Spyglass Portfolio -- Megatrends

10 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

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