Since Inception (Annualized) Core Equity Strategy +6.00% % % % % +9.66% +8.81% 3 Months YTD 1 Year 3 Years 5 Years 10 Years

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1 Portfolio Update: Second Quarter 2018 The Core Equity Portfolio (the Portfolio ) increased +6.00% gross of fees (+5.90% net of fees) in the second quarter of 2018, ahead of the +3.89% increase for the Russell 3000 Index for the same period. Year-to-date the Portfolio has increased % gross of fees (+10.33% net of fees) ahead of the +3.22% increase of the benchmark. 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception (Annualized) Core Equity Strategy +6.00% % % % % +9.66% +8.81% Russell 3000 Index +3.89% +3.22% % % % % +8.94% S&P 500 Index +3.43% +2.65% % % % % +8.75% Inception date: April 1, Performance is presented net of RMB Asset Management s maximum management fee and transaction costs. Performance is not net of RMB s Wealth Management advisory fee (if applicable). Please see important disclosures at the end of this document. Past performance is not indicative of future results, and there is a risk of loss of all or part of your investment. We were very pleased that the Portfolio s strong first quarter performance carried through in the second quarter and our yearto-date relative returns improved further. While that level of relative return will be hard to duplicate, we aim to build on our strong relative performance momentum in the second half of From a traditional attribution perspective, the Portfolio s outperformance in the second quarter was driven by stock selection with a modest positive contribution from sector allocation. Our stock selection in the Health Care sector and underweighting in the Financials sector were two noteworthy contributors to the positive relative performance. Similar to the first quarter, the Portfolio also benefited from having few significant detractors, with only two holdings down more than 10%. We will discuss our individual holdings impact on performance in a bit. We must also acknowledge that our growth style of investing has clearly been somewhat of a wind at our back this year as growth has continued to substantially beat more value-oriented styles this year. That said, we have always described ourselves as growth at a reasonable price investors and have not been simply following the herd in this somewhat crowded, momentum driven market. For example, we have been underweight the FAANG stocks relative to the benchmark and have still outperformed. After a fairly volatile first quarter, the second quarter of 2018 saw less volatility and the market ground higher with a modest sell-off toward quarter end. When we penned you last quarter, we opined that a much choppier market environment could be with us for a while and we still think this could be the case going forward. On the domestic front, the dominating storyline of the second quarter was an escalating trade war between the U.S. and many of its key trading partners, most notably China. While the stock market was fairly dismissive of the initial rhetoric and first couple rounds of tariff announcements, it became much more concerned with the potential damage to global economic growth as tensions ratcheted higher and the initial tariffs went into effect. The 10-year Treasury yield pulled back from its recent peak of just over 3% to end the quarter at 2.86% and the yield curve has become flatter, which echoes the stock market s concern that a trade war will dampen growth or even tip us into a recession. This is a marked change from the potential for a sustained period of accelerated growth following the tax reform bill. Thus far, the Fed has remained hawkish with a bias toward more rate hikes through 2019 than previously expected. This could change if trade issues start to show they are having a real economic impact, which we have yet to see. In fact, most near-term U.S. economic indicators have remained quite robust. First-quarter 2018 earnings reported in the second quarter continued to be strong, with accelerating year-over-year growth and an obvious tailwind from lower corporate tax rates. We believe that second quarter earnings, which soon to be reported will continue to show strong growth and the outlook for 2018 will likely remain quite positive. However, we will watch closely for a change in management s tone toward fundamentals as the tariffs could have direct and indirect repercussions on many companies. Despite this new cloud overhanging the market, domestic growth accelerated the past several months and U.S. GDP growth may still hit the 3% mark if trade does not derail the momentum. Labor markets, housing, and consumer and business confidence all remain quite healthy. Outside the U.S., the upturn in growth in most major economies around the 1

2 world seems to have lost some momentum recently, downplaying the goldilocks scenario of a synchronized global economy. Protectionist trade policies are clearly not positive for global growth in the short or long run. Our message about equity valuations remains consistent with what we wrote about the last few quarters as valuations still appear fairly full today, although by no means outlandish, especially given rising earnings estimates. We have a hard time seeing meaningful price-to earning (P/E) multiple expansion from current levels given where we are in the economic and market cycle, such that earnings growth will have to be the dominant driver of additional stock appreciation going forward. As always, macro market predictions are very difficult to make with any hope of being consistently accurate. We remain focused on bottom-up stock selection within a concentrated, yet diversified portfolio of high quality individual companies that can grow their earnings for years into the future and earn attractive returns on invested capital. No matter what happens with the current market cycle, we strongly believe the strategy positions us to outperform over the long run without taking undue risk. Contributors and Detractors The Portfolio s largest contributor in the second quarter was Align Technologies (ALGN), the leading provider of clear aligner products used in dental and orthodontic practices under the Invisalign brand. After a very strong 2017 and first quarter 2018 the stock continued to respond well to solid organic growth reported in its first quarter earnings. Clear aligners are a secular growth story as they continue to take market share from traditional wires and brackets with the technology being adopted in developed markets around the world. We believe Align has many years of growth ahead of it and continue to like their longterm prospects. That said, for a second time this year we did reduce the position size given the stocks multiple is quite rich and the risk-reward has become less attractive as the stock appreciated. While we still like the long-term prospects for Align to compound value for shareholders, we also want to control risk in the Portfolio. ServiceMaster Global (SERV), a provider of pest control services and residential home warranties, was the second largest contributor. The stock reacted positively to a strong first quarter earnings report and is also reacting well to the approaching catalyst of the planned spinoff of its American Home Services (AHS) segment, scheduled for the third quarter of We are awaiting the public filings for AHS and will analyze what we plan to do with the new shares we will receive after the spin takes place. Middleby, a manufacturer of foodservice and food processing equipment was the Portfolio s biggest detractor in the quarter. The stock underperformed after a weak first quarter earnings report that did not show any improvement in its organic growth. While disappointed in Core Equity SECOND QUARTER 2018 CONTRIBUTION REPORT Ranked by Basis Point Contribution Top Contributors Basis Point Contribution Return Align Technology % ServiceMaster Global % EOG Resources % Genesee & Wyoming % TJX Companies % Bottom Detractors Middleby % United Rentals % Marketaxess Holdings % Nordson % Casey s General Stores % Past performance is not indicative of future performance, and there is a risk of loss of all or part of your investment. The above does not represent all holdings in the Portfolio. To obtain a copy of RMB s calculation methodology and a list of all holdings with contribution analysis, please contact your service team. The data provided is supplemental. Please see important disclosures at the end of this document. Middleby s fundamental trajectory over the last few quarters, we do not believe anything is structurally impairing their ability to grow earnings in the long run so we used the recent weakness in the stock price to add modestly to our position. United Rentals, a domestic equipment rental business, was the second largest detractor in the quarter. Despite a strong first quarter earnings report and a good demand environment the stock underperformed as the market has grown increasingly worried about where we are in the non-residential construction cycle. We continue to believe the cycle has further legs to it, but also 2

3 do not want to overstay our welcome. We are keeping the stock on a relatively short leash as it is our most cyclical name in the Portfolio but remain mindful that we have relatively low cost basis in the name. Portfolio Activity The Portfolio did not purchase any new names but did exit our position in convenience store operator Casey s General Store (CASY) late in the second quarter. Our conviction in the ability for the business fundamentals to improve in the near- to intermediate-term had deteriorated over the past couple of quarters. Casey has been plagued by a poor macroeconomic backdrop for its customers (rural Midwest economy), an increasingly competitive environment and relatively poor internal execution by management. While management has announced some much-needed steps to proactively improve the business, the stock had become more of a turnaround story than the consistent earnings growers that we look to own. Casey had been our smallest position in the Portfolio and our conviction to continue to hold it as a long-term compounder in a concentrated portfolio just was not high enough. Most clients had a modest loss in the name and taxable clients will benefit from taking the tax loss. As a result of the sale, the Portfolio ended the quarter with a higher overall cash level than it normally does, but we will look to reinvest that money in the near future. Outlook TOP 10 HOLDINGS AS OF 06/30/18 Company % of Assets Fidelity Government Cash Reserves +8.70% ServiceMaster Global Holdings, Inc % Visa Inc. Class A +5.07% STERIS Plc +4.65% IHS Markit Ltd % Alliance Data Systems Corporation +4.58% Cognizant Technology Solutions Corporation Class A +4.57% EOG Resources, Inc % SS&C Technologies Holdings, Inc % Middleby Corporation +3.95% Holdings are subject to change. Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Past performance is not indicative of future results, and there is a risk of all or part of your investment. The data provided is supplemental. Please see disclosures at the end of this document. From when we last wrote you three months ago, market conditions have not significantly changed as the low volatility and complacency of 2017 has been replaced by somewhat higher volatility and greater macro sensitivity in The upcoming corporate earnings report season will once again focus the market back on individual company fundamentals, however, expect questions around tariffs and trade to be highly prevalent on quarterly conference calls. We are also likely to hear about some inflationary pressures that may start perking up with a tightening of the labor market and an increase in transportation and energy prices. From a revenue growth perspective, near-term U.S. economic data points have remained quite positive, which should create a solid demand environment. The U.S. employment market continues to be healthy with unemployment hitting 18-year lows and pockets of scarcity for skilled labor becoming more evident. Real wage growth may be positive for consumer spending, particularly for consumers with lower income levels, but presents a challenge for corporate margins which are already operating at peak levels. Business and consumer confidence remain at very high levels and we have also seen some early signs that real capital investment is starting to pick up after several years of stagnant spending. The housing market recovery appears to be steadily on track and we think demand for housing should have room for growth, unless interest rates were to spike meaningfully. The benefits of tax reform lowering both individual and corporate rates should continue to filter into the U.S. economy as well. The wildcard amongst all this good economic news is the escalating trade war, which could undermine all of this positive momentum. Economic cycles do not typically die of old age, rather it is usually an unforeseen shock that tips the scales and a full-on trade war or accelerating inflation are areas of concern to keep an eye on. Overall, we continue to be quite constructive on the momentum in U.S. corporate earnings growth, which is the biggest longterm driver of stock prices. However, much of this seems to be priced into the market already, such that we do not see much margin of safety should earnings disappoint. Earnings growth in 2019, mathematically, will slow dramatically as the lower corporate tax rate anniversaries are reached, but could still be above long-term average growth if the economic cycle cooperates. Wall Street earnings estimates more than a year out are often too optimistic and never catch major inflection points, but the market seems to understand this phenomenon. The overall market multiple is currently sitting slightly above its 3

4 long-term average. As always, we may opine on our view of the market, but we do not pretend to have any competitive advantage in predicting where the market is heading in the short- or intermediate-term. We continue to focus the Portfolio s efforts on owning companies with good secular growth prospects, strong economic moats, underleveraged balance sheets, and superior management teams. These are companies we believe can compound value for shareholders for years into the future. While the opportunities to find high-quality growth, companies selling at attractive valuations are not abundant, we remain diligent in our bottom-up search to optimize the Portfolio. Our disciplined investment process focuses more on individual company fundamentals and less on the overall market. We also believe that a strategy focused on high quality companies can distinguish itself in a more volatile market environment. Thank you for the continued trust you place in us to manage your assets. If you have any questions, please do not hesitate to contact us. Past performance is not indicative of future results, and there is a risk of loss of all or part of your investment. The opinions and analyses expressed in this letter are based on RMB Capital Management, LLC s ( RMB Capital ) research and professional experience and are expressed as of the date of our mailing of this letter. Certain information expressed represents an assessment at a specific point in time and is not intended to be a forecast or guarantee of future performance, nor is it intended to speak to any future time periods. RMB Capital makes no warranty or representation, express or implied, nor does RMB Capital accept any liability, with respect to the information and data set forth herein, and RMB Capital specifically disclaims any duty to update any of the information and data contained in this letter. The information and data in this letter does not constitute legal, tax, accounting, investment, or other professional advice. The information provided in this letter should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in the Portfolio at the time you receive this letter or that securities sold have not been repurchased. The securities discussed do not represent the entire Portfolio and, in the aggregate, may represent only a small percentage of their holdings. It should not be assumed that any securities transaction or holding discussed was or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein. A complete list of security recommendations made during the past 12 months is available upon request. An investment cannot be made directly in an index. The index data assumes reinvestment of all income and does not account for fees, taxes or transaction costs. The investment strategy and types of securities held by the comparison index may be substantially different from the investment strategy and types of securities held by your account. The Russell 3000 measures the performance of the largest 3000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually. The S&P 500 includes 500 leading companies in leading industries of the U.S. economy. The S&P 500 focuses on the large-cap segment of the market and covers approximately 75% of U.S. equities. 4

5 RMB Capital Management, LLC Core Equity // Annual Disclosure Presentation Organization RMB Capital Management, LLC ( RMB ) is an independent investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of RMB was established in RMB claims compliance with the Global Investment Performance Standards (GIPS ) and has prepared and presented this report in compliance with the GIPS standards. RMB has been independently verified for the period April 1, 2005 through December 31, Verification assesses whether: (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis; and (2) the firm s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Core Equity composite has been examined for the period April 1, 2005 through December 31, The verification and performance examination reports are available upon request. RMB maintains a complete list and description of composites, which are also available upon request. Description The Core Equity (formerly named All Cap GARP-growth at a reasonable price) product reflects the performance of fully discretionary feepaying equity accounts, which have an investment objective of long-term growth using a portfolio of primarily small-, mid-, and large-cap stocks and for comparison purposes is measured against the Russell 3000 and S&P 500 indices. The Core Equity was created on April 1, An account is included in the on the first day of the first full month following becoming fully invested. An account is removed from the as of the last day of its last full month. Account performance is based on total assets in the account, including cash and cash equivalents. Results are based on fully discretionary accounts under management, including those accounts no longer managed by RMB. Valuations and returns are computed and stated in U.S. Dollars. ANNUAL PERFORMANCE RELATIVE TO STATED BENCHMARK Year End Total Firm Assets as of 12/31 ($M) Assets USD ($M) # of Accounts Managed Gross-of- Fees Net-of-Fees Russell 3000 Annual Performance Results S&P YR ST DEV Russel YR ST DEV S&P YR ST DEV % Non- Fee Paying Assets Dispersion , , , , , , , , , , N/A N/A N/A , N/A N/A N/A , N/A N/A N/A * *Results shown for the year 2005 represent partial period performance from April 1, 2005 through December 31, Fees Effective January 1, 2011, RMB s management fee schedule is as follows: 0.50% on the first $3.0 million, 0.475% on the next $2.0 million, 0.450% on the next $5.0 million, 0.425% on the next $15.0 million, and 0.400% over $25.0 million. Actual investment advisory fees incurred by clients may vary. performance is presented on a gross-of-fees and net-of-fees basis and includes the reinvestment of all income. Gross-of-fees returns are reduced by the portion of bundled fee that includes trading costs and all fees other than portfolio management. The net returns are reduced by all actual fees and transactions costs incurred. In addition to a management fee, some accounts pay a bundled fee based on the percentage of assets under management. Other than brokerage commissions, this fee covers all charges for trading, custody, and other administrative expenses. The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. Minimum Value Threshold The account minimum in the Core Equity product is currently $100.0 thousand. Comparison with Market Indices RMB compares its returns to a variety of market indices such as the Russell 3000 and the S&P 500. These indices represent unmanaged portfolios whose characteristics differ from the portfolios; however, they tend to represent the investment environment existing during the time period shown. The returns of the indices do not include any transaction costs, management fees, or other costs. Benchmark returns presented are not covered by the report of independent verifiers. Other Past performance is no guarantee of future performance. Historical rates of return may not be indicative of future rates of return. Individual client performance returns may be different that the composite returns listed. Total Firm Assets as of 12/31 for the years 2010, 2011, and 2012 have been revised to exclude assets from personal trading accounts that were included in previously reported figures. 5