-10%-5%0%5%10%15%20%25%30%35%40%45%50%55%

2/11/2018 4/30/2018 7/31/2018 10/31/2018 1/31/2019 4/30/2019 7/31/2019 10/31/2019 1/31/2020

QTD YTD 1-YEAR

ANNUALIZED SINCE

INCEPTION

CUMULATIVESINCE

INCEPTION

Beagle Leading Innovators (net) -5.40% -5.40% 2.93% 14.90% 29.92% Beagle Leading Innovators (gross) -5.23% -5.23% 3.63% 13.66% 31.41%Russell 1000 Growth Index TR -14.10% -14.10% 0.91% 7.19% 13.66%Excess Return % (gross) 8.87% 8.87% 2.72% 6.47% 17.75%

PERFORMANCE SINCE INCEPTION (%) AS OF 3/31/20

COMPOSITE PERFORMANCE (%)

Beagle Leading Innovators (net) Beagle Leading Innovators (gross) Russell 1000 Growth Index

Beagle Leading Innovators Strategy Fact Sheet

First Quarter 2020

An Innovation-Focused, Concentrated Growth StrategyStrategyInnovation-focused, concentrated U.S. growth strategy providing focused exposure to quality innovations and long-term secular trends.

PhilosophyWe believe the combination of innovation and evolutionary shifts drives secular change and growth across the economy. With products and services evolving at a faster rate than in the past, an updated investment strategy that focuses on these dynamics is needed.

ObjectiveTo identify the most important innovations, understand how these cause secular growth and evolutionary shifts, and ultimately, own the leading innovators.

Unique Innovation + Evolution FrameworkThe Strategy is a long-only, conviction-weighted, concentrated portfolio of leading innovators using a long-term approach built on:

1. Focusing on how innovations drive multi-year growth opportunities2. Evaluating investments based on a stringent set of investment criteria3. Implementing a rigorous, team-based research process

*Inception date: 02/12/2018

Founder & PM Thomas M. Ricketts, CFA

ExperienceMr. Ricketts has 24 years of concentrated growth investing experience

Structure Institutional-class investment boutique

Team Experienced leaders who have worked together for years

Location Alexandria, VA

Ownership 100% independent

FIRM OVERVIEW

• Concentrated U.S. growth strategy• Unique innovation + evolution framework• High conviction portfolio of our best ideas• Long term and low turnover• Differentiated with high active share• Flexible large-cap: mostly large + mid-cap

public equities• Ability to embrace emerging innovators

developing next-generation innovations• Named for the HMS Beagle, the ship famed for

taking Charles Darwin on his expedition

STRATEGY OVERVIEW

TEAM

Thomas M. Ricketts, CFA Chief Investment Officer Portfolio Manager & Research Analyst Sands Capital Management 1994-2016 • Sr. Co-Portfolio Manager of the $20B U.S.

Large Cap Growth Strategy (2008-2015)• Global Life Sciences Sector Head (1997-2011)

Erin L. Price Director of Operations Compliance ManagerCalvin B. Taylor Bank 2013-2017Sands Capital Management 1992-2009• Director of Account AdministrationFolger Nolan Fleming Douglas 1982-1992

Jonathon W.S. Ansley, CFA Research AnalystAssociate Portfolio Manager Sands Capital Management 2011-2016• Research Associate, Tech. Sector (2012-2016)• Client Service Specialist (2011-2012)Cambridge Associates 2007-2011

Dan E.B. Ayre Associate Research AnalystRicketts Family Office 2016-2017 • Investment Research Intern (2016-2017)

25.814.5

11.79.5

8.4

7.35.6

3.4

2.92.2

0% 5% 10% 15% 20% 25% 30% 35%

Cloud Computing/SaaSDigital Advertising/Media

Targeted Biotech DrugsCybersecurity

Streaming VideoE-CommerceBig Data/AI

Medical Tech/DevicesElectronic Payments

Genomics

54.2%

43.8%

1.7%

28.020.6

17.59.3

8.84.2

3.42.22.02.0

1.5

0% 5% 10% 15% 20% 25% 30% 35%

SoftwareDigital MediaBiotechnologyE-Commerce

IT SecurityFinancials

Medical Tech.Health. Services

Transport. ServicesComm. Services

Business Services

Composite Gross Return

Composite Net Return

Russell 1000 Growth

ReturnComposite

3-Yr Std Dev

Russell 1000 Growth 3-Yr

Std DevNumber of

PortfoliosInternal

DispersionComposite Assets ($M)

Firm Assets ($M)

2020 YTD ending 3/31/20 -5.23% -5.23%* -14.10% N/A N/A 1 N/A 1.26 41.522019 37.54% 37.54%* 36.39% N/A N/A 1 N/A 1.33 41.322018 2/12/18-12/31/18 0.78% 0.78%* -1.02% N/A N/A 1 N/A .97 29.00

Amazon.com 6.9% Zscaler 6.4% HubSpot 6.0% ServiceNow 5.8% Alphabet 5.7% Netflix 4.5% Alnylam 4.4% Sarepta 4.4% Coupa 4.2% Salesforce.com 3.8%

PORTFOLIO CHARACTERISTICS

Number of Holdings 30 532Top 10 Holdings Weight 52.0% 38.7%Active Share 82.3% n/aWeighted Avg. Mkt. Cap ($B) 160.6 383.4Median Market Cap ($B) 9.8 10.0LT EPS Growth (5 Yr. Fwd.) 35.9% 13.7%LT Debt-to-Capital 28.4% 46.4%

R1000GBEAGLE

TOP 10 HOLDINGS (%)+

TOP 10 PORTFOLIO SECULAR TRENDS & EVOLUTIONARY SHIFTS (%)+

CAPITALIZATION BREAKDOWN (%)

INDUSTRY DIVERSIFICATION (%)+

GIPS COMPOSITE INFORMATION

* This composite contains a seed portfolio that is a non-fee paying account.Evolutionary Tree Capital Management (ETCM) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. ETCM has been independently verified for the periods February 12, 2018 through March 31, 2019. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation. 1. Evolutionary Tree Capital Management LLC (the “Firm”) was established in August 2017 and became a Registered Investment Adviser in the Commonwealth of Virginia in January 2018. Registration does not imply a certain

level of skill or training. The Firm intends to become registered with the SEC when its assets under management reach the SEC’s threshold. 2. The Firm is an independent, employee-owned, concentrated growth equity manager offering investment management services to both high net worth and institutional clients. Policies for valuing portfolios, calculating performance,

and preparing compliant presentations are available upon request.3. The Leading Innovators Focused Growth Composite consists of all portfolios invested in the ETCM Leading Innovators Focused Growth Strategy. The investment style of the Leading Innovators Focused Growth Strategy is

primarily Large-Cap Growth, though there is flexibility to own select mid-cap and small-cap holdings. Portfolios are invested in common stocks listed on U.S. stock markets (including ADRs) in various sectors and industries seeing significant innovation selected by utilizing an in-depth fundamental research process. The minimum account size for composite inclusion is $350,000.

4. The benchmark for this composite is the Russell 1000 Growth® Index. The broader Russell 1000 Index is designed to be a measure of the large and mid-sized capitalization companies in the United States equities market.  The index is a composite of roughly 1,000 securities issued by the largest companies in the U.S. in terms of market capitalization.  The Russell 1000 Growth Index is a subset of the securities found in the Russell 1000 Index.  There are approximately 500 to 600 securities in the Russell 1000 Growth Index.  The stocks included in the growth index are selected based on a “probability” of growth as measured by their Institutional Brokers' Estimate System forecast of medium-term growth (2 year), and sales per share historical growth (5 year). The Russell 1000 Growth Index return is not reduced by any transaction costs or management fees and is a total return for the index, including the reinvestment of dividends.

5. The composite contains one non-fee paying account for seed purposes, therefore, the percent of non-fee paying assets in this composite is 100% for all periods shown. In the future, the composite will most likely contain both fee-paying and non-fee paying accounts.The performance data quoted represents past performance; it does not guarantee future results. Returns will fluctuate and current performance may be either higher or lower than the data shown.

6. Valuations are computed and performance is reported in U.S. dollars.7. Returns reflect the reinvestment of income and capital gains.8. Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated using actual management fees. These fees are accounted for on an accrual basis. Composites

may contain non-fee paying accounts. The percent of assets within a composite that is not subject to fees is disclosed above. The management fee schedule is as follows: 0.95% on the first $5 million; 0.80% on the next $20 million; 0.60% on the next $25 million; 0.50% thereafter. The management fee schedule is generally non-negotiable but may be subject to waiver or adjustment at the Firm’s sole discretion.

9. This composite was created in February 2018. A list of composite descriptions is available upon request.10. Internal dispersion is calculated using the asset-weighted standard deviation of annual -olios that were included in the composite for the entire year. The internal dispersion is not presented for those periods marked “N/A” because

the composite did not have at least six portfolios for the entire annual period.11. The three-year annualized standard deviation measures the variability of the composite returns over the preceding 36-month period. The three-year standard deviation is not presented for any period marked “N/A” because the

composite does not yet have 36 monthly returns as of this date.

Large ($10B+)Mid ($2B - $10B)Small (<$2B)

INNOVATION + EVOLUTION = OPPORTUNIT YOUR EQUATION FOR WEALTH CREATION:

80INNOVATIONS

50EVOLUTIONARY

SHIFTS / TRENDS

30HOLDINGS

THE STRATEGY PROVIDES FOCUSED EXPOSURE TO APPROXIMATELY.. .

EVOLUTIONARY TREE CAPITAL MANAGEMENT 1 199 NORTH FAIRFAX ST, STE 801 ALEXANDRIA , VA 22314 LINKEDIN: EVOLUTIONARY TREE TWITTER: @ETREECAPITAL WWW.EVOLUTIONARYTREE.COM

+ as of 3/31/20