Triad Investment Management, LLC (“Triad”) claims compliance with the Global Investment Performance Standards (GIPS®). Triad has been independently verified by ACA Compliance Group for the period April 30, 2008 to September 30, 2017. Triad is an SEC-registered investment advisor. The composite includes all fully discretionary separatelymanaged accounts that follow the firm’s Small-Cap Equity investment strategy, including those accounts no longer with the firm. From August 31, 2013 to June 29, 2015, thecomposite was comprised of one non-fee paying account. Results in that period do not reflect the impact of fees because the account in the composite is not assessed a management fee. Triad’s strategy is to invest in a concentrated portfolio (usually holding between 30 to 45 securities) of common stocks. Triad generally uses the Russell 2000®

Index as a guide to define the small capitalization company universe. It also considers any small publicly traded company not included in the Russell 2000® Index but that hasa market capitalization at the time of purchase no larger than $4 billion as a small capitalization company and a potential investment. The U.S. Dollar is the currency used toexpress performance. Past performance is not a guarantee of future results. Results include the reinvestment of all income. Investments made by Triad for its clients differ significantly in comparison to the referenced indexes in terms of security holdings, industry weightings, and asset allocations. Accordingly, investment results and volatility willdiffer from those of the benchmarks. For more information or for a copy of the firm’s fully compliant presentation and the firm’s list of composite descriptions, please contact usat (949) 679-3991.

S T R AT E G Y P R O F I L E Small-Cap Equity

INVESTMENT PHILOSOPHY

BEHAVIOR BEATS BRAINS In our view, investor behavior is more importantthan superior intellect. Emotionally-stable investors recognize the occasionally irrational nature of markets and maintain a disciplined focus on business valueversus market price.

INDEPENDENT RESEARCH We don’t rely on “Wall Street” opinions. Doing ourown research increases our understanding and strengthens our conviction duringvolatile markets.

LONG-TERM PERSPECTIVE Markets can provide systematic advantages tothose able to withstand short-term price fluctuations. Our willingness to acceptshort-term uncertainty is one of the most important factors behind our long-term results.

ABSOLUTE VALUE INVESTORS We seek 15% or higher expected annual returns over 3-5 years for common stock investments. If the desired return isn’tthere, we hold cash until new opportunities arise.

VOLATILITY IS OPPORTUNITY We believe that market volatility is not riskto the rational investor. Rather, we define risk as the probability of permanent lossof capital. Our intensive research leads to increased understanding and confidenceduring volatile periods to buy undervalued and sell overvalued securities.

PARTNERSHIP MENTALITY We strive to invest in companies that treatshareholders as partners. Similarly, we consider each client a partner and treatthem as we’d like to be treated if our roles were reversed. We communicatecandidly and clearly. Furthermore, we invest the majority of our liquid net worthgenerally in the same securities as clients. We eat our own cooking.

Triad was founded in 2008 to provide personalized investment advice and to

establish long-term relationships with families and individuals. Our firm is

built on the core principles of ethical behavior, personal integrity and open

client communication. When making investments, we demonstrate our align-

ment of interests by investing generally in the same securities as our clients.

We are 100% owned by our investment professionals. Our success is ultimately

linked to our clients’ long-term financial success.

John Heldman, CFAPartner I Portfolio Managern 32 years of experience at

Neuberger Berman, DeutscheBank, Scudder and Bank ofAmerica

n MBA, California State University, Long Beach

n Member, CFA Institute and CFA Society Orange County

David Hutchison, CFAPartner I Portfolio Managern 24 years of experiencen MBA, University of

Southern Californian Member, CFA Institute and

CFA Society Orange County

INVESTMENT TEAM

Research • Behavior • Ethics

TOP 10 HOLDINGS*

*Supplemental information as of December 31, 2017Top 10 Holdings excludes cash and money market funds

Name Business Description %

Diamond Offshore Drilling Contract Drilling Services 5.3

Armstrong World Industries Comm. & Residential Ceilings 5.0

Cannae Holdings Investment Holding Company 4.5

MRC Global Pipe & Valve Distributor 4.2

Chart Industries Cryogenic Equipment 4.1

Buckle Casual Apparel Retailer 3.9

AMC Networks Television Networks 3.9

LCI Industries RV Component Supplier 3.4

St. Joe Company Land Development 3.3

Mednax Physician Services Provider 3.3

Triad Top 10 Total 40.9

S T R AT E G Y P R O F I L E Small-Cap Equity

Universe of 200+ Companies Established for Detailed Analysis

of Business and Management

Portfolio of 30 - 45 Best Ideas

Disciplined Sell Process

Intensive Study of Business

Strategies, Results, Management

Capability & Stock Ownership

Value Companies – Invest

When Required Return

Potential Is Achievable

Over years of study, we have established a universe of 200+ companies. Companieswithin this universe must qualify based on our review of their business and management. These companies typically have durable and stable competitive positioning with attractive profitability profiles. We seek “owner-operator” culturesand incentives in our review of management. We continually review the universeand companies are added and removed over time.

We analyze company reports, SEC filings, industry and trade journals, company presentations, competitors, suppliers, customers and other sources to assess thebusiness and management. We don’t rely on the opinions of “Wall Street” analyststo make our investment decisions.

We compare our estimate of future value with the current stock price, and will invest only when we believe a minimum return of 15% per year over 3 to 5 yearsis achievable. If current prices offer expected returns under 10% per year, we willbegin selling and wait until new opportunities develop.

When we find investments meeting our stringent criteria we concentrate in theserare, compelling ideas. We seek a combination of high return and low permanentloss potential.

A strict sell process is important. We reduce and sell positions when the gap between market price and estimated business value closes or disappears. We don’thesitate to sell if fundamental business problems arise or if a materially better investment idea appears.

INVESTMENT PROCESS

December 31, 2017

3% Health Care Equipment & Services

3% Materials

3% Technology Hardware& Equipment

2% Transportation

1% Consumer Durables & Apparel

4% Cash

35% Capital Goods

10% Software & Services

8% Retailing

7% Diversified Financials

6% Real Estate

5% Consumer Services

5% Energy

4% Media

4% Automobiles & Components

INDUSTRY GROUP ALLOCATION

For more information:Dave Hutchison, CFA

Triad Investment Management, LLC

1301 Dove Street, Suite 1080Newport Beach, California 92660(949) 679-3991dhutchison@triadim.comwww.triadim.com