Spyglass Investment Strategy Overview

0 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

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