Core Equity Composite:

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The Core Equity Composite results are time-weighted rates of return and are measured internally. The performance presented is the asset-weighted composite, which is calculated using beginning-of-period values and valued monthly. Prior to 2001 the performance was calculated quarterly. The composite reflects information from all similar core equity accounts and the equity portion of all similar balanced core equity accounts, all of which are managed on a discretionary basis with assets over $100,000. Weighted average market capitalization of the holdings in a typical core portfolio is similar to the Standard & Poor’s 500 Index (S&P 500). All composite results include reinvestment of dividends and interest.

Growth Composite:

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The Growth Equity Composite results are time-weighted rates of return and are measured internally. The performance presented is the asset-weighted composite, which is calculated using beginning-of-period values and valued monthly. Prior to 2001 performance was calculated quarterly. The composite reflects information from all similar growth equity accounts and the equity portion of all similar balanced growth equity accounts, all of which are managed on a discretionary basis with assets over $100,000. Weighted average market capitalization of the holdings in a typical growth portfolio is similar to the Russell 1000 Growth Index (Russell 1000 Growth). All composite results include reinvestment of dividends and interest.

Taxable Fixed Income Composite:

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The Taxable Fixed Income Composite results are time-weighted rates of return and are measured internally. The performance presented is the asset-weighted composite, which is calculated using beginning-of-period values and valued monthly. Prior to 2001 the performance was calculated quarterly. The composite reflects information from all similar taxable fixed income accounts and the taxable fixed income portion of all similar balanced fixed income accounts that are managed on a discretionary basis with assets over $250,000. Duration, credit quality, and sector weightings of the holdings in a typical taxable fixed income portfolio are similar to the Lehman Brothers Intermediate Government/Credit Total Return Index. All composite results include reinvestment of dividends and interest.

Non-Taxable Fixed Income Composite:

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The Non-Taxable Fixed Income Composite results are time-weighted rates of return and are measured internally. The performance presented is the asset-weighted composite, which is calculated using beginning-of-period values and valued monthly. Prior to 2001 performance was calculated quarterly. The composite reflects information from all similar non-taxable fixed income accounts and the non-taxable fixed income portion of balanced accounts, in each case managed on a discretionary basis with assets over $250,000. Duration, credit quality, and sector weightings of the holdings in a typical non-taxable fixed income portfolio are similar to the Lehman Brothers 5-year Municipal Bond Total Return Index. All composite results include reinvestment of dividends and interest.

Wrap Equity Composite:

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This composite contains all of the firm's equity discretionary wrap accounts. Patten and Patten’s definition of wrap for this composite includes accounts where the wrap agreement is between the firm and the custodian (the traditional scenario), as well as cases where the client has engaged in his or her own wrap agreement with the custodian, so that fees are bundled and there are no commissions attached to an individual trade. Essentially, this wrap composite contains all equity accounts where there is no commission attached to an individual trade, regardless of which parties initiated the agreement.

Wrap Taxable Fixed Income Composite:

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This composite contains all of the firm's taxable fixed income discretionary wrap accounts. Patten and Patten’s definition of wrap for this composite includes accounts where the wrap agreement is between the firm and the custodian (the traditional scenario), as well as cases where the client has engaged in his or her own wrap agreement with the custodian, so that fees are bundled and there are no commissions attached to an individual trade. Essentially, this wrap composite contains all taxable fixed income accounts where there is no commission attached to an individual trade, regardless of which parties initiated the agreement.

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