One North Franklin, Suite 640 Chicago, IL | Daniel B. Wanzenberg, Chief Investment Officer – (PH) Belridge U.S. Equity Strategy Genesis of Belridge Investment Process In 2005, Daniel B. Wanzenberg launched the North American global multi-manager program for a Dutch based international bank, overseeing all aspects of the process: manager due diligence, client asset allocation and key client servicing. During this multi-year process, it was evident that a negative impact was being implemented on wealthy individuals, as well as Institutional clients, in the blending of multi-manager portfolios in the name of diversification. When client solutions were viewed in aggregate, the solutions correlated too highly with an index fund to be presented as an “active management” solution. This was due to each separate manager’s overall strategy moving very similarly with one- another, resulting in a lack of overall active share* - essentially paying an active fee for a passive portfolio. This led to further research of each manager’s portfolios separately, looking for pockets of consistent alpha generation. The result was strong long-term managers tended to have the majority of their overall portfolio alpha generated within only a limited number of sectors within their portfolios. The next step in the process was to blend multiple managers’ alpha generating sectors, referred to as “mandates”, into one unique portfolio. In utilizing this analysis, a portfolio was created using specific mandates from multiple investment firms (see below) to provide a diversified aggregate portfolio based on stock selection rather than blending multiple managers overall portfolio management process, in creating the Belridge Capital U.S. Equity Strategy. Sub-Advisors & Mandate Utilization Robeco – Consumer Geneva – Financials TCW – Industrials, Information Technology Dana Partners – Healthcare, Utilities, Telecom Pinnacle – Industrials, Materials, Healthcare Earnest Partners – Energy Firm Overview Belridge Capital, LLC (BC) specializes in the evaluation and monitoring of U.S. and International long only equity managers. Combining concentrated and highly focused mandates from high-quality and experienced investment managers in providing a complete equity allocation with an objective to consistently outperform the broad equity market over a full market cycle. BC employs a rigorous, proprietary due diligence process that balances qualitative and quantitative metrics, subjective and objective factors, and art and science, in order to identify outstanding people, firms, and strategies. BC uniquely identifies and isolates consistent pockets of alpha production from within existing strategies and then creates new sub-strategies (mandates) around those areas. By combining concentrated and differentiated mandates within a Fund, BC believes that it is possible to consistently outperform the broad market over a full market cycle. Each Belridge Capital Strategy is a completely unique equity solution, differentiated by its combination of focus and concentration, and representing a completely long-only equity exposure with high transparency, ample liquidity, and a meaningful level of diversification, while remaining a truly actively-managed portfolio. Firm Investment Philosophy BC believes in active management: Stock-pickers can add value in specific areas if they have demonstrated investment skill on a consistent, long-term basis and expressed conviction as measured through high Active Share scores. However, stock pickers are hampered by portfolio management. The need for diversification and risk reduction means they cannot emphasize their convictions and need to find fillers to reduce tracking error and manage risk. BC believes in concentration and diversification; at the mandate level, investing in concentrated sections of a manager’s portfolio should enhance an active manager’s ability to add value. Diversification by manager, at the overall Strategy level, enables the aggregate Strategy to have a high correlation and moderate Tracking Error, while maintaining a very high Active Share score. This document is provided for informational purposes only and is not intended to be, and should not be construed as, an offer to sell or solicitation to invest in any fund or investment product offered by Belridge Capital LLC. Past performance is not indicative of future results. Please refer to the last page for additional disclaimers. Source: Cortland Global, ConvergEx, Morningstar, Belridge Capital. Past performances are not indicative of future results. Please refer to the last page for additional disclaimers. 1 Historical Monthly Performance – Gross Returns JANFEBMARAPRMAYJUNJULAUGSEPTOCTNOVDECAnnu al %-0.3% 7.0% 1.9% 2.0% 0.6%5.4%-0.2% % 6.7%-0.9% 1.2% 2.2%-1.2% -6.3%-5.6% 6.8% 0.2%-1.4% % 5.8%-1.9%-2.6% 1.0% 3.6%-1.7% 5.1%-3.5% 3.1% 1.3% 0.5% 8.5% % 1.4% 3.2% 1.0% 2.4%-2.1% 6.7%-1.6% 5.6% 2.5% 3.7% 2.7%40.6% % 5.0% 2.6% 0.7%-8.6% 4.1% 1.1% 4.8% 2.8%-4.1% 2.0% 1.3%20.3% % 4.4% 3.0%3.2%-1.1%-2.9%-3.9%-8.4%-9.0%14.9 % 0.1%-1.9%-2.4%

2 Portfolio Construction The Belridge US Equity Strategy utilizes managers by having them specialize in a particular sector(s), as opposed to employing their full strategy; managers are hired in the sector(s) where they have historically been able to create the most consistent alpha. Within the chosen sector(s) managers are unconstrained: Market Capitalization – holdings are All-Cap, both within mandates and at the aggregate Strategy level Holdings can be of any style within a sector The number of holdings by mandate can be concentrated as a manager feels appropriate Mapping: a high correlation to the broad U.S. Equity market: Russell 3000 correlation is >95% Active Share is high at >85% to all major indices (best-fit or broad) The Strategy is designed to be generally sector neutral to the broad US equity market - not taking bets amongst or between the different sectors, either tactically or strategically. Belridge U.S. Equity Strategy vs. Benchmarks as of 8/31/2016 This document is provided for informational purposes only and is not intended to be, and should not be construed as, an offer to sell or solicitation to invest in any fund or investment product offered by Belridge Capital LLC. Past performance is not indicative of future results. Please refer to the last page for additional disclaimers. Source: Cortland Global, ConvergEx, Morningstar, Belridge Capital. Past performances are not indicative of future results. Please refer to the last page for additional disclaimers. Richard P. Boutin, Managing Director (PH) (E) Fund ObjectiveCombining concentrated alpha-producing mandates from high-quality and experienced investment managers in order to provide a complete U.S. equity allocation and consistently outperform the broad U.S. equity market over a full market cycle. Investment UniverseThe Fund only invests in U.S. market traded stocks and cash. The Fund will not “short” stocks nor invest in illiquid securities or interests. Inception DateJanuary 1, 2011 Net Asset Value$25 million IndexRussell 3000 Index (Total Return and Net) Number of Mandates6 Number of holdings 75 Fund Active Share86% Holdings per mandate 6 – 17 Minimum Investment$250,000 SubscriptionMonthly RedemptionsMonthly LockupNone Withdrawal Notice30 Days Management Fees1.25% Incentive Fees None StructureLimited Partnership/SMA Fund FactsInvestment Terms Investor Inquiry Contact:

3 Belridge Capital, LLC U.S. Equity Fund Disclaimer & Disclosure *“Active Share represents the fraction of portfolio holdings that differ from the benchmark index, thus emphasizing stock selection. Tracking error is the volatility of fund return in excess of the benchmark, so it emphasizes bets on systematic risk.” (K.J. Martijn Cremers, Antti Petajisto, How Active is Your Fund Manager? A New Measure That Predicts Performance, Yale School of Management, October 3, 2007) This document does not constitute an offer to sell, or a solicitation of an offer to sell, membership units of Belridge US Equity Fund I, LP (the “Fund”). No such offer or solicitation will be made prior to the delivery of a definitive private placement memorandum and subscription agreement. Prior to making an investment decision with respect to the Fund, potential investors are advised to read carefully the private placement memorandum and subscription agreement, and to consult with their legal, financial and tax advisors. While all the information prepared in this presentation is believed to be accurate, Belridge Capital, LLC makes no express warranty as to the completeness or accuracy nor can it accept responsibility for errors appearing in the presentation. Any projections, market outlooks or estimates in this document are forward-looking statements, are based on certain assumptions and should not be construed to be indicative of the actual events which will occur. Other events which were not taken into account may occur and may significantly affect the results or performances of the Fund, or any of its underlying components. The performance data given is based on past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor’s portfolio when redeemed may be worth more or less than the original investment. Furthermore, the General Partner may modify at any time the investment approach and portfolio parameters of the Fund in a manner that it believes is consistent with its investment objective. No representation is being made that the Fund will or is likely to achieve results similar to those shown herein. The Fund, or any of its underlying components, is not FDIC-insured, may lose value and is not guaranteed in any way by a bank or any other financial institution. This document is being provided to you on a confidential basis solely to assist you in deciding whether to proceed with a further analysis of the Fund. Accordingly, this document may not be reproduced in whole or in part, and may not be delivered to any person, without prior written consent of the advisor to the Fund, Belridge Capital, LLC.