NorthCoastGrowthTactical All-Cap Growth Strategy

Investor Presentation

N O R T H C O A S T I N V E S T M E N TA D V I S O R Y T E A M

2 0 3 . 5 3 2 . 7 0 0 3I N F O @ N O R T H C O A S TA M . C O M

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

NORTHCOAST ASSET MANAGEMENT

2

MARKETS CHANGE AVOID BIG LOSSES NO ONE KNOWS THE FUTURE

“Even if you’re on the right track, you’ll get run over if you

just sit there.”

- Will Rogers

“The first rule is not to lose money. The second rule is not

to forget the first rule.”

- Warren Buffett

“Wall Street experts have perfected the art of being wrong with confidence.”

- Bennett Goodspeed

EXPERIENCE STABILITY PERFORMANCE

Founded in 1988$1.9 billion in AUM(as of 9/30/2018)

Proprietary, quantitative, and tactical investment strategiesLegacy of preserving capital

during the bear markets of 2000-2002 and 2008

Long-term portfolio performanceExclusive Agreement with

Investor’s Business Daily®

ETF Partnership with BlackRock® iShares®

T H E N O RT HC OA ST A DVA NTAG E

C O R E I N V ES T ME NT B E L I E FS

NORTHCOAST GROWTH INVESTMENT PROCESS

Daily screening and filtering of 6,000+ stocks through rigorous NorthCoast signals is designed to select stocks with superior

risk-adjusted potential

Identify current risk environment through analysis of 40+ market-moving indicators across four dimensions

• Technical• Macroeconomic• Sentiment• Valuation

Market Risk Meter determines investment level between stocks/cash

Ongoing research continues to test and assess market signals for sustained accuracy and relevance in today’s market

Positions monitored daily and action executed at strategic inflection points

New Account Special HandlingDaily MonitoringMarket ExposureBeta Reduction

Profit-TakesPosition Sizing

Sector AllocationSustainable Research

NorthCoast Growth seeks long-term growth with downside risk protection through the implementation of 3 active investment tactics:

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OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

Stock Scoring

Portfolio Construction

Sample Signals Include:EstimatesSentiment

Relative ValuationShort Interest

Technicals Quality

0 to 40 stocks with ~2-4% weighting

allocated to each position

Analyze Market Environment Select Securities Manage Risk① ② ③

NorthCoast Growth relies on intensedaily research of 150+ marketindicators across 4 market drivingdimensions

Sample Indicators include:

Technical 20/50/100/200 Day Moving

Averages Accumulation/Distribution Days Relative Strength

Sentiment Put/Call Ratio AAII Bull/Bear Index Mutual Fund/ETF Flows

Macroeconomic Year-Over-Year CPI Employment Ratio Indicators Yield Curve

Valuation Dividend Yield Inflation adjusted Earnings Yield Price/Earnings

ANALYZE MARKET ENVIRONMENT – CASH SCALING

NorthCoast Cash Scaling Indicator, 1990-2013- 1 = 1 0 0 % e q u i t y i n v e s t e d ; 0 = 1 0 0 % c a s h

More information on NorthCoast cash scaling can be found online –

NorthCoast Cash Scaling Whitepaper

NorthCoast Cash Scaling Indicator

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OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

STOCK SELECTION

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

5

We believe underlying factors drive a stock’s future performance (positive or negative). Our research focuses on identifying these factors.

We utilize 21 individual data points across 7 broad categories.

Hypothetical Stock “A” Example

Category Score Weighting Factor Category Score Example Factor

0.4 EBITDA trends vs. Enterprise value

2.4 Historical Earnings Yield relative to peer group

1.0 Earnings Estimates revisions

0.4 Stock buy-back or issuance

2.3 Stock price movement relative to information flow

1.0 Price trends in a 12 month window

-0.7 Short borrowing activity

Composite Score +2.1 Stock Score from -3 to +3 (on a relative scale)

Valuation

Comprehensive Value

Sentiment

Management Behavior

Diffusion of Information

Technical

Institutional Attention

The example above shows a hypothetical score of NorthCoast’s proprietary security selection tool.

Risk Control Management Implementation

New Account Special Handling New cash accounts take 1-3 months to achieve current allocation target. Attractive entry points are targeted for new positions reduce drawdown potential

Daily Monitoring Positions monitored daily and action executed at strategic inflection points

Beta Reduction Analyze volatility and drawdown

Market Exposure Active market outlook monitors macro environment

Sell-Stops* Target maximum 30% loss per position, depending on expected volatility of individual stock

Profit-Takes* Lock in profit with every 25% price increase

Position Sizing Position sizes range from target exposure from 2% to 4% to minimize stock specific risk on the downside

Sector Allocation Sector allocation maintains +/- 10% allocation with market sector allocation to reduce sector-specific risk

Sustainable Research Assessing model behavior for sustained accuracy and relevance

NorthCoast Growth utilizes a variety of risk controls to effectively minimize risk throughout the strategy

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RISK MANAGEMENT

*Examples of Sell-Stops and Profit-Takes can be found in the Appendix

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

PERFORMANCE & CHARACTERISTICS: 9/30/2018

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OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

Past Performance is not indicative of future results. All investments involve risk, including loss of principal. Results are presented net-of-fees.Please reference the Appendix for additional disclosure information.

Tactical/Satellite

10-30%

2 Ways NorthCoast Growth can fit into a client’s allocation

All-Cap Value

5-25%

Complement a Portfolio as the ‘Tactical/Satellite’ piece

Utilize as the ‘Equity Growth’ piece of an Asset Allocation

Equities

20-30%

Fixed Income

20%-30%

Alternative

10%

CAN SLIM®

All-Cap Growth

10-25%

Fixed Income

25-50%

CAN SLIM®

Gold/ CommoditiesReal Estate

Commodities

0-25%

CAN SLIM®

PORTFOLIO POSITIONING

8

NorthCoast Growth

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

NorthCoast Growth

Accessible A $ 1 0 0 ,0 0 0 a c c o u n t m i n i m u m

Complementary L o w c o r r e l a t i o n t o t y p i c a l b e n c h m a r k s m a k i n g i t a n a p p e a l i n g c o m p l e m e n t t o a s t r a t e g i c o r a s s e t a l l o c a t i o n p o r t f o l i o

Defensive A b l e t o s h i f t b e t w e e n 1 0 0 % e q u i t y a n d 1 0 0 % c a s h e q u i v a l e n t s o r a n y w h e r e b e t w e e n , d e p e n d i n g o n m a r k e t c o n d i t i o n s

Disciplined Q u a n t i t a t i v e r e s e a r c h a n d r u l e s -b a s e d m a n a g e m e n t

Transparent S e p a r a t e l y m a n a g e d a c c o u n t (S M A ) s t r u c t u r e p r o v i d e s r e a l -t i m e a c c o u n t a c c e s s

NorthCoast Growth is a methodical alternative to passive buy andhold strategies. Consider the following benefits for your clients:

SUMMARY

9

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

APPENDIX

1 0

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

RISK MANAGEMENT – SELL STOPS

Source: MarketSmith. Individual securities are for informational purposes only and NCAM may not recommend this position at the time of publication.

= Buy Point

= Sell Point

Customized stop loss target per position, depending on expected volatility of individual stock

Basic Materials Mining Company

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OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

Source: MarketSmith. Individual securities are for informational purposes only and NCAM may not recommend this position at the time of publication.

RISK MANAGEMENT – PROFIT TAKES & EXIT POINTS

= Buy Point

= Profit Take

= Sell Point

Lock in profit with every 25% price increase

Chinese Lodging Company

1 2

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

PORTFOLIO MANAGEMENT TEAM

1 3

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

KEY

MA

NA

GER

S

D A N K R A N I N G E R PAT R I C K J A M I N , C F A , F R MPresident & Chief Executive Officer Chief Investment Officer

S e n i o r V i c e P r e s i d e n t , G E P r i v a t e A s s e t M a n a g e m e n t P r e s i d e n t , O ’ S h a u g h n e s s y C a p i t a l

M a n a g e m e n t M e r r i l l L y n c h , m e m b e r o f J E T P r o g r a m B .A . i n E c o n o m i c s , V i l l a n o v a

U n i v e r s i t y

P a r t n e r , N u m e r i c I n v e s t o r s (E u r o p e a n s t r a t e g i e s / W o r l d F u n d a m e n t a l S t a t i s t i c a l A r b i t r a g e S t r a t e g y ) P a r t n e r , P o r t f o l i o M a n a g e r , S t a n d a r d P a c i f i c C a p i t a l ; G l o b a l L o n g /S h o r t E q u i t y F u n d S e n i o r Q u a n t i t a t i v e A n a l y s t , I n v e s c o ; G l o b a l Q u a n t i t a t i v e F u n d M .B .A ., H a r v a r d B u s i n e s s S c h o o l , B a k e r S c h o l a r , A r t h u r S a c h s S c h o l a r M .S . i n T e l e c o m m u n i c a t i o n s , E c o l e N a t i o n a l e S u p e r i e u r e d e s T e l e c o m m u n i c a t i o n s

d e P a r i s I n g e n i e u r d e I ’ E c o l e P o l y t e c h n i q u e , E c o l e P o l y t e c h n i q u e

SEN

IOR

AN

ALY

STS

J U L I A Z H U , C F A , F R M YA Q I U L ISenior Vice President – Market & Security Research Senior Vice President – Portfolio Construction

V i c e P r e s i d e n t , R e s e a r c h A f f i l i a t e s , L L C - Q u a n t i t a t i v e r e s e a r c h i n e q u i t y s t r a t e g i e s a n d a s s e t a l l o c a t i o n A s s o c i a t e , F i r s t Q u a d r a n t , L P – C o n d u c t e d r e s e a r c h o n G T A A a n d

t a c t i c a l c u r r e n c y a l l o c a t i o n p r o d u c t s M a s t e r o f E c o n o m i c s , Y a l e U n i v e r s i t y , P h D C a n d i d a t e M .B .A . w i t h c o n c e n t r a t i o n i n F i n a n c e , U n i v e r s i t y o f S o u t h e r n

C a l i f o r n i a

C l i m a t e M o d e l i n g – C h i n a ’ s N a t i o n a l K e y L a b o f A t m o s p h e r i c S c i e n c e , C h i n e s e A c a d e m y o f S c i e n c e s M .S . i n Q u a n t i t a t i v e a n d C o m p u t a t i o n a l F i n a n c e &

M .S . i n S t a t i s t i c s , G e o r g i a T e c h , P h D C a n d i d a t e C F A L e v e l I I I C a n d i d a t e

PORT

FOLI

OEN

GIN

EERS

S L AVA M A L K I N S U M A N T H A M A R C H I N TA J A S O N K R U G LYSenior Vice President Vice President Vice President

Q u a n t i t a t i v e c u r r e n c y t r a d i n g s t r a t e g i e s – B N P P a r i b a s P o r t f o l i o M a n a g e r o f g l o b a l m a c r o

s t r a t e g i e s R e s e a r c h i n G l o b a l T a c t i c a l A s s e t

A l l o c a t i o n s t r a t e g i e s – D e u t s c h e A s s e t M a n a g e m e n t M .S . i n S t a t i s t i c s , H a r v a r d U n i v e r s i t y

S e n i o r I n v e s t m e n t A n a l y s t , P y r a m i sG l o b a l A d v i s o r s – Q u a n t i t a t i v e r e s e a r c h a n d p o r t f o l i o m a n a g e m e n t M .S . i n C o m p u t e r E n g i n e e r i n g ,

R o c h e s t e r I n s t i t u t e o f T e c h n o l o g y B .S . i n E l e c t r i c a l E n g i n e e r i n g ,

R o o r k e e I n d i a n I n s t i t u t e o f T e c h n o l o g y

R e s e a r c h e x p e r i e n c e w i t h B a n k o f A m e r i c a , M e r r i l l L y n c h , C r e d i t S u i s s e , D e u t s c h e B a n k M .S . i n F i n a n c i a l E n g i n e e r i n g , B a r u c h

C o l l e g e B .S . & M .S . i n C o m p u t e r S c i e n c e ,

P o l y t e c h n i c I n s t i t u t e o f N e w Y o r k U n i v e r s i t y

DISCLOSURE INFORMATION

Past Performance is not indicative of future results. All investments involve risk, including loss of principal. The firm is defined as NorthCoast Asset Management LLC. NCAM was established in 1988 and is an independent Registered Investment Advisor (RIA) registered with the Securities and Exchange Commission (SEC). The firm is a full service investment management company. The firm specializes in quantitative investment programs. NCAM is located in Greenwich, CT, and is not affiliated with any parent organization and has no other offices operating under the same brand name.

Performance results shown from November 1, 2012 through March 31, 2013, are the actual results of a single-account composite managed according to the dictates of the strategy. Since April 1, 2013, actual performance results are based on widely accepted performance standards and represent the net composite time-weighted return for the strategy. Returns are presented net-of-fees. Net-of-fee returns are reduced by trading costs and the portfolio’s actual management fee. Valuations are computed and performance is reported in U.S. dollars. A complete list of composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. To obtain a compliant presentation for the associated strategy, please contact one of our advisors at 800.274.5448.

Single account composite performance results reflect the results of actual trading using a single client account managed in accordance with the dictates of the program. Other accounts are excluded to prevent additions, withdrawals and client mandated customizations from biasing the performance results. However actual client accounts are not insulated from these factors. Therefore actual client accounts may have experienced investment results during the corresponding time periods that were materially different from those portrayed in the model. Account statements for the single account for the period are available for inspection upon request.

This information contained herein has been prepared by NCAM on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. This material is for informational and illustrative purposes only and should not be viewed as a recommendation or a solicitation to buy or sell any securities or investment products or to adopt any investment strategy.

NorthCoast Growth is a tactical, long-term growth strategy focused on capital appreciation with a secondary objective of downside protection. The strategy invests in leading growth stocks during favorable equity environments and scales to cash to preserve gains when bear market risk is high. The strategy adheres to a flexible investment mandate that allows for allocation shifts that range between 0%-100% exposure to equities. Positions are managed (purchased and liquidated) through a proprietary stock scoring system designed to build a comprehensive growth portfolio.

Benchmarks - Aggressive Competitor Avg = Morningstar Aggressive Allocation Category Average. Aggressive allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than moderate-allocation portfolios. These portfolios typically have 70% to 90% of assets in equities and the remainder in fixed income and cash. Tactical Competitor Avg = Morningstar Tactical Allocation Category Average. Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations between asset classes. These portfolios have material shifts across equity regions and bond sectors on a frequent basis. To qualify for the Tactical Allocation category, the fund must first meet the requirements to be considered in an allocation category. Next, the fund must historically demonstrate material shifts within the primary asset classes either through a gradual shift over three years or through a series of material shifts on a quarterly basis. The cumulative asset class exposure changes must exceed 10% over the measurement period. The S&P 500 Index is used for comparison purposes as it represents a sample of the 500 leading companies in leading industries of the U.S. economy. It is generally considered a proxy for the total market.

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OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

DISCLOSURE INFORMATION

1 5

OVERVIEW

INVESTMENT PROCESS

- MARKET EXPOSURE

- STOCK SELECTION

- RISK MANAGEMENT

PERFORMANCE

PORTFOLIO POSITIONING

SUMMARY

APPENDIX

This information contained herein has been prepared by NorthCoast Asset Management, LLC ("NorthCoast") on the basis of publicly available

information, internally developed data and other third party sources believed to be reliable. NorthCoast has not sought to independently verify

information obtained from public and third party sources and makes no representations or warranties as to accuracy, completeness or reliability of such

information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access

the information, and are subject to change at any time without notice and with no obligation to update. This material is for informational and

illustrative purposes only and is intended solely for the information of those to whom it is distributed by NorthCoast. No part of this material may be

reproduced or retransmitted in any manner without the prior written permission of NorthCoast. NorthCoast does not represent, warrant or guarantee

that this information is suitable for any investment purpose and it should not be used as a basis for investment decisions.

PAST PERFORMANCE DOES NOT GUARANTEE OR INDICATE FUTURE RESULTS.

This material should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment products

or to adopt any investment strategy. The reader should not assume that any investments in companies, securities, sectors, strategies and/or markets

identified or described herein were or will be profitable and no representation is made that any investor will or is likely to achieve results comparable to

those shown or will make any profit or will be able to avoid incurring substantial losses. Performance differences for certain investors may occur due to

various factors, including timing of investment. Investment return will fluctuate and may be volatile, especially over short time horizons.

INVESTING ENTAILS RISKS, INCLUDING POSSIBLE LOSS OF SOME OR ALL OF THE INVESTOR'S PRINCIPAL.

The investment views and market opinions/analyses expressed herein may not reflect those of NorthCoast as a whole and different views may be expressed based on different investment styles, objectives, views or philosophies. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties.