• The U.S. Dollar is the currency used to express performance.   Returns are presented gross and net of management fees and include the reinvestment of all income.   Investment advisory fees and other expenses that may be incurred in the management of all accounts will reduce gross returns.   A fee schedule is an integral part of a complete presentation and is described in Part II of our ADV, which is available upon request.   Actual investment advisory fees incurred by clients may vary.   The management fee schedule is as follows:

1.00% on the first $5,000,000

0.70% on the next $20,000,000

0.60% on the next $25,000,000

0.50% on the next $50,000,000

0.40% on amount over $100,000,000

• Results are based on fully discretionary portfolios under management with similar investment characteristics, including those accounts no longer with the firm.   Beginning July 1, 2004 the minimum account size for this composite is $1 million.   Prior to July 1, 2004 there was no account minimum.   A complete list and description of all performance composites is available upon request.

• The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.   Additional information regarding policies for calculating and reporting returns is available upon request.

• Prior to January 1, 2001, balanced portfolio segments were included in this composite and cash was allocated to the carve-out segment returns on a pro rata basis, based upon the proportion of equity to fixed income assets in each portfolio.

• The Russell 1000® Growth Index is a trademark/service mark of the Frank Russell Company.   Russell® is a trademark of the Frank Russell Company.   Performance values for the Russell 1000® Growth Index are provided by the Frank Russell Company.   Sources of additional benchmark returns are available upon request.

• Past performance is not indicative of future results.

 

1.00% on the first $10,000,000

0.85% on the next $15,000,000

0.75% on the next $25,000,000

0.70% on the next $50,000,000

0.60% on amount over $100,000,000

 

• Results are based on fully discretionary portfolios under management with similar investment characteristics, including those accounts no longer with the firm.   Beginning April 1, 2005, the minimum account size for inclusion in this composite is $100 thousand.   A complete list and description of all performance composites is available upon request.

• Non-fee paying accounts make up 100% of the composite assets for the period January 1, 2001 through September 30, 2004.   For the period October 1, 2004 through June 30, 2005, the non-fee paying accounts make up 9% of the composite assets.   The non-fee paying accounts make up 5% of the composite assets beginning third quarter 2005 through first quarter 2006.   Beginning second quarter 2006 the non-fee paying accounts make up 3% of the composite assets.   The non-fee paying accounts included in this composite consist of money invested by the principals of Holt-Smith Advisors.   Net-of-fee performance was calculated by applying the highest management fee of 100 basis points, as described in the firm’s fee schedule shown above.

• The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.   Additional information regarding policies for calculating and reporting returns is available upon request.

• The Russell Midcap® and Russell Midcap® Growth Index are trademark/service marks of the Frank Russell Company.   Russell® is a trademark of the Frank Russell Company.   Performance values for the Russell Midcap® and Russell Midcap® Growth Index are provided by the Frank Russell Company.   Sources of additional benchmark returns are available upon request.

• Past performance is not indicative of future results.