Marquette University Class of 2018

Performance Report

Agenda

• AIM Overview

• Small Cap Performance

• International Performance

• Fixed Income Performance

• Appendix

Program Overview

History of AIM

• Small Cap Fund• October 2005—Present• $750,000 Investment

• International Equity Fund• October 2008—Present• $500,000 Investment

• Fixed Income Fund• January 2006—Present• $250,000 Investment

Program Overview

Marquette University is home to one of the nation's top undergraduate programs in appliedinvestment management. The AIM program allows a select group of finance majors to get hands-onacademic and security analysis experience, including summer internships and an opportunity toactively manage an equity and fixed-income portfolio.

The AIM program began in 2005 and since then over 400 undergraduate students have participated inthe program. Our alumni can be found in leading asset managers and investment banks throughoutthe country - and the world. As the first undergraduate program partner with the CFA Institute, wetake pride in our students' successful placements and CFA exam pass rates. The AIM program hastwo concentrations: (a) Investment and (b) Private Equity & Investment Banking. The Investmentconcentration focuses on asset management while the Private Equity & Investment Bankingconcentration focuses on private or transactional finance.

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Investment Policy Statement

• Small Cap Fund• Benchmark: Russell 2000• Sector Neutral: ± 2% of the benchmark

• International Equity Fund• Benchmark: 50% Russell Global ex US and 50 S&PADR• Sector Neutral: ± 2% of the benchmark• Region Neutral: ± 5% of the benchmark

• Fixed Income Fund• Benchmark: Bloomberg Barclays U.S.Aggregate• 20% maximum allocation outside the benchmark

• Polices• Buy/Sell Decision: requires a 2/3 majority vote

Small Cap Equity Performance

LendingTree, Inc.

LendingTree, Inc. (TREE) operatesthe nation’s leading online loanmarketplace and provides consumerswith an array of online tools andinformation to help them find the bestloans for their needs.

• Large TAM. With only 50% of consumer interactions taking place online, the firm estimates that the online loan marketplace will grow 21% annually over the next 5 years to $220B by 2020.

• Growing and Diverse Portfolio. Despite the mortgage segment making up two-thirds of 2015 and 2016 revenues, the non-mortgage segment accounted for roughly 60% of the total revenue growth. As this continues the firm will see further diversification.

• My Lending Tree Opportunity. Their proprietary ‘My Lending Tree’ platform draws customers by delivering a credit score, report, and monitoring for no extra charge. While providing ~$500MM in savings opportunities to customers, they are able to cross-sell existing products to drive further growth.

AxoGen, Inc.

AxoGen, Inc. (AXGN) is aregenerative medical technologycompany focused on the science,development, and commercializationof technologies for peripheral nervesolutions.

• Proven superiority to current practices. The safety, surgical cost, and overall efficacy of AXGN’s Avance nerve graft has proven superiority to autographts and nerve conduits.

• Strong surgeon reception. Surgeons using AxoGen’s products have given strong review and have begun advocating AxoGen’s products to other surgeons. If AXGN continues to impress surgeons they will be able to further penetrate the market that they have only scratched the surface of.

• High barriers to entry. With marketing, education, and training of surgeons representing 50% of AXGN’s total costs in 2015, and as surgeons become accustomed to AXGN’s products, it will become increasingly costly for a competitor to develop and market a competitive produce.

Exact Sciences Corp.

Exact Sciences Corp. (EXAS) is amolecular diagnostics companyfocused on the early detection andprevention of colorectal cancer. Thecompany has developed a non-invasive, stool-based DNA screeningtest called Cologuard.

• Growing Penetration. Physician penetration rates have steadily grown quarterly with an estimated 200,000 Cologuard physician prescribers in the United States. With 40% of adults being unscreened for colorectal cancer, the tri-annual test will drive top line growth for years to come.

• Margin Expansion. As total number of tests grows annually, total costs will drive down as product development costs will be cut. Despite an increase in costs associated with increased sales force, management believes that they will be able to hold costs constant as revenue ramps up.

• Insurance Coverage. Cologuard, EXAS’ flagship product, is covered by Medicare. Approximately half of Anthem’s 37.6MM members have access to Cologuard as an in-network service. With an average cost of $3,500 for a colonoscopy, patients have a strong incentive to use Cologuard as a substitute.

Bank of the Internet Holding, Inc.

Bank of the Internet Holding, Inc.(NASDAQ: BOFI) is the holdingcompany for Bofi Federal Bank, whichis a diversified financial servicescompany that provides consumer andbusiness banking products throughtheir branchless, low cost distributionchannels and partners.

• Leveraging distribution. With their recently developed application programming interface, BOFI will have the ability to expand their distribution by allowing them to execute seamlessly on their exclusive right to cross-sell IRA’s through H&R Block’s 12,000 tax offices.

• Pipeline loan growth. Management estimates pipeline loan growth to be approximately $954MMnew loans consisting of jumbo’s ($522MM), single family agency mortgages ($122MM), incomeproperty loans ($82MM) and C&I loans ($228MM).

• Strong financial position. BOFI holding company has more than $70MM in cash that can be used for future acquisition, growth opportunities, stock repurchases, and to provide new capital to the bank to support future growth.

Stamps.com, Inc.

Stamps.com, Inc. (STMP) is thefirst USPS-approved PC postagevendor and is currently the leadingprovider of internet-based mailingand shipping solutions in theUntied States.

• Depth in Service Pipeline. Management’s initiatives for 2017 were focused on inventory managementand customer relationship management (CRM) services to develop and enhance features and eliminateseller pain points during the shipping process.

• Increase in Average Revenue per Paid Customers (ARPU) and Paid Customers. STMP caught wind of a +50% YoY growth in ARPU, in addition to seeing a +10% customer base YoY in2017.

• Decline in Churn Rates for Paid Customers. Churn rates represent the amount of paying customersthat stop subscribing to their service. STMP has reduced churn rate by 25% from 3.9% to 2.95% overthe period from 2010-2017.

Heron Therapeutics, Inc.

Heron Therapeutics, Inc. (HRTX) is abiotechnology company focused on thedevelopment and commercialization ofproducts for patients suffering fromthe side effects of cancer treatment aswell as post-surgery pain.

• Experienced management team. Mana mege nt ie aboasts exper nce t companies such as Pfizer andBristol Myers Squibb. Experience in the industry will help ease the pain of the FDA approval process.

• Promising product pipeline. HTX-011 is a phase 3 pipeline drug for topical treatment of post surgery pain. Its effective opioid-free treatment provides significant opportunity to capture market share.

• No side effects. Current treatment for CINV contains an anaphylaxis that has been linked to several deaths. HRTX’s CINVANTI provides all of the benefits of the current treatment without the associated risks.

New Relic, Inc.

New Relic, Inc. (NEWR) is a SaaScompany specializing in digitalintelligence software through acloud-based suite designed to storeand analyze massive amounts ofdata in real time in order to betterunderstand performance andimprove customer experience.

• Race to Profitability. With a 4Q18 goal for sustainable positive free cash flow, management is beginning to hold expenses constant as they drive sales.

• Moving Up Market. Historically NEWR has catered to the SMB market, however moving forward they have created a full suite of products to cater to a wide variety of customer needs. With large players signing on to their service, the benefits of a diversified product portfolio can already be seen.

• Strong Balance Sheet. As of 1Q18 the company possessed $227.3MM in cash and short term investments with no long term liabilities. Beyond this at no point in company history have they used debt to finance operations.

International Equity Performance

Libria Celulose S.A.

Fibria Celulose S.A. ADR (NYSE:FBR) grows, harvests, and chemicallyprocesses eucalyptus pulp used forpaper production. Fibria pulp is usedfor production in three differentsegments: tissue paper (48% revenue),specialty printing and writing (34%),and specialty paper such as securitypapers and cigarette papers (18%).

• Horizonte 2 Approval. The expansion of the Três Lagoas production facility in 2015 increased the capacity of the site by 1.95 MM tons of eucalyptus hardwood pulp (BEKP) per year.

• Sustainable Operating Efficiencies. FBR’s sustainable, shortened harvesting cycles and focus on operating efficiencies has allowed them to become the largest eucalyptus pulp producer in the world.

• Increasing Market Share. Increased demand for pulp based products, and the shortened eucalyptus tree growth cycles allows FBR to capture market share faster than its competitors.

Grupo Supervielle S.A.

Grupo Supervielle S.A. (NYSE: SUPV)is a Latin American private financialprovider of banking and financialservices to individuals and SMEs (smalland medium size enterprises). Thecompany has four segments: Banking(80% of revenue), Specialty Financeand Services (15%) Insurance (3%) andInvestment Services (3%).

• Loan Portfolio Growth. Expected to expand their loan portfolio due to increased performance in corporate loans and consumer finance.

• Cross-Selling Potential. Many cross-selling opportunities exist because of the SUPV’s different subsidiaries. The synergies that exist across these business’s allows SUPV to provide customer with more products.

• Brand Recognition. As the oldest private franchise in the country, SUPV benefits from the familiarity people have with the firm.

MercadoLibre, Inc.

MercadoLibre, Inc. (NASDAQ: MELI) isan e-commerce company that provides aLatin American online marketplaceplatform that links buyers and sellers.MELI also offers a range of supportingproducts including a payment servicesplatform (MercadoPago) and their ownshipping service (MercadoEnvios).

• E-commerce Growth. Consumer preferences are changing, leading to a heavy favoritism of online shopping. Latin America is currently the second fastest growing e-commerce region in the world.

• MercadoPago. Latin America suffers from a major, non-bank individual problem that leads to lower spending habits. MercadoPago solves this issue by allowing these individuals to spend online.

• Mobile Focus. Latin America has the fastest mobile phone penetration rate, allowing more consumers access to the mobile platform.

Fixed Income Performance