Strategy Overview September 30, 2020 INVESTMENT STYLE

Large

Sit Mid Cap Growth Mid Cap Size Cap

Small

DESCRIPTION Value Blend Growth Style • We seek growth opportunities with the objective of delivering superior long-term absolute and real returns. TOP TEN HOLDINGS • We seek to deliver above-average returns with lower risk and better downside capture than the representative market index. % of Company Name Securities • We invest in high-quality growth companies that have the potential to increase earnings Teladoc Health, Inc. 3.5 at a faster rate than the representative economy and market index purchased at , Inc. 3.0 reasonable valuation levels. Thermo Fisher Scientific, Inc. 2.6 , Inc. 2.5 COMPOSITE PERFORMANCE (%) Corp., PLC 2.3 Annualized Returns YETI Holdings, Inc. 2.3 3 1 3 5 10 Waste Connections, Inc. 2.2 Month Year Year Year Year Booz Allen Hamilton Holding Corp. 2.2 Sit Mid Cap Growth (Gross) 7.30 21.58 12.89 12.07 12.43 , Inc. 2.2 Sit Mid Cap Growth (Net) 6.99 20.12 11.52 10.71 11.07 Trane Technologies, PLC 2.1

Russell Midcap Growth Index 9.37 23.23 16.23 15.53 14.55 UPSIDE vs. DOWNSIDE MARKET CAPTURE Russell Midcap Index 7.46 4.55 7. 1 3 10.13 11. 76 100.0% 102.1% 100.0% 100% 97.4%

80%

TOTAL RETURN BY CALENDAR YEAR (%) 60%

40% YTD 2012 2013 2014 2015 2016 2017 2018 2019 2020 20% 0% Sit Mid Cap Growth (Gross) 19.67 35.07 7.39 -1.07 4.41 20.49 -6.10 31.82 12.19 Upside Market Capture Downside Market Capture Since Inception Sit Mid Cap Growth (Net) 18.24 33.51 6.07 -2.31 3.13 19.06 -7.29 30.29 11.16 Fund (Net) Benchmark

Russell Midcap Growth Index 15.81 35.74 11.90 -0.20 7.33 25.27 -4.75 35.47 13.92 RISK/RETURN ANALYSIS Russell Midcap Index 17.28 34.76 13.22 -2.44 13.80 18.52 -9.06 30.54 -2.35 30% Year) BALANCE SHEET / PROFITABILITY - MEDIANS (%) -

15%

Return on Free Cash Return (3

Invested Capital Flow Margin Net Debt/Capital Return (3-Year)

Sit Mid Cap Growth 9.7 12.2 1 7. 4 0% 19% 20% 21% Russell Midcap Growth Index 11. 6 9.9 19.7 Risk (Standard Deviation) Fund (Net) Benchmark Russell Midcap Index 8.9 8.1 32.9 PORTFOLIO CHARACTERISTICS

Performance figures for the latest period are preliminary and subject to change. Past performance is not indicative of future Total Assets (Millions): $181.7 results. Returns are calculated on a time-weighted total return basis, include the reinvestment of all income, and returns Number of Holdings: 75 for periods greater than one year are annualized. The information above is supplemental to and complements the attached composite presentation. The account information set forth above is for the representative portfolio and is provided for Wtd. Avg. Market Cap (Billions): $27.9 illustrative purposes only. Median Market Cap (Billions): $13.6 Beta (vs. Russell Midcap Growth Index): 1.02 Inception Date: 12/31/82

612-332-3223 www.sitinvest.com See important notes on back. #006 Sit Investment Associates, Inc. Mid Cap Growth Composite ANNUAL DISCLOSURE PRESENTATION

Sit Investment Associates, Inc. claims compliance Annual with the Global Investment Performance Stan- Performance dards (GIPS®) and has prepared and presented Composite Composite Benchmark Russell Results this report in compliance with the GIPS standards. Total Firm Assets 3-Yr. 3-Yr. Midcap Composite Year Assets (USD) Number of Standard Standard Growth Composite Sit Investment Associates, Inc. has been indepen- End (millions) (millions) Accounts Dev. Dev. Index Gross Net Dispersion dently verified for the period January 1, 2017 to December 31, 2019 by ACA Performance Servic- 2019 13,274.3 171.4 1 14.3% 13.9% 35.47% 31.82% 30.29% N/A es, LLC, for the period January 1, 2007 to Decem- 2018 12,196.2 138.8 1 12.9% 12.8% -4.75% -6.10% -7.29% N/A ber 31, 2016 by Ashland Partners & Company LLP and for the period January 1, 1997 through 2017 13,340.8 159.6 1 10.6% 10.9% 25.27% 20.49% 19.06% N/A December 31, 2006 by KPMG LLP.

2016 12,668.9 142.5 1 11.8% 12.2% 7.33% 4.41% 3.13% N/A Verification assesses whether (1) the firm has 2015 13,350.6 147.2 1 11.8% 11.3% -0.20% -1.07% -2.31% N/A complied with all the composite construction re- quirements of the GIPS standards on a firm-wide 2014 13,505.0 178.2 1 12.3% 10.9% 11.90% 7.39% 6.07% N/A basis and (2) the firm’s policies and procedures are designed to calculate and present performance in 2013 13,103.3 179.1 1 16.5% 14.6% 35.74% 35.07% 33.51% N/A compliance with the GIPS standards. The Mid 2012 13,081.6 143.1 1 19.4% 17.9% 15.81% 19.67% 18.24% N/A Cap Growth composite has been examined for the period January 1, 2017 through December 31, 2011 10,895.1 137.4 1 21.2% 20.8% -1.65% -5.46% -6.66% N/A 2019 by ACA Performance Services, LLC and for the period January 1, 2007 through December 31, 2010 9,873.4 163.4 1 25.6% 26.4% 26.38% 28.53% 27.02% N/A 2016 by Ashland Partners & Company LLP. The N/A - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. verification and performance examination reports are available upon request.

The Mid Cap Growth Composite was created on December 31, 1982. Mid Cap Growth Composite contains fully discretionary accounts and for comparison purposes is measured against the Russell Midcap Growth Index. The composite contains portfolios generally emphasizing the common stock of companies having a market capitalization between $2.5 billion and $15 billion at the time of purchase. The portfolios in the composite do not use leverage and generally hold between 70 to 90 domestic equity securities. The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

Sit Investment Associates, Inc. is an independent registered investment adviser which includes the following subsidiaries: Sit Investment Fixed Income Advisors, Inc.; and Sit Investment Fixed Income Advisors II, Inc. On December 31, 2007, Sit/Kim International Investment Associates, Inc. and Sit/Kim International Investment Associates II, LLC were liquidated into Sit Investment Associates, Inc. Prior to 2000, Sit Investment Associates, Inc. and Sit/Kim International Investment Associates, Inc. issued separate GIPS reports, including disclosure of each entity’s assets under management. Beginning in 2000 the two entities issued a combined GIPS report to reflect the entities’ current operational and management affiliation. Total assets for all years presented in the table above reflect the combined total assets of all subsidiaries. The firm maintains a complete list and description of composites, which is available upon request.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee returns for all years were updated to reflect the appropriate highest fee for each year. Net of fee performance was calculated using the highest fee applicable annual management fee of 1.25% applied quarterly. The annual composite dispersion presented is an equal-weighted standard deviation calculated for the accounts in the composite the entire year. Beginning April 1, 2006, SIA calculates a true Time Weighted Return (TWR) for each portfolio within the composite and asset weights their returns to come up with a composite return. Periods are geometrically linked together. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The investment management fee schedule for the composite is 1.00% on the first $30 million, 0.70% on the next $70 million, and 0.50% on amounts over $100 million. Actual investment advisory fees incurred by clients may vary.

The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period.

Past performance is not indicative of future results.

Investing involves risk; principal loss is possible. There is no guarantee the Composite’s investment objectives will be achieved, and the market value of securities held by the Composite may fall or fail to rise.

Weighted Average Market Cap is the average market capitalization of companies held by the Fund, weighted in proportion to their percentage of the Fund’s net assets. Beta is a measure of a fund’s sensitivity to market movements. The beta of the market is 1.00 by definition. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile.