Past performance is no guarantee of future results. The compound annual growth rates (“Performance”) set forth in the preceding page are derived from a composite that represents 9 accounts with an aggregate market value of $103.0 Million in the Large Cap Growth strategy as of 12/31/18. Not all accounts managed in the Large Cap Growth strategy are included in the composite. The average and median account size of the accounts in the composite is $11.4 Million and $2.3 Million, respectively. The largest account is valued at $39.9 Million and the smallest account at $153.0 Thousand. The composite represents fully discretionary accounts managed for the full period under measurement. The composite began on 1/10/96. The standard deviation of the composite returns is 0.4%. Accounts in the composite are valued using trade date accounting and are time-weighted. The performance results include the reinvestment of dividends, interest, and/or capital gains as of the payment date. The performance results set forth are net of actual fees and actual transaction costs. All performance results are before taxes and custodial fees.