1. Northwood Investment Partners, LLC
www.northwoodip.com
info@northwoodip.com
206-395-4128
This presentation is for information
purposes only and does not
constitute an offering of securities.

2. Table of Contents
´ Our Edge 3
´ Firm Overview 4
´ Investment Performance 6
´ Investment Strategy 8
´ Why Special Situations 9
´ Investment Process 10
´ Risk Return Spectrum 13
´ Why it Works 14
´ Portfolio Composition 16
´ Investment Team 17
´ Compliance & Operations 20
´ How do we compare? 21
´ Disclosures 22
2

3. Our Edge
Experience
Fundamental Research
Partnership
´ Military Discipline
´ Business Operator Insights
´ Proven Investing Track Record
´ Bottoms up analysis
´ Graham and Dodd fundamentals
´ In depth intrinsic value analysis
´ Identify asymmetric risk return profiles
´ Deep relationships with narrow client base
´ Interests 100% aligned with clients
´ Manager single biggest investor
3

4. Firm Overview
´ Proven Track Record Since 2009
´ Founded in 2013
´ Investment Style:
• Concentrated Value
• Special Situations
´ Offices in Seattle and Denver
´ Registered in Washington and Colorado
´ 100% Employee Owned
• Veteran and Minority Owned
´ See Slide 22 for Disclosures
4

5. Investment Goal5
Performance
Asymmetric Returns
Risk Management
´ Beat the S&P 500 over 3 years
´ Average Upside/Downside Deviation > 1
´ Buy Below Intrinsic Value
´ Small Options Positions
´ Above industry average cash holdings
´ Actively Manage Portfolio Composition
Based on Market Valuation

6. Investment Performance
´ Annual Return(%) NWIP vs S&P500
´ Rolling Returns as of 9/30/16 (%)
´ Risk/Return Statistics
6
2016 (as of 9/30)* 4.07 7.84
2015* -15.67 1.40
2014 7.11 13.69
2013 111.59 32.39
2012 46.65 16.00
2011 22.95 2.11
2010 11.70 15.06
2009 (8/31 to 12/31) 11.69 10.00
Last 3 Months 5.21
1 Year 3.87
2 Year -8.05
Since Inception 347.44
Annualized Return (%) 23.56
Annualized Std Dev (%) 28.74
Downside Deviation (%) 13.35
Upside Deviation (%) 26.28
Maximum Drawdown (%) -25.04
Percent of Positive Months (%) 57.65
Sharpe Ratio** 0.82
*performance verification complete
through 9/30/16
**RFR = 0%

7. 0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
9/1/09
12/1/09
3/1/10
6/1/10
9/1/10
12/1/10
3/1/11
6/1/11
9/1/11
12/1/11
3/1/12
6/1/12
9/1/12
12/1/12
3/1/13
6/1/13
9/1/13
12/1/13
3/1/14
6/1/14
9/1/14
12/1/14
3/1/15
6/1/15
9/1/15
12/1/15
3/1/16
6/1/16
9/1/16
Composite S&P500
Northwood Composite vs. S&P500® Index7

8. Investment Strategy
´ Concentrated Value: We rely on fundamental analysis to determine intrinsic
value and then buy shares in companies for less with a margin of safety. We
look for undervalued companies to invest in common stock and, when
deemed appropriate, options or warrants.
´ Special Situations: We seek to invest in opportunities where there is change
taking place. Special situations are commonly identified as mergers &
acquisitions, bankruptcy proceedings or companies spinning off divisions.
´ Conviction: We observe that a limited number of high quality investment
ideas produce better long-term performance than a large number of
marginal investment ideas and we therefore strive to manage
concentrated portfolios of between 20 and 30 holdings.
´ Time Horizon: Most common stock investments are held with a timeline of
two to five years. Special situation investments are shorter term in nature and
usually held for less than one year.
8

9. Why Special Situations / Events9
Spinoffs
Mergers & Acquisitions
Regulatory Rulings
´ Unlocks Value: Parts > the whole
´ Unnatural Shareholder Base
´ Arbitrage Opportunities
´ Binary Outcomes
Options and warrants assume bell-curve valuation probabilities, so
discrete or binary events result in temporary but tradeable mispricing.

10. Investment Process10
´ Established and Trusted Value Screens
´ High Earnings Yield and High ROIC
´ Corporate Events Calendar
´ Calculate Intrinsic Value
´ Understand the business fundamentals
´ Look for dusty corners analysts ignore
´ Identify and categorize risk
´ Buy Below Intrinsic Value (Margin of Safety)
´ Position Sizing and Concentration
Multiple Inputs
Sort by Valuation
Identify & Manage Risk

11. Client Desires
Investors Are Looking For
´ Something different
´ Above average returns
´ Alpha in exchange for fees
´ Transparency
Northwood Investment Partners Offers
´ A niche strategy
´ 23% annualized returns (since 2009)
´ 2.4x the S&P 500 (since 2009)
´ Individually Managed Accounts
11

12. Northwood Investment Partners
Is…
´ Value Based
´ Alpha Driven
´ Concentrated
´ High Sortino Ratio
´ 3-5 Year time horizons
´ Designed to outperform
Is Not…
´ Mathematical or Quant Based
´ Black Box
´ Traditional Long/Short
´ Hedged Strategy
´ Standardized
´ Easy to replicate
12

13. Risk Return Spectrum13
Risk*
Annualized Return**
Treasuries
Gov Bonds
Small Cap
Large Cap
Northwood
Small Value
10%0% 25%
*As measured by volatility
**Source: http://www.raymondjames.com/

14. Why It Works
´ Size: Modest AUM allows us to be more Nimble
´ Client Base: Values above average returns
over volatility and fees
´ Institutional Constraints: Post-event mis-pricing triggers
inadvertent stop losses
´ Not following the herd is hard: We’re doing something different.
Sometimes you have to lean in the other direction for a long time
before Mr. Market prices things correctly. Most investors don’t have
the conviction to wait it out - we do.
14

15. Why It Appears "Volatile"
´ Upside volatility is greater than downside volatility
´ Special Situations cause Market Confusion:
´ Spin-offs: Early trading is characterized by supply and demand mispricings
´ M&A Arbitrage: The binary outcome causes step movements in equity pricing
´ Wide bid/ask spreads result in unfavorable mark to market
´ Value can be inherently volatile – investing in out of favor companies
´ Example:
´ Dean Foods spinoff of WhiteWave in 2013 using DF 21SEP13 20.0 C
´ Day 1: Pre-spin Buy on 5/23/13: $1.48 per contract
´ Day 38: Post-spin on 6/30/13: Marked to market at 0.89 (-40%)
´ Day 71: Final Sale on 8/2/13: $3.03 per contract (+104% profit)
15

16. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1'09
Q2'09
Q1'10
Q2'10
Q3'10
Q4'10
Q1'11
Q2'11
Q3'11
Q4'11
Q1'12
Q2'12
Q3'12
Q4'12
Q1'13
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Q4'14
Q1'15
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16
Q3'16
Equities Cash Options
Portfolio Composition16
*values in chart are averaged quarterly data
Options
• Opportunistic
• < 1 Year
Cash
• Reduces Volatility
• Dry Powder
Equities
• 50 to 80%
• Value Style
• > 1 Year

17. Investment Team
´ Frederick W. Myers
Portfolio Management, Research, Chief Compliance Officer
• United States Naval Academy, Bachelors of Science Economics
• UCLA Anderson School, MBA Accounting & Finance
• Russell Investments, Derivative Overlay Services, Associate Portfolio Manager
• AREVA, Corporate Development, M&A Manager
• Sempra Energy, Treasury & Finance
• Booz Allen Hamilton, Senior Consultant
• US Navy, Nuclear Submarine Officer
´ Bo A. Bergstrom
Research, Marketing, Client Service
• United States Naval Academy, Bachelors of Science History
• Indiana University, Kelley School of Business, MBA
• Sondermind, Head of Growth
• Uvize, Inc., Chief Operation Officer
• Occipital Inc., Operations & Business Development Manager
• Name.com, Product Manager & VP of Marketing
• United States Marine Corps Officer
17

18. Our Story
We started with a simple idea…
´ There are a handful of great investment managers that we don’t
have access to, so let’s use their philosophies and provide this
service to a wider investor community.
´ Many of these managers are inaccessible, not accepting new
investors and the ones who are require very large minimum
investments. What remains are a mishmash of subpar investment
products marketed to the masses. These products are part of a large
sales machine and are conceived to gather assets on a massive
scale. Interests are misaligned, investors are rarely treated well, and
fees are usually hidden in fine print or nondescript terms.
´ We are attempting to mimic the great investment managers that
are doing right by their clients while offering these services to
common investors.
18

19. Investment Operations
´ Separately Managed Accounts
• Clients have access to account at all times
• Quarterly letter from the portfolio manager
´ Interactive Brokers used as advisor platform
• Clients have unique username and password to log in at any time
• Highly transparent – they can see account trades and holdings
• Receive quarterly statements directly from Interactive Brokers
´ Established and Repeatable Investment Process
• Value Screens and Special situations calendars as idea generation
• Fundamental Analyses identifies undervalued opportunities
• Cash + equities + options and warrants provide a unique risk/reward profile
19

20. Compliance and Operations –
Militarily Disciplined Approach
20
Chief Compliance Officer
´ Previous Financial Industry Experience
´ Checklist Driven Processes
Client Operations
´ Double Authentication for all withdrawals
´ 100% transparency at the custodian
Infrastructure
´ Interactive Brokers Advisor Platform
´ Cloud hosting for business continuity
´ Third Party Performance Verification

21. How do we compare?
EurekaHedge rankings
BarclayHedge rankings
21

22. Disclosures
1. Northwood Investment Partners, LLC (“NWIP”) is an independent registered investment advisor registered in the states of Washington and Colorado and
established in 2013. NWIP manages primarily equity portfolios using value investing principles mainly for high net worth individuals and institutions. Please
contact Frederick Myers at Northwood Investment Partners (206-395-4128) for additional information regarding a complete list and description of all firm
composites and/or policies for valuing portfolios, calculating performance, and preparing compliant presentations.
2. Performance of accounts managed by Northwood Investment Partners, LLC and Frederick Myers have been verified by Demetrius Berkower LLC from
September 1, 2009 through July 31, 2015. A copy of the investment performance examination is available upon request. The Northwood Investment Partners,
LLC composite presented contains all accounts managed by the firm since formation in 2013 and all accounts managed by Frederick Myers prior to
formation of the firm. Returns of less than one year are not annualized. No fees were charged on accounts managed prior to 2013. Returns shown are net of
fees starting in the third quarter of 2013.
3. Investing in securities always carries the risk of potential loss of investment principal. Past performance is not indicative of future results. Your results will vary.
Account returns may be higher or lower than composite returns due to differences in holdings, timing of transactions, and account inception date. As the
client base changes, the composite may change, making comparisons over time less meaningful. The investment return and principal value of an
investment will fluctuate so that an investor's account may be worth more or less than their original investment.
4. The S&P 500® return is inclusive of dividends and can be found at www.spindices.com. This index is used as a benchmark because it is a world-renowned
index including 500 leading companies in the U.S. economy. While the S&P 500® focuses on the large-capitalization segment of the market, with a majority
coverage of U.S. equities, it is also a relevant proxy for the total market. Furthermore, investing in an index fund tracking the S&P 500® is relatively
straightforward for the average investor. S&P 500® is a trademark of The McGraw-Hill Companies, Inc.
5. The positions, trading criteria, trading period, trading dates, execution of trades, use of leverage, use of derivatives, fees and expenses and other criteria
of the composite portfolio may not be the same as those of other investor's accounts, the performance of other investor's accounts may not be comparable
to that of the composite portfolio. Investors are cautioned to avoid drawing conclusions about the performance of their own accounts based on the
performance of the composite portfolio.
6. Minimum account size is $100,000. Fees vary based on qualified client status.
22