November2013

ApprovedforusewithInstitutionalclients.
C 20 P tf li
CombiningFundamentalandQuantitativeResearch
Compass20Portfolio
InvestmentPortfolios&Products
FirmOverview
I
StifelFinancialCorp.
Fi O i FirmOverview
StifelFinancialCorp.
(NYSE:SF)
Stifel,Nicolaus &Company,Inc.
Full service brokerage and
EquityCompassStrategies
Approximately$1.5billioninvestedinportfoliossubadvisedby
EquityCompass
(1)
Foundedin1890andpubliclylistedsince1983(NYSE:SF)
Fullservicebrokerageand
investmentbankingfirm
RegisteredInvestmentAdviser
EquityCompass
InvestmentportfoliosandproductsavailableontheStifelplatform
sinceJanuary2006
Publishinginvestmentresearchalongwithstockandportfolio
d ti i O t b 2001
AcquiredLeggMasonsCapitalMarketsDivision(2005),RyanBeck
(2007),56UBSPrivateClientGroupbranches(2009),Thomas
Weisel Partners(2010),Stone&Youngberg(2011),MillerBuckfire
&Co.(2012),KBW,Inc.(2013),andKnightCapitalGroups
Institutional Fixed Income Brokerage unit (2013)
recommendationssinceOctober2001
Currentofferingsinclude
U.S. OneMutualFund,sevenmanagedaccountportfoliosand
twoequitylinkednotesontheStifelplatform
InstitutionalFixedIncomeBrokerageunit(2013)
MarketCapitalization:$2.6billion
(1)
Topperformingfinancialstockoverthepasttenyears
Europe EquitycertificatesissuedviaSocite Gnrale and
Barclays
AdvisortoQualityDividendFund(QDVAX)andsubadvisorto
Catalyst/EquityCompassShareBuybackFund
7
th
largestU.S.brokeragefirm
2,069financialadvisorswithover$150billionincombined
clientassets
Over5,750employeesinapproximately357locations
y / q y p y
InvestmentteamledbyRichardCripps,CIO
FormerManagingDirectorofPortfolioStrategy Stifel
FormerChiefMarketStrategistandCochairmanoftheinvestment
LargestU.S.EquityResearchplatformwith1,522globalstocks
undercoverage
Ranked2
nd
in2013FT/StarMine Survey
Ranked 4
th
in 2013 WSJ Best on the Street Survey
Investment
Portfolios
& Products
3
committee LeggMasonWoodWalkerInc.
Ranked4
t
in2013WSJBestontheStreetSurvey
(1)Asof10/31/2013
MarketOverview
II
MarketObservations
Valuationsareatfairvalueforlargestocksbutextendedfor
smallstocks
OverallmarketP/Esinlinewithsluggisheconomy,interestrates,
and earnings growth
Stockmarketaheadofcautious,longertermsentiment
Netoutflowforstockmutualfundsinlast12months
Depressedconsumerconfidence
Investment flow to defensive tactical and low volatility
andearningsgrowth
SmallstockP/Esareatrecordlevelsduetofasterearnings
growth
PotentialP/Eexpansionforlargestockswithupsiderevisionsto
economic outlook
Ampleliquidityandlowyieldsprovideenvironmentforequities
togohigher
New Fed Chairwoman likely to continue QE with economy below
Investmentflowtodefensive,tactical,andlowvolatility
strategiesarestilldominant
economicoutlook
Th h l i h di ti f d i i hi h
23.00
NewFedChairwomanlikelytocontinueQEwitheconomybelow
potentialandlowinflationpressure
Sentimentthatinterestrateswillriseisnearunanimity
Deleveragingcyclenowfiveyearsold anotherfivetogo?
EqualWeightForwardP/ERatios
6/28/2002 9/30/2013|Source:EquityCompass,Bloomberg
Thoughsluggish,directionofeconomyandearningsishigher
Thestockmarketfollowsthedirectionofexpectedearnings
Corporatecashatrecord$4.0trillionandisaccumulatingwith
recordhighCapex,R&Dspending,andcashdividends
Expectations are low
19.00
21.00
21.44
Expectationsarelow
$120
$130
1600
1700
d
)
15.00
17.00
16.41 S&P500ForwardEarningsEstimate(06/28/02 09/30/13)
BasedonEquityCompassBottomUpEstimates
$70
$80
$90
$100
$110
1000
1100
1200
1300
1400
1500
P
S

E
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2

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S
&
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5
0
0
11.00
13.00
13.58
$40
$50
$60
700
800
900
1000
S
&
P

5
0
0

E
P
S&P500 S&P500EPSEstimate(12monthForward)
9.00
DowJonesIndAvg. Russell2000 S&PMidCap
Low(12.02)9/30/2002
High(18.37)12/31/2003 High(18.49)5/30/2003
Low(11.23)11/28/2008 Low(10.42)9/30/2011
High(21.44)9/30/2013
Investment
Portfolios
& Products 5
Pastperformanceisnoguaranteeoffutureresults.
Compass20Portfolio
III
Investment
Portfolios
& Products
InvestmentApproach
C 20 P tf li Compass20Portfolio
Compass20isanactivelymanagedU.S.stockportfoliothatcombinesStifel/KBWawardwinningfundamentalresearchwithEquityCompass
quantitativeinvestmentapproachtoseekreturnssuperiortothemarket
TraditionalFundamental
AnalysisbyStifel
Quantitativeanalysis
identifyingstocksthat
Stifel/KBW
B R t d
EquityCompass
Ti l Researchconcludinga
Buyopinion
aretemporarilymispriced
asaresultofinvestor
over/underreaction
BuyRated
Stocks
Timely
Stocks
TargetSelectionCandidates
CombinesFundamentalandQuantitativeanalysis
TargetCandidatesderivedindependentofeachother
Theintersectionofthetwoapproachesproducea
focusforstockselection
Investment
Portfolios
& Products
7
CombiningFundamental&QuantitativeStockSelection
C 20 P tf li
Focus on stocks with two catalysts for higher prices
Compass20Portfolio
06/28/02 09/30/13|SimulatedResults|IncludesDividends|ReconstitutedMonthly|Source:EquityCompassStrategies,Bloomberg
17.01%
20%
11.27%
15%
7.35%
8.67%
10%
5%
0%
S&P1500TR Index EquityCompass Timely Stocks
withintheS&P1500Index
StifelBuyRated Stocks
withintheS&P1500Index
StifelBuy AND
EquityCompass Timely Stocks
withintheS&P1500
Investment
Portfolios
& Products
8
StifelBuyRatedStocksincludesstocksratedBuybyAnalystsatStifelNicolaus,KBWandlegacyLeggMasonCapitalMarkets
Pastperformanceisnoguaranteeoffutureresults.
InvestmentProcess
C 20 P tf li Compass20Portfolio
Investible
Universe
MembersofRussell3000andthetop300mostliquidADRs MembersofRussell3000andthetop300mostliquidADRs
Universe
Fundamental
Stocks rated Buy by Stifel / KBW Equity Research Analysts Stocks rated Buy by Stifel / KBW Equity Research Analysts
Analysis
Stocksrated Buy byStifel/KBWEquityResearchAnalysts Stocksrated Buy byStifel/KBWEquityResearchAnalysts
k
StocksarerankedbyproprietaryEquityCompassquantitativemodelsbasedonthreeinvestment
themes:
StocksarerankedbyproprietaryEquityCompassquantitativemodelsbasedonthreeinvestment
themes:
Stock
Selection
themes:
Timeliness: Identifiesstockspotentiallymispricedduetoinvestorover/underreaction
Value: Ranksstocksbasedoneightvaluationmeasuresrelativetothebroaderuniverse
Momentum:Calculatesthelongtermrelativepricestrengthofastock
themes:
Timeliness: Identifiesstockspotentiallymispricedduetoinvestorover/underreaction
Value: Ranksstocksbasedoneightvaluationmeasuresrelativetothebroaderuniverse
Momentum:Calculatesthelongtermrelativepricestrengthofastock
Purchase
Candidates
RankedlistofTimely,Buyratedstocks
Minimumsharepriceof$10.00
Averagedailytradingvolumeofatleast300,000
RankedlistofTimely,Buyratedstocks
Minimumsharepriceof$10.00
Averagedailytradingvolumeofatleast300,000
Compass 20
Top20stocksfrompurchasecandidates
Equallyweightedpositions
Maximum number in stocks from any one sector: Four (20% of overall portfolio)
Top20stocksfrompurchasecandidates
Equallyweightedpositions
Maximum number in stocks from any one sector: Four (20% of overall portfolio) Compass20
Portfolio
Maximumnumberinstocksfromanyonesector:Four(20%ofoverallportfolio)
Monthlyreview
Removethose3stocksleastfavoredRedlineLowordowngradedbyStifel/KBWanalysts
Addthose3stocksmostfavoredRedlineLow,Buyrated
Maximumnumberinstocksfromanyonesector:Four(20%ofoverallportfolio)
Monthlyreview
Removethose3stocksleastfavoredRedlineLowordowngradedbyStifel/KBWanalysts
Addthose3stocksmostfavoredRedlineLow,Buyrated
Investment
Portfolios
& Products
9
Compass20Certificates
C 20 P tf li
PortfolioStatistics PerformanceSummary
Compass20Portfolio
01/03/07 09/30/13|ExcludesDividends|NetofFees|Source:Socit Gnrale,Bloomberg
Compass20
Certificates
S&P500
Index
Std.Deviation 25% 17%
Sharpe Ratio 0 27 0 08
AnnualizedexceptforYTDandsinceinception(cumulative)performances
50 1%
66.1%
SharpeRatio 0.27 0.08
Up.Capture 150% 100%
Dn.Capture 114% 100%
36.1%
50.1%
25.4%
15%
n
s
17.9%
16.7%
13.8%
7.6%
2.6%
18.7%
15.7%
7.8%
YTD 1 Y 3 Y 5 Y I i I i
0%
5%
10%
A
n
n
u
a
l
i
z
e
d

R
e
t
u
r
n
Compass20
S&P500Index
YTD
(Cumulative)
1Year 3Year 5Year Inception Inception
(cumulative)
S&P500Index Compass20Certificates
CalendarYearReturns
(1) 0%
0% 10% 20% 30%
Volatility(StandardDeviation)
(1)Fortheperiod1/3/200712/31/2007
2007
(1)
2008 2009 2010 2011 2012 2013YTD
Compass20Certificates 4.9% 47.8% 45.0% 25.9% 3.6% 26.5% 36.1%
S&P500Index 3.7% 38.5% 23.5% 12.8% 0.0% 13.4% 17.9%
Investment
Portfolios
& Products
Source:SGTrading,from3/01/2007to30/09/2013.ThegraphcorrespondstothevalueofCOMPASS20MODELsinceJan.2007basedontheportfolioselectionand
monthlyrebalancingcommunicatedbySTIFELNICOLAUStoSocit Gnrale andinvestedbySocit Gnrale inSTIFELNICOLAUScertificateslaunchedsinceJan.
2007.Excludesdividendsandisnetofmonthlyrebalancingfee.THEFIGURESRELATINGTOPASTPERFORMANCESREFERTOPASTPERIODSANDARENOTARELIABLE
INDICATOROFFUTURERESULTS.Theaccuracy,completenessorrelevanceoftheinformationwhichhasbeendrawnfromexternalsourcesisnotguaranteedalthoughit
isdrawnfromsourcesreasonablybelievedtobereliable.Subjecttoanyapplicablelaw,neitherSocit Gnrale northeissuershallassumeanyliabilityinthisrespect.
Themarketinformationdisplayedinthisdocumentisbasedondataatagivenmomentandmaychangefromtimetotime.
10
PortfolioHoldings Oct.2013
C 20 P tf li Compass20Portfolio Forillustrativepurposesonlyandnotintendedaspersonalizedrecommendations;subjecttochangeatanytime.
MarketCap
Ticker Name Sector (USDMil)
ACE ACELtd. Property&CasualtyIns. $31,822
APC AnadarkoPetroleumCorp. Oil&GasExploration&Prod. $46,747
CTL CenturyLink,Inc. IntegratedTelecom.Svcs. $18,849
CLH CleanHarbors,Inc. Environmental&FacilitiesSvcs. $3,555
CMCSK ComcastCorp. Cable&Satellite $20,889
CNX CONSOLEnergy,Inc. Coal&ConsumableFuels $7,701
DNR DenburyResources,Inc. Oil&GasExploration&Prod. $6,865
$ DFT DuPontFabrosTechnology,Inc. OfficeREIT's $1,667
ECL Ecolab,Inc. SpecialtyChem. $29,763
EMC EMCCorp. ComputerStorage&Peripherals $53,187
IACI IAC/InterActiveCorp. InternetSoftware&Svcs. $4,220
IBM I t ti l B i M hi C IT C lti & Oth S $202 851 IBM InternationalBusinessMachinesCorp. ITConsulting&OtherSvcs. $202,851
OC* OwensCorning BuildingProducts $4,516
PWR QuantaServices,Inc. Construction&Engineering $5,784
RJF* RaymondJamesFinancial,Inc. Inv.Banking&Brokerage $5,827
SYNA Synaptics Inc Computer Storage & Peripherals $1 431 SYNA Synaptics,Inc. ComputerStorage&Peripherals $1,431
TMH* TeamHealthHoldings,Inc. HealthCareSvcs. $2,641
BA TheBoeingCo. Aerospace&Defense $88,647
WMT WalMartStores,Inc. Hypermarkets&SuperCenters $240,774
WCG WellCare Health Plans Inc Managed Health Care $3 037
*Newadditionsfor Oct.2013
WCG WellCareHealthPlans,Inc. ManagedHealthCare $3,037
Investment
Portfolios
& Products
11
Addenda
C 20 Addi i l Slid Compass20AdditionalSlides
Investment
Portfolios
& Products
Stifel/KBWFundamentalEquityResearch
26.9%
30.0%
AnnualizedPerformanceexceptforYTD2013|06/28/200209/30/2013|Source:EquityCompass
StocksRatedBuybyStifel &KBWAnalysts* LargestU.S.EquityResearchplatform
1,522globalstocksundercoverage
112 analysts across 12 sectors 25.0%
17.9%
12.6%
11.0%
15.0%
20.0%
25.0%
112analystsacross12sectors
4
th
overallincombinedFT/StarMine andWSJBestontheStreet
awardsforthepast15years
1
EightconsecutiveyearsrankingintheTop5ofFT/StarMines Stock
0.0%
5.0%
10.0%
YTD2013 1Year 3Year 5Year Inception
* Monthly rebalanced basket constituted of equally weighted positions in stocks rated Buy by Stifel &
Pickingawards
*MonthlyrebalancedbasketconstitutedofequallyweightedpositionsinstocksratedBuybyStifel&
KBWAnalysts.IncludesperformanceofKBWBuyratedstocksbeginningFebruary2013.
Top10providerofU.S.coverage
#3providerofU.S.SmallCapcoverage
#1providerofFinancialServicescoverage
544stocks,46analysts
946stocks,66analysts
#1providerof:
Consumer&Retail
Internet,Media&Telecom
75%ofS&P500Financials
IIA
2
#1inConsumerFinance
2013FT/StarMine Top3in:
Thrifts&MortgageFinance
Ranked2ndin2013FT/StarMine Survey
Top5for8straightyears
g g
CapitalMarkets
REITs
Investment
Portfolios
& Products
Source:Companydataasof8/31/13;(1)IncludesStifel,LM,RB,TWP,KBW;(2)2012InstitutionalInvestorAward
Pastperformanceisnoguaranteeoffutureresults.
13
TimelinessModelRedline
Q tit ti M d l f St k S l ti QuantitativeModelsforStockSelection
Intrinsicandrelativevalueanalysisarecombinedwithanactiveoverlaytoevaluatetimelinessformakingpurchasesandremovals.
Theinsightfordeterminingtimelinessquantifiesstockover/underreaction.Thisconditionmispricesstocksandmaycreateexploitableopportunities;stocks
th t tt ti f i t i i d l ti l l ith diti f t i ti / d ti th i t t ti l f
A Di st ri but i on of Expect at i ons Based on New Informat i on
80%
%
80%
90%
100%
thatareattractiveforintrinsicandrelativevaluereasons,alongwithaconditionofopportunisticover/underreaction aretheinvestmentrationalefor
seekingexcessreturns.
EquityCompassquantifiesinvestorover andunderreaction byidentifyingtheextreme
mispricing(definedasextrememisalignmentbetweenachangeinstockpriceand
h f d l l h fl d
10% 10%
0%
10%
20%
30%
40%
50%
60%
70%
changeinfundamentalexpectationsi.e.,sales,earnings,cashflowandEBITDA
estimates).
UndervaluedStock Sharepricesignificantlytrailingchangeinfundamental
estimates
Performance Summary Redline Low & High Stocks in the EquityCompass U.S. Coverage Universe
0%
Overreaction Correctly Processed Underreaction
OvervaluedStock Sharepricesignificantlyexceedingchangeinfundamental
estimates
Source:BehavioralFinanceandtheSourcesofAlpha,RussellJ.Fuller,CFA,
President,RJFAssetManagement,February6,2000
PerformanceSummary RedlineLow&HighStocksintheEquityCompassU.S.CoverageUniverse
06/28/2002 09/30/2013|EquallyWeightedPositionsRebalancedMonthly|IncludesDividends|Grossoffees|Source:EquityCompassStrategies,Bloomberg
Cumulative Returns Annualized Compounded Returns Calendar Year Returns
1-Month YTD 2013 1-Year 3-Year 5-Year 10-Year Inception 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Redline Low 4.7% 26.6% 31.6% 24.3% 21.7% 15.6% 16.2% 53.7% 17.5% 16.0% 21.6% -4.3% -39.1% 62.9% 40.4% -1.8% 30.1%
Redline High 5.6% 24.6% 27.3% 14.3% 10.2% 6.9% 7.0% 64.6% 14.4% 2.9% 16.5% 2.1% -47.2% 44.9% 16.3% -5.3% 12.8%
S&P 500 TR Index 3.1% 19.8% 19.3% 16.3% 10.0% 7.6% 7.0% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0%
Investment
Portfolios
& Products
14
Pastperformanceisnoguaranteeoffutureresults.
AlphaIndexPortfolio
Implementing the Redline Model
CumulativeReturns|06/28/2002 09/30/2013|MonthlyData|IncludesDividends
SystematicstockselectiontomaximizeexposuretotimelystockswhilemaintaininglowtrackingerrortoS&P500
PortfolioinvestsinstocksintheS&P500identifiedbythe
EquityCompassRedlinemodelasmispricedduetoinvestorover
or underreaction
SimulatedPerformance*
ImplementingtheRedlineModel
350%
orunderreaction
SeekstotracktheS&P500Index
PortfolioconstructedtoreplicatetheS&P500indexbysector
weighting,longtermearnings,beta,financialstrength,and
pricemomentum
AlphaIndex
321.2%
S&P500TotalReturn
113 4%
150%
250%
Holdsanaverageof55stocks,butcanbeexpandedtolowerthe
volatilityrisk
Reconstitutedandrebalancedmonthly
113.4%
June2002 Sep2013
50%
50%
PortfolioStatistics
AlphaIndex S&P500
Std.Dev. 17.0% 15.3%
Sharpe 0 7 0 4
1Month 3Month 6Month YTD2013 Inception
AlphaIndex 3.6% 7.0% 11.7% 17.2% 321.2%
S&P500 3.1% 5.2% 8.3% 13.9% 113.4%
AnnualizedTotalCompoundedReturns
1Year 3Year 5Year Inception Sharpe 0.7 0.4
Beta 1.1 1.0
RSquared 0.9 1.0
TrackingError 4.9% 0.0%
InformationRatio 1.4 0.0
1 Year 3 Year 5 Year Inception
AlphaIndex 27.1% 21.4% 14.6% 13.6%
S&P500 19.3% 16.3% 10.0% 7.0%
CalendarYearReturns
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Alpha Index 3 3% 48 0% 14 5% 10 3% 25 4% 5 4% 36 1% 38 4% 20 0% 6 4% 17 7%
Up.MarketCapture 128.5% 100.0%
Dn.MarketCapture 97.0% 100.0%
MaxDrawDown 50.9% 50.9%
AlphaIndex 3.3% 48.0% 14.5% 10.3% 25.4% 5.4% 36.1% 38.4% 20.0% 6.4% 17.7%
S&P500 10.3% 28.7% 10.9% 4.9% 15.8% 5.5% 37.0% 26.5% 15.1% 2.1% 16.0%
10%
15%
20%
d

R
e
t
u
r
n
s
Source:EquityCompass,Bloomberg
Past performance is no guarantee of future results.
0%
5%
10%
0% 5% 10% 15% 20%
A
n
n
u
a
l
i
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e
d
Volatility(StandardDeviation)
Investment
Portfolios
& Products
Pastperformanceisnoguaranteeoffutureresults.
15
*The simulated results presented do not represent the results of actual trading of client assets, but were achieved by means of the retroactive application of a rule set
to data that was available in a prior period. There are inherent limitations with the use of backtested results, including that the results depicted may not involve market
risk. No implication should be drawn that these results are indicative of EquityCompass skills, or that similar investment results have occurred or will occur in the future.
Please review the important complete disclosures at the end of this presentation.
Addenda
E it C I t t A h EquityCompassInvestmentApproach
Investment
Portfolios
& Products
InvestmentPhilosophy&Process
EquityCompass Investment Approach
EquityCompassbelievesthatthekeytoachievingconsistentsuperiorperformancethatisbothexplainableandrepeatableisthedisciplinedapplicationofa
rulesbasedinvestmentprocessthatmergestraditionalinvestmenttheorywithquantitativetechniques
Investment theory and portfolio manager experience serve as a foundation for all investment strategies
EquityCompassInvestmentApproach
I t t P
Investmenttheoryandportfoliomanagerexperienceserveasafoundationforallinvestmentstrategies
Quantitativetechniquesverify,refine,andapplythoseideastotheportfoliomanagementprocess
TheEquityCompassinvestmentprocessisbasedonfourinvestmentthemesthatwebelievehavedemonstratedastatisticallysignificantabilitytoforecast
returnsandcontributetoexcessreturns
Usesthefollowingproprietary butfullytransparent quantitativemodels,alldevelopedandmaintainedinhouse,toforminsightsforstock
InvestmentProcess
selectionandportfolioconstructionbasedontheinvestmentthemes
Value Momentum
Ranksstocksrelativetothebroaderuniverse
basedoncompanyfundamentals
Comparesacompanyscurrentstockpricetoits
historicalaverageonarelativeandabsolute
basis
Over/Underreaction Quality
Identifiesmisalignmentsbetweenstockpriceand
fundamentalexpectations
Ranksstocksrelativetothebroaderuniverse
basedonfactorsthatcreatelongterm
shareholdervalue
Investment
Portfolios
& Products
17
ValueModel
Quantitative Models for Stock Selection
EquityCompassInvestmentApproach
Utilizes12monthforwardconsensus
estimatesonthefollowingfivevaluation
measurestorankstocksrelativetothe
3,000+U.S.stocksintheEquityCompass
QuantitativeModelsforStockSelection
PureGrowth
Sector
Relative
Valuation
Percentile P/E P/S P/CF P/BV EV/E
RelativeValuationPercentileRank
100% 100%
q y p
coverageuniverse.
PricetoEarnings(P/E)
PricetoCashFlow(P/CF)
Mkt.Average
Growth
CRM Salesforce.com Info.Tech. 99.2% 112.8 6.5 37.5 11.3 43.6
NSRGY Nestle Cons.Staples 74.4% 17.7 2.2 14.5 3.3 12.1
GE GeneralElectricCo. Industrials 50.9% 15.0 1.8 10.7 2.2 19.1
75% 75%
50% 50%
PricetoBookValue(P/BV)
SalesMultiple(EV/S)
EBITDAMultiple(EV/EBITDA)
Low ranks imply low expectations or
Value
Deep Value
GS TheGoldmanSachsGroup Financials 23.7% 10.5 2.2 8.4 1.0 7.4
CVX ChevronCorp. Energy 15.3% 10.1 1.0 6.0 1.6 4.6
RIO RioTinto Materials 2.8% 9.8 1.3 7.2 1.8 5.6
25% 25%
0% 0%
Lowranksimplylowexpectationsor
Value;highscoresrepresenthigh
expectationsorGrowth
DeepValue
PerformanceSummary EquityCompassU.S.CoverageUniverse
08/31/2001 09/30/2013|EquallyWeightedPositionsRebalancedMonthly|IncludesDividends|Grossoffees|Source:EquityCompassStrategies
Cumulative Returns Annualized Compounded Returns Calendar Year Returns
1-Month YTD 2013 1-Year 3-Year 5-Year 10-Year Inception 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
ECV 1 (Value) 5.9% 31.0% 41.2% 20.0% 23.0% 17.6% 15.1% 52.4% 28.0% 13.7% 23.7% -2.1% -38.8% 100.2% 34.5% -8.8% 23.4%
ECV 2 6 2% 26 6% 31 0% 19 1% 16 4% 13 0% 12 2% 39 8% 21 4% 11 5% 19 7% 1 9% 40 8% 59 6% 29 8% 5 1% 21 1% ECV 2 6.2% 26.6% 31.0% 19.1% 16.4% 13.0% 12.2% 39.8% 21.4% 11.5% 19.7% 1.9% -40.8% 59.6% 29.8% -5.1% 21.1%
ECV 3 5.5% 23.8% 25.9% 15.5% 11.2% 9.7% 8.9% 44.2% 17.4% 7.0% 18.0% 4.9% -39.6% 41.3% 24.4% -7.6% 17.2%
ECV 4 (Growth) 6.5% 29.4% 26.5% 13.8% 11.5% 6.8% 5.7% 72.5% 5.0% 3.1% 10.8% 5.2% -45.3% 52.0% 25.6% -14.3% 16.5%
S&P 500 TR Index 3.1% 19.8% 19.3% 16.3% 10.0% 7.6% 5.4% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0%
Investment
Portfolios
& Products
Pastperformanceisnoguaranteeoffutureresults.
Foradescriptionoftheseindicesandotherimportantperformancedisclosuresseepage2627.
18
MomentumModel
QuantitativeModelsforStockSelection
EquityCompassInvestmentApproach
Investmentthesis
Stockpricetrends,whetherpositiveornegative,aretheresultofanimbalancebetweensupplyanddemandandcanbeusedto predictafuture
performancebias
TheEquityCompassMomentummodelidentifiesthelikelydirectionofopportunityseekingcapitalandpossessestheriskdisciplinenecessarytorecognize
whentrendsarechanging
Throughananalysisofeachstockscurrentpricerelativetoitslongertermaverageaswellastothatofthebroadermarket,theMomentummodel
identifiesstocksthathaveconfirmedpositive,negative,orneutrallongtermrelativepricemomentum
TheMomentummodelrequiresabsoluteconfirmationbeforesignalingatrendchangeevenattheriskoflaggingtheabsolutehighandlowpricesofastock
Onaverage,stockswithintheEquityCompasscoverageuniverseremainineitherapositiveornegativepricetrendfor1218months
P f S E it C U S C U i PerformanceSummary EquityCompassU.S.CoverageUniverse
08/31/2001 09/30/2013|EquallyWeightedPositionsRebalancedMonthly|IncludesDividends|Grossoffees|Source:EquityCompassStrategies
Cumulative Returns Annualized Compounded Returns Calendar Year Returns Cumulative Returns Annualized Compounded Returns Calendar Year Returns
1-Month YTD 2013 1-Year 3-Year 5-Year 10-Year Inception 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Positive Momentum 6.6% 29.9% 33.1% 21.2% 12.5% 11.8% 10.7% 45.4% 19.3% 13.4% 17.1% 12.3% -36.9% 21.2% 27.1% -1.0% 19.3%
Neutral 5.4% 25.8% 28.8% 18.7% 14.7% 11.2% 10.0% 46.9% 14.4% 6.9% 16.8% 2.4% -35.3% 45.4% 26.3% -1.6% 18.4%
Negative Momentum 5.5% 24.2% 27.7% 12.6% 16.8% 10.7% 8.6% 52.7% 18.9% 2.5% 19.3% -6.9% -46.9% 107.6% 29.5% -16.8% 19.6%
S&P 500 TR Index 3 1% 19 8% 19 3% 16 3% 10 0% 7 6% 5 4% 28 7% 10 9% 4 9% 15 8% 5 5% -37 0% 26 5% 15 1% 2 1% 16 0% S&P 500 TR Index 3.1% 19.8% 19.3% 16.3% 10.0% 7.6% 5.4% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0%
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Pastperformanceisnoguaranteeoffutureresults.
Foradescriptionoftheseindicesandotherimportantperformancedisclosuresseepage2627.
TimelinessModelRedline
Quantitative Models for Stock Selection EquityCompass Investment Approach QuantitativeModelsforStockSelection
Intrinsicandrelativevalueanalysisarecombinedwithanactiveoverlaytoevaluatetimelinessformakingpurchasesandremovals.
Theinsightfordeterminingtimelinessquantifiesstockover/underreaction.Thisconditionmispricesstocksandmaycreateexploitableopportunities;stocks
th t tt ti f i t i i d l ti l l ith diti f t i ti / d ti th i t t ti l f
EquityCompassInvestmentApproach
A Di st ri but i on of Expect at i ons Based on New Informat i on
80%
%
80%
90%
100%
thatareattractiveforintrinsicandrelativevaluereasons,alongwithaconditionofopportunisticover/underreaction aretheinvestmentrationalefor
seekingexcessreturns.
EquityCompassquantifiesinvestorover andunderreaction byidentifyingtheextreme
mispricing(definedasextrememisalignmentbetweenachangeinstockpriceand
h f d l l h fl d
10% 10%
0%
10%
20%
30%
40%
50%
60%
70%
changeinfundamentalexpectationsi.e.,sales,earnings,cashflowandEBITDA
estimates).
UndervaluedStock Sharepricesignificantlytrailingchangeinfundamental
estimates
Performance Summary Redline Low & High Stocks in the EquityCompass U.S. Coverage Universe
0%
Overreaction Correctly Processed Underreaction
OvervaluedStock Sharepricesignificantlyexceedingchangeinfundamental
estimates
Source:BehavioralFinanceandtheSourcesofAlpha,RussellJ.Fuller,CFA,
President,RJFAssetManagement,February6,2000
PerformanceSummary RedlineLow&HighStocksintheEquityCompassU.S.CoverageUniverse
06/28/2002 09/30/2013|EquallyWeightedPositionsRebalancedMonthly|IncludesDividends|Grossoffees|Source:EquityCompassStrategies,Bloomberg
Cumulative Returns Annualized Compounded Returns Calendar Year Returns
1-Month YTD 2013 1-Year 3-Year 5-Year 10-Year Inception 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Redline Low 4 7% 26 6% 31 6% 24 3% 21 7% 15 6% 16 2% 53 7% 17 5% 16 0% 21 6% -4 3% -39 1% 62 9% 40 4% -1 8% 30 1% Redline Low 4.7% 26.6% 31.6% 24.3% 21.7% 15.6% 16.2% 53.7% 17.5% 16.0% 21.6% -4.3% -39.1% 62.9% 40.4% -1.8% 30.1%
Redline High 5.6% 24.6% 27.3% 14.3% 10.2% 6.9% 7.0% 64.6% 14.4% 2.9% 16.5% 2.1% -47.2% 44.9% 16.3% -5.3% 12.8%
S&P 500 TR Index 3.1% 19.8% 19.3% 16.3% 10.0% 7.6% 7.0% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0%
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Pastperformanceisnoguaranteeoffutureresults.
ValueMomentumModelPPS
EquityCompassInvestmentApproach
QuantitativeModelsforStockSelection
Representstheopiniononastockslikelyriskadjustedperformancerelativetothebroadermarketoverthenext12months
UsesthecombinedinsightsofEquityCompassValuationandMomentummodelstoformanopiniononallthestockscurrentlyundercoverage
Opinionsarecategorizedasfavorable,neutral,andunfavorable
Favorable:Positivepricemomentum/lowvaluation
Leastfavorable:Negativepricemomentum/highvaluation
AnnualizedReturns EquityCompassU.S.CoverageUniverse
08/31/2001 09/30/2013|EquallyWeightedPositionsRebalancedMonthly
IncludesDividends|Grossoffees|Source:EquityCompassStrategies
1
Value 13 0%
1
2
3
4
5
Avoid
PPS8&9
Value 13.0%
Growth at a Discount 11.9%
Growth at a Reasonable Price 9.5%
Growth 7.5%
Neutral 10 0% 5
6
7
8
RatedStocks
Neutral 10.0%
Backwater 13.4%
Value Trap 11.5%
Busted Growth 6.1%
T h i l F il 2 5% 9 Technical Failure 2.5%
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Pastperformanceisnoguaranteeoffutureresults.
Foradescriptionoftheseindicesandotherimportantperformancedisclosuresseepage2627.
QualityModelSVI
EquityCompassInvestmentApproach
QuantitativeModelsforStockSelection
Investmentthesis
Overlongperiodsoftime,companiesthatcreateandsustainthegreatestlevel
ofshareholdervalue,willultimatelyoffersuperiorriskadjustedreturnsforthe
patientinvestor
AnExampleofaHighScoringSVICompanyisonethat...
GrowsRevenues
Improves Operating Margins
p
TheEquityCompassQualityModelgeneratestheQualityRatingonastockby
combiningtheoutputsofshareholdervaluecreationfactors
TheQualityratingrepresentstheopinionoflikelyperformanceoveramultiyeartime
horizon; Top quartile (SVIA rated ) stocks tend to have lower beta and pricevolatility
ImprovesOperatingMargins
ReducesDebt
BuysBackStock
HasaStrongCreditRating
horizon;Topquartile(SVIArated)stockstendtohavelowerbetaandpricevolatility,
largecapitalizationandstrongbookvaluegrowthrelativetotheirpeers
g g
GrowsTheirDividend(ifapplicable)
GrowsBookValueperShare
PerformanceSummary EquityCompassU.S.CoverageUniverse
08/31/2001 09/30/2013|EquallyWeightedPositionsRebalancedMonthly|IncludesDividends|Grossoffees|Source:EquityCompassStrategies
Cumulative Returns Annualized Compounded Returns Calendar Year Returns
1-Month YTD 2013 1-Year 3-Year 5-Year 10-Year Inception 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Quartile 1 (SVI-A) 5.4% 24.3% 28.2% 17.3% 13.5% 11.0% 11.5% 32.1% 18.6% 9.2% 15.6% 6.4% -35.9% 37.7% 25.2% -1.9% 17.7%
Quartile 2 (SVI-B) 5.2% 25.9% 29.2% 17.8% 13.8% 11.0% 11.7% 38.4% 17.0% 7.3% 15.8% 3.2% -38.1% 46.6% 28.1% -4.2% 17.4%
Quartile 3 (SVI-C) 6.5% 27.0% 31.6% 17.6% 14.4% 11.6% 12.5% 45.5% 20.8% 11.8% 16.6% -1.9% -40.4% 56.6% 27.9% -6.1% 18.2%
Quartile 4 (SVI-D) 6.7% 30.0% 33.0% 17.7% 16.5% 12.3% 13.7% 57.2% 19.5% 5.5% 19.0% -2.9% -42.8% 78.4% 33.5% -13.0% 21.9%
S&P 500 TR Index 3.1% 19.8% 19.3% 16.3% 10.0% 7.6% 5.4% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1% 16.0%
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Pastperformanceisnoguaranteeoffutureresults.
Foradescriptionoftheseindicesandotherimportantperformancedisclosuresseepage2627.
IntegratingInsightsfromtheQuantitativeModels
EquityCompassInvestmentApproach
MultiYear
PPS
SVI
Quarterly
Yearly
Redline
PPS
Monthly
Quarterly
Weekly
News/
TradingNoise
Valuation
Catalyst
RelativePrice
Strength
Relative
Valuation
LongTerm
Fundamentals
Variables Influencing Stock Performance VariablesInfluencingStockPerformance
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EquityCompassPortfolios&Products
AllindicesexceptS&P500holdequallyweightedpositionsandarerebalancedmonthly
Source:EquityCompassStrategies,Bloomberg
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SeniorInvestmentProfessionals
RichardE.Cripps,CFA
ChiefInvestmentOfficer
TimothyM.McCann
SeniorPortfolioManager
Experience
Mr. Cripps joined Stifel Financial as the Managing Director of Portfolio Strategy
in 2005 following the acquisition of Legg Masons Capital Markets Group. He
was named the Chief Investment Officer and Senior Portfolio Manager of
EquityCompass upon the groups spinoff as a subsidiary in June 2008 Mr
Experience
Mr. McCann is responsible for managing quantitative equity portfolios,
investment research, and new product development. Mr. McCann has
been working with EquityCompass and its predecessor the Portfolio
Strategy Group since 2002 and led the efforts to develop refine and
EquityCompass upon the group s spinoff as a subsidiary in June 2008. Mr.
Cripps has more than 25 years experience in developing and monitoring
investment opinions, as well as providing market commentary, strategy and
portfolio advice to individual and institutional clients.
The EquityCompass investment philosophy and process were developed and
refined under Mr. Cripps' leadership and were utilized in a variety of programs
Strategy Group since 2002 and led the efforts to develop, refine and
implement the EquityCompass proprietary quantitative models and rules
based investment strategies.
Previously, Mr. McCann worked for a Bostonbased financial advisory firm
where his responsibilities included the creation, back testing, and
implementation of a quantitative rulesbased discipline for the groups
pp p y p g
at Legg Mason and currently are being offered at Stifel.
Prior to joining Stifel, Mr. Cripps served as the Chief Market Strategist and Co
chairman of the investment committee at Legg Mason Wood Walker, Inc.. He
is a CFA charter holder and a member of the Baltimore Security Analysts
Society.
p e e tat o o a qua t tat e u es based d sc p e o t e g oup s
asset management efforts. Prior to that he worked at Morgan Stanley and
UBS Securities (via PaineWebber) in various positions.
Education
B.S., College of Notre Dame of Maryland
Education
B.S., James Madison University
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EquityCompassStrategies
1SouthStreet,16
th
Floor
Baltimore,MD21202
ImportantDisclosures
EquityCompass Overview: The information contained herein has been prepared from sources believed to be reliable but is not guaranteed and is not a complete summary or statement of all available data nor is it considered
Phone:(443)2241231
Email:equitycompass@stifel.com
www.equitycompass.com
an offer to buy or sell any securities referred to herein. EquityCompass Strategies is a research and investment advisory unit of Choice Financial Partners, Inc., a wholly owned subsidiary and affiliated SEC registered investment
adviser of Stifel Financial Corp. Choice Financial Partners does not manage actual client portfolios; rather, portfolios based on EquityCompass Strategies are available exclusively through Stifel, Nicolaus & Company,
Incorporated. For information about Stifel Nicolaus advisory programs, please contact your Financial Advisor to request a copy of Stifels ADV Part II or equivalent disclosure brochure. Affiliates of EquityCompass Strategies
may, at times, release written or oral commentary, technical analysis, or trading strategies that differ from the opinions expressed within. Opinions expressed are subject to change without notice and do not take into account
the particular investment objectives, financial situation, or needs of individual investors.
Strategy Specific Risks: No representation is made that any strategy, model or model mix will achieve results similar to those shown in these materials, or that any strategy will achieve the stated target return or yield, or any
yield at all Any investment involves risk including the risk of a loss of principal There are special considerations associated with international investing including the risk of currency fluctuations and political and economic yield at all. Any investment involves risk, including the risk of a loss of principal. There are special considerations associated with international investing, including the risk of currency fluctuations and political and economic
events. Due to their narrow focus, sectorbased investments typically exhibit greater volatility and are generally associated with a high degree of risk.
Simulated Performance: EquityCompass began publishing the following Strategies and their constituents as of the dates indicated (in each case, the Inception Date): Alpha Index Model Portfolio on December 31, 2005; Alpha
Index Socially Responsible Model Portfolio on August 31, 2010; Stock Buyback Model Portfolio on June 1, 2010; U.S. Compass 20 Model Portfolio on August 31, 2008; Euro Compass 20 Model Portfolio on June 30, 2011. With
respect to each Strategy, the performance relating to periods prior to the Strategys Inception Date is presented on a simulated basis using the buy/sell signals generated by applying the Strategy to historical data for the period
prior to such Inception Date. Furthermore, each Strategys performance returns for periods after the Inception Date do not reflect the results of actual trading using client assets because EquityCompass does not actively
manage client accounts. In determining the backtested results included in these materials, EquityCompass personnel used simulated analysis and hypothetical circumstances to estimate how a Strategy would have performed.
The results obtained from such simulations should not be considered indicative of actual results that would have been obtained by actively managed accounts using any such Strategy. The returns presented herein have not
been verified by an independent third party and, as such, have inherent limitations. As hypothetical performance, the returns were developed with the benefit of hindsight and, therefore, may not reflect the impact that any
material market or economic factors may have had on EquityCompass management of a Strategy. Alternative simulations, techniques, modeling or assumptions might produce significantly different results and prove to be
more appropriate. Actual results of any product managed using EquityCompass Strategies will vary, perhaps materially, from simulated returns presented herein. The results presented assume the reinvestment of dividends
and interest; however, some Strategy returns are presented on a gross of fees basis and, as such, do not reflect the impact of management or similar fees which are generally imposed on investments managed using the
strategy. The actual performance results of investments in such Strategies will be reduced by applicable management fees. For example, an account with a compounded annual return of 10% would have increased 61.1%
grossoffees over a period of 5 years; assuming an annual management fee of 0.75%, the netoffees increase for the account would be reduced to 55.6%. Investors in any product managed using this strategy should refer to
h d ff i i l h di l d f di i f h li bl f Th f d d l d i l d i l h b i d i i i h the products offering materials or other disclosure documents for a discussion of the applicable fees. The performance data presented also does not include transactional costs that may be imposed in connection with
purchasing any such product, all of which will have a detrimental impact on performance.
Index Descriptions: Each strategys returns are compared to an appropriate broad market index selected based on its size, as well as the similarity of its style and risk characteristics to the EquityCompass Strategy that it is
compared to. The MSCI Europe Index is a free floatadjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. The MSCI Europe Index
consists of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United
Kingdom. Foreign investments are subject to risks not ordinarily associated with domestic investments, such as currency, economic and political risks, and different accounting standards. The S&P 500 Index is a broad market
index that tracks the performance of 500 stocks from major industries of the U.S. economy. This index is generally considered representative of the U.S. large capitalization market. However, the volatility of an index may be p j y g y p g p , y y
materially different from the volatility of the model portfolios presented by the EquityCompass Strategies. All index returns are presented on a total return basis, and assume reinvestment of dividends, but do not reflect
management fees or transactional costs. Each index is unmanaged, and it is not possible to invest directly in the index.
EquityCompass Index Descriptions: ECV Indices (EquityCompass Valuation Indices) are quartile rankings of the relative valuation of the coverage universe. The rankings reflect a composite of valuation measures such as
price/earnings, price to cash flow, price to book value, sales multiple, and EBITDA multiple.
The EquityCompass ValueMomentum Model (PPS) identifies relative value and relative price direction. Stocks are scored from 1 to 9. PPS 1 is the most favorable (low valuation, positive longterm relative direction). PPS 9 is
the most unfavorable (high valuation, negative relative price direction).
TheEquityCompassMomentumModelisanequalweightedmeasureofstockswithpositive,neutral,ornegativestockpricemomentum relativetotheS&P500.
TheEquityCompassRedlineModelisameasureofstockswithgreatestevidenceofstockover/underreaction.RedlineLowarefavorable,RedlineHighareunfavorable.(contdnextpage)
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EquityCompassStrategies
1SouthStreet,16
th
Floor
Baltimore,MD21202
Phone:(443)2241231
Email:equitycompass@stifel.com
www.equitycompass.com
ImportantDisclosures(contd)
The EquityCompass Shareholder Value Index (SVI) is a quartile ranking of stocks based on relative value creation (sales and operating margin growth) shareholder value (growth in dividend long term debt shares outstanding) The EquityCompass Shareholder Value Index (SVI) is a quartile ranking of stocks based on relative value creation (sales and operating margin growth) shareholder value (growth in dividend, longterm debt, shares outstanding).
A is top quartile, D is lowest. For more information on the EquityCompass methodology please see our Model Guide.
Special Note for Stifel Research and Keefe, Bruyette and Woods (KBW) Research: The opinions expressed in this list are based on a hybrid combination of quantitative/technical (EquityCompass) and fundamental (Stifel Equity
Research, and KBW Equity Research) analyses. EquityCompass quantitative/technical ratings and opinions can and do differ from Stifel and/or KBW fundamental research opinions. Access to fundamental research is available
through Stifel, and/or KBW as appropriate. Stifel and KBW research analysts receive compensation that is based upon (among other factors) their respective companies overall investment banking revenues. Stifels investment
rating system is three tiered and KBWs investment rating system is three tiered, defined respectively below:
BUY Stifel expects this stock to outperform the S&P 500 by more than 10% over the next 12 months For higheryielding equities such as REITs and Utilities Stifel expects a total return in excess of 12% over the next 12 BUY Stifel expects this stock to outperform the S&P 500 by more than 10% over the next 12 months. For higheryielding equities such as REITs and Utilities, Stifel expects a total return in excess of 12% over the next 12
months.
HOLD Stifel expects this stock to perform within 10% (plus or minus) of the S&P 500 over the next 12 months. A Hold rating is also used for those higheryielding securities where Stifel is comfortable with the safety of
the dividend, but believes that upside in the share price is limited.
SELL Stifel expects this stock to underperform the S&P 500 by more than 10% over the next 12 months and believes the stock could decline in value.
Explanation of Ratings: KBW Research Department provides three core ratings: Outperform, Market Perform and Underperform, and three ancillary ratings: Suspended, Restricted, and Covered Not Rated. For purposes of
New York Stock Exchange Rule 472 and FINRA Rule 2711, Outperform is classified as a Buy, Market Perform is classified as a Hold, and Underperform is classified as a Sell. Suspended indicates that KBWs investment rating
and/or target price have been temporarily suspended due to applicable regulations and/or KBW policies. Restricted indicates that KBW is precluded from providing an investment rating or price target due to the firm's role in
connection with a merger or other strategic financial transaction. Covered Not Rated indicates that KBW is not providing an investment rating and/or price target due to the lack of publicly available information and/or its
inability to adequately quantify the publicly available information to sufficiently produce such metrics.
North American Stocks are rated based on an absolute rate of return (percentage price change plus dividend yield). Outperform represents a total rate of return of 15% or greater. Market Perform represents a total rate of
return in a range between 5% and +15%.Underperform represents a total rate of return at or below 5%.
k d b d h h i id i l i h l i d f h h i f d k h h i ( ) European Stocks are rated based on the share price upside to target price relative to the relevant sector index performance on a 12month horizon. Outperform rated stocks have a greater than 10 percentage point (pp)
relative performance versus the sector, Market Perform rated stocks between +10pp to 10pp relative performance versus the sector, and Underperform rated stocks a lower than 10pp relative performance versus the sector.
The 12month price target may be determined by the stocks fundamentally driven fair value and/or other factors (e.g., takeover premium or illiquidity discount).
For a copy of any applicable Research report please contact your Stifel representative. For a discussion of risks to target price please see Stifels and/or KBWs standalone company reports and notes for all BUYrated,
Outperform, or Market Perform stocks. For applicable current research disclosures applicable to the companies mentioned in this publication that are within Stifels coverage universe, please visit the Research Page at
www.stifel.com or write to the Stifel Research Department at Stifel, Nicolaus & Company, Incorporated., One South Street, Baltimore, MD 21202. For companies mentioned in this publication that are within KBWs coverage
universe, please visit the Research Page at www.kbw.com or write to the KBWs Research Department at Keefe, Bruyette and Woods, Inc., The Equitable Building, 787 Seventh Avenue, 4th Floor, New York, NY 10019. , p g p , y , , q g, , , ,
General Disclaimer on Performance Information: All performance results presented are done solely for educational and illustrative purposes and are not intended for trading, or to be considered investment advice. No
representation is made that any Strategy, model or model mix will achieve results similar to those shown in these materials. Performance prior to December 2005 reflects data from Legg Mason EquityCompass published by
Legg Mason Wood Walker, Incorporated, the prior owner of part of the Stifel, Nicolaus Capital Markets business, during the period of time that the research analysts covering those stocks were employed by Legg Mason Wood
Walker, Incorporated. Performance prior to July 2008 reflects data from Stifel, Nicolaus EquityCompass published by the Portfolio Strategy Group, part of the Stifel, Nicolaus Capital Markets business, during the period of time
that the research analysts covering those stocks were employed by Stifel, Nicolaus & Company, Incorporated. Choice Financial Partners does not manage actual client portfolios; rather, portfolios based on EquityCompass
Strategies are available exclusively through Stifel, Nicolaus & Company, Incorporated. Please refer to the Stifel, Nicolaus & Companys Wrap Program Disclosure Brochure for a more detailed discussion of the program
requirement including the fee schedules applicable to accounts managed using these Strategies PAST PERFORMANCE CANNOT AND SHOULD NOT BE VIEWED AS AN INDICATOR OF FUTURE PERFORMANCE requirement, including the fee schedules applicable to accounts managed using these Strategies. PAST PERFORMANCE CANNOT AND SHOULD NOT BE VIEWED AS AN INDICATOR OF FUTURE PERFORMANCE.
AdditionalInformationAvailableUponRequest
2013EquityCompassStrategies,501NorthBroadway,St.Louis,MO63102.Allrightsreserved.
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