L A R G E C A P G R O W T HL A R G E C A P G R O W T H

Profile

Criteria

Team Continuity

Portfolio Characteristics Top 10 Holdings

Brian H. Donohue, CFA, 26 yearsGary E. Nussbaum, CFA, 32 years

• Founded in 1983

• Consistent application of our pure investment style and process

• Seasoned investment team

• Limited institutional client base

• Assets under management $819 million

Weighted Avg. Cap. ($B) .................. $244.7Median Cap. ($B) ............................. $48.7P/E (forward 12) ............................ 32.8xCFROI ................................................22%Total Debt/Capital ............................24%Turnover (10 year annual avg.) ........20%Companies in the portfolio ................ 29

Amazon Com IncAlphabet IncAdobe Sys Inc Facebook Inc Class AVisa IncCoStar Group IncVeeva SystemsIllumina IncServiceNow IncVertex Pharmaceuticals Inc

Identifying companies sustaining a minimum 12% secular earnings growth.Characteristics include:

11 High unit volume growth - the ultimate litmus test

- Recurring revenue streams - Network effects - Organic growth - Large addressable markets

22 Sustainable competitive advantages

33 Substantial ability and opportunity for reinvestment

Cultures and incentives for growth and innovation

Long Duration, High Earnings Growth

Fourth Quarter 2019

PhilosophyOver the long term, earnings growth is the primary driver of total shareholder returns. We manage your portfolio as a single diversified growth company producing an underlying portfolio earnings growth rate of at least 12% and translating that into strong secular absolute and relative returns.

®

COMBINED EXPERIENCE

58YEARS

Our objective is to translate HIGH PORTFOLIO EARNINGS GROWTH

intoCLIENT RETURNS

We manage the portfolio as if it were a single, diversified growth company.

Invest in businesses, not stocks, to fully participate in our holdings’ secular

dynamic earnings growth with low turnover.

1

Duration and growth are preeminent.

Target 12% minimum secular earnings growth for every holding to produce strong absolute as well as

relative long-term portfolio investment returns.

2

Opportunity for growth determines

decisions, not benchmark.

High conviction portfolio of 25 to 35 companies to

increase probability of achieving objective.

3

44

Commitment

Research & Decision-Making Flow

Long Duration, High Growth Offers Significant Opportunity Within An Efficient Universe

Peregrine Large Cap Growth Composite

Peregrine’s Client Service & Marketing professionals are dedicated to understanding your individual needs, assuring customized client service and developing a long-term, attentive relationship.

Stefanie M. Adams(612) 343-7660RuthAnn DeFrang(612) 343-7639

800 LaSalle Avenue - Suite 1850Minneapolis, Minnesota 55402(612) 343-7600(888) 343-7600www.peregrine.com

©2019 Peregrine Capital Management

An approximation of our time allocation

Periods ended December 31, 2019

Annualized

Fourth Quarter

Year-to-Date

One Year

Three Year

Five Year

Ten Year

TwentyYear

Since 1/1/1983

Peregrine Large Cap Growth Composite gross of fees (%) 11.8 38.3 38.3 27.3 20.3 16.6 6.8 12.7

Composite net of fees (%) 11.7 37.7 37.7 26.7 19.8 16.1 6.3 12.3

Russell 1000® Growth (%) 10.6 36.4 36.4 20.5 14.6 15.2 5.2 11.1

S&P 500 (%) 9.1 31.5 31.5 15.3 11.7 13.6 6.1 11.5

The composite includes all fully discretionary portfolios invested in Peregrine’s Large Cap Growth strategy. Net performance includes the effect of advisory or performance fees, while gross performance does not. Both gross and net performance reflects the reinvestment of dividends and interest, and the deduction of brokerage or other commissions, and any other expenses that a client would have paid or actually paid, other than custodial fees. Performance results for the period 1/1/83 through 1/1/88 is for accounts managed by John Dale while he was employed by Peregrine’s former parent company and managed the same strategy. Mr. Nussbaum joined Peregrine 9/1/90 and co-managed the strategy with Mr. Dale from that time until 6/30/15, when Mr. Dale retired from Peregrine. Mr. Donohue joined the team 1/1/11. Past performance is no guarantee of future results. As with any investment there is always potential for gains as well as the possibility of losses.

Dur

atio

n of

Cas

h Fl

ows

Earnings Growth

Long DurationLow Earnings Growth

Short DurationLow Earnings Growth

Short DurationHigh Earnings Growth

LONG Duration

HIGHEarnings Growth

THEINITIAL

UNIVERSE

U.S. & Foreign Companies

> $1B1,200–1,400

80% will not meetour criteria

ResearchCandidates

200–300 companies10–30 new companies

per year

25%

ViableCandidates

110–130 companies5–10% annual

turnover

The PeregrinePortfolio

25–35 stocks10–30% annual

turnover

30%

40%

Our Bench

5–10 Companies

Ongoing analysis ofcurrent portfolio

5%