1. CBS Investment Funds Kumar Mani Andrey Menemshev Pradeep Ramani Neeraj Kulkarni Sophia Mighty LEAN LAUNCHPAD with Steve Blank, Bob Dorf and the other awesome 15 teams! AUGUST 26-30, 2013 Total Interviews 76 (14 scheduled)

2. Columbia Business School MOVIE 2 3. Columbia Business School On Day 1 3 Money Mgmt It Just Works (Better than 2-20 fund or Betterment etc) Hedge Fund * 0-25 cost * Above market returns Brokerage Research Legal Regulatory Audit/Tax Core: Research; Enabling: Legal/Audit/etc Industry 2-20 We are for 0-25 Key costs transactions, research, management Personal, direct, Tier 1 Individual Not costly, but Tier 2 Individual Cost-sensitive Mostly mass, Some niche (Existing investors are mass) T1/T2 pays 0-25% Performance fees only WE THOUGHT EVERYONE WOULD JUST UNDERSTAND OUR STORY. WE THOUGHT IT IS ABOUT JUST MONEY AND THATS THE BALL GAME 4. Columbia Business School But on day 1 we were asked: 4 Do you know your customer? Really? Do you really understand them and their pain points? Have you really figured out why they will buy from you?? We said: Size of market is XYZ Demographic is XYZ Finance is $$$ Customer = number, chart, graph, statistic (with standard deviation) To which they said Get Out Of The Building And Discover Them! 5. Columbia Business School On Day 2 5 Money Mgmt Current 2%- 20% We are 0%- 25% ? Fin Analyst (Recommend, not Manage) Investments Portfolio Risk Brokerage Research Legal Regulatory Audit/Tax Cap Introducer (recommend FA) Core: Research; Enabling: Legal/Audit/etc Build relationship With Cap Intro Industry 2%-20% We are for 0%-25% Key costs transactions, research, management (See next chart) Personal, direct, Tier 1 Individual Not costly, but Tier 2 Individual Cost-sensitive T1/T2 pays 0-25% Performance fees only T1/T2 Decision Makers (knowledge?) ? Consider FA - Recommenders ? Cap Introducer as Distributor We found The High Net Worth, our perceived customer, will only talk to us if his Financial Advisor or Capital Introducer okays us. We also need to revise our value proposition beyond just the 2 and 20. (Why, our classmates asked, do you guys think youre so special?) And the teaching staff said: Re-look at your value proposition and form a revenue model 6. Columbia Business School On Day 3 6 Scale (expenses) 1. Operate in GZ until $50M 2. YZ when $100M 3. Establish corpus to sustain YZ We started with a very important customer interview (lasted 2 hours) that really blew our mind. We understood how a real HNW thinks and works. We also formed a revenue model (this was easy after so many finance classes). To which the teaching staff said: Now explain your business model on the canvas in this context 7. Columbia Business School By this time We had done a whole bunch of interviews We had done a whole bunch of presentations We even pitched a few people But it felt like we were looking at a complex problem 7 And the winning move, while there, wasnt really apparent 8. Columbia Business School On Day 4 8 We explained: We have been performing well against the market for the past 5 years (good and bad years), always over the best index We do deep fundamental analysis and only stick with good safe companies with good earnings And we are disciplined about how we invest. (We dont hesitate to pass.) OUR WINNING MOVE: Our disciplined market-beating investment process, and our 0% management fees that aligns YOUR (investor) interests with ours. 9. Columbia Business School On Day 5 9 Money Mgmt Current 2%- 20% We are 0%- 25% Value Investing Investments Portfolio Risk Brokerage Research Legal Regulatory Audit/Tax Core: Research Enabling: Legal/Audit/Tax Relationship with Cap Intro Key costs transactions, research, management Operational costs Taxes, Brokerage, Auditing, Legal and Bookkeeping Other costs Rental Space, Events Personal, direct, Not costly, but Cost-sensitive T2 individuals with at least $250K to invest Friends and family, classm ates Cap Introducer(rec ommend FA) Performance fees from investment profits of Friends and Family, Classmates T2 Individuals Investors acquired through Cap Introducer Cap Introducer as Distributor Friends and Family, Classmates Organized Events Focus on a specific segment of potential investors Friends, family , classmates T2 individuals with at least $250K to invest Your connections and network are your channels Our value proposition is not just our unique management fees It is also our Value Investing method 10. Columbia Business School And now We would like to invite you to learn more about us and invest with us Office hours One on one sessions (sign up sheet available) As many classmates suggest, we are happy to explain our investment process in more detail so you can make the winning move 10 Kumar Mani Pradeep Ramani Andrey Neeraj Kulkarni Menemshev & Sophia Mighty 11. Columbia Business School Those who inspired us, and showed us the way 11 And all of you! 12. Columbia Business School For the curious 12 The movie is the true story of real life US chess champion Josh Waitzkin. He found a real teacher in Bruce Pandolfini. Warren Buffett found his teacher in Ben Graham. We, Team 10, found our teacher in Bruce Greenwald and many other professors at Columbia Business School. But more important, we found our passion for value investing. This, as Bob said on Day 1, is our inner light. It is our real winning move. 13. Columbia Business School THANK YOU! 13 14. Columbia Business School APPENDIX Number of interviews: 12 + 10 + 11 + 13 + 16 + (14) scheduled = 76 Key Hypotheses: H1 HNW will directly invest (No, will invest after FA OK/s) H2 Everyone is just interested in money Insights: (1) Everyone wants better money management (2) Personal interactions, 1x1 Q&A is key to Get customers; returns necessary to Keep customers 14 15. Columbia Business School REVENUE MODEL $20M AUM (12%) In 2/20, Investor gets $1.52 With us (0/25) Investor gets $2M Our fee $400K 15 AUM ($M) Chart showing 7% returns