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W E D G E W O O D P A R T N E R S , I N C .

Investing in the Best Businesses in America Large Cap Growth

Focused Investing

Note: This presentation should be viewed in conjunction with our ADV Part II which can be obtained by visiting our website and clicking on “ADV Part II.”

1st Quarter 2014


Table of Contents Wedgewood Partners Overview ….………………………………………………………………………………………………………………….………………………...

3

Investment Philosophy ………………………………………………………………………………………………………………………………………….…………………

5

Portfolio Guidelines …………………………………………………………………………………………………………………………………………………………………

12

Portfolio Sector Breakdown ……………………………………………………………………………………………………………………………………..………………

13

Summary: The Structural Advantage of Focus Investing………………………………………………………………………………….……………………........

14

Performance Annual Net Performance …………………………………………………………………………………………………………………………………………….………..

15

Annual Performance vs. Russell 1000 Growth ……………………………………………………………………………………………………………….……….

16

Performance in Up and Down Markets …………………………………………………………………………………………………………………………….……

17

Wedgewood vs. Peers Up Market/Down Market Capture ………………………………………………………………………………………………….…….

18

Wedgewood vs. Peers Historical Performance Record ………………………………………………………………………………………………………..….

19

Performance Statistics ………………………………………………………………………………………………………………………………………………………...

20

Historical Turnover …………………………………………………………………………………………………………………………………................................................

21

Crash and Recovery …………………………………………………………………………………………………………………………………………………………..…

22

Disclosure ………………………………..…………………………………………………………………………………………………………………………………………….

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Biographies ……………………………………………………………………………………………………………………………………………………………………….……

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Audit Information ..…………………………………………………………………………………………………………………………………………………………….......

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Wedgewood Partners, Inc. • St. Louis Based Investment Firm Founded in 1988 • Single Investment Strategy • Large Cap Growth Investors • Focused Investment Style • 18-22 holdings • Multiple Vehicles • Separately Managed Accounts • RiverPark/Wedgewood Fund (Tickers: RWGIX & RWGFX) • Unified Managed Accounts

• Peer Leading 20-Year Performance Record

3


Wedgewood’s Organizational Structure • 18 Employees, Robust Back Office • Key Investment Professionals • • • •

Anthony L. Guerrerio, President & CEO David A. Rolfe, CFA, Chief Investment Officer Dana L. Webb, CFA, Senior Portfolio Manager Michael X. Quigley, CFA, Portfolio Manager

• Key Operations Professionals

• Sheila R. Kilper, Compliance Officer • Sheila D. Godfrey, Director of Trading/Operations

• Marketing Affiliation with RiverPark Capital

4


We Believe There Is:

A Structural Advantage to Focus Investing • Fewer, But More Impactful Decisions. • The Best Business Models Are Hard to Break. • The Large Cap Growth Universe Is Very Efficient. “Identifying 50-75 great businesses selling at attractive prices is a loser’s game; but a portfolio

of just 20 undervalued companies, now you have a horse race!”

5


Wedgewood’s Investment Process Begins Where Other Managers Finish

Measures of Past Excellence

Large Cap Growth Universe 500-600 Companies

•Return on Equity >25% •Return on Capital >20% •Cash Flow ROI >15% •EPS Growth >15% •Revenue Growth >12%

Research Universe 100 Companies

Wedgewood Universe

40 Companies

Quest for Future Excellence •Barriers to Entry •Threat of Substitutes •Buying Power •Supplier Power •Degree of Internal Rivalry

Portfolio 18-22 Positions

Catalyst Risk Management

Valuation Portfolio Construction 6


Wedgewood’s Investment Process All 3 Legs Are Required to Ensure Stability

Fundamental Research • • •

18-22 Portfolio Holdings

Competitive Advantage Growth Financial Strength

Risk Management • •

Position Size Limits Business Model Overlap

Valuation

7


Investment Process Designed to Generate Above Average Returns While Managing Risk Fundamental Research Step 1: Structured Competitive Advantage •

Profit and Cash Flow Generation

Market Share Gains During Turbulent Times

Step 2: Double Digit Growth •

Growth Drives Long-term Price Appreciation

Intrinsic Value Grows Every Year

Step 3: Financial Strength •

Supports Reinvestment in Growth Opportunities

Minimize the Need for Dilutive Capital

8


Investment Process (continued)

Step 4: Compelling Valuation •

Contrarian/Value-based Opportunistic Investing

Impact of Short-term Disappointments Is Minimized

Step 5: Portfolio Construction •

Position Sizes Are Dictated by Valuation And Risk Parameters

Limited Business Model Overlap

9


Focused Investing = High Risk Risk Management in a Focused Fund • Proven Business Models • Wedgewood Universe of companies are, by definition, already successful and less risky. • Value Oriented • High P/E valuations are avoided and strict purchase and sell disciplines are followed. • Diversification • We avoid investing in companies in the same industry with high business correlation risk. • Portfolio Management Risk • Only rarely will a specific holding represent more than 10% of the overall portfolio. • Firm Risk • We are an independent firm, and are not susceptible to benchmark and herd mentality risk.

Wedgewood’s Focused Strategy should yield investors at least 1% positions in each of what we believe are the Best Businesses in America. • Example: • A 20% Allocation to Wedgewood • Position sizes in Wedgewood Average 5% • Resulting in 1% positions in what we believe are the Best Businesses in America

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Wedgewood Adheres to a Strict Sell Discipline 1. Sales are made as intrinsic value appraisals are realized • Valuation models are continuously updated 2. Recognizing Investment Mistakes • Warrant an immediate sale 3. Opportunity for new investment • The superior risk reward profile of a new investment causes the sale of the least attractive portfolio holding 4. Portfolio structure/risk management weighting guidelines • Industry concentration and position sizes often contribute to investment decisions

11


Wedgewood Portfolio Guidelines • • • • • • • •

Annual Portfolio Turnover: 20-30% # of Holdings: 18-22 Cash Position: typically 3-5% Maximum Sector Exposure: 35% Maximum Business Model Exposure: 15% Maximum Individual Stock Weighting: 10% Minimum Individual Stock Weighting: 2% Minimum Market Capitalization: $5 Billion

Portfolio guidelines are shown as supplemental information and complement the compliance presentation included as an exhibit.

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Wedgewood Portfolio Sector Breakdown* as of March 31, 2014 Healthcare (16.1%) • Express Scripts

Financials

• Perrigo

6.3%

14.2%

3.9%

• Varian Medical

3.4%

Technology (33.3%)

Cash

6.4%

• Apple • Qualcomm

• Gilead Sciences

2.5% 9.2%

3.4%

6.5%

Consumer Staples

• EMC Corp. • Cognizant Technology • Google • Visa

8.4%

5.8%

Consumer Discretionary

6.2%

5.7%

Energy

3.9%

2.1%

12.1%

Industrials

Wedgewood Believes That Sectors Include Companies With Very Different Business Models. Portfolio Holdings are shown as supplemental information only and complement the compliance presentation included as an exhibit. Portfolio Holdings should not be deemed as a recommendation to buy these securities.

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*Based on RiverPark/Wedgewood Fund


Summary: The Structural Advantage of Focus Investing • Focused Portfolio • Market leaders with long-term, sustainable competitive advantages. • Only our 20 best ideas make it into the portfolio.

• Patient Investing • We are investors, not traders. • Analyze business with a time horizon measured in years. • Patiently wait for opportunities to purchase great businesses at attractive prices.

• Disciplined Culture • While we invest in growth businesses; Valuation is key. • We are anti-momentum, contrarian growth investors. • Our goal is to generate strong up-market and down-market capture performance. “We believe in both classic growth and value investing tenets.” 14


Wedgewood Partners Inc. Annual Net Performance ending March 31, 2014 30% 25% 20% 15% 10% 5% 0% First Quarter Year to Date WWP Net R 1000 Growth S&P 500

1.89% 1.12% 1.81%

1.89% 1.12% 1.81%

Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated net-of-fees. Please refer to the Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.

1 Year

3 Year

5 Year

7 Year

10 Year

20 Year

Since Inception: 9/30/92

25.01% 23.22% 21.86%

17.08% 14.62% 14.66%

24.61% 21.68% 21.16%

12.35% 8.23% 6.31%

9.35% 7.86% 7.42%

13.51% 8.82% 9.53%

12.47% 8.44% 9.38%

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Wedgewood Annual Performance vs. Russell 1000 Growth 80%

60%

40%

20%

0%

-20%

-40%

-60%

1993

1994

WWP (Gross)

-5.26%

4.81%

43.90% 24.74% 22.27% 50.97% 58.41%

1995

1996

1997

WWP (Net)

-6.21%

3.78%

42.59% 23.57% 21.10% 49.60% 56.99% -10.31% -7.72% -20.42% 42.25%

R 1000 Growth

2.90%

2.66%

37.19% 23.12% 30.49% 38.71% 33.16% -22.42% -20.42% -27.89% 29.75%

Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. Please refer to the Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.

1998

1999

2000 -9.38%

2001

2002

2003

2004

2005

2006

6.89%

-1.79%

15.72% -37.77% 61.84% 15.36%

6.40%

22.67% 30.84%

9.61%

5.84%

-2.77%

15.04% -38.12% 60.83% 14.50%

5.61%

21.75% 29.86%

6.30%

5.26%

9.08%

11.81% -38.44% 37.21% 16.71%

2.64%

15.26% 33.48%

-6.76% -19.57% 43.56% 10.68%

2007

2008

2009

2010

2011

2012

2013

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Wedgewood Performance in Up and Down Markets (10 years ending December 31, 2013) Wedgewood vs. R1000 Growth

Performance Capture

10% Average Quarterly Performance

Up Markets Down Markets

5%

105% 82%

0% -5%

-10%

Correlation Statistics Up Markets 28 Quarters

Down Markets 12 Quarters

WWP Gross

6.9%

-6.4%

R 1000 Growth

6.6%

-7.8%

Past performance is not indicative of future results. See Annual Disclosure Presentation included as an exhibit. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. All calculations were conducted by the Advisor and/or RiverPark. Please refer to the included Annual Disclosure Presentation included as an exhibit. Portfolio Statistics and Characteristics are shown as supplemental information only and complement the compliance presentation included as an exhibit.

Alpha Beta R-Squared

2.47% 1.01 0.89

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Wedgewood vs. Peers Up Market/Down Market Capture (5 Years ending March 31, 2014) Product Wedgewood Partners

Upside Cap Ratio

Downside Cap Ratio

Upside/Downside

ROR

110.29

88.35

1.25

25.52

111.93 94.14 91.37 98.72 100.92 82.21 91.11 133.51 100.11 104.18

108.00 94.88 118.25 87.67 111.41 86.32 96.27 96.95 113.19 118.93

1.04 0.99 0.77 1.13 0.91 0.95 0.95 1.38 0.88 0.88

24.13 20.55 17.65 19.98 20.86 18.03 19.60 30.95 20.47 21.00

Select Peers Brown Advisory Large Cap Growth Edgewood Management Large Cap Growth Janus Twenty Fund Jensen Quality Growth Marsico Capital Focus Growth Montag & Caldwell Large Cap Growth Polen Capital Large Cap Growth Sands Capital Select Growth Victory Large Cap Growth Winslow Capital Large Cap Growth

(10 Years ending March 31, 2014) Product Wedgewood Partners

Upside Cap Ratio

Downside Cap Ratio

Upside/Downside

ROR

103.31

86.00

1.20

10.19

111.43 107.22 113.62 82.29 104.81 87.64 89.69 133.41 114.01 115.06

95.25 94.46 101.83 76.67 101.47 82.29 74.67 113.34 107.12 103.47

1.17 1.14 1.12 1.07 1.03 1.07 1.20 1.18 1.06 1.11

10.39 9.79 9.90 7.69 8.48 7.96 9.22 11.57 9.26 9.92

Select Peers Brown Advisory Large Cap Growth Edgewood Management Large Cap Growth Janus Twenty Fund Jensen Quality Growth Marsico Capital Focus Growth Montag & Caldwell Large Cap Growth Polen Capital Large Cap Growth Sands Capital Select Growth Victory Large Cap Growth Winslow Capital Large Cap Growth PSN database as of 03/31/14. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. Gross returns and peer comparisons are presented as supplemental information only and complement the compliance presentation included as an exhibit. The peer companies were chosen by Wedgewood as well-known growth managers and direct competitors.

Up Market / Down Market Capture is relative to the Russell 1000 Growth Index.

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Wedgewood vs. Peers March 31, 1994 to March 31, 2014 QTD

1 Year

3 Years

5 Years

7 Years

10 Years

15 Years

20 Years

Standard & Poor's 500

1.81

21.86

14.66

21.16

6.31

7.42

4.46

9.53

Russell 1000 Growth

1.12

23.22

14.62

21.68

8.23

7.86

2.98

8.82

Wedgewood Partners Large Cap Focused Growth

2.10

25.99

17.96

25.52

13.13

10.19

8.72

14.50

Brown Advisory Large Cap Growth

0.05

18.89

12.92

24.13

11.03

10.39

6.55

N/A

Edgewood Management Large Cap Growth

-0.41

25.78

17.43

20.55

9.45

9.79

6.13

11.30

Janus Twenty Fund

-1.48

24.83

13.36

17.65

8.20

9.90

3.42

10.77

Jenson Quality Growth

0.53

20.67

13.59

19.98

8.37

7.69

7.78

10.81

Marsico Capital Focus Growth

-0.88

23.38

13.19

20.86

7.74

8.48

6.44

N/A

Montag & Caldwell Large Cap Growth

-1.22

15.28

13.11

18.03

8.64

7.96

4.21

9.97

Polen Capital Large Cap Growth

0.64

17.12

13.94

19.60

10.38

9.22

7.29

13.28

Sands Capital Select Growth

0.70

34.09

20.88

30.95

13.57

11.57

7.32

14.25

Victory Capital Large Cap Growth

-1.55

22.71

11.35

20.47

8.37

9.26

2.81

N/A

Winslow Capital Large Cap Growth

-1.18

24.21

13.17

21.00

9.64

9.92

6.30

9.76

PSN database as of 03/31/14. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. Gross returns and peer comparisons are presented as supplemental information only and complement the compliance presentation included as an exhibit. The peer companies were chosen by Wedgewood as well-known growth managers and direct competitors.

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Wedgewood Partners Summary Performance Statistics (PSN Database March 31, 2014) Annualized Rate of Return

Alpha

Batting Average

Upside Capture

Downside Capture

Statistic

17.96%

3.53%

75%

107.52%

77.86%

Percent Rank

2%

5%

2%

27%

10%

Statistic

25.52%

2.59%

65%

110.29%

88.35

Percent Rank

2%

6%

4%

10%

16%

Statistic

13.13%

4.76%

64%

110.17%

81.62%

Percent Rank

1%

1%

4%

15%

9%

Statistic

10.19%

2.28%

52%

103.31%

86.00%

Percent Rank

8%

8%

39%

40%

15%

Statistic

8.72%

5.78%

62%

116.83%

83.59%

Percent Rank

4%

4%

9%

13%

39%

Statistic

14.50%

5.52%

61%

115.11%

81.63%

Percent Rank

1%

5%

7%

7%

41%

Periods ending 03/31/14

Number of Managers

3 Year 237

5 Year 229

7 Year

10 Year

15 Year

20 Year

PSN database as of 03/31/14. Past performance is not indicative of future results. Returns used in these reports may contain preliminary performance that may differ from actual performance after firm-wide verification is completed through the current period. In addition, returns in the above reports are calculated gross-of-fees. Gross returns are shown as supplemental information only and complement the compliance presentation included as an exhibit.

Performance statistics are calculated relative to the Russell 1000 Growth Index.

210

181

125

67

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Portfolio Turnover is Dictated by Market Conditions 2009, an exception to the rule •Average historical portfolio turnover 15-20% •2009 investment performance 61.9% •2009 portfolio turnover 50% •A year of profit taking and positioning the portfolio into our most attractively priced investments

Wedgewood Portfolio March 9, 2009 Apple Berkshire Hathaway CL B Qualcomm Google Monsanto Cognizant Technology Goldman Sachs Express Scripts EMC Expeditors International Gilead Sciences National Oilwell Varco American Express Ecolab Visa Northern Trust Wells Fargo Varian Medical Systems Western Union

Portfolio Holdings are shown as supplemental information only and complement the compliance presentation included as an exhibit. Portfolio Holdings should not be deemed as a recommendation to buy these securities.

January 2010 10.1% 9.3% 8.9% 7.9% 6.4% 6.3% 6.2% 6.1% 4.4% 4.3% 4.2% 4.2% 3.7% 3.6% 3.3% 2.9% 2.9% 2.6% 2.6%

Apple Berkshire Hathaway CL B Gilead Sciences Google Express Scripts Cognizant Technology Monsanto Pepsi Goldman Sachs Qualcomm Visa Wellpoint EMC Ecolab Jacobs Engineering Expeditors International Paychex Varian Medical Systems Western Union Whole Foods Market Lowes Companies

8.0% 7.1% 7.0% 6.3% 6.2% 5.8% 5.8% 5.4% 5.3% 5.2% 5.1% 4.9% 4.0% 3.4% 3.4% 3.3% 3.3% 3.3% 2.7% 2.5% 2.0%

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Wedgewood Performance October 2007-December 2010 Crash and Recovery Performance Capture Recovery Crash

117.5% 76.7%

PSN Percentile Recovery Crash

PSN Data and analysis as of 12/31/10. PSN Universe of 122 Large Cap Growth Managers. Past performance is not indicative of future results. Returns are calculated gross-offees and are preliminary and subject to change.

Top 7% Top 3%

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WEDGEWOOD PARTNERS, INC. EQUITY COMPOSITE ANNUAL DISCLOSURE PRESENTATION PAGE ONE OF TWO Composite Assets

Annual Performance Results Composite

3 Year Standard Deviation

Year End

Total (millions)

UMA Assets (millions)

Firm Assets (millions)

U.S. Dollars (millions)

Number of Accounts

Net

Gross

S&P 500

Russell 1000 Growth

Composite Dispersion

WWP Gross

S&P 500

Russell 1000 Growth

2013

7,100

1,802

5,298

4,753

4,608

29.86%

30.84%

32.38%

33.48%

0.4%

12.33

11.94

12.18

2012

3,030

731

2,299

1,619

1,606

21.75%

22.67%

16.00%

15.26%

0.4%

15.34

15.09

15.66

2011

1,252

236

1,016

775

1,079

5.61%

6.40%

2.11%

2.64%

0.7%

18.14

18.71

17.76

2010

865

185

680

481

764

14.50%

15.36%

15.06%

16.71%

1.0%

22.24

21.85

22.11

2009

546

62

484

305

523

60.83%

61.84%

26.46%

37.21%

2.6%

20.58

19.63

19.73

2008

348

12

336

202

439

-38.12%

-37.77%

-37.00%

-38.44%

1.3%

15.72

15.08

16.40

2007

552

5

547

367

508

15.04%

15.72%

5.49%

11.81%

1.4%

9.57

7.68

8.54

2006

627

7

620

334

570

-2.77%

-1.79%

15.80%

9.08%

1.2%

8.80

6.82

8.31

2005

451

-

451

252

320

5.84%

6.89%

4.91%

5.26%

1.3%

12.08

9.04

9.53

2004

298

-

298

176

190

9.61%

10.68%

10.87%

6.30%

2.5%

19.47

14.86

15.45

2003

226

-

226

123

134

42.25%

43.56%

28.68%

29.75%

5.8%

2002

154

-

154

93

130

-20.42%

-19.57%

-22.10%

-27.89%

2.6%

2001

202

-

202

117

129

-7.72%

-6.76%

-11.88%

-20.42%

2.5%

2000

217

-

217

129

112

-10.31%

-9.38%

-9.11%

-22.42%

5.1%

1999

200

-

200

120

78

56.99%

58.41%

21.04%

33.16%

10.0%

1998

100

-

100

50

51

49.60%

50.97%

28.58%

38.71%

6.4%

1997

58

-

58

21

32

21.10%

22.27%

33.36%

30.49%

5.6%

1996

44

-

44

11

23

23.57%

24.74%

22.96%

23.12%

5.0%

1995

33

-

33

3

9

42.59%

43.90%

37.58%

37.19%

4.9%

1994

24

-

24

<1

Five or fewer

3.78%

4.81%

1.32%

2.66%

N.A.

1993

20

-

20

<1

Five or fewer

-6.21%

-5.26%

10.08%

2.90%

N.A.

1992

16

-

16

<1

Five or fewer

N.A. – Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. For GIPS Purposes, UMA assets are not part of Firm Assets and are not considered “under management” since Wedgewood has either no or only partial trading discretion and on occasion may be shown as additional information. Returns are presented gross and net of fees and include the reinvestment of all income. Gross returns are shown as supplemental information because wrap accounts are calculated gross of all fees and transaction costs. Gross returns of non-wrap accounts are reduced by custodial fees and transaction costs. Net returns are reduced by all fees and transaction costs incurred.

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WEDGEWOOD PARTNERS, INC. EQUITY COMPOSITE ANNUAL DISCLOSURE PRESENTATION PAGE TWO OF TWO Equity Composite contains fully discretionary taxable and non-taxable growth equity accounts. For comparison purposes, the composite is measured against the S&P 500 and Russell 1000 Growth indices. The minimum account size for this composite is $65 thousand. Wedgewood Partners, Inc. is an independent registered investment adviser. The firm maintains a complete list and description of composites, which is available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Some accounts in the composite may pay an all-inclusive wrap fee based on a percentage of assets under management; these accounts are reduced by all actual fees and transaction costs incurred. Other than brokerage commissions, this fee includes investment management, portfolio monitoring, consulting services, and in some cases, custodial services. Wrap accounts represent approximately 38% of the compositeâ&#x20AC;&#x2122;s assets as of December 31, 2013, 26% of the composite's assets as of December 31, 2012, 34% of the composite's assets as of December 31, 2011, 43% of the composite's assets as of December 31, 2010, 31% of the composite's assets as of December 31, 2009, 20% of the composite's assets as of December 31, 2008, 13% of the compositeâ&#x20AC;&#x2122;s assets as of December 31, 2007, and approximately 18% of the composite's assets as of December 31, 2006. Wrap fee schedules are provided by independent wrap sponsors and are available upon request from the respective wrap sponsor. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The management fee schedule is as follows: 1.50% under $1 million; 1.25% for $1 million to $2.5 million; 1.00% for $2.5 to $5 million; and 0.75% over $5 million. Actual investment advisory fees incurred by clients may vary.

Carve-outs are included in this composite and performance reflects total segment plus cash returns using an actual pro rata allocation. Prior to May 1, 2004, performance reflected total segment plus cash returns using a beginning of period allocation and a fixed total of 5% cash. As of January 1, 2010 no percent of the composite's assets were comprised of carve-out segments. As of December 31, 2009, approximately less than one half percent of the composite's assets were comprised of carve-out segments. As of December 31, 2008, December 31, 2007, and December 31, 2006, approximately 1%, 1%, & 2% of the composite's assets were comprised of carve-out segments. The Equity Composite was created in 2002. Wedgewood Partners, Inc. claims compliance with the Global Investment Performance Standards (GIPSÂŽ) and has prepared and presented this report in compliance with the GIPS standards. Wedgewood Partners, Inc. has been independently verified for the period October 1, 1992 through December 31, 2013. A copy of the verification report is available upon request. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

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Investment Professionals Anthony L. Guerrerio, President and CEO Mr. Guerrerio is the founder of Wedgewood Partners, Inc., and serves as its President and Chief Executive Officer. Mr. Guerrerio has over 25 years of experience in the investment management industry. Mr. Guerrerio is a Trustee of the Opera Theatre of Saint Louis; the Gregorian University Foundation and a Director of Our Ladyâ&#x20AC;&#x2122;s Inn. He received a Bachelor of Science in Engineering from the United States Military Academy at West Point in 1969 and his MBA from Harvard University in 1977.

David A. Rolfe, CFA, Chief Investment Officer Mr. Rolfe joined Wedgewood Partners as our CIO in 1992 bringing with him the philosophy and process which formed our Large Cap Growth product. Prior to joining Wedgewood, he served as Portfolio Manager for four years at Boatmenâ&#x20AC;&#x2122;s Trust Company. He holds a Bachelors degree in Finance from the University of Missouri-St. Louis. He is a member of the CFA Society of St. Louis, where he has served as an Officer and Director.

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Investment Professionals Dana L. Webb, CFA, Senior Portfolio Manager Ms. Webb joined the Investment Management team in 2002. She holds a Bachelors degree in Finance from St. Louis University and a Masters degree in Banking and Financial Management from Boston University. She is currently a member of the CFA Society of St. Louis.

Michael X. Quigley, CFA, Portfolio Manager Mr. Quigley joined the Investment Management team in 2006. He holds a Bachelors degree in Finance from St. Louis University and is currently a member of the CFA Society of St. Louis.

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Ashland Ashland Partners & Company LLP is the leading specialty firm providing Global Investment Performance Standards (GIPS速) verification and compliance consultation services to the investment management industry. The GIPS standards are ethical standards for investment performance presentation to ensure fair representation and full disclosure of an investment management firm's performance. Verification is the independent review of an investment management firm's claim of compliance with the GIPS standards. Verification tests: Whether the investment firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis. Whether the firm's processes and procedures are designed to calculate and present performance results in compliance with the GIPS standards. Verification is firm-wide and cannot be carried out for a single composite. A composite specific performance examination can be conducted on a particular composite, but only in conjunction with a firm-wide verification.

For more information on the GIPS Standards, please visit www.gipsstandards.org. For more information on Ashland Partners, please enter their website http://www.ashlandpartners.com/.

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Wedgewood marketing presentation mar 2014  

1Q14 presentation