Event Driven Strategy “EDS”

Event Driven Strategy (“EDS”) is based upon evidence that suggests when companies undergo one or more clearly defined significant events, an opportunity to earn exceptional risk-adjusted returns can sometimes present itself. Our event driven strategy seeks to exploit such opportunities with a disciplined, high conviction, value oriented approach.

Objective To provide clients with risk-adjusted total returns that are meaningfully better than those available from a mutually agreed upon benchmark made up of one or more, investable, “event driven” indices and /or funds Guiding Thoughts We believe that successful investing involves the practice of applying a consistent philosophy and process over time. Not every event offers an attractive investment opportunity. Occasionally, multiple opportunities arise from the same initial event. Attractive opportunities can arise from an event but at a later date. Many events are announced well in advance and as the saying goes “chance favors the prepared mind”. Beware the growing influence of “passive” investment strategies on the opportunity set More than a few “turnaround opportunities” turn out to be 360’s. “Activist” investors can offer valuable insight. Investors often over react to lawsuits and other “one-time” negative events. Process Identify companies undergoing one or more significant events to create and maintain the “opportunity set” Use a multifactor “event specific” analysis to help identify and prioritize which companies are most likely to be mispriced by the market. Use fundamental analysis to get an estimate of a company’s intrinsic or “fair” value relative to a company specific peer group Combine the results of event specific and fundamental analysis to rank order the opportunity set by our estimate of the expected returns from each opportunity. Use portfolio management processes aimed at owning the 10-20 best opportunities and selling when our work indicates that benchmark or lower returns are all that remain. Sell Discipline Relative Value is low or negative and related opportunity is exhausted Greater than benchmark returns are available from other opportunities Investment Team Mark Billeadeau – Lead Portfolio Manager Scott Billeadeau, CFA

EDS Portfolio as of 9/30/2018 Risk Management Continuous evaluation using multifactor event specific analysis Continuous peer comparative evaluation using estimated intrinsic values versus market prices Opportunistic use of cash or benchmark holdings depending upon client objectives   Characteristics as of 9/30/2018 (source: FactSet Research Systems) Event Driven Strategy Russell 3000 Index  Market Cap (Wtd $B) 83   207    Dividend Yield 1.50%   1.70%    Forward PE Ratio 16.2x   18.7x    Price to Book Ratio 2.5x   4.8x    Operating Margin 21%   20%    LT Debt to Capital 29%   40%    Gross Margin 40%   39%

Performance

_{as of 9/30/2018 (since inception of 12/2012 net of fees)}

_DISCLOSURES

_{Past Performance is not a guarantee of future results. Investing involves risk, including the possible loss of principal and fluctuation of value. The returns are based on the Walrus Partner’s Event Drive Strategy (EDS) composite of actual client accounts. The returns reflect the deduction of advisory fees and any other expenses that the clients actually paid.  Performance includes the reinvestment of dividends and capital gains.}

_{Performance information for the Russell 3000 and the HFRI ED: Special Situations are included for the same time periods.  The Russell 3000 and HFRI ED: Special Situations used for comparative purposes only. The volatility of the indices can be materially different from that of the composite.  The Russell 3000 refers to Russell 3000 Index which is a capitalization-weighted index of 3000 stocks. The index is designed to measure performance of the broad domestic stock market. The HFRI ED: Special Situations refers to the Hedge Fund Research Event Driven Special Situations Index which is a measure of performance of Strategies that employ an investment process primarily focused on opportunities in equity and equity related instruments of companies which are currently engaged in a corporate transaction, security issuance/repurchase, asset sales, division spin-off or other catalyst oriented situation. These involve both announced transactions as well as situations which pre-, post-date or situations in which no formal announcement is expected to occur. Strategies employ an investment process focusing broadly on a wide spectrum of corporate life cycle investing, including but not limited to distressed, bankruptcy and post-bankruptcy security issuance, announced acquisitions and corporate division spin-offs, asset sales and other security issuance impacting an individual capital structure focusing primarily on situations identified via fundamental research which are likely to result in a corporate transactions or other realization of shareholder value through the occurrence of some identifiable catalyst. Strategies effectively employ primarily equity (greater than 60%) but also corporate debt exposure, and in general focus more broadly on post-bankruptcy equity exposure and exit of restructuring proceedings.}