Bonds, 7% TB33 3.71% 16.97% -1.69% 10.10% 6.60% 0.72% 8.20% 11.26% 8.80% 4.88% 10.67% 14.55% -13.95% 6.22%6.22% 8.84%8.84%

Cougar Tactical Allocation – GWI (Formerly MAR 8)(October 31, 2001)

Gross 2.01% 14.45% -6.08% 13.31% 5.18% -3.07% 6.73% 7.26% 6.16% -0.73% 4.49% 9.65% 0.26% 10.87% 12.07%Net1 1.34% 11.46% -8.54% 10.35% 2.26% -5.46% 4.10% 4.61% 3.54% -3.18% 1.91% 6.95% -2.21% 8.13% 9.31%

Benchmark: 60% Stocks, 35% Bonds, 5% TB33 5.49% 21.57% -2.78% 13.67% 8.66% 0.71% 9.64% 18.31% 11.33% 3.67% 12.89% 19.16% -22.36% 5.90% 11.11%

Cougar Tactical Allocation – G (Formerly MAR 102)(December 31,1999)

Gross 4.53% 21.68% -9.21% 17.47% 5.09% -2.55% 5.30% 15.56% 9.47% N/A N/A 9.74% -1.78% 8.96% 11.68%Net1 3.84% 18.50% -11.58% 14.40% 2.17% -4.95% 2.71% 12.71% 6.77% N/A N/A 7.03% -4.20% 6.27% 8.93%

Benchmark: 80% Stocks, 15% Bonds, 5% TB33 7.29%7.29% 26.07%26.07% -3.93% 17.27% 10.64% 0.61% 10.95% 25.80% 13.76% N/A N/A 23.61% -30.18% 5.49% 13.41%

Cougar Tactical Allocation – AG (Formerly MAR 12)(December 31, 2011)

Gross 6.09% 25.05% -9.51% 16.66% 6.87% -2.18% 3.54% 15.94% 11.95% N/A N/A N/A N/A N/A N/ANet1 5.39% 21.78% -11.88% 13.62% 3.91% -4.59% 0.99% 13.08% 9.19% N/A N/A N/A N/A N/A N/A

Benchmark: 95% Stocks, 5% TB33 8.65% 29.47% -4.84% 20.04% 12.11% 0.49% 11.92% 31.68% 15.57% N/A N/A N/A N/A N/A N/A



0%

5%

10%

15%

0% 5% 10% 15%

Cougar Tactical Allocation - GWI (Formerly MAR 8) Gross Returns

Cougar Tactical Allocation - GWI (Formerly MAR 8) Net Returns¹

60/40 Portfolio

MSCI All Country World Index

S&P 500

Risk and Return Cougar Tactical Allocation – Growth with Income

Return Standard Deviation

Cougar Tactical Allocation - GWI (Formerly MAR 8) Gross Returns

4.58% 7.87%

Cougar Tactical Allocation - GWI (Formerly MAR 8) Net Returns1 1.92% 7.85%

60/40 Portfolio 6.99% 7.81%

MSCI All Country World Index 8.79% 13.19%

S&P 500 13.56% 12.46%

1Cougar Tactical Allocation - GWI (formerly MAR 8) Net Returns assumes maximum advisory fee of 2.5% prior to January 1 2016; 2.83% prior to October 1, 2016; 2.78% prior to January 1, 2017; and 2.65% after deducted monthly.60/40 Portfolio: 60% MSCI All Country World Index, 40% FTSE USBIG Bond Index. Returns and Standard Deviation are annualized. Standard deviation is a commonly used measure of risk that measures the average deviations of a return series from its mean. A large standard deviation implies there were large swings in the return series. Standard Deviation assumes that the returns series is a sample of the population. Past performance does not guarantee future results.

10 Years Ending December 2019

Retu

rns

Standard Deviation



Cougar Tactical Allocation – Growth with IncomeVersus Traditional Asset Classes

¹60/40 Portfolio: 40% FTSE Government/Corporate Bond Index, 50% S&P 500, 10% MSCI All Country World Index ex U.S.*Annualized returns beginning since inception October 31, 2001 ending December 31, 2019.**The Cougar Tactical Allocation - Growth with Income (formerly MAR 8) launched in 2001, so 2001 data represent a partial year and therefore are not annualized.Returns are expressed in US Dollars. Past performance does not guarantee future results.

-100%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

Oct 31 to Dec31 2001**

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

GTS - Conservative Growth Annual (Gross) 60/40 Portfolio Annual¹ S&P 500 Annual FTSE Gov/Corp Bond Annual

GTS - Conservative Growth Cumulative (Gross) 60/40 Portfolio Cumulative¹ S&P 500 Cumulative FTSE Gov/Corp Bond Cumulative

4.44%*

7.02%*

7.78%*

8.49%*

Cougar Tactical Allocation – Growth with Income Annual (Gross)

Cougar Tactical Allocation – Growth with Income Cumulative (Gross)

60/40 Portfolio Annual¹

60/40 Portfolio Cumulative¹

S&P 500 Annual

S&P 500 Cumulative

FTSE Gov/Corp Bond Annual

FTSE Gov/Corp Bond Cumulative


About Carillon Tower Advisers

• Carillon Tower Advisers is a global investment-management firm that leverages a multiple-boutique business model to deliver a range of investment strategies through independent investment affiliates.

• Our autonomous investment teams manage over $67 billion1 in assets under management and advisement for a diverse client base including institutions and private clients.*

• Each investment team focuses exclusively on what it does best: manage portfolios.

• $19.2 billion AUM/A• Columbus, Indiana• Founded in 1981

• $6.1 billion AUM/A• Kansas City, Missouri• Founded in 1982

• $6.2 billion AUM/A• San Diego, California• Founded in 2006

• $1.3 billion AUM/A• Toronto, Ontario• Founded in 1993

• $34.7 billion AUM/A• St. Petersburg, Florida• Founded in 1984

1Includes Carillon Tower Advisers, Inc. Affiliates, Eagle Asset Management, Inc. ($34.7 billion) and ClariVest Asset Management LLC ($6.2 billion) as well as; Cougar Global Investments LTD ($1.3 billion); Scout Investments ($6.1 billion); and Reams Asset Management ($19.2 billion) which is a division of Scout Investments.*Information as of Dec. 31, 2019This chart refers to the service structure and does not represent the legal or subsidiary structure. cougarglobal.com | 13

CG19-0058 Exp. 4/30/2020



Portfolio Management

Irina Dorogan, CIM®

Senior Research Analyst

• Nine years investment experience

• Five years of experience in economics

• Earned degree in Economics at Academy of Economic Studies of Moldova

Jason Richey, CFASenior Research Analyst

• 12 years of financial markets and investment experience

• Earned BA in Math and Economics at Ithaca College

• Earned MBA in Finance at the University of South Florida

• CFA Charterholder since 2004

Abe Sheikh, FSA MAAAChief Investment Officer and Portfolio Manager

• 17+ years of global capital markets experience, including 11 at J.P. Morgan

• Publications on asset allocation and downside risk in Institutional Investor Journals®

• Fellow of the Society of Actuaries and Member of the American Academy of Actuaries

• Master’s in Computational Finance, Carnegie Mellon University

• Bachelor’s in Actuarial Science, London School of Economics and Political Science

Amy Steciuk, CFASenior Research Analyst

• Nine years of financial markets and investment experience

• Earned BSc (Honors), University of Western Ontario

• CFA Charterholder since 2014



Cougar Global Investments Limited (Cougar Global) is an investment manager that utilizes tactical asset allocation to construct globally diversified portfolios. Effective 4/30/15, Cougar Global was acquired by Raymond James Financial, Inc. (NYSE:RJF) and in 2016 Cougar Global became an affiliate of Carillion Tower Advisors, Inc., a wholly owned subsidiary of Raymond James Financial, Inc. Prior to 4/30/15, Cougar Global was an independent investment management firm not affiliated with any parent organization. Cougar Global is registered as a Portfolio Manager with the Ontario Securities Commission (OSC) and with the United States Securities and Exchange Commission (SEC) as a Non-Resident Investment Advisor. Prior to 01/02/2013, the firm was named Cougar Global Investments LP.

In March 2018, Abe Sheik was named co-CIO. In October 2018, Dr. James Breech stepped down from his role as co-CIO and Abe Sheik was named CIO. The investment process and philosophy remains unchanged.

Cougar Global optimizes portfolios in US dollars for four risk categories: Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6), Cougar Tactical Allocation - Growth with Income (formerly MAR 8), Cougar Tactical Allocation - Growth (formerly MAR 10) and Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12). The Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) portfolio may be suitable for clients who have accumulated sufficient wealth to begin making regular withdrawals for income requirements while potentially achieving investment returns sufficient to preserve capital over a full investment cycle. The Cougar Tactical Allocation - Growth with Income (formerly MAR 8) portfolio may be suitable for clients who may have occasional income needs and are willing to take moderate downside risk to achieve investment returns. The Cougar Tactical Allocation - Growth (formerly MAR 10) portfolio may be suitable for clients who have a long term investment horizon and can tolerate downside volatility in the course of a market cycle. The Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12) portfolio may be suitable for clients who have a long term investment horizon and can tolerate higher downside volatility in the course of a market cycle. List of composite descriptions is available on request.

Principal Risk: An investment in Exchange Traded Funds (ETF), structured as a mutual fund or unit investment trust, involves the risk of losing money and should be considered as part of an overall program, not a complete investment program. An investment in ETFs involves additional risks: non-diversified, the risks of price volatility, competitive industry pressure, international political and economic developments, possible trading halts, and index tracking error. Performance is directly related to the performance of underlying ETFs and the ability of each strategy to achieve its investment objective is directly related to the ability of the underlying ETFs to meet their investment objectives.

Prior to 2007, Cougar Global accessed each asset class using a sub-advisor, after which, Cougar Global switched from sub-advisors to Exchange Traded Funds (ETFs) to implement its strategy. The performance data shown to 2006 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8), and 2007 for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) and Cougar Tactical Allocation - Growth (formerly MAR 10), includes only asset classes managed by sub-advisers. Performance data in 2007 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8), and 2008 for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) and Cougar Tactical Allocation - Growth (formerly MAR 10), shows returns from sub-advised portfolios until at least one client switched to the ETF implementation of the strategy. After these dates, only returns from ETF portfolios are used to calculate performance. The conversion dates from sub-advisors to ETFs are April 30, 2008, for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) ; February 29, 2008 for Cougar Tactical Allocation - Growth (formerly MAR 10); and October 31, 2007 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8). As of December 31, 2008, Cougar Global stopped using sub-advisors.

Past performance is not an indicator of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. All investments are subject to risk. Asset allocation and diversification do not ensure a profit or protect against a loss. There is no assurance that any investment strategy will be successful or that any securities transaction, holdings, sectors or allocations discussed will be profitable. The volatility of the benchmark used to compare is materially different from that of the Composites. The potential for profit is accompanied by the potential of loss. The returns for the portfolio were obtained during a period of fluctuating interest rates, bond prices, and stock prices, and should not be considered representative of the returns you could expect to realize from any future investment in the portfolio.

Please note: the since inception returns are comprised exclusively of SEG account performance from the date of inception of the composite to the ETF conversion date. After this date, the returns are based exclusively on ETF performance. During the period of transition from SEG to ETFs, accounts which did not begin to purchase ETFs were in a period of transition and in the process of liquidating the SEG holdings. At the time these accounts were considered non-discretionary and were not included in the composite. This meant that the composite performance during the transition period was sometimes based only on one account that had begun to purchase ETFs and did not include any other accounts managed under their respective strategies. As such, the since-inception performance figures omit certain assets that were being managed pursuant to the strategy during the 2007-2008 transition from implementation using sub-advisers to using ETFs.

As of July 31, 2015, the composites include non-fee paying corporate seed accounts. Between July 31, 2010 and February 28, 2011, the Cougar Tactical Allocation - Growth (formerly MAR 10) Composite did not contain any accounts. As of December 31, 2011, the Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12) Composite consists of one account. As of March 31, 2013, the Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) Composite consists of one account.

The calculation of the performance data includes reinvestment of all income and gains and is depicted on a time-weighted and size-weighted average for the entire period. Performance is shown after deduction of transaction costs and both “gross” (before the deduction of management fees) and “net” (after the deduction of management fees). Performance figures include accounts of Cougar Global Investments. The firm’s claim of compliance with GIPS® has been independently verified through September 30, 2019. Performance data since last verification has not been audited and subject to revision. No inference should be drawn by present or prospective clients that managed accounts will achieve similar investment performance in the future. Cougar Global believes that the performance shown is reasonably representative of its management style and is sufficiently relevant for consideration by a potential or existing client. The compound impact on performance of the deduction of fees is determined by the account size, the amount of the fee, the time period and the gross investment performance. This compounding effect is generally reflected in the Annualized Performance chart. Because accounts are individually managed, returns for separate accounts may be higher or lower than the average performance stated in the charts. Investing in equities may result in a loss of capital. To obtain current month-end exchange traded fund performance information, please contact your financial advisor. The net performance quoted reflects the reinvestment of dividends, earnings and capital gains, is net of expenses and the maximum annual account fee of 2.5% prior to January 1 2016, 2.83% prior to October 1, 2016; 2.78% prior to January 1, 2017; and 2.65% thereafter. The fee is deducted on a monthly basis and prorated based on the month end account value.

Cougar Global Investments also maintains composites optimized in Canadian dollars for the same risk categories. For a list of composite descriptions, policies for valuing portfolios and calculating performance or to obtain a copy of a GIPS® compliant presentation, please contact Cougar Global at 1 800.387.3779.

The information contained in this presentation was collected from sources considered to be reliable. It is intended only for one-on-one presentations to prospective or existing LPL Financial clients. Neither LPL Financial nor Cougar Global Investments nor any of its affiliates engage in investment banking services nor has LPL Financial nor Cougar Global Investments or its affiliates or the analyst(s) been compensated during the previous 12 months by any company mentioned in this report for any non-investment banking securities-related services and non-securities services nor has any company mentioned been a client of LPL Financial or Cougar Global Investments or its affiliates within the past 12 months. This research material has been prepared by Cougar Global Investments Limited.

Disclosures



Tactical allocation investing presents specific risks, such as currency fluctuations, differences in financial accounting standards as well as potential political and economic instability. As with all equity investing, there is the risk that an unexpected change in the market or an ETF's holdings may have an adverse effect on its value and total return. The biggest risk of equity investing is that returns can fluctuate and investors can lose money. Investing in small and mid-cap stocks generally involves greater risks, and therefore, may not be appropriate for every investor. Stocks of smaller or newer or mid-sized companies may be more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. Small- and mid-cap companies generally involve greater risks than investing in larger capitalization companies. They often have narrower commercial markets, more limited managerial and financial resources, and more volatile trading than larger, more established companies. Asset allocation and diversification do not ensure a profit or protect against a loss. All investments are subject to risk. There is no assurance that any investment strategy will be successful or that any securities transaction, holdings, sectors or allocations discussed will be profitable. Strategies discussed are subject to change at any time due to market conditions or opportunities. Past performance does not guarantee or indicate future results. There is no guarantee that these investment strategies will work under all market conditions.

International investing involves special risks, including currency fluctuations, different financial accounting standards, and possible political and economic volatility. Investing in emerging markets can be riskier than investing in well-established foreign markets. Emerging and developing markets may be less liquid and more volatile because they tend to reflect economic structures that are generally less diverse and mature and political systems that may be less stable than those in more developed countries. Because these strategies normally will hold a focused portfolio of fewer holdings than many other diversified strategies, the increase or decrease of the value of a single security may have a greater impact on the total return. There is an inverse relationship between interest rate movements and fixed income prices. Generally, when interest rates rise, fixed income prices fall and when interest rates fall, fixed income prices generally rise. Bond investors should carefully consider risks such as: interest rate risk, credit risk, liquidity risk and inflation risk. High-yield (below investment grade) bonds are not suitable for all investors and may present greater credit risk than other bonds.

Commodities risk is the risk that investments in commodities, such as gold, or in commodity-linked instruments, will subject an underlying fund’s portfolio to volatility that may also deviate from price movements in equity and fixed income securities. Commodities trading is generally considered speculative because of the significant potential for investment loss. Among the factors that could affect the value of the fund’s investments in commodities are cyclical economic conditions, sudden political events, changes in sectors affecting a particular industry or commodity, and adverse international monetary policies. Markets for precious metals and other commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising.

MES Notes and Indices: Cougar’s Macro Economic Scenario (MES) Analysis assigns probabilities to each of the 5 economic scenarios over the next 12 months. Macroeconomic scenarios are based on quantitative data sourced from various firms and then weighted and may be adjusted based upon Cougar Global Investments thought capital. MES are subject to change. These are hypothetical examples and are not representative of any specific situation. Actual economic results may vary. Economic forecasts set forth may not develop as Cougar MES indicates and there can be no guarantee that these strategies promoted will be successful.

All indexes mentioned are unmanaged and cannot be invested into directly. Past performance is no guarantee of future results. The indexes don’t reflect charges, expenses, fees and are not indicative of any particular investment.

The Russell 3000® Index measures the performance of the largest 3,000 US companies representing approximately 98% of the investable US equity market. Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The Bloomberg Barclays US Aggregate Bond Index is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States.

The FTSE 3 Month US T Bill Index Series is intended to track the daily performance of 3 month US Treasury bills.

FTSE Gov/Corp Bond: A custom index which includes U.S. Treasury and government sponsored and corporate sectors of the US Broad Investment Grade (USBIG) Bond Index. The US Broad Investment Grade (USBIG) Bond Index tracks the performance of U.S. dollar-denominated bonds issued in the US investment-grade bond market. This custom index excludes both the collateralized and non-US sovereign/provincial sectors.

The S&P 500 Index measures the performance of 500 widely-held common stocks. The index is a broad-based measurement of changes in stock market conditions. It is a capitalization-weighted index, calculated on a total return basis with dividends reinvested. The index represents about 75 percent of the NYSE market capi talization.

The Standard & Poor’s MidCap 400 Index is comprised of 400 medium size U.S. firms with market capitalization ranging be tween the S&P 500 and S&P SmallCap 600 indices. It is a market-weighted index, which represents approximately 7 percent of the aggregate market value of U.S. companies.

The S&P SmallCap 600 Index is comprised of 600 small-cap U.S. domestic stocks that represent a smaller segment of the mar ket than the S&P MidCap 400 Index. It is a market-weighted index, which represents approximately 3 percent of the aggregate market value of U.S. companies.

The Eurozone Hedged MSCI EMU Index (European Economic and Monetary Union) captures large- and mid-cap representation across the 10 developed market countries in the EMU. With 242 constituents, the index covers approximately 85 percent of the free float-adjusted market capitalization of the EMU.

The Bloomberg Barclays US MBS Index is a component of the Bloomberg Barclays US Aggregate Index which covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA) and Freddie Mac (FHLMC).

The Bloomberg Barclays US Aggregate Bond Index is composed of the total U.S. investment-grade bond market. The market-weighted index includes Treasuries, agencies, CMBS, ABS and investment grade corporates.

US Treasury Bond seeks to track the investment results of an index composed of U.S. Treasury bonds which are marketable, fixed-interest U.S. government debt securities with a maturity of more than 10 years.

Gold represents an index which seeks to generally reflect the perfor mance of the price of gold.

This research material has been prepared by Cougar Global Investments Limited.

To the extent you are receiving investment advice from a separately registered independent investment advisor, please note that LPL Financial is not an affiliate of and make no representation with respect to such entity.

Securities and Advisory Services offered through LPL Financial. Member of FINRA/SIPC.

Cougar Global Investments is not affiliated with LPL Financial.

Disclosures


GIPS® Compliant Presentation Cougar Global Investments Limited

Year End Total Firm Assets (US$ mill)

Composite Assets

(US$ mill)No. of

AccountsComposite Performance

Benchmark Composite 3-Yr St Dev (%)

Benchmark 3-Yr St Dev (%)

Percent of Non-Fee Paying Accounts

Composite DispersionGross Net

2018 146 <1 1 -2.53% -4.41% -3.54% 3.89% 6.30% 100% N.A.

2017 164 <1 1 7.95% 5.87% 14.88% 2.94% 5.92% 100% N.A.

2016 144 <1 1 3.86% 1.85% 7.74% 4.90% 6.40% 100% N.A.

2015 132 <1 1 -1.75% -3.65% 0.46% 5.52% 6.38% 100% N.A.

2014 148 <1 1 7.95% 5.87% 8.72% 5.31% 5.64% N.A. N.A.

2013 150 <1 1 1.20% -0.75% 15.91% 4.56% 7.21% N.A. N.A.

2012 169 2 2 1.95% -0.02% 11.68% 6.06% 8.80% N.A. N.A.

2011 174 2 2 2.64% 0.66% 3.35% 7.79% 11.53% N.A. N.A.

2010 218 6 7 3.72% 1.72% 11.93% N.A. N.A.

2009 221 5 5 10.41% 8.28% 19.10% N.A. N.A.

2008 150 1 1 3.81% 1.71% -22.78% N.A. N.A.

2007 191 9 2 9.67% 7.23% 7.48% N.A. N.A.

2006 169 8 2 8.55% 6.13% 11.94% N.A. N.A.

2005 137 8 2 25.15% 22.36% 5.15% N.A. N.A.

2004 108 6 2 17.02% 14.42% 9.24% N.A. N.A.

Cougar Tactical Allocation Growth with Income (Formerly MAR 8) Composite Jan. 1, 2004 – Dec. 31, 2018

Cougar Tactical Allocation Income Moderate Growth (Formerly MAR 6) Composite Jan. 1, 2004 – Dec. 31, 2018


Composite Assets

(US$ mill)No. of






2018 146 <1 3 -6.08% -7.89% -3.54% 7.41% 6.30% 0% N.A.2017 164 2 4 13.31% 11.13% 14.88% 5.87% 5.92% 0% N.A.

2016 144 3 7 5.18% 3.15% 7.74% 7.50% 6.40% 2% 0.15%

2015 132 3 8 -3.07% -4.94% 0.46% 8.48% 6.38% 2% 0.15%

2014 148 3 7 6.73% 4.67% 8.72% 7.64% 5.64% N.A. 0.46%

2013 150 3 6 7.26% 5.19% 15.91% 7.22% 7.21% N.A. 0.52%

2012 169 3 7 6.16% 4.11% 11.68% 8.13% 8.80% N.A. N.A.

2011 174 6 5 -0.73% -2.64% 3.35% 8.82% 11.53% N.A. N.A.

2010 218 26 10 4.49% 2.47% 11.93% N.A. 0.06%

2009 221 23 8 9.65% 7.54% 19.10% N.A. 0.21%

2008 150 13 6 0.26% -1.68% -22.78% N.A. N.A.

2007 191 <1 1 10.87% 8.46% 7.48% N.A. N.A.

2006 169 8 6 12.07% 9.58% 11.94% N.A. N.A.

2005 137 1 2 25.48% 22.69% 5.15% N.A. N.A.

2004 108 <1 1 14.87% 12.32% 9.24% N.A. N.A.



Cougar Tactical Allocation Growth (Formerly MAR 10) Composite Jan. 1, 2004 – Dec. 31, 2018


Composite Assets

(US$ mill)No. of






2018 146 25 5 -9.21% -10.96% -3.54% 10.06% 6.30% 0% N.A.

2017 164 28 5 17.47% 15.20% 14.88% 7.63% 5.92% 0% N.A.

2016 144 24 7 5.09% 3.06% 7.74% 9.00% 6.40% 0% 0.16%

2015 132 24 8 -2.55% -4.43% 0.46% 10.47% 6.38% 0% 0.14%

2014 148 25 7 5.30% 3.27% 8.72% 9.46% 5.64% N.A. 0.13%

2013 150 24 5 15.56% 13.33% 15.91% N.A. N.A.

2012 169 19 2 9.47% 7.36% 11.68% N.A. N.A.

2011* 174 18 3 -5.54% -7.06% 3.35% N.A. N.A.

2010* 219 0 0 1.10% -0.05% 11.93% N.A. N.A.

2009 221 5 2 9.74% 7.62% 19.10% N.A. N.A.

2008 150 5 2 -2.28% -4.26% -22.78% N.A. N.A.

2007 191 7 4 8.96% 6.54% 7.48% N.A. N.A.

2006 169 7 4 11.68% 9.20% 11.94% N.A. N.A.

2005 137 6 4 28.50% 25.65% 5.15% N.A. N.A.

2004 108 4 2 17.73% 15.12% 9.24% N.A. N.A.

Cougar Tactical Allocation Aggressive Growth (Formerly MAR 12) Composite Jan. 1, 2012 – Dec. 31, 2018


Composite Assets

(US$ mill)No. of






2018 146 <1 1 -9.51% -11.26% -3.54% 10.64% 6.30% 100% N.A.

2017 164 <1 1 16.66% 14.41% 14.88% 8.35% 5.92% 100% N.A.

2016 144 <1 1 6.87% 4.81% 7.74% 9.77% 6.40% 100% N.A.

2015 132 <1 1 -2.18% -4.06% 0.46% 10.65% 6.38% 100% N.A.

2014 148 <1 1 3.54% 1.55% 8.72% 9.96% 5.64% N.A. N.A.

2013 150 <1 1 15.94% 13.70% 15.91% N.A. N.A.

2012 169 < 1 1 11.95% 9.79% 11.68% N.A. N.A.

*Performance data for the MAR 10 composite ends July 31, 2010, and restarts February 28, 2011. The Benchmark returns for 2010 and 2011 are not partial period returns and represent each entire year.

Cougar Global Investments Limited claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. Cougar Global Investments Limited has been independently verified for the periods January 1, 2000 through September 30, 2019. A copy of the verification report is available on request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. Verification does not ensure the accuracy of any specific composite presentation.




• Cougar Global Investments Limited (Cougar Global) is an investment manager that utilizes tactical asset allocation to construct globally diversified portfolios. Effective 4/30/15 Cougar Global was acquired by Raymond James Financial, Inc. (NYSE:RJF) and in 2016 Cougar Global become an affiliate of Carillon Tower Advisers, Inc., a wholly-owned subsidiary of Raymond James Financial, Inc. Prior to 4/30/15 Cougar Global was an independent investment management firm not affiliated with any parent organization. Cougar Global is registered as a Portfolio Manager with the Ontario Securities Commission (OSC) and with the United States Securities and Exchange Commission (SEC) as a Non-Resident Investment Advisor. Prior to 01/02/2013, the firm was named Cougar Global Investments LP.

• In March 2018, Abe Sheik was named co-CIO. In October 2018, Dr. James Breech stepped down from his role as co-CIO and Abe Sheik was named CIO. The investment process and philosophy remains unchanged. • The Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) portfolio may be suitable for clients who have accumulated sufficient wealth to begin making regular withdrawals for income requirements while potentially achieving

investment returns sufficient to preserve capital over a full investment cycle. The Cougar Tactical Allocation - Growth with Income (formerly MAR 8) portfolio may be suitable for clients who may have occasional income needs and are willing to take moderate downside risk to achieve investment returns. The Cougar Tactical Allocation - Growth (formerly MAR 10) portfolio may be suitable for clients who have a long term investment horizon and can tolerate downside volatility in the course of a market cycle. The Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12) portfolio may be suitable for clients who have a long term investment horizon and can tolerate higher downside volatility in the course of a market cycle. For a list of composite descriptions, policies for valuing portfolios, calculating performance and preparing compliant presentations, or to obtain a copy of a GIPS® compliant presentation, please contact Cougar at 1 800 387 3779.

• Prior to 2007, Cougar Global accessed each asset class using a sub-advisor, after which, Cougar Global switched from sub-advisors to Exchange Traded Funds (ETFs) to implement its strategy. The performance data shown to 2006 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8), and 2007 for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) and Cougar Tactical Allocation - Growth (formerly MAR 10), includes only asset classes managed by sub-advisers. Performance data in 2007 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8), and 2008 for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) and Cougar Tactical Allocation - Growth (formerly MAR 10), shows returns from sub-advised portfolios until at least one client switched to the ETF implementation of the strategy. After these dates, only returns from ETF portfolios are used to calculate performance. The conversion dates from sub-advisors to ETFs are April 30, 2008, for Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6); February 29, 2008 for Cougar Tactical Allocation - Growth (formerly MAR 10); and October 31, 2007 for Cougar Tactical Allocation - Growth with Income (formerly MAR 8). As of December 31, 2008, Cougar Global stopped using sub-advisors.

• During the period of transition from SEG to ETFs, accounts which did not begin to purchase ETFs were in a period of transition and in the process of liquidating the SEG holdings. At the time these accounts were considered non-discretionary and were not included in the composite. This meant that the composite performance during the transition period was sometimes based only on one account that had begun to purchase ETFs and did not include any other accounts managed under their respective strategies. As such, the 2007-2008 performance figures omit certain assets that were being managed pursuant to the strategy during this transition from implementation using sub-advisers to using ETFs.

• Excluded from the composites are accounts of less than US$150K for sub-advised portfolios or US$50K for ETF portfolios. Beginning April 2017, ETF portfolios of less than US$25K are excluded from the composites. Also excluded are accounts that have asset allocation constraints.

• Between July 31, 2010 and February 28, 2011, the Cougar Tactical Allocation - Growth (formerly MAR 10) Composite did not contain any accounts. As of December 31, 2011, the Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12) Composite consists of one account. As of March 31, 2013, the Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) Composite consists of one account.

• Composite assets refer to the total assets that were in the strategy as of the end of the year. This includes clients who entered the strategy during the course of the year. During the transition years of 2007 for the Cougar Tactical Allocation - Growth with Income (formerly MAR 8) and 2008 for the Cougar Tactical Allocation - Income Moderate Growth (formerly MAR 6) and Cougar Tactical Allocation - Growth (formerly MAR 10), the composite assets include only those portfolios that were in the ETF implementation of the strategy for the entire calendar year.

• Composite Dispersion is calculated using only those portfolios there were in the composite for the entire calendar year. During the transition years, the composite assets include only those portfolios that were in the ETF implementation of the strategy for the entire calendar year. If the number of portfolios present for the entire calendar year was less than six, the Composite Dispersion is not calculated as it is not statistically meaningful due to an insufficient number of portfolios (represented by “N.A.” in the table above).

• The benchmark is a constant-weighted mix comprised of the FTSE Gov't / Corp. Bond Index (40%), the S&P 500 (50%) and the MSCI ACWI ex USA (10%). Beginning in 2001, the MSCI ACWI ex US benchmark component is net of foreign withholding taxes. Prior to 2001, the MSCI ACWI ex US is shown as price appreciation only, as the net of taxes index was not available. This index was chosen because it is a mix that is common among managers with similar investment strategies in the industry. The asset weightings of the Cougar Global composites may vary substantially from the static benchmark due to the active asset allocation strategy used.

• The benchmark returns are calculated and rebalanced monthly. Benchmark returns are shown gross of fees. • As of June 30, 2017, composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash flow of at least 20% of portfolio assets. The temporary removal of such an account occurs at the beginning of the month

in which the significant cash flow occurs and the account re-enters the composite at the beginning of the month after the cash flow. • Valuations are computed and performance reported in US dollars. • Gross-of-fees performance returns are presented before management fees. Net-of-fee returns are shown after deducting the highest fee of 1.95%. Actual fees paid by Cougar Global clients are, on average, lower than those deducted from gross-of-

fee returns. The management fee schedule is as follows: 1.50% on the first $500,000, 1.20% on the next 1.5 million, 1.00% on the next 3 million, 0.80% on the next 5 million and 0.60% thereafter. • Composite returns are total returns and include reinvested income and are net of foreign withholding taxes. • Asset-weighted standard deviation is used as a measure of internal dispersion. • Historical returns are not indicative of future returns. • The Cougar Global composites were created on April 30, 2008. • The 3-year annualized standard deviations for the Cougar Tactical Allocation - Growth (formerly MAR 10) and Cougar Tactical Allocation - Aggressive Growth (formerly MAR 12) between 2011 & 2013 and their benchmarks are not presented because

36 monthly returns are not available for those composites. • Three-year annualized Ex-post standard deviation is calculated using 36 monthly returns of the Composite and measures the volatility of the returns.

• The return for the Cougar Tactical Allocation - Growth (formerly MAR 10) composite for 2008 has been restated from -2.28% (gross) & -4.26% (net) to -1.78% (gross) & -3.72% (net).



Documents

GLOBAL TACTICAL STRATEGIES · 1Net of Fees assumes maximum LPL Model Wealth Portfolios Account fee of 2.5% prior to January 1 2016; 2.83% prior to October 1, 2016; 2.78% prior to