Spyglass Portfolio -- Megatrends

Disclosures (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

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