Firm Overview

Second Quarter 2017

P.O. Box 3181 – Greenwood, SC 29648 – 864-941-4049 – GCAInvestments.com

Greenwood Capital Associates, LLC is an SEC Registered Investment Advisoryfirm with offices in Greenville and Greenwood, SC.

Greenwood Capital is a Registered Investment Advisor. This presentation is forgeneral informational purposes only and should not be considered anindividualized recommendation or personalized investment advice. Theinformation contained in this report is from sources deemed to be reliable,however Greenwood Capital nor its affiliates guarantee its accuracy, timeliness,or completeness. Opinions and estimates herein are as of the date of thematerial and are subject to change without notice at any time in reaction toshifting market conditions.

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Disclosures

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I. Firm Profile

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Background Company’s predecessor, Greenwood Capital Associates, Inc. founded in 1983 (1)

Greenwood Capital Associates, LLC formed in 2001 Institutional & Wealth Management Services

Experience Inv. Committee members average 30 years experience in investments and

related fields Inv. Committee members tenure at Greenwood Capital averages 17 years

Assets Under Management $1.2 Billion (as of 6/30/2017) Separately managed accounts Manage individual stocks, taxable bonds and municipal bonds ETF Portfolio Strategies

Balanced Approach High-quality, Large-cap, Mid-cap and Small-cap equity portfolios Customized fixed income portfolio to client-specific cash flow and tax needs Allocation based on individual client circumstances and risk-tolerance

Firm Profile

(1) Prior to 2001, the term firm refers to Greenwood Capital Associates, Inc. (GCAI) which was established in 1983. On or about June 29, 2001, GreenwoodCapital Associates, LLC acquired substantially all the assets of GCAI, a sub-chapter S corporation.

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Greenwood Capital’s investment professionals are nationally recognized andhave appeared in numerous national and international publications andnetworks

Firm Profile

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Macro Views/

Positioning

John Wiseman

Fixed Inc. / Economics

John Decker, CFA

Equity (small/mid)

Walter Todd President

& CIO David Halloran, CFA

Global Investments

John McAlhany,

PhD Economics

Greenwood Capital utilizes a team approach within its investment process

Ensures continuity of process over time

Decreases reliance on any one individual

Investment meetings include analysis from equity, fixed and macro perspectives

Our top-down process begins with a collaborative and dynamic discussion regarding the economy, both domestic and global, monetary and fiscal policy, global investment trends

Investment Committee

Will BondTrading

Philip BellCEO

Denise Lollis

COO, CCO

Oversight and Support for Investment Committee

Joe GilliamAssociate

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Equity

Large Cap Core-Growth

Mid Cap Core-Growth

Small Cap Core-Growth

All Cap Core-Growth

Taxable Fixed Inc.

Intermediate Gov/Credit

Corporate

Short Duration

Bond Proceeds

Government

Non-Taxable Fixed Inc.

State Specific Municipal

National Municipal

Global ETF

Global Growth

Global Income & Growth

Global Balanced

International

Product Overview

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II. Equity

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We believe that sector and industry selection are instrumental in driving the performance of stock portfolios over time.

Sources of Stock Price Movements

Stock

Market

Sector

Market and sector forces togethertypically cause 80% of the pricemovement in a stock. That means thecompany fundamentals usuallyaccount for less than 20% of a stock’sprice movement yet many managersspend nearly 100% of their timefocused on this 20%.

Greenwood Capital’s approach toinvesting incorporates all of thesefactors into developing our equityportfolios.

Source: “The Latent Statistical Structure of Securities Price Changes” Benjamin F. King

Equity Investment Philosophy

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Utilize top down sector and industry allocation identifying preferencesbased on macro conditions and investment committee analysis, includinginvestment themes and trends

Individual stock selection based on multiple quantitative and qualitativefactors including earnings, valuation and relative performance

Portfolios continuously reviewed by investment team and changes madebased on fundamental and macro circumstances

Investment Process Summary

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Disciplined Process

A consistent approach to fundamental principles of the investment process is maintained, providing consistent return and volatility characteristics over time

Customized Account Management

Provide full service approach for transition management of accounts and managing around tax-sensitive positions

Investment Experience

Average 30 years of experience in investments and related fields per investment professional

Team Approach

Investment Committee model provides for continuous management and supervision of portfolios without over reliance on one individual

GCA Equity Advantages

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III. Fixed Income

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We believe that an active strategy of utilizing controlledduration management, sector rotation, and creditselection provides competitive returns to passivestrategies over long-term investment horizons.”

• Under 1 year• 1-3 years• 3-5 years• 5-7 years• 7-10+ years

Duration

• Treasury / Agency• Corporates

- Industrials- Financials- Utilities

Sector• Aaa• Aa1-Aa3• A1-A3• Baa1-Baa3• Not rated

Credit

Fixed Income Investment Philosophy

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Active Risk Management

Active Risk Management

Active Risk Management

Active Risk Management

Active Risk Management

Portfolio Composition

Client Objectives

Structure & Composition

Macro Variables

Macro Variables: Interest Rate Outlook

State Demographics

Regulatory Environment

Liquidity Conditions

Structure & Composition: Issue Specific Due Diligence

Credit Analysis

Duration Analysis

Yield Curve Positioning

Client Objectives: Risk/Return Profile

Residency

Cash Flow Needs

Restrictions

Active Risk Management: Pre/Post Trade Analysis

Objectives Review

Portfolio Review

Counter-Party Review

Investment Process Summary

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Taxable

Ultra Short Duration – a cash alternative focusing on high levels of income with little principal volatility. Uses Treasuries, Agencies, and High-Grade Corporate bonds. Maturities range from 6 to 15 months.

Limited Duration – uses high quality short term securities with an average portfolio maturity of 12 to 24 months.

Intermediate – employs a strategy of controlled duration management, sector rotation, and credit selection. Uses Treasuries, Agencies, and High-Grade Corporate bonds. Duration ranges from 3 to 5 years.

Core – employs a strategy of controlled duration management, sector rotation, and credit selection. Uses Treasuries, Agencies, and High-Grade Corporate bonds. Appropriate only for longer duration profiles.

Municipal (Non-Taxable)

Intermediate – focus on generating high levels of tax-free income with modest fluctuations in principal. Uses high quality national and/or state-specific municipal bonds in the 3 to 12 year maturity range.

Product Breadth

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Client-Driven Objectives

Portfolios are customized according to each client’s objectives and risk parameters

Disciplined Process

A consistent approach to fundamental principles of the investment process is maintained

Efficient Implementation

Efficient construction of portfolios and implementation of strategies through our use of institutional dealers

Comprehensive Risk Management

We carefully monitor individual securities, sectors, and economic trends to control overall levels of volatility in each investment portfolio

GCA Fixed Income Advantages

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IV.Managed ETF Portfolios

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Our investment outlook focuses on the relative returnpotential of multiple asset classes. The asset allocationdecision is derived from fundamental market analysis,based on historical relationships, combined with amacroeconomic overlay and relative performance.

Investment Strategy

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Investment Process

Asset AllocationAsset Class Relative Valuation

Equity Market ExposureUS

InternationalEmerging Markets

Equity Alternative ExposureCash BondsCommodities REITs

Inverse EquityMacro Factors

GDP Growth Interest RatesEmployment

Asset Class / Style

Sectors

SmallGrowthCyclical

Domestic

vs.vs.vs.vs.

LargeValueNon-CyclicalInternational

Cons. Disc. Healthcare Telecom

TechnologyMaterials

Cons. StaplesUtilitiesEnergy

IndustrialsFinancials

CorporateHigh Yield

LongLevered

vs.vs.vs.vs.

TreasuryInv. GradeShortNon-Levered

Hedge Funds

Positives Seek absolute return Multiple asset classes

Negatives Lack of oversight High fees Lock up periods

Traditional Managers

Positives Regulatory Oversight Disciplined process Lower fees

Negatives Narrow asset focus No performance fees

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Managed ETF Strategies

Combining the Best of Both Worlds

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V. AppendixBiographies

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Walter Todd•President & CIO•Principal•23 years investment experience•15 years with GCA•MBA, Wharton•BS, Washington & Lee University

John Wiseman•Director of Fixed Income•Principal•22 years of investment experience•11 years with GCA•BA, Wofford College

John Decker•Director of Equity•Small Cap Portfolio Manager•Principal•20 years investment experience•7 years with GCA•BS, Clemson University•CFA

David Halloran•Chief Portfolio Strategist•32 years investment experience•9 years with GCA•MBA, Marymount•BA, Princeton University•CFA

John McAlhany•Consultant•45 years related experience•29 years with GCA•PhD, Clemson University•MS, Clemson University•BA, Furman University

Biographies

Investment Committee

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Other Investment ProfessionalsJ. Philip Bell, CEO of Greenwood Capital and a Principal, joined the Firm(1) in June, 1985. In addition to his responsibilities as CEO,Mr. Bell also oversees client service. Prior to joining Greenwood Capital, he was employed by Bankers Trust of South Carolina as aCommercial Loan Officer and as an Assistant Vice President in the Financial Services Division. Mr. Bell is a graduate of the Universityof South Carolina Graduate School of Business Administration (M.B.A.) and Wofford College (BA).

John G. Bennett, CFA®, Director of Institutional Sales, joined the Firm in January 2017. Mr. Bennett brings more than 30 years ofexperience in the investment management industry. Prior to joining Greenwood Capital in 2017, he served in various sales, marketingand client service roles with Thomson Horstmann & Bryant (small cap equities) based in Norwalk, CT and Palmer Square Capital(credit strategies) based in Mission Woods, KS. He also worked as an investment officer for the Financial Institutions Retirement Fund(defined benefit plan) in White Plains, NY. Mr. Bennett received his MBA from Fordham University in 1990 and his undergraduatedegree from Siena College in 1985.

Joe W. Gilliam, Institutional Associate, joined the Firm in April 2014. He provides support to the Investment Committee includingreporting, performance analysis, and equity research. Mr. Gilliam serves as the intermediary for institutional client accounts. Mr.Gilliam received his B.S. in Financial Management from Clemson University. Prior to joining Greenwood Capital, he served as aFinancial Consultant for AXA, and he has obtained his Series 7, and Series 66 Securities Licenses..

Claud W. (Will) Bond IV, Assistant Vice President, joined the Firm in December 2002. He serves as the firm’s trading liaison andassistant portfolio manager. Mr. Bond received a Bachelor of Science in Business Administration from Lander University. Prior tojoining Greenwood Capital, he served in Customer Relations with Countybank, and he has previously obtained his Series 7, Series 66,and Series 65 Securities Licenses.

Biographies

(1) Prior to 2001, the term firm refers to Greenwood Capital Associates, Inc. (GCAI) which was established in 1983. On or about June 29, 2001, GreenwoodCapital Associates, LLC acquired substantially all the assets of GCAI, a sub-chapter S corporation.

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Firm Management, Operations & Support

(1) Prior to 2001, the term firm refers to Greenwood Capital Associates, Inc. (GCAI) which was established in 1983. On or about June 29, 2001, GreenwoodCapital Associates, LLC acquired substantially all the assets of GCAI, a sub-chapter S corporation.

John E. Beale, Jr., Compliance Administrator, joined the Firm(1) in August 2015. Mr. Beale administers the day-to-day requirements ofthe Firm’s Compliance Program. He is a graduate of Lander University with a B.S. in Business Administration/Accounting andcompleted four internships with Elliott Davis Decismo, Certified Public Accountants. He also has completed the NRS InvestmentAdviser Core Compliance Certificate Program.

Karen Diane Symmes, Private Client Administrator, joined the Firm in April 2016. She provides administrative and marketing supportto the Private Client Team. Prior to joining Greenwood Capital, she worked as a TellerSupervisor with South State Bank. Ms. Symmes has 13 years banking experience. She received an Associates in Arts degree fromPiedmont Technical College.

Stephanie M. Flenniken, Private Client Administrator, joined the Firm in March 2015. She provides administrative and marketingsupport to the Private Client Team. Stephanie has a B.S.B.A. in Marketing from the University of Florida, and prior to joiningGreenwood Capital she worked as a Client Relationship Specialist for an independent broker for over 7 years.

Denise H. Lollis, Chief Operating Officer & Chief Compliance Officer, joined the Firm in July 2013. With oversight for FirmOperations, Mrs. Lollis is responsible for ensuring effective management of the Firm Operations Team, strategic allocation ofresources, and alignment of Operations, Compliance, Human Resources, Information Technology and Marketing activities inimplementing strategic initiatives. Mrs. Lollis has 20 years’ experience in the financial services industry with Greenwood Capital’saffiliate TCB Corporation where she managed shared corporate services for the TCB Family of companies. She received her BA andBS from Lander University in Greenwood, SC.

Lessa O’Dell, Assistant Vice President, joined the Firm in 1996. Mrs. O’Dell oversees and manages the operations department forGreenwood Capital, including the trading function. She has an Associate Degree in Accounting from Piedmont Technical College andhas taken additional supporting courses at Lander University.

Ethan M. Sperry, Operations and Trading Associate, joined the Firm in January 2014. Mr. Sperry supports the operations team in bothportfolio administration and trading; including quality control, new account processing, and compliance. He has an Associate Degreefrom Piedmont Technical College. Mr. Sperry joins Greenwood Capital from Countybank where he was a customer service associatefor five years.

Biographies