Past performance is no guarantee of future results.

Tipp Hill Capital Management LLC (“Tipp Hill” or the “investment manager”) is an SEC registered investment advisor with its principal place of business in New York.

Tipp Hill’s affiliate, Tipp Hill Capital Partners LLC (the “general partner”), is the general partner of Tipp Hill Capital LP (the “fund”). Prior to May 1, 2014, the fund operated under the name Yield/Capital Appreciation Partners (Y/Cap), L.P., the general partner operated under the name Y/Cap Partners LLC, and the investment manager operated under Y/Cap Management, LLC. In addition to serving as the investment manager to the fund, Tipp Hill manages separate account portfolios. It should be noted, that separate account portfolios may be managed differently than the fund based on a variety of factors including the investment objectives, risk profile, and time horizon of a particular client.

While all the information prepared in this presentation is believed to be accurate, Tipp Hill makes no express warranty as to the completeness or accuracy nor can it accept responsibility for errors, appearing in the presentation. Any projections, market outlooks or estimates in this presentation are forward looking statements and are based upon certain assumptions. Other events which were not taken into account may occur and may significantly affect the returns or performance of accounts managed by Tipp Hill. Any projections, outlooks or assumptions should not be construed to be indicative of the actual events which will occur. Tipp Hill may modify its investment approach and any portfolio parameters set forth herein at any time in any manner which it believes is consistent with its overall investment objective without notice to investors.

The fund may be deemed to be a highly speculative investment and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their investment in the fund and who have a limited need for liquidity in their investment. There can be no assurance that the fund will achieve its investment objective.

References to the fund in this presentation shall not constitute an offer to sell or the solicitation of any offer to buy which may only be made at the time a qualified offeree receives a confidential private offering memorandum (“CPOM”) describing the offering and related subscription agreement and in the case of any inconsistency between the descriptions or terms in this presentation and the CPOM, the CPOM shall control. These securities shall not be offered or sold in any jurisdiction in which such offer, solicitation or sale would be unlawful until the requirements of the laws of such jurisdiction have been satisfied.