Portfolio Structure: A Multi-Year Snapshot 87 Cumulative Quarterly Returns January 1,1997 – September 30, 2018 Total Return LCES 859.5% S&P 500 491.9% Up Market Re-allocation: Reduce Dominant Companies for New Industries September 2016 Up Market Re-allocation: Reduce New Industries for Dominant Companies December 2013 Up Market Re-allocation: Reduce New Industries for Dominant Companies January 2011 Portfolio Structure: August 2001 Up Market - 55% Down Market - 45% Down Market Re-allocation: Sell LP/CF Energy April 2007 Portfolio Structure: October 2001 Up Market - 50% Down Market - 50% Portfolio Structure: October 2008 - March 2009 Up Market - 65% Down Market - 35% Portfolio Structure: November 2000 Up Market - 60% Down Market - 40% Down Market Re-allocation: Buy LP/CF Energy April 2004 Up Market Re-allocation: Sell New Industries December 1999 Portfolio Structure: Year-End 1996 Up Market - 65% Down Market - 35% Note: Performance is gross of fees. See performance notes included in this presentation. Source: Stralem.