Digital Toilet Paper Equity Growth Fund

1. Digital Toilet Paper Equity Growth Fund

2. Agenda • Fund Overview • Client Type • Macroeconomic Outlook • Trading Approach • Investment Strategy • Individual Security Selection • Stock Sector holding detail • Holding Detail

3. Fund Overview November 2014 Fund Inception $50 Million Total AUM Long-Term Capital Appreciation Objective Russell 3000 Growth Index Benchmark Local D&D application Investment Philosophy Our team believes attractive results may be achieved by investing in large, mid and small-size companies that offer long-term earnings growth prospects Strategic Overview All-cap aggressive growth fund

4. Client Type • Client • Ultra High Net worth individuals • Accredited Investors (minimum of $1M net worth, or $200k income last 2 years and with reason this year) • Minimum of $500,000 to enter portfolio • Investors that are looking for an equity allocation to their portfolio • Seeking capital appreciation 

5. Macroeconomic Outlook • Interest rates will stay relatively low through 2015 – consumer spending will continue to increase • When FED raises rates, we have structured c. 30% of the portfolio in defensive stocks • US Economy is stable with continued growth; seasonally adjusted real GDP of 3.5% for Q3 14 • Weak economic data in Europe, and slower, but higher quality/maintainable growth in China • Unemployment rate is trending down

6. Trading Approach • Relatively Passive • Capital preservation (tax efficient) • Long term • Low Betas

7. Investment Strategy • US Equities, all cap (small, medium, large) growth • Concentrated portfolio of 50 names that are growth oriented/strong  • Long only fund, buy and hold positions for greater tax efficiency (big concern for high net worths)

8. Individual Security Selection Overview The team’s investment style is based on 1. • Diverse investments across sectors • Emerging growth companies that have: • Passed their "start-up" phase • Positive earnings • The prospect of achieving significant profit gains • Consideration of whether a company may benefit from: • - New technologies, products or services • - New cost-reducing measures • - Changes in management • - Favorable changes in government regulations 2.

9. Individual Security Selection • ROE = 1.43 % • B = 0 and up • PE anything, 0 and up • Target Beta 1.25 • No penny stocks

10. Stock Sector Holding Detail Stock Sector Stock Type

11. Stock sector Holding Detail DTPEGF

12. Holding Detail

13. Top Ten Holdings

14. Top Ten Representatives • COMPANY PROFILE • Develops, manufactures, and markets life science tools and integrated systems for the analysis of genetic variation and function worldwide. • Sector: Biotech • RATIONALE • Has proprietary parallel gene sequencing technology, most widely used nextgen sequencing technology worldwide. • Therefore we believe they have excellent growth potential. • Beta: 1.45 • P/E (ttm): 97.87 • ROE: 21.20% ILMN ($186.35)

15. Top Ten Representatives • COMPANY PROFILE • Provides investment banking, securities, and investment management services to corporations, financial institutions, governments, and HNWIs worldwide • Sector: Financial • RATIONALE • Earnings have exceeded expectations • Recent changes in management • Cutting expenses • Beta: 1.9 • P/E (ttm): 11.03 • ROE: 10.76% GS ($190.71)

16. Top Ten Representatives • COMPANY PROFILE • Financial intelligence company, provides credit ratings, benchmarks, and analytics to capital and commodity markets worldwide. • Sector: Services; business services • RATIONALE • Technology they produce will always be in demand • Beta: 1.52 • P/E (ttm): 26.93 • ROE: 47.57% MHFI ($89.94)

17. Stock Style Diversification

18. Allocation analysis

19. Holding Details

20. Holding Detail • Fund Target Beta: 1.25 • . • Fund Current Actual Beta: 1.28 • .

21. Track our performance live at: • www.digitaltoiletpaper.com • .