2017 INVESTMENT RESEARCH

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1 2017 INVESTMENT RESEARCH

2 2 JWC RESEARCH THE COMPANY As former portfolio managers, we believe we are an unique research firm. JWC Research is an actionable, timely and performance based research firm that specializes in individual companies. We pride ourselves in identifying the leading free cash flow companies in each industry throughout the year. We want our clients to look back at our recommendations with the same response, that was a great call! THE ROAD TO JWC RESEARCH We don t try to be all things to everyone, but we do try to be the best at everything we do.

3 JWC RESEARCH 3 WHAT WE PROVIDE Our Research The foundation of JWC Research is our research reports. We are firm believers in letting our research speak for itself. We focus on catalyst driven research that is most likely to yield superior performance. This disciplined concentration provides our clients with an insightful, timely and actionable recommendation with a detailed 7-10 page written report and a time saving two-minute video report. Sector Guide Our proprietary Monthly Sector Guide is utilized to identify historical trends for the 11 GICS Sectors. Our guide includes a snapshot of the current environment and a series of valuable metrics for valuation, growth, returns, management teams and debt. JWC Research also utilizes the Sector Guide to assist in our model Portfolio design and implementation. Model Portfolios The performance of our equity models speaks for themselves. Our equity model portfolios reflect our long experience in sector research and individual company selection, all while providing our clients with the ability to customize our models, as we constantly strive for consistency and commitment to performance. In times of fee compression throughout our industry, the ability to customize helps maintain fees. COVERAGE & RATINGS We are not a coverage company. Instead of a stagnant list of companies under coverage, our team searches for the industries, and ultimately the companies, that provide the greatest upside potential. JWC Research ratings consist of Buy, Sell and Avoid. Our unique avoid rating serves our clients well; it is primarily utilized when a client requests a customized report and our findings determine that the company should be avoided. Most of our internally generated research reports are buys as we have designed our process to identify the companies with the most potential in a timely fashion. We are committed to providing investors with timely and insightful research designed to outperform the market.

4 4 JWC RESEARCH RESEARCH REPORTS JWC Research reports are typically 7-10 pages in length and have two primary sections. The first section is the Summary and includes target price, investment thesis and catalysts. The second section is Our Closer Look and this is where we dig into the company. Our bottomup approach provides a company description, a review of operations, management, risks and JWC valuation. We also include an industry overview including a top-down assessment, where we utilize our proprietary JWC Monthly Sector Guide which covers the 11 GICS Sectors. We also produce a Video Report. This report is a time saving two-minute video clip and is intended to give our clients an introduction to our investment thesis and allow them to quickly gauge their interest in the recommendation. Our research process combines a top-down and bottom-up analysis. Our top-down approach identifies companies which have characteristics that allow us to determine their intrinsic value and are most likely to outperform the S&P 500. Our bottom-up approach is conducted with a systematic review of each company, and if it passes our rigorous process, we add that company to our bullpen. The life cycle of our research reports include daily monitoring of the recommendation, update reports on earnings and major developments, and when appropriate, our closing recommendation report. Our goal is to deliver a handful of companies a year that you will look back on and say THAT WAS A GREAT CALL!

5 JWC RESEARCH 5 MONTHLY SECTOR GUIDE The JWC Research Monthly Sector Guide is designed to assist Asset Managers with top-down and bottom-up research. A Quick Look at History includes historical tables that are often used to plan equity asset allocations and identify trends, for each of the eleven GICS sectors, that give your portfolio(s) a competitive edge. The Current Environment includes charts that are used to identify buying or selling opportunities by sector. Comparing a single equity to its sector peers has proven useful in identifying opportunities. JWC Research utilizes the Monthly Sector Guide to identify trends and ultimately industries that could present opportunities for the individual stock picker.

6 6 JWC RESEARCH MODEL PORTFOLIOS What JWC Research has done differently is build a series of sector specific algorithms that utilize historically significant factors that are most likely to mitigate risk and enhance performance over time. The intention of JWC Model Portfolios is to provide a foundation based on long-term performance. We have analyzed the past twenty years of sector performance to determine which factors are most likely to influence company performance. Importantly, we closely examined the volatile times in the market and the empirical evidence has long proven the dominance of free cash flow relative to a firm s upside potential. Free cash flow has long been the cornerstone of both growth and value investors. Our Models focus on identifying companies with attractive free cash flow profiles relative to their peers. With our Models, we provide an easy to read, detailed research report roughly twenty-five times a year. This gives the clients the ability to customize their model with any of our cash flow driven reports throughout the year. In the times of fee compression, our customization is your justification. We provide either a paper or electronic version of the report to send to all clients with their account statements. Clear, consistent communication behind an investment selection can make it easier for the client to sleep at night.

7 JWC RESEARCH 7 ANALYSTS JIMMY COPELL Fundamental Research Analyst JING ZHOU Fundamental Research Analyst Jimmy founded JWC Research in 2017 after spending 15 years in the industry. Most recently as an analyst and portfolio manager with Trust & Fiduciary Management, a Registered Investment Advisor. Jimmy received his BA from Boston University and his MA from Creighton University. Jing is a fundamental research analyst at JWC Research. Jing joined JWC Research after her time at Master Shares, an ETF Provider. Jing received a Bachelor s Degree in Applied Mathematics and Master s Degree in Applied Statistics from Syracuse University. RICK MONACO Fundamental Research Analyst Rick is a fundamental research analyst at JWC Research. Rick joined JWC Research after his time at Citrin Cooperman as an Accountant and Trust & Fiduciary as a Financial Analyst. Rick received his Bachelor s Degree from Virginia Tech. BUSINESS DEVELOPMENT JIM COPELL Director of Business Development Jim brings over 25 years in the industry to JWC Research. Jim s professional career includes several years on the floor of the New York Stock Exchange complementing a fundamental discipline developed at Wheat, First, Butcher, Singer. Most recently he was CEO of Master Shares, an ETF Provider. KONNER GERSHKOFF Business Development Associate OPERATIONS RICH MASON Operations Konner is a Business Development Associate at JWC Research. Konner joined JWC Research following his May 2017 graduation from The University of Rhode Island, where he received his Bachelor of Science in Business Administration as a Finance major. Rich joined JWC Research in 2017 after spending 10 years as the COO of Trust & Fiduciary Management Services, a Registered Investment Advisor. Prior to that, Rich spent 18 years with Prudential Securities. Rich received his BS in Business Administration from Montclair State University. The market is inherently unpredictable and can often seem deliberately harsh. Only the rational and disciplined investor can hope to beat it.

8 JWC Research is an independent investment research provider and is not a member of FINRA or the SIPC. JWC Research is not a registered broker dealer and does not have investment banking operations. The JWC Research trademark, service mark and logo are the intellectual property of JWC Research Inc. The information contained in research reports are produced and copyrighted by JWC Research, and any unauthorized use, duplication, redistribution or disclosure is prohibited by law and can result in prosecution. CONTACT US We are firm believers in letting our research speak for itself. If you have any questions or feedback for us, please let us know. We are here to help. 500 Route 17 South Suite 206 Hasbrouck Heights, NJ Telephone: Fax: Research@jwcresearch.com