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*Compute the Geometric Time-Weighted) Average Return of the Churchill Growth Fund based following set of information: Year Q1 Calendar Year 2016 +3.55% +5.81% 2 -4.79%

*Compute the Geometric Time-Weighted) Average Return of the Churchill Growth Fund based following set of information: Year Q1 Calendar Year 2016 +3.55% +5.81% 2 -4.79% (3 +7.12% ry | Q4 Calendar Year 2017 +5.00% +4.36% +0.75% +11.44% [(ltr)*(1+r)

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