Ci f Mi i G l E l &CityofMiamiGeneralEmployees&SanitationEmployeesRetirementTrust

April18,2012

AnneMaffei AdrianMeli212 293 4018

EAGLECAPITALMANAGEMENT499PARKAVENUENEWYORKNY10022

2122934007amaffei@eaglecap.com

2122934018ameli@eaglecap.com

FIRMBACKGROUND

Foundedin1988*byRavenelandBethCurry

SinglestrategyEagleEquityportfolio;longonly

Separateaccountstructureforallaccounts

$12.4BillioninAssetsUnderManagement

Over80%Institutional

100%Employeeowned

DiverseTeamof26SeasonedProfessionals

SevenMemberPortfolioManagementTeamwithLowTurnover

PAGE2*In1995,theorganizationalstructureofthefirmwaschangedtoaLimitedLiabilityCompany(LLC).

AssetsUnderManagementasofMarch31,2012

ORGANIZATION

OPERATIONS INVESTMENTTEAM CLIENTSERVICE

AngelaJacobs AdrianMeli AnneMaffei

RavenelCurryManagingPrincipal/ChiefInvestmentOfficer

g JPortfolioAdministrationAssociate ResearchAnalyst

EvaVenturasAnitaPappas AlecHenry

PortfolioAdministrator ResearchAnalyst GaryMueller

AnnWiderka ElizabethCurry JohnHolmanP tf li Ad i i t t /C li R h A l t/T dPortfolioAdministrator/Compliance ResearchAnalyst/Trader

JohnJohnsonChristineLynch FaisalAhmad

PortfolioAdministrator ResearchAssociate MichaelBruno

ChristopherLewis JamesVarley RebeccaNorman,CFAChiefComplianceOfficer Traderp

ElizaChoo MaryKush,CPAPortfolioAdministrator ResearchAnalyst

JanaRoberts R.BoykinCurryPortfolioAdministrator ResearchAnalyst

NannetteRacetteAguayo RichardOng,CFADirectorofOperations ResearchAnalyst

MaryAliceDeeringAdministrator

PAGE3

MichaelBrandPortfolioAdministrator

MiriamSchatzAccounting/Benefits/Compliance

FIRMOWNERSHIP /TEAMTURNOVER

E l C it l i

Name Area Ownership%RavenelCurry PortfolioManager

>50%ElizabethCurry Research

EagleCapitalis100%employeeowned

RichardOng Research

EAGLEEQUITYCOMPOSITEPERFORMANCE

Periods Ending 3/31/12, Gross of Fees

R ll 1000EagleCapital S&P500

Russell1000Value

Q12012 10.2% 12.6% 11.1%

OneYear 8.0% 8.5% 4.8%

AnnualizedReturns:

ThreeYears 26.6% 23.4% 22.8%

FiveYears 6.4% 2.0% 0.8%

SevenYears 7.6% 4.7% 3.5%

TenYears 9.4% 4.1% 4.6%

SinceInception(12/1988) 14.8% 9.6% 9.8%

CumulativeSinceInception 2386% 744% 775%

PAGE5

Returnsarepreliminary.FEES: Feesare1.00%onthefirst$5MMand0.75%forassetsover$5MM.Accountminimumis$5MM.Separateaccountstructureforallaccounts.Formoredetailedfootnotes,pleaseseelastpageofthispresentation.

INVESTMENTMANAGEMENTTEAM

RAVENELB.CURRYIIIRavenelisafounderandthechiefinvestmentofficerofEagleCapitalManagement,LLC.FormerlyapartneratH.C.Wainwright andtheportfoliomanagerofth D k E d t R l b hi i t t i 1967 it l t t M G t T t C H i d hi B h l f

EXPERIENCETOTALEAGLE

theDukeEndowment,Ravenelbeganhisinvestmentcareerin1967asasecurityanalystatMorganGuarantyTrustCompany.HereceivedhisBachelorofArtsdegreefromFurmanUniversityandanM.B.A.fromtheUniversityofVirginia.RavenelisatrusteeoftheAmericanEnterpriseInstituteforPublicPolicyResearch,theManhattanInstitute,theNewYorkHallofScience,theNewYorkHistoricalSociety,andtheDukeEndowment.RavenelisaformertrusteeofFurmanUniversityandtheformerchairmanoftheNewJerseyHigherEducationAssistanceAuthority.

43 23

ELIZABETHR.CURRYAfounderofEagleCapitalManagement,Bethisaseniorresearchanalystandalsoparticipatesinthefirmstradingfunction.ShewasformerlyasecuritiesanalystandequitiestraderatSummitBancorp.BethreceivedherBachelorofArtsdegree,cumlaude,andanM.B.A.fromQueensUniversityofCharlotte.Beth is a director of the Hyde and Watson Foundation and a trustee of Queens University of Charlotte

25 23

BethisadirectoroftheHydeandWatsonFoundationandatrusteeofQueensUniversityofCharlotte.

RICHARDR.ONG,CFARichardisaseniorresearchanalyst.HewasaprincipalatMcCowanAssociates,theformerInvestmentManagementServicesdivisionofGoldman,Sachs&Co.Richardwasananalystandservedontheinvestmentcommittee.HeworkedinbiomedicalresearchattheUniversityofCalifornia,theSanFranciscoMedicalCenterandtheNewYorkUniversityMedicalCenter.RichardreceivedhisBachelorofArtsdegreeinChemistryfromPrincetonUniversityandanM.B.A.fromColumbiaUniversity.HeholdstheCharteredFinancialAnalystdesignation.

26 14

MARYA.KUSH,CPAMaryisaseniorresearchanalyst.ShejoinedEagleCapitalafter10yearsinpublicaccountingandisaCertifiedPublicAccountant.Previously,shewaswithU.S.TrustCompanyofNewYorkandYohalemGillman&Company.MaryreceivedherBachelorofSciencedegreeinAccountingfrom LehighUniversityandanM.B.A.andM.S.intaxationfromFordhamUniversity.ShewasthecenterfortheLehighUniversityWomensBasketballTeam andwasselectedconferenceRookieoftheYear.

13 13

R.BOYKINCURRYIVBoykinisaseniorresearchanalyst.FormerlyaportfoliomanageratKingdon Capital,BoykinbeganhisinvestmentcareeratMillerAnderson&Sherrerd.AtMillerAnderson&Sherrerd/MorganStanleyAssetManagement,hemanagedanemergingmarketsfundandcorananinternationalequityfund.Priortob i h l h t t lt t t B i & C B ki d t d f Y l U i it ith d i E i d d hi M B A

18 10businessschool,hewasastrategyconsultantatBain&Company.BoykingraduatedfromYaleUniversitywithadegreeinEconomicsandearnedhisM.B.A.atHarvardBusinessSchool.HeisafoundingboardmemberofPublicPrep,whichopenscharterschoolsforchildreninNewYorkCity.

ADRIANV.MELIAdrianisaseniorresearchanalyst.HewasformerlyapartneratFarleyCapital,avalueorientedinvestmentpartnership.AdriangraduatedmagnacumlaudeandPhiBetaKappawithaBachelorofArtsdegreeinEconomicsandPsychologyfromWilliamsCollege.

9 3

ALECJ.HENRYAlecisaseniorresearchanalyst. HewasformerlytheDirectorofResearchatCorsairCapitalManagement. PriortojoiningCorsair,Alecworkedincorporate 8 1y y p g j g , pstrategyatStarwoodHotelsandwasastrategyconsultantatMercerManagementConsulting.AlecreceivedhisBachelorofScience inCommercewithaconcentrationinFinancefromtheMcIntireSchoolofCommerceattheUniversityofVirginia.HehasearnedtheCharteredFinancialAnalystdesignation.

8 1

PAGE6

CLIENTSERVICETEAM

JOHNW.HOLMANIIIManagingDirectorJohnhas17yearsofinvestmentexperience,includingtwoyearsasaseniorresearchanalystatEagle.Previously,hewasaportfoliomanagerandanalystatHHRAssetManagement,andananalystatWarburgPincus Counsellors andBarker,Lee&Co.JohnreceivedhisBachelorofArtsdegreeith h i E li h f W l U i it H i di t f th H d d W t F d ti d di t f G t P bli hi H iwithhonorsinEnglishfromWesleyanUniversity.HeisadirectoroftheHydeandWatsonFoundationandadirectorofGrantsPublishing.Heisa

trusteeofThePingry SchoolandatrusteeemeritusofTheWinstonSchool.

M.JOHNJOHNSONManagingDirectorPriortojoiningEagle,JohnwasresponsibleforbusinessdevelopmentandclientserviceforSpears,Benzak,SalomonandFarrell (nowVictoryCapitalManagement).HebeganhisfinancialcareerwithConnecticutGeneral(nowCIGNA)in1977andwentontoformhisownfinancial servicescompany.JohngraduatedfromPrincetonUniversitywithaBachelorofArtsdegree.HeresidesinNorthernWestchestercountywithhiswife andfamily.

ANNEMAFFEIManagingDirector

Alwaysavailabletodiscussportfolioandinvestmentthinking

g gPriortoEagleCapital,AnnewasthePresidentandChiefExecutiveOfficerofVistaResearch,aleadingexpertnetworkingresearchfirmandcoFounder/ManagingDirectoroftheCedarStreetGroup,aventurecapitalfirmfocusingontechnology,travel,consumerproducts, andretailtechnology.Herpriorexperienceisininvestmentbanking(GoldmanSachsandJPMorgan)andcorporatedevelopment(Johnson&Johnsonandpriceline.com).AnnereceivedherBachelorofArtsdegreefromWellesleyCollegeandanM.B.AfromHarvardUniversity.AnneistheChairmanoftheBoardofTheMoth,anonprofitorganizationinNewYorkCityandaformerBoardMemberofInvestorside.

GARYMUELLERManagingDirectorPriortojoiningEagleCapital,GarywasChairmanandCEOofInstitutionalInvestor,Inc.,wherehemanaged900people.Hewasfounder,Chairman

212.293.4040

QUARTERLYREPORTINGLettertoinvestors,appraisal,performancereport

andCEOofISIEmergingMarkets,aleadingdataandinformationcompanythathas550employeesinofficesin30countries.He foundedISIin1994andleditsprofitablegrowthuntil2010.GaryreceivedhisBachelorofArtsandM.B.A.fromHarvardUniversity.HewasaFulbrightScholarattheUniversityofFrankfurtinGermany.HeteachesatHarvardUniversity,whereheisalsoontheBoardofAdvisorsoftheRockCenterforEntrepreneurship.

MICHAELBRUNO AssociatePriortojoiningEagleCapital,MichaelwasaSeniorRFPAssociateforAllianceBernstein,L.P.,wherehewasresponsibleforcoordinatingtheresponsestofixedincomerequestsforinformationandclientduediligencequestionnaires.MichaelgraduatedSummaCumLaude fromLafayetteCollege receiving his Bachelor of Arts degree in English and Economics & Business Michael is also a member of Phi Beta Kappa

MONTHLYELECTRONICREPORTINGProvidedatclientrequest

ADHOCCollege,receivinghisBachelorofArtsdegreeinEnglishandEconomics&Business.MichaelisalsoamemberofPhiBetaKappa.

REBECCANORMAN,CFA AssociatePriortojoiningEagleCapital,RebeccawasaPortfolioAnalystintheRiskManagementgroupatWellsCapitalManagement,wheresheevaluatedtheriskandreturncharacteristicsofinvestmentproducts.ShebeganhercareerwithSterlingCapitalManagementasaPerformanceAnalyst.RebeccareceivedherBachelorofArtsdegreewithhonorsinBusinessAdministrationfromFurmanUniversity.SheholdstheCharteredFinancialAnalystdesignation.

STEPHANIEEVAVENTURAS Associate

A OINFORMATIONANDANALYSISProvidedatclientrequest

PriortojoiningEagleCapital,EvaworkedontheMarketing&ClientServiceteamatCramerRosenthalMcGlynn,LLCwhereshewasresponsibleforclientandadvisorreviews,andnewbusinessproposals.EvareceivedherBachelorofArtsdegreefromColgateUniversity.ConcentratinginInternationalRelationsandInterdisciplinaryWriting,sheenjoyedherconsultingpositionintheUniversityWritingCenter.Eva isamemberoftheCarnegieNewLeadersprogramoftheCarnegieCouncil,TheVoiceforEthicsinInternationalAffairs.

PAGE7

PHILOSOPHY/COMPETITIVEEDGE

InvestmentPhilosophy: Buyundervaluedcompanieswithunrecognizedgrowthpotentialy p g g p

Seekstocksthatareinexpensiverelativetoboththeircoreearningspowerandtheirlongtermprospects

Minimizerisk RiskisGreatestwhenAgreementisGreatestAvoidhighexpectationstockswherethereisariskofapermanentlossofcapital

CompetitiveEdge: Longterminvestmenthorizonallowsustofindgreatopportunitiesinwhichmany

investorscantorwontinvest

Superiorjudgmentappliedtointenseoriginalresearch RigorplusPatience

Focusedportfolioofour25 35bestideas;wetypicallyaddfivenewpositions/year

Strong relationships with company management derived from diligence and longStrongrelationshipswithcompanymanagementderivedfromdiligenceandlongtermperspective

Teamapproachtoresearch differentperspectives,insightsandexpertisefactorintoportfoliodecisions

PAGE8

Compensationstructurethatisalignedwithourclientsinterests

EAGLESEEKSBOTHVALUEANDGROWTH

PHENOMENATHATCANCREATESHORTTERM BUYING OPPORTUNITY:

CHANGESTHATCANDRIVEANEWSOURCE OF LONGTERM VALUE:

Accountingunderstateseconomicreality

Headlinerisk

Newmanagement

Expandinggeographicalmarkets

Productextensions

SHORT TERMBUYINGOPPORTUNITY: SOURCEOFLONG TERMVALUE:

Cyclicaldownturn

Guiltbyassociation

Companymanagestolongtermvalueratherthanquarterlyearnings

Differentuseoftechnology

Changingindustrydynamic

Inflectionpoints(costbenefittippingpoint,change

Orphans(spinoffs,value/growthtransition,fuzzyassetclassification,etc.)

Unsustainablepressures

Sectorwidepressure(inputpricesup,

pp g p , gincapexneeds)

Platformsthatcanbeleveraged

Seculartrends

p ( p p p,expensivenewregulations,etc.)

EAGLEREQUIRESUNDERVALUATION

PAGE9

UNDERVALUATIONAND

LONGTERMGROWTHPOTENTIAL

INVESTMENTPROCESS

INTERESTINGSTOCKS /

BUY,HOLDORSELL DECISION

TEST,REFINEANDFINALIZEINVESTMENT THESIS

TRANSACT5 10 STOCKS / YEARSTOCKS/

INVESTMENTTHESIS100 200STOCKS/YEAR

SOURCEOFIDEAS:managementdiscussions,industry conferences articles

SELLDECISION510STOCKS/YEAR

BUY: teamagreesoninvestmentthesisandvaluation

INVESTMENTTHESIS25 50STOCKS/YEAR

VALUEFLOOR: usemultiplevaluationmethodologies/approachestoensureinvestment on its own will generate sufficient

510STOCKS/YEAR

PRICE: selectentryandexitpoints

industryconferences,articles,discussionswithindustryexperts,disruptiveevents,followinggoodmanagement,industryreportsandmagazines,highlevelcontacts,otherinvestors,andscuttlebutt

valuation

HOLD: thesisisplayingout

SELL: thesishasplayedout;betterrelativeopportunity;executionproblems;calloptionisnot

investmentonitsownwillgeneratesufficientreturn

SECULARCHANGE: testandrefinelongtermfreecalloption/opportunitythroughfinancialmodels,extensiveinterviews(competitors,suppliers,customers,formeremployees,independentexperts,etc.),dataanalysis,evaluationofmanagement,impactof

SIZE: considerrisk/reward;diversification;correlatedriskfactors

EXECUTION: considertiming,broker,platform

materializing;positionapproachesriskguidelines;priceappreciatesfasterthanintrinsicvalue

y , g , pmacroscenariosonindividualstocks,andinternaldiscussionanddebate

CONTINUOUSREVIEW: ongoingresearchandanalysisofthepositions

KEYPARTICIPANTS:Analysts,Partners

KEYPARTICIPANTS:CIO,Analysts

KEYPARTICIPANTS:CIO,Trader

10% 20%OFTHEVALUE

70% 80%OFTHEVALUE 5% 10%OFTHEVALUE

PAGE10

UP/DOWNMARKETCAPTURE

VALUEFLOORLIMITSDOWNSIDEVALUEFLOORLIMITSDOWNSIDE EARNINGSGROWTHADDSTOUPSIDEEARNINGSGROWTHADDSTOUPSIDE

DownMarket Capture Ratio UpMarket Capture RatioDown MarketCaptureRatioS&Pdownquarters,1989 Q12012

Up MarketCaptureRatioS&Pupquarters,1989 Q12012

Percent120

Percent111%

100%

30

60

90

60

30

0

120

90

100%

71%

S&P500

EagleEquity

S&P500

EagleEquity

C it

Theup/downmarketcaptureratioisastatisticalmeasureofaninvestmentmanagersoverallperformanceinup/downmarkets. The ratioiscalculatedbydividingEagleCapitalsreturnsbythereturnsoftheS&P500duringtheupmarketordownmarket,andmultiplyingthatfactorby100.Anupmarketcapture ratioof110indicatesthatthemanageroutperformedthemarketby10%duringthespecifiedperiod.Adownmarketcapture ratioof80indicatesthatthemanagersportfolio declinedonly80%asmuchasthe S&P500 duringthespecifiedperiod.GrossofFees

Composite Composite

PAGE11

NEWPOSITIONSIN2011

Q12011:

Pepsico ConsumerStaples;currentlya3%position

Q22011:

GoldmanSachsGroup,Inc. FinancialServices;currentlya3%position

GoogleInc. Technology;currentlya3%position

Q42011:

Oracle Technology;currentlya2%position

PAGE12

MARKETFAILURE

EagleCapitalfocusesonthemidanddistantfuture

Whileinvestorcallsrevealmarketisfocusedonshortterminformation

60$/share

WalMart Analystquestionsinquarterlyearningscalls

87%

40

59.7687%

t

T

e

x

t

4.07

3.92

3.77

3.63

Bulkofvalueishere

17.09

2013%

T

r

a

n

s

c

r

i

p

t

4.91

4.73

4.55

4.38

4.22

`20`19`18`17`16`15`1413`12 210

Stock RegardingOneRegardingNext

4.49

22+price(NPV)Note:Asof12/31/2011;usesconsensusEPSestimatesfor2011 2012;Assumes4%growth(2%samestoresales,2%inflation)for20142021;Residualvaluefor2022+;Futureyearsdiscounted8%;assumes100%ofnetincomepaidoutindividendsandbuybacksSource:Bloomberg,EagleCapitalManagementanalysis

YearorFurther12Months

Source:EagleCapitalManagementanalysis PAGE13

MARKETFAILURE

WallStreetEquityAnalysisWallStreetValuationMethodology

Sellside&media:encouragingashorttermfocus

87%

t

R

e

p

o

r

t

T

e

x

t

90%

c

e

n

t

U

s

i

n

g

RegardingNext12Months

RegardingOneYearorFurther

13%

A

n

a

l

y

s

t

LongertermMultipleofThisorNextYearsEarnings

10%

P

e

r

c

FinancialTelevisionFinancialPrintMedia

93%96%Nearterm Nearterm

T

r

a

n

s

c

r

i

p

t

t

e

x

t

A

r

t

i

c

l

e

T

e

x

t

12months

12months

85%

15%

PAGE14Source:EagleCapitalAnalysis(expandedasofDecember,2010)

NewYorkTimes(BusinessDay)

WallStreetJournal(Money&Investing)

4% 7%

RegardingNext12Months

RegardingOneYearorFurther

DISCIPLINES/RISKCONTROLS

BUYDISCIPLINE HOLDDISCIPLINE SELLDISCIPLINE

Compellinginvestmentthesis Superiorrisk/returnprofilevs.

otheropportunities

Valuefloor

Investmentthesisstillvalid Businesscontinuestobe

compelling Intrinsicvalueiscompounding

fasterthanstockprice

Investmentthesisquestioned Newthreatsemerge Fundamentalsdeteriorate

Valuation Strongfranchiseandlow

valuationlimitsdownsides Favorablereturnsevenifcall

optionsdonotmaterialize

Lo te u ide

Ongoingresearch Regularcompanychecks Discussionswithindustry

experts,competitors,customersa d u lie

Stockisfullyvalued Anewideaofferssuperior

risk/returnprofile

Longtermupside Secularchange Freecalloptions

andsuppliers Updatedvaluationmodels

FOCUSED PORTFOLIO

TargetPositionSize:5%ofportfolioMaximumPositionSize:10%ofportfolioMaximumSectorWeighting:25%ofportfolio

2535Stocks25%AverageAnnualTurnoverFourYearAverageHoldingPeriod

FOCUSEDPORTFOLIO

PAGE15

Thesearegeneralguidelines.Theremaybetemporaryperiodswhenoneormoreoftheseguidelinesareexceededduetomarket conditions,clientrestrictions,portfoliobalancingorotherissues.

PORTFOLIOCHARACTERISTICSRepresentativePortfolioasofMarch31,2012

CURRENTSECTORALLOCATIONSPortfolioCharacteristics Portfolio S&P500(Sectorsaretheoutcomeofindividualstockselection.)

FINANCIAL SERVICESINDUSTRIAL

5.4%

TELECOM2.3%

CASH&EQUIVALENTS

2.2%

NumberofHoldings 31 500AverageWeightedMarketCap($B) 81 112MedianMarketCap($B) 49 13Beta 0.9 1.0P/ETrailing 16.1 15.8

FINANCIALSERVICES20.3%

CONSUMERSTAPLES

MATERIALS7.3%

HEALTHCARE6.6%

5.4%

LARGESTHOLDINGS

P/EForward 15.0 13.4P/B 2.1 2.2*P o rtfo lio P /E ca lcula tio ns exc lude Liberty Glo bal

16.7%

CONSUMERDISCRETIONARY

TECHNOLOGY15.0%

ENERGY7.7%

Sector Security Pct.1 Technology MicrosoftCorporation 5.72 ConsumerDiscretionary LibertyGlobal,Inc. 5.63 ConsumerDiscretionary NewsCorporation 5.24 Energy NobleEnergy,Inc. 5.0

16.5%5 ConsumerStaples WalMartStores,Inc. 5.06 FinancialServices AonCorporation 4.97 ConsumerDiscretionary ComcastCorporation 4.68 ConsumerStaples TheCocaColaCompany 4.59 HealthCare UnitedhealthGroupIncorporated 4.310 M i l P i I 4 210 Materials Praxair,Inc. 4.2

Total 49.0

PAGE16

REPRESENTATIVEINSTITUTIONALCLIENTS*AcademicOrganizationsAmericanTechnionSociety FortWorthCountryDaySchool NewYorkUniversity SouthernMethodistUniversityAmericanUniversity GrinnellCollege NorthwesternUniversity SuffieldAcademyAmericanUniversityofBeirut HendrixCollege OhioStateUniversity TeachersCollege,ColumbiaUniversityBostonUniversity KalamazooCollege PhillipsAcademy,Andover UniversityofCalifornia,SanFranciscoBrooklyn Law School Kent School Piedmont College University of OregonBrooklynLawSchool KentSchool PiedmontCollege UniversityofOregonCarletonCollege LakesideSchool SaintAndrewsSchoolofDelaware VillanovaUniversityCollegeoftheAtlantic TheLawrencevilleSchool SienaCollege WesleyanCollegeTheCooperUnion MissPortersSchool SimmonsCollege WesternNewEnglandCollegeDrexelUniversity

CulturalInstitutionsAtlanta Historical Society Fine Arts Museums Foundation Lincoln Center for Performing Arts Whitney Museum of American ArtAtlantaHistoricalSociety FineArtsMuseumsFoundation LincolnCenterforPerformingArts WhitneyMuseumofAmericanArtBrooklynMuseum TheFrickCollection NewYorkPhilharmonic WinterthurMuseumChicagoHistoryMuseum InternationalCenterforPhotography

FoundationsandEndowmentsBurkeRehabilitationFoundation TheFieldFoundation NationalAudubonSociety TheOregonCommunityFoundationTheCharlesA.DanaFoundation TheCharlesHaydenFoundation NationalGeographicSociety UnidelFoundation,Inc.Chicago Community Foundation Hudson River Foundation The National YMCA The Welch FoundationChicagoCommunityFoundation HudsonRiverFoundation TheNationalYMCA TheWelchFoundationCommunityFoundationofGreaterAtlanta PetersonInstitute

PensionsCargill,Incorporated ConAgra N.Y.BackstretchEmployees SheetMetalWorkersLocalUnionNo.80CityofHartford GeorgiaPortsAuthority Pfizer,Incorporated St.LouisDistrictIronworkersPensionCitigroup LyondellBasell PublicEmployeesRetirementSystem SwisherInternational,Inc.C bb C t N ti l F l G C f Mi i i iCobbCounty NationalFuelGasCompany ofMississippi

HealthcareAsanteHealthSystem KetteringMedicalCenter MemorialHealthcare MunsonMedicalCenterBronsonHealthcare LakelandHealthFoundation MidwestEyeBanks OakwoodHealthcareSystemKansasHealthFoundation MercyMemorialHealthSystem

Religious Organizations

*Criteria used for inclusion are unrelated in any way to the performance of the underlying accounts. Criteria include that the account be discretionary and institutional. It is not known whether the listed clients approve or disapprove of Eagle Capital Management, LLC or its advisory services. PAGE17

ReligiousOrganizationsAmericanBaptistHomeMission DioceseofRaleigh TheRiversideChurch,NYC SocietyoftheHolyChildJesusArchdioceseofMiami JewishCommunalFund,NewYork TheSalvationArmy UnionTheologicalSeminaryAssociatedJewishCharitiesofBaltimore PresbyteryofBaltimore

EAGLECAPITALDIFFERENTIATION

ProvenSuccess:EagleCapitalhasgeneratedsignificantexcessreturnssinceitsinceptionin1988.

Focus:EagleCapitalsprofessionalsarededicatedtoasingleproduct afocusedportfolioofthe2535stocksthatbestfitthefirmsinvestmentapproachandcriteria.

St bilitStability:Since1988,EagleCapitalsinvestmentstyleandapproachhavenotchanged,andtheinvestmentteamhasbeenledbythesameindividual.

Long Time Horizon:LongTimeHorizon:Alongterminvestmenttimehorizonprovidesasignificantresearchandinvestmentadvantageinamarketdominatedbyshorttermthinking.

DownsideProtection:EagleCapitalsinvestmentprofessionalsarecuriousskepticswhofocusonwhatcouldgowrong.

ClientService:Th fi f i l fi d i d t k t id i b i h t tThefirmsprofessionalsfindmeaningandtakegreatprideinbeingchosentoactasafiduciaryforclients.

PAGE18

CLIENTREFERENCES

PublicEmployeesRetirementSystemofMississippiMr.CharlesNielson429 Mississippi Street429MississippiStreetJackson,MS392012306(601)3592497

City of Jacksonville CityofJacksonvilleMr.JoeyGreiveCityHallatSt.James117W.DuvalStreet,Suite300Jacksonville FL 32202Jacksonville,FL32202(901)6305940

CobbCountyMr Virgil MoonMr.VirgilMoon100CherokeeSt.,Suite300Marietta,GA30030(770)5282608

PAGE19

PEERGROUPRANKING:TRAILING10YEARS

PAGE20

Source:eVestmentAlliance,GrossofFees

REPRESENTATIVEPORTFOLIOCOMPOSITIONAsofMarch31,2012

EagleRepresentativePortfolio

Unit Total Market Pct. Unit Annual Cur.

Quantity Security Cost Cost Price Value Assets Income Income YieldQuantity Security Cost Cost Price Value Assets Income Income Yield

CASHANDEQUIVALENTS 784,064 784,064 2.2 206

COMMONSTOCK

ENERGY

6,970 CimarexEnergyCo 17.71 123,411 75.47 526,026 1.5 0.48 3,346 0.6

12,400 NewfieldExplorationCo 9.03 111,972 34.68 430,032 1.2

17 978 Noble Energy Inc 30 37 545 975 97 78 1 757 889 5 0 0 88 15 821 0 917,978 NobleEnergyInc 30.37 545,975 97.78 1,757,889 5.0 0.88 15,821 0.9

781,358 2,713,947 7.7 19,166 0.7

MATERIALS

18,000 EcolabInc 35.22 633,945 61.72 1,110,960 3.2 0.80 14,400 1.3

12,800 PraxairInc 49.16 629,206 114.64 1,467,392 4.2 2.20 28,160 1.9

1,263,151 2,578,352 7.3 42,560 1.7

INDUSTRIAL

12,200 3MCompany 75.77 924,402 89.21 1,088,362 3.1 2.36 28,792 2.6

23,200 WasteManagementInc 13.83 320,870 34.96 811,072 2.3 1.42 32,944 4.1

1,245,272 1,899,434 5.4 61,736 3.3

CONSUMERDISCRETIONARY

55,200 ComcastCorpSpecialClA 10.18 561,854 29.51 1,628,952 4.6 0.65 35,880 2.2

40,758 LibertyGlobalIncSerC 15.31 624,098 47.89 1,951,901 5.6

3,700 McDonaldsCorp 59.39 219,727 98.10 362,970 1.0 2.80 10,360 2.9

93,300 NewsCorpLtdClassA 6.06 565,169 19.71 1,838,943 5.2 0.17 15,861 0.9

1,970,848 5,782,766 16.5 62,101 1.1

CONSUMERSTAPLES

21,200 CocaColaCo 42.05 891,564 74.01 1,569,012 4.5 2.04 43,248 2.8

PAGE21

26,400 KraftFoodsInc 29.44 777,129 38.01 1,003,464 2.9 1.16 30,624 3.1

6,000 NestleSARepRGSHADR 34.43 206,583 63.00 378,000 1.1 1.79 10,716 2.8

17,500 Pepsico 65.30 1,142,790 66.35 1,161,125 3.3 2.06 36,050 3.1

28,700 WalMartStoresInc 46.79 1,342,778 61.20 1,756,440 5.0 1.59 45,633 2.6

4,360,843 5,868,041 16.7 166,271 2.8

REPRESENTATIVEPORTFOLIOCOMPOSITIONAsofMarch31,2012,Continued

EagleRepresentativePortfolio

Unit Total Market Pct. Unit Annual Cur.

Quantity Security Cost Cost Price Value Assets Income Income YieldQ y y

HEALTHCARE

14,400 ThermoFisherScientificInc 36.67 528,029 56.38 811,872 2.3 0.52 7,488 0.9

25,396 UnitedHealthGroupInc 5.30 134,578 58.94 1,496,840 4.3 0.65 16,507 1.1

662,607 2,308,712 6.6 23,995 1.0

FINANCIAL SERVICESFINANCIALSERVICES

35,300 AONCorp 36.97 1,305,004 49.06 1,731,818 4.9 0.60 21,180 1.2

33,000 BerkleyWRCorp 24.78 817,838 36.12 1,191,960 3.4 0.32 10,560 0.9

12,800 BerkshireHathawayClassB 79.57 1,018,479 81.15 1,038,720 3.0

28,300 CharlesSchwabCorpNew 10.82 306,237 14.37 406,671 1.2 0.24 6,792 1.7

9,794 GoldmanSachsGroupInc 126.11 1,235,126 124.37 1,218,080 3.5 1.40 13,712 1.1

15,700 LoewsCorp 31.96 501,804 39.87 625,959 1.8 0.25 3,925 0.6

38,800 ProgressiveCorp 5.11 198,306 23.18 899,384 2.6 0.41 15,799 1.8

5,382,795 7,112,592 20.3 71,968 1.0

TECHNOLOGY

28,900 AlteraCorporation 20.22 584,471 39.82 1,150,798 3.3 0.32 9,248 0.8

9,315 FidelityNationalInformationServicesInc 19.97 186,013 33.12 308,513 0.9 0.80 7,452 2.4

1 685 G l I Cl A 544 18 916 943 641 24 1 080 489 3 11,685 GoogleInc ClA 544.18 916,943 641.24 1,080,489 3.1

62,200 MicrosoftCorp 26.95 1,676,160 32.25 2,006,261 5.7 0.80 49,760 2.5

24,800 OracleSystems 25.58 634,376 29.16 723,168 2.1 0.24 5,952 0.8

3,997,964 5,269,229 15.0 72,412 1.4

TELECOMMUNICATIONS

29,000 VodafoneGroupPLCADR 22.68 657,610 27.67 802,430 2.3 1.43 41,483 5.2

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657,610 802,430 2.3 41,483 5.2

COMMONSTOCKTotal 20,322,447 34,335,503 97.8 561,692 1.6

TOTALPORTFOLIO 21,106,511 35,119,566 100.0 561,898 1.6

FOOTNOTES8. EagleEquityCompositeDetail1. Eagle Capital Management, LLC (the Adviser) is an investment adviser

registered with the Securities and Exchange Commission. Eagle CapitalManagement, LLC has prepared and presented this report in compliance with theGlobal Investment Performance Standards (GIPS). Prior to 1/1/93, the returns areequal weighted and after 1/1/93 the returns are assetweighted.

2. Eagle Capital Management was founded in August 1988 as a corporation. In March1995, Eagle Capital Management, LLC was formed. Client accounts weretransferred at the time of the change and their performance is included in this Y G N t

C it S&P 500Russell

1000 V l

CompositeDispersion

%*

TotalFirmAssets

($ illi )S&P 500#of

P tf li

EagleCapitalManagementCompositeDetail3YearAnnualizedStandardDeviation

Russell1000V l

EagleAnnualReturn Total

CompositeAssets

($ illi )transferred at the time of the change and their performance is included in thiscomposite. The Eagle Equity Composite was thus created in August 1988. TheEagle Equity Composite is made up of all fee paying taxfree discretionaryinstitutional accounts over $1 million.

3. All feepaying, discretionary portfolios are included in at least one composite.Portfolios with restrictions prohibiting the application of an intended investmentstrategy are excluded from the Eagle Equity Composite. New portfolios areexcluded from composites until deemed fully invested. Portfolios no longer undermanagement are included in historical composites for the periods they were undermanagement; they are excluded for all periods after the last full month they were

Year Gross Net Composite S&P500 1000Value

1989 32.5% 31.8% 31.7% 25.2% 2 3.0 NA 13.5 NA NA NA1990 1.0% 0.2% 3.1% 8.1% 2 2.8 NA 16.1 NA NA NA1991 40.7% 39.7% 30.5% 24.6% 2 3.7 NA 54.1 NA NA NA1992 17.1% 16.2% 7.6% 13.8% 3 18.2 NA 52.7 NA NA NA1993 20.4% 19.5% 10.1% 18.1% 7 50.6 3.7 102.6 NA NA NA1994 1.4% 2.2% 1.3% 2.0% 14 143.4 2.5 245.1 NA NA NA1995 34.6% 33.6% 37.6% 38.4% 42 426.0 3.5 492.9 NA NA NA1996 11.3% 10.4% 23.0% 21.6% 48 424.6 2.3 493.3 NA NA NA1997 30.7% 29.9% 33.4% 35.2% 40 284.0 2.5 360.3 NA NA NA

%* ($millions)S&P500 PortfoliosValue ($millions)

management; they are excluded for all periods after the last full month they werein place. No leveraged and nonfee paying accounts are included in the EagleEquity Composite. For the quarter ended 12/31/11, the number of portfoliosincluded in the Eagle Equity Composite was 342 and the assets in millions were$6,873.6. A list of composite descriptions and policies for valuing portfolios,calculating performance and preparing compliant presentations is available uponrequest. The minimum asset size for a portfolio to be included in the Eagle EquityComposite is $1,000,000. If withdrawal or performance causes a portfolio includedin the Eagle Equity Composite to diminish to a level deemed difficult to implementthe intended investment strategy, the portfolio is removed. When taxes areconsidered the performance may vary

1998 4.8% 4.1% 28.6% 15.6% 36 264.1 2.7 343.5 NA NA NA1999 44.4% 43.6% 21.0% 7.4% 27 237.0 3.3 337.0 19.4 16.5 16.02000 33.1% 32.5% 9.1% 7.0% 26 291.8 3.2 440.6 20.8 17.4 17.32001 3.5% 3.9% 11.9% 5.6% 27 358.4 0.8 598.8 17.8 16.7 14.72002 6.5% 7.0% 22.1% 15.5% 29 336.5 1.2 614.8 18.3 18.5 17.02003 33.8% 33.0% 28.7% 30.0% 58 797.4 1.1 1652.3 16.2 18.1 16.02004 19.7% 19.2% 10.9% 16.5% 137 1723.7 1.9 3061.0 13.6 14.9 14.82005 8.4% 7.6% 4.9% 7.1% 202 3049.6 1.4 5461.5 9.5 9.0 9.52006 12.6% 11.8% 15.8% 22.3% 259 3917.2 1.3 6717.2 7.7 6.8 6.72007 10 8% 9 9% 5 5% 0 2% 277 4266 4 1 1 7066 4 7 8 7 7 8 1

Internal composite dispersion is calculated using the assetweighted standard deviationof annual gross returns of those portfolios that were included in the Composite for theentire year.

considered, the performance may vary.

4. Do not assume that all transactions will be profitable or that future performance isin any way guaranteed by past results. Performance calculations are on a timeweighted and assetweighted total return basis and reflect reinvestment ofdividends and other earnings. Tradedate accounting valuation is used and incomeis accrued. Returns from client to client will vary slightly depending on portfoliosize, diversification and transaction costs. The equity portion of balanced accountswas included in the Eagle Equity Composite until the first quarter of 1994. In theprocess of active portfolio management, cash may be held in portfolios pendinginvestment. The product descriptions in this brochure should not be construed to

2007 10.8% 9.9% 5.5% 0.2% 277 4266.4 1.1 7066.4 7.8 7.7 8.12008 35.0% 35.5% 37.0% 36.9% 280 2828.6 1.5 4533.8 15.9 15.1 15.42009 34.7% 33.7% 26.5% 19.7% 291 4002.4 2.1 5890.7 19.8 19.6 21.12010 20.9% 20.1% 15.1% 15.5% 305 4812.4 1.0 7382.4 21.5 21.9 23.22011 5.8% 5.1% 2.1% 0.4% 342 6873.6 0.7 10601.6 17.0 18.7 20.7

* Disp ers io n includ es o nly p ortfo lios that were p resent fo r the ent ire perio d . Disp ers io n p rio r to 19 93 no t s tat is t ically meaning ful.

The threeyear annualized standard deviation measures the variability of the compositeand benchmark monthly returns over the previous 36month period.

Eagle Capital Management claims compliance with the Global Investment PerformanceStandards (GIPS) and has prepared and presented this report in compliance with theGIPS standards. Eagle Capital Management has been independently verified for theperiods January 1, 1993 to December 31, 2010. Verification assesses whether (1) the firmhas complied with all the composite construction requirements of the GIPS standards ona firmwide basis and (2) the firms policies and procedures are designed to calculate andpresent performance in compliance with the GIPS standards. The Eagle EquityC i h b i d f h i d J 1 1993 D b 31 2010 Th

p pmean that cash is immediately invested.

5. The Companys standard annual asset based management fee schedule is 1% of theaccounts total assets on the first $5,000,000 and 0.75% thereafter. Grossperformance results do not reflect the deduction of Eagles investment advisory fee,which will affect a clients total return. (For example, an account with acompounded annual total return of 10% would have increased by 159% over tenyears. Assuming an annual advisory fee of 1.00%, which is the maximum advisoryfee that would be paid by any client, this increase would be 137%.

6 The currency used to express performance is the U S dollar

PAGE23

Composite has been examined for the periods January 1, 1993 to December 31, 2010. Theverification and performance examination reports are available upon request.

6. The currency used to express performance is the U.S. dollar.

7. The Russell 1000 Value index is an unmanaged index that measures theperformance of those Russell 1000 Index companies with lower pricetobook ratiosand lower forecasted growth rates. It includes the reinvestment of dividends andincome, but does not reflect fees, brokerage commissions, or other expenses ofinvesting. The S&P 500 Index consists of 500 stocks and is designed to form arepresentative sample of the United States stock market. This index is often usedas a benchmark for U.S. equity portfolios and includes dividends and distributions,but does not reflect fees, brokerage commissions, or other expenses of investing.