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Investment Approach

Trovare's approach to investing is guided by a belief in focusing on certain proven core competencies, among them:

Rigorous Due Diligence
Trovare is known throughout the financial community for the rigor of its due diligence process in everything it does. Senior members of the firm participate in Trovare's investment committees, chaired by the firm's President and CEO, in which every investment made by any of the firm's investment businesses is reviewed regularly and subjected to rigorous analysis and discussion.

Disciplined, Value-Oriented Investment Approach
Trovare's analysis of any investment opportunity is underpinned by rigorous due diligence and an intensely analytical focus on value. Trovare believes that this disciplined, value-oriented approach will always serve investors well in the pursuit of investment opportunities, even in an environment which may have flat or contracting valuation multiples over the holding period of an investment.

Focus on Out-of-Favor/Under-Appreciated Assets Industries
Trovare does not base investment decisions on swings in conventional wisdom about the attractiveness of assets and industries. The firm will invest in good companies even when the industry may be perceived to be out-of-favor with the markets.

Recognizing Value
Trovare's strength lies in finding and recognizing hidden value that others do not see and structuring transactions creatively to extract and realize that value. The firm evaluates a substantial number of investments each year, but pursues only a small percentage, representing the highest potential opportunities.

Execution
Trovare creates value over time, through a combination of superior strategy and execution, coupled with an effective partnership among a company's owners, managers and employees.

Relationships
Trovare provides a strong network of value-adding relationships across various industries. The firm achieves this through cooperative relationships with major commercial banks and financial institutions, and through various corporate contacts. Significant equity ownership by management is critical to establishing common objectives and creating value.

Corporate Partnerships
Trovare believes that it has a distinct competitive advantage in partnering with leading companies around the country to invest in attractive situations. The firm has a strong market presence in working with corporate partners to help them achieve strategic and financial objectives, such as joint acquisitions, asset monetization, compliance with regulatory requirements, and growth capital. This expertise has allowed Trovare to generate attractive, proprietary deal flow for its investors and to secure ongoing operating, financial, and other advantages provided by industry-leading corporate partners.

A Commitment to Active Portfolio Management
The Private Equity Group takes an active role in monitoring and supporting enhancement of equity value for its portfolio company investments. In recognition of the importance of initiating and supporting post-acquisition programs to enhance portfolio company value, the Group has a dedicated Senior Officer who is responsible for monitoring the strategic, operational, and financial performance of Trovare's portfolio investments. All Private Equity professionals participate in regular portfolio company reviews utilizing key operating and financial performance metrics reported on Trovare's Private Equity Financial Reporting System and Operational Dashboards. The Private Equity Group also engages former successful CEOs to act as senior operating advisors and board members assisting senior management in achieving their operational objectives. The Group holds an annual CEO Summit to share best practices, and facilitate dialogue on the challenges facing portfolio company senior management teams. In addition, the Group leverages the considerable scale of its collective investments by seeking to support and achieve productivity gains in purchasing and other functional areas for the benefit of individual portfolio companies.