Intelligent Systems Investor Presentation — September 2021

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PARTNERS III OPPORTUNITY FUNDThe Partners III Opportunity Fund’s Institutional Class returned -0.06% in the third quarter compared to +0.58% for the S&P 500 and -0.10% for the

Russell 3000. Year-to-date, the Fund’s Institutional Class has returned +11.44% compared to +15.92% for the S&P 500 and +14.99% for the Russell

Government stimulus (both fiscal and monetary) has inflated asset prices in the stock and bond markets for some time. These pandemic

interventions have helped put the U.S. economy back on track, but they have also suppressed interest rates and increased equity valuations. The

result has been very strong stock market performance, but we suspect this performance has been driven by pulling forward future investment

returns – in other words, “borrowing” returns from the future. Today, while the recovery continues, investors are left to wrestle with issues like

rising inflation, supply chain shortages and, eventually, a “less accommodative” monetary policy, just to name a few. Such quandaries gave

markets pause in the third quarter, breaking a streak of strong quarterly results off the March 2020 pandemic low.

Our nearly unchanged result this quarter was reminiscent of a balanced scale, with two or three weights on each plate (our top contributors and

detractors) practically leveling both sides of the scale. Returns for the bulk of our portfolio were within a narrow band hugging either side of zero,

with relatively few securities delivering outsized positive or negative results. As for contributors – Intelligent Systems (INS) clawed back all of its

declines from the first half of the year as the company explained to investors that the rapid adoption of “Buy

Now, Pay Later” (BNPL) payment options would not disrupt the company’s CoreCard payment software

opportunities. Insurance brokerage Aon’s shares also rallied in the wake of their abandoned merger with

Willis Tower Watson. Walking away from the deal removed the uncertainty of a potentially protracted court

battle and refocused investors on Aon’s attractive standalone prospects. Liberty Global shares also rallied

as investors cheered management’s sale of the company’s operations in Poland as well as its commitment to

repurchase 10% of shares outstanding annually through 2023. Finally, Google parent Alphabet continued its

terrific 2021 as the digital advertising giant shows no sign of slowing.

On the other side of the scale, Dun & Bradstreet was the Fund’s top quarterly detractor. In our first quarter

commentary, we introduced Dun & Bradstreet to the portfolio and described some of the actions already

taken to improve its operations and enhance the value delivered to customers. We remain confident in