List of Firm Composites

Pillar Point Large Cap Equity Composite

The Large Cap Equity Composite includes all discretionary accounts invested in diversified portfolios of large capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective. The portfolios are generally fully invested. Large capitalization equities are those with a market capitalization generally greater than $10 billion at the time of purchase.
Start date: 9/1/1993 Composite created: 12/95

Pillar Point Large Cap Value Equity Composite

The Large Cap Value Equity Composite includes all discretionary accounts invested in diversified portfolios of large capitalization value equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective. The portfolios are generally fully invested. Large capitalization value equities generally are those with a market capitalization greater than $5 billion at the time of purchase, and with P/E and P/B ratios less than the market averages.
Start date: 4/1/1999 Composite created: 5/99

Pillar Point Mid Cap Equity Composite

The Mid Cap Equity Composite includes all discretionary accounts invested in diversified portfolios of medium capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective. The portfolios are generally fully invested. Medium capitalization equities are those with a market capitalization generally greater than $2 billion but less than $10 billion at the time of purchase.
Start date: 7/1/1994 Composite created: 12/95

Pillar Point Small Cap Equity Composite

The Small Cap Equity Composite includes all discretionary accounts invested in diversified portfolios of small capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective. The portfolios are generally fully invested. Small capitalization equities are those with a market capitalization generally greater than $100 million but less than $2 billion at the time of purchase.
Start date: 9/1/1993 Composite created: 12/95

Pillar Point All Cap Equity Composite

The All Cap Equity Composite is a combination of the Large Cap Equity Composite, the Mid Cap Equity Composite and the Small Cap Equity Composite, with the allocation to capitalization range per client guidelines. Beginning 1999, the allocation is 60% Large Cap, 20% Mid Cap and 20% Small Cap; prior to 1999, the allocation is 50% Large Cap, 25% Mid Cap and 25% Small Cap. All allocation targets have a range of /-3%. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective.
Start date: 9/1/1993 Composite created: 03/08

Pillar Point Small Cap Equity – Tax-Exempt Investors Composite

The Small Cap Equity – Tax Exempt Investors Composite includes all discretionary, tax-exempt accounts invested in diversified portfolios of small capitalization equity securities. The accounts have an objective of maximizing total return, with few tax or other constraints that would impede this objective. The portfolios are generally fully invested. Small capitalization equities are those with a market capitalization generally greater than $100 million but less than $2 billion at the time of purchase.
Start date: 9/1/1998 Composite created: 02/98

Private Client Equity Composite

The Private Client Equity Composite includes all discretionary accounts of individuals whose primary objective is maximizing total returns from equity investments. Assets are allocated 80-100% equities and 0-20% cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 6/1/99 Composite created: 4/08

Private Client Growth Composite

The Private Client Growth Composite includes all discretionary accounts of individuals whose objective is growing the market value of the portfolio over the long term rather than in current income. Assets are allocated 60-80% equities, 20-40% fixed income and 0-20% cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy..
Start date: 6/1/99 Composite created: 6/08

Private Client Enhanced Balanced Composite

The Private Client Enhanced Balanced Composite includes all discretionary accounts of individuals whose objective is a balanced portfolio that provides more emphasis on growth of principal than income. Assets are allocated 50-70% equities, 30-50% fixed income and 0-20% cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 6/1/99 End Date: 9/30/02 2nd Start Date: 8/1/04 Composite created: 6/08

Private Client Balanced Composite

The Private Client Balanced Composite includes all discretionary accounts of individuals whose objective is a balanced portfolio that may provide more growth than income. Assets are allocated 40-60% equities, 40-60% fixed income and 0-20% cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 6/1/99 Composite created: 6/08

Private Client Income and Growth Composite

The Private Client Income and Growth Composite includes all discretionary accounts of individuals whose objective is to generate current income with modest growth of principal. Assets are allocated 20-40% equities, 60-80% fixed income and 0-20% cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 10/1/00 End Date: 4/30/01 2nd Start Date: 9/1/04 Composite created: 6/08

Private Client Income Composite

The Private Client Income Composite includes all discretionary accounts of individuals whose objective is to generate current income, forgoing growth of principal. Assets are allocated 0-20% equities, 80-100% fixed income and 0-20% cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 10/1/02 Composite created: 6/08

Private Client Stability of Principal Composite

The Private Client Stability of Principal Composite includes all discretionary accounts of individuals whose sole objective is to preserve principal. Assets are allocated 50-100% short term fixed income and 0-50% in cash equivalents. While accounts may have client-imposed restrictions (for example related to minimizing capital gain taxes or providing for cash withdrawals), such constraints do not significantly hinder the implementation of the strategy.
Start date: 1/1/08 Composite created: 6/08

Notes:
1. Accounts must be fee-paying and discretionary to be included in a composite.
2. Accounts will be included in a composite as of the first full month under management. Accounts will be removed from a composite at the end of the last full month under management.