Marion County Hospital District July 2021 July 9, 2021

BCA 2Q2021 Investment Review and Outlook

With the first half of 2021 behind us and U.S. equity markets having the strongest start since 1998, it begs the question of how the second half of the year will play out. All eyes were on the Federal Reserve during the quarter as investors looked for changes in their response to stimulus with every new piece of economic data that was released. Their official response has been to keep monetary policy accommodative until substantially higher and broader employment gains are achieved. However, various Fed Presidents across the 12 regions have expressed their opinion in contrast to the official policy, believing that an earlier withdrawal of fiscal support is warranted. The members of the Federal Open Market Committee no doubt have a litany of items they review on a continual basis that shape their opinion of the economy, but in this Outlook we seek to hone in on the most important aspects of the economy we believe the Fed is paying particular attention to.

Where we stand with COVID-19

Sixteen months have passed since the World Health Organization declared COVID-19 a global pandemic. Since then, there have been over 182 million cases across the world and close to four million deaths (the actual number is expected to be higher given the difficulty in getting accurate counts). The United States, India and Brazil have been hit particularly hard and account for over 45% of all global cases. While many developed and emerging markets continue to be ravaged by this virus due to policy missteps, lack of access to effective vaccines or general vaccine hesitancy, the U.S. has turned the corner and is seemingly past the worst waves as the seven-day average cases are at 11,500 as of quarter end. President Biden set a goal of 70% of all adults receiving a vaccine before the Fourth of July holiday. Unfortunately, we were shy of that number as only 66% of adults have received at least one dose and 57% are fully vaccinated.

While progress has been made globally, risks abound as the Delta variant spreads across the world and into the U.S. This variant has been shown to be more contagious than previous strains and is expected to be the dominant strain in the U.S. in the next few weeks. In fact, the Centers for Disease Control recently reported that the number of COVID-19 cases has risen 10% in the last week of June and the Delta variant now accounts for a quarter of all new cases detected. While the current numbers are nowhere near the peaks we saw in January, it makes medical experts nervous, and potentially the Fed, as it brings back memories of extended lockdowns and unemployment that would be detrimental to the progress already made. Risks of another wave of cases and new lockdowns, while unlikely, are still on the minds of investors, medical researchers, and Fed presidents.

Is inflation temporary?

With the headline Consumer Price Index well above economists’ estimates for the month of April and May, investors began to question whether the Fed’s easy money polices were the beginning of an era of hyperinflation. The Federal Reserve Chair Jerome Powell took to the offensive during the quarter and attributed most of the recent inflation surge to factors tied to the economy reopening. From what we are seeing in the underlying numbers, the Fed may be correct. Consumers saw higher prices for many of their purchases, but particularly for big-ticket items such as vehicles. Prices for used cars and trucks jumped 7.3% from April, contributing almost one-third of the rise in the overall

1 index. The indexes for furniture, airline fares and apparel also rose sharply in May. It is believed that the price increases in areas such as these are unsustainable and will temper as the economy continues to normalize.

Taking cues from debt markets, investors are in agreement with the Fed that the pricing pressure we are seeing will be temporary. The 10-year Treasury yield had little reaction to the inflation news and has been trading in a shallow range, indicating that bond investors are not anticipating higher inflation on the horizon. 10-year Breakeven Inflation Rates have been trending down as well and ended the quarter at 2.32%.

Overall, it is our belief that it is too early to call whether high inflation will be sustained or not. Year-over-year inflation numbers are distorted given this time last year we were in the height of lockdowns across the country and prices were falling. We continue to see conflicting signals in input prices across the globe (e.g., lumber prices have rolled off from their peak in early May, at $1700/bft, as sawmill capacity comes on-line, to $721/bft at quarter end while computer chip lead times have increased from 13 weeks at year end to 18 weeks at the end of May, indicating that chipmakers continue to struggle to keep up with demand). But the current evidence suggests the price spikes we are seeing are unlikely to continue and the market believes inflation will be at a manageable level on a go forward basis.

The employment situation

The Fed Chair reiterates that the labor market is a priority and has significant influence on their policy decisions. Substantial progress needs to be made not just in employment in general, but it must be broader in scope across different wage earners and demographics. While progress has been made since the low of 2020, it has not been at the pace necessary to remove policy accommodation. As of the time of this writing, the U.S. job market is still below its pre-pandemic employment level by 6.76 million people. This has created somewhat of a conundrum for policy makers as many industries continue to display signs of labor shortages citing a mismatch of skills, continued employee health concerns, and lack of childcare or government support as reasons for the lack of interested labor.

However, in contrast to April and May when nonfarm payroll numbers missed expectations, June payrolls increased by 850,000, beating median estimates by a wide margin. Payrolls gained the most in 10 months, suggesting firms are starting to have success in recruiting workers to keep pace with economic demand. As a potential boost to future payroll numbers, June payrolls did not reflect the removal of the additional unemployment insurance payments that many states enacted during the month. Along with this and continued vaccinations around the world as well as schools reopening, we believe the outlook for employment is on a positive trajectory.

What ties employment to inflation are employee wages. Normal economic theory suggests that as companies struggle to find employees, they must raise wages in order to entice workers. We are currently seeing this in the market as many retail businesses are offering hourly wages well above the federal minimum and/or additional signing bouses. While an appropriate level of wage growth is healthy for an economy, it stokes fear in policymakers’ minds if it gets out of control and causes wage-push inflation (i.e., after raising wages, corporations are compelled to raise prices for their

2 goods and services to maintain their profit margins. Consumers see prices rise for these goods and require higher wages to compensate, thus creating a vicious cycle).

While we have seen wage growth spike in some industries such as leisure and hospitality, these numbers have been distorted due to the pandemic and have disproportionally affected these lower paying jobs. Other wage measures that are less distorted by the pandemic have shown stable growth across the country. Participation rates increase as people reenter the workforce and wage pressures will ease.

Reliance on the consumer

Higher global equity returns have come on the back of robust earnings and earnings have come from consumer spending. What will keep the economy growing for the latter half of the year and beyond is the consumer. As the economy transitions from stimulus-led growth to consumer-led growth, the Fed will be watching for any signs that consumer spending and sentiment are turning. Fortunately, this is not the case. Personal income for employees is now 5.1% above pre-pandemic levels and personal savings rates remain at an elevated level of 12.4% through May 2021, equating to an additional $1 trillion worth of savings since the start of 2020.

Consumer confidence remains optimistic as well. Recent consumer survey data published by the Conference Board showed significant improvement in June and is now at its highest level since the onset of the pandemic. Confidence strengthened across income groups as well. Households making between $25k -$35k increased the most (+14.7 pts) while those making $125k+ increased 4.7 pts. Consumers’ short-term optimism increased based on their expectations that business conditions and their own financial outlook will continue to improve in the months ahead. The proportion of consumers planning to purchase homes, automobiles, and major appliances all rose; a strong sign that consumer spending will continue to support economic growth in the short-term.

A continuation of government spending via fiscal policy

With the coronavirus hitting different regions of the world at different times and vaccine rollout programs being enacted country-by-country, it’s easy to see how government policy responses across the world have differed. However, much of the developed world is investing billions at the same time in an effort to boost their post-pandemic economies. EU Commission President Ursula von der Leyen has recently been traveling across the EU block to promote a newly proposed €750 billion recovery fund (NextGenerationEU) to be spent over the next six years. Investment plans must meet a range of criteria set out by the Commission. It has decided that at least 37% of funds must go towards protecting the environment and climate. A further 20% must be invested in promoting the digitalization of European economies and societies.

The U.S. is no exception as the Biden Administration has been pushing a recently negotiated bipartisan infrastructure deal to the tune of $1.2 trillion of spending over the next five years. The plan includes billions in additional spending to improve roads, bridges, and broadband. In a similar fashion as the EU Commission President, President Biden has been traveling the country to promote the deal by describing to constituents how the deal will benefit each state directly.

3

While a deal has been made, it is still just a framework of a plan that has yet to be written as legislation. In addition, the prospect of President Biden passing his second proposal, The American Families Plan, is less likely. Republicans are less keen to pass any type of tax rate increase that is necessary to fund these aggressive polices. And as Progressive Democrats’ agenda items continue to get overlooked, President Biden will not have the votes necessary for a partisan reconciliation bill. Regardless, the infrastructure bill has a greater chance of success, and the additional fiscal spending will provide a boost to GDP.

2Q 2021 Performance

Total Index Return Q1 Q2 YTD 2021 2020 S&P 500 6.2% 8.5% 15.3% 18.4% Russell 1000 Growth 0.9% 11.9% 13.0% 38.5% Russell 1000 Value 11.3% 5.2% 17.0% 2.8% Russell Small Cap 12.7% 4.3% 17.5% 20.0% MSCI EAFE (International) 3.6% 5.4% 9.2% 8.3% MSCI Emerging Markets 2.3% 5.1% 7.6% 18.7% US Aggregate Bond -3.4% 1.8% -1.6% 7.5% High Yield Bonds 0.8% 2.7% 3.6% 7.1% Source: Factset Research;data through 6/30/2021 Note: Int'l market returns reported in U.S. Dollars

In contrast to performance in the first quarter, second quarter showed positive returns across and within asset classes. The S&P 500 gained 8.5% during the quarter with all nine style boxes rising and 11 out of 12 sectors ending the quarter up as well (Utilities were the only laggards). Equity returns were broad based globally as most major countries and regions gained in the quarter except for Japan who was flat. The U.S. and Canada were the only major countries to outperform the MSCI ACWI.

Large-cap equities narrowed the gap during the quarter, outperforming small-caps by 4.2% but still lag on a year-to-date basis. Value continued its strong start to the year versus Growth in April, but Growth gained ground by mid-May and overtook Value in June after the Fed’s meeting due to their hawkish statements. Value remains ahead of Growth for the year at all three cap tiers, but the spread is wider among small-caps (17.7% spread).

Credit markets didn’t miss out on the positive environment either as every major bond sector rose during the quarter. As inflation fears faded, the yield curve flattened, with 30-year Treasury yields falling 30 bps to 2.06%, while 2-year yields rose 9 bps to 25 bps. Yields on 10-year maturities declined to 1.45% from 1.74%. The Bloomberg Barclays U.S. Aggregate index ended up 1.8% after its poor performance in Q1 at -3.4%. High Yield credits continued their run and spread compression, gaining 2.7%.

4

Seven of the top 10 performing industries year-to-date are from cyclical sectors. Rising demand as the economy reopens has resulted in higher commodity prices in 2021. Crude Oil’s rise of over 50% for the year has helped make both of Energy’s industries, Oil, Gas, and Consumable Fuels and Energy Equipment & Services, top performers. Strength in commodities has been broad-based with the Commodity Index jumping almost 20% on the year. In contrast, five of the bottom ten industries are from defensive sectors, as low beta names remain an undesirable area to invest.

Conclusion

In the end, what investors are really watching for is how fast the Fed will remove stimulus. Monetary stimulus is coming from compressed interest rates and the quantitative easing program they have implemented since the start of the pandemic. It is widely believed the Fed will begin easing by tapering their monthly bond purchases from the market, starting with reducing their $40 billion buying of Mortgage-Backed Securities, then reducing their $80 billion of U.S. Treasury securities and finally raising short term interest rates. In the June FOMC meeting, investors believed they took a more aggressive tone with the release of their so called “dot plot” showing the median rate forecast of two rate hikes in 2023, moving the expected timeline up from their previous forecast and adding uncertainty and volatility into the market.

We are keeping a keen eye on market developments and will recommend changes as they progress. Equities are benefiting from a fundamental backdrop that is largely positive and, as mentioned above, they continue to hit new highs while valuations remain stretched. We believe this trend will continue given the relative attractiveness of equities to fixed income from the low-rate environment and accommodative monetary policy currently in place. We remain committed to international equities given their higher concentration to cyclical stocks compared to the U.S. and we see the market moving toward a more mid-cycle stance, with positive implications for quality over high-beta stocks. Traditional fixed income continues to play the defensive role in portfolios but with satellite positions in structured credit and lower credit quality for incremental yield. Lastly, alternative investment strategies continue to be a focal point in our research as we believe they provide attractive risk adjusted returns and increased diversification for client portfolios.

As new information continually moves markets at an ever-increasing speed, our investing philosophy remains the same. We remain wedded to the fact that long-term investing is the best policy for compounding risk-adjusted returns.

Please contact us or your Berman Capital Wealth Advisor with any questions or comments.

Sincerely,

Berman Capital Advisors Research Team

5

Important Disclosures:

This information is for discussion purposes only and is being furnished on July 9, 2021. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors. While all the information prepared in this presentation is believed to be accurate, Berman Capital Advisors makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product will be profitable or be suitable for your portfolio or individual situation. Please contact BCA to discuss your individual situation.

*Berman Capital uses a variety of third-party data services for research and analysis. These include BCA Research, Ned Davis Research, Factset, Morningstar, among others. Berman Capital makes no express warranty regarding the accuracy or completeness of the data from these services.

6 Marion County Hospital District - BCA

As of 6/30/2021 MCHD - QUARTERLY PERFORMANCE REPORT

7 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Portfolio Value Summary - Supervised Assets As of 6/30/2021 Page 1 of 13

Portfolio Value Summary

Month To Date Quarter To Date Year To Date 2020 Since 10/1/2017

Beginning Value 99,037,356 97,220,108 95,596,942 90,639,234 0

Net Additions 0 -1,430,000 -1,952,000 -4,903,421 72,105,920

Net Gain 1,352,948 4,600,196 6,745,363 9,861,129 28,284,384

Ending Value 100,390,304 100,390,304 100,390,304 95,596,942 100,390,304

Return (NoF) 1.4% 4.8% 7.1% 11.6% 8.0%¹

Strategic Benchmark Return 1.0% 4.4% 5.6% 13.6% 9.1%¹

¹ Annualized return

Index Comparison Since Inception Allocation Drift Since Inception

8 MCHD Strategic Benchmark = 35% Barc US Aggregate Bond TR / 35% S&P 500 / 10% MSCI ACWI ex USA / 10% HFRI Fund of Funds Composite Index / 5% Cambridge Associates Private Equity Index / 5% 90 Day Treasury Bill Quarterly Performance Report Marion County Hospital District - BCA Policy Overview As of 6/30/2021 Page 2 of 13

Allocation vs. Targets and Policy As of June 30, 2021

Asset Class / Sub-asset Class Current Balance Current Allocation Policy Policy Range Difference Within IPS Range?

US Equity $ 33,869,808 33.7% 35.0% 30.0% - 45.0% -1.3% Yes Non-US Equity $ 12,862,023 12.8% 10.0% 7.0% - 15.0% 2.8% Yes Fixed Income $ 32,168,374 32.0% 35.0% 30.0% - 40.0% -3.0% Yes Illiquid Alternatives $ 7,868,928 7.8% 5.0% 2.0% - 10.0% 2.8% Yes Alternatives $ 12,500,663 12.5% 10.0% 5.0% - 15.0% 2.5% Yes Cash $ 1,120,508 1.1% 5.0% 1.0% - 19.0% -3.9% Yes Total $ 100,390,304 100.0% 100.0%

Current Allocation As of June 30, 2021

1% 12% US Equity 34% 8% Non-US Equity Fixed Income

32% 13% Illiquid Alternatives Alternatives Cash

9 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Investment Performance Review - Supervised As of 6/30/2021 Page 3 of 13

Investment Performance Review - Supervised Month Quarter Year To Last 3 Since 2020 To Date To Date Date Years 10/1/2017 Last Valuation Ending Value Allocation Return Return Return Return Return Return Start Date Date Marion County Hospital District - BCA 100,390,304 100.0% 1.4% 4.8% 7.1% 11.6% 9.6%¹ 8.0%¹ 10/1/2017 — Strategic Benchmark 1.0% 4.4% 5.6% 13.6% 10.7%¹ 9.1%¹

Equities 46,731,832 46.6% 2.0% 7.6% 13.9% 16.7% 14.6%¹ 12.7%¹ 10/2/2017 —

US Equity 33,869,808 33.7% 2.3% 7.8% 15.6% 20.0% 16.5%¹ 15.4%¹ 10/2/2017 — S&P 500 TOTAL RETURN INDEX 2.3% 8.5% 15.3% 18.3% 18.7%¹ 17.4%¹

Fuller & Thaler Behav Sm-Cap 2,720,061 2.7% -1.3% 2.4% 22.7% 10.3% 13.5%¹ 12.3%¹ ² 10/11/2017 —

iShares Core S&P Total U.S. Stock Market ETF 29,186,247 29.1% 2.4% 8.1% 15.1% 20.4% 27.6%¹ ² 27.6%¹ ² 12/31/2018 —

Vanguard Growth Index Fund 1,963,501 2.0% 6.0% 11.7% 13.2% 33.1%² 33.5%¹ ² 33.5%¹ ² 1/31/2020 —

Non-US Equity 12,862,023 12.8% 1.2% 7.1% 9.6% 6.9% 8.3%¹ 6.1%¹ ² 10/3/2017 — MSCI ACWI ACWI(X-US)(USD)(TRN) -0.5% 5.5% 9.2% 10.6% 9.4%¹ 7.6%¹ ²

Aberdeen Emerging Markets Instl Fd Cl 3,336,691 3.3% 1.1% 4.2% 6.1% 2.9%² 4.1%¹ ² -2.2%¹ ² 10/11/2017 —

Fundsmith Equity Fund, LP 5,186,117 5.2% 2.5% 10.4% 12.2% 28.0%² 36.1%¹ ² 36.1%¹ ² 4/29/2020 6/30/2021

Vanguard Total International Stock ETF 4,339,215 4.3% -0.3% 5.6% 10.3% 9.0% 8.8%¹ 7.2%¹ ² 10/3/2017 —

Fixed Income 32,168,374 32.0% 0.8% 2.0% -1.1% 3.9% 3.1%¹ 2.1%¹ 10/2/2017 —

Investment Grade 25,540,674 25.4% 0.9% 1.9% -1.4% 3.5% 2.7%¹ 1.6%¹ 10/2/2017 — BAR CAP AGG BOND COMPOSITE INDEX 0.7% 1.8% -1.6% 7.5% 5.4%¹ 3.9%¹

Dodge & Cox Income Fund 5,095,848 5.1% 0.8% 2.0% -0.5% 9.2% 6.5%¹ ² 6.5%¹ ² 5/10/2019 —

Vanguard Total Bond Market Index 20,444,826 20.4% 0.9% 1.9% -1.8% 7.3% 5.2%¹ 3.7%¹ 10/2/2017 —

Other Fixed Income/HY 6,627,700 6.6% 0.7% 2.5% 0.8% 4.6% 3.2%¹ 3.5%¹ ² 10/11/2017 — BLOOMBERG BARCLAYS DMSTIC IDX US HY BA B2% I C 1.3% 2.6% 2.9% 5.5% 6.5%¹ 5.1%¹ ²

The Hartford Strategic Income Fund Class F 6,627,700 6.6% 0.7% 2.5% 0.8% 4.6%² 5.5%² 5.5%² 9/21/2020 —

Alternative Assets 20,369,591 20.3% 0.9% 3.7% 8.7% 13.1% 11.4%¹ 10.3%¹ ² 11/1/2017 —

Alternatives - MCHD 12,500,663 12.5% 1.4% 5.8% 11.3% 17.1% 13.5%¹ 12.1%¹ ² 11/1/2017 — *HFRI FUND OF FUNDS COMPOSITE INDEX 0.3% 2.7% 4.8% 10.8% 6.3%¹ 5.6%¹ ²

Alua Partners LP 2,744,085 2.7% 0.8% 3.7% 5.1% 4.5%² 9.8%² 9.8%² 11/24/2020 6/30/2021

Blackrock Strategic Equity Hedge Fund Ltd. 2,433,338 2.4% 2.0% 5.7% 0.6% 39.0% 25.0%¹ ² 25.0%¹ ² 9/27/2019 6/30/2021

10 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Investment Performance Review - Supervised As of 6/30/2021 Page 4 of 13

Investment Performance Review - Supervised Month Quarter Year To Last 3 Since 2020 To Date To Date Date Years 10/1/2017 Last Valuation Ending Value Allocation Return Return Return Return Return Return Start Date Date Callodine Special Opportunity Fund, LP 4,124,633 4.1% 1.2% 5.7% 21.2% 15.9%² 36.4%¹ ² 36.4%¹ ² 5/28/2020 6/30/2021

SEG Partners Offshore Ltd 3,198,607 3.2% 1.9% 7.9% 16.1% 21.2% 21.1%¹ 18.1%¹ ² 11/1/2017 6/30/2021

Illiquid Alternatives - MCHD 7,868,928 7.8% 0.1% 0.5% 4.8% 8.1% 8.7%¹ 8.1%¹ ² 11/1/2017 — CAMBRIDGE PRIVATE EQUITY 0.0% 0.0% 0.0% 27.3% 15.6%¹ 16.7%¹ ²

ChapelGate Credit Opportunity Fund (B) 1,896,917 1.9% 0.6% 1.9% 2.8% 8.0% 8.2%¹ 8.0%¹ ² 11/1/2017 6/30/2021

Kayne Anderson Senior Credit Fund III, LP (Offshore) 2,612,697 2.6% 0.0% 0.0% 2.4% 2.6% 5.9%¹ 6.0%¹ ² 12/26/2017 3/31/2021

Portfolio Advisors Co-Investment Fund III (Offshore), LP 2,218,701 2.2% 0.0% 0.0% 12.2% 29.0% 17.9%¹ 14.5%¹ ² 11/20/2017 3/31/2021

Seer Capital Commercial Real Estate Debt Fund II 1,140,613 1.1% 0.0% 0.0% 4.2% -12.7% -3.0%¹ ² -3.0%¹ ² 7/17/2019 3/31/2021

Cash & Equivalents 1,120,508 1.1% 0.0% 0.0% 0.0% 0.7% 1.0%¹ 1.5%¹ 10/2/2017 —

Cash & Equivalents 1,120,508 1.1% 0.0% 0.0% 0.0% 0.7% 1.0%¹ 1.5%¹ 10/2/2017 — 90 DAY TREASURY BILL 0.0% 0.0% 0.0% 0.3% 1.2%¹ 1.2%¹

Cash 1,120,508 1.1% 0.0% 0.0% 0.0% 0.7% 1.2%¹ 1.7%¹ ² 11/1/2017 — ¹ Annualized return, ² Not held for the entire period

11 Quarterly Performance Report Marion County Hospital District - BCA Attribution Analysis As of 6/30/2021 Page 5 of 13

Attribution Analysis Q2 2021

Asset Class Policy Weight Portfolio Weight Portfolio Return Index Return Excess Return Allocation Effect Selection Effect Interaction Effect Total Effect US Equity 35.0% 33.7% 7.8% 8.5% -0.7% -0.03% -0.17% 0.09% -0.11% Non-US Equity 10.0% 12.8% 7.1% 5.5% 1.6% 0.02% 0.11% 0.05% 0.17% Total Fixed Income & Cash 40.0% 33.2% 2.0% 1.8% 0.1% 0.12% 0.04% -0.10% 0.06% Illiquid Alternatives 5.0% 7.8% 0.5% 0.0% 0.5% -0.08% 0.02% 0.01% -0.06% Alternatives 10.0% 12.5% 5.8% 2.7% 3.1% -0.03% 0.21% 0.08% 0.25% Total 100.0% 100.0% 4.8% 4.4% 0.3% -0.01% 0.20% 0.13% 0.32%

MCHD Attribution

Total

Alternatives

Illiquid Alternatives

Total Fixed Income & Cash

Non-US Equity

US Equity -

-0.5% -0.3% -0.1% 0.1% 0.3% 0.5% Allocation Effect Selection Effect Interaction Effect

12 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Risk/Return Analysis Supervised As of 6/30/2021 Page 6 of 13

Risk/Return Graph Supervised

Risk/Return Summary Supervised

Since 10/1/2017

Return Standard Deviation Sharpe Ratio

Marion County Hospital District - BCA 8.0%¹ 9.0% 0.8 Strategic Benchmark 9.1%¹ 7.3% 1.1 90 DAY TREASURY BILL 1.2%¹ 0.3% 0.0 BAR CAP AGG BOND COMPOSITE INDEX 3.9%¹ 3.3% 0.8 S&P 500 TOTAL RETURN INDEX 17.4%¹ 16.9% 1.0 MSCI ALL COUNTRIES ACWI(USD)(TRN) 13.0%¹ 16.4% 0.8 ¹ Annualized return

The line drawn between the risk-free index and the market index represents the Capital Market Line (CML). The CML is defined as a line that plots the extra return an investor expects for each change in the level of risk. The Sharpe Ratio is calculated using the portfolio/index return minus the risk-free index divided by the standard deviation of the portfolio/index. Risk/Return Graph & Summary reflect the time period since client’s inception date with Berman Capital Advisors. Standard Deviation calculations13 using date ranges of less than 36 months are not statistically significant and may not be an accurate measure of risk. MCHD - Quarterly Performance Report Marion County Hospital District - BCA Month-over-Month Activity Summary - Supervised As of 6/30/2021 Page 7 of 13

Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Last 12 Months

Beginning Value 85,704,095 88,175,806 90,730,660 89,088,671 88,368,421 93,146,740 95,596,942 95,055,300 96,463,321 97,220,108 100,039,408 99,037,356 85,704,095

Income 37,766 36,967 277,541 97,592 174,881 399,314 23 58,474 214,227 186,284 63,222 199,205 1,745,496

Net Additions -350,308 199 -780,000 -6,300 1,453 -538,042 0 0 -522,000 0 -1,430,000 0 -3,624,998

Market Change 2,841,299 2,517,689 -1,139,531 -811,542 4,662,690 2,588,929 -478,756 1,349,547 1,064,560 2,641,125 437,011 1,153,743 16,826,765

Fees -57,046 0 0 0 -60,704 0 -62,909 0 0 -8,109 -72,285 0 -261,054

Ending Value 88,175,806 90,730,660 89,088,671 88,368,421 93,146,740 95,596,942 95,055,300 96,463,321 97,220,108 100,039,408 99,037,356 100,390,304 100,390,304

Return 3.3% 2.9% -0.9% -0.8% 5.4% 3.2% -0.6% 1.5% 1.4% 2.9% 0.4% 1.4% 21.8%

Strategic Benchmark 3.0% 2.4% -0.8% -1.1% 5.3% 2.7% -0.6% 0.7% 1.0% 2.7% 0.7% 1.0% 18.2% Return

14 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Investment Activity Review - QTD - Supervised As of 6/30/2021 Page 8 of 13

Investment Activity Review - QTD - Supervised

Quarter To Date

Beginning Market Net Additions Income Fees Ending Value Return Value Change Marion County Hospital District - BCA 97,220,108 -1,430,000 448,711 4,231,880 -80,395 100,390,304 4.8%

Marion County Hospital District - ChapelGate Credit Opportunity Fund (B) 2,860,723 -1,000,000 0 36,194 0 1,896,917 1.9%

Marion County Hospital District - KA Senior Credit Fund III, LP (Ltd.) 2,750,111 -137,414 64,997 -64,997 0 2,612,697 0.0%

Marion County Hospital District - Main 71,029,564 419,069 279,958 3,186,400 -80,395 74,834,596 4.8%

Marion County Hospital District - Portfolio Advisors Co-Investment Fund III (Offshore), LP 2,190,757 27,944 0 0 0 2,218,701 0.0%

Marion County Hospital District - SEG Partners Offshore, Ltd. 2,964,322 0 0 234,285 0 3,198,607 7.9%

Marion County Hospital District - Alua Partners LP 2,646,477 0 0 97,608 0 2,744,085 3.7%

Marion County Hospital District - Blackrock European Hedge Fund Limited 2,803,021 -500,000 0 130,317 0 2,433,338 4.8%

Marion County Hospital District - Callodine Special Opportunity Fund, LP 3,986,617 -88,168 88,168 138,016 0 4,124,633 5.7%

Marion County Hospital District - Fundsmith Equity Fund, LP 4,696,472 0 0 489,645 0 5,186,117 10.4%

Marion County Hospital District - Seer Capital Commercial Real Estate Debt Fund II 1,156,201 -15,588 15,588 -15,588 0 1,140,613 0.0%

15 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Investment Activity Review - YTD - Supervised As of 6/30/2021 Page 9 of 13

Investment Activity Review - YTD - Supervised

Year To Date

Beginning Market Net Additions Income Fees Ending Value Return Value Change Marion County Hospital District - BCA 95,596,942 -1,952,000 721,435 6,167,231 -143,304 100,390,304 7.1%

Marion County Hospital District - ChapelGate Credit Opportunity Fund (B) 2,837,522 -1,000,000 0 59,395 0 1,896,917 2.8%

Marion County Hospital District - KA Senior Credit Fund III, LP (Ltd.) 2,684,889 -137,414 64,997 225 0 2,612,697 2.4%

Marion County Hospital District - Main 69,952,216 412,657 537,094 4,075,933 -143,304 74,834,596 6.4%

Marion County Hospital District - Portfolio Advisors Co-Investment Fund III (Offshore), LP 1,952,545 27,944 0 238,212 0 2,218,701 12.2%

Marion County Hospital District - SEG Partners Offshore, Ltd. 2,755,969 0 0 442,639 0 3,198,607 16.1%

Marion County Hospital District - Alua Partners LP 2,611,525 0 0 132,560 0 2,744,085 5.1%

Marion County Hospital District - Blackrock European Hedge Fund Limited 2,942,725 -500,000 0 -9,388 0 2,433,338 -0.2%

Marion County Hospital District - Callodine Special Opportunity Fund, LP 3,477,780 -88,168 88,168 646,852 0 4,124,633 21.2%

Marion County Hospital District - Fundsmith Equity Fund, LP 5,120,298 -500,000 0 565,819 0 5,186,117 12.2%

Marion County Hospital District - Seer Capital Commercial Real Estate Debt Fund II 1,125,630 -31,177 31,177 14,983 0 1,140,613 4.2%

16 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Income & Gain/Loss Summary As of 6/30/2021 Page 10 of 13

Income & Gain/Loss Summary

Quarter To Date

Realized ST Realized LT Unrealized ST Unrealized LT Income Gain/Loss Gain/Loss Gain/Loss Gain/Loss Marion County Hospital District - BCA 448,711 24,346 11,591 1,012,781 20,784,627

Marion County Hospital District - ChapelGate Credit Opportunity Fund (B) 0 — — — 696,917

Marion County Hospital District - KA Senior Credit Fund III, LP (Ltd.) 64,997 — 12,550 — 398,235

Marion County Hospital District - Main 279,958 — — 766,268 13,616,382

Marion County Hospital District - Portfolio Advisors Co-Investment Fund III (Offshore), LP 0 — — 2,428 798,154

Marion County Hospital District - SEG Partners Offshore, Ltd. 0 — — — 1,455,958

Marion County Hospital District - Alua Partners LP 0 — — 244,085 —

Marion County Hospital District - Blackrock European Hedge Fund Limited 0 — — — 933,338

Marion County Hospital District - Callodine Special Opportunity Fund, LP 88,168 24,346 — — 1,188,455

Marion County Hospital District - Fundsmith Equity Fund, LP 0 — — — 1,686,117

Marion County Hospital District - Seer Capital Commercial Real Estate Debt Fund II 15,588 — -959 — 11,071

17 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Alternative Investment Overview As of 6/30/2021 Page 11 of 13

Alternative Investment Overview Commitment Commitment Capital Remaining Distributions: Distributions: Current Value Total Value IRR Date Amount Called Capital Income Return of Capital Marion County Hospital District - BCA — 9,200,000 8,248,295 951,705 1,032,762 4,892,259 25,555,708¹ 31,480,729 12.6%

Alua Partners LP — 0 0 0 0 0 2,744,085¹ 2,744,085 9.8%

Blackrock Strategic Equity Hedge Fund Ltd. — 0 0 0 0 0 2,433,338 2,433,338 25.1%

Callodine Special Opportunity Fund, LP — 0 0 0 88,168 0 4,124,633¹ 4,212,801 36.5%

ChapelGate Credit Opportunity Fund (B) — 0 0 0 0 0 1,896,917¹ 1,896,917 8.0%

Fundsmith Equity Fund, LP — 0 0 0 0 0 5,186,117 5,186,117 36.5%

Kayne Anderson Senior Credit Fund III, LP (Offshore) 12/26/2017 3,000,000 2,864,770 135,230 646,682 222,417 2,612,697 3,481,796 5.9%

Portfolio Advisors Co-Investment Fund III (Offshore), LP 11/20/2017 2,000,000 1,693,525 306,475 242,896 952,988 2,218,701 3,414,585 18.4%

Seer Capital Commercial Real Estate Debt Fund II 7/17/2019 1,700,000 1,190,000 510,000 55,016 0 1,140,613 1,195,628 0.3%

SEG Partners Offshore Ltd — 0 0 0 0 1,000,000 3,198,607¹ 4,198,607 16.4% ¹ This value contains estimates

18 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Portfolio Register As of 6/30/2021 Page 12 of 13

Portfolio Register

Start Date Ending Value Accrual

Marion County Hospital District - BCA 10/1/2017 100,390,304 0

Marion County Hospital District - ChapelGate Credit Opportunity Fund (B) 10/31/2017 1,896,917 0

Marion County Hospital District - KA Senior Credit Fund III, LP (Ltd.) 12/26/2017 2,612,697 0

Marion County Hospital District - Main 10/2/2017 74,834,596 0

Marion County Hospital District - Portfolio Advisors Co-Investment Fund III (Offshore), LP 11/20/2017 2,218,701 0

Marion County Hospital District - SEG Partners Offshore, Ltd. 10/27/2017 3,198,607 0

Marion County Hospital District - Alua Partners LP 11/24/2020 2,744,085 0

Marion County Hospital District - Blackrock European Hedge Fund Limited 9/27/2019 2,433,338 0

Marion County Hospital District - Callodine Special Opportunity Fund, LP 5/28/2020 4,124,633 0

Marion County Hospital District - Fundsmith Equity Fund, LP 4/29/2020 5,186,117 0

Marion County Hospital District - Seer Capital Commercial Real Estate Debt Fund II 7/17/2019 1,140,613 0

19 MCHD - Quarterly Performance Report Marion County Hospital District - BCA Disclaimer As of 6/30/2021 Page 13 of 13

Information contained in this report is from sources believed to be reliable. We cannot guarantee the accuracy or completeness of such information and we assume no liability for damages resulting from or arising out of the use of such information. We encourage you to compare this report with the official reports from your custodian or fund administrator. Account balances may differ from the balances on your custodial statement due to differing methods of calculating accrued interest or timing differences in reporting accrued dividends. The statement from your custodian is your official account statement. Additionally, because we do not render legal or tax advice, this report should not be regarded as such. Berman Capital Advisors LLC (BCA) may have received inaccurate initial cost basis information on investments/securities acquired prior to the date BCA was engaged. Accordingly, realized gains/losses may not be accurate.

Unless noted otherwise, the returns reflected in this report are Net of Fees (NOF) deducted from the portfolio or respective account and are Time Weighted Returns (TWR). TWR considers the time value of money and reflects the aggregate performance of your portfolio’s underlying investments due to income received and price changes during the period. TWR removes the effects created by the size and timing of capital flows into or out of the portfolio. TWR is a good measurement tool for comparison against the return of market indexes during the same period. Return calculations for periods greater than 12 months are annualized. Where specifically noted, we may also report the Money Weighted Return (MWR or IRR). MWR factors in the size and timing of all cash flows; the formula will typically place a greater weight on the performance periods when the account size is highest. The returns displayed in this report, either TWR or MWR, are net of any management fees debited from the portfolio and factor accrued income into the return calculation. Past performance is not indicative of future returns.

Indices included in this report are for purposes of comparing your returns to the returns on a broad-based index of securities most comparable to the types of securities held in your account(s). Although your account(s) invest in securities that are generally similar in type to the related indices, they do not necessarily track the index. The indices assume reinvestment of dividends and do not reflect deduction of any taxes, fees or expenses. Net Additions reflected in this report includes the sum of contributions, withdrawals, purchases and sales in the portfolio .

Berman Capital Advisors LLC is an independent SEC registered investment advisor. Berman Capital Advisors also does business under the brands Mateo Capital Advisors.

Not FDIC Insured - No Bank Guarantee - May Lose Value

20 Release date 06-30-2021 Page 1 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Aberdeen Emerging Markets ´ QQQQ MSCI ACWI Ex MSCI EM NR USD US Fund Diversified 11-20-2020 700 US Fund Diversified USA NR USD Emerging Mkts Instl (USD) Emerging Mkts Performance 06-30-2021 474444477777 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Equity 93 92 92 93 94 99 98 99 100 99 98 97 Stocks % 2019 10.84 3.59 -4.17 9.44 20.42 100k 80k 2020 -26.14 22.97 11.81 25.95 27.91 Growth of $10,000 60k 2021 1.82 4.16 — — 6.05 Aberdeen Emerging Markets 40k Instl Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 22,674 Load-adj Mthly 49.35 16.15 12.49 5.75 7.65 20k Category Average Std 06-30-2021 49.35 — 12.49 5.75 7.65 17,341 Standard Index Total Return 49.35 16.15 12.49 5.75 7.65 10k 19,611 +/- Std Index 13.63 6.77 1.41 0.31 —

+/- Cat Index 8.45 4.88 -0.53 1.47 — 4k % Rank Cat 16 13 43 22 Performance Quartile &&&)**&(**&_ (within category) No. in Cat 788 700 601 305 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 14.63 12.71 15.86 14.47 13.49 11.36 12.56 16.14 13.56 16.03 20.32 21.55 NAV/Price 7-day Yield —— 27.58 -11.05 26.15 -7.49 -2.45 -13.68 11.96 30.24 -14.65 20.42 27.91 6.05 Total Return % 30-day SEC Yield —— 16.43 2.66 9.32 -22.77 1.42 -8.02 7.47 3.05 -0.45 -1.09 17.26 -3.11 +/- Standard Index Performance Disclosure 8.70 7.38 7.93 -4.88 -0.26 1.24 0.77 -7.04 -0.07 1.98 9.61 -1.39 +/- Category Index The Overall Morningstar Rating is based on risk-adjusted returns, 6 4 8 93 43 45 24 70 35 41 18 — % Rank Cat derived from a weighted average of the three-, five-, and 10-year 386 458 552 614 749 840 813 806 836 835 796 803 No. of Funds in Cat (if applicable) Morningstar metrics. The performance data quoted represents past performance and Portfolio Analysis 05-31-2021 does not guarantee future results. The investment return and Share Chg Share Holdings : Net Assets principal value of an investment will fluctuate; thus an investor's Asset Allocation % Net % Long % Short % Cash 2.77 2.77 0.00 since Amount 64 Total Stocks , 0 Total Fixed-Income, % shares, when sold or redeemed, may be worth more or less than 04-2021 26% Turnover Ratio their original cost. US Stocks 0.00 0.00 0.00 23 mil Taiwan Semiconductor Manufacturing 9.04 Current performance may be lower or higher than return data Non-US Stocks 97.23 97.23 0.00 quoted herein. For performance data current to the most recent Bonds 0.00 0.00 0.00 7 mil Samsung Electronics Co Ltd Partici 8.81 month-end, please call 866-667-9231 or visit www.aberdeen- Other/Not Clsfd 0.00 0.00 0.00 T 10 mil Alibaba Group Holding Ltd Ordinary 4.70 asset.us. Total 100.00 100.00 0.00 3 mil Tencent Holdings Ltd 4.22 Fees and Expenses 723,940 Naspers Ltd Class N 2.89 Equity Style Portfolio Statistics Port Rel Rel Sales Charges Avg Index Cat 4 mil Housing Development Finance Corp L 2.66 Value Blend Growth Front-End Load % NA Small Mid Large P/E Ratio TTM 23.3 1.23 1.22 Y 7 mil Vale SA ADR 2.59 Deferred Load % NA P/C Ratio TTM 14.6 1.34 1.17 9 mil LONGi Green Energy Technology Co L 2.57 P/B Ratio TTM 3.4 1.75 1.33 3 mil Tata Consultancy Services Ltd 2.20 Fund Expenses Geo Avg Mkt Cap 103009 2.14 1.55 7 mil WuXi Biologics (Cayman) Inc Regist 2.07 Management Fees % 0.90 $mil 12b1 Expense % NA 151,632 LG Chem Ltd 2.00 Net Expense Ratio % 1.10 Fixed-Income Style 12 mil China Merchants Bank Co Ltd Class H 1.91 Ltd Mod Ext Avg Eff Maturity —

ihMdLow Med High 2 mil China Tourism Group Duty Free Corp 1.72 Gross Expense Ratio % 1.18 Avg Eff Duration — Risk and Return Profile Avg Wtd Coupon — 19 mil Bank Bradesco SA ADR 1.69 7 mil AIA Group Ltd 1.62 3 Yr 5 Yr 10 Yr Avg Wtd Price — 700 funds 601 funds 305 funds TM Sector Weightings Stocks % Rel Std Index Morningstar Rating 4Q 3Q 4Q h Cyclical 45.6 1.09 Morningstar Risk +Avg +Avg Avg Credit Quality Breakdown — Bond % Basic Materials 9.5 1.15 Morningstar Return +Avg Avg +Avg AAA — r t Consumer Cyclical 15.7 1.26 3 Yr 5 Yr 10 Yr AA — A — y Financial Services 18.1 0.97 Standard Deviation 20.63 17.78 17.70 u Real Estate 2.3 0.90 Mean 16.15 12.49 5.75 BBB — BB — Sensitive 44.9 1.21 Sharpe Ratio 0.77 0.69 0.37 j B — i Communication Services 9.2 1.22 MPT Statistics Standard Index Best Fit Index Below B — o Energy 2.8 0.59 Alpha 6.24 — NR — p Industrials 5.4 0.47 Beta 1.05 — a Technology 27.5 2.06 Regional Exposure Stocks % Rel Std Index R-Squared 79.83 — Defensive 9.5 0.45 Americas 10.6 1.04 k 12-Month Yield — Greater Europe 13.1 0.30 s Consumer Defensive 5.5 0.63 Potential Cap Gains Exp 23.12% Greater Asia 76.3 1.65 d Healthcare 2.8 0.30 f Utilities 1.2 0.41

Operations Family: Aberdeen Base Currency: USD Purchase Constraints: A Manager: Multiple Ticker: ABEMX Incept: 05-11-2007 Tenure: 14.2 Years ISIN: US0030217147 Type: MF Objective: Diversified Emerging Markets Minimum Initial Purchase: $1 mil Total Assets: $5,530.42 mil

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 21 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 2 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Dodge & Cox Income (USD) Œ QQQQ BBgBarc US Agg BBgBarc US US Fund Intermediate 10-26-2020 549 US Fund Intermediate Bond TR USD Universal TR USD Core-Plus Bond Core-Plus Bond Performance 06-30-2021 555555222255 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income 94 96 96 93 96 96 95 94 97 97 91 89 Bond % 2019 3.70 2.79 2.09 0.85 9.73 100k 80k 2020 -0.70 5.98 1.48 2.48 9.45 Growth of $10,000 60k 2021 -2.52 1.98 — — -0.58 Dodge & Cox Income 40k 16,780 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Category Average Load-adj Mthly 3.39 6.42 4.54 4.26 6.62 20k 16,289 Std 06-30-2021 3.39 — 4.54 4.26 6.62 Standard Index 15,280 Total Return 3.39 6.42 4.54 4.26 6.62 10k +/- Std Index 3.73 1.07 1.52 0.87 —

+/- Cat Index 2.28 0.78 1.06 0.52 — 4k % Rank Cat 34 21 16 24 Performance Quartile ()*&((&***&_ (within category) No. in Cat 586 549 477 340 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 13.23 13.30 13.86 13.53 13.78 13.29 13.59 13.76 13.26 14.03 14.65 14.33 NAV/Price 7-day Yield —— 7.17 4.76 7.94 0.64 5.48 -0.59 5.61 4.36 -0.31 9.73 9.45 -0.58 Total Return % 30-day SEC Yield —— 0.63 -3.08 3.73 2.66 -0.48 -1.14 2.97 0.82 -0.32 1.01 1.94 1.02 +/- Standard Index Performance Disclosure 0.00 -2.64 2.41 1.99 -0.08 -1.02 1.70 0.27 -0.05 0.44 1.88 0.56 +/- Category Index The Overall Morningstar Rating is based on risk-adjusted returns, 75 84 46 14 52 65 12 43 31 32 23 — % Rank Cat derived from a weighted average of the three-, five-, and 10-year 428 456 467 500 510 528 561 597 617 613 602 599 No. of Funds in Cat (if applicable) Morningstar metrics. The performance data quoted represents past performance and Portfolio Analysis 03-31-2021 does not guarantee future results. The investment return and Share Chg Share Holdings : Net Assets principal value of an investment will fluctuate; thus an investor's Asset Allocation % Net % Long % Short % Cash 8.63 8.63 0.00 since Amount 0 Total Stocks , 1,107 Total Fixed-Income, % shares, when sold or redeemed, may be worth more or less than 12-2020 94% Turnover Ratio their original cost. US Stocks 0.00 0.00 0.00 4,628 mil Federal National Mortgage Associat 6.49 Current performance may be lower or higher than return data Non-US Stocks 0.00 0.00 0.00 R quoted herein. For performance data current to the most recent Bonds 89.37 89.37 0.00 2,208 mil United States Treasury Notes 0.12% 3.03 month-end, please call 800-621-3979 or visit Other/Not Clsfd 2.00 2.00 0.00 T 2,300 mil United States Treasury Notes 0.88% 2.92 www.dodgeandcox.com. Total 100.00 100.00 0.00 R 900 mil United States Treasury Notes 0.38% 1.21 Fees and Expenses Y 875 mil Federal Home Loan Mortgage Corpora 1.21 Equity Style Portfolio Statistics Port Rel Rel Sales Charges Avg Index Cat 739 mil Federal Home Loan Mortgage Corpora 1.02 Value Blend Growth Y Front-End Load % NA Small Mid Large P/E Ratio TTM — — — 707 mil United States Treasury Notes 0.62% 0.88 Deferred Load % NA P/C Ratio TTM — — — 575 mil Imperial Brands Finance Plc 4.25% 0.87 P/B Ratio TTM — — — 627 mil Federal Home Loan Mortgage Corpora 0.86 Fund Expenses Geo Avg Mkt Cap ——— Y 454 mil Charter Communications Operating, 0.81 Management Fees % 0.40 $mil 12b1 Expense % NA R 500 mil United States Treasury Notes 0.12% 0.69 Fixed-Income Style Net Expense Ratio % 0.42 R 500 mil United States Treasury Notes 0.5% 0.67 Ltd Mod Ext Avg Eff Maturity 9.30

ihMdLow Med High 500 mil United States Treasury Notes 0.25% 0.67 Gross Expense Ratio % 0.42 Avg Eff Duration 5.40 Risk and Return Profile Avg Wtd Coupon — 500 mil United States Treasury Notes 0.62% 0.65 560 mil United States Treasury Bonds 1.62% 0.64 3 Yr 5 Yr 10 Yr Avg Wtd Price 106.00 T 549 funds 477 funds 340 funds TM Sector Weightings Stocks % Rel Std Index Morningstar Rating 4Q 4Q 4Q h Cyclical — — Morningstar Risk -Avg -Avg -Avg Credit Quality Breakdown 03-31-2021 Bond % Basic Materials — — Morningstar Return +Avg +Avg +Avg AAA 56.09 r t Consumer Cyclical — — 3 Yr 5 Yr 10 Yr AA 4.90 A 6.50 y Financial Services — — Standard Deviation 3.82 3.26 3.02 u Real Estate — — Mean 6.42 4.54 4.26 BBB 22.60 BB 9.70 Sensitive — — Sharpe Ratio 1.34 1.04 1.20 j B 0.20 i Communication Services — — MPT Statistics Standard Index Best Fit Index Below B 0.01 o Energy — — Alpha 1.59 — NR 0.00 p Industrials — — Beta 0.86 — a Technology — — Regional Exposure Stocks % Rel Std Index R-Squared 60.03 — Defensive — — Americas — — k 12-Month Yield — Greater Europe — — s Consumer Defensive — — Potential Cap Gains Exp 6.78% Greater Asia — — d Healthcare — — f Utilities — —

Operations Family: Dodge & Cox Ticker: DODIX Incept: 01-03-1989 Manager: Multiple ISIN: US2562101053 Type: MF Tenure: 32.5 Years Minimum Initial Purchase: $2,500 Total Assets: $69,799.74 mil Objective: Income Minimum IRA Purchase: $1,000 Base Currency: USD Purchase Constraints: —

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 22 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 3 of 25 Morningstar Quantitative Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Fuller & Thaler Behavioral RatingTM QQQQQ S&P 500 TR USD Russell 2000 TR US Fund Small Blend Sm-Cp Eq Inst (USD) ŒQ 605 US Fund Small Blend USD 05-31-2021 Performance 06-30-2021 047446666663 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Equity — 100 98 100 100 96 93 94 100 91 97 97 Stocks % 2019 11.91 4.55 0.52 8.89 28.06 100k 80k 2020 -26.07 18.77 2.38 22.79 10.38 Growth of $10,000 60k 2021 19.77 2.45 — — 22.70 Fuller & Thaler Behavioral 40k Sm-Cp Eq Inst Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 45,488 Load-adj Mthly 54.25 13.43 16.30 — 16.03 20k Category Average Std 06-30-2021 54.25 — 16.30 — 16.03 34,892 Standard Index Total Return 54.25 13.43 16.30 — 16.03 10k 46,317 +/- Std Index 13.45 -5.24 -1.34 — —

+/- Cat Index -7.78 -0.09 -0.16 — — 4k % Rank Cat 77 26 15 — Performance Quartile ______&&(&(_ (within category) No. in Cat 655 605 514 — 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized — 15.97 17.84 23.26 23.55 16.38 21.18 24.79 21.41 27.31 30.04 36.86 NAV/Price 7-day Yield —— —— 20.22 36.12 11.00 -3.48 29.82 17.35 -13.17 28.06 10.38 22.70 Total Return % 30-day SEC Yield —— —— 4.21 3.74 -2.69 -4.86 17.86 -4.48 -8.79 -3.42 -8.02 7.45 +/- Standard Index Performance Disclosure —— 3.87 -2.70 6.11 0.93 8.51 2.70 -2.16 2.54 -9.58 5.17 +/- Category Index The Overall Morningstar Rating is based on risk-adjusted returns, —— — — — — 4 10 61 15 56 — % Rank Cat derived from a weighted average of the three-, five-, and 10-year — — — — — — 750 802 769 702 671 660 No. of Funds in Cat (if applicable) Morningstar metrics. The performance data quoted represents past performance and Portfolio Analysis 05-31-2021 Top Holdings 04-30-2021 does not guarantee future results. The investment return and Share Chg Share Holdings : Net Assets principal value of an investment will fluctuate; thus an investor's Asset Allocation % 04-30-2021 Net % Long % Short % Cash 1.17 1.17 0.00 since Amount 112 Total Stocks , 131 Total Fixed-Income, % shares, when sold or redeemed, may be worth more or less than 04-2021 54% Turnover Ratio their original cost. US Stocks 98.11 98.11 0.00 3 mil Jabil Inc 3.60 Current performance may be lower or higher than return data Non-US Stocks 0.73 0.73 0.00 quoted herein. For performance data current to the most recent Bonds 0.00 0.00 0.00 1 mil EMCOR Group Inc 3.14 month-end, please call 888-912-4562. Other/Not Clsfd 0.00 0.00 0.00 1 mil J2 Global Inc 2.83 Fees and Expenses Total 100.00 100.00 0.00 1 mil MasTec Inc 2.38 Sales Charges T 4 mil MDU Resources Group Inc 2.37 Equity Style Portfolio Statistics Port Rel Rel Front-End Load % NA Avg Index Cat 584,301 United Therapeutics Corp 2.37 Value Blend Growth T Deferred Load % NA Small Mid Large P/E Ratio TTM 17.0 0.64 0.79 T 2 mil Bruker Corp 2.36 P/C Ratio TTM 9.2 0.52 0.73 1 mil Kemper Corp 2.19 Fund Expenses P/B Ratio TTM 2.3 0.53 0.80 T 125,221 First Citizens BancShares Inc Clas 2.18 Management Fees % 0.60 Geo Avg Mkt Cap 4528 0.02 0.92 2 mil Rent-A-Center Inc 2.11 12b1 Expense % NA $mil Net Expense Ratio % 0.80 T 5 mil Amkor Technology Inc 2.07 Fixed-Income Style Gross Expense Ratio % 0.80 2 mil Builders FirstSource Inc 1.84 Ltd Mod Ext Avg Eff Maturity —

ihMdLow Med High 554,620 Concentrix Corp Ordinary Shares 1.73 Risk and Return Profile Avg Eff Duration — T 4 mil H&R Block Inc 1.59 3 Yr 5 Yr 10 Yr Avg Wtd Coupon — 605 funds 514 funds 357 funds Avg Wtd Price — T 458,075 Landstar System Inc 1.59 Morningstar RatingTM 5Q 5Q — Sector Weightings Stocks % Rel Std Index Morningstar Risk Low Low — h Cyclical 36.6 1.18 Morningstar Return +Avg High — Credit Quality Breakdown — Bond % Basic Materials 4.7 2.06 AAA — r 3 Yr 5 Yr 10 Yr AA — t Consumer Cyclical 10.1 0.84 Standard Deviation 22.58 18.90 — A — y Financial Services 18.9 1.33 Mean 13.43 16.30 — Real Estate 2.9 1.11 BBB — u Sharpe Ratio 0.62 0.84 — BB — j Sensitive 45.3 0.96 B — MPT Statistics Standard Index Best Fit Index i Communication Services 2.4 0.21 Alpha -5.98 — Below B — o Energy 0.5 0.17 Beta 1.13 — NR — p Industrials 21.2 2.39 a Technology 21.3 0.88 R-Squared 85.53 — Regional Exposure Stocks % Rel Std Index Defensive 18.1 0.83 12-Month Yield — Americas 100.0 1.01 k Potential Cap Gains Exp 3.56% Greater Europe 0.0 0.00 s Consumer Defensive 2.6 0.40 Greater Asia 0.0 0.00 d Healthcare 13.3 1.01 f Utilities 2.3 0.93

Operations Family: Fuller & Thaler Ticker: FTHSX Incept: 09-08-2011 Manager: Multiple ISIN: US14064D8653 Type: MF Tenure: 8.4 Years Minimum Initial Purchase: $100,000 Total Assets: $5,188.86 mil Objective: Growth Min Auto Investment Plan: $100,000 Base Currency: USD Purchase Constraints: —

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 23 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 4 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Hartford Strategic Income F „ QQQQQ BBgBarc US Agg BBgBarc US US Fund Multisector 06-15-2021 288 US Fund Multisector Bond TR USD Universal TR USD Bond (USD) Bond Performance 06-30-2021 666666663663 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income 89 89 89 88 95 89 94 92 88 91 86 84 Bond % 2019 4.39 3.97 1.12 2.10 12.05 100k 80k 2020 -7.96 12.41 3.37 5.30 12.62 Growth of $10,000 60k 2021 -1.59 2.45 — — 0.83 Hartford Strategic Income F 40k 19,683 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Category Average Load-adj Mthly 9.75 8.21 —— 6.77 20k 17,230 Std 06-30-2021 9.75 — —— 6.77 Standard Index 15,280 Total Return 9.75 8.21 6.90 5.55 6.77 10k +/- Std Index 10.08 2.86 3.88 2.16 —

+/- Cat Index 8.63 2.57 3.42 1.81 — 4k % Rank Cat 46 2 4 12 Performance Quartile ______*&&_ (within category) No. in Cat 345 288 255 133 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized ——————— 8.81 8.12 8.70 9.38 9.32 NAV/Price 7-day Yield —— 9.76 7.60 10.31 0.93 3.26 -2.73 9.06 9.01 -1.46 12.05 12.62 0.83 Total Return % 30-day SEC Yield 06-30-21 3.28 3.28 3.22 -0.24 6.09 2.95 -2.71 -3.28 6.41 5.47 -1.48 3.33 5.12 2.43 +/- Standard Index Performance Disclosure 2.59 0.20 4.77 2.27 -2.30 -3.16 5.14 4.92 -1.21 2.76 5.05 1.97 +/- Category Index The Overall Morningstar Rating is based on risk-adjusted returns, ———————— 42 15 2 — % Rank Cat derived from a weighted average of the three-, five-, and 10-year — — — — — — — — 326 302 336 367 No. of Funds in Cat (if applicable) Morningstar metrics. The performance data quoted represents past performance and Portfolio Analysis 05-31-2021 Top Holdings 04-30-2021 does not guarantee future results. The investment return and Share Chg Share Holdings : Net Assets principal value of an investment will fluctuate; thus an investor's Asset Allocation % Net % Long % Short % Cash 5.79 12.48 6.69 since Amount 4 Total Stocks , 1,492 Total Fixed-Income, % shares, when sold or redeemed, may be worth more or less than 04-2021 69% Turnover Ratio their original cost. US Stocks 0.18 0.18 0.00 160 mil Us 2yr Note (Cbt) Jun21 Xcbt 20210 5.88 Current performance may be lower or higher than return data Non-US Stocks 0.00 0.00 0.00 quoted herein. For performance data current to the most recent Bonds 90.76 109.20 18.44 T 137 mil Federal National Mortgage Associat 4.60 month-end, please call 888-843-7824 or visit Other/Not Clsfd 3.27 7.58 4.31 Y 82 mil Us 10yr Note (Cbt)jun21 Xcbt 20210 3.61 www.hartfordfunds.com. Total 100.00 129.44 29.44 104 mil Ddz0007a1 Trs Usd P F .00000 -3.48 Fees and Expenses 104 mil Ddz0007a1 Trs Usd R V 03mlibor 3.44 Equity Style Portfolio Statistics Port Rel Rel Sales Charges Avg Index Cat 92 mil United States Treasury Notes 0.25% 2.99 Value Blend Growth Front-End Load % NA Small Mid Large P/E Ratio TTM — — — R 68 mil Federal National Mortgage Associat 2.26 Deferred Load % NA P/C Ratio TTM — — — 71 mil United States Treasury Notes 0.62% 2.17 P/B Ratio TTM — — — 42 mil Us 5yr Note (Cbt) Jun21 Xcbt 20210 -1.73 Fund Expenses Geo Avg Mkt Cap ——— R 29 mil Long Gilt Future Jun21 Ifll 202106 -1.72 Management Fees % 0.52 $mil T 12b1 Expense % NA T 28 mil Us Long Bond(Cbt) Jun21 Xcbt 20210 -1.47 Net Expense Ratio % 0.59 Fixed-Income Style 37 mil United States Treasury Notes 2.88% 1.35 Ltd Mod Ext Avg Eff Maturity 6.62

ihMdLow Med High 35 mil United States Treasury Notes 0.25% 1.16 Gross Expense Ratio % 0.59 Avg Eff Duration 4.34 Y Risk and Return Profile Avg Wtd Coupon 3.62 29 mil United States Treasury Notes 2.88% 1.03 26 mil United States Treasury Notes 1.12% 0.83 3 Yr 5 Yr 10 Yr Avg Wtd Price 103.71 288 funds 255 funds 133 funds TM Sector Weightings Stocks % Rel Std Index Morningstar Rating 5Q 5W 4W h Cyclical 0.0 — Morningstar Risk Avg Avg +Avg Credit Quality Breakdown 03-31-2021 Bond % Basic Materials 0.0 — Morningstar Return High High +Avg AAA 26.45 r t Consumer Cyclical 0.0 — 3 Yr 5 Yr 10 Yr AA 1.00 A 6.76 y Financial Services 0.0 — Standard Deviation 7.80 6.38 5.67 u Real Estate 0.0 — Mean 8.21 6.90 5.55 BBB 7.89 BB 18.40 Sensitive 1.3 — Sharpe Ratio 0.90 0.90 0.88 j B 25.53 i Communication Services 0.0 — MPT Statistics Standard Index Best Fit Index Below B 6.13 o Energy 1.3 — Alpha 3.50 — NR 7.84 p Industrials 0.0 — Beta 0.86 — a Technology 0.0 — Regional Exposure Stocks % Rel Std Index R-Squared 14.14 — Defensive 98.7 — Americas 100.0 — k 12-Month Yield 2.89% Greater Europe 0.0 — s Consumer Defensive 0.0 — Potential Cap Gains Exp -0.37% Greater Asia 0.0 — d Healthcare 0.0 — f Utilities 98.7 —

Operations Family: Hartford Mutual Funds Base Currency: USD Purchase Constraints: — Manager: Multiple Ticker: HSNFX Incept: 02-28-2017 Tenure: 9.3 Years ISIN: US41664T2630 Type: MF Objective: Multisector Bond Minimum Initial Purchase: $1 mil Total Assets: $2,930.64 mil

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 24 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 5 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat iShares Core MSCI Emerging ´ QQQ MSCI ACWI Ex MSCI EM NR USD US Fund Diversified 03-29-2021 700 US Fund Diversified USA NR USD Emerging Mkts Markets ETF (USD) Emerging Mkts Performance 06-30-2021 004444444444 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Equity — — 96 94 96 97 99 100 100 100 100 100 Stocks % 2019 9.53 0.47 -4.28 11.54 17.50 100k 80k 2020 -24.40 18.90 9.77 19.78 18.18 Growth of $10,000 60k 2021 2.77 5.78 — — 8.71 iShares Core MSCI Emerging 40k Markets ETF Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 17,049 Std Mkt 06-30-21 43.43 — 12.67 — 6.06 20k Category Average Std NAV 06-30-21 42.93 — 12.87 — 6.09 16,351 Standard Index Mkt Total Ret 43.43 11.34 12.67 — 6.06 10k 18,452 NAV Total Ret 42.93 11.32 12.87 — 6.09 +/- Std Index 7.21 1.94 1.79 — — +/- Cat Index 2.02 0.05 -0.16 — — 4k Performance Quartile % Rank Cat 43 44 37 — ___(*****(*_ (within category) No. in Cat 788 700 601 — 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 30-day SEC Yield —— —— — -2.81 -3.44 -14.31 10.29 37.40 -14.93 17.79 17.88 8.73 Mkt Total Ret % —— — -2.16 -2.04 -13.86 9.98 36.78 -14.69 17.50 18.18 8.71 NAV Total Ret % Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, ——— -17.45 1.83 -8.20 5.48 9.58 -0.49 -4.01 7.53 -0.45 +/- Standard Index derived from a weighted average of the three-, five-, and 10-year ——— 0.44 0.15 1.06 -1.21 -0.51 -0.11 -0.93 -0.13 1.26 +/- Category Index (if applicable) Morningstar metrics. ——— 53 40 47 40 40 36 63 40 — % Rank Cat The performance data quoted represents past performance and — — — 614 749 840 813 806 836 835 796 803 No. of Funds in Cat does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's — — 0.89 0.01 -0.13 -0.04 0.29 0.24 0.04 -0.05 -0.21 — Avg Prem/Discount % shares, when sold or redeemed, may be worth more or less than their original cost. Portfolio Analysis 06-29-2021 Top Holdings 06-23-2021 Current performance may be lower or higher than return data Asset Allocation % 06-28-2021 Net % Long % Short % Share Chg Share Holdings : Net Assets since Amount 2,563 Total Stocks , 1 Total Fixed-Income, % quoted herein. For performance data current to the most recent Cash 0.19 0.48 0.29 06-2021 15% Turnover Ratio month-end, please call 800-474-2737 or visit www.ishares.com. US Stocks 0.27 0.27 0.00 210 mil Taiwan Semiconductor Manufacturing 5.41 Fees and Expenses Non-US Stocks 99.50 99.50 0.00 49 mil Tencent Holdings Ltd 4.46 Fund Expenses Bonds 0.00 0.00 0.00 129 mil Alibaba Group Holding Ltd Ordinary 4.18 Management Fees % 0.11 Other/Not Clsfd 0.05 0.05 0.00 41 mil Samsung Electronics Co Ltd 3.47 Annual Report Net Expense Ratio % 0.14 Total 100.00 100.29 0.29 31 mil Meituan 1.48 Annual Report Gross Expense Ratio % 0.14 Equity Style Portfolio Statistics Port Rel Rel 12b1 Expense % NA Avg Index Cat 4 mil Naspers Ltd Class N 0.93 Value Blend Growth Risk and Return Profile Small Mid Large P/E Ratio TTM 16.9 0.87 0.89 34 mil VALE SA 0.93 3 Yr 5 Yr 10 Yr P/C Ratio TTM 10.1 0.95 0.82 24 mil Reliance Industries Ltd Shs Demate 0.88 700 funds 601 funds 305 funds P/B Ratio TTM 2.0 1.04 5.15 821 mil China Construction Bank Corp Class 0.79 TM Morningstar Rating 3Q 3Q — Geo Avg Mkt Cap 34280 0.71 0.52 29 mil Infosys Ltd 0.72 Morningstar Risk -Avg -Avg — $mil 54 mil Ping An Insurance (Group) Co. of C 0.65 Morningstar Return Avg Avg — Fixed-Income Style 7 mil JD.com Inc ADR 0.65 3 Yr 5 Yr 10 Yr Ltd Mod Ext Avg Eff Maturity — 29 mil WuXi Biologics (Cayman) Inc Regist 0.62

Standard Deviation NAV 18.97 16.30 — Low Med High Avg Eff Duration — 5 mil SK Hynix Inc 0.61 Standard Deviation MKT 19.14 16.55 — Avg Wtd Coupon — 11 mil NIO Inc ADR 0.61 Mean NAV 11.32 12.87 — Avg Wtd Price — Mean MKT 11.34 12.67 — Sector Weightings Stocks % Rel Std Index Sharpe Ratio 0.60 0.76 — h Cyclical 44.0 1.04 Basic Materials 8.6 1.02 MPT Statistics Standard Index Best Fit Index Credit Quality Breakdown — Bond % r NAV AAA — t Consumer Cyclical 15.7 1.29 Alpha 2.02 — AA — y Financial Services 17.0 0.88 Beta 1.00 — A — u Real Estate 2.8 1.05 R-Squared 86.40 — BBB — j Sensitive 42.4 1.15 12-Month Yield — BB — i Communication Services 11.5 1.50 B — Potential Cap Gains Exp — o Energy 4.7 1.01 Leveraged No Below B — p Industrials 5.9 0.51 Leverage Type — NR — a Technology 20.4 1.56 Leverage % 100.00 Regional Exposure Stocks % Rel Std Index k Defensive 13.6 0.65 Primary Prospectus Benchmark MSCI EM IMI NR USD Americas 8.4 0.83 s Consumer Defensive 5.7 0.66 Greater Europe 13.0 0.30 d Healthcare 5.7 0.62 Greater Asia 78.7 1.70 f Utilities 2.1 0.71 Operations Family: iShares Ticker: IEMG Mkt Price: 66.99 Manager: Multiple Incept: 10-18-2012 Base Currency: USD Tenure: 8.8 Years Expiration Date: — Legal Structure: Open Ended Investment Company Total Assets: $83,678.2 mil Exchange: NYSE ARCA Backing Bank: BlackRock Fund Advisors Shares Outstanding: 1,248.00 mil NAV: 67.05 Type: ETF Prem/Discount: -0.09

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 25 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 6 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat iShares Core S&P Total US Œ QQQQ S&P 500 TR USD Russell 1000 TR US Fund Large Blend Stock Mkt ETF (USD) 03-02-2021 1,256 US Fund Large Blend USD Performance 06-30-2021 444444444444 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Equity 100 100 100 100 100 99 100 100 100 99 100 100 Stocks % 2019 14.02 4.07 1.14 9.03 30.87 100k 80k 2020 -20.96 22.06 9.07 14.75 20.75 Growth of $10,000 60k 2021 6.42 8.29 — — 15.25 iShares Core S&P Total US 40k Stock Mkt ETF Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 48,765 Std Mkt 06-30-21 44.28 — 17.83 14.72 10.18 20k Category Average Std NAV 06-30-21 44.24 — 17.85 14.74 10.20 39,137 Standard Index Mkt Total Ret 44.28 18.62 17.83 14.72 10.18 10k 48,668 NAV Total Ret 44.24 18.67 17.85 14.74 10.20 +/- Std Index 3.44 0.00 0.21 -0.10 — +/- Cat Index 1.17 -0.49 -0.14 -0.16 — 4k Performance Quartile % Rank Cat 22 25 20 17 &&****&***&_ (within category) No. in Cat 1,376 1,256 1,098 819 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 30-day SEC Yield —— 16.22 1.73 15.83 32.73 12.97 0.91 12.61 21.38 -5.31 30.67 20.71 15.20 Mkt Total Ret % 16.15 1.55 15.98 32.67 13.01 0.96 12.59 21.23 -5.27 30.87 20.75 15.25 NAV Total Ret % Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, 1.08 -0.56 -0.02 0.28 -0.68 -0.42 0.63 -0.60 -0.88 -0.62 2.35 0.00 +/- Standard Index derived from a weighted average of the three-, five-, and 10-year 0.05 0.05 -0.44 -0.44 -0.23 0.04 0.54 -0.46 -0.48 -0.56 -0.21 0.30 +/- Category Index (if applicable) Morningstar metrics. 18 25 35 38 30 27 20 44 44 38 20 — % Rank Cat The performance data quoted represents past performance and 2010 1786 1686 1559 1568 1606 1409 1396 1402 1387 1363 1449 No. of Funds in Cat does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's -0.01 0.00 -0.18 0.01 0.02 0.03 -0.01 0.02 0.02 -0.05 -0.01 — Avg Prem/Discount % shares, when sold or redeemed, may be worth more or less than their original cost. Portfolio Analysis 06-29-2021 Top Holdings 06-23-2021 Current performance may be lower or higher than return data Asset Allocation % 06-28-2021 Net % Long % Short % Share Chg Share Holdings : Net Assets since Amount 3,542 Total Stocks , 0 Total Fixed-Income, % quoted herein. For performance data current to the most recent Cash 0.21 0.21 0.00 06-2021 5% Turnover Ratio month-end, please call 800-474-2737 or visit www.ishares.com. US Stocks 98.65 98.65 0.00 T 14 mil Apple Inc 4.78 Fees and Expenses Non-US Stocks 1.14 1.14 0.00 T 7 mil Microsoft Corp 4.55 Fund Expenses Bonds 0.00 0.00 0.00 T 385,878 Amazon.com Inc 3.42 Management Fees % 0.03 Other/Not Clsfd 0.00 0.00 0.00 T 2 mil Facebook Inc A 1.86 Annual Report Net Expense Ratio % 0.03 Total 100.00 100.00 0.00 T 270,710 Alphabet Inc A 1.67 Annual Report Gross Expense Ratio % 0.03 Equity Style Portfolio Statistics Port Rel Rel 12b1 Expense % NA Avg Index Cat T 256,324 Alphabet Inc Class C 1.64 Value Blend Growth Risk and Return Profile Small Mid Large P/E Ratio TTM 25.7 0.97 1.00 T 2 mil Berkshire Hathaway Inc Class B 1.19 3 Yr 5 Yr 10 Yr P/C Ratio TTM 16.9 0.96 1.00 T 693,718 Tesla Inc 1.15 1256 funds 1098 funds 819 funds P/B Ratio TTM 4.2 0.95 20.81 T 560,789 NVIDIA Corp 1.08 TM Morningstar Rating 3Q 4Q 4Q Geo Avg Mkt Cap 108513 0.55 0.42 T 3 mil JPMorgan Chase & Co 1.04 Morningstar Risk +Avg +Avg Avg $mil 2 mil Johnson & Johnson 0.97 Morningstar Return +Avg +Avg +Avg T Fixed-Income Style T 2 mil Visa Inc Class A 0.90 3 Yr 5 Yr 10 Yr Avg Eff Maturity — Ltd Mod Ext T 848,928 UnitedHealth Group Inc 0.85 Standard Deviation NAV 19.45 15.66 14.07 Low Med High Avg Eff Duration — T 1 mil PayPal Holdings Inc 0.77 Standard Deviation MKT 19.24 15.51 14.04 Avg Wtd Coupon — 957,088 The Home Depot Inc 0.75 Mean NAV 18.67 17.85 14.74 Avg Wtd Price — T Mean MKT 18.62 17.83 14.72 Sector Weightings Stocks % Rel Std Index Sharpe Ratio 0.92 1.06 1.01 h Cyclical 31.8 1.02 Basic Materials 2.4 1.08 MPT Statistics Standard Index Best Fit Index Credit Quality Breakdown — Bond % r NAV AAA — t Consumer Cyclical 11.9 0.99 Alpha -0.66 — AA — y Financial Services 13.9 0.97 Beta 1.05 — A — u Real Estate 3.6 1.40 R-Squared 99.45 — BBB — j Sensitive 46.7 0.99 12-Month Yield — BB — i Communication Services 10.5 0.94 B — Potential Cap Gains Exp — o Energy 2.8 0.96 Leveraged No Below B — p Industrials 9.2 1.04 Leverage Type — NR — a Technology 24.2 1.00 Leverage % 100.00 Regional Exposure Stocks % Rel Std Index k Defensive 21.5 0.98 Primary Prospectus Benchmark S&P US TMI TR USD Americas 98.9 1.00 s Consumer Defensive 5.7 0.90 Greater Europe 0.8 0.98 d Healthcare 13.5 1.03 Greater Asia 0.3 1.56 f Utilities 2.3 0.94 Operations Family: iShares Ticker: ITOT Mkt Price: 98.76 Manager: Multiple Incept: 01-20-2004 Base Currency: USD Tenure: 13.5 Years Expiration Date: — Legal Structure: Open Ended Investment Company Total Assets: $40,086.1 mil Exchange: NYSE ARCA Backing Bank: BlackRock Fund Advisors Shares Outstanding: 405.70 mil NAV: 98.86 Type: ETF Prem/Discount: -0.10

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 26 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 7 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Vanguard Growth ETF (USD) Œ QQQQ S&P 500 TR USD Russell 1000 US Fund Large Growth 07-20-2020 1,136 US Fund Large Growth Growth TR USD

Performance 06-30-2021 777777777777 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Equity 100 100 100 100 100 100 100 100 100 100 100 100 Stocks % 2019 16.90 4.74 2.00 9.90 37.26 100k 80k 2020 -13.74 29.04 13.00 11.44 40.16 Growth of $10,000 60k 2021 1.50 11.69 — — 13.37 Vanguard Growth ETF 40k 62,051 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Category Average Std Mkt 06-30-21 42.85 — 23.08 17.47 11.77 20k 51,114 Std NAV 06-30-21 42.77 — 23.05 17.46 11.76 Standard Index 48,668 Mkt Total Ret 42.85 25.36 23.08 17.47 11.77 10k NAV Total Ret 42.77 25.31 23.05 17.46 11.76 +/- Std Index 1.97 6.64 5.41 2.62 — +/- Cat Index 0.27 0.17 -0.60 -0.41 — 4k Performance Quartile % Rank Cat 34 22 36 25 *&*(&(**(&*_ (within category) No. in Cat 1,240 1,136 1,022 759 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 30-day SEC Yield 2021-06-30 0.52 0.52 17.21 1.82 17.02 32.48 13.61 3.25 6.28 27.72 -3.30 37.03 40.22 13.53 Mkt Total Ret % 17.11 1.87 17.03 32.38 13.62 3.32 6.13 27.80 -3.32 37.26 40.16 13.37 NAV Total Ret % Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, 2.05 -0.24 1.03 -0.01 -0.07 1.93 -5.83 5.97 1.06 5.77 21.77 -1.88 +/- Standard Index derived from a weighted average of the three-, five-, and 10-year 0.40 -0.77 1.77 -1.11 0.57 -2.35 -0.95 -2.41 -1.81 0.87 1.67 0.38 +/- Category Index (if applicable) Morningstar metrics. 34 15 29 63 14 53 28 50 62 11 28 — % Rank Cat The performance data quoted represents past performance and 1718 1683 1681 1712 1710 1681 1463 1363 1405 1360 1289 1273 No. of Funds in Cat does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's 0.02 0.00 -0.02 -0.01 0.01 -0.22 0.00 0.01 0.00 -0.02 -0.03 — Avg Prem/Discount % shares, when sold or redeemed, may be worth more or less than their original cost. Portfolio Analysis 05-31-2021 Current performance may be lower or higher than return data Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets since Amount 280 Total Stocks , 0 Total Fixed-Income, % quoted herein. For performance data current to the most recent Cash 0.00 0.00 0.00 04-2021 6% Turnover Ratio month-end, please call 866-499-8473 or visit www.vanguard.com. US Stocks 98.86 98.86 0.00 T 59 mil Microsoft Corp 9.43 Fees and Expenses Non-US Stocks 1.14 1.14 0.00 T 118 mil Apple Inc 9.43 Fund Expenses Bonds 0.00 0.00 0.00 T 3 mil Amazon.com Inc 6.91 Management Fees % 0.04 Other/Not Clsfd 0.00 0.00 0.00 T 19 mil Facebook Inc A 3.96 Annual Report Net Expense Ratio % 0.04 Total 100.00 100.00 0.00 T 2 mil Alphabet Inc A 3.55 Annual Report Gross Expense Ratio % 0.04 Equity Style Portfolio Statistics Port Rel Rel 12b1 Expense % NA Avg Index Cat T 2 mil Alphabet Inc Class C 3.36 Value Blend Growth Risk and Return Profile Small Mid Large P/E Ratio TTM 36.8 1.39 1.09 T 6 mil Tesla Inc 2.40 3 Yr 5 Yr 10 Yr P/C Ratio TTM 24.1 1.37 1.03 T 5 mil NVIDIA Corp 1.91 1136 funds 1022 funds 759 funds P/B Ratio TTM 9.5 2.16 77.35 T 13 mil Visa Inc Class A 1.87 TM Morningstar Rating 4Q 4Q 4Q Geo Avg Mkt Cap 276385 1.40 0.91 T 8 mil The Home Depot Inc 1.72 Morningstar Risk Avg Avg Avg $mil 7 mil Mastercard Inc A 1.60 Morningstar Return +Avg +Avg +Avg T Fixed-Income Style T 9 mil PayPal Holdings Inc 1.52 3 Yr 5 Yr 10 Yr Avg Eff Maturity — Ltd Mod Ext T 4 mil Adobe Inc 1.21 Standard Deviation NAV 19.97 16.24 14.76 Low Med High Avg Eff Duration — T 3 mil Netflix Inc 1.08 Standard Deviation MKT 19.89 16.18 14.81 Avg Wtd Coupon — 7 mil Salesforce.com Inc 1.04 Mean NAV 25.31 23.05 17.46 Avg Wtd Price — T Mean MKT 25.36 23.08 17.47 Sector Weightings Stocks % Rel Std Index Sharpe Ratio 1.17 1.29 1.13 h Cyclical 29.3 0.94 Basic Materials 1.7 0.75 MPT Statistics Standard Index Best Fit Index Credit Quality Breakdown — Bond % r NAV AAA — t Consumer Cyclical 17.9 1.49 Alpha 5.14 — AA — y Financial Services 7.2 0.50 Beta 1.04 — A — u Real Estate 2.5 0.98 R-Squared 92.35 — BBB — j Sensitive 59.6 1.27 12-Month Yield 0.57% BB — i Communication Services 16.2 1.45 B — Potential Cap Gains Exp — o Energy 0.3 0.11 Leveraged No Below B — p Industrials 5.6 0.63 Leverage Type — NR — a Technology 37.6 1.55 Leverage % 100.00 Regional Exposure Stocks % Rel Std Index k Defensive 11.1 0.51 Primary Prospectus Benchmark CRSP US Large Cap Growth TR USD Americas 99.0 1.00 s Consumer Defensive 2.6 0.40 Greater Europe 0.8 0.98 d Healthcare 8.6 0.65 Greater Asia 0.2 0.95 f Utilities 0.0 0.00 Operations Family: Vanguard Ticker: VUG Mkt Price: 286.81 Manager: Multiple Incept: 01-26-2004 Base Currency: USD Tenure: 26.6 Years Expiration Date: — Legal Structure: Open Ended Investment Company Total Assets: $78,864.2 mil Exchange: NYSE ARCA Backing Bank: Vanguard Group Inc Shares Outstanding: 275.61 mil NAV: 286.51 Type: ETF Prem/Discount: 0.10

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 27 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 8 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Vanguard Total Bond Market Œ QQQ BBgBarc US Agg BBgBarc US Agg US Fund Intermediate 07-12-2020 402 US Fund Intermediate Bond TR USD Bond TR USD Core Bond ETF (USD) Core Bond Performance 06-30-2021 444444444454 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income 98 96 93 97 95 98 98 97 99 97 99 98 Bond % 2019 2.99 3.02 2.41 0.04 8.71 100k 80k 2020 3.33 2.93 0.58 0.69 7.71 Growth of $10,000 60k 2021 -3.56 2.00 — — -1.63 Vanguard Total Bond Market 40k ETF Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 15,202 Std Mkt 06-30-21 -0.59 — 2.98 3.36 4.15 20k Category Average Std NAV 06-30-21 -0.38 — 3.01 3.36 4.16 15,422 Standard Index Mkt Total Ret -0.59 5.41 2.98 3.36 4.15 10k 15,280 NAV Total Ret -0.38 5.41 3.01 3.36 4.16 +/- Std Index -0.05 0.06 -0.02 -0.03 — +/- Cat Index -0.05 0.06 -0.02 -0.03 — 4k Performance Quartile % Rank Cat 77 41 51 47 (&)(**((***_ (within category) No. in Cat 435 402 347 264 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 30-day SEC Yield 2021-06-30 1.36 1.36 6.20 7.92 3.89 -2.10 5.82 0.56 2.53 3.57 -0.11 8.84 7.71 -1.78 Mkt Total Ret % 6.51 7.71 4.04 -2.14 5.96 0.39 2.57 3.62 -0.04 8.71 7.71 -1.63 NAV Total Ret % Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, -0.04 -0.13 -0.17 -0.12 -0.01 -0.16 -0.08 0.08 -0.05 -0.01 0.21 -0.03 +/- Standard Index derived from a weighted average of the three-, five-, and 10-year -0.04 -0.13 -0.17 -0.12 -0.01 -0.16 -0.08 0.08 -0.05 -0.01 0.21 -0.03 +/- Category Index (if applicable) Morningstar metrics. 71 12 84 67 28 28 64 53 31 34 45 — % Rank Cat The performance data quoted represents past performance and 1164 1195 1165 1079 1038 1042 985 986 1019 430 415 450 No. of Funds in Cat does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's 0.11 0.13 0.13 0.07 0.06 0.05 0.09 0.08 0.02 0.07 0.05 — Avg Prem/Discount % shares, when sold or redeemed, may be worth more or less than their original cost. Portfolio Analysis 05-31-2021 Current performance may be lower or higher than return data Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets since Amount 0 Total Stocks , 15,920 Total Fixed-Income, % quoted herein. For performance data current to the most recent Cash 0.96 0.96 0.00 04-2021 79% Turnover Ratio month-end, please call 866-499-8473 or visit www.vanguard.com. US Stocks 0.00 0.00 0.00 R 2,114 mil Federal National Mortgage Associat 0.69 Fees and Expenses Non-US Stocks 0.00 0.00 0.00 2,126 mil United States Treasury Notes 0.69 Fund Expenses Bonds 98.20 98.26 0.06 R 2,014 mil Federal National Mortgage Associat 0.68 Management Fees % 0.03 Other/Not Clsfd 0.84 0.84 0.00 1,620 mil United States Treasury Notes 0.56 Annual Report Net Expense Ratio % 0.04 Total 100.00 100.06 0.06 1,460 mil United States Treasury Notes 0.47 Annual Report Gross Expense Ratio % 0.04 Equity Style Portfolio Statistics Port Rel Rel 12b1 Expense % NA Avg Index Cat Y 1,513 mil United States Treasury Notes 0.47 Value Blend Growth Risk and Return Profile Small Mid Large P/E Ratio TTM — — — T 1,339 mil United States Treasury Notes 0.41 3 Yr 5 Yr 10 Yr P/C Ratio TTM — — — T 1,187 mil United States Treasury Notes 0.40 402 funds 347 funds 264 funds P/B Ratio TTM — — — 1,324 mil United States Treasury Notes 0.40 TM Morningstar Rating 3Q 3Q 3Q Geo Avg Mkt Cap ——— Y 1,282 mil United States Treasury Notes 0.38 Morningstar Risk Avg Avg Avg $mil 1,112 mil United States Treasury Notes 0.38 Morningstar Return Avg Avg Avg Fixed-Income Style 1,111 mil United States Treasury Notes 0.38 3 Yr 5 Yr 10 Yr Ltd Mod Ext Avg Eff Maturity 8.50 1,100 mil United States Treasury Notes 0.37 Standard Deviation NAV 3.63 3.38 3.14 Low Med High Avg Eff Duration 6.68 Y 1,240 mil United States Treasury Bonds 0.37 Standard Deviation MKT 3.91 3.59 3.28 Avg Wtd Coupon — 1,076 mil United States Treasury Notes 0.36 Mean NAV 5.41 3.01 3.36 Avg Wtd Price 106.77 T Mean MKT 5.41 2.98 3.36 Sector Weightings Stocks % Rel Std Index Sharpe Ratio 1.16 0.57 0.88 h Cyclical — — Basic Materials — — MPT Statistics Standard Index Best Fit Index Credit Quality Breakdown — Bond % r BBgBarc US Agg Consumer Cyclical — — NAV AAA 68.56 t Bond TR USD AA 3.07 y Financial Services — — Alpha -0.09 -0.09 A 12.18 u Real Estate — — Beta 1.04 1.04 BBB 16.09 R-Squared 99.40 99.40 j Sensitive — — BB 0.00 i Communication Services — — 12-Month Yield 2.02% B 0.00 Energy — — Potential Cap Gains Exp — o Below B 0.01 Industrials — — Leveraged No p NR 0.09 Technology — — Leverage Type — a Leverage % 100.00 Regional Exposure Stocks % Rel Std Index k Defensive — — Primary Prospectus Benchmark BBgBarc US Agg Americas — — s Consumer Defensive — — Float Adj TR USD Greater Europe — — d Healthcare — — Greater Asia — — f Utilities — — Operations Family: Vanguard Ticker: BND Mkt Price: 85.89 Manager: Joshua Barrickman Incept: 04-03-2007 Base Currency: USD Tenure: 8.4 Years Expiration Date: — Legal Structure: Open Ended Investment Company Total Assets: $78,563.9 mil Exchange: NASDAQ Backing Bank: Vanguard Group Inc Shares Outstanding: 918.12 mil NAV: 85.86 Type: ETF Prem/Discount: 0.03

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 28 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 9 of 25 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat Vanguard Total International Œ QQQ MSCI ACWI Ex MSCI ACWI Ex US Fund Foreign Large 12-11-2020 673 US Fund Foreign Large USA NR USD USA NR USD Blend Stock ETF (USD) Blend Performance 06-30-2021 444444444444 Investment Style Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Equity 98 97 98 96 96 99 97 97 97 98 100 100 Stocks % 2019 10.27 2.74 -1.60 9.05 21.58 100k 80k 2020 -24.30 18.12 6.47 16.92 11.32 Growth of $10,000 60k 2021 3.95 5.52 — — 9.69 Vanguard Total International 40k Stock ETF Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 20,111 Std Mkt 06-30-21 37.19 — 11.15 5.66 5.82 20k Category Average Std NAV 06-30-21 36.55 — 11.13 5.72 5.67 19,444 Standard Index Mkt Total Ret 37.19 9.64 11.15 5.66 5.82 10k 19,611 NAV Total Ret 36.55 9.65 11.13 5.72 5.67 +/- Std Index 0.83 0.27 0.05 0.28 — +/- Cat Index 0.83 0.27 0.05 0.28 — 4k Performance Quartile % Rank Cat 27 27 26 50 __*)*)&&*(*_ (within category) No. in Cat 757 673 579 385 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 06-21 History Subsidized Unsubsidized 30-day SEC Yield —— — — 18.61 14.61 -4.74 -4.19 4.81 27.45 -14.43 21.75 10.69 10.30 Mkt Total Ret % — — 18.22 15.16 -4.17 -4.28 4.72 27.52 -14.42 21.58 11.32 9.69 NAV Total Ret % Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, —— 1.39 -0.13 -0.30 1.38 0.22 0.33 -0.22 0.06 0.67 0.52 +/- Standard Index derived from a weighted average of the three-, five-, and 10-year —— 1.39 -0.13 -0.30 1.38 0.22 0.33 -0.22 0.06 0.67 0.52 +/- Category Index (if applicable) Morningstar metrics. —— 49 83 33 79 12 23 50 51 30 — % Rank Cat The performance data quoted represents past performance and — — 786 791 750 788 762 756 741 732 785 777 No. of Funds in Cat does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's — 0.62 0.29 0.14 0.13 0.19 0.13 0.18 0.14 0.15 -0.09 — Avg Prem/Discount % shares, when sold or redeemed, may be worth more or less than their original cost. Portfolio Analysis 05-31-2021 Current performance may be lower or higher than return data Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets since Amount 7,482 Total Stocks , 0 Total Fixed-Income, % quoted herein. For performance data current to the most recent Cash 0.12 0.15 0.03 04-2021 7% Turnover Ratio month-end, please call 800-662-7447 or visit www.vanguard.com. US Stocks 0.74 0.74 0.00 T 302 mil Taiwan Semiconductor Manufacturing 1.60 Fees and Expenses Non-US Stocks 99.04 99.04 0.00 T 74 mil Tencent Holdings Ltd 1.48 Fund Expenses Bonds 0.00 0.00 0.00 T 177 mil Alibaba Group Holding Ltd Ordinary 1.18 Management Fees % 0.06 Other/Not Clsfd 0.10 0.10 0.00 T 35 mil Nestle SA 1.08 Annual Report Net Expense Ratio % 0.08 Total 100.00 100.03 0.03 T 59 mil Samsung Electronics Co Ltd 1.05 Annual Report Gross Expense Ratio % 0.08 Equity Style Portfolio Statistics Port Rel Rel 12b1 Expense % NA Avg Index Cat T 5 mil ASML Holding NV 0.84 Value Blend Growth Risk and Return Profile Small Mid Large P/E Ratio TTM 18.7 0.97 0.92 T 9 mil Roche Holding AG 0.76 3 Yr 5 Yr 10 Yr P/C Ratio TTM 10.2 0.96 0.91 T 31 mil Toyota Motor Corp 0.64 673 funds 579 funds 385 funds P/B Ratio TTM 1.8 0.94 3.74 T 3 mil LVMH Moet Hennessy Louis Vuitton SE 0.63 TM Morningstar Rating 3Q 4Q 3Q Geo Avg Mkt Cap 30922 0.64 0.56 T 27 mil Novartis AG 0.59 Morningstar Risk Avg Avg Avg $mil 14 mil SAP SE 0.49 Morningstar Return +Avg +Avg Avg T Fixed-Income Style T 152 mil AIA Group Ltd 0.48 3 Yr 5 Yr 10 Yr Avg Eff Maturity — Ltd Mod Ext T 32 mil Unilever PLC 0.48 Standard Deviation NAV 18.05 14.87 15.12 Low Med High Avg Eff Duration — T 17 mil AstraZeneca PLC 0.47 Standard Deviation MKT 18.04 14.88 15.20 Avg Wtd Coupon — 18 mil Royal Bank of Canada 0.46 Mean NAV 9.65 11.13 5.72 Avg Wtd Price — T Mean MKT 9.64 11.15 5.66 Sector Weightings Stocks % Rel Std Index Sharpe Ratio 0.53 0.71 0.40 h Cyclical 43.0 1.01 Basic Materials 8.6 1.01 MPT Statistics Standard Index Best Fit Index Credit Quality Breakdown — Bond % r NAV AAA — t Consumer Cyclical 12.3 1.01 Alpha 0.16 — AA — y Financial Services 18.4 0.96 Beta 1.02 — A — u Real Estate 3.7 1.41 R-Squared 99.00 — BBB — j Sensitive 37.2 1.01 12-Month Yield — BB — i Communication Services 7.1 0.93 B — Potential Cap Gains Exp — o Energy 4.4 0.96 Leveraged No Below B — p Industrials 13.2 1.15 Leverage Type — NR — a Technology 12.5 0.96 Leverage % 100.00 Regional Exposure Stocks % Rel Std Index k Defensive 19.8 0.95 Primary Prospectus Benchmark FTSE Global All Cap ex US (USA) NR USD Americas 9.9 0.98 s Consumer Defensive 7.8 0.91 Greater Europe 43.1 0.98 d Healthcare 8.9 0.97 Greater Asia 47.0 1.02 f Utilities 3.0 1.00 Operations Family: Vanguard Ticker: VXUS Mkt Price: 65.68 Manager: Multiple Incept: 01-26-2011 Base Currency: USD Tenure: 12.9 Years Expiration Date: — Legal Structure: Open Ended Investment Company Total Assets: $48,163.4 mil Exchange: NASDAQ Backing Bank: Vanguard Group Inc Shares Outstanding: 736.38 mil NAV: 65.53 Type: ETF Prem/Discount: 0.23

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 29 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 10 of 25 Standardized and Tax Adjusted Returns Disclosure Statement

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract, and sales charges. The maximum redemption fee is the maximum amount a fund may charge if redeemed in a specific time period after the fund’s purchase.

After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after- tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax returns for exchange-traded funds are based on net asset value.

Money Market Fund Disclosures If money market fund(s) are included in the Standardized Returns table below, each money market fund’s name will be followed by a superscripted letter that links it to the applicable disclosure below:

Institutional Money Market Funds (designated by an “S”): You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen to rely on the ability to impose liquidity fees and suspend redemptions (designated by an ”L” ) and Retail Money Market Funds (designated by an “L”): You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions (designated by an “N”): You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Annualized returns 06-30-2021 Standardized Returns (%) 7-day Yield 7-day Yield 1Yr 5Yr 10Yr Since Inception Max Front Max Back Net Exp Gross Exp Max Subsidized Unsubsidized Inception Date Load % Load % Ratio % Ratio % Redemption % as of date as of date

Aberdeen Emerging Markets Instl — — 49.35 12.49 5.75 7.65 05-11-2007 NA NA 1.101 1.18 NA Dodge & Cox Income — — 3.39 4.54 4.26 6.62 01-03-1989 NA NA 0.42 0.42 NA Fuller & Thaler Behavioral Sm-Cp Eq Inst — — 54.25 16.30 — 16.03 09-08-2011 NA NA 0.80 0.80 NA Hartford Strategic Income F — — 9.75 — — 6.77 02-28-2017 NA NA 0.59 0.59 NA iShares Core MSCI Emerging Markets ETF- — — 42.93 12.87 — 6.09 10-18-2012 NA NA 0.11 0.11 NA NAV

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 30 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Release date 06-30-2021 Page 11 of 25

Annualized returns 06-30-2021 Standardized Returns (%) 7-day Yield 7-day Yield 1Yr 5Yr 10Yr Since Inception Max Front Max Back Net Exp Gross Exp Max Subsidized Unsubsidized Inception Date Load % Load % Ratio % Ratio % Redemption % as of date as of date iShares Core MSCI Emerging Markets ETF- — — 43.43 12.67 — 6.06 10-18-2012 NA NA 0.11 0.11 NA Market iShares Core S&P Total US Stock Mkt ETF- — — 44.24 17.85 14.74 10.20 01-20-2004 NA NA 0.03 0.03 NA NAV iShares Core S&P Total US Stock Mkt ETF- — — 44.28 17.83 14.72 10.18 01-20-2004 NA NA 0.03 0.03 NA Market Vanguard Growth ETF-NAV — — 42.77 23.05 17.46 11.76 01-26-2004 NA NA 0.04 0.04 NA Vanguard Growth ETF-Market — — 42.85 23.08 17.47 11.77 01-26-2004 NA NA 0.04 0.04 NA Vanguard Total Bond Market ETF-NAV — — -0.38 3.01 3.36 4.16 04-03-2007 NA NA 0.04 0.04 NA Vanguard Total Bond Market ETF-Market — — -0.59 2.98 3.36 4.15 04-03-2007 NA NA 0.04 0.04 NA Vanguard Total International Stock ETF-NAV — — 36.55 11.13 5.72 5.67 01-26-2011 NA NA 0.08 0.08 NA Vanguard Total International Stock ETF- — — 37.19 11.15 5.66 5.82 01-26-2011 NA NA 0.08 0.08 NA Market BBgBarc US Agg Bond TR USD -0.33 3.03 3.39 — 01-03-1980 BBgBarc US Universal TR USD 1.12 3.48 3.74 — 12-31-1998 Morningstar EM Bd GR USD 7.12 — — — 03-01-2020 Morningstar EM TME GR USD 41.43 — — — 02-25-2019 Morningstar Gbl Mkts xUS GR USD 37.25 11.76 — — 06-22-2015 Morningstar US Corp Bd TR Hdg USD 3.46 — — — 05-01-2019 Morningstar US Small Brd Val Ext TR — — — — 12-21-2020 USD MSCI ACWI Ex USA NR USD 35.72 11.08 5.45 — 01-01-2001 MSCI EAFE NR USD 32.35 10.28 5.89 — 03-31-1986 MSCI EM NR USD 40.90 13.03 4.28 — 01-01-2001 Russell 1000 Growth TR USD 42.50 23.66 17.87 — 01-01-1987 Russell 1000 TR USD 43.07 17.99 14.90 — 12-31-1978 Russell 2000 TR USD 62.03 16.47 12.34 — 12-31-1978 Russell 3000 TR USD 44.16 17.89 14.70 — 12-31-1978 S&P 500 TR USD 40.79 17.65 14.84 — 01-30-1970 USTREAS T-Bill Auction Ave 3 Mon 0.07 1.15 0.61 — 02-28-1941

1. Contractual waiver; Expires 02-28-2022

Return after Tax (%) On Distribution On Distribution and Sales of Shares

1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception Aberdeen Emerging Markets Instl 48.98 11.88 5.07 6.97 05-11-2007 29.36 9.66 4.25 5.98 Dodge & Cox Income 1.59 3.09 2.84 4.70 01-03-1989 2.16 2.88 2.69 4.56 Fuller & Thaler Behavioral Sm-Cp Eq Inst 54.03 16.12 — 14.17 09-08-2011 32.09 13.09 — 12.54 Hartford Strategic Income F 7.97 — — 4.50 02-28-2017 5.75 — — 4.16 iShares Core MSCI Emerging Markets ETF- 41.83 11.91 — 5.26 10-18-2012 25.37 9.87 — 4.46 NAV iShares Core S&P Total US Stock Mkt ETF- 43.40 17.22 14.16 9.70 01-20-2004 26.11 14.24 12.20 8.54 NAV Vanguard Growth ETF-NAV 42.50 22.67 17.06 11.44 01-26-2004 25.39 18.81 14.75 10.09 Vanguard Total Bond Market ETF-NAV -1.25 1.92 2.24 2.94 04-03-2007 -0.19 1.82 2.11 2.75 Vanguard Total International Stock ETF-NAV 35.53 10.13 4.73 4.71 01-26-2011 21.99 8.45 4.14 4.12

©2021 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ® opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, ß and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. 31 including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. Alua Capital Partners, LP

Strategy Overview

Alua Capital Management, LLC is a fundamental Fund Structure: Hedge Fund global long-short equity fund that seeks to Strategy: Long/Short Equity compound capital at high rates of return with Geography: Global equity market-like volatility. Their sector emphasis Fund AUM: ~$2.3B will be on TMT (technology, media & telecom), Fund Inception: 2020 financial services, and consumer-related QP/AI: QP businesses. The long portfolio will be comprised of Structures: Onshore/Offshore investments in what the manager believes are high quality companies that have, or they expect will have, market leading positions and high ROICs resulting from a sustainable competitive advantage. Research on the long side helps to inform Alua’s short pipeline.

Firm Overview

Alua was co-founded in August 2020 by Thomas W. Purcell, Jr., formerly of Viking Global Investors, and Marco A. Tablada, formerly of Lone Pine Capital LLC. Mr. Purcell worked at Viking for over 15 years rising from an analyst to co-Chief Investment Officer while Mr. Tablada spent 16 years at Lone Pine rising from an analyst to become a managing director and portfolio manager. Alua Capital Partners, LP launched in November 2020 with over $250M from each co-founder and approximately $1B in external capital. Prior to launching Alua Capital, Purcell and Tablada have been co-managing a global equity portfolio with $100M of their personal capital. Alua launched with twelve employees and five investment professionals with a single office in New York City.

Portfolio Composition

Alua expects that the portfolio will consist of 10 to 20 core long positions and 10 to 20 core short positions. Their top five long positions are expected to represent 40% to 60% of total net assets with no one long position greater than 20%. Core short positions will be limited to 2% to 5%. Historically, the current portfolio has averaged 127% gross and 57% net.

Alua will invest globally in industries where it believes that it has deep expertise and are well-positioned to capitalize on opportunities. Historically, 50% to 55% of the existing portfolio has been invested in the US and 45% to 50% in emerging markets, Europe, and the Pacific Rim.

Investment Rationale/Portfolio Fit

The Fund targets above market returns with market-like volatility. Given the fund concentration and

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 32

Alua Capital Partners, LP

potential return volatility, Alua should be viewed as a satellite position within a larger hedge fund allocation.

Risks (Please refer to Fund PPM for full outline of risks)

 Potential return volatility. The portfolio will be concentrated in their best ideas with core positions ranging from 10% to 20%. The portfolio managers successfully managed through Q1, 2020 with a decline of -13% but maintained their investment discipline, re-underwrote their positions, and recovered to new highs by May 2020. In addition, both managers have invested through multiple cycles, booms, and busts.

 Co-Portfolio Managers. While Purcell and Tablada have known each other and discussed investments since the late 1990’s, this is their first time formally working together. This risk is mitigated by the fact that they have been co-managing an existing portfolio for the past three years. In addition, the Fund does have a “Key-Man” clause.

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $20M 9% Return/Hurdle: Target Return: N/A Incentive: 20% Management Fee: 1.5% Lock-up: 2-year initial lock-up Quarterly with 60 days' Total Fund Term: N/A Redemption Terms: notice after lock; 25% investor level gate Subscription frequency: Closed GP Commitment: $600M Distribution: N/A Tax Reporting: K-1 Investment Period: N/A Holdback: 5% Leverage: N/A Other Considerations:

Important Disclosures This information, last updated on 7/2/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation. No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 33

As of 6/30/2021 Alua Capital

Fund Summary Alua is a fundamental global long-short equity fund that seeks to compound capital at high rates of return with equity market-like volatility. The portfolio will be concentrated in deeply researched, long investments with strong franchises and shorts with opposite characteristics. Their sector emphasis will be on TMT, financial services, and consumer- related businesses.

Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 -1.7 4.9 -1.7 5.3 -1.0 0.8 6.5 2020 0.2 1.2 -14.1 10.1 12.9 10.5 5.0 10.1 1.1 -2.3 6.9 4.5 52.6 2019 3.5 1.8 3.5 1.5 -4.1 1.6 -0.9 0.1 -2.5 6.0 7.5 3.2 22.7 2018 8.5 0.2 0.3 -1.1 -3.8 -0.8 -0.7 2.2 0.2 -6.3 1.8 -2.9 -3.1 2017 ———— 0.3 2.0 2.8 1.3 1.4 2.4 1.8 3.0 — 2016 ————————————— 2015 ————————————— 2014 ————————————— 2013 ————————————— 2012 ————————————— 2011 —————————————

Growth of $100

Time Period: 5/1/2017 to 6/30/2021

225.0 200.0 175.0 150.0 125.0 100.0 75.0 12/2017 6/2018 12/2018 6/2019 12/2019 6/2020 12/2020 6/2021

Alua Capital HFRI Equity Hedge Asset Weighted TR USD S&P 500 TR USD

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

250.0

200.0

150.0

100.0

200.0% 26.5% 22.7% 86.6% 0.0% -200.0% -11.1% -12.9% 6/2017 12/2017 6/2018 12/2018 6/2019 12/2019 6/2020 12/2020 6/2021

Alua Capital Contraction Expansion 34 As of 6/30/2021 Alua Capital

Trailing Risk/Return Since YTD 1 Year 3 Years 5 Years 10 Years Inception Alua Capital 6.5 35.9 23.4 — — 21.4

HFRI Equity Hedge Asset Weighted TR USD 8.3 24.9 7.1 8.1 5.9 7.4

S&P 500 TR USD 15.3 40.8 18.7 17.6 14.8 17.4

Time Period: 5/1/2017 to 6/30/2021 Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error Alua Capital 21.4 15.9 4.4 10.9 1.4 61.6 1.3 10.4

HFRI Equity Hedge Asset Weighted TR USD 7.4 9.1 0.0 0.0 1.0 100.0 0.7 0.0

S&P 500 TR USD 17.4 16.2 5.1 6.0 1.6 82.2 1.0 8.8

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: 5/1/2017 to 6/30/2021 Time Period: 5/1/2017 to 6/30/2021 Alua Capital 28.0% 20.0 HFRI Equity Hedge Asset Weighted TR USD 24.0% S&P 500 TR USD 16.0 20.0% 16.0% 12.0 12.0% 8.0 8.0% 4.0% 4.0

0.0% Number of Periods 0.0 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Return

Std Dev Alua Capital

Historical Drawdown

Time Period: 5/1/2017 to 6/30/2021

0.0

-2.5 -5.0

-7.5 -10.0

-12.5 -15.0

-17.5 -20.0 12/2017 6/2018 12/2018 6/2019 12/2019 6/2020 12/2020 6/2021

Alua Capital HFRI Equity Hedge Asset Weighted TR USD S&P 500 TR USD

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. 35 BlackRock Strategic Equity Hedge Fund

Strategy Overview

BlackRock Strategic Equity employs a classic, Fund Structure: Hedge Fund fundamentally-driven long/short equity strategy Strategy: Equity Long/Short with both qualitative and quantitative inputs. Geography: US, ROW Leveraging BlackRock’s deep team of European Strategy AUM: ~$8.6B equity analysts (21 including the portfolio Fund Inception: 2011 managers) and research resources, the fund runs a QP/AI: QP well-diversified portfolio of approximately 100 long Structures: Offshore and 50 short positions. On the long side, the fund is looking to identify strong franchises with high quality management whose earnings power 2-3 years out is significantly above market expectations, while conversely the Fund is looking to short weak franchises whose earnings are deteriorating due to poor cash flow, declining market share, poor accounting, or unfavorable economic drivers. The strategy is more focused on returns than pure defense but has done very well at preventing drawdowns. This was accomplished both through security selection and dynamic management of risk exposures.

Firm Overview

BlackRock Strategic Equity was launched in 2011 and is managed by Alister Hibbert. Hibbert is the key manager at the firm and performs a good deal of research personally. This includes significant travel throughout the year. Hibbert has 24+ years of portfolio management experience and was formerly at Scottish Widows (a large insurance company and asset manager in the U.K.). However, Hibbert certainly has the support of a large team as well as the resources of Blackrock overall. The Fund employs a classic, fundamentally driven investment philosophy with both qualitative and quantitative inputs. Much of the research is bottom-up, in-depth company analysis. Hibbert’s approach resembles that of Peter Lynch—a highly diversified portfolio of great ideas. His belief is that while concentration sounds good, it often leads to a behavioral tendency to get married to a position and refusing to sell even if the investment thesis has changed or is no-longer valid. Position sizing on longs ranges from 1-4% with top 10 in 30% range. Shorts are positioned 1-2% so that he can withstand severe reversals.

Portfolio Composition (As of May 31, 2021)

The portfolio is roughly 50% net long, but the fund’s managers can move exposure up or down depending on their view of the opportunity set. The fund owns higher margin, defensive businesses and this translates into a moderately large exposure to technology and healthcare. The fund also tends to hold a significant midcap weight. It’s important to note the fund will own whatever it thinks is attractive and is not focused on benchmark performance.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 36

BlackRock Strategic Equity Hedge Fund

**As of 5/31/2021. Subject to change. Country exposure shows as % normalized gross. Other includes all countries where the gross exposure is less than 5%. Of the 15.3%, 15.1% is in European countries.

Investment Rationale/Portfolio Fit

We think now is a good time to invest in a high-quality hedge fund strategy like Blackrock Strategic Equity. The global equity markets are currently showing a greater dispersion of returns, i.e. more winners and losers, than in recent years. Investors have generally allocated away from equities and towards significant amounts of bonds and illiquid strategies. Investors don’t appear overly optimistic about the stock market - sentiment is reserved. There has been a significant outflow of hedge fund dollars in recent years creating opportunity to invest with some harder-to-access funds that are now open again. For all these reasons, we think investing in a high-quality hedge fund strategy that is reasonably diversified and hedged can be a good complement to an overall portfolio seeking “alpha” returns.

Risks (Please refer to Fund PPM for full outline of risks)

The fund is subject to a variety of risks. First, the fund could simply make poor stock selection decisions, and incur losses. The fund also does dynamically time its exposures, and thus could be over or under allocated to certain sectors, geographies or the equity markets as a whole. There is also a key man risk to the fund. If Hibbert leaves or becomes impaired, many investors would want to redeem from the fund. There is a key man provision, but disruption on the way out could still occur.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 37

BlackRock Strategic Equity Hedge Fund

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $1M HWM Return/Hurdle: Target Return: N/A Incentive: 20% Management Fee: 1.75% Lock-up: N/A Monthly with 1 calendar Total Fund Term: N/A Redemption Terms: month notice Subscription frequency: Variable GP Commitment: 1.1% of AUM Distribution: N/A Tax Reporting: PFIC Investment Period: N/A Other Considerations: Leverage: N/A

Important Disclosures This information, last updated on 6/25/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 38

As of 6/30/2021 Blackrock Strategic Equity Hedge Fund Ltd

Fund Summary BlackRock Strategic Equity was launched in 2011 and is managed by Alister Hibbert who has 24 years of portfolio management experience. Leveraging BlackRock’s deep team of European analysts and research, the Fund is a well- diversified portfolio of approximately 100 long and 50 short positions. On the long side, the fund is looking to identify strong franchises with high quality management whose earnings power 2-3 years out is significantly above market expectations while conversely the Fund is looking to short weak franchises whose earnings are deteriorating due to poor cash flow, declining market share, poor accounting, or unfavorable economic drivers.

Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 -3.8 3.1 -3.9 5.0 -1.4 2.0 0.6 2020 5.9 0.4 -0.3 5.1 4.6 -0.4 3.3 4.6 1.6 1.4 3.2 4.4 39.2 2019 3.9 2.4 6.0 1.2 3.3 2.9 1.0 3.8 -4.5 1.7 3.8 0.1 28.4 2018 4.5 -1.4 0.4 -1.1 6.5 -0.1 -1.6 4.2 -0.1 -8.2 -0.8 0.5 2.1 2017 4.4 1.8 0.6 2.8 2.6 -0.6 1.9 3.3 2.0 5.2 -1.7 -0.6 23.7 2016 -2.3 -4.5 -0.8 -1.5 3.5 -2.0 0.7 -0.4 1.1 -4.0 -0.6 0.0 -10.5 2015 2.8 3.5 4.0 -1.1 3.6 1.1 6.1 -0.3 3.0 1.6 3.6 3.4 35.8 2014 3.5 4.4 -1.6 -5.7 0.1 0.6 -0.8 1.9 2.4 3.0 3.1 2.2 13.5 2013 2.2 4.2 0.4 0.4 1.8 2.7 1.6 -2.2 1.3 2.4 5.3 3.4 26.0 2012 0.0 2.1 2.8 8.3 1.5 -1.2 4.2 -2.1 1.6 1.6 3.2 -0.6 23.1 2011 —————————————

Growth of $100

Time Period: 1/1/2012 to 6/30/2021

550.0 475.0 400.0 325.0 250.0 175.0 100.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Blackrock Strategic Equity Hedge Fund Ltd HFRI Equity Hedge Asset Weighted TR USD S&P 500 TR USD

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

500.0

300.0

100.0

200.0% 64.9% 52.6% 38.1% 79.9% 0.0% -200.0% -5.1% -10.5% -8.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Blackrock Strategic Equity Hedge Fund Ltd Contraction Expansion 39 As of 6/30/2021 Blackrock Strategic Equity Hedge Fund Ltd

Trailing Risk/Return Since YTD 1 Year 3 Years 5 Years 10 Years Inception Blackrock Strategic Equity Hedge Fund Ltd 0.6 20.7 19.0 17.1 — 18.1

HFRI Equity Hedge Asset Weighted TR USD 8.3 24.9 7.1 8.1 5.9 7.1

S&P 500 TR USD 15.3 40.8 18.7 17.6 14.8 16.1

Time Period: 1/1/2012 to 6/30/2021 Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error Blackrock Strategic Equity Hedge Fund Ltd 18.1 9.5 4.8 13.5 0.5 13.7 1.8 9.7

HFRI Equity Hedge Asset Weighted TR USD 7.1 7.4 0.0 0.0 1.0 100.0 0.9 0.0

S&P 500 TR USD 16.1 13.1 4.0 5.0 1.6 79.7 1.2 7.3

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: 1/1/2012 to 6/30/2021 Time Period: 1/1/2012 to 6/30/2021 Blackrock Strategic Equity Hedge Fund Ltd 24.0% 35.0 HFRI Equity Hedge Asset Weighted TR USD 30.0 20.0% S&P 500 TR USD

16.0% 25.0 20.0 12.0% 15.0 8.0% 10.0 4.0% 5.0

0.0% Number of Periods 0.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0

Return 0.0 3.0 6.0 9.0 12.0 15.0 18.0

Std Dev Blackrock Strategic Equity Hedge Fund Ltd

Historical Drawdown

Time Period: 1/1/2012 to 6/30/2021

0.0

-2.5 -5.0

-7.5 -10.0

-12.5 -15.0

-17.5 -20.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Blackrock Strategic Equity Hedge Fund Ltd HFRI Equity Hedge Asset Weighted TR USD S&P 500 TR USD

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. 40 Callodine Special Opportunity Fund, LP

Strategy Overview

Callodine launched the Special Opportunity Fund Fund Structure: Long only LP to focus on the Business Development Corporation Strategy: Equity (“BDC”) universe. BDCs are specialty finance Geography: US closed end funds that typically lend to or make Fund AUM: $45M equity investments in domestic middle-market Fund Inception: June 2020 companies. They have grown in recent years as QP/AI: QP regulations pushed traditional banks out of the Structures: Onshore business.

Firm Overview

Callodine Capital Management, LP (“Callodine”) was formed by James Morrow in 2018. Morrow left Fidelity Management after 19+ years, most recently managing up to $40 Billion across multiple funds. Callodine secured a $150mm+, five-year commitment from a Forbes 400 family office. This funding ensures that Callodine will achieve breakeven operational cash flow and stability from launch. Callodine currently has $250mm under management in a long / short hedge fund and a long only separately managed account.

Portfolio Composition (As of June 30, 2021)

The portfolio is a long only strategy composed of 12 BDCs. Each BDC owns roughly 30 loans, so this approach creates sufficient loan diversification. Generally, the BDCs purchased by the strategy will be differentiated through higher quality management, a high proportion of senior credits in the loan book and the likelihood of parent finance company support if needed. In our opinion, BDCs are best accessed with quality active management, which is rare because it is a niche space.

Investment Rationale/Portfolio Fit

This is a high return, high risk investment. It is for alpha-seeking clients looking to generate potentially 50%+ returns in a relatively short time period with a minority of their capital. It should be considered as an aggressive equity investment.

Risks (Please refer to Fund PPM for full outline of risks)

Leverage: While there is typically not a maturity mismatch, meaning assets (loans) and liabilities (financing) have similar maturity dates, BDCs are levered (half debt, half equity or in some cases much less) and lend to companies that would typically be below investment grade if rated by the NROs (Moody’s, S&P, Fitch). Leverage can magnify losses.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 41 Callodine Special Opportunity Fund, LP

Economic: The economy has sustained significant damage from Coronavirus and restrictions related to the pandemic. It looks like the most severe damage (outside of hospitality) has been done. Bankruptcies may rise further, however, due to a delated effect. In some cases, this could further erode BDCs’ book value. The Fed is not buying the assets BDCs create, so BDCs would benefit from receding credit stress and more monetary stimulus, but not directly.

Dilution: BDCs forced to raise equity at below NAV prices may suffer steep equity price declines. We think this risk is low for the BDCs most likely to be bought in the fund.

Competition: This seems a less likely risk, but other funds or even banks could step into the market.

Summary of Investment Opportunity and Key Terms

BDCs have been under pressure because of their credit risk, use of leverage and uncertainty. We believe the selloff is excessive relative to the likely actual economic damage. As fear in the high yield and bank loan markets recedes, their attractive yields are likely to again attract a retail shareholder base. That is what happened following the 2008 Great Financial Crisis, so there is a precedent for this strategy to achieve high returns.

Preferred Minimum Investment: $250k for BCA Clients None Return/Hurdle: 10% payable on Target Return: Mid-teens net Incentive: realization 2 years (1 year for BCA Management Fee: 0% Lock-up: clients) Quarterly with 45 days’ Total Fund Term: Anticipated 2 years Redemption Terms: notice after lockup Subscription frequency: Quarterly GP Commitment: $5-10M Quarterly, starting Q1 Distribution: Tax Reporting: K-1 2021 N/A – expect investment Investment Period: Holdback: N/A within a month Estimated 20% ordinary No, but levered Leverage: Other Considerations: income / 80% capital companies gain

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 42 Callodine Special Opportunity Fund, LP

Important Disclosures This information, last updated on 7/2/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 43

Callodine Special Opportunity Fund, LP ‐ BDC SPV, Founders Terms June 2021

Performance JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD 2020 ‐0.6% ‐0.1% 1.1% 0.1% ‐3.1% 17.7% 1.1% 15.9% 2021 2.3% 8.8% 3.0% 4.0% 0.5% 1.2% 21.2%

Statistics Top Holdings PNNT PENNANTPARK INVESTMENT ORD 11.7% Capital invested 90.8% BBDC BARINGS BDC ORD 10.6% TSLX SIXTH STREET SPECIALTY LENDING ORD 9.7% Number of holdings 12 TRIN TRINITY CAPITAL ORD 9.6% FSK FS KKR CAPITAL ORD 9.3% Average Estimated Current Yield 8.5% SLRC SLR INVESTMENT ORD 9.2% ORCC OWL ROCK CAPITAL ORD 8.2% CGBD TCG BDC ORD 7.7% CCAP CRESCENT CAPITAL BDC ORD 6.4% OCSL OAKTREE SPECIALTY LENDING ORD 5.2%

Fund Terms Key Business Partners

Minimum Investment $1 million Prime Broker Morgan Stanley & Co Management Fee 0.00% Auditors PricewaterhouseCoopers Incentive Allocation 10.00% Administrator Morgan Stanley Fund Services Lock‐up 1 Year Legal Counsel Morgan Lewis & Bockius LLP Liquidity Quarterly Compliance Hardin Compliance Consulting LLC Notice 45 Days IT Integration Eze Castle Integration (ECI)

Notes to tables: ‐ Performance results are for an investment in the Callodine Special Opportunity Fund, LP and are net of expenses and incentive allocation for investment at inception (June 1, 2020). Results include the reinvestment of capital gains, dividends, interest and other earnings. ‐ Investments include 0.0% management fee and 10% incentive on returns. ‐ Past performance is no guarantee of future results. Investor returns may differ based on the timing of investor transactions, new issue eligibility and differences in fund‐specific expenses. ‐ All exposure numbers are delta adjusted and reported on a net basis. ‐ Average Estimated Current Yield is the weigthed average dividend yield of the current holdings. ‐ All figures are calculated internally by Callodine operations and are estimated and unaudited and subject to adjustment. Totals may not sum due to rounding. This document has been furnished on a confidential basis. It is intended exclusively for the use of the person to whom it has been delivered. It is not to be reproduced or redistributed to any other person without the prior consent of Callodine Capital Management, LP. This document is for informational purposes only and does not constitute an offer of any securities or investment advisory services. For more information contact: [email protected]

44 ChapelGate Credit Opportunity Fund

Strategy Overview

ChapelGate Credit Opportunity Fund (“CCOF”) is Fund Structure: Hedge Fund a multi-strategy credit fund currently focusing on Strategy: Opportunistic Credit four principal credit strategies, outlined in more Geography: Global detail below. Strategy AUM: ~$1.2B Fund Inception: December 2005 • Financial Institution Deleveraging: This part of QP/AI: QP the portfolio is “pure” regulatory relief Onshore/Offshore transactions. Driven by Basel III international bank Structures: capital standards and higher U.S. capital requirements, banks now need to hold a much larger amount of equity capital on their balance sheets to reserve for loan losses. Orchard focuses on systemically important financial institutions’ (SIFI) core credit and lending businesses, aiming to be a partner to many units of mega-banks. These transactions are complex, large and require significant information sharing, which creates barriers to entry.

• Structured Lending: This part of the portfolio is co-lending with large banks (and to a lesser extent other lenders) providing collateralized or secured financing arrangements. These transactions are typically bilateral but could be in conjunction with other groups. Orchard uses the bank’s sourcing capabilities and infrastructure to lend with the bank but have the banks service the loan and perform collections if necessary. Orchard underwrites these loans separately and is under no obligation to make these loans to keep access to other deleveraging transactions.

• Leveraged Loans / Collateralized Loan Obligations (“CLO”): ChapelGate can purchase structured finance securitizations in both the primary and secondary markets. ChapelGate could purchase a variety of structured finance vehicles, but the principal structure is cash CLO equity and mezzanine tranches. The fund will purchase risk-retention slices of the equity CLOs where they know the manager well. These credits are purchased opportunistically depending on ChapelGate’s analysis of the risk- reward. Currently, half of this allocation is risk retention. OGAM argues this naturally diversifies investments over time and improves liquidity, as investment maturities and investor lock up periods will be naturally diversified.

• Credit long/short: In this business ChapelGate acts as a solutions provider to a few of the systemically significant banks’ liquid credit trading businesses. Essentially, ChapelGate is paid to take the risk of mismatched index arbitrage for banks.

• Cash and Other: Holds cash opportunistically.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 45 ChapelGate Credit Opportunity Fund

Firm Overview

Orchard Global Asset Management ("OGAM") is an independent, management-owned global alternative investment firm with offices in Singapore (HQ), Toronto and London. The firm’s AUM is over $5 billion. CCO focuses primarily on subsectors of the global fixed income market where the senior team members were original or prominent market participants. Across its various funds, CCO provides solutions to the largest Systemically or Domestically Important Financial Institutions (SIFI) and asset managers.

Portfolio Composition as of May 31, 2021

Investment Rationale/Portfolio Fit

Orchard ChapelGate has several attractive features: high current income option (8%), low historical losses, access to regulatory relief and specialty investments that should be less correlated to equity and credit markets and relatively good liquidity terms (12 months + 6-month soft lock) for this type of strategy.

Risks (Please refer to Fund PPM for full outline of risks)

• Potential for illiquidity is significant, although mitigated by average weighted three-year life of the fund. Investors can be gated in a pinch (20% gate). • Credit Risk – Orchard is directly assuming the first loss pieces of bank commercial lending. The bank is still liable for most losses in those portfolios and is properly aligned with ChapelGate. • Dependency on bank relationships to keep making loans. Possibly, there could be adverse selection with the loans they get from the banks, although they reserve the right to exclude loans from their transactions.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 46 ChapelGate Credit Opportunity Fund

• Significant reductions in regulatory capital requirements could undermine the need for the most attractive part of the fund. The fund argues Basel III is here to stay and isn’t just a function of U.S. regulation. • There can be complexities to running an investment business with multiple geographic locations and thus multiple regulators. We believe OGAM has the team and experience to successfully navigate the differing regulatory landscapes. • Combining the underlying strategies into ChapelGate gives the investment the feel of greater complexity, although we are confident in the team’s ability to manage it.

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: Class A & B share: $250k Class A & B share: HWM Return/Hurdle: Class A share: 20.0% Target Return: 10-12% net Incentive: Class B share: 15.0% Class A share: 18-month Class A share: 1.5% Management Fee: Lock-up: lock Class B share: 1.25% Class B share: 3 years Class A & B share: Total Fund Term: N/A Redemption Terms: Quarterly w/ 90 days’ notice Subscription frequency: Monthly GP Commitment: N/A Optional after 18-month Distribution: Tax Reporting: K-1 lock ~ 8% annualized Investment Period: Evergreen Fund Holdback: 5% Leverage: No Other Considerations:

Important Disclosures This information, last updated on 6/25/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 47 As of 6/30/2021 ChapelGate Credit Opportunity Fund - Class A

Fund Summary ChapelGate Credit Opportunity Fund is a multi-strategy credit fund currently focusing on the following strategies: "regulatory relief" that functions as reinsurance for banks and helps them report higher regulatory capital, co-lending with global banks, buying structured credit (e.g. CLOs). The common thread is partnering with major global banks which are capital constrained under the current regulatory regime globally.

Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 0.9 0.2 -0.3 0.8 0.5 0.5 2.7 2020 0.3 -1.1 -7.4 1.4 3.8 2.8 1.2 1.5 0.0 0.4 3.5 1.2 7.7 2019 2.5 1.2 0.5 0.8 -0.8 1.0 1.1 -0.3 0.5 1.6 1.3 1.7 11.6 2018 1.2 0.4 1.7 0.7 -0.4 -0.1 1.1 0.1 2.0 0.5 -0.7 -1.9 4.7 2017 1.0 0.2 0.6 0.7 0.6 0.7 1.1 0.4 0.8 0.9 0.3 0.5 7.9 2016 -0.5 0.0 2.3 2.0 1.4 -0.1 2.5 1.0 1.1 1.0 1.2 1.1 13.6 2015 0.3 0.9 0.2 0.9 0.5 -0.2 1.3 0.3 0.4 0.5 -0.4 -0.8 3.8 2014 1.9 0.0 -0.3 0.7 0.2 0.1 1.4 0.4 -0.3 0.2 0.0 -0.5 4.0 2013 4.1 0.7 1.0 1.8 0.8 0.0 2.6 0.7 1.0 0.5 1.9 1.0 17.2 2012 1.4 2.0 1.5 1.2 0.3 0.6 1.9 2.5 2.2 2.6 0.6 0.6 18.7 2011 3.3 2.8 -0.1 2.1 0.7 0.0 0.7 -0.1 -1.5 1.3 1.1 0.7 11.6

Growth of $100

Time Period: 8/1/2007 to 6/30/2021

475.0 400.0 325.0 250.0 175.0 100.0 25.0 2009 2011 2013 2015 2017 2019 2021

ChapelGate Credit Opportunity Fund - Class A S&P/LSTA Leveraged Loan TR

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

500.0

300.0

100.0

-100.0

750.0% 263.4% 20.3% 0.0% -750.0% -8.0% 2007 2009 2011 2013 2015 2017 2019 2021

ChapelGate Credit Opportunity Fund - Class A Contraction Expansion As of 6/30/2021 ChapelGate Credit Opportunity Fund - Class A

Trailing Risk/Return

Since YTD 1 Year 3 Years 5 Years 10 Years Inception

ChapelGate Credit Opportunity Fund - Class A 2.7 11.1 7.6 8.5 9.3 10.5

S&P/LSTA Leveraged Loan TR 3.3 11.7 4.4 5.0 4.4 4.7

Time Period: 8/1/2007 to 6/30/2021 Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error

ChapelGate Credit Opportunity Fund - Class A 10.5 4.5 3.7 8.0 0.3 34.1 2.2 6.5

S&P/LSTA Leveraged Loan TR 4.7 8.0 0.0 0.0 1.0 100.0 0.5 0.0

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: 8/1/2007 to 6/30/2021 Time Period: 8/1/2007 to 6/30/2021

ChapelGate Credit Opportunity Fund - Class A 14.0% 120.0 S&P/LSTA Leveraged Loan TR 12.0% 100.0 10.0% 80.0 8.0% 60.0 6.0% 4.0% 40.0

2.0% 20.0

0.0% Number of Periods 0.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0

Return 0.0 2.0 4.0 6.0 8.0 10.0

Std Dev ChapelGate Credit Opportunity Fund - Class A

Historical Drawdown

Time Period: 8/1/2007 to 6/30/2021

0.0

-5.0

-10.0

-15.0

-20.0

-25.0

-30.0 2009 2011 2013 2015 2017 2019 2021

ChapelGate Credit Opportunity Fund - Class A S&P/LSTA Leveraged Loan TR

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. Fundsmith Equity Fund, L.P.

Strategy Overview

Fundsmith is a global equity investor which focuses Fund Structure: Delaware LP on a small number of high quality, resilient, global Strategy: Long Only Equity growth companies that are good value and which Geography: Global they intend to hold for a long time. Fundsmith Strategy AUM: $47.6B seeks to invest in businesses whose assets are Fund Inception: May 2011 intangible and difficult to replicate. These QP/AI: QP companies generally have been around for a very Structures: Commingled Fund long time and have gone through World Wars, Depressions, Recessions and multiple market cycles. As of June 30, 2020, the average year the company was founded in was 1917.

Fundsmith’s approach is bottom-up, combining prescriptive screens and deep fundamental analysis undertaken by Smith and his supporting team. Fundsmith eschews complexity and their investment strategy is anchored on three main tenets:

1. Only invest in good companies. 2. Don’t overpay 3. Do nothing

Good companies all share the following characteristics:

a. High returns on operating capital employed in cash. b. Growth is driven from reinvestment of their cash flows at high rates of return. c. No significant leverage required to generate returns. d. Resilient to change, particularly to technology innovation. e. Operating in sectors with intangible advantages: brands, distribution, installed base, franchisors. f. Make money from a large number of everyday, small-ticket, repeat, predictable transactions. g. Able to protect capital returns from competitors.

Good companies also exhibit very compelling financial metrics, the most essential being ROCE (return on operating capital employed). A good company has a ROCE above its cost of capital, and, as a result, every day that you own a good company its value grows. A bad company has a ROCE below the cost of its capital, and every day that you own a bad company, its value declines. As you can see in the table below their portfolio of companies on a look through basis are superior to those in the S&P 500 on any of the financial measures of returns, profitability, cash flow, or balance sheet strength. As Terry Smith likes to say, their companies make things for $4 and sell them for $10, while other companies make things for $6 and sell them for $10.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 50 Fundsmith Equity Fund, L.P.

Fundsmith is disciplined in not overpaying for good companies. They compare the free cash flow yields now and what we think they will be in four to five years’ time and select the best combinations of current value and future growth. In this process, they compare the portfolio stocks to each other, their investable universe of approximately 70 companies, the broader market, and bonds.

The manager aims to buy and hold, ideally forever, high quality businesses that will continually compound in value. Turnover since inception is very low often falling below 5% a year. They have and will exit companies if the investment case fundamentally weakens, the valuation becomes too expensive, or a superior investment opportunity is identified. Other times the exit is involuntary due to a takeover.

Firm Overview

Terry Smith co-founded Fundsmith LLP and launched the strategy in 2010 on the back of the success he achieved as investment advisor to the Tullett Prebon pension fund from 2003-2013. His experience in the industry dates back to 1974 and has included time in research and in senior management positions at FTSE companies. He is an original thinker and is often demonstrated his willingness to bet against the crowd by taking a longer-term view. Fundsmith is privately owned and the General Partner and its affiliates have over $300,000,000 invested in the Fundsmith Equity Fund.

Portfolio Composition (As of June 30, 2021)

Fundsmith manages a concentrated portfolio of 20-30 stocks selected from an investable universe of 73 stocks. Position sizes range from 1% to 6% depending upon relative conviction as well as stock performance. No one position can be greater than 10%. They are currently invested in 28 stocks.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 51 Fundsmith Equity Fund, L.P.

Investment Rationale/Portfolio Fit

The Covid-19 crisis of 2020 has once again demonstrated the defensive nature and enduring strength of the Fundsmith investment program. Active stock-picking acumen is in short supply and Fundsmith’s disciplined and proven investment approach focusing on high quality, long-lasting businesses should prove very attractive in the post-crisis world. Fundsmith offers clients a very attractive and durable investment program which could serve as a ballast of consistency and exposure in their equity portfolios.

Risks (Please refer to Fund PPM for full outline of risks)

Fundsmith manages risk via their security selection. They look at risk management in terms of:

• Liquidity Risk: The average market cap is $247.7B as of 6/30/2021. • Leverage Risk: They do not invest in companies, business models, or sectors that require leverage in order to make an adequate return. • Volatility Risk: The businesses they own are involved in everyday events on a repeatable basis and as such while they are subject to volatility, they are highly unlikely to suffer from permanent losses. • Drawdown Risk: The Fund has outperformed the market in 82% of falling months given the defensive nature of the stocks they own. • Mis-Timing: They will always be fully invested in high quality names. The key is not to panic and remain focused on the operational performance of the companies in the portfolio.

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $250k N/A Return/Hurdle: Target Return: N/A Incentive: N/A Management Fee: 0.95% Lock-up: None Monthly with 7 Total Fund Term: N/A Redemption Terms: business days’ written notice Subscription Monthly GP Commitment: $300M frequency: Distribution: No Tax Reporting: K-1 Investment Period: N/A Holdback: N/A Domestic and tax Leverage: No Other Considerations: exempt can invest in the FEF LP

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 52

Fundsmith Equity Fund, L.P.

Important Disclosures This information, last updated on 7/2/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 53

As of 6/30/2021 Fundsmith Equity Fund, LP

Fund Summary The Fundsmith Equity Fund LP is a long-term investor in global equities. The Fund’s investment philosophy is to buy good companies, at reasonable prices, and then hold these companies for a long time with minimal turnover. The Fund seeks to invest in: high quality businesses that can sustain a high return on operating capital employed; businesses whose advantages are difficult to replicate; businesses which do not require significant leverage to generate returns; businesses with a high degree of certainty of growth from reinvestment of their cash flows at high rates of return; businesses that are resilient to change, particularly technological innovation; businesses whose valuation is considered by the Fund to be attractive. It is envisaged that the investment portfolio of the Fund will be concentrated, generally comprising between 20 and 30 stocks.

Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 -3.9 3.3 2.4 5.3 2.4 2.5 12.3 2020 0.2 -7.4 -7.2 10.0 6.1 0.1 6.4 5.2 -1.9 -3.6 9.3 4.3 21.4 2019 5.9 6.1 4.8 1.7 -3.0 6.0 -0.2 0.4 -1.4 1.9 1.8 3.0 30.0 2018 6.3 -5.3 -1.2 0.0 3.2 1.4 3.1 1.1 0.4 -7.0 2.6 -6.3 -2.6 2017 2.3 4.9 2.2 4.3 4.8 -0.4 2.3 1.3 0.4 4.3 2.4 1.5 34.7 2016 -1.9 0.2 6.1 0.3 1.2 2.2 2.8 -0.4 0.8 -4.3 -3.2 3.0 6.5 2015 0.0 4.3 -3.5 3.2 1.2 -3.3 5.9 -5.4 -0.9 8.0 -0.1 0.6 9.5 2014 -3.3 5.1 1.3 0.7 3.8 0.1 -1.4 2.3 -1.0 3.9 4.6 -1.3 15.4 2013 5.9 1.1 3.8 2.7 0.1 -1.1 2.9 -2.7 4.1 4.0 2.0 1.7 27.1 2012 3.5 3.6 2.2 0.6 -5.4 4.7 1.9 1.2 1.8 -0.8 2.7 0.6 17.5 2011 ———— 2.9 -2.3 -0.9 -1.8 -5.6 6.6 0.3 1.3 —

Growth of $100

Time Period: 5/1/2011 to 6/30/2021

475.0 400.0 325.0 250.0 175.0 100.0 25.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fundsmith Equity Fund, LP MSCI World NR USD S&P 500 TR USD

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

500.0

300.0

100.0

-100.0

500.0% 0.5% 219.3% 30.0% 58.2% 0.0% -500.0% -8.1% -10.6% -13.9% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fundsmith Equity Fund, LP Contraction Expansion 54 As of 6/30/2021 Fundsmith Equity Fund, LP

Trailing Risk/Return Since YTD 1 Year 3 Years 5 Years 10 Years Inception Fundsmith Equity Fund, LP 12.3 35.5 18.3 18.0 16.6 16.4

MSCI World NR USD 13.0 39.0 15.0 14.8 10.7 10.1

S&P 500 TR USD 15.3 40.8 18.7 17.6 14.8 14.3

Time Period: 5/1/2011 to 6/30/2021 Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error Fundsmith Equity Fund, LP 16.4 11.9 3.6 7.7 0.8 78.6 1.3 6.4

MSCI World NR USD 10.1 13.9 0.0 0.0 1.0 100.0 0.7 0.0

S&P 500 TR USD 14.3 13.5 1.6 4.2 1.0 94.9 1.0 3.1

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: 5/1/2011 to 6/30/2021 Time Period: 5/1/2011 to 6/30/2021

21.0% Fundsmith Equity Fund, LP 35.0

18.0% MSCI World NR USD 30.0

15.0% S&P 500 TR USD 25.0

12.0% 20.0

9.0% 15.0

6.0% 10.0

3.0% 5.0

0.0% Number of Periods 0.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0

Return 0.0 3.0 6.0 9.0 12.0 15.0 18.0

Std Dev Fundsmith Equity Fund, LP

Historical Drawdown

Time Period: 5/1/2011 to 6/30/2021

0.0

-5.0

-10.0

-15.0

-20.0

-25.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fundsmith Equity Fund, LP MSCI World NR USD S&P 500 TR USD

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. 55 Kayne Anderson Senior Credit Fund III (“KSCF III”)

Strategy Overview

The strategy of the Fund is to invest in a portfolio Fund Structure: Private Debt of diversified senior credit investments in Strategy: Middle Market Lending traditional middle market companies primarily in Geography: North America the U.S with the objective of generating attractive Fund AUM: $3B (Fund+SMAs+lev) risk-adjusted current yields and total returns. The Fund Inception: 2017 deals will be directly sourced, negotiated and QP/AI: QP monitored investments in stable, cash flow Structures: Onshore/Offshore generating middle market businesses that will pay KSCF III upfront transaction fees and floating-rate interest payments.

The Fund intends to lead or co-lead most of its investments, which will be made across a diversified array of industries. These will include companies with and without private equity sponsors, although the focus will be on sponsored deals. Historically, 85% of deals done by the team have been sponsored. Acting as the lead agent generates both agency and syndication fees. KSCF III will concentrate on U.S. companies that operate in the traditional middle markets, with revenues between $50 million and $500 million and EBITDA generally between $10 million and $50 million. Kayne believes this segment of the market to be the largest and most inefficient.

The team will focus on capital preservation by investing in strong, established companies that meet the team’s requirements. All KSCF III loans will be secured by the cash flows and assets of the company. The loans are also structured with a full suite of covenants and other contractual rights and protections. Historically, needs for capital have included new buyouts, recapitalizations, growth and supplemental capital needs, refinancings and acquisition financings for middle market sponsored and non-sponsored companies. The team will also evaluate opportunities to refinance “broken” lending groups or capital structures.

The most likely catalysts for exits from the Fund’s debt investments will be refinancings and changes of control. Refinancings will occur if a company can obtain a lower cost of capital or to finance an acquisition or internal growth strategy. Given that many of the deals will be sponsored by private equity funds, often times they have a time horizon of five years or less to realize an investment, and this may happen by sale to a strategic buyer, IPO, or sale to another financial buyer.

Firm Overview

Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative asset management firm focused on niche investing in upstream oil and gas companies, specialized real estate, energy infrastructure, middle market credit and growth private equity. Kayne’s investment philosophy is to pursue niches, with an emphasis on cash flow, where their knowledge and sourcing advantages enable them to deliver above average, risk-adjusted investment returns. Kayne employs over 300 employees

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 56

Kayne Anderson Senior Credit Fund III (“KSCF III”)

in nine offices across the United States and manages nearly $30 billion in assets (as of 4/30/2021) for institutional investors, family offices, high net worth and retail clients.

Portfolio Composition (As of March 31, 2021)

Investment Rationale/Portfolio Fit

This investment is suitable for investors seeking a high return outside of public equity and traditional fixed income investments. The investment will distribute profit quarterly, targeting 10% net annually. KSCF III requires a longer lockup, 6.5 years from the final close, subject to two, one-year extensions at the GP’s discretion.

Risks (Please refer to Fund PPM for full outline of risks)

As with any investment, there are always risks involved. One of the primary risks to consider is default risk. The Fund’s philosophy is to emphasize the preservation of capital. This capital preservation focus is prioritized through three steps: Investment selection, investment structuring, and investment monitoring. The Principals believe in investing in high-quality businesses that have sustainable, defensive characteristics, augmented by collateral value which can provide capital protection in downside scenarios.

The Fund may be adversely affected by the state of the securities markets in general and the markets for acquisitions and initial public offerings in particular. Economic downturns, inflation, and other market fluctuations could have a negative impact on the underlying fund companies.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 57

Kayne Anderson Senior Credit Fund III (“KSCF III”)

Another risk to consider is interest rate risk. The Fund intends to primarily invest in floating rate debt securities, which are a natural hedge against inflation. However, rising interest rates could also be a detriment to the financial performance of the fund due to increasing cost of capital for the underlying portfolio companies.

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $250k for BCA clients 6% Return/Hurdle: Target Return: 10% net Incentive: 10% Management Fee: 1.0% on invested Lock-up: N/A 4 years from end of investment period, Total Fund Term: ending 11/30/2024, with Redemption Terms: N/A two potential 1-year extensions Subscription frequency: Final Close: 5/31/2018 GP Commitment: 3% of commitments Distribution: Quarterly Tax Reporting: K-1 2.5 years, ending Investment Period: Holdback: N/A 11/30/2020 Leverage: Targeting 1-1.5x Other Considerations: Mostly ordinary income

Performance Track Record (As of March 31, 2021)

• The net return of the onshore portfolio is 7.8% as of 3/31/2021. • The fund has realized or partially realized 24 of 66 platform investments with an average asset-level, unlevered IRR of 11.8%.

Important Disclosures This information, last updated on 7/2/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation. No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 58

As of 3/31/2021 Kayne Anderson Senior Credit Fund III

Fund Summary Kayne Senior Credit Fund III was raised to construct a portfolio of diversified senior credit investments in traditional middle market companies located primarily in the U.S. with the objective of generating attractive risk-adjusted current yields and total returns. The middle market senior credit securities in which the Fund invests will generally be structured as floating rate, interest-paying secured debt claims against companies with strong, sustainable cash flows and collateral value. The Fund will target a net return to investors of 10-12% across its diversified portfolio of secured loans.

*The performance shown below is an estimate of gross unlevered yield-to-average and is not the standard way the firm presents results. Clients should refer to the fund’s documentation for their performance results.*

Quarterly Returns (%) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year

2021 2.1 2.1

2020 2.2 2.1 2.1 2.1 8.8

2019 2.3 2.3 2.3 2.2 9.4

2018 2.2 2.3 2.3 2.2 9.4

2017 — 2.1 2.2 2.2 —

Growth of $100

Time Period: 4/1/2017 to 3/31/2021

145.0 137.5 130.0 122.5 115.0 107.5 100.0 92.5 9/2017 3/2018 9/2018 3/2019 9/2019 3/2020 9/2020 3/2021

Kayne Anderson Senior Credit Fund III S&P/LSTA Leveraged Loan TR

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

160.0

140.0

120.0

100.0

50.0% 41.7% 40.0% 30.0% 9/2017 3/2018 9/2018 3/2019 9/2019 3/2020 9/2020 3/2021

Kayne Anderson Senior Credit Fund III Contraction Expansion 59 As of 3/31/2021 Kayne Anderson Senior Credit Fund III

Trailing Risk/Return

Since YTD 1 Year 3 Years 5 Years 10 Years Inception

Kayne Anderson Senior Credit Fund III 2.1 8.6 9.1 — — 9.1

S&P/LSTA Leveraged Loan TR 1.8 20.7 4.1 5.3 4.3 4.2

Time Period: 4/1/2017 to 3/31/2021

Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error

Kayne Anderson Senior Credit Fund III 9.1 3.6 3.1 7.1 0.1 4.9 2.1 7.7

S&P/LSTA Leveraged Loan TR 4.2 7.6 0.0 0.0 1.0 100.0 0.4 0.0

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: Since Common Inception (4/1/2017) to 3/31/2021 Time Period: 4/1/2017 to 3/31/2021

12.0% Kayne Anderson Senior Credit Fund III 20.0 S&P/LSTA Leveraged Loan TR 10.0% 16.0 8.0% 12.0 6.0% 8.0 4.0%

2.0% 4.0

0.0% Number of Periods 0.0 -4.0 -2.0 0.0 2.0 4.0

Return 0.0 2.0 4.0 6.0 8.0 10.0

Std Dev Kayne Anderson Senior Credit Fund III

Historical Drawdown

Time Period: 4/1/2017 to 3/31/2021

0.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0 9/2017 3/2018 9/2018 3/2019 9/2019 3/2020 9/2020 3/2021

Kayne Anderson Senior Credit Fund III S&P/LSTA Leveraged Loan TR

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. 60 Portfolio Advisors Co-Invest Fund III (“PCIF III”)

Strategy Overview

PCIF III seeks to achieve attractive risk-adjusted Fund Structure: Private Equity returns by investing directly in middle market Strategy: Co-Investments companies alongside high-quality private equity Geography: US firms, in their core areas of expertise. Fund III Fund AUM: $500M expects to continue the successful investment Fund Inception: 2017 strategy employed in Fund I and Fund II. Their plan QP/AI: QP is to: (i) leverage the Firm’s integrated private Structures: Onshore/Offshore equity platform to source, evaluate and execute strategic co-investment opportunities; (ii) partner with high-quality private equity firms with proven records in their core areas of expertise; (iii) focus on established, profitable (vs. high growth/low profitability) middle market businesses in the U.S., and (iv) building a high-quality portfolio of investments diversified across sponsor, industry, investment strategy, and vintage year. A key part of their strategy is to have a broad opportunity set from their many GP relationships (sourcing) and the certainty/reliability of PCIF III’s dedicated capital and history of closing on time. PCIF III will seek to create a well-diversified portfolio with enhanced economics, meaning no management fee nor carry paid to the private equity sponsor.

Firm Overview

Portfolio Advisors (“PA”), headquartered in Connecticut, is a well-known manager in the private equity fund of fund and secondary space with ~$31B assets under management. PA was founded in 1994 as a spinoff from the private equity arm of General Reinsurance. It is 100% employee owned and has offices worldwide with over 100 employees.

Portfolio Composition (As of March 2021)

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 61

Portfolio Advisors Co-Invest Fund III (“PCIF III”)

Investment Rationale/Portfolio Fit

Co-invests are a growing part of the market for two reasons. First, GPs are steadily increasing use of co-investment as a strategic tool to access LP capital and build or strengthen relationships with both new and existing LPs. In turn, LPs are steadily increasing allocation of capital to co-investment, seeking benefits of reduced management and performance fees and the ability to invest in specific deals from a sponsor rather than taking their entire book.

Risks (Please refer to Fund PPM for full outline of risks)

• Identification of investments: Management of the Fund and the ability to choose successful investment opportunities. • Inherent risks related to the quality of the management of the underlying operating companies in which the fund has invested and the ability of management to develop and maintain successful enterprises. • Pricing risk: If pricing moves higher and discounts become smaller, this decreases the potential return of the underlying investments. • Liquidity risk and the ability of the Fund to liquidate investments • General economic and market conditions could be unfavorable for the Fund when exiting investments, hurting returns.

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $250k for BCA clients 8% Return/Hurdle: 18%+ net IRR; 1.8-2.3x Target Return: Incentive: 10% net multiple 1.0% on closed Management Fee: Lock-up: N/A investments Ends 12/31/2028 or one Total Fund Term: year after liquidation of Redemption Terms: N/A underlying investments Subscription frequency: Final Close: 12/31/2018 GP Commitment: 3% of commitments Distribution: N/A Tax Reporting: K-1 Investment Period: 3 years from final close Holdback: N/A Leverage: N/A Other Considerations:

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 62

Portfolio Advisors Co-Invest Fund III (“PCIF III”)

Performance Track Record (As of March 31, 2021)

Important Disclosures This information, last updated on 6/25/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 63

Seer Capital Management Commercial Real Estate Debt Fund II

Strategy Overview

The Fund's investment objective is to achieve Fund Structure: Private Debt superior loss-adjusted returns by investing fund Strategy: CMBS assets in below investment grade tranches of Geography: US commercial mortgage-backed securities ("CMBS"). Fund AUM: $200M target The Fund intends to invest principally in so called Fund Inception: August 2019 "B-piece" tranches of CMBS conduit transactions QP/AI: QP in the new issue market, and opportunistically make Structures: Onshore/Offshore purchases and sales of B-piece securities in the secondary market. B-Piece investments are generally comprised of the BB and B rated and the unrated tranches of a CMBS transaction. In addition, the Fund may also invest in other high-yielding debt securities backed by U.S. Commercial Real Estate ("CRE").

Firm Overview

Seer Capital Management LP is a diversified, credit-focused investment firm founded by Philip Weingord in 2008 that primarily invests in structured credit and loans. They allocate capital opportunistically across all major asset classes within structured credit in the U.S. and Europe, including residential and commercial mortgages, syndicated and SME loans, and a variety of consumer loans (auto, credit card, student housing). These investments are executed through active trading in both legacy and new issue securitizations, purchase and securitization of whole loans, and direct lending joint ventures.

Seer Capital is based in New York and has approximately $1.1 billion in assets under management as of September 2020. The firm has 34 employees and has been a registered investment advisor with the U.S. Securities and Exchange Commission (SEC) since 2009.

Portfolio Composition (As of March 31, 2021)

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 64

Seer Capital Management Commercial Real Estate Debt Fund II

Investment Rationale/Portfolio Fit

The Manager believes that investments in the below investment-grade rated bonds as well as other commercial real estate related debt represent an attractive opportunity set. In many cases the market is characterized by a limited buyer base due to the specialized nature of the market and the need for specialized credit expertise. Also, there are additional barriers to entry, as the transactions are privately negotiated. The investment offers consistent quarterly distributions and diversification relative to traditional equity markets, at the expense of lower liquidity.

Risks (Please refer to Fund PPM for full outline of risks)

General economic and capital and credit market conditions may have a significant impact on the business of the Fund. Interest rates, fluctuations in the price of assets and increased competition may adversely affect the value of investments held by the Master Fund and the ability of the Master Fund to make or dispose of investments at attractive prices.

The Master Fund will invest primarily in commercial mortgage backed securities and is not subject to any formal policies regarding diversification. The Master Fund may sometimes concentrate its portfolio holdings in asset classes, issuers, geographies, and markets which, in light of investment considerations, market risks and other factors, the Manager believes will provide the best opportunity for attractive risk-adjusted returns.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 65

Seer Capital Management Commercial Real Estate Debt Fund II

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $250k 8% Return/Hurdle: Target Return: 13-14% net IRR Incentive: 12.5% 1.25% on closed Management Fee: Lock-up: N/A investments 6.5 years from initial Total Fund Term: Redemption Terms: N/A closing, with extensions First Close: Aug 2019 Subscription frequency: GP Commitment: ~8% of Fund Final Close: Dec 2020 Distribution: ~2% per quarter Tax Reporting: K-1 18 months from first Investment Period: Holdback: N/A close Leverage: 1x Other Considerations:

Performance Track Record (As of March 31, 2021)

Important Disclosures This information, last updated on 7/6/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation. No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration. This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 66

Select Equity Group, L.P. SEG Partners Fund

Strategy Overview

SEG is a fundamentally driven, long/short equity Fund Structure: Hedge Fund hedge fund. SEG seeks growing companies with Strategy: Equity Long/Short high returns on capital and well‐established barriers Geography: Global, US Equities to competition. In their short portfolio, SEG Strategy AUM: $8.6B attempts to identify companies that are exposed to Fund Inception: 1998 competitive pressures and deteriorating QP/AI: QP fundamentals. The short positions generally are not Structures: Onshore/Offshore selected as direct hedges to long positions.

Firm Overview

Select Equity Group, Inc. manages over $25 billion across both long-only and long/short equity strategies, which share an overriding investment philosophy and leverage a centralized research effort.

Select Equity has a very strong company culture and a specific, disciplined approach to investing. Their goal is to know a company’s underlying businesses better than anybody else in the country. They focus on holding for the very long term, and only want to own great (high returning) businesses. They have low turnover of our investment professionals and many have come up through an internship program.

The Firm makes almost no use of Wall Street research and does not actively share insights with peers. Their portfolios tend to have low overlap with those of other managers.

Portfolio Composition

The Firm’s investment philosophy is grounded in the belief that it can generate superior long-term returns through three pillars: 1. Rigorous Research: Know the businesses, both qualitatively and quantitatively, better than anyone. SEG performs extensive value chain analysis and studies competitors (both public and private), suppliers and customers. SEG has a built a team of Qualitative Field Research Analysts who perform in-depth due diligence and deliver proprietary investment insights to the Analyst team, resulting in a better understanding of the long-term dynamics of industries and value chains. Basically, they are full time channel checkers. SEG is very patient and may study a company for years before deciding to buy. 2. Great Businesses: SEG focuses only on businesses that meet their stringent quality criteria (high returns, defensible business), and they are not interested in owning most businesses at any price. 3. Disciplined Investing: SEG believes that, with patience, the market will provide attractive opportunities to buy great businesses at fair valuations.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 67

Select Equity Group, L.P. SEG Partners Fund

*Data as of May 2021

Investment Rationale/Portfolio Fit

This strategy fits in the equity segment of a client’s portfolio. Given the hedged nature of the approach (beta of ~0.4), SEG provides downside protection in exchange for some upside performance. The strategy has generated very attractive risk-adjusted returns over the longer term and turnover in their core positions is low.

Risks (Please refer to Fund PPM for full outline of risks)

SEG assumes a number of risks with their investment approach. They are long and short stocks, which can trade in a volatile manner. SEG can be wrong on analysis, timing or both. Equity investments can result in the loss of a significant deal of capital.

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $500k for BCA Clients 0% Return/Hurdle: Dependent on equity Target Return: Incentive: 20% market opportunities Management Fee: 1.0% Lock-up: 1-year Quarterly with 45 days’ Total Fund Term: N/A Redemption Terms: notice Subscription frequency: Monthly GP Commitment: N/A Distribution: N/A Tax Reporting: K-1 Investment Period: Evergreen Fund Holdback: 5% Leverage: N/A Other Considerations: N/A

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 68

Select Equity Group, L.P. SEG Partners Fund

Important Disclosures This information, last updated on 7/2/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 69

As of 6/30/2021 SEG Partners Fund

Fund Summary SEG is a fundamentally driven, long/short equity hedge fund. SEG seeks high-quality, growing companies with high returns on capital and well-established barriers to competition. In their short portfolio, SEG attempts to identify companies that are exposed to competitive pressures and deteriorating fundamentals. The short positions generally are not selected as direct hedges to long positions.

Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 2021 -2.1 5.8 3.8 6.0 -0.1 1.9 16.0 2020 3.1 -0.5 -9.9 2.8 6.5 0.6 6.7 3.0 1.2 1.9 1.8 4.1 22.3 2019 5.5 7.2 4.2 2.3 -0.9 3.7 0.1 1.2 -1.7 0.3 1.6 1.4 27.5 2018 2.6 -2.1 0.1 0.2 2.7 0.7 2.5 4.8 1.8 -6.0 3.2 -6.5 3.3 2017 -0.6 2.9 -0.5 2.8 0.6 1.5 0.5 0.8 2.2 2.8 0.1 -0.7 12.9 2016 -3.8 3.1 2.8 -0.9 2.6 -1.2 0.3 -0.9 -3.3 -2.9 3.9 1.9 1.0 2015 3.7 2.2 2.9 -0.7 3.5 -1.3 3.2 -2.9 -2.3 4.3 2.0 -3.1 11.9 2014 -1.8 3.8 1.4 -0.3 1.9 1.3 -4.6 3.8 -0.5 3.9 3.7 0.3 13.2 2013 3.9 2.0 1.7 0.0 0.6 0.9 3.8 -2.0 4.3 -0.9 2.5 2.5 20.8 2012 2.9 1.8 0.9 0.7 -2.0 -2.3 -1.8 1.5 -0.1 -0.2 1.7 2.6 5.7 2011 -1.4 3.1 -0.2 1.0 0.5 -0.7 -2.0 1.8 -2.6 5.9 -2.0 -0.7 2.4

Growth of $100

Time Period: 4/1/1998 to 6/30/2021

1,600.0

1,100.0

600.0

100.0

-400.0 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

SEG Partners Fund HFRI Equity Hedge Total USD S&P 500 TR USD

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

1,600.0

850.0

100.0

500.0% 50.1% 55.4% 119.0% 194.9% 27.5% 53.4% 0.0% -500.0% -11.0% -6.9% -23.2% -9.3% -7.6% 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

SEG Partners Fund Contraction Expansion 70 As of 6/30/2021 SEG Partners Fund

Trailing Risk/Return Since YTD 1 Year 3 Years 5 Years 10 Years Inception SEG Partners Fund 16.0 39.3 21.5 15.8 13.2 12.6

HFRI Equity Hedge Total USD 12.7 37.4 11.5 11.0 6.5 7.6

S&P 500 TR USD 15.3 40.8 18.7 17.6 14.8 8.0

Time Period: 4/1/1998 to 6/30/2021 Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error SEG Partners Fund 12.6 11.1 6.7 7.1 0.6 25.2 1.0 10.3

HFRI Equity Hedge Total USD 7.6 9.3 0.0 0.0 1.0 100.0 0.6 0.0

S&P 500 TR USD 8.0 15.3 7.0 -0.8 1.3 65.3 0.4 9.6

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: 4/1/1998 to 6/30/2021 Time Period: 4/1/1998 to 6/30/2021

15.0% SEG Partners Fund 100.0 HFRI Equity Hedge Total USD 12.0% 80.0 S&P 500 TR USD

9.0% 60.0

6.0% 40.0

3.0% 20.0

0.0% Number of Periods 0.0 -12.0 -10.0 -8.0 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0

Return 0.0 3.0 6.0 9.0 12.0 15.0 18.0

Std Dev SEG Partners Fund

Historical Drawdown

Time Period: 4/1/1998 to 6/30/2021

0.0

-7.5

-15.0

-22.5

-30.0

-37.5

-45.0

-52.5 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021

SEG Partners Fund HFRI Equity Hedge Total USD S&P 500 TR USD

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. 71 Starwood Capital REIT

Strategy Overview

The Fund’s investment strategy is to acquire a Fund Structure: Private REIT diversified portfolio of high-quality, stabilized, Strategy: Real Estate Equity income-oriented real estate across the U.S. and Geography: US & Europe Europe. The ultimate objective is to provide Fund AUM: $3.6B NAV current income in the form of regular, stable cash Fund Inception: December 2018 distributions, preserve and protect invested capital, QP/AI: AI realize appreciation, and provide an investment Structures: Onshore/Offshore alternative to commercial real estate with lower volatility than publicly traded real estate companies.

Firm Overview

Starwood Capital is a private investment firm with a primary focus on global real estate. Since its inception in 1991, the Firm has raised over $45 billion of equity capital and currently has over $60 billion of assets under management. Over the past 27 years, Starwood Capital has acquired $100 billion of assets across virtually every major real estate property type through its pursuit of global investment opportunities and positions in the capital stack.

Portfolio Composition (As of May 31, 2021)

Investment Rationale/Portfolio Fit

The Starwood investment team believes that real estate fundamentals in the U.S. remain attractive due to 1) a steadily increasing tenant demand, 2) a limited pipeline of new supply due to constraints on

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 72

Starwood Capital REIT

construction financing and labor, 3) strong capital flow. The slow but steady U.S. job growth and historically low unemployment rate supports stable GDP growth and help generate strong Net Operating Income growth in all property types without leading to oversupply. Starwood expects this dynamic to continue over the next several years.

Recent stay-at-home orders across the country and abroad have caused disruption in the Commercial Real Estate market. However, prior to COVID-19, Starwood was forecasting a U.S. recession and therefore deemphasized shorter-term lease assets, such as Retail and Hospitality, for longer-term, high- quality assets in Multi-Family, Office, and Industrial. This strategy boded well for the Fund as returns have held up relative to other real estate assets and Starwood continues to find opportunities amongst the stressed environment.

This fund is appropriate for risk-tolerant investors seeking current yield and capital appreciation with the benefit of more attractive liquidity terms relative to traditional private real estate equity funds. The investment offers portfolio diversification as private real estate has demonstrated a low correlation with equities and publicly traded REITs.

Risks (Please refer to Fund PPM for full outline of risks)

The U.S. real estate market, along with the broader economy (both in the U.S. and globally), is in the midst of recovering from a severe recession. The General Partner anticipates that the current environment provides the Fund with opportunities to acquire investments on favorable terms and prices. However, there can be no guarantee that the elements that determine real estate values, such as tenant creditworthiness and the demand for real estate, will not soften, and the real estate market may suffer declines.

In light of the recent market volatility due COVID-19, some specific real estate sectors are experiencing significant distress. For example, the Hospitality sector has remained challenged as occupancy rates remain low. Fortunately, these assets currently represent ~5% of the Fund’s asset base. Consensus is for continued softness in this sector until domestic travel resumes.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 73

Starwood Capital REIT

Summary of Investment Opportunity and Key Terms

Preferred Minimum Investment: $100K 5% Return/Hurdle: Target Return: 8-10% net IRR Incentive: 12.5% Management Fee: 1.25% on invested Lock-up: 1-yr soft lock @ 95% Total Fund Term: Perpetual life fund Redemption Terms: Monthly, 2 days’ notice Subscription frequency: Monthly GP Commitment: $5M Distribution: ~5%, paid monthly Tax Reporting: 1099-DIV Investment Period: N/A Holdback: N/A Limit redemptions of 2% Leverage: 50-65% Other Considerations: per month, 5% per quarter

Performance Track Record (As of May 31, 2021)

Important Disclosures This information, last updated on 6/25/2021, is for discussion purposes only. This information is not to be re-transmitted in whole or in part without the prior consent of Berman Capital Advisors (BCA). While all the information prepared in this presentation is believed to be accurate, BCA makes no express warranty as to its completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Complete terms, provisions, and fees are available in the Private Placement Memorandum.

All returns were provided by the manager and are believed to be accurate; BCA has not independently verified the performance information and makes no representations or warranties with respect to the accuracy of such information.

Performance shown is net of fees and expenses, including brokerage fees and commissions, but does not reflect income taxes that might be payable, the effects of which could significantly reduce cumulative results. Historical performance results for investment indices and/or categories have been provided for general comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results.

Past results are not a guarantee of future performance. The value of investments and the income derived from them can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. BCA does not provide legal, tax or accounting advice. The information presented herein is for illustrative purposes only. Investors are encouraged to consult their attorney or CPA regarding their individual situation.

No information provided herein shall constitute, or be construed as, an offer to sell or a solicitation of an offer to acquire any security, investment product or service, nor shall any such security, product or service be offered or sold in any jurisdiction where such an offer or solicitation is prohibited by law or registration.

This research represents proprietary information. All investment advice furnished by BCA to a Client should not be distributed or shared and will be treated as confidential. In addition, it should not be utilized in trading for a Client’s other accounts or disclosed to third parties except as required by law.

404.554.4999 (OFFICE) | 404.554.0455 (FAX) | 888.415.0688 (TOLL-FREE) | www.bermancapital.com 74

As of 5/31/2021 Starwood REIT

Fund Summary Starwood Real Estate Income Trust leverages Starwood Capital’s track record of investing in high-quality real estate, its deep knowledge of the markets where it invests and its creativity applied to property level value creation. Their investment strategy is to acquire a diversified portfolio of high-quality, stabilized, income oriented real estate across the U.S. and Europe and debt secured by properties. The investment objective is to provide current income, preserve and protect invested capital and provide an investment alternative for investors seeking to allocate a portion of their long-term investment portfolios to commercial real estate with lower volatility than publicly traded real estate companies.

Monthly Returns (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

2021 0.5 0.7 1.2 0.9 2.2 5.6

2020 0.6 0.8 -1.7 0.6 0.5 0.8 0.5 0.5 0.6 0.4 0.6 2.0 6.4

2019 0.4 1.2 0.9 1.1 1.4 2.0 0.3 0.8 1.4 0.3 1.1 1.9 13.6

2018 —————————————

Growth of $100

Time Period: 1/1/2019 to 5/31/2021

150.0

140.0

130.0

120.0

110.0

100.0

90.0 2/2019 5/2019 8/2019 11/2019 2/2020 5/2020 8/2020 11/2020 2/2021 5/2021

Starwood REIT FTSE Nareit All Equity REITs TR USD

Returns During Periods of Expansion/Contraction

Define drawdown as decline by 5% or more

130.0

120.0

110.0

100.0

30.0% 27.6% 20.0% 10.0% 2/2019 5/2019 8/2019 11/2019 2/2020 5/2020 8/2020 11/2020 2/2021 5/2021

Starwood REIT Contraction Expansion 75 As of 5/31/2021 Starwood REIT

Trailing Risk/Return

Since YTD 1 Year 3 Years 5 Years 10 Years Inception

Starwood REIT 5.6 11.5 — — — 10.6

FTSE Nareit All Equity REITs TR USD 18.1 32.2 12.5 9.0 9.6 16.3

Time Period: 1/1/2019 to 5/31/2021 Downside Sharpe Tracking Return Std Dev Alpha Beta R2 Deviation Ratio Error

Starwood REIT 10.6 2.5 12.6 8.2 0.1 17.6 3.8 18.1

FTSE Nareit All Equity REITs TR USD 16.3 19.0 0.0 0.0 1.0 100.0 0.8 0.0

Risk/Return (Since Inception) Distribution of Monthly Returns

Time Period: Since Common Inception (1/1/2019) to 5/31/2021 Time Period: 1/1/2019 to 5/31/2021

21.0% Starwood REIT 28.0 FTSE Nareit All Equity REITs TR USD 18.0% 24.0

15.0% 20.0

12.0% 16.0

9.0% 12.0

6.0% 8.0

3.0% 4.0

0.0% Number of Periods 0.0 -4.0 -2.0 0.0 2.0 4.0

Return 0.0 4.0 8.0 12.0 16.0 20.0 24.0

Std Dev Starwood REIT

Historical Drawdown

Time Period: 1/1/2019 to 5/31/2021

0.0

-5.0

-10.0

-15.0

-20.0

-25.0 2/2019 5/2019 8/2019 11/2019 2/2020 5/2020 8/2020 11/2020 2/2021 5/2021

Starwood REIT FTSE Nareit All Equity REITs TR USD

Disclosure: This report is for general and educational purposes only and does not reflect the performance of any product managed by Berman Capital Advisors (“BCA”). BCA has not independently verified such information and does not undertake any responsibility for updating such information. You should not assume that any discussion or information contained in this report serves as the receipt of, or as a substitute for, personalized investment advice from BCA, nor should this be construed as an offer to sell or the solicitation of an offer to purchase an interest in an investment of any type. Past performance is not indicative of future returns. The results portrayed in this report are net of all manager fees and expenses but not net of BCA's fees and expenses unless otherwise stated. The results portrayed reflect reinvestment of dividends and income. BCA clients may have experienced materially different performance based upon various factors, including the date of investment and the deduction of a separate and additional BCA annual advisory fee, the incurrence of which would decrease reflected performance. Performance results do not reflect the impact of taxes; it should not be assumed that account holdings will correspond directly to any comparative benchmark index; and, comparative indices may be more or less volatile than the reflected Hypothetical Portfolio. You cannot invest directly in an index. This research represents proprietary information. All investment advice furnished by BCA to a Client shall not be distributed or shared and will be treated as confidential. In addition, it shall not be utilized in trading for a Client's other accounts or disclosed to third parties except as required by law. 76 77 78 79 80 81 82 83 84 85