#1SPYGLASS CAPITAL MANAGEMENT Investor Presentation Q3 2023 PERSONAL & CONFIDENTIAL. FOR INSTITUTIONAL CUSTOMERS OR INVESTORS ONLY. The information contained in this presentation may be privileged and confidential and protected from disclosure. If the reader of this presentation is not the intended recipient, or an employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in error, please notify us immediately.#210 Firm Overview As of September 30, 2023 Founded in 2015 Owner Operated 9 Employees $1.3 billion AUM San Francisco, California 100% Independently Owned 3 Investment Research / 6 Trading & Operations Aligned Interests - Invested alongside clients STRATEGIES CLIENT BASE 29% VEHICLES OOO 100% Spyglass Growth Strategy Institutional 99% Retail / Other 19% Mutual Fund UCITS Separate Account 52% 2#30 The Spyglass Team Collaborative approach to portfolio & risk management CIO has ultimate decision-making authority Investment Research Ruth R. Bryson Managing Director Denis R. Clohisy Senior Research Analyst James A. Robillard Founder & Chief Investment Officer Operations Patrick T. Higgins Chief Operating Officer & Head of Trading Jason K. Blatter Director of Operations & Trading Williams Trading Trading Partner John Zhang, CFA, CAIA, CIPM Chief Financial Officer & Chief Compliance Officer Shane Christiansen Director of Administration Client Relations Peter R. Kris Chief Client Officer XJ Liao, CFA Client Relations Associate Kroll, LLC Compliance Partner Dakota Marketing Partner Cowen Prime Services Trading Partner ACA Group Compliance Support Aravis Capital Marketing Partner HC Global Accounting Support#4100 Investment Philosophy 25 Stocks Value investors in rapidly-growing companies Idea Generation: Identify rapidly-growing companies in secular growth markets Original Research: Model business out five years to exploit market inefficiencies Present Value Calculation: Provides “margin of safety” based on expected business fundamentals Concentrated portfolio of what Spyglass believes are the best risk-adjusted investment ideas#5100 Investment Process Fundamentally-driven, independent, bottom-up research is our "Spyglass" Spyglass builds a 25-stock portfolio of our best risk-adjusted ideas Seven core investment criteria required for investment Broad growth stock universe • Leadership position in secular growth industry Inspiring management team proven track record • Sustainable competitive advantages Above-average long-term revenue growth Above-average long-term earnings growth Financially sound Initial screen 250 companies Deep-dive analysis 100 high-quality growth companies Spyglass Portfolio 25 companies • Attractive valuation#610 Portfolio Construction Portfolio diversified by company growth rates Bucket 3 Bucket 2 Bucket 1 +25% revenue growth rate will sometimes exceed earnings growth rates as the company invests in long-term growth which will eventually achieve scale 15-25% revenue and earnings growth with a balanced relationship between revenue growth and operating leverage 10-15% revenue growth, 12-17% earnings growth with earnings growing more rapidly than revenues Growth Rate +25% 15-25% 10-15% 1 2 3 9% 10.5% 12% Discount Rate 5% 4% 5.5% 7% Risk-Free Rate Equity Risk Premium#710 Portfolio Construction Approaching Present Value Phase 3 Discount to PV 0-15% Portfolio diversified by maturity of investment thesis Market broadly understands key variables of the thesis; however, full value of the opportunity has not been realized Phase 2 Discount to PV 15-30% Other investors are beginning to contemplate the variables Spyglass considers most important Phase 1 Discount to PV 30-50%+ Opportunity appears to be misunderstood by the broader market Further away from Present Value#8D Margin of Safety A Phase 3 Phase 2 Phase 1 How Spyglass views volatility - in the absence of a change in fundamentals Discounted PV Stock price above the PV line: Represents increased risk Stock Price www Discount to PV 3 0-15% Phase 2 15-30% 1 30-50%+ Stock price below the PV line: Represents increased opportunity Time "Margin of safety" is a principle of investing in which an investor only purchases securities when their market price is significantly below their intrinsic value. The margin of safety principle was popularized by Benjamin Graham and his followers, most notably Warren Buffett. Investors utilize both qualitative and quantitative factors, including firm management, governance, industry performance, assets and earnings, to determine a security's intrinsic value. The market price is then used as the point of comparison to calculate the margin of safety.#90 Portfolio Construction Portfolio Allocation Bucket 1 32% Bucket 2 32% As of September 30, 2023 Bucket 3 35% Phase 3 25% AMG Phase 2 47% TRANSDIGM GROUP INC. VAIL RESORTS® splunk> GoDaddy WILLSCOT Spotify five BELOW exact sciences PURESTORAGE NUTANIX lyn paloalto NETWORKS PROCORE Globale A APPLOVIN Roku MED PACE DATADOG Phase 1 27% Shift4 PAYMENTS API DOORDASH sweetgreen GROUP ascendis pharma affirm#1010 Portfolio Characteristics As of September 30, 2023 Profitable Companies (Positive 2023 EBITDA) Most Recently Reported Qtr Y/Y Sales Y/Y Earnings Sales surprise Ticker Wgt Company Name Growth Growth vs consensus EPS surprise vs consensus Spyglass Estimated Earnings Growth 2023 Spyglass Estimated Earnings Multiple Spyglass Est. 2023-2025 2024 2023 2024 Ann. Growth Rate NTNX 5.3% Nutanix Inc 28% 100% 4% 53% 100% 65% 35x 21x 17% SPLK 3.4% Splunk Inc 14% 100% 3% 100% 22% 26% 39x 31x 33% APP 5.8% AppLovin Corp -3% 100% 4% 100% 100% 18% 15x 13x 22% DASH 3.5% DoorDash Inc 33% 100% 4% 57% 100% 50% 36x 24x 49% FOUR 3.5% Shift4 Payments Inc 26% 100% 1% 40% 100% 45% 18x 13x 39% GLBE 3.3% Global-e Online Ltd 53% 89% 4% 13% 65% 62% 110x 68x 62% PANW 4.1% Palo Alto Networks Inc 26% 81% 0% 12% 49% 29% 46x 36x 30% DDOG 4.5% Datadog Inc 25% 50% 2% 27% 39% 40% 67x 48x 33% TDG 4.0% TransDigm Group Inc 25% 49% 4% 14% 40% 22% 32x 26x 18% WSC 4.9% WillScot Mobile Mini Holdings Corp 11% 34% 0% 5% 48% 43% 18x 13x 38% MEDP 3.0% Medpace Holdings Inc 31% 32% 6% 2% 53% 19% 31x 26x 21% MTN 2.9% Vail Resorts Inc 1% 24% -5% -3% 23% 15% 23x 20x 15% LYFT 2.9% Lyft Inc 3% 23% 0% N/A N/A 43% 25x 18x 47% FIVE 3.3% Five Below Inc 13% 14% 0% 1% 22% 20% 28x 23x 22% APG 2.9% API Group Corp 7% 11% 0% 3% 16% 34% 17x 13x 36% AMG 3.7% Affiliated Managers Group Inc -16% 10% -6% 5% -6% 15% 7x бх 15% PSTG 5.0% Pure Storage Inc 6% 6% 1% 24% 2% 14% 25x 22x 16% GDDY 4.2% GoDaddy Inc 3% 5% -1% -8% 2% 27% 12x 9x 23% 15% 57% 1% 26% 46% 33% 32x 23x 29% Unprofitable Self-Funding Companies Ticker Wgt Company Name Most Recently Reported Qtr Spyglass Estimated Spyglass Estimated Spyglass Est. Y/Y Sales Y/Y EPS Sales surprise EPS surprise Earnings Growth Earnings Multiple Growth Growth vs consensus vs consensus 2023 2024 2023 2024 2023-25 Ann. Growth Rate EXAS 2.7% 2.9% ASND 4.5% Ascendis Pharma A/S PCOR 3.9% AFRM 4.9% SG 100% 23% Procore Technologies Inc 33% 5% Affirm Holdings Inc 22% 10% Sweetgreen Inc 22% -2% Exact Sciences Corp 19% 4% SPOT 5.2% Spotify Technology SA 11% -1% ROKU 4.7% Roku Inc 11% 10% 38% 7% Spyglass Weighted Average 20% 57% Russell Midcap Growth Index 6% 13% Russell 2500 Growth Index 5% 7% S&P 500 Index 15% 6% 46% 33% 32x 23x 29% 2% 8% 27x 25x 11% -4% 18% 23x 19x -2% 12% 21x 19x 17% 12% Portfolio weightings are for a Spyglass representative portfolio as of September 30, 2023. Spyglass earnings growth rates and multiples are based on a combination of consensus estimates, adjusted free cash flow, and adjusted net income. Index Y/Y growth rates based on consensus estimates. Earnings growth is capped at 100% to best highlight portfolio averages and in instances of negative-to- positive changes in earnings. DoorDash, GoDaddy, and AppLovin Y/Y earnings growth based on free cash flow per share in lieu of EPS. Global-e Y/Y earnings growth based on adjusted EBITDA. The 2023-2025 Annualized Growth Rate is a Spyglass research estimate for the portfolio, and based on the Bloomberg Estimated Long-Term Growth (LTG) Earnings per Share (EPS), which is the estimated Compounded Annual Growth Rate (CAGR) of the operating EPS over a company's next full business cycle, for the Russell Midcap Growth Index, Russell 2500 Growth Index, and S&P 500 Index. No recommendation is made, positive or otherwise, regarding individual securities mentioned. The specific securities identified and described do not represent all the securities transacted for advisory clients, and the reader should not assume that investments in the securities identified were or will be profitable. 10#1130% 25% 20% 15% D Performance (Net-of-Fees Annualized) October 2015 - September 2023 24.14% 22.85% 9.88% 10% 5% 0% (1.48%) (5%) (5.22%) (6.84%) (10%) (15%) Q3 2023 YTD 5.62% 17.46% 1 Yr 10.59% (8.29%) 2.61% 2.78% 1.00% 3 Yr 6.97% 4.03% 5 Yr 10.50% 8.64% 9.04% ■Spyglass Growth Strategy Russell Midcap Growth Index Russell 2500 Growth Index Since Inception Q3 2023 YTD 1 Yr 3 Yr 5 Yr Since Inception Spyglass Growth Strategy (1.48%) 24.14% 22.85% (8.29%) 2.78% 8.64% Russell Midcap Growth Index (5.22%) 9.88% 17.46% 2.61% 6.97% 10.50% Russell 2500 Growth Index (6.84%) 5.62% 10.59% 1.00% 4.03% 9.04% Spyglass Growth Strategy net performance is a composite calculated in a GIPS compliant manner. Index returns are gross of fees. Past performance does not guarantee future results. There is no guarantee the Strategy will be successful. Spyglass Inception to Date: 10/01/2015. Russell Midcap Growth Index returns, and Russell 2500 Growth Index returns include the reinvestment of dividends. Data source: Bloomberg. 11#120 Spyglass Growth Fund NAV October 2015 - September 2023 Spyglass Growth Fund NAV from inception to September 30, 2023 *October 1, 2015 Taper Tantrum 2.0 Election Uncertainty -15 1507 -9.00 -8.00 Bear Market: COVID-19 Trade War & Rate Hikes - Inflation 7.00 - Historic rate hikes begin -6.00 - Russia invades Ukraine Mar Jun Sep Der Mar Jun Sep Dec Mar Jun Sep Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Mar Jun Sep Dec Mar Jun Sep 2015 2016 2017 2018 2019 2020 2021 2022 2023 The performance data quoted represents past performance for the Spyglass Growth Fund (SPYGX). Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. Source: Bloomberg. -5.00 12#13100% 10 Portfolio Companies Revenue Growth Spyglass Portfolio Companies Average Annualized Revenue Growth 2019-2023 Portfolio Average Annualized 80% Revenue Growth: 27.5% 60% 40% TRANSDIGM WILLSCOT GROUP INC. 20% ΑΡΙ 0% GROUP VAIL RESORTS GoDaddy Shift4 PAYMENTS AMG lyn splunk> 1 -20% BUCKET 1 Avg. Annualized Revenue Growth: 9.3% As of September 30, 2023 exact sciences PROCORE DATADOG ascendis five BELOW Roku A APPLOVIN pharma Spotify NUTANIX MEDPACE PURESTORAGE affirm Globale paloalto DOORDASH sweetgreen BUCKET 2 26.1% Spyglass portfolio companies' average annualized revenue growth rate from 2019 to 2023 by buckets and for the portfolio as of September 30, 2023. Source: Bloomberg. For illustrative purposes only. BUCKET 3 49.5% 13#1410 Portfolio Positioning & Contributors As of September 30, 2023 Top Contributors Q3 Average Weighting Q3 End Weighting Q3 Portfolio Contribution Bottom Contributors Q3 Average Q3 End Q3 Portfolio Weighting Weighting Contribution AppLovin Corporation 5.8% 5.8% 2.6% ZoomInfo Technologies Inc. 2.2% 0.0% (1.2%) Splunk Inc. 4.0% 3.4% 1.5% Exact Sciences Corp. 3.6% 2.9% (1.1%) Affirm Holdings, Inc. 4.1% 1.3% 4.9% Leslie's, Inc. 0.5% 0.0% (0.8%) Top Additions Company Percentage of Portfolio Company WillScot Mobile Mini Holdings Corp. +2.1% Sweetgreen, Inc. +1.7% Palo Alto Networks, Inc.. Splunk Inc. Five Below, Inc. +0.7% Pure Storage, Inc. Company Procore Technologies, Inc. Shift4 Payments, Inc. DoorDash, Inc. API Group Corporation Top Trims Percentage of Portfolio -2.3% -2.0% -1.5% Exited Positions Percentage of Portfolio 4.5% 4.2% 2.9% 1.8% New Positions Percentage of Portfolio Company 3.9% ZoomInfo Technologies Inc. 3.5% 3.4% Match Group, Inc. Leslie's, Inc. 2.9% Peloton Interactive, Inc. Portfolio weightings, return, and contribution figures provided by Bloomberg and are based on a Spyglass representative portfolio. New positions reflect position weightings as of September 30, 2023. Exited positions reflect position weightings as of June 30, 2023. Top three additions reflect net adds, and top three trims reflect net trims, for the quarter ending September 30, 2023. The attribution is from a Spyglass representative portfolio and represents the portfolio attribution for the quarter. No recommendation is made, positively or otherwise, regarding individual securities mentioned. Past performance does not guarantee future results. The holdings identified do not represent all the securities purchased or sold for advisory clients. To obtain (i) the methodology used to calculate the contribution of each security holding, and (ii) a list showing every holding's contribution to the overall account's performance during the above-referenced timeframe, please e-mail [email protected]. 14#1510 Portfolio Construction & Risk Management * 25 Stock Limit Portfolio Allocation Parameters Bucket 1 Bucket 2 Bucket 3 ~33% ~33% ~33% Phase 3 ~25% Position Limit: 7% Phase 2 ~50% Sector* Limit: 25% Phase 1 ~25% Legacy Bloomberg Industry Classification System (BICS) Level III classification (Industry Subgroup) Position sizes are driven by discount to risk-adjusted present value 15#1610 Portfolio Overview Portfolio Details Strategy Inception Date Number of Holdings Strategy AUM Active Share Portfolio Turnover (3-year) $ 1.3 billion October 1, 2015 25 Top 5 Holdings(3) AppLovin Corporation Nutanix, Inc. Spotify Technology S.A. 94.7% Pure Storage, Inc. 47.5% Affirm Holdings, Inc. Russell Russell Spyglass Characteristics (1) Midcap 2500 S&P Capital (3) Growth Growth 500 Weighted Market Cap (Billions) 15.9 24.6 5.8 630.7 Median Market Cap (Billions) 9.1 10.9 1.4 30.0 Number of Holdings 25 335 1,278 503 2023-25 Annualized Growth Rate 29% 11% 17% 12% 15 10 5 Portfolio Companies Grouped by Market Cap(3) <$6B $6-12B $12-18B $18B+ As of September 30, 2023 Weighting Portfolio Sector Weightings(2) Retail-Restaurants 2.74% Resorts/Theme Parks 2.86% Diagnostic Kits 2.91% Medical Labs&Testing Srv 2.99% Commercial Services 2.94% Retail-Misc/Diversified 3.29% Invest Mgmnt/Advis Serv 3.72% Aerospace/Defense 4.02% Internet Security 4.10% Web Hosting/Design 4.21% Medical-Drugs 4.46% Rental Auto / Equipment 4.87% Computers-Memory Devices 5.00% 5.8% 5.3% 5.2% 5.0% 4.9% Cash 0.99% Computer Software 13.20% Internet Content-Entmnt 9.91% Commercial Serv-Finance 8.39% Applications Software 7.23% E-Commerce / Services 6.31% Entertainment Software 5.83% (1) The 2023-2025 Annualized Growth Rate is a Spyglass research estimate for the portfolio, and based on the Bloomberg Estimated Long-Term Growth (LTG) Earnings per Share (EPS), which is the estimated Compounded Annual Growth Rate (CAGR) of the operating EPS over a company's next full business cycle, for the Russell Midcap Growth Index, Russell 2500 Growth Index, and S&P 500 Index. Market Cap and number of holdings sourced from FTSE Russell for the Russell Midcap Growth Index and Russell 2500 Growth Index, and S&P for the S&P 500 Index. (2) Portfolio sector weightings are determined by the Legacy Bloomberg Industry Classification System (BICS) Level III (Industry Subgroup). (3) Holdings, Characteristics and Market Cap information are based on a Spyglass representative portfolio. From time to time the number of holdings may deviate from 25 portfolio holdings due to trading activity. 16#17ד ESG Integration Spyglass Approach ESG factors are an integral part of the investment & risk mitigation process, particularly for small and mid-sized companies All research team members responsible for ESG Integration Original ESG Research Financial Materiality Focus (SASB Standards) ESG Company Assessment Report (Proprietary) ESG Scoring Model (Proprietary) Original research, including engaging with management teams, allows Spyglass to identify material risks and opportunities that may otherwise be overlooked, particularly for small and mid-sized companies. Spyglass evaluates companies on the financial materiality impact of ESG factors, improvements in sustainability initiatives, and stated ESG related objectives. Signatory of: PRI Principles for Responsible Investment isg® INVESTOR STEWARDSHIP GROUP SASB STANDARDS GLASS LEWIS 17#180 New Position: Procore Technologies, Inc. (PCOR) PROCORE Business Overview . Procore is a leading provider of construction management software -> Procore was founded in 2002 by Tooey Courtemanche, and the Company has become the industry standard for project management of large multi-family residential and commercial construction → Procore's unique pricing model charges on a percentage of construction volume which has led to mass adoption of its software with over 15,000 paying customers and over 500,000 collaborating companies - this also serves as fertile grounds for gaining new customers → Procore's dominance in project management software has paved the way for the Company to become a full construction software platform as it expands into quality management and financial management software specific to the construction industry Construction Industry is massive and has been one of the slowest industries to adopt technology Procore is targeting approximately $11 trillion in global construction volume which is estimated by McKinsey to grow to $15 trillion by 2030 The construction industry spends less than half of the total industry average at less than 2% of revenue on IT vs. industry average of 3.6%, according to Deloitte study → McKinsey estimates that, of the over $500 billion of construction rework a year, 52% is caused by poor data and miscommunication a clear area that Procore can help to improve - Procore has an attractive financial profile → Spyglass is expecting approximately $950 million of fiscal year 2023 revenue, representing a 38% CAGR since fiscal year 2018 → In the trailing 12-month period ended June 30, 2023, Procore reported 85% non-GAAP gross margins and approximately breakeven non-GAAP operating margins 18#19D New Position: Procore Technologies, Inc. (PCOR) Why Now? PROCORE With the stock flat since IPO, despite ~80% topline growth and a switch to positive operating and FCF margins. Spyglass saw the opportunity to take advantage of a near-monopoly in a class of misunderstood and overlooked technology IPOs from 2021. Track Annotate News Zoom 2 110 4 5 10 100 +90 66.21 +60 50 5M 201M 0.302M 3 5 June 2021: Procore IPOs at $67 per share. The Spyglass team participated in the roadshow and conducted due diligence around the opportunity September 2021: Procore gets caught up in post- COVID technology frenzy and multiple becomes unsustainable May - January 2022: Procore gets caught up in the software unwind and investors lose interest despite never missing a single quarter since IPO August 2023: Spyglass investment idea presented to the team and Spyglass makes initial purchase September 2023: Procore announces Procore Pay - combined with its other financial products, we think could prove to be as big as Procore's core products over time 3 40 Jun Sep Dec Mar Jun Dec Mar Jun 2021 2022 2023 Source: Bloomberg. 19#200 New Position: Procore Technologies, Inc. (PCOR) PROCORE Procore Meets Spyglass's Seven Core Investment Criteria • · Leadership position in secular growth industry →> Dominant vertical software player in construction market; low single-digit penetration in core project management software with proven ability to upsell / cross-sell new and adjacent software products within construction market Results-oriented, entrepreneurial management team with long-term focus and proven track record -> Procore's founder, Tooey Courtemanche, has been building the business for the last 20 years and is widely thought of as the technological leader within this vertical; the Company's CFO, Howard Fu, brings deep experience in running a multi-product business from his time at Salesforce Sustainable competitive advantage Near-monopoly within construction software with network effects as users beget new users given pricing model This user growth ultimately results in further differentiation with data moat that is unparalleled within construction and should position itself well with the emergence of generative Al technology Above-average long-term revenue growth Procore has grown at many times construction market growth since founding, and we think this will continue given the Company believes it is still in the early innings of market penetration → Spyglass estimates a CAGR of approximately 25% topline growth over the next five years Above-average long-term earnings growth Management has committed to an average of 3.5% margin expansion per year which will enable earning growth to far exceed revenue growth for years to come, as long as growth remains in the high 20s, and management had committed to increasing margins at substantially faster rates as topline growth slows Financially sound With $600 million of cash on the balance sheet and operating at FCF breakeven, we believe Procore is in a solid financial position Attractive valuation →> Procore currently trades at 7.7x 2024 sales, or 22x mature state FCF margins, for a company that should see growth in the high 20s/low 30s with material margin expansion vs. high-growth peers at 9.8x → Spyglass Base Case model suggests the potential for a 25% annual return over the next five years 20#2110 New Position: API Group Corp. (APG) API Business Overview GROUP . API Group (APG) is the leading business service provider of safety and specialty services worldwide Founded in 1926, APG operates the largest fire safety business in the world . APG estimates US Fire Safety Industry expected to reach $18 billion in 2025, while growing at a 9% CAGR Customers buy APG's services because of government regulation and safety concerns Attractive Industry Characteristics → Recession resistant Demand is largely inelastic with pricing Recurring mandatory inspections and contractual obligations with a transparent view of backlog Limited CapEx enables an aggressive M&A strategy → APG has completed over 90 acquisitions since 2005 with an average EBITDA multiple of 4-7x → Inspection sales team enables significant margin expansion post-acquisition Organic growth is driven by increased regulatory standards and pricing power Go-to-market strategy: Sell inspection first which brings $3-4 in service revenue for every $1 of inspection revenue, creating a stickier client relationship with recurring revenue and higher margins 10-year track record of high single digit organic growth led by inspection volume growth and pricing power "Being in businesses that are mandatorily required services, it's a great place to be" - API Group Chairman, Martin Franklin 21#220 New Position: API Group Corp. (APG) Why API Group? Why Now? API Group is an exceptionally high-quality business trading at a highly attractive valuation. 3 30.00 -28.00 5 APi GROUP 26.00 25.65 24.00 22.00 18.00 16.00 14.00 3 5 Q4 2022: The Spyglass team begins following APi Group after the Company's 2022 Investor Day Conference May 2023: API Group posts strong Q1 2023 results June 2023: API Group investment idea is presented to the Spyglass team June 2023: Spyglass meets with management team and builds conviction in thesis July 2023: An international competitor is rumored to be selling its inspection business for ~50% premium to APG's valuation August 2023: Spyglass meets again with the Company and makes initial investment at ~10x forward EBITDA 2 20.00 мили 1 12.00 Mar Jun Sep Dec Mar Jun Sep 2023 2022 Source: Bloomberg. 22#230 New Position: API Group Corp. (APG) API Precedent Transactions . GROUP Fire safety is a popular industry with private equity because of resilient revenue and margins → Private company takeout multiples in the mid-teens to low twenties even in a higher interest rate environment Average & median EBITDA multiple of 16x - → Pye-Barker: 23x for majority investment → Pure-play fire protection, life safety, and security services provider Date January-2022 December-2021 December-2021 Acquirer Target EV/EBITDA Summit Companies Pye-Barker Fire & Safety Fire & Life Safety America Mountain Alarm Fire & Security ~13.0x ~14.0x December-2021 Harvest Partners/Leonard Green & Partners Convergint Securitas ~22.0x STANLEY Security ~16.0x November-2021 Carlyle Sciens Building Solutions *19.0x September-2021 BlackRock Summit Companies ~17.0x July-2021 June-2021 Levine Leichtman Capital Partners Altas Encore Fire Protection ~17.0x Pye-Barker Fire & Safety ~23.0x March-2021 March-2021 TruArc Partners HGGC November-2019 Leonard Green & Partners December-2018 ADT Al Fire *14.0x Marmic Fire & Safety ~15.0x Pye-Barker Fire & Safety ~17.0x Red Hawk Fire & Security ~11.0x June-2018 Securitas Kratos Defense & Security Solutions ~17.0x February-2018 Source: Bloomberg. Ares Management Corporation Convergint ~15.0x 23#240 New Position: API Group Corp. (APG) API APi Group Meets Spyglass's Seven Core Investment Criteria • ⚫ Leadership position in secular growth industry · · • • GROUP Extremely Resilient: Customers buy APG services because of government regulation and safety concerns → US Fire Safety Industry worth more than $17 billion and growing due to increased regulatory standards → Global, market-leading business services provider of life safety, security and specialty services with a substantial recurring revenue base Results-oriented, entrepreneurial management team with long-term focus and proven track record → Russ Becker joined APG in 1995 and became CEO in 2004, he has successfully navigated the business through multiple market cycles and 90 M&A acquisitions → Chairman Martin Franklin has a proven track record of exceptional returns as CEO and Chairman of Jarden → 15-year 32% IRR, over 5,000% TSR at previous company → Invested $200 million of his own wealth into API Group as permanent capital Sustainable competitive advantage Scaled player in Fragmented industry: API Group is significantly larger than its closest competitor → Inspection sales force enables continued share gains Above-average long-term revenue growth → 7% organic revenue growth since 2011 Above-average long-term earnings growth → Visibility to consistently increasing margins with inspection-led sales team ⚫ Financially sound • → Ability to redeploy billions in capital via M&A and buybacks over the next 3-5 years Attractive valuation Visibility to over 20% FCF yield over our investment timeframe → Initial purchase price of less than 10x forward EBITDA vs. peers trading 15-20x EBITDA → Spyglass Base Case model suggests the potential for a 30% or greater annual return over the next five years 24#250 New Position: DoorDash, Inc. (DASH) Business Overview DOORDASH With a mission to grow and empower local economies, DoorDash has established itself as the dominant food delivery platform in the US → By providing logistics, technology, and other services, DoorDash enables local merchants to sell online while addressing consumer expectations of ease and immediacy → Approximately $600 billion is spent annually at US restaurants, of which roughly 15% is delivery → DoorDash currently has about 65% market share of US food delivery and continues to take share Best-in-class customer cohorts give DoorDash an opportunity to win additional verticals over time → The average DashPass user is ordering from DoorDash seven to eight times per month, users who have been on the platform for more than three-and-a-half years are ordering over ten times per month →> -> For comparison, the average Amazon Prime member orders two to four times per month It has taken six years for DoorDash to grow from $3 billion to $60 billion in Gross Order Value →>> For comparison, Amazon grew from $3 billion in net sales to $60 billion in net sales from 2001 to 2012 Given the size of the “local commerce" opportunity, DoorDash is re-investing the profits of its US restaurant business into new verticals → Best-in-class order frequency gives DoorDash an opportunity to win additional verticals over time → Third-party data suggests DoorDash is taking share in international food delivery and US grocery delivery → Large verticals (such as grocery, convenience, and retail) amounts to a combined $2 trillion opportunity 25#260 New Position: DoorDash, Inc. (DASH) America's Dominant Delivery Platform US Category Share Based on Total Sales 2018: DoorDash 17% . 2020: DoorDash 50% • 2023: DoorDash 65% National Market Share 23% 2% 1% 9% DoorDash Total Gross Order Volume 2018: $3 billion $70 $60 $50 $40 • 2020: $25 billion DOORDASH • 2023: $64-65 billion (expected) Gross Order Volume ($ Billions) $30 65% $20 $10 ■Doordash ■ Uber Eats ■ Grubhub ■ Postmates ■ Other $0 2018 2019 2020 2021 2022 2023 Source: Company Filings, Statista and Yipit data 26#270 New Position: DoorDash, Inc. (DASH) Why DoorDash? Why Now? DOORDASH DoorDash is a clear market-leading internet platform with a long runway to compound growth. Spyglass believes the market is underestimating the earnings power of the business. 2 3 250 200 150 100 50 3 5 Q4 2020: The Spyglass team begins following DoorDash shortly after its IPO April 2022: DoorDash is officially added to the Spyglass interest list Q1 2023: Spyglass team listens to the DoorDash presentation at the Morgan Stanley technology conference May 2023: DoorDash grows EBITDA over 200% year-over-year in Q1 2023, investment idea is presented to the Spyglass team Q3 2023: DoorDash announces 37% quarter-over- quarter EBITDA growth in Q2 2023, Spyglass meets with the Company and makes initial investment 5 77.93 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar 06/16/21 2022 Jun 2023 Sep Source: Bloomberg. 27#280 New Position: DoorDash, Inc. (DASH) DoorDash Meets Spyglass's Seven Core Investment Criteria • Leadership position in secular growth industry DOORDASH • • • Americans spend $600 billion annually at restaurants, and food delivery continues to take share of total spend → DoorDash is the clear leader in US Food Delivery with more than 60% market share Results-oriented, entrepreneurial management team with long-term focus and proven track record → Tony Xu started the business in 2013 and remains CEO today Sustainable competitive advantage Supply and demand network effects → Best-in-class customer retention and order frequency Above-average long-term revenue growth Revenue has grown from approximately $290 million in 2018 to an estimated $8.4 billion in 2023 Given scale of opportunity, Spyglass estimates durable double-digit topline growth Above-average long-term earnings growth → Spyglass estimates incremental EBITDA margins of over 30%, providing a long runway for significant margin expansion Financially sound → DoorDash has $3.8 billion in cash on the balance sheet (no debt) and generates positive free cash flow Attractive valuation → Spyglass Base Case model suggests the potential for a 20% or greater annual return over the next five years 28#290 New Position: Shift4 Payments, Inc. (FOUR) SHIFT④ Business Overview Shift4 is a leading provider of payment processing solutions in the US focused on serving merchants operating in complex commerce environments → The Shift4 payment platform integrates with over 500 different software solutions making it easy for merchants to have a single payment integration while using many different softwares to run their business Due to Shift4's wide array of software integration solutions, they can serve a diverse set of customers in a wide variety of end-markets Given the flexibility of Shift4's software integration solutions, they are the provider of choice for merchants operating in complex merchant environments Hotels: Hilton, Hyatt, Caesar's Palace, Virgin Hotels Restaurants: Applebee's, TGI Friday's, Outback Steakhouse, Cold Stone Creamery Theme Parks: Six Flags, Disney Non-Profits: American Cancer Society, St. Jude's Tech Verticals: SpaceX, Fanatics Ticketing: Ticketmaster, SeatGeek Stadiums: 150+ in total (recent wins: St. Louis Blues, Toronto Blue Jays, Texas Rangers, Carolina Panthers) Spyglass is well aligned with management and the Company has a history of prudent capital allocation → CEO and Founder Jared Isaacman owns more than 30% of the shares outstanding Shift4 has an exceptional growth profile while trading at an attractive valuation → End-to-end payment volume has grown from $24 billion in 2020 to an estimated $110 billion in 2023 Adjusted EBITDA has grown from $88 million in 2020 to an estimated $450 million in 2023 → Shift4 operates a capital-light "take-rate" business that requires limited capital to operate → Shares of Shift4 were trading at an 10% FCF yield looking out to Spyglass internal 2025 estimates 29#300 New Position: Shift4 Payments, Inc. (FOUR) Why Shift4? Why Now? SHIFT④ Shift4 is a misunderstood growth story with a proven history of excellent capital allocation. Track Annotate News Zoom 100 Q4 2021: The Spyglass team listens to the Shift4 analyst day presentation -90 December 2022: Shift4 investment idea presented to the Spyglass team 80 70 -60 54.94 5 50 2 2020 2021 2022 2023 Source: Bloomberg. 40 30 20 5 Q1 2023: Shares of Shift4 trade above $70, and Spyglass meets with the Company after Q4 2022 earnings and develops valuation framework for potential investment Q3 2023: Payment names experience material sell-off across the board, Spyglass meets with the Company at an industry conference September 2023: After final due diligence and a meeting with the management team, Spyglass makes initial investment 30#310 New Position: Shift4 Payments, Inc. (FOUR) SHIFT④ Shift4 Meets Spyglass's Seven Core Investment Criteria • • Leadership position in secular growth industry → Shift4 is a leading provider of end-to-end payment solutions with market share across hotels, restaurants, and stadiums Results-oriented, entrepreneurial management team with long-term focus and proven track record → Shift4 is led by its CEO and Founder, Jared Isaacman, who started the business at the age of 16 → Jared is the Company's largest shareholder and owns more than 30% of the shares outstanding Sustainable competitive advantage → By integrating with a large variety of software solutions, Shift4 is able to position itself as the payment solution of choice for complex merchant environments Above-average long-term revenue growth Net revenue grew from $253 million in 2018 to $728 million in 2022 • Above-average long-term earnings growth • Adjusted EBITDA margins are over 40% and margins continue to move higher Financially sound Shift4 has $705 million in cash on its balance sheet and $1.7 billion of debt with an average cost of debt of 1.35% → Shift4 is FCF positive Attractive valuation → Spyglass Base Case model suggests the potential for a 20% or greater annual return over the next five years 31#32Appendix#33100% 75% 50% 25% 0% 0 Spyglass Earnings Batting Average % of Spyglass Portfolio Companies that Met or Exceeded Consensus 2018 Q1 2018 Q2 2018 Q3 2018 Q4 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2020 Q1 Spyglass Average Revenue: 80% EPS: 74% 2020 Q2 2020 Q3 2020 Q4 Revenue 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 EPS Percentage of Spyglass portfolio companies that had a neutral or positive revenue surprise vs. consensus estimates, and percentage of profitable Spyglass portfolio companies that had a neutral or positive EPS surprise vs. consensus estimates, over each reported quarter indicated. Source: Spyglass. 33 - 2018 Q1 2023 Q3#340 Spyglass Rolling Performance 1yr, 3yr & 5yr Spyglass Mid-Cap Growth Composite Net Performance vs. Russell Midcap Growth Index Rolling 1-year Relative Performance As of September 30, 2023 2016 2017 2018 2019 2020 2021 2022 2023 Rolling 3-year Relative Performance (Annualized) 2018 2019 2020 2021 2022 2023 Rolling 5-year Relative Performance (Annualized) 2020 2021 2022 2023 1-year 3-year 5-year Spyglass Outperformance Periods Spyglass Underperformance Periods Periods of Outperformance (%) Avg Ann. Relative Performance (bps) 50 39 21 35 22 16 59% 64% 57% +158 +272 +244 The chart above compares the Spyglass Mid-Cap Growth Composite net-of-fees performance vs. the Russell Midcap Growth Index on a rolling 1-year, 3-year and 5-year basis from the Firm's inception on October 1, 2015 to September 30, 2023 using monthly increments. Blue indicates the Spyglass Mid-Cap Growth Composite outperformed the Russell Midcap Growth Index, net-of-fees, for the 1- year, 3-year or 5-year period ended during the applicable month. Orange indicates the Spyglass Mid-Cap Growth Composite underperformed the Russell Midcap Growth Index, net-of-fees, for the 1- year, 3-year or 5-year period ended during the applicable month. The chart does not represent monthly outperformance or underperformance. Past performance does not guarantee future results. Net returns are calculated after the deduction of actual trading expenses. Index returns are gross-of-fees. Trading expenses comprise trading commissions. This information is supplemental to Spyglass's GIPS Report which is available as part of the Spyglass Investor Presentation. 34#3530% 40% 50% 60% 70% 0 Spyglass vs. Market Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 S&P 500 65 Day Correlation Source: Strategas, Spyglass. For informational purposes only. Spyglass Net Performance vs. S&P 500 Internal Correlation Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Spyglass (growth of $10,000 invested on June 1, 2020) Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 $5,000 35 June 2020-September 2023 $20,000 $15,000 $10,000#36ד $100,000 $50,000 $0 -$50,000 -$100,000 -$150,000 -$200,000 -$250,000 A Tale of Two Headwinds Value vs. Growth US Cumulative Net Fund Flows $ millions $100,000 $50,000 $0 -$50,000 Large vs. SMID Q2 2020-Q2 2023 -$300,000 -$100,000 2020 Q2 2020 Q3 2020 Q4 2021 Q1 -$150,000 2021 Q2 2021 Q3 2021 Q4 Value Growth 2022 Q1 2022 Q2 Source: Morningstar. SMID includes small and mid-cap categories of funds as defined by Morningstar. For informational purposes only. -$200,000 2022 Q3 2022 Q4 -$250,000 2023 Q1 2023 Q2 -$300,000 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 2021 Q3 2021 Q4 Large SMID 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 36#370 Where has all the money gone? YTD in/(out)flows ($ billions) $1.200 Mutual fund and ETF in/(out)flows YTD $1,000 ($ billions) $1,000 $800 $600 $400 $200 $0 ($200) ($17) US equity ($14 tn) $236 $95 Non-US equity ($7 tn) Bonds ($9 tn) Source: Goldman Sachs Investment Research, EPFR. For informational purposes only. Money markets ($7 tn) As of September 8, 2023 37#38100 Large vs. SMID Performance +25% +20% +15% +10% +5% 0% -5% As of September 30, 2023 Worst 3-year stretch of underperformance for SMID vs. Large Cap in 20+ years Russell 2000 Index vs. S&P 500 Index -10% -15% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 +25% +20% +15% +10% +5% 0% -5% -10% -15% Russell Midcap Growth Index vs. S&P 500 Index ייו 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Past performance does not guarantee future results. Source: Bloomberg. YTD 2023 38#390 Performance and Other Disclosures Mid-Cap Growth Composite Date Range: 10/1/2015 - 12/31/2022 Report Currency: USD Composite Returns Index Returns 3-year Annualized Standard Deviation Dispersion Assets Period Total Gross Total Net Primary Secondary Composite Return AWR Return AWR Primary Index Secondary Index Internal Asset Wtd. # of Portfolios Composite Firm Assets (mm USD) (mm USD) 2022 -46.85% -47.40% -26.71% -26.22% 28.63% 24.52% 25.18% 0.42% 79 1,252.17 1,254.07 2021 -5.48% -6.42% 12.72% 5.03% 25.38% 20.19% 21.97% 0.64% 106 3,805.72 3,808.45 2020 63.69% 62.13% 35.59% 40.46% 26.01% 21.45% 23.93% 0.69% 86 3,248.72 3,297.16 2019 37.63% 36.30% 35.47% 32.63% 18.22% 13.88% 15.85% 0.74% 58 761.05 773.93 2018 11.55% 10.46% -4.76% -7.49% 18.83% 12.82% 15.33% n.m. 30 104.10 119.68 2017 48.02% 46.60% 25.26% 24.44% <3 years < 3 years < 3 years n.m. < 5 accts 16.36 16.36 2016 -14.43% -15.29% 7.30% 9.70% 20151 5.06% 4.80% 4.12% 3.81% < 3 years < 3 years <3 years <3 years <3 years <3 years n.m. ≤ 5 accts 9.04 9.04 n.m. ≤ 5 accts 8.48 8.48 1 Represents performance from 10/1/2015 through 12/31/2015 Primary Index: Russell Midcap Growth Index Secondary Index: Russell 2500 Growth Index GIPS Compliance and Verification Status. Spyglass Capital Management, LLC (Spyglass) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Spyglass has been independently verified solely for the periods October 1, 2015 to December 31, 2022. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. Policies for valuing portfolios, calculating performance, GIPS Reports and a listing of composite descriptions are available upon request. Firm Information. Spyglass is an investment advisor registered with the US Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. Composite Description. The Mid-Cap Growth Composite contains all fee-paying, discretionary accounts that are managed according to Spyglass's singular core strategy. The Mid-Cap Growth Strategy invests primarily in U.S exchange traded equity securities in the mid-capitalization classification ($2 billion - $12 billion) and seeks long-term capital appreciation while incurring a low risk of permanent capital loss. The strategy uses a concentrated and low turnover investment approach, and seeks to identify and invest in high-quality growth-oriented companies trading at discounts to Spyglass's assessment of their intrinsic value. Spyglass has determined the most appropriate benchmark for the composite is the Russell Midcap Growth Index. The Mid-Cap Growth Composite was created in 2018; its inception date is October 1, 2015. From October 1, 2015 to December 29, 2017, the composite is composed solely of an equity partnership fund. Spyglass' managing member and CIO served as portfolio manager for this fund. From December 29, 2017 to April 30, 2018, the composite is composed solely of the successor equity mutual fund subsequent to the tax-free exchange of the partnership fund to the equity mutual fund. Subsequent to April 30, 2018, the composite also comprehends all discretionary separately managed accounts resident for the entire period of presentation. The strategy and portfolio manager for the term of the composite were the same. For periods after May 1, 2018, the composite is composed of the mutual fund, its predecessor partnership and separate accounts. Currently, the assets in the mutual fund comprise a significant majority of the composite's assets. Fee Schedule. Spyglass' proforma annual asset-based management fee schedule is 1%. Gross performance results do not reflect the deduction of Spyglass' investment advisory fee which lowers a client's total return. Gross of fees returns are calculated gross of management, fund administration, and custodial fees and net of transaction costs. Net of fees returns are calculated by deducting the monthly-equivalent amount of Spyglass' highest applicable annual management fee of 1.00% ("Model Net Fee"), as described in the firm's Form ADV, Part 2A from the monthly composite gross return. Reference Index Disclosure. The Russell Midcap Growth Index measures the performance of the mid-capitalization growth sector of the US equity market. It is a subset of the Russell Midcap Index. The Russell 2500 Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It is a subset of the Russell 2500 Index. Both indices are market-value weighted. Index figures reflect the reinvestment of dividends. Index figures do not reflect deductions for any fees, expenses, or taxes. Investors cannot invest directly in an index. Spyglass has licensed the right to present the Russell data. Other. All returns presented in the table (including the reference index) include the reinvestment of dividends. Valuations are computed and performance is reported in USD. 39#400 Spyglass as a SMID allocation Median Market Cap ($mm) $18.0 $16.0 $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 Spyglass vs. Russell Indices Spyglass $2.0 Russell 2500 Growth Russell 2000 Growth $0.0 $1 Russell Midcap Growth As of September 30, 2023 Russell 1000 Growth $10 $100 $1,000 Weighted Average Market Cap ($mm, log scale) Source: FTSE Russell, Spyglass. For informational purposes only. 40#410 The Spyglass Edge Why does Spyglass's patience and long-time horizon give it an edge? Spyglass is focused on where companies will be in three-to-five years while many market participants are focused on three-to-five quarters. Average Number of Sell-Side Analyst Estimates 20 15 10 5 18 0 2023 EPS 18 2024 EPS 14 6 2025 EPS 2026 EPS 3 2027 EPS Source: Bloomberg as of October 2, 2023 Methodology: These numbers represent the average number of sell-side estimates per company in the Spyglass portfolio for a given year Note: Spyglass Representative Account constituents as of September 30, 2023 41#420 Portfolio Characteristics As of September 30, 2023 Cash 2023 2024 2025 2023-25 EBITDA + Cash Balance EBITDA EBITDA EBITDA EBITDA ASCENDIS PHARMA A/S - ADR SWEETGREEN INC - CLASS A ASND $394 ($477) ($449) ($281) ($1,206) ($811) SG $280 ($7) $12 $27 $32 $313 PROCORE TECHNOLOGIES INC PCOR $313 $16 $51 $125 $192 $504 GLOBAL-E ONLINE LTD GLBE $206 $90 $132 $191 $413 $619 AFFIRM HOLDINGS INC AFRM $892 ($540) $194 $423 $76 $968 MEDPACE HOLDINGS INC MEDP $39 $353 $404 $462 $1,219 $1,258 EXACT SCIENCES CORP EXAS $604 $180 $320 $472 $972 $1,576 LYFT INC-A LYFT $638 $195 $309 $447 $951 $1,590 NUTANIX INC - A NTNX $513 $256 $369 $537 $1,161 $1,674 ROKU INC ROKU $1,755 ($175) $61 $255 $140 $1,896 DATADOG INC - CLASS A DDOG $291 $439 $549 $783 $1,772 $2,064 FIVE BELOW FIVE $335 $499 $593 $771 $1,863 $2,198 SHIFT4 PAYMENTS INC-CLASS A FOUR $649 $447 $566 $690 $1,703 $2,352 PURE STORAGE INC-CLASS A PSTG $409 $575 $703 $831 $2,109 $2,518 API GROUP CORP APG $368 $777 $876 $980 $2,632 $3,000 SPOTIFY TECHNOLOGY SA SPOT $2,550 ($202) $349 $717 $865 $3,415 VAIL RESORTS INC MTN $563 $855 $977 $1,024 $2,856 $3,419 WILLSCOT MOBILE MINI HOLDING WSC $8 $1,053 $1,174 $1,264 $3,490 $3,498 AFFILIATED MANAGERS GROUP AMG $786 $895 $904 $953 $2,753 $3,538 GODADDY INC CLASS A GDDY $583 $1,072 $1,223 $1,365 $3,660 $4,243 SPLUNK INC SPLK $1,523 $960 $1,066 $1,358 $3,383 $4,907 APPLOVIN CORP-CLASS A APP $876 $1,333 $1,576 $1,739 $4,648 $5,524 DOORDASH INC - A DASH $1,904 $993 $1,363 $1,883 $4,239 $6,143 PALO ALTO NETWORKS INC PANW $1,135 $1,860 $2,639 $3,266 $7,765 $8,900 TRANSDIGM GROUP INC TDG $3,071 $3,516 $3,917 $4,135 $11,568 $14,639 Source: Bloomberg 42#430 Megatrends Aging Ticker Population Cloud Cyber- Fintech All Computing security E-commerce Revolution AFRM ✓ ✓ ✓ AMG ✓ APG APP ✓ ASND DASH ✓ ✓ DDOG ✓ ✓ ✓ EXAS ✓ FIVE ✓ FOUR ✓ ✓ GDDY ✓ GLBE ✓ ✓ LYFT ✓ ✓ MEDP MTN ✓ ✓ NTNX ✓ ✓ PANW ✓ ✓ ✓ PCOR ✓ ✓ PTSG ✓ ✓ ROKU ✓ SG SPLK ✓ ✓ SPOT ✓ As of September 30, 2023 Spyglass Portfolio -- Megatrends Sharing Streaming Health & Medical Synthethic Transportation Ubiquitous Gaming Genomics Wellness Technology Mobile Robotics Economy Entertainment Sustainability Biology Revolution Connectivity ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ TDG ✓ WSC ✓ ✓ Total 5 15 8 3 T 3 2 2 3 3 11 2 3 2 2 1 4 9 43#44ד ESG Portfolio Summary As of September 30, 2023 MSCI S&P ISS Robecosam "E", "S", "G" Competitiv Industry Average e Score Score ESG Report ESG Progress Total Stbly ISS Qualityscore Rating Rank AFFIRM HOLDINGS INC AFRM 5 5 4 Y Y N.S. 38.0 9.0 AFFILIATED MANAGERS GROUP AMG 5 5 4 Y Y N.S. 84.0 1.0 API GROUP CORP APG 5 5 5 Y Y N.S. 12.0 6.0 APPLOVIN CO-CL A APP 5 ASCENDIS PHARMA A/S - ADR ASND 5 DOORDASH INC DASH 5 555 4 Y Y N.S. 40.0 9.0 5 Y Y N.S. 60.0 NA 5 Y Y BBB 49.0 8.0 DATADOG INC DDOG 5 5 4 Y Y A 37.0 9.0 EXACT SCIENCES CORP EXAS 5 5 3 Y Y A 93.0 3.0 FIVE BELOW FIVE 5 5 3 Y Y N.S. 43.0 4.0 SHIFT4 PAYMENTS INC FOUR 5 4 4 Y Y N.S. 23.0 10.0 GODADDY INC - CLASS A GDDY 5 5 3 Y Y A 84.0 1.0 GLOBAL-E ONLINE LTD GLBE 4 4 4 Y Y N.S. 18.0 NA LYFT INC-A LYFT 5 5 3 Y Y N.S. 28.0 10.0 MEDPACE HOLDINGS INC MEDP 4 5 4 Y Y N.S. 47.0 7.0 VAIL RESORTS INC MTN 5 5 3 Y Y AA 65.0 2.0 NUTANIX INC - A NTNX 5 5 4 Y Y N.S. 60.0 5.0 PALO ALTO NETWORKS INC PANW 5 5 4 Y Y AA 94.0 8.0 PROCORE TECHNOLOGIES INC PCOR 5 5 5 Y Y N.S. 44.0 8.0 PURE STORAGE INC PTSG 5 5 3 Y Y N.S. NA NA ROKU INC ROKU 1 SWEETGREEN INC SG 5 15 3 Y Y BB 55.0 10.0 3 Y Y N.S. NA 9.0 SPLUNK INC SPLK 5 5 3 Y Y AA 82.0 6.0 SPOTIFY TECHNOLOGY SA SPOT 5 5 4 Y Y N.S. 73.0 7.0 TRANSDIGM GROUP INC TDG 5 5 2 Y Y BB 45.0 10.0 WILLSCOT MOBILE MINI WSC 5 5 3 Y Y N.S. 47.0 2.0 Average 4.7 4.8 3.7 53.1 6.5 Source for MSCI, S&P, and ISS scores: Bloomberg. Spyglass MSCI S&P ISS 5 = Best AAA = Best 100 = Best 1 = Best N.S. no score currently available as of September 30, 2023 44#450 Spyglass ESG Scoring Methodology The purpose of the Spyglass ESG Scoring Methodology is to generally inform the Spyglass research and investment process. Developing a scoring methodology allows Spyglass to gauge what policies, reports, disclosures, efforts and goals a company may have and is acting upon. Spyglass scores Environmental, Social and Governance (ESG) criteria individually on a scale from 1 to 5, with 5 representing the "best" score. This scoring approach allows Spyglass to develop an initial opinion about the target company through fundamental bottom-up research on a company's ESG efforts and, importantly, track the progress a company is making toward achieving its ESG goals. As such, Spyglass uses this proprietary scoring methodology to initially assess a company, as well as part of the ongoing evaluation of the company. This scoring approach is not intended to be a precise science based on specific factors or criteria, but rather a tool to provide proprietary insight on companies the Spyglass Team researches and invests. Please note, ESG is only one of the many criteria Spyglass uses when analyzing a company. Spyglass does not believe there is a consistent, effective or accurate ESG evaluation method that can be automated, particularly for small to mid-size companies. Spyglass views the scores provided by the major ESG rating services (MSCI, ISS and S&P) simply as contextual. Spyglass scores tend to differ from these services scores, often dramatically. Score 5 Scoring Methodology Methodology Company is making a clear, thoughtful, and inspiring effort regarding ESG initiatives and has specific goals on how they expect to improve the program moving forward. The company also provides strong disclosures and a sustainability or impact report. Company provides clear ESG disclosures. However, the company does not provide a sustainability or impact report, and/or lacks future intentions for the program. 4 3 Company makes limited ESG disclosures and provides limited detail around impact of the program to date. 2 Company makes a limited effort regarding ESG, but has committed to prioritizing ESG going forward. 1 Company is not actively pursuing ESG initiatives, but has communicated the intent to pursue ESG going forward. Company makes no effort regarding ESG and has no intentions to pursue ESG initiatives, and/or is involved in a prohibited business activity as defined in the Spyglass ESG Policy Statement. 45#46Disclosures Spyglass Capital Management, LLC ("Spyglass" or the "Advisor") is an investment advisor registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended. No Offer or Solicitation. The information herein is for informational purposes only and is not an offer to sell or the solicitation of any offer to buy securities. The document provides general background information on Spyglass and the fund and portfolios that it manages. Any offer will be made only through the prospectus and statement of additional information or investment management agreement (collectively "offering materials") which generally is available only to institutional accredited investors. All the information provided herein is subject to and qualified in its entirety by reference to the terms and conditions described in the offering materials. You should also review Spyglass's Form ADV, which is available on request and located at https://adviserinfo.sec.gov/. Before investing, you should carefully and thoroughly review the offering materials with your financial, legal and tax advisors to determine whether an investment is suitable for you. The information contained herein is presented for informational purposes to highlight certain portfolio characteristics as of the date presented. This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. Recipients should not rely on this material in making any future investment decision, prospective investors are encouraged to contact Spyglass and always consult with their professional advisor of their choosing. Certain information has been obtained from third-party sources which Spyglass believes to be accurate as of the date presented. The information included herein may not be current and the Spyglass has no obligation to provide any updates or changes. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained herein. Certain information contained in these materials has been obtained from published and non-published sources prepared by third parties, which, in certain cases, have not been updated through the date hereof. While such information is believed to be reliable, Spyglass has not independently verified such information, nor does it assume any responsibility for the accuracy or completeness of such information. Except as otherwise indicated herein, the information, opinions and estimates provided in this presentation are based on matters and information as they exist as of the date these materials have been prepared and not as of any future date and will not be updated or otherwise revised to reflect information that is subsequently discovered or available, or for changes in circumstances occurring after the date hereof. Spyglass's opinions and estimates constitute the manager's judgment and should be regarded as indicative, preliminary and for illustrative purposes only. Strategy holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security. Portfolio sector weightings are determined by the Legacy Bloomberg Industry Classification System (BICS) Level III (Industry Subgroup). Historical Perspective: On December 29, 2017, Spyglass Partners Fund LP, a limited partnership managed by the Advisor (the "Predecessor Partnership"), converted into the Institutional Shares class of the Spyglass Growth Fund (the "Fund") by contributing all of its assets to the Fund in exchange for Institutional Shares of the Fund. The Predecessor Partnership was formed on October 1, 2015, to serve as a pooled investment vehicle for accredited investors, and since inception the Predecessor Partnership maintained investment policies, objectives, guidelines, and restrictions that were, in all material respects, equivalent to those of the Fund. From the date of inception through the time of the conversion, the Predecessor Partnership was managed by the Advisor and the same portfolio manager as the Fund. The conversion date was December 29, 2017 (inception) and the Fund commenced operations on January 2, 2018. The Fund's performance prior to 2018 is that of the Predecessor Partnership and the returns reflect the deduction of the 1% management fee and expenses, paid by the Predecessor Partnership, without provision for state or local taxes. The performance includes gains or losses plus income and the reinvestment of all dividends. Other than the Predecessor Partnership, the Advisor did not manage any accounts materially equivalent to the Fund during the period of the Predecessor Partnership's performance shown above. The Predecessor Partnership was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended (the "Code"), which, if applicable, may have adversely affected its performance. For periods beginning January 1, 2018, the Fund's net performance is calculated on a daily basis and also includes a deduction of 1% management fee and is subject to a 1% expense cap, which differs in certain respects from the methods used to compute total returns for the Predecessor Partnership. 46#47Disclosures (continued) Forward Looking Statements. This document may contain forward-looking statements based on Spyglass's expectations and projections about the methods and strategies by which it expects to invest. Those statements are sometimes indicated by words such as "expects," "believes," "will" and similar expressions. Such statements are not guaranties of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual returns could differ materially and adversely from those expressed or implied in any forward-looking statements as a result of various factors. Disclosures Regarding Performance Calculations. The net performance results reflect the reinvestment of dividends and other earnings and the deduction of actual costs and expenses, a periodic management fee charged to the investor as defined in the offering materials. The Strategy's performance results are based on the calculations prepared, in part, by independent fund administration organizations or published custody statements for separately managed accounts adjusted for management fees. Certain performance results themselves were prepared by Spyglass and have not been reviewed by any third party. Future investments will be made under different economic conditions and in different securities. The performance discussed herein reflects investment of limited funds for a limited period of time and does not reflect Spyglass's performance in all different economic cycles. It should not be assumed that the Strategy will experience similar returns in the future, if any, comparable to those published in this or other materials prepared by Spyglass. The information given herein is historic and should not be taken as any indication of future performance. All returns presented in the table (including the reference index) include the reinvestment of dividends. Valuations are computed and performance is reported in U.S. dollars. Spyglass believes that the comparison of the Strategy's performance to the Russell Midcap Growth Index is currently the most appropriate benchmark. This may change over time. The Spyglass portfolios are more concentrated and are therefore not as diversified as the Russell Midcap Growth Index. The Russell Midcap Growth Index returns reflect the reinvestment of dividends and other earnings as does the Strategy. Due to the differences between the Strategy and the composition of the aforementioned market indices, the Russell Midcap Growth Index published returns are not directly comparable to the returns generated by the Strategy.-The performance is over a short time period and therefore does not reflect performance in different economic or market cycles. It is historic and should not be taken as any indication of future performance. Securities identified and described above may not be representative of the entire portfolio. It should not be assumed that recommendations in the future will be profitable or will equal the performance of the securities in this list. The information contained in this report is for informational purposes only and should not be deemed investment advice. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance quoted. For performance data current to the most recent month end, please contact us. Performance of the Russell Midcap Growth Index and the Russell 2500 Growth Index is included for informational purposes to show the general trend in the midcap equity market for the periods indicated and is not intended to imply that the portfolio is similar to the indices either in composition or element of risk. The volatility of indices may be materially different from the performance of the Strategy. The Russell Midcap Growth Index and Russell 2500 Growth Index are unmanaged stock market indices that measure the performance of their respective component companies. Investors cannot invest directly in an index. Index performance does not reflect trading commissions and costs. Due to these differences, comparison to an index should not be relied upon as an accurate measure of comparison. The S&P 500 Index is widely regarded as the best single gauge of large-cap U.S. equities. The S&P 500 Index measures the performance of the large-cap segment of the market. Frequently considered to be a proxy of the U.S. equity market, the S&P 500 Index is composed of 500 constituent companies. An investment cannot be made directly in an index. Due to these differences, comparison to an index should not be relied upon as an accurate measure of comparison. The benchmarks referenced are included for informational purposes to show the general trend in the markets for the periods indicated and are not intended to imply that the portfolio was similar to the market indices either in composition or element of risk. There are significant differences between client accounts and the indices herein including, but not limited to, risk profile, liquidity, volatility, and asset composition. 47