To: All Clients in the World Leaders Model of the Multi-Asset Strategy Portfolio

June 4, 2017

To: All Clients in the World Leaders Model of the Multi-Asset Strategy Portfolio

Below is our Rationale of the recent change we made in the World Leaders Model:

RATIONALE

In the World Leaders Model we are selling Middleby (MIDD) and buying Apple (AAPL). This trade is a combination of a minor issue with Middeby and what we feel will be a major opportunity to include AAPL in the portfolio. Middleby has been experiencing problems with the absorption of Viking Corp and a resulting recall of many of their products. The recall procedure has taken more time than they originally calculated and is still continuing. We have not discounted the possibility, however, of re-entering this trade in the future. Apple’s stars are now, in our opinion, aligning themselves positively along several fronts. Not only is the possibility of the new product launch of the I-phone 8 being very positive, but also the potential introduction of new devices in conjunction with their entry into the artificial intelligence arena being a new source of revenue. The services business of Apple in general we feel could also be a game changer as their goal is to increase it as a percentage of sales from 13% to 20% over the next several years. Apple’s current Price to Earnings ratio is approximately 18 with a Return on Equity of 37%. Apple now has over 116,000 employees.

Thank you.

Richard Rodman

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