NorthCoast International:A CAN SLIM® strategy

Investor Presentation

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

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N O RT H C O A S T A S S E T M A N A G E M E N T

Based in Greenwich, CT

$1.8 billion in firm AUM (per 3/31/2018)

32 Professionals

100% proprietary research, trading, and management

Systematic and rules -based investment execution

Daily risk controls that proved their mettle in drawdowns of 2000-2002 and 2008

EXPERIENCE

STABILITY

PERFORMANCE

Exclusive Agreement with Investor’s Business Daily®

ETF Partnership with BlackRock® iShares®

Recognized as a Financial Times Top 300 Registered Investment Adviser (2014, 2015)

iShares® and BlackRock® are registered trademarks of BlackRock, Inc. and its affiliates (“BlackRock”) and are used under license. BlackRock makes no representations or warranties regarding the advisability of investing inany product or service offered by NorthCoast Asset Management LLC. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of any product or service offered by NorthCoast.The 2015 Financial Times Top 300 Registered Investment Advisors is an independent listing produced by the Financial Times (June, 2015). The FT 300 is based on data gathered from RIA firms, regulatory disclosures, andthe FT’s research. As identified by the FT, the listing reflected each practice’s performance in six primary areas, including assets under management, asset growth, compliance record, years in existence, credentials andaccessibility. Neither the RIA firms nor their employees pay a fee to The Financial Times in exchange for inclusion in the FT 300.

I N V E S T M E N T P H I L O S O P H Y

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We utilize comprehensive data sets to discover,interpret and leverage valuable patterns and trends.

• Market exposure model utilizes 40+ signals toidentify optimal market exposure in changingenvironments

• Multi-factor stock selection model seeks the toprisk-adjusted exposures to meet specificinvestment objectives

We believe disciplined, data-driven investing outperforms intuition over time

Years

2000 –2002

Asset Allocation Strategy*Long/Cash Equity Portfolio (mutual funds)

-4.4% (vs. -38.4% S&P 500 Index)

Year2008

CAN SLIM® Investment StrategyLong/Cash Equity Portfolio (individual stocks)

-12.8% (vs. -37.4% S&P 500 Index)

*Performance results for ‘Asset Allocation’ and ‘CAN SLIM’ are historical net results and shown for informational purposes only. Asset Allocation investment strategy is no longer offered by NorthCoast Asset Management. Please reference Appendix for additional disclosure information.

I N V E S T M E N T T E A M

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Patrick Jamin, CFA, FRM

Chief Investment Officer

Partner, Numeric Investors (European / World Fundamental Statistical Arbitrage) Partner, Portfolio Manager, Standard Pacific Capital; Global Long/Short Equity Fund Senior Quantitative Analyst, Invesco; Global Quantitative Fund M.B.A., Harvard Business School, Baker Scholar, Arthur Sachs Scholar M.S. Telecommunications, Ecole Nationale Superieure des Telecommunications de Paris Ingenieur de I’Ecole Polytechnique, Ecole Polytechnique

Julia Zhu,CFA, FRM

SVP – Market & Security Research

Vice President, Research Affiliates - Quantitative research; equities and asset allocation Associate, First Quadrant – Conducted research on GTAA and tactical currency allocation Master of Economics, Yale University, PhD Candidate M.B.A. with concentration in Finance, University of Southern California

Yaqiu Li, SVP – Portfolio Construction

Climate Modeling – National Key Lab of Atmospheric Science, Chinese Academy of Sciences M.S. Quantitative and Computational Finance & M.S. in Statistics, Georgia Tech PhD Candidate CFA Level III Candidate

Slava MalkinSenior VicePresident

Quantitative currency trading strategies – BNP Paribas Portfolio Manager of global macro strategies Research in Global Tactical Asset Allocation strategies – Deutsche Asset Management M.S. in Statistics, Harvard University

Jason Krugly Vice President

Research experience with Bank of America, Merrill Lynch, Credit Suisse, Deutsche Bank M.S. in Financial Engineering, Baruch College B.S. & M.S. in Computer Science, Polytechnic Institute of New York University

Sumanth Amarchinta Vice President

Senior Investment Analyst, Pyramis Global Advisors - Quantitative research M.S. in Computer Engineering, Rochester Institute of Technology B.S. in Electrical Engineering, Roorkee Indian Institute of Technology

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S T R AT E G Y E X PA N S I O N

Over the past decade, NorthCoast has evolved as a result of investor demand and expanded its separate account offerings.

TransparencyAccess to daily holdings and transactions

LiquidityManaged account structure offers access to capital without lockups

CustomizationAbility to customize portfolio based on risk exposures, investor mandate, or risk/return attributes.

CostProvide a low cost option giving clients a true alignment of interests

HybridBridging the gap of simply choosing between a long-only manager and a Long/Short Manager

Market Outlook

Stock Selection

PortfolioConstruction

RiskManagement

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I N V E S T M E N T P R O C E S S

Proprietary market outlook determined by 40+ signals across four dimensions identifies opportunities & risks

Daily market signal analysis

Ongoing research assessment of market signals ensures accuracy and relevance

Rigorous proprietary research shows stocks exhibit common characteristics before gains

Daily scoring of 400+ ADRs with 20+ signals

Seeking stocks with superior risk-adjusted potential

Dynamic optimizer properly maintains risk-adjusted portfolio daily

Assessment of total transaction costs and estimate of implementation shortfall

Higher concentrated portfolio enhances long-term alpha

Proprietary risk model

Controls embedded through investment process

Combination of active and passive risk management methods

Daily monitoring of positions

NorthCoast applies a multi-step investment process to construct, manage and implement its portfolio solutions.

D E T E R M I N E M A R K E T E X P O S U R E

7The chart above shows a hypothetical simulation of NorthCoast’s proprietary market outlook analysis tool. This simulation is generated by using multiple data points across four broad dimensions including Technical, Sentiment, Macroeconomic, and Valuation indicators. The daily result determines equity exposure. It does not represent actual equity exposure.

Leading IndicatorsFederal ReserveJobsGeopolitical

ConsumersProducersCreditSurprise

MomentumReversalFear

HistoricalForwardRate AdjustedInflation Adjusted

MACRO-ECONOMIC

SENTIMENTTECHNICAL VALUATION

Market outlook determined by 40+ signals across four dimensions identifies opportunities & risks to determine exposure

Market Outlook

Stock Selection

PortfolioConstruction

RiskManagement

0%

20%

40%

60%

80%

100%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Equi

ty Ta

rget

Leve

l

NorthCoast Market Equity International Exposure Model1/1/1996 - 12/31/2017

Technicals Sentiment Macroeconomic Valuation

Hypothetical ADR “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

S C O R I N G S T O C K S

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NorthCoast’s proprietary model scores 400+ ADRs daily between -3 and +3 based on their expected performance over the next 12 months.

12/31/01 - 12/31/2016, bottom quintile stocks returned +0.6% annually vs. +10.0% Universe 12/31/01 - 12/31/2016, top quintile stocks returned +15.9% annually vs. +10.0% Universe

The data above shows the performance of the top 20%, the total universe, and bottom 20% of stocks ranked according to a proprietary score-based model developed by NorthCoast.

We believe underlying factors drive a stock’s future performance (positive or negative). Our research focuses on identifying these factors. Currently, we utilize 21 individual data points across 7 broad categories.

Market Outlook

Stock Selection

PortfolioConstruction

RiskManagement

P O RT F O L I O C O N S T R U C T I O N

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Market Outlook

Stock Selection

PortfolioConstruction

RiskManagement

Daily Oversight0

# of Holdings45

current holdings 33

Sector Allocation

+/- 10% weighting within S&P sectors

Dynamic optimizer properly maintains risk-adjusted portfolio daily

Proprietary internal and external transaction cost controls

Corporate actions data to ensure integrity of inputs

Portfolio management validation of trade (Data integrity,updated news, special situations)

Daily portfolio rebalancing minimizes alpha decay

Holdings-level transparency

Reduce exposure when bear market risk is high

Systematic implementation coupled with daily oversight seeks to maximize risk-adjusted return

2%Position Size

4%2.5% Average Weighting

Data as of 3/31/18.

Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsMaterialsInformation TechnologyTelecommunication ServicesUtilitiesCash

R I S K C O N T R O L S

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Risk Control Management Implementation

Account Onboarding(Special Handling)

New cash accounts take 1-3 months to achieve current allocation target. Attractive entry points targeted for new positions to 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 Customized sell-stop target per position, depending on expected volatility of individual stock

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

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

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

Sustainable Research Assessing model behavior for sustained accuracy and relevance

Risk management is a continuous, multi-dimensional process administered throughout the investment cycle

Market Outlook

Stock Selection

PortfolioConstruction

RiskManagement

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P E R F O R M A N C E

Since inception Beta Alpha Correlation R2 StandardDeviation

Sharpe Ratio

Max Drawdown

CAN SLIM® International (vs. ACWI ex-U.S.)

0.61 2.3% 0.80 64.3% 10.8%14.1%

0.410.27

-19.5% -20.8%

Data as of 3/31/2018. Past Performance is not indicative of future results. All investments involve risk, including loss of principal. Please reference the Appendix foradditional disclosure information.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$70,000

$80,000

$90,000

$100,000

$110,000

$120,000

$130,000

$140,000

$150,000

$160,000

Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017

Gro

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of $

100,

00

Equi

ty E

xpos

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Leve

l

CAN SLIM® International vs. ACWI ex-U.S.Hypothetical Growth of $100,000: 7/1/2011 - 3/31/2018

Equity Exposure International ACWI ex-U.S.

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P E R F O R M A N C E – M O N T H LY

Data as of 3/31/18. Past Performance is not indicative of future results. All investments involve risk, including loss of principal. Please reference the Appendix foradditional disclosure information.

MONTHLY PERFORMANCE (%)

NET OF FEES AND EXPENSES

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YEAR ACWI ex-U.S.

2011* -3.4 -3.3 -5.1 -0.8 -0.7 -1.4 -14.0 -16.9

2012 4.5 5.1 2.2 -1.4 -6.6 2.9 0.3 1.7 3.3 -0.8 1.2 2.7 15.5 16.8

2013 5.4 -2.1 2.9 0.9 2.5 -0.1 3.4 -0.2 5.2 2.0 1.6 3.4 27.7 15.3

2014 -5.4 5.1 0.1 -1.5 0.6 3.4 -2.0 2.8 -2.3 -2.5 2.2 -0.8 -0.7 -3.9

2015 -4.5 6.3 0.6 1.6 -1.5 -3.6 1.6 -6.8 -3.0 4.6 -2.4 -1.8 -9.3 -5.7

2016 -6.8 -1.2 5.2 2.0 -0.2 -0.9 4.4 -0.9 0.2 -1.4 -0.1 1.1 0.9 4.5

2017 4.5 1.1 2.7 1.0 2.0 1.2 2.6 1.2 0.9 1.1 2.4 0.6 23.3 27.2

2018 6.1 -7.0 -1.1 -2.4 -1.2

TOTAL 38.7 33.4

*7/1/2011 – 12/31/2011

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REGION BREAKDOWN

91

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64 75

173

131

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SECTOR BREAKDOWN

227

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49 41 36 36 30 26 25 21 16 16 15 15 14 14 13 10 10 9 9 9 8 7 6 5 5 5 4 4 3 3 3 2 2 2 2 2 2 2 2 1 1 1 1 1 1 10

50

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COUNTRY BREAKDOWN

A D R U N I V E R S E

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Source: Bloomberg, 2013

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E N H A N C E M E N T S T O S T R AT E G Y F O U N D AT I O N

Creating an institutional product driven from a retail-centric, time-tested investmentprogram utilizing quantitative, rules-based research.

What is C-A-N-S-L-I-M®?A stock management process derived from researching the top-performing stocks in history and identifying 7(C-A-N-S-L-I-M) characteristics that each stock shared prior to significant price gains. Introduced and created bydistinguished investor, William O’Neil; Founder of the Investor’s Business Daily® newspaper & Author of thebest-selling book: “How to Make Money in Stocks.”

Built from its retail origins, NorthCoast has engineered and evolved into a highly institutional investment firm.

Factors Founding Guidelines Institutional Enhancements

C Current Earnings Growth Current earnings up 20% or more Sustainable, reasonable, and industry-adjusted

A Annual Earnings Growth Annual earnings increasing 20% or more Sustainable, reasonable, and industry-adjusted

N New Product or ServiceProduct, service, or management change provides a catalyst

Analyst estimates of forward earnings impact andrelative strength

S Supply/Demand of SharesShares outstanding should be large and trading volume should be big as the stock price increases

Short interest indicators and share buybacks

L Leading Industry Buy the leading stock in a leading industry Historical price, profitability and managementtrends

I Institutional SponsorshipInstitutional ownership by mutual funds in recent quarters should be increasing

Sell side analyst recommendations and estimates

M Market DirectionThe market should be in a confirmed uptrend since three out of four stocks followthe market’s overall trend

Market Technicals complemented with Valuation,Sentiment, and Macroeconomic indicators

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R E S E A R C H P I P E L I N E

-

-

Pitch & Prioritize Hours

Feasibility Weeks

Validity Months

PITC

HPH

ASE

1PH

ASE

2

IMPLEMENTATION

MANAGING THE PRINCIPLES

Ideas supported by Investment, Economic and Accounting knowledge

Scientific approach to testing and prioritizing

Phase system improves 5X speed and efficiency versus a linear research pipeline

1000s of ideas generated, 100+ ideas tested, 40 projects completed per year

Establish potential and resource cost per phaseDevelop tests and goals of Phase 1Present to Team and gather feedback - Prioritize

Tests to confirm feasibility, rationale and potentialPresent results and steps for Phase 2

In-depth evaluation of idea, custom testsConfirm validity, added value and model synergies

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D I S C L O S UR E I N F O R M AT I O N

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 theSecurities and Exchange Commission (SEC). The firm is a full service investment management company. The firm specializes in quantitative investment programs. NCAM islocated in Greenwich, CT, and is not affiliated with any parent organization and has no other offices operating under the same brand name.

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 performanceis reported in U.S. dollars. A complete list of composite descriptions is available upon request. Policies for valuing portfolios, calculating performance, and preparingcompliant presentations are available upon request. To obtain a compliant presentation for the associated strategy, please contact one of our advisors at 800.274.5448.

This information contained herein has been prepared by NCAM on the basis of publicly available information, internally developed data and other third party sources believedto 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 orinvestment products or to adopt any investment strategy.

The CAN SLIM® International investment program is a tactical, long-term growth strategy focused on capital appreciation with a secondary objective of downside protection.The strategy invests in leading international growth equities in the form of American Depository Receipts (ADRs) and Exchange-Traded Funds (ETFs) during favorable equityenvironments and scales to cash to preserve gains when bear market risk is high. Positions are managed (purchased and liquidated) through a combination of CAN SLIM®guidelines and a proprietary security scoring system designed to build a comprehensive growth portfolio.

The Benchmark is the MSCI ACWI ex-U.S. Index. The ACWI ex-U.S. index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI)and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI All Country World Index Ex-U.S.includes both developed and emerging markets

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This information contained herein has been prepared by NorthCoast Asset Management, LLC ("NorthCoast") on the basis of publicly available information, internallydeveloped data and other third party sources believed to be reliable. NorthCoast has not sought to independently verify information obtained from public and third partysources and makes no representations or warranties as to accuracy, completeness or reliability of such information. All opinions and views constitute judgments as of the dateof 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 obligationto 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 partof this material may be reproduced or retransmitted in any manner without the prior written permission of NorthCoast. NorthCoast does not represent, warrant or guaranteethat 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 anyinvestment strategy. The reader should not assume that any investments in companies, securities, sectors, strategies and/or markets identified or described herein were orwill 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 avoidincurring substantial losses. Performance differences for certain investors may occur due to various factors, including timing of investment. Investment return will fluctuateand 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 ondifferent investment styles, objectives, views or philosophies. To the extent that these materials contain statements about the future, such statements are forward lookingand subject to a number of risks and uncertainties.

D I S C L O S UR E I N F O R M AT I O N