Portfolio Managers Performance

1. Past Performance is no guarantee of future results. We show past performance only as a record of historical returns and in no way suggest or indicate the possibility of future returns. Despite any successful performance posted by any of our managers, investing in the stock market does involve some element of risk and the possibility of loss. The performance of the manager's portfolio will vary from day to day in response to many factors. Stock values fluctuate in response to the activities of individual companies, as well as general market and economic conditions. You may have a gain or loss when you sell your shares. The securities of smaller, less well-known companies may be more volatile than those of larger companies. Foreign investments involve greater risks than those of U.S. investments.
   
   Charts
   
   
   1. Yearly Performance - The chart illustrates the performance achieved for the calendar years since January 1, 1993, or commencement of the managers operations (whichever is later) This chart is not intended to imply any future performance of the manager.
      
      
   2. Average annual returns - The chart illustrates the average yearly returns achieved by the manager. The periodic returns are calculated on a rolling basis as of the end of every calendar quarter.
   
   Some portfolios and/or managers reported performance might have sustained gains and losses due to the stock market volatility in certain sectors. Current performance may be lower or higher than the performance stated. Please contact Thomas Roulston III Investment Partners Inc. for current performance information.
   
   
2. All reported performance figures are given to us by the Portfolio Manager. We do not guarantee the accuracy of these numbers. Actual performance of an account will vary from the composite performance reported by the manager as described below. Performance figures presented by Thomas Roulston III Investment Partners Inc. are updated on a quarterly basis.
   
   
   1. Large Cap Growth - Performance is the asset weighted composite of all accounts using the specified strategy during the period..
      
      
   2. Large Cap Core - Performance calculated based on a model portfolio. The model is rebalanced to reflect equal weightings at the beginning of each calendar year. Client accounts are not typically rebalanced.
      
      
   3. Large Cap Value - Performance calculated based on a composite of accounts over $1 million.
      
      
   4. Mid Cap Growth – Performance calculated based on a model portfolio
      
   5. Mid Cap Core - All managed accounts are included in composite.
      
   6. Small Cap Growth- Performance calculated based on a composite that includes all tax-exempt portfolios managed on a discretionary basis, with a minimum account size of $5 million.
      
   7. Small Cap Core - From April 1997, all long only managed accounts are included in the composite. From June 2003, all Roulston Investment Partners managed accounts are included in the composite.
      
   8. International - Performance calculated based on a model portfolio
      
   9. Fixed Income - Composite is a time weighted rate of return, including capital appreciation and investment income. The returns reported are net of brokerage commissions.
      
   10. Real Estate - All accounts that investment manager holds full discretion over are included in composite
       
   11. Equity Income - All accounts that investment manager holds full discretion over are included in composite.
       
   12. Utilities - All accounts that investment manager holds full discretion over are included in composite.
       
   13. Hedge Fund of Funds - Product is a private placement fund. Performance is calculated based on net asset value.
       
       
       
3. The historical performance of our managers is calculated before representative fees are deducted and may include reinvested dividends as follows.
   
   
   1. Our managers performance that include reinvested dividends: Large Cap Value, Mid Cap Value, Small Cap Core, Equity Income, Large Cap Growth, Small Cap Growth & Fixed Income.
      
      
   2. Our managers performance that does not include reinvested dividends: Large Cap Core, International
      
      
4. The Sample Holdings are presented to illustrate the examples of the securities in which this manager may invest, and may not be representative of the manager's current or future investment decisions.



5. Portfolio characteristics are presented to illustrate the nature of a portfolio managed by a particular manager. Although calculated quarterly, market conditions and fluctuations in price and fundamental changes in the underlying securities, the characteristics of a portfolio may not be accurate. Please contact Thomas Roulston III Investment Partners Inc. to obtain more current portfolio characteristic data.



6. Performance numbers are presented both gross and net of fees. The gross performance numbers are obtained from the managers directly. The highest representative fee is then applied to the historical gross performance in order to calculate the historical performance net of fees. Net fees include all management and advisory fees. Transaction and custodial costs are not included in net performance figures.



7. Performance and information presented on the Trust Navigator website is updated at the end of every quarter. This process must be done after the quarter ends. In order to present the most accurate data available, the results of our updates may not be posted on the site immediately. If an update is needed more quickly, please contact Trust Navigator's research department..