Centre American Select Equity Fund

Large Capitalization Stock Focused Concentrated Portfolio

Focus on Risk Adjusted Returns Actively Managed to Seek Long Term Alpha

Investment Objective: The Fund seeks to generate long-term capital growth Investment Strategy Highlights: Invests in a diversified portfolio of large capitalization American blue chip

equity securities High conviction investment ideas What we believe are best 45 to 75 stocks of

American companies concentrated in the top 20 names Bottom up fundamental stock selection process driven by Economic Value

Added (EVA) investment philosophy Focus on delivering risk adjusted returns and positive upside vs. downside

market capture ratio over long-term Stock selection is combined with quantitative portfolio construction and risk

management for optimal stock position sizing within sector/industry emphasis and risk parameters The Fund may employ hedges and other capital protective strategies when

deemed tactically appropriate a risk managed growth fund

Fund Profile: Summary

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Fund Profile: Characteristics

Source: Morningstar as of 30-Jun-2015

Market Cap Definitions

Giant > $40 billion

Large $8 billion - $40 billion

Mid $1 billion - $8 billion

Small $500 million - $1 billion

Micro < $500 million

Source: Centre Asset Management, LLC. As of 30-Jun-2015 3

Style: US Large Cap Valuation Sensitive Growth Sector Allocation

Subject to change

Fund Profile: Fund Manager

James A. Abate, MBA, CPA, CFA, is the Managing Director and Chief Investment Officer of Centre Asset Management and is responsible for the firms American Select Equity and Real Return strategies. Prior to founding Centre, Mr. Abate was US Investment Director for GAM. Previously, Mr. Abate served as Managing Director and Fund Manager at Credit Suisse Asset Management responsible for the US Select Equity strategy and the firms global sector funds. Previously, he was a Manager in Price Waterhouse's Valuation/Corporate Finance Group and served as a commissioned officer in the US Army. Mr. Abate is a contributing author to several John Wiley published books: Applied Equity Valuation, Focus on Value, Short Selling, and The Theory and Practice of Investment Management; as well as published research papers in institutional investor journals, some of which were adopted by the CFA Institute candidate study programs.

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Investment Process: EVA-driven Stock Selection

Excess Returns Relative to Capital Growth Rate ("Economically" Profitable Reinvestment)

Exc

ess R

etur

n on

Inve

sted

Cap

ital (

Ope

ratin

g R

etur

n Le

ss R

equi

red

Ret

urn)

-35%

-

30%

-

25%

-20%

-

15%

-

10%

-

5%

0%

5

%

1

0%

15

%

20

%

25

%

30%

3

5%

QUADRANT I (- +) QUADRANT II (+ +) "Dead Money" "Stable or High Growth"

AVOID POTENTIAL BUY

Underinvestment highlights few opportunities for creating shareholder wealth or short-termism by management at the expense of long-term

investment for growth

Shareholder wealth is maximized by internal growth and related, strategic acquisitions

Gilead Colgate Intl Flavors CR Bard Chipotle Apple Starbucks Google

QUADRANT IV(- -) QUADRANT III (+ -) "Wise Contraction or Cyclical Restructuring" "Empire Building"

POTENTIAL BUY AVOID

Stock repurchases, dividends, debt pay-down and other measures of wise contraction (asset sales & restructuring) create shareholder wealth

Inefficient growth and wealth destruction - excessive capital spending at cycle peak, empire building M&A transactions - non-

related, non-strategic or overpriced acquisitions

ADM Lowes Kimberly Clark Texas Instruments Target Vulcan Materials

-35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35%

Invested Capital Growth Rate

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Investment Process: Portfolio Strategy & Management

How does our Quadrant emphasis pragmatically change under different environments and is this cycle a normal one?

ENVIRONMENT STAGES

Economic Stage Slowdown Recession Early Recovery Full recovery

Consumer Expectations Falling Reviving Rising Declining

Industrial Production Falling Bottoming Out Rising Flat

Interest Rates Peaking Falling Bottoming Out Rising

Yield Curve Flat/Inverted Normal Normal (Steep) Flattening Out

TOP RIGHT (++) ~70% ~60% ~40% ~80%

BOTTOM LEFT (--) ~30% ~40% ~60% ~20%

Portfolio Concentration of Blue-Chip, Quality Stocks (Quadrant II, ++) with Increasing Allocation to Cyclical Restructuring Stock (Quadrants IV, --)

Portfolio Barbelled Between Blue-Chip, Quality Stocks (Quadrant II, ++) and Highest (>50%) Allocation to Cyclical Restructuring Stocks (Quadrant IV, --)

Portfolio Concentration of Blue-Chip, Quality Stocks (Quadrant II, ++) with Decreasing Allocation to Cyclical Restructuring Stock (Quadrants IV, --)

Source: Centre Asset Management, LLC. The diagram above is a generalization of the investment process. Actual portfolio composition might be different 6

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Sources of Stock Market Total Returns

Dividend Yield Earnings Growth

Sales Growth Efficiency

Profit Margin

Asset Turnover

Re-Rating (Change in

P/E Multiple)

Interest Rates/ Inflation

Risk Appetite (Equity Risk

Premium)

Net Share Repurchases

Key Observations on Pricing of Risk & Future Growth Despite the recent correction, we struggle to see what driver will move market indexes

as a whole higher from here

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Prepare for the Unexpected in Stock Markets: The Herd is conditioned and operating using deductive reasoning and statistics (not inductive common sense) based on recent history that may prove at least partially WRONG; were in uncharted territory. The *Herds Premises and (what we believe are faulty) Conclusions 1. Stock markets have, on average, gone up another 33% when prior rate hike cycle have

started so the Federal Reserve hiking rates is a good signal for future stock returns 2. The economy and profits cycle are accelerating and finally ready to reach escape

velocity in the second half of 2015 3. A recession has never happened when the yield curve was positive like it is now 4. If the Federal Reserve raises short-term interest rates, investors may want to buy

Financials as they could benefit as they have in the past 5. Stock prices are inexpensive given the S&P 500s P/E ratio is below the long-term 25

year average 6. The current technology & social media revolution could lead to advances in

productivity and efficiency advances for companies as well as real wage gains for employees

7. Strong housing data is a leading indicator of consumer optimism and future spending 8. Stock buybacks should support further EPS gains and equity prices

*Herd: Behavior that ensues when a critical mass of investors mimics the behavior of other investors becausewell, just because. Herds can chase prices up (think dot-com stocks in the 1990s) as well as down (think 2008-09). Source: Wall Street Journal

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Date of 1st hike in target Federal Funds rate

S&P 500 Index advance from 1st rate hike

# of Months to market top

# of Months to economic peak (ISM Index)

Sign of economic contraction (ISM Index

Source: Centre Asset Management, LLC & Intrinsic Research as of 1 September 2015

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The Economic & Profits Cycle is Decelerating, not Accelerating ISM Index and S&P 500 Cash Flow Operating Margins

[Shaded Areas Highlight Recessions]

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Japan has seen Numerous Recessions Although its Yield Curve has not Inverted since 1991 prelude for the U.S.

During times of suppressed low short term interest rates, the historical predictive power of the yield curve seems to fall apart for developed economies

[Shaded Areas Highlight Recessions in Japan]

*JGB stands for Japanese government bond

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Financials Now Seem Less Sensitive to the Yield Curve After Repeal of Glass-Steagall, Net Interest Margins are Less Dependent on Spread

Between Long and Short Term Interest Rates; Rate Risk Replaced by Credit Risk [Shaded Areas Highlight Recessions]

Source: Centre Asset Management, LLC & Intrinsic Research as of 1 September 2015

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P/Es for the S&P 500 Index Give a False Sense of Value Valuation Multiples Based on Sales, not Earnings, Rival the Peak in early 2000 and are

Consistent with Warning-Flashing Normalized P/E Indicators [Shaded Areas Highlight Recessions]

Source: Centre Asset Management, LLC & Intrinsic Research as of 1 September 2015

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Elevated Valuation Multiples Are Vulnerable to De-Rate Lower Drop in Operating Margins, Deceleration in Sales Growth, and Reduced Share

Repurchases Potentially Indicate Earnings (E) and Valuations at Risk [Shaded Areas Highlight Recessio