Northwood Investment Partners, LLCwww.northwoodip.cominfo@northwoodip.com

206-395-4128

This presentation is for information purposes only and does not constitute an offering of securities.

Table of Contents

´ Our Edge 3´ Firm Overview 4´ Investment Performance 6´ Investment Strategy 8´ Why Special Situations 9´ Investment Process 10´ Risk Return Spectrum 13´ Why it Works 14´ Portfolio Composition 16´ Investment Team 17´ Compliance & Operations 20´ How do we compare? 21´ Disclosures 22

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Our Edge

Experience

Fundamental Research

Partnership

´ Military Discipline´ Business Operator Insights´ Proven Investing Track Record

´ Bottoms up analysis´ Graham and Dodd fundamentals´ In depth intrinsic value analysis´ Identify asymmetric risk return profiles

´ Deep relationships with narrow client base´ Interests 100% aligned with clients´ Manager single biggest investor

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Firm Overview

´ Proven Track Record Since 2009´ Founded in 2013 ´ Investment Style:

• Concentrated Value• Special Situations

´ Offices in Seattle and Denver´ Registered in Washington and Colorado´ 100% Employee Owned

• Veteran and Minority Owned

´ See Slide 22 for Disclosures

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Investment Goal5

Performance

Asymmetric Returns

Risk Management

´ Beat the S&P 500 over 3 years

´ Average Upside/Downside Deviation > 1

´ Buy Below Intrinsic Value´ Small Options Positions´ Above industry average cash holdings´ Actively Manage Portfolio Composition

Based on Market Valuation

Investment Performance´ Annual Return(%) NWIP vs S&P500

´ Rolling Returns as of 9/30/16 (%)

´ Risk/Return Statistics

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2016 (as of 9/30)* 4.07 7.84

2015* -15.67 1.40

2014 7.11 13.69

2013 111.59 32.39

2012 46.65 16.00

2011 22.95 2.11

2010 11.70 15.06

2009 (8/31 to 12/31) 11.69 10.00

Last 3 Months 5.21

1 Year 3.87

2 Year -8.05

Since Inception 347.44

Annualized Return (%) 23.56

Annualized Std Dev (%) 28.74

Downside Deviation (%) 13.35

Upside Deviation (%) 26.28

Maximum Drawdown (%) -25.04

Percent of Positive Months (%) 57.65

Sharpe Ratio** 0.82

*performance verification complete through 9/30/16

**RFR = 0%

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Composite S&P500

Northwood Composite vs. S&P500® Index7

Investment Strategy

´ Concentrated Value: We rely on fundamental analysis to determine intrinsic value and then buy shares in companies for less with a margin of safety. We look for undervalued companies to invest in common stock and, when deemed appropriate, options or warrants.

´ Special Situations: We seek to invest in opportunities where there is change taking place. Special situations are commonly identified as mergers & acquisitions, bankruptcy proceedings or companies spinning off divisions.

´ Conviction: We observe that a limited number of high quality investment ideas produce better long-term performance than a large number of marginal investment ideas and we therefore strive to manage concentrated portfolios of between 20 and 30 holdings.

´ Time Horizon: Most common stock investments are held with a timeline of two to five years. Special situation investments are shorter term in nature and usually held for less than one year.

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Why Special Situations / Events9

Spinoffs

Mergers & Acquisitions

Regulatory Rulings

´ Unlocks Value: Parts > the whole

´ Unnatural Shareholder Base

´ Arbitrage Opportunities

´ Binary Outcomes

Options and warrants assume bell-curve valuation probabilities, so discrete or binary events result in temporary but tradeable mispricing.

Investment Process10

´ Established and Trusted Value Screens´ High Earnings Yield and High ROIC´ Corporate Events Calendar

´ Calculate Intrinsic Value´ Understand the business fundamentals

´ Look for dusty corners analysts ignore

´ Identify and categorize risk´ Buy Below Intrinsic Value (Margin of Safety)

´ Position Sizing and Concentration

Multiple Inputs

Sort by Valuation

Identify & Manage Risk

Client Desires

Investors Are Looking For´ Something different´ Above average returns´ Alpha in exchange for fees´ Transparency

Northwood Investment Partners Offers´ A niche strategy´ 23% annualized returns (since 2009)´ 2.4x the S&P 500 (since 2009)´ Individually Managed Accounts

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Northwood Investment Partners

Is…´ Value Based´ Alpha Driven´ Concentrated´ High Sortino Ratio

´ 3-5 Year time horizons´ Designed to outperform

Is Not…´ Mathematical or Quant Based´ Black Box´ Traditional Long/Short´ Hedged Strategy

´ Standardized´ Easy to replicate

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Risk Return Spectrum13

Risk*

Annualized Return**

Treasuries

Gov Bonds

Small Cap

Large Cap

Northwood

Small Value

10%0% 25%

*As measured by volatility**Source: http://www.raymondjames.com/

Why It Works

´ Size: Modest AUM allows us to be more Nimble

´ Client Base: Values above average returns over volatility and fees

´ Institutional Constraints: Post-event mis-pricing triggers inadvertent stop losses

´ Not following the herd is hard: We’re doing something different.

Sometimes you have to lean in the other direction for a long time before Mr. Market prices things correctly. Most investors don’t have the conviction to wait it out - we do.

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Why It Appears "Volatile"

´ Upside volatility is greater than downside volatility

´ Special Situations cause Market Confusion: ´ Spin-offs: Early trading is characterized by supply and demand mispricings

´ M&A Arbitrage: The binary outcome causes step movements in equity pricing

´ Wide bid/ask spreads result in unfavorable mark to market

´ Value can be inherently volatile – investing in out of favor companies

´ Example:

´ Dean Foods spinoff of WhiteWave in 2013 using DF 21SEP13 20.0 C

´ Day 1: Pre-spin Buy on 5/23/13: $1.48 per contract

´ Day 38: Post-spin on 6/30/13: Marked to market at 0.89 (-40%)

´ Day 71: Final Sale on 8/2/13: $3.03 per contract (+104% profit)

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Equities Cash Options

Portfolio Composition 16

*values in chart are averaged quarterly data

Options• Opportunistic• < 1 Year

Cash• Reduces Volatility• Dry Powder

Equities• 50 to 80%• Value Style• > 1 Year

Investment Team´ Frederick W. Myers

Portfolio Management, Research, Chief Compliance Officer• United States Naval Academy, Bachelors of Science Economics

• UCLA Anderson School, MBA Accounting & Finance• Russell Investments, Derivative Overlay Services, Associate Portfolio Manager

• AREVA, Corporate Development, M&A Manager• Sempra Energy, Treasury & Finance • Booz Allen Hamilton, Senior Consultant

• US Navy, Nuclear Submarine Officer

´ Bo A. BergstromResearch, Marketing, Client Service• United States Naval Academy, Bachelors of Science History

• Indiana University, Kelley School of Business, MBA• Sondermind, Head of Growth• Uvize, Inc., Chief Operation Officer

• Occipital Inc., Operations & Business Development Manager • Name.com, Product Manager & VP of Marketing

• United States Marine Corps Officer

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Our StoryWe started with a simple idea…´ There are a handful of great investment managers that we don’t

have access to, so let’s use their philosophies and provide this service to a wider investor community.

´ Many of these managers are inaccessible, not accepting new investors and the ones who are require very large minimum investments. What remains are a mishmash of subpar investment products marketed to the masses. These products are part of a large sales machine and are conceived to gather assets on a massive scale. Interests are misaligned, investors are rarely treated well, and fees are usually hidden in fine print or nondescript terms.

´ We are attempting to mimic the great investment managers that are doing right by their clients while offering these services to common investors.

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Investment Operations

´ Separately Managed Accounts• Clients have access to account at all times

• Quarterly letter from the portfolio manager

´ Interactive Brokers used as advisor platform• Clients have unique username and password to log in at any time• Highly transparent – they can see account trades and holdings• Receive quarterly statements directly from Interactive Brokers

´ Established and Repeatable Investment Process• Value Screens and Special situations calendars as idea generation• Fundamental Analyses identifies undervalued opportunities

• Cash + equities + options and warrants provide a unique risk/reward profile

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Compliance and Operations –Militarily Disciplined Approach

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Chief Compliance Officer´ Previous Financial Industry Experience´ Checklist Driven Processes

Client Operations´ Double Authentication for all withdrawals´ 100% transparency at the custodian

Infrastructure´ Interactive Brokers Advisor Platform´ Cloud hosting for business continuity´ Third Party Performance Verification

How do we compare?

EurekaHedge rankings

BarclayHedge rankings

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Disclosures1. Northwood Investment Partners, LLC (“NWIP”) is an independent registered investment advisor registered in the states of Washington and Colorado and established in 2013. NWIP manages primarily equity portfolios using value investing principles mainly for high net worth individuals and institutions. Please contact Frederick Myers at Northwood Investment Partners (206-395-4128) for additional information regarding a complete list and description of all firm composites and/or policies for valuing portfolios, calculating performance, and preparing compliant presentations.

2. Performance of accounts managed by Northwood Investment Partners, LLC and Frederick Myers have been verified by Demetrius Berkower LLC from September 1, 2009 through July 31, 2015. A copy of the investment performance examination is available upon request. The Northwood Investment Partners, LLC composite presented contains all accounts managed by the firm since formation in 2013 and all accounts managed by Frederick Myers prior to formation of the firm. Returns of less than one year are not annualized. No fees were charged on accounts managed prior to 2013. Returns shown are net of fees starting in the third quarter of 2013.

3. Investing in securities always carries the risk of potential loss of investment principal. Past performance is not indicative of future results. Your results will vary. Account returns may be higher or lower than composite returns due to differences in holdings, timing of transactions, and account inception date. As the client base changes, the composite may change, making comparisons over time less meaningful. The investment return and principal value of an investment will fluctuate so that an investor's account may be worth more or less than their original investment.

4. The S&P 500® return is inclusive of dividends and can be found at www.spindices.com. This index is used as a benchmark because it is a world-renowned index including 500 leading companies in the U.S. economy. While the S&P 500® focuses on the large-capitalization segment of the market, with a majority coverage of U.S. equities, it is also a relevant proxy for the total market. Furthermore, investing in an index fund tracking the S&P 500® is relatively straightforward for the average investor. S&P 500® is a trademark of The McGraw-Hill Companies, Inc.

5. The positions, trading criteria, trading period, trading dates, execution of trades, use of leverage, use of derivatives, fees and expenses and other criteria of the composite portfolio may not be the same as those of other investor's accounts, the performance of other investor's accounts may not be comparable to that of the composite portfolio. Investors are cautioned to avoid drawing conclusions about the performance of their own accounts based on the performance of the composite portfolio.

6. Minimum account size is $100,000. Fees vary based on qualified client status.

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