Investment Advisor. Independent. Client Focused.

Protecting and growing wealth

Vine StreetCapital Management, LLC

Invest with an Experienced Team

Zack Perry, CFA has 20 years of investment experience as a portfolio manager and analyst. He was a partner at Osterweis Capital, a multi-billion dollar investment fi rm in San Francisco, where his recommendations outperformed the S&P 500 Index during his tenure. He was also a portfolio manager at Franklin Templeton managing over $1B of small cap separate accounts while outperforming the Russell 2000 Index cumulatively over 10-years.

Zack holds a BA from Princeton University and MBA from The Wharton School at the University of Pennsylvania.

John Bernabei, CFP spent 22 years in institutional equity research sales and capital markets at CLSA, Wells Fargo and Prudential. In this role, John regularly delivered investment advice and recommendations to some of world’s largest investment management fi rms. He frequently interacted with corporate executives while researching ideas and placing both public and private equity transactions.

John holds a mechanical engineering degree from Michigan State and an MBA from The Marshall School at University of Southern California.

Independent and Client FocusedVine Street Philosophy

Independence: Focus on client needs free of brokerage fi rm biases

Experience: Forty years of combined experience investing through several volatile investment cycles

Partnership: Vine Street principals invest personal savings in the same portfolios as clients

Value Investing: We believe long-term value investing off ers superior risk- adjusted after-tax returns

Vine Street Relationship Starts with Client Trust

Client Trust

Multi-Year

Investment

Horizon

Disciplined

Value

Approach

Appropriate

Risk Control

Strong

Five-Year

Returns

A Full Service Investment FirmVine Street Services

Financial Planning: Analyze current investments and develop customized strategies for each client

Equity Investing: Direct security ownership via All-Cap or Equity Yield Portfolio

Fixed-Income Investing: Active or index fi xed-income investing across the entire bond universe

Portfolio Allocation Services: Model portfolio rebalancing and alternative investment services

Personalized Service: Real-time access to Vine Street partners to help with important fi nancial decisions

Equity Strategy – Actively ManagedVine Street Objectives and Portfolios Outperform the S&P 500 over rolling 5-year periods Off er equity investing through two portfolios: All-Cap and Equity Yield Portfolio Tax and cost-effi cient with low turnover and direct stock ownership

Concentrated but Diversifi ed Portfolio Portfolios consist of 20-30 securities Diversify by industry, geography and capitalization to control volatility No leverage or speculation Vine Street Believes in Long-Term Value Investing Value wins over time but only with discipline over the entire business cycle

Equity Strategy – Why We SucceedLong-Term Investing Wins in a Trading Culture We can outperform Wall Street because we are focused on long-term value Most of Wall Street is focused on short-term performance leading to poor decision-making, trend following, and eventually, value destruction

Risk Control We believe risk is the probability of permanent loss of capital, not volatility

Causes of Permanent Loss Our Risk ControlOverpaying for future growth

Disintermediation of Business

Liquidity Risk

Agency Risk(Client exits during weak market)

Fixed Income StrategiesActive StrategiesFor active strategies Vine Street partners with Breckinridge Capital Advisors.

Breckinridge’s scale of $21B of bonds under management off ers:

Access to large universe of bond off erings not available to retail investors Lower trading costs and better pricing per issue A credit team to control and monitor individual bond credit risk

Vine Street can implement our strategy into Breckinridge’s investment process

Passive StrategiesVine Street employs low cost investment vehicles to properly tailor Fixed Income for our clients’ needs, including ETF’s, Closed End Funds, and Index funds.

Vine StreetCapital Management, LLC

Off ers the scale of a large fi rm with the personal touch of an independent advisor

Trading

VINE STREET Investment Strategy

BRECKINRIDGE Investment Process

Portfolio Management

Credit Research

Inquiry Surveillance

Opportunity

Vine StreetCapital Management, LLC

DisclaimerThe material in this presentation is prepared for our clients and other interested parties and contains the opinions of Vine Street Capital Management, LLC. Nothing in this document should be construed or relied upon as legal or financial advice. An investor should consult with an investment professional before making any investment decisions. Factual information is believed to be accurate, taken directly from source believed to be reliable, such as official financial reports, academic articles, and official trade organiza-tions and financial journals. However, none of the information should be relied on without independent verification.