Wedgewood Marketing 4th Quarter 2016 Presentation by Wedgewood Partners

W E D G E W O O D P A R T N E R S , I N C .

Investing in the Best Businesses in America Large Cap Growth

Focused Investing

Note: This presentation should be viewed in conjunction with our ADV Part II which can be obtained by visiting our website and clicking on “ADV Part II.”

4rd Quarter 2016

Table of Contents Wedgewood Partners Overview ….………………………………………………………………………………………………………………….………………………...

Investment Philosophy ………………………………………………………………………………………………………………………………………….…………………

Portfolio Guidelines …………………………………………………………………………………………………………………………………………………………………

Portfolio Sector Breakdown ……………………………………………………………………………………………………………………………………..………………

Summary: The Structural Advantage of Focus Investing………………………………………………………………………………….……………………........

Performance Annual Net Performance …………………………………………………………………………………………………………………………………………….………..

Annual Performance vs. Russell 1000 Growth ……………………………………………………………………………………………………………….……….

Performance in Up and Down Markets …………………………………………………………………………………………………………………………….……

Wedgewood vs. Peers Up Market/Down Market Capture ………………………………………………………………………………………………….…….

Wedgewood vs. Peers Historical Performance Record ………………………………………………………………………………………………………..….

Performance Statistics ………………………………………………………………………………………………………………………………………………………...

Historical Turnover …………………………………………………………………………………………………………………………………................................................

Crash and Recovery …………………………………………………………………………………………………………………………………………………………..…

Disclosure ………………………………..…………………………………………………………………………………………………………………………………………….

Biographies ……………………………………………………………………………………………………………………………………………………………………….……

Audit Information ..…………………………………………………………………………………………………………………………………………………………….......

Wedgewood Partners, Inc. • St. Louis Based Investment Firm Founded in 1988 • Single Investment Strategy • Large Cap Growth Investors • Focused Investment Style • Approx. 20 holdings • Multiple Vehicles • Separately Managed Accounts • RiverPark/Wedgewood Fund (Tickers: RWGIX & RWGFX) • Unified Managed Accounts

• Peer Leading 20+ Years Performance Record

Wedgewood’s Organizational Structure • 22 Employees, Robust Back Office

• Key Investment Professionals • Anthony L. Guerrerio, Chairman & CEO • David A. Rolfe, CFA, Chief Investment Officer • Michael X. Quigley, CFA, Senior Portfolio Manager and Senior Research Analyst • Morgan L. Koenig, CFA, Portfolio Manager and Research Analyst • Christopher Jersan, CFA, Research Analyst • Emily C. D’Agostino, Institutional Client Liaison

• Key Operations Professionals • William M. Thomas, President • Sheila R. Kilper, Chief Compliance Officer • Sheila D. Godfrey, Director of Trading/Operations

• Marketing Affiliation with RiverPark Capital

We Believe There Is:

A Structural Advantage to Focus Investing • Fewer, But More Impactful Decisions. • The Best Business Models Are Hard to Break. • The Large Cap Growth Universe Is Very Efficient. “Identifying 50-75 great businesses selling at attractive prices is a loser’s game; but a portfolio

of approx. 20 undervalued companies, now you have a horse race!”

Wedgewood’s Investment Process Begins Where Other Managers Finish

Measures of Past Excellence •Return on Equity >25% •Return on Capital >20% •Cash Flow ROI >15% •EPS Growth >15% •Revenue Growth >12%

Large Cap Growth Universe 500-600 Companies

Research Universe

Approx. 100 Companies

Wedgewood Universe Approx. 40 Companies

Quest for Future Excellence •Barriers to Entry •Threat of Substitutes •Buying Power •Supplier Power •Degree of Internal Rivalry

Portfolio Approx. 20 Positions

Catalyst Risk Management

Valuation Portfolio Construction 6

Wedgewood’s Investment Process All 3 Legs Are Required to Ensure Stability Approx. 20 Portfolio Holdings Fundamental Research • • •

Competitive Advantage Growth Financial Strength

Risk Management • •

Position Size Limits Business Model Overlap

Valuation

Investment Process Designed to Generate Above Average Returns While Managing Risk Fundamental Research Step 1: Structured Competitive Advantage •

Profit and Cash Flow Generation

•

Market Share Gains During Turbulent Times

Step 2: Double Digit Growth •

Growth Drives Long-term Price Appreciation

•

Intrinsic Value Grows Every Year

Step 3: Financial Strength •

Supports Reinvestment in Growth Opportunities

•

Minimize the Need for Dilutive Capital

Investment Process (continued)

Step 4: Compelling Valuation •

Contrarian/Value-based Opportunistic Investing

•

Impact of Short-term Disappointments Is Minimized

Step 5: Portfolio Construction •

Position Sizes Are Dictated by Valuation And Risk Parameters

•

Limited Business Model Overlap

Focused Investing = High Risk Risk Management in a Focused Fund • Proven Business Models • Large Capital Growth Companies, by definition are successful. • Value Oriented • High P/E valuations are avoided and strict purchase and sell disciplines are followed. • Diversification • We avoid investing in companies in the same industry with high business correlation risk. • Portfolio Management Risk • Only rarely will a specific holding represent no more than 10% of the overall portfolio. • Firm Risk • We are an independent firm, and are not susceptible to benchmark and herd mentality risk.

Wedgewood’s Focused Strategy should yield investors at least 1% positions in each of what we believe are the Best Businesses in America. • Example: • A 20% Allocation to Wedgewood • Position sizes in Wedgewood Average 5% • Resulting in 1% positions in what we believe are the Best Businesses in America

Wedgewood Adheres to a Strict Sell Discipline 1. Sales are made as intrinsic value appraisals are realized • Valuation models are continuously updated 2. Recognizing Investment Mistakes • Warrant an immediate sale 3. Opportunity for new investment • The superior risk reward profile of a new investment causes the sale of the least attractive portfolio holding

4. Portfolio structure/risk management weighting guidelines • Industry concentration and position sizes often contribute to investment decisions

Wedgewood Portfolio Guidelines • Annual Portfolio Turnover: 25-30% • # of Holdings: Approx. 20 • Cash Position: typically 3-5%, maximum 10% • Maximum Sector Exposure: 35% • Maximum Business Model Exposure: 15% • Maximum Individual Stock Weighting: 10% • Minimum Individual Stock Weighting: 2.5% • Minimum Market Capitalization: $5 Billion

Portfolio guidelines are shown as supplemental information and complement the compliance presentation included as an exhibit.

Wedgewood Portfolio Sector Breakdown* as of December 31, 2016 Healthcare (2.8%)

Financials

• Express Scripts

14.0% 2.8% 0.8%

9.9%

Technology (32.9%)

Cash

• Apple 6.1%

• Visa • Alphabet

13.2%

Consumer Staples

5.5%

• QUALCOMM • PayPal

4.4%

• Cognizant Technology

3.6% 17.3%

3.3% 7.6%

Industrials

Consumer Discretionary

11.4%

Energy

Wedgewood Believes That Sectors Include Companies With Very Different Business Models. Portfolio Holdings are shown as supplemental information only and complement the compliance presentation included as an exhibit. Portfolio Holdings should not be deemed as a recommendation to buy or sell these securities. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts.

13 *Based on RiverPark/Wedgewood Fund

Summary: The Structural Advantage of Focus Investing • Focused Portfolio • Market leaders with long-term, sustainable competitive advantages. • Approximately 20 of our best ideas make it into the portfolio.

• Patient Investing • We are investors, not traders. • Analyze business with a time horizon measured in years. • Patiently wait for opportunities to purchase great businesses at attractive prices.

• Disciplined Culture • While we invest in growth businesses; Valuation is key. • We are anti-momentum, contrarian growth investors. • Our goal is to generate strong up-market and down-market capture performance. “We believe in both classic growth and value investing tenets.” 14

Wedgewood Partners Inc. Annual Net Performance ending December 31, 2016 16% 14% 12% 10% 8% 6% 4% 2% 0%

WWP Net R 1000 Growth S&P 500

Fourth Quarter

Year to Date

1 Year

3 Year*

5 Year*

7 Year*

10 Year*

20 Year*

Since Inception: 9/30/92*

2.30% 1.01% 3.82%

4.55% 7.07% 11.96%

2.20% 8.55% 8.87%

11.03% 14.50% 14.66%

10.73% 13.03% 12.83%

8.86% 8.33% 6.94%

10.24% 6.88% 7.68%

11.19% 8.49% 9.33%

* Total returns presented for periods less than one year are cumulative, returns for periods greater than one year are annualized. Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. Please refer to the Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.

Wedgewood Annual Performance vs. Russell 1000 Growth 70%

50%

30%

10%

-10%

-30%

-50%

1993

1994

WWP (Gross)

-5.26%

4.81%

43.90% 24.74% 22.27% 50.97% 58.41% -9.38% -6.76% -19.57% 43.56% 10.69%

1995

1996

1997

1998

1999

6.89%

-1.79% 15.72% -37.77% 61.84% 15.36%

6.40%

22.67% 30.84% 10.04% -5.74%

5.36%

WWP (Net)

-6.21%

3.78%

42.59% 23.57% 21.10% 49.60% 56.99% -10.31% -7.72% -20.42% 42.25%

9.61%

5.84%

-2.78% 15.04% -38.12% 60.83% 14.50%

5.61%

21.75% 29.86%

9.19%

-6.47%

4.55%

R 1000 Growth

2.90%

2.66%

37.19% 23.12% 30.49% 38.71% 33.16% -22.42% -20.42% -27.89% 29.75%

6.30%

5.26%

9.08%

2.64%

15.26% 33.48% 13.05%

5.67%

7.07%

Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. Please refer to the Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

11.81% -38.44% 37.21% 16.71%

2011

2012

2013

2014

2015

2016

Wedgewood Performance in Up and Down Markets (10 years ending December 31, 2016) Wedgewood vs. R1000 Growth

Performance Capture

10% Average Quarterly Performance

Up Markets Down Markets

95% 82%

0% -5%

-10%

Correlation Statistics Up Markets 30 Quarters

Down Markets 10 Quarters

WWP Gross

5.7%

-7.1%

R 1000 Growth

6.0%

-8.6%

Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. All calculations were conducted by the Advisor and/or RiverPark. Please refer to the included Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.

Alpha Beta R-Squared

2.71% 1.01 0.85

Wedgewood vs. Peers Up Market/Down Market Capture (5 Years ending December 31, 2016) Product

Upside Cap Ratio

Downside Cap Ratio

Upside/Downside

ROR

81.34

115.22

0.71

11.03

Brown Advisory Large Cap Growth

82.52

125.97

0.66

10.95

Edgewood Management Large Cap Growth

109.68

81.73

1.34

16.57

Janus Twenty Fund

97.86

101.61

0.96

14.11

Jensen Quality Growth

91.81

59.36

1.55

14.19

Marsico Capital Focus Growth

81.33

146.28

0.56

10.22

Montag & Caldwell Large Cap Growth

72.17

76.78

0.94

10.49

Morgan Stanley Growth

106.40

127.78

0.83

14.80

Polen Capital Large Cap Growth

89.26

74.61

1.20

13.38

Sands Capital Select Growth

98.11

146.91

0.67

12.93

Winslow Capital Large Cap Growth

93.30

140.05

0.67

12.34

Wedgewood Partners, Inc.

Select Peers

PSN database as of 12/31/16. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. Net returns and peer comparisons are presented as supplemental information only and complement the compliance presentation included as an exhibit. The peer companies were chosen by Wedgewood as well-known growth managers and direct competitors.

Up Market / Down Market Capture is relative to the Russell 1000 Growth Index.

Wedgewood vs. Peers Up Market/Down Market Capture (10 Years ending December 31, 2016) Product

Upside Cap Ratio

Downside Cap Ratio

Upside/Downside

ROR

93.46

86.18

1.08

8.86

Brown Advisory Large Cap Growth

99.90

96.92

1.03

8.69

Edgewood Management Large Cap Growth

102.58

94.92

1.08

9.37

Janus Twenty Fund

101.96

105.87

0.96

7.94

Jensen Quality Growth

85.21

81.92

1.04

7.93

Marsico Capital Focus Growth

91.34

110.21

0.83

5.65

Montag & Caldwell Large Cap Growth

83.87

86.27

0.97

7.21

Morgan Stanley Growth

114.81

112.29

1.02

9.24

Polen Capital Large Cap Growth

89.97

72.90

1.23

9.74

Sands Capital Select Growth

115.68

110.81

1.04

9.58

Winslow Capital Large Cap Growth

102.77

106.07

0.97

8.05

Wedgewood Partners, Inc.

Select Peers

Up Market / Down Market Capture is relative to the Russell 1000 Growth Index.

Wedgewood vs. Peers December 31, 1996 to December 31, 2016 QTD

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

Standard & Poor's 500

3.82

11.96

8.87

14.66

12.83

6.95

6.69

7.68

Russell 1000 Growth

1.01

7.08

8.55

14.50

13.03

8.33

6.42

6.88

Wedgewood Partners, Inc.

2.30

4.55

2.20

11.03

10.73

8.86

7.56

10.24

Brown Advisory Large Cap Growth

-4.71

-2.68

3.68

10.95

11.25

8.69

6.97

7.74

Edgewood Management Large Cap Growth

-1.38

3.41

9.46

16.57

13.97

9.37

7.44

8.80

Janus Twenty Fund

4.42

3.90

5.91

14.11

9.60

7.94

7.87

8.92

Jensen Quality Growth

1.25

12.39

8.69

14.19

11.65

7.93

6.82

9.04

Marsico Capital Focus Growth

-5.38

-6.82

1.84

10.22

9.53

5.65

6.58

N/A

Montag & Caldwell Large Cap Growth

-1.96

-1.66

4.17

10.49

9.32

7.21

5.40

6.85

Morgan Stanley Growth

-7.92

-2.24

5.16

14.80

13.18

9.24

N/A

Polen Capital Large Cap Growth

-0.73

1.06

10.86

13.38

12.82

9.74

8.31

9.79

Sands Capital Select Growth

-7.33

-7.13

1.35

12.93

13.20

9.58

N/A

Winslow Capital Large Cap Growth

-3.57

-2.18

4.80

12.34

11.07

8.05

6.90

7.48

Wedgewood Partners Summary Performance Statistics (PSN Database December 31, 2016) Annualized Rate of Return

Alpha

Batting Average

Upside Capture

Downside Capture

Statistic

2.20%

-4.13%

33%

45.84%

139.32%

Percent Rank

94%

72%

62%

95%

71%

Statistic

11.03%

-3.69%

45%

81.34%

115.22%

Percent Rank

85%

76%

40%

87%

54%

Statistic

10.11%

-1.67%

46%

83.66%

93.33%

Percent Rank

66%

45%

38%

86%

19%

Statistic

10.73%

-1.64%

43%

86.02%

97.01%

Percent Rank

69%

52%

50%

82%

27%

Statistic

8.86%

0.67%

47%

93.46%

86.18%

Percent Rank

12%

16%

33%

57%

13%

Statistic

7.56%

1.12%

48%

100.50%

91.32%

Percent Rank

13%

21%

46%

32%

36%

Statistic

10.24%

3.41%

50%

107.40%

86.49%

Percent Rank

15%

42%

14%

43%

Periods ending 12/31/16

3 Year

5 Year

6 Year

7 Year

10 Year

15 Year

20 Year

PSN database as of 12/31/16. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. Net returns are shown as supplemental information only and complement the compliance presentation included as an exhibit.

Performance statistics are calculated relative to the Russell 1000 Growth Index.

Number of Managers

192

177

171

168

148

110

Portfolio Turnover is Dictated by Market Conditions 2009, an exception to the rule •Average historical portfolio turnover 15-20% •2009 investment performance 61.9% •2009 portfolio turnover 50% •A year of profit taking and positioning the portfolio into our most attractively priced investments

Wedgewood Portfolio March 9, 2009 Apple Berkshire Hathaway CL B Qualcomm Google Monsanto Cognizant Technology Goldman Sachs Express Scripts EMC Expeditors International Gilead Sciences National Oilwell Varco American Express Ecolab Visa Northern Trust Wells Fargo Varian Medical Systems Western Union

January 2010 10.1% 9.3% 8.9% 7.9% 6.4% 6.3% 6.2% 6.1% 4.4% 4.3% 4.2% 4.2% 3.7% 3.6% 3.3% 2.9% 2.9% 2.6% 2.6%

Portfolio Holdings are shown as supplemental information only and complement the compliance presentation included as an exhibit. Portfolio Holdings should not be deemed as a recommendation to buy or sell these securities. The securities listed above include all of the holdings as of the dates noted.

Apple Berkshire Hathaway CL B Gilead Sciences Google Express Scripts Cognizant Technology Monsanto Pepsi Goldman Sachs Qualcomm Visa Wellpoint EMC Ecolab Jacobs Engineering Expeditors International Paychex Varian Medical Systems Western Union Whole Foods Market Lowes Companies

8.0% 7.1% 7.0% 6.3% 6.2% 5.8% 5.8% 5.4% 5.3% 5.2% 5.1% 4.9% 4.0% 3.4% 3.4% 3.3% 3.3% 3.3% 2.7% 2.5% 2.0%

Wedgewood Performance October 2007 â&#x20AC;&#x201C; December 2016 Crash and Recovery Time Period

Annualized Rate of Return

Alpha

Batting Average

Upside Capture

Downside Capture

Bear Market

Statistic

-33.14%

1.56%

56%

81.19%

82.75%

October 31, 2007 to February 28, 2009

Percentile Rank

73%

45%

88%

Bull Market

Statistic

17.03%

-0.61%

43%

92.32%

91.19%

32%

33%

86%

72%

14%

February 28, 2009 to December 31, 2016 Percentile Rank Peak to Peak

Statistic

7.88%

1.97%

45%

91.82%

86.28%

October 31, 2007 to December 31, 2016

Percentile Rank

86%

76%

12%

*S&P

Number of Managers

303

159

146

500 used as the benchmark for the above calculations. Bear Market

Statistic

-33.14%

-0.80%

56%

58.94%

84.73%

October 31, 2007 to February 28, 2009

Percentile Rank

58%

25%

88%

Bull Market

Statistic

17.03%

-0.51%

48%

90.75%

90.41%

32%

29%

38%

76%

17%

February 28, 2009 to December 31, 2016 Percentile Rank Peak to Peak

Statistic

7.88%

1.10%

49%

88.84%

86.88%

October 31, 2007 to December 31, 2016

Percentile Rank

10%

33%

78%

14%

* Russell

303

159

146

1000 Growth used as the benchmark for the above calculations.

PSN database as of 12/31/16. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. Net returns are shown as supplemental information only and complement the compliance presentation included as an exhibit.

WEDGEWOOD PARTNERS, INC. EQUITY COMPOSITE ANNUAL DISCLOSURE PRESENTATION PAGE ONE OF TWO Composite Assets Year End

Total (millions)

UMA Assets (millions)

Annual Performance Results

Firm Assets (millions)

U.S. Dollars (millions)

Number of Accounts

Net (Actual)

Net (Wrap)

3 Year Standard Deviation

Composite Gross

S&P 500

Russell 1000 Growth

Composite Dispersion

WWP Gross

S&P 500

Russell 1000 Growth

2015

9,040

2,732

6,308

5,350

5,182

-6.49%

-8.61%

-5.77%

1.38%

5.67%

0.4%

10.78

10.48

10.70

2014

10,735

2,770

7,965

6,713

6,087

9.20%

6.88%

10.06%

13.69%

13.05%

0.4%

9.78

8.98

9.59

2013

7,100

1,802

5,298

4,753

4,608

29.86%

27.20%

30.84%

32.38%

33.48%

0.4%

12.33

11.94

12.18

2012

3,030

731

2,299

1,619

1,606

21.75%

19.20%

22.67%

16.00%

15.26%

0.4%

15.34

15.09

15.66

2011

1,252

236

1,016

775

1,079

5.61%

3.28%

6.40%

2.11%

2.64%

0.7%

18.14

18.71

17.76

2010

865

185

680

481

764

14.50%

12.04%

15.36%

15.06%

16.71%

1.0%

22.24

21.85

22.11

2009

546

484

305

523

60.83%

57.57%

61.84%

26.46%

37.21%

2.6%

20.58

19.63

19.73

2008

348

336

202

439

-38.12%

-39.86%

-37.77%

-37.00%

-38.44%

1.3%

15.72

15.08

16.40

2007

552

547

367

508

15.04%

12.41%

15.72%

5.49%

11.81%

1.4%

9.57

7.68

8.54

2006

627

620

334

570

-2.78%

-4.72%

-1.79%

15.80%

9.08%

1.2%

8.80

6.82

8.31

2005

451

252

320

5.84%

3.77%

6.89%

4.91%

5.26%

1.3%

12.08

9.04

9.53

2004

298

176

190

9.61%

7.48%

10.69%

10.87%

6.30%

2.5%

19.47

14.86

15.45

2003

226

123

134

42.25%

39.66%

43.56%

28.68%

29.75%

5.8%

2002

154

130

-20.42%

-22.11%

-19.57%

-22.10%

-27.89%

2.6%

2001

202

117

129

-7.72%

-9.61%

-6.76%

-11.88%

-20.42%

2.5%

2000

217

129

112

-10.31%

-12.15%

-9.38%

-9.11%

-22.42%

5.1%

1999

200

120

56.99%

54.19%

58.41%

21.04%

33.16%

10.0%

1998

100

49.60%

46.89%

50.97%

28.58%

38.71%

6.4%

1997

21.10%

18.80%

22.27%

33.36%

30.49%

5.6%

1996

23.57%

21.24%

24.74%

22.96%

23.12%

5.0%

1995

42.59%

39.99%

43.90%

37.58%

37.19%

4.9%

1994

Five or fewer

3.78%

1.73%

4.81%

1.32%

2.66%

N.A.

1993

Five or fewer

-6.21%

-8.11%

-5.26%

10.08%

2.90%

N.A.

1992

Five or fewer

N.A. – Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. For GIPS Purposes, UMA assets are not part of Firm Assets and are not considered “under management” since Wedgewood has either no or only partial trading discretion and on occasion may be shown as supplemental information. Returns are presented gross and net of fees and include the reinvestment of all income. Gross returns are shown as supplemental information because wrap accounts are calculated gross of all fees and transaction costs. Gross returns of non-wrap accounts are reduced by custodial fees and transaction costs. Net returns are reduced by all fees and transaction costs incurred.

WEDGEWOOD PARTNERS, INC. EQUITY COMPOSITE ANNUAL DISCLOSURE PRESENTATION PAGE TWO OF TWO Equity Composite contains fully discretionary taxable and non-taxable growth equity accounts. For comparison purposes, the composite is measured against the S&P 500 and Russell 1000 Growth indices. The minimum account size for this composite is $65 thousand. Wedgewood Partners, Inc. is an independent registered investment adviser. The firm maintains a complete list of composite descriptions, which is available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of fees and include the reinvestment of all income. “Net (Actual)” returns are calculated using actual management fees and are reduced by all fees and transaction costs incurred. “Net (Bundled)” returns are calculated by reducing the gross returns by the highest total wrap fee of 3.0%, applied quarterly. Gross returns are shown as supplemental information because wrap accounts are calculated gross of all fees and transaction costs. Gross returns of non-wrap accounts are reduced by transactions costs. Some accounts in the composite may pay an all-inclusive wrap/bundled fee based on a percentage of assets under management; net returns for these accounts are reduced by all actual fees and transaction costs incurred. Wrap/bundled fee schedules are provided by independent wrap/bundled sponsors and are available upon request from the respective wrap/bundled sponsor. Total wrap/bundled fees may range up to 3.0% per year. Actual investment advisory fees incurred by clients may vary. Other than brokerage commissions, this fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Wrap/bundled accounts represent approximately 41% of the composite's assets as of December 31, 2015, 42% of the composite's assets as of December 31, 2014, 47% of the composite's assets as of December 31, 2013, 39% of the composite's assets as of December 31, 2012, 56% of the composite's assets as of December 31, 2011, 63% of the composite's assets as of December 31, 2010, 60% of the composite's assets as of December 31, 2009, 51% of the composite's assets as of December 31, 2008, 54% of the composite’s assets as of December 31, 2007, and approximately 59% of the composite's assets as of December 31, 2006 (On January 1, 2016, these values were updated to reflect a comprehensive review of wrap and bundled fee relationships). The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The management fee schedule is as follows: 1.50% under $1 million; 1.25% for $1 million to $2.5 million; 1.00% for $2.5 to $5 million; and 0.75% over $5 million. Actual investment advisory fees incurred by clients may vary. Prior to May 1, 2004, performance reflected total segment plus cash returns using a beginning of period allocation and a fixed total of 5% cash. As of January 1, 2010 no percent of the composite's assets were comprised of carve-out segments. As of December 31, 2009, approximately less than one half percent of the composite's assets were comprised of carve-out segments. As of December 31, 2008, December 31, 2007, and December 31, 2006, approximately 1%, 1%, & 2% of the composite's assets were comprised of carve-out segments. Carve-outs are included in this composite and performance reflects total segment plus cash returns using an actual pro rata allocation. The Equity Composite was created in 2002. Wedgewood Partners, Inc. claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Wedgewood Partners, Inc. has been independently verified for the periods October 1, 1992 through June 30, 2016. 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. The Equity Composite has been examined for the periods July 1, 2014 through June 30, 2016. The verification and performance examination reports are available upon request.

Investment Professionals Anthony L. Guerrerio, Chairman and CEO Mr. Guerrerio is the founder of Wedgewood Partners, Inc., and serves as its Chairman and Chief Executive Officer. Mr. Guerrerio has over 30 years of experience in the investment management industry. Mr. Guerrerio is a Trustee of the Opera Theatre of Saint Louis and a Director of Our Ladyâ&#x20AC;&#x2122;s Inn. He received a Bachelor of Science in Engineering from the United States Military Academy at West Point in 1969 and his MBA from Harvard University in 1977.

David A. Rolfe, CFA, Chief Investment Officer Mr. Rolfe joined Wedgewood Partners as our CIO in 1992 bringing with him the philosophy and process which formed our Large Cap Growth product. Prior to joining Wedgewood, he served as Portfolio Manager for four years at Boatmenâ&#x20AC;&#x2122;s Trust Company. He holds a Bachelors degree in Finance from the University of Missouri-St. Louis. He is a member of the CFA Society of St. Louis, where he has served as an Officer and Director.

Investment Professionals Michael X. Quigley, CFA, Senior Portfolio Manager and Senior Research Analyst Mr. Quigley joined the Investment Management team in 2006. He holds a Bachelors degree in Finance from St. Louis University and is currently a member of the CFA Society of St. Louis.

Morgan L. Koenig, CFA, Portfolio Manager and Research Analyst Ms. Koenig joined the Investment Management team in 2014. She holds a Bachelors degree in Finance from the University of Missouri â&#x20AC;&#x201C; St. Louis and is currently a member of the CFA Society of St. Louis.

Ashland Ashland Partners & Company LLP is the leading specialty firm providing Global Investment Performance Standards (GIPSÂŽ) verification and compliance consultation services to the investment management industry. The GIPS standards are ethical standards for investment performance presentation to ensure fair representation and full disclosure of an investment management firm's performance. Verification is the independent review of an investment management firm's claim of compliance with the GIPS standards. Verification tests: Whether the investment firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis. Whether the firm's processes and procedures are designed to calculate and present performance results in compliance with the GIPS standards. Verification is firm-wide and cannot be carried out for a single composite. A composite specific performance examination can be conducted on a particular composite, but only in conjunction with a firm-wide verification. For more information on the GIPS Standards, please visit www.gipsstandards.org. For more information on Ashland Partners, please enter their website http://www.ashlandpartners.com/.