Net of Fees Performance of Grisanti Brown & Partners’ Large Cap Value Composite^*

The Large Cap Value Composite includes all accounts that are (1) fully discretionary, (2) managed in the large cap value strategy, (3) mandated to be fully invested in equities, (4) tax-exempt and (5) over $5,000,000 in total assets. Prior to 2002, the Composite also included certain taxable accounts that the firm had authority to manage without regard to tax consequences and there was no minimum asset level. The inception date for data in the Large Cap Value Composite is January 1998. Information for the period from January 1, 1998 through June 30, 1999 (when the firm commenced operations) is from a prior advisory business. The firm’s original four portfolio managers were primarily responsible for achieving the prior performance results, using substantially similar investment policies and strategies as those subsequently used by the firm. 

Performance for the Large Cap Value Composite reflects the deduction of transaction costs, reinvestment of dividends and other earnings but not actual withholding taxes, if any. Also reflected is the deduction of the annual advisory fee paid to GB&P. Beginning July 1, 2001 net returns are calculated by deducting the actual investment management fee when paid. Prior to this date, net returns were calculated on an accrual basis by using the highest possible investment management fee of 1% annually. GB&P’s advisory fees are described in Part II of its Form ADV. The Composite’s benchmarks, the S&P 500 Index and the Russell 1000® Value Index, include the reinvestment of income but do not include any transaction costs, management fees or other costs.

A complete list and description of the firm’s composites and additional information regarding policies for calculating and reporting returns are available upon request.

Past performance is no guarantee of future results. As with any investment vehicle, there is always the potential for gains as well as the possibility of losses.