ICAP Select Equity. As of September 30, Investment results for period ending 9/30/15. Objective. Top 10 holdings supplemental information*

Transcription

1 INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, ICAP Select Equity Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that could cause the market to recogize the iheret value ad drive the stock to the target price withi moths. Top 10 holdigs supplemetal iformatio* Security % Assets Allerga PLC 5.6% Chevro Corp 4.8% Medtroic PLC 4.6% Comcast Corp - Cl A 4.1% Geeral Electric Co 4.0% Ameriprise Fiacial Ic. 4.0% Mosato Co 3.8% EMC Corp 3.7% Norther Trust Corp 3.7% Novartis AG - Sposored ADR 3.7% TOTAL 41.8% Characteristics supplemetal iformatio* Russell Characteristic ICAP 1000 Value S&P 500 Price/earigs (fwd.) 13.5x 13.8x 15.0x Wtd. avg. mkt. cap. $97 b $99 b $127 b Media. mkt. cap. $50 b $7 b $17 b Divided yield 2.4% 2.9% 2.4% Turover - 3 year avg. 65% Number of holdigs 30 Cash equivalets 2.3% Std. deviatio - 3 year Active share versus: 88% 87% Sector weights (% assets)* Russell ICAP Sector ICAP 1000 Value S&P 500 Fiacials 22% 26% 16% Health Care 17% 12% 16% Techology 13% 11% 18% Capital Spedig 12% 8% 7% Eergy 8% 13% 7% Cosumer Services 8% 2% 4% Cosumer Durables 7% 2% 2% Basic Idustries 6% 3% 3% Commuicatios 4% 3% 4% Utilities 0% 7% 4% Cosumer Staples 0% 5% 9% Property 0% 5% 2% Retail 0% 3% 7% Trasportatio 0% 1% 2% Ivestmet results for period edig 9/30/15 QTD YTD 1 YR 3 YR 5 YR 10 YR ICAP Select Equity Comp.(gross) ICAP Select Equity Comp. (et) Russell 1000 Value Idex S&P 500 Idex Periods greater tha oe year are aualized. Past performace does ot guaratee future results. ICAP Select Equity Strategy Composite iceptio: 12/31/97 Portfolios typically hold 25 to 30 stocks Positios ca be greater tha 5% but will ot exceed 8% of the total portfolio Sector weights are a result of bottom-up stock selectio, with a typical maximum of o more tha 30% i ay oe sector Ivests i equity securities of compaies that geerally have market capitalizatios of at least $3 billio at time of purchase Cotributio Top QTD Cotributors Cotributio (bps) Avg. Weight Google Ic. Class C % Bak of America Corporatio % Valeat Pharmaceuticals Iteratioal, Ic % Pfizer Ic % QUALCOMM Icorporated % Bottom QTD Cotributors Cotributio (bps) Avg. Weight Viacom Ic. Class B % Petair plc % Las Vegas Sads Corp % Mosato Compay % Mosaic Compay % Top YTD Cotributors Cotributio (bps) Avg. Weight Valeat Pharmaceuticals Iteratioal, Ic % Google Ic. Class C % Boeig Compay % Pfizer Ic % Broadcom Corporatio Class A % Bottom YTD Cotributors Cotributio (bps) Avg. Weight Viacom Ic. Class B % Mosato Compay % Las Vegas Sads Corp % Whirlpool Corporatio % Mosaic Compay % The holdigs idetified do ot represet all of the securities purchased, sold or recommeded ad you should ot assume that these istrumets were or will be profitable. *Data variaces i flagged sectios are due to roudig. Additioal disclosures o the reverse side.

2 Phoe Fax ICAP Select Equity Istitutioal Capital At Istitutioal Capital (ICAP), we believe the key to ivestmet success lies i followig a disciplied approach to value ivestig that is cosistetly applied over time. Fouded as a istitutioal ivestmet firm i 1970, ICAP maages moey for some of the world s largest ad most respected corporatios ad istitutios. ICAP has extesive experiece workig with may cliet types, icludig corporatios, public fuds, foudatios, edowmets, subadvisory relatioships ad multi-employer plas. Our cliets are located withi the Uited States ad abroad. Stregths Stability Specialize i value ivestig sice 1970 Ivestmet Committee members average 22 years of idustry experiece, icludig 17 years with the firm Depth Global fudametal research coducted by experieced team Strategies iclude U.S. ad o-u.s. portfolios: ICAP Equity, ICAP Focused Equity ad ICAP Select Equity ICAP Iteratioal, ICAP Euro Select Equity, ICAP Global, ICAP Global Select ad ICAP Global Divided Yield Cosistecy Same Global Research Team ad process used for all strategies Collective talets of everyoe at ICAP are aliged behid oe timetested ivestmet process Ivestmet risk maagemet ad sell disciplie We believe it is importat to cotrol risk o a bottom-up, stock-bystock basis. Whe stocks are evaluated for potetial purchase, both valuatio ad catalysts are thoroughly vetted by the team. We believe our global macroecoomic aalysis alog with our compay specific research provides a more robust framework allowig us to better uderstad each compay s idividual risk profile. Through our focused approach to ivestig, we seek to gai a thorough uderstadig as to why each stock is i the portfolio ad closely moitor the dyamics of each idividual security. We systematically evaluate each of the securities purchased o a ogoig basis. Key factors i determiig if a stock will udergo a full team review are: The catalyst has chaged or eroded Earigs estimates have deteriorated Exogeous risks brig the ivestmet thesis ito questio The stock is sigificatly uderperformig Stocks are sold for specific reasos. We will act whe: The stock has achieved its target price The catalyst has bee violated A risk to the ivestmet thesis has bee idetified Other cadidates are more attractive The Select Equity composite is a actively maaged composite comprised of fully discretioary, fee-payig accouts, maaged by Istitutioal Capital LLC (ICAP), icludig those o loger with the firm. The Select Equity strategy ivests i equity securities of compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Idividual positio sizes ca be greater tha 5% but will ot exceed 8% of the total portfolio at time of purchase. A portfolio typically holds 25 to 30 securities. Turover typically rages from 50% to 100% i the Select Equity strategy. Accouts maaged by ICAP for less tha oe full moth ad accouts with severe cliet imposed restrictios o ivestmets i certai securities or idustries are excluded from the composite. Performace for periods greater tha oe year is aualized. Performace of ICAP s composite is preseted o a gross-of-fees basis (before the applicatio of ivestmet advisory fees) ad et-of-fees basis (after actual ivestmet advisory fees). Our composite module takes each accout s et-offee retur fee schedule ad produces a et composite retur based o the asset weightig of each accout i the composite. The returs of ICAP s composite reflect the reivestmet of divideds, iterest ad other earigs. The U.S. Dollar is the currecy used to express composite performace. Actual results for a particular cliet accout will deped upo the fee structure applicable to the accout ad ay restrictios imposed o the accout. Some accouts i the composite may icur a performace fee which may exceed the maximum. Istitutioal Capital LLC claims compliace with the Global Ivestmet Performace Stadards (GIPS ). The firm maitais a complete list ad descriptio of composites, ad the correspodig compliat presetatio, which are available upo request. The S&P 500, a umaaged idex cosistig of 500 primarily large market capitalizatio stocks, is a widely published idex of the large-cap equity securities that ecompass most of the stocks i the uiverse of securities followed by ICAP. The Russell 1000 Value Idex measures the performace of those Russell 1000 compaies with lower price-to-book ratios ad lower forecasted growth values. Idexes are umaaged ad returs assume reivestmet of divideds ad do ot reflect ay fees, expeses or sales charges. Ivestors caot ivest directly i a idex. Bechmark returs ca be obtaied from the provider websites ( ad Portfolios are maaged accordig to their respective strategies which may differ sigificatly i terms of security holdigs, idustry weightigs, ad asset allocatio from those of the bechmark(s). Portfolio performace, characteristics ad volatility may differ from the bechmark(s) show. Past performace does ot guaratee or idicate future results. Istitutioal Capital LLC is a federally registered ivestmet advisor. Form ADV Part 2A, which provides backgroud iformatio about the firm ad its busiess practices, is available upo request. The iformatio i this report should ot be cosidered a recommedatio to purchase or sell ay particular security. There is o assurace that ay securities discussed herei will remai i a accout s portfolio at the time you receive this report or that securities sold have ot bee repurchased. The securities discussed do ot represet the accout s etire portfolio ad i the aggregate may represet oly a small percetage of a accout s portfolio holdigs. This Factsheet may ot be reproduced i whole or i part, retrasmitted, or posted o ay web site without the express writte coset of ICAP.

3 INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, ICAP Focused Equity Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that could cause the market to recogize the iheret value ad drive the stock to the target price withi moths. Top 10 holdigs supplemetal iformatio* Security % Assets Allerga PLC 5.1% Chevro Corp 4.2% Medtroic PLC 4.0% Geeral Electric Co 4.0% Novartis AG - Sposored ADR 3.6% Whirlpool Corporatio 3.6% Mosato Co 3.4% Occidetal Petroleum Corp 3.3% Omicom Group Ic 3.3% EMC Corp 3.2% TOTAL 37.7% Characteristics supplemetal iformatio* Russell Characteristic ICAP 1000 Value S&P 500 Price/earigs (fwd.) 13.9x 13.8x 15.0x Wtd. avg. mkt. cap. $104 b $99 b $127 b Media. mkt. cap. $50 b $7 b $17 b Divided yield 2.4% 2.9% 2.4% Turover - 3 year avg. 60% Number of holdigs 35 Cash equivalets 2.3% Std. deviatio - 3 year Active share versus: 88% 86% Sector weights (% assets)* Russell ICAP Sector ICAP 1000 Value S&P 500 Fiacials 20% 26% 16% Health Care 15% 12% 16% Techology 14% 11% 18% Capital Spedig 13% 8% 7% Cosumer Services 9% 2% 4% Eergy 8% 13% 7% Cosumer Durables 6% 2% 2% Commuicatios 6% 3% 4% Basic Idustries 5% 3% 3% Trasportatio 1% 1% 2% Utilities 0% 7% 4% Cosumer Staples 0% 5% 9% Property 0% 5% 2% Retail 0% 3% 7% Ivestmet results for period edig 9/30/15 QTD YTD 1 YR 3 YR 5 YR 10 YR ICAP Focused Equity Comp.(gross) ICAP Focused Equity Comp. (et) Russell 1000 Value Idex S&P 500 Idex Periods greater tha oe year are aualized. Past performace does ot guaratee future results. ICAP Focused Equity Strategy Composite iceptio: 4/30/04 Portfolios typically hold 30 to 35 stocks Positios ca be greater tha 5% but will ot exceed 8% of the total portfolio Sector weights are a result of bottom-up stock selectio, with a typical maximum of o more tha 30% i ay oe sector Ivests i equity securities of compaies that geerally have market capitalizatios of at least $3 billio at time of purchase Cotributio Top QTD Cotributors Cotributio (bps) Avg. Weight Google Ic. Class C % Delta Air Lies, Ic % Bak of America Corporatio % Valeat Pharmaceuticals Iteratioal, Ic % Itercotietal Exchage, Ic % Bottom QTD Cotributors Cotributio (bps) Avg. Weight Viacom Ic. Class B % Mosato Compay % Las Vegas Sads Corp % Petair plc % Mosaic Compay % Top YTD Cotributors Cotributio (bps) Avg. Weight Valeat Pharmaceuticals Iteratioal, Ic % Google Ic. Class C % Pfizer Ic % Boeig Compay % Broadcom Corporatio Class A % Bottom YTD Cotributors Cotributio (bps) Avg. Weight Viacom Ic. Class B % Mosato Compay % Whirlpool Corporatio % Las Vegas Sads Corp % Mosaic Compay % The holdigs idetified do ot represet all of the securities purchased, sold or recommeded ad you should ot assume that these istrumets were or will be profitable. *Data variaces i flagged sectios are due to roudig. Additioal disclosures o the reverse side.

4 Phoe Fax ICAP Focused Equity Istitutioal Capital At Istitutioal Capital (ICAP), we believe the key to ivestmet success lies i followig a disciplied approach to value ivestig that is cosistetly applied over time. Fouded as a istitutioal ivestmet firm i 1970, ICAP maages moey for some of the world s largest ad most respected corporatios ad istitutios. ICAP has extesive experiece workig with may cliet types, icludig corporatios, public fuds, foudatios, edowmets, subadvisory relatioships ad multi-employer plas. Our cliets are located withi the Uited States ad abroad. Stregths Stability Specialize i value ivestig sice 1970 Ivestmet Committee members average 22 years of idustry experiece, icludig 17 years with the firm Depth Global fudametal research coducted by experieced team Strategies iclude U.S. ad o-u.s. portfolios: ICAP Equity, ICAP Focused Equity ad ICAP Select Equity ICAP Iteratioal, ICAP Euro Select Equity, ICAP Global, ICAP Global Select ad ICAP Global Divided Yield Cosistecy Same Global Research Team ad process used for all strategies Collective talets of everyoe at ICAP are aliged behid oe timetested ivestmet process Ivestmet risk maagemet ad sell disciplie We believe it is importat to cotrol risk o a bottom-up, stock-bystock basis. Whe stocks are evaluated for potetial purchase, both valuatio ad catalysts are thoroughly vetted by the team. We believe our global macroecoomic aalysis alog with our compay specific research provides a more robust framework allowig us to better uderstad each compay s idividual risk profile. Through our focused approach to ivestig, we seek to gai a thorough uderstadig as to why each stock is i the portfolio ad closely moitor the dyamics of each idividual security. We systematically evaluate each of the securities purchased o a ogoig basis. Key factors i determiig if a stock will udergo a full team review are: The catalyst has chaged or eroded Earigs estimates have deteriorated Exogeous risks brig the ivestmet thesis ito questio The stock is sigificatly uderperformig Stocks are sold for specific reasos. We will act whe: The stock has achieved its target price The catalyst has bee violated A risk to the ivestmet thesis has bee idetified Other cadidates are more attractive The Focused Equity composite is a actively maaged composite comprised of fully discretioary, fee-payig accouts, maaged by Istitutioal Capital LLC (ICAP), icludig those o loger with the firm. The Focused Equity strategy ivests i equity securities of compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Idividual positio sizes ca be greater tha 5% but will ot exceed 8% of the total portfolio at time of purchase. A portfolio typically holds 30 to 35 securities. Turover typically rages from 50% to 100% i the Focused Equity strategy. Accouts maaged by ICAP for less tha oe full moth ad accouts with severe cliet imposed restrictios o ivestmets i certai securities or idustries are excluded from the composite. Performace for periods greater tha oe year is aualized. Performace of ICAP s composite is preseted o a gross-of-fees basis (before the applicatio of ivestmet advisory fees) ad et-of-fees basis (after actual ivestmet advisory fees). Our composite module takes each accout s et-offee retur ad produces a et composite retur based o the asset weightig of each accout i the composite. The returs of ICAP s composite reflect the reivestmet of divideds, iterest ad other earigs. The U.S. Dollar is the currecy used to express composite performace. Actual results for a particular cliet accout will deped upo the fee structure applicable to the accout ad ay restrictios imposed o the accout. Some accouts i the composite may icur a performace fee which may exceed the maximum fee schedule. Istitutioal Capital LLC claims compliace with the Global Ivestmet Performace Stadards (GIPS ). The firm maitais a complete list ad descriptio of composites, ad the correspodig compliat presetatio, which are available upo request. The S&P 500, a umaaged idex cosistig of 500 primarily large market capitalizatio stocks, is a widely published idex of the large-cap equity securities that ecompass most of the stocks i the uiverse of securities followed by ICAP. The Russell 1000 Value Idex measures the performace of those Russell 1000 compaies with lower price-to-book ratios ad lower forecasted growth values. Idexes are umaaged ad returs assume reivestmet of divideds ad do ot reflect ay fees, expeses or sales charges. Ivestors caot ivest directly i a idex. Bechmark returs ca be obtaied from the provider websites ( ad Portfolios are maaged accordig to their respective strategies which may differ sigificatly i terms of security holdigs, idustry weightigs, ad asset allocatio from those of the bechmark(s). Portfolio performace, characteristics ad volatility may differ from the bechmark(s) show. Past performace does ot guaratee or idicate future results. Istitutioal Capital LLC is a federally registered ivestmet advisor. Form ADV Part 2A, which provides backgroud iformatio about the firm ad its busiess practices, is available upo request. The iformatio i this report should ot be cosidered a recommedatio to purchase or sell ay particular security. There is o assurace that ay securities discussed herei will remai i a accout s portfolio at the time you receive this report or that securities sold have ot bee repurchased. The securities discussed do ot represet the accout s etire portfolio ad i the aggregate may represet oly a small percetage of a accout s portfolio holdigs. This Factsheet may ot be reproduced i whole or i part, retrasmitted, or posted o ay web site without the express writte coset of ICAP.

5 INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, ICAP Equity Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that could cause the market to recogize the iheret value ad drive the stock to the target price withi moths. Top 10 holdigs supplemetal iformatio* Security % Assets Allerga PLC 4.3% Chevro Corp 4.0% Medtroic PLC 3.6% Mosato Co 3.1% Occidetal Petroleum Corp 3.0% Ameriprise Fiacial Ic. 3.0% Comcast Corp - Cl A 2.9% Whirlpool Corporatio 2.9% Itercotietal Exchage Ic 2.8% Omicom Group Ic 2.8% TOTAL 32.4% Characteristics supplemetal iformatio* Russell Characteristic ICAP 1000 Value S&P 500 Price/earigs (fwd.) 13.9x 13.8x 15.0x Wtd. avg. mkt. cap. $94 b $99 b $127 b Media. mkt. cap. $46 b $7 b $17 b Divided yield 2.4% 2.9% 2.4% Turover - 3 year avg. 58% Number of holdigs 41 Cash equivalets 2.1% Std. deviatio - 3 year Active share versus: 86% 84% Sector weights (% assets)* Russell ICAP Sector ICAP 1000 Value S&P 500 Fiacials 21% 26% 16% Techology 14% 11% 18% Health Care 13% 12% 16% Cosumer Services 11% 2% 4% Capital Spedig 10% 8% 7% Commuicatios 9% 3% 4% Eergy 7% 13% 7% Cosumer Durables 5% 2% 2% Basic Idustries 5% 3% 3% Cosumer Staples 2% 5% 9% Trasportatio 1% 1% 2% Utilities 0% 7% 4% Property 0% 5% 2% Retail 0% 3% 7% Ivestmet results for period edig 9/30/15 QTD YTD 1 YR 3 YR 5 YR 10 YR ICAP Equity Comp. (gross) ICAP Equity Comp. (et) Russell 1000 Value Idex S&P 500 Idex Periods greater tha oe year are aualized. Past performace does ot guaratee future results. ICAP Equity Strategy Composite iceptio: 12/31/91 Portfolios typically hold 40 to 50 stocks Positios geerally do ot exceed 5% of the total portfolio Sector weights are a result of bottom-up stock selectio, with a typical maximum of o more tha 30% i ay oe sector Ivests i equity securities of compaies that geerally have market capitalizatios of at least $3 billio at time of purchase Cotributio Top QTD Cotributors Cotributio (bps) Avg. Weight Google Ic. Class C % Valeat Pharmaceuticals Iteratioal, Ic % Delta Air Lies, Ic % Camero Iteratioal Corporatio % Bak of America Corporatio % Bottom QTD Cotributors Cotributio (bps) Avg. Weight Viacom Ic. Class B % Las Vegas Sads Corp % Mosato Compay % Petair plc % Mosaic Compay % Top YTD Cotributors Cotributio (bps) Avg. Weight Valeat Pharmaceuticals Iteratioal, Ic % Broadcom Corporatio Class A % Google Ic. Class C % Pfizer Ic % Boeig Compay % Bottom YTD Cotributors Cotributio (bps) Avg. Weight Viacom Ic. Class B % Mosato Compay % Las Vegas Sads Corp % Whirlpool Corporatio % Mosaic Compay % The holdigs idetified do ot represet all of the securities purchased, sold or recommeded ad you should ot assume that these istrumets were or will be profitable. *Data variaces i flagged sectios are due to roudig. Additioal disclosures o the reverse side.

6 Phoe Fax ICAP Equity Istitutioal Capital At Istitutioal Capital (ICAP), we believe the key to ivestmet success lies i followig a disciplied approach to value ivestig that is cosistetly applied over time. Fouded as a istitutioal ivestmet firm i 1970, ICAP maages moey for some of the world s largest ad most respected corporatios ad istitutios. ICAP has extesive experiece workig with may cliet types, icludig corporatios, public fuds, foudatios, edowmets, subadvisory relatioships ad multi-employer plas. Our cliets are located withi the Uited States ad abroad. Stregths Stability Specialize i value ivestig sice 1970 Ivestmet Committee members average 22 years of idustry experiece, icludig 17 years with the firm Depth Global fudametal research coducted by experieced team Strategies iclude U.S. ad o-u.s. portfolios: ICAP Equity, ICAP Focused Equity ad ICAP Select Equity ICAP Iteratioal, ICAP Euro Select Equity, ICAP Global, ICAP Global Select ad ICAP Global Divided Yield Cosistecy Same Global Research Team ad process used for all strategies Collective talets of everyoe at ICAP are aliged behid oe timetested ivestmet process Ivestmet risk maagemet ad sell disciplie We believe it is importat to cotrol risk o a bottom-up, stock-bystock basis. Whe stocks are evaluated for potetial purchase, both valuatio ad catalysts are thoroughly vetted by the team. We believe our global macroecoomic aalysis alog with our compay specific research provides a more robust framework allowig us to better uderstad each compay s idividual risk profile. Through our focused approach to ivestig, we seek to gai a thorough uderstadig as to why each stock is i the portfolio ad closely moitor the dyamics of each idividual security. We systematically evaluate each of the securities purchased o a ogoig basis. Key factors i determiig if a stock will udergo a full team review are: The catalyst has chaged or eroded Earigs estimates have deteriorated Exogeous risks brig the ivestmet thesis ito questio The stock is sigificatly uderperformig Stocks are sold for specific reasos. We will act whe: The stock has achieved its target price The catalyst has bee violated A risk to the ivestmet thesis has bee idetified Other cadidates are more attractive The Equity composite is a actively maaged composite comprised of fully discretioary, fee-payig accouts, maaged by Istitutioal Capital LLC (ICAP), icludig those o loger with the firm. The Equity strategy ivests i equity securities of compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Idividual positios are geerally limited to 5% of the total portfolio at time of purchase. A portfolio typically holds 40 to 50 securities. Turover typically rages from 50% to 100% i the Equity strategy. Accouts maaged by ICAP for less tha oe full moth ad accouts with severe cliet imposed restrictios o ivestmets i certai securities or idustries are excluded from the composite. Performace for periods greater tha oe year is aualized. Performace of ICAP s composite is preseted o a gross-of-fees basis (before the applicatio of ivestmet advisory fees) ad et-of-fees basis (after actual ivestmet advisory fees). Our composite module takes each accout s et-offee retur ad produces a et composite retur based o the asset weightig of each accout i the composite. The returs of ICAP s composite reflect the reivestmet of divideds, iterest ad other earigs. The U.S. Dollar is the currecy used to express composite performace. Actual results for a particular cliet accout will deped upo the fee structure applicable to the accout ad ay restrictios imposed o the accout. Some accouts i the composite may icur a performace fee which may exceed the maximum fee schedule. Istitutioal Capital LLC claims compliace with the Global Ivestmet Performace Stadards (GIPS ). The firm maitais a complete list ad descriptio of composites, ad the correspodig compliat presetatio, which are available upo request. The S&P 500, a umaaged idex cosistig of 500 primarily large market capitalizatio stocks, is a widely published idex of the large-cap equity securities that ecompass most of the stocks i the uiverse of securities followed by ICAP. The Russell 1000 Value Idex measures the performace of those Russell 1000 compaies with lower price-to-book ratios ad lower forecasted growth values. Idexes are umaaged ad returs assume reivestmet of divideds ad do ot reflect ay fees, expeses or sales charges. Ivestors caot ivest directly i a idex. Bechmark returs ca be obtaied from the provider websites ( ad Portfolios are maaged accordig to their respective strategies which may differ sigificatly i terms of security holdigs, idustry weightigs, ad asset allocatio from those of the bechmark(s). Portfolio performace, characteristics ad volatility may differ from the bechmark(s) show. Past performace does ot guaratee or idicate future results. Istitutioal Capital LLC is a federally registered ivestmet advisor. Form ADV Part 2A, which provides backgroud iformatio about the firm ad its busiess practices, is available upo request. The iformatio i this report should ot be cosidered a recommedatio to purchase or sell ay particular security. There is o assurace that ay securities discussed herei will remai i a accout s portfolio at the time you receive this report or that securities sold have ot bee repurchased. The securities discussed do ot represet the accout s etire portfolio ad i the aggregate may represet oly a small percetage of a accout s portfolio holdigs. This Factsheet may ot be reproduced i whole or i part, retrasmitted, or posted o ay web site without the express writte coset of ICAP.

7 INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, ICAP Iteratioal Top 10 holdigs supplemetal iformatio* Security % Assets Novartis AG 5.4% Vodafoe Group PLC - Sposored ADR 5.2% Mitsubishi Estate Co Ltd 4.2% Total SA 4.1% Merck KGaA 3.9% Pearso PLC 3.8% Julius Baer Group Ltd 3.6% Daiwa Securities Group Ic 3.5% ABB Ltd - Reg 3.1% Bridgestoe Corporatio 3.1% TOTAL 40.1% Characteristics supplemetal iformatio* Characteristic ICAP MSCI EAFE Price/earigs (fwd.) 13.6x 13.7x Wtd. avg. mkt. cap. $49 b $55 b Media. mkt. cap. $27 b $8 b Divided yield 3.5% 3.7% Turover - 3 year avg. 56% Number of holdigs 37 Cash equivalets 4.0% Std. deviatio - 3 year Active share versus: 90% Sector weights (% assets)* ICAP sector ICAP MSCI EAFE Fiacials 21% 22% Health Care 16% 12% Basic Idustries 11% 7% Cosumer Services 8% 4% Techology 8% 6% Eergy 6% 5% Commuicatios 5% 6% Cosumer Durables 5% 7% Capital Spedig 5% 6% Property 4% 4% Utilities 4% 4% Cosumer Staples 4% 10% Retail 0% 6% Trasportatio 0% 3% Regio weights (% assets)* Coutry ICAP MSCI EAFE EMEA 71% 67% Japa 14% 23% Asia ex-japa 7% 4% Lati America 2% 0% Australasia 2% 7% Caada 0% 0% *Data variaces i flagged sectios are due to roudig. Additioal disclosures o the reverse side. Ivestmet results for period edig 9/30/15 QTD YTD 1 YR 3 YR 5 YR 10 YR ICAP Iteratioal Comp. (gross) ICAP Iteratioal Comp. (et) MSCI EAFE Idex (et div) Periods greater tha oe year are aualized. Past performace does ot guaratee future results Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that could cause the market to recogize the iheret value ad drive the stock to the target price withi moths. ICAP Iteratioal Strategy Composite iceptio: 3/31/05 Portfolios typically hold 30 to 50 stocks Positio sizes ca be greater tha 5% but will ot exceed 8% of the total portfolio Sector ad coutry weights are a result of bottom-up stock selectio, with a typical maximum of o more tha 30% i ay oe sector Ivests i equity securities of foreig compaies that geerally have market capitalizatios of at least $3 billio at time of purchase Cotributio Top QTD Cotributors Cotributio (bps) Avg. Weight Valeat Pharmaceuticals Iteratioal, Ic % Edesa S.A % Gemab A/S 5 1.6% ThysseKrupp AG 3 0.5% NN Group N.V % Bottom QTD Cotributors Cotributio (bps) Avg. Weight E.ON SE % Grupo Televisa, S.A.B. Sposored ADR % Mitsubishi Corporatio % Vodafoe Group Plc Sposored ADR % Julius Baer Gruppe AG % Top YTD Cotributors Cotributio (bps) Avg. Weight Valeat Pharmaceuticals Iteratioal, Ic % Nippo Telegraph ad Telephoe Corporatio % ING Groep NV Cert. of Shs % Sveska Cellulosa Aktiebolaget Class B % Tokio Marie Holdigs, Ic % Bottom YTD Cotributors Cotributio (bps) Avg. Weight E.ON SE % Sads Chia Ltd % Vallourec SA % Grupo Televisa, S.A.B. Sposored ADR % DBS Group Holdigs Ltd % The holdigs idetified do ot represet all of the securities purchased, sold or recommeded ad you should ot assume that these istrumets were or will be profitable.

8 Phoe Fax ICAP Iteratioal Istitutioal Capital At Istitutioal Capital (ICAP), we believe the key to ivestmet success lies i followig a disciplied approach to value ivestig that is cosistetly applied over time. Fouded as a istitutioal ivestmet firm i 1970, ICAP maages moey for some of the world s largest ad most respected corporatios ad istitutios. ICAP has extesive experiece workig with may cliet types, icludig corporatios, public fuds, foudatios, edowmets, subadvisory relatioships ad multi-employer plas. Our cliets are located withi the Uited States ad abroad. Stregths Stability Specialize i value ivestig sice 1970 Ivestmet Committee members average 22 years of idustry experiece, icludig 17 years with the firm Depth Global fudametal research coducted by experieced team Strategies iclude U.S. ad o-u.s. portfolios: ICAP Equity, ICAP Focused Equity ad ICAP Select Equity ICAP Iteratioal, ICAP Euro Select Equity, ICAP Global, ICAP Global Select ad ICAP Global Divided Yield Cosistecy Same Global Research Team ad process used for all strategies Collective talets of everyoe at ICAP are aliged behid oe timetested ivestmet process Ivestmet risk maagemet ad sell disciplie We believe it is importat to cotrol risk o a bottom-up, stock-bystock basis. Whe stocks are evaluated for potetial purchase, both valuatio ad catalysts are thoroughly vetted by the team. We believe our global macroecoomic aalysis alog with our compay specific research provides a more robust framework allowig us to better uderstad each compay s idividual risk profile. Through our focused approach to ivestig, we seek to gai a thorough uderstadig as to why each stock is i the portfolio ad closely moitor the dyamics of each idividual security. We systematically evaluate each of the securities purchased o a ogoig basis. Key factors i determiig if a stock will udergo a full team review are: The catalyst has chaged or eroded Earigs estimates have deteriorated Exogeous risks brig the ivestmet thesis ito questio The stock is sigificatly uderperformig Stocks are sold for specific reasos. We will act whe: The stock has achieved its target price The catalyst has bee violated A risk to the ivestmet thesis has bee idetified Other cadidates are more attractive The Iteratioal composite is a actively maaged composite composed of fully discretioary, fee-payig accouts, maaged by Istitutioal Capital LLC (ICAP), icludig those o loger with the firm. The Iteratioal strategy ivests i equity securities of foreig compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Idividual positio sizes ca be greater tha 5% but will ot exceed 8% of the total portfolio at time of purchase. A portfolio typically holds 30 to 50 securities. Turover typically rages from 50% to 100% i the Iteratioal strategy. Accouts maaged by ICAP for less tha oe full moth ad accouts with severe cliet imposed restrictios o ivestmets i certai securities or idustries are excluded from the composite. Performace for periods greater tha oe year is aualized. Performace of ICAP s composite is preseted o a gross-of-fees basis (before the applicatio of ivestmet advisory fees) ad et-of-fees basis (after actual ivestmet advisory fees). Our composite module takes each accout s et-offee retur ad produces a et composite retur based o the asset weightig of each accout i the composite. The returs of ICAP s composite reflect the reivestmet of divideds, iterest ad other earigs. The U.S. Dollar is the currecy used to express composite performace. Actual results for a particular cliet accout will deped upo the fee structure applicable to the accout ad ay restrictios imposed o the accout. Some accouts i the composite may icur a performace fee which may exceed the maximum fee schedule. Composite performace is preseted et of foreig withholdig taxes o divideds, iterest icome, ad capital gais. Withholdig taxes may vary accordig to the ivestor s domicile. Istitutioal Capital LLC claims compliace with the Global Ivestmet Performace Stadards (GIPS ). The firm maitais a complete list ad descriptio of composites, ad the correspodig compliat presetatio, which are available upo request. The MSCI EAFE Idex is a free float-adjusted market capitalizatio idex that is desiged to measure developed market equity performace, excludig the Uited States ad Caada. Idexes are umaaged ad returs assume reivestmet of divideds ad do ot reflect ay fees, expeses or sales charges. Ivestors caot ivest directly i a idex. Bechmark returs ca be obtaied from the provider website ( Portfolios are maaged accordig to their respective strategies which may differ sigificatly i terms of security holdigs, idustry weightigs, ad asset allocatio from those of the bechmark(s). Portfolio performace, characteristics ad volatility may differ from the bechmark(s) show. Past performace does ot guaratee or idicate future results. Istitutioal Capital LLC is a federally registered ivestmet advisor. Form ADV Part 2A, which provides backgroud iformatio about the firm ad its busiess practices, is available upo request. The iformatio i this report should ot be cosidered a recommedatio to purchase or sell ay particular security. There is o assurace that ay securities discussed herei will remai i a accout s portfolio at the time you receive this report or that securities sold have ot bee repurchased. The securities discussed do ot represet the accout s etire portfolio ad i the aggregate may represet oly a small percetage of a accout s portfolio holdigs. This Factsheet may ot be reproduced i whole or i part, retrasmitted, or posted o ay web site without the express writte coset of ICAP.

9 INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, ICAP Euro Select Equity Top 10 holdigs supplemetal iformatio* Security % Assets Novartis AG 7.4% Vodafoe Group PLC 6.2% Merck KGaA 5.8% Total SA 5.7% Pearso PLC 5.1% Julius Baer Group Ltd 4.9% Koiklijke DSM N.V. 4.7% AstraZeeca PLC 4.6% ABB Ltd - Reg 4.5% Deutsche Bak AG 4.4% TOTAL 53.2% Characteristics supplemetal iformatio* Characteristic ICAP MSCI Europe Price/earigs (fwd.) 14.2x 14.0x Wtd. avg. mkt. cap. $54 b $66 b Media. mkt. cap. $38 b $12 b Divided yield 3.9% 4.0% Turover - 3 year avg. 52% Number of holdigs 27 Cash equivalets 1.0% Std. deviatio - 3 year Active share versus: 86% Sector weights (% assets)* ICAP sector ICAP MSCI Europe Fiacials 23% 22% Health Care 20% 14% Basic Idustries 11% 6% Techology 7% 4% Capital Spedig 6% 6% Eergy 6% 7% Commuicatios 6% 6% Utilities 5% 4% Cosumer Staples 5% 14% Cosumer Services 5% 4% Cosumer Durables 4% 5% Retail 0% 6% Trasportatio 0% 2% Property 0% 2% Coutry weights (% assets)* Coutry ICAP MSCI Europe Switzerlad 23% 15% Netherlads 19% 5% Uited Kigdom 19% 31% Germay 18% 13% Frace 11% 15% Spai 6% 5% Demark 2% 3% Italy 1% 4% Other** 0% 10% *Data variaces i flagged sectios are due to roudig Additioal disclosures o the reverse side. **Other icludes Austria, Belgium, Filad, Irelad, Norway, Portugal ad Swede. Ivestmet results for period edig 9/30/15 QTD YTD 1 YR 3 YR 5 YR 10 YR ICAPEuroSelect Equity Comp.(gross) ICAPEuroSelect Equity Comp. (et) MSCI Europe (et div) Periods greater tha oe year are aualized. Past performace does ot guaratee future results. Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that could cause the market to recogize the iheret value ad drive the stock to the target price withi moths. ICAP Euro Select Equity Strategy Composite iceptio: 8/31/05 Portfolios typically hold 20 to 30 stocks Positio sizes ca be greater tha 5% but will ot exceed 8% of the total portfolio Sector ad coutry weights are a result of bottom-up stock selectio, with a typical maximum of o more tha 30% i ay oe sector Ivests i equity securities of foreig compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Cotributio Top QTD Cotributors Cotributio (bps) Avg. Weight Edesa S.A % Gemab A/S 6 1.9% NN Group N.V % ThysseKrupp AG 4 0.7% Royal Bak of Scotlad Group plc 1 0.0% Bottom QTD Cotributors Cotributio (bps) Avg. Weight E.ON SE % LafargeHolcim Ltd % Royal DSM NV % Vodafoe Group PLC % Julius Baer Gruppe AG % Top YTD Cotributors Cotributio (bps) Avg. Weight ING Groep NV Cert. of Shs % Sveska Cellulosa Aktiebolaget Class B % WPP Plc % Sygeta AG % Daimler AG % Bottom YTD Cotributors Cotributio (bps) Avg. Weight E.ON SE % Vallourec SA % Royal DSM NV % LafargeHolcim Ltd % Baco Popular Espaol SA % The holdigs idetified do ot represet all of the securities purchased, sold or recommeded ad you should ot assume that these istrumets were or will be profitable.

10 Phoe Fax ICAP Euro Select Equity Istitutioal Capital At Istitutioal Capital (ICAP), we believe the key to ivestmet success lies i followig a disciplied approach to value ivestig that is cosistetly applied over time. Fouded as a istitutioal ivestmet firm i 1970, ICAP maages moey for some of the world s largest ad most respected corporatios ad istitutios. ICAP has extesive experiece workig with may cliet types, icludig corporatios, public fuds, foudatios, edowmets, subadvisory relatioships ad multi-employer plas. Our cliets are located withi the Uited States ad abroad. Stregths Stability Specialize i value ivestig sice 1970 Ivestmet Committee members average 22 years of idustry experiece, icludig 17 years with the firm Depth Global fudametal research coducted by experieced team Strategies iclude U.S. ad o-u.s. portfolios: ICAP Equity, ICAP Focused Equity ad ICAP Select Equity ICAP Iteratioal, ICAP Euro Select Equity, ICAP Global, ICAP Global Select ad ICAP Global Divided Yield Cosistecy Same Global Research Team ad process used for all strategies Collective talets of everyoe at ICAP are aliged behid oe timetested ivestmet process Ivestmet risk maagemet ad sell disciplie We believe it is importat to cotrol risk o a bottom-up, stock-bystock basis. Whe stocks are evaluated for potetial purchase, both valuatio ad catalysts are thoroughly vetted by the team. We believe our global macroecoomic aalysis alog with our compay specific research provides a more robust framework allowig us to better uderstad each compay s idividual risk profile. Through our focused approach to ivestig, we seek to gai a thorough uderstadig as to why each stock is i the portfolio ad closely moitor the dyamics of each idividual security. We systematically evaluate each of the securities purchased o a ogoig basis. Key factors i determiig if a stock will udergo a full team review are: The catalyst has chaged or eroded Earigs estimates have deteriorated Exogeous risks brig the ivestmet thesis ito questio The stock is sigificatly uderperformig Stocks are sold for specific reasos. We will act whe: The stock has achieved its target price The catalyst has bee violated A risk to the ivestmet thesis has bee idetified Other cadidates are more attractive The Euro Select Equity composite is a actively maaged composite composed of fully discretioary, fee-payig accouts, maaged by Istitutioal Capital LLC (ICAP), icludig those o loger with the firm. The Euro Select Equity strategy ivests i equity securities of Europea compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Idividual positio sizes ca be greater tha 5% but will ot exceed 8% of the total portfolio at time of purchase. A portfolio typically holds 20 to 30 securities. Turover typically rages from 50% to 100% i the Euro Select Equity strategy. Accouts maaged by ICAP for less tha oe full moth ad accouts with severe cliet imposed restrictios o ivestmets i certai securities or idustries are excluded from the composite. Performace for periods greater tha oe year is aualized. Performace of ICAP s composite is preseted o a gross-of-fees basis (before the applicatio of ivestmet advisory fees) ad et-of-fees basis (after actual ivestmet advisory fees). Our composite module takes each accout s et-offee retur ad produces a et composite retur based o the asset weightig of each accout i the composite. The returs of ICAP s composite reflect the reivestmet of divideds, iterest ad other earigs. The U.S. Dollar is the currecy used to express composite performace. Actual results for a particular cliet accout will deped upo the fee structure applicable to the accout ad ay restrictios imposed o the accout. Some accouts i the composite may icur a performace fee which may exceed the maximum fee schedule. Composite performace is preseted et of foreig withholdig taxes o divideds, iterest icome, ad capital gais. Withholdig taxes may vary accordig to the ivestor s domicile. Istitutioal Capital LLC claims compliace with the Global Ivestmet Performace Stadards (GIPS ). The firm maitais a complete list ad descriptio of composites, ad the correspodig compliat presetatio, which are available upo request. The MSCI Europe Idex is a umaaged idex geerally represetative of the Europea market for large- to mid-capitalizatio stocks. Idexes are umaaged ad returs assume reivestmet of divideds ad do ot reflect ay fees, expeses or sales charges. Ivestors caot ivest directly i a idex. Bechmark returs ca be obtaied from the provider website ( Portfolios are maaged accordig to their respective strategies which may differ sigificatly i terms of security holdigs, idustry weightigs, ad asset allocatio from those of the bechmark(s). Portfolio performace, characteristics ad volatility may differ from the bechmark(s) show. Past performace does ot guaratee or idicate future results. Istitutioal Capital LLC is a federally registered ivestmet advisor. Form ADV Part 2A, which provides backgroud iformatio about the firm ad its busiess practices, is available upo request. The iformatio i this report should ot be cosidered a recommedatio to purchase or sell ay particular security. There is o assurace that ay securities discussed herei will remai i a accout s portfolio at the time you receive this report or that securities sold have ot bee repurchased. The securities discussed do ot represet the accout s etire portfolio ad i the aggregate may represet oly a small percetage of a accout s portfolio holdigs. This Factsheet may ot be reproduced i whole or i part, retrasmitted, or posted o ay web site without the express writte coset of ICAP.

11 INSTITUTIONAL CAPITAL 353 North Clark Street Suite 3500 Chicago IL, ICAP Global Top 10 holdigs supplemetal iformatio* Security % Assets Allerga PLC 3.4% Chevro Corp 2.8% Medtroic PLC 2.7% Vodafoe Group PLC - Sposored ADR 2.7% Mitsubishi Estate Co Ltd 2.7% Novartis AG 2.6% Samsug Electroics Co Ltd - GDR 2.6% Total SA 2.5% Mosato Co 2.5% Comcast Corp - Cl A 2.4% TOTAL 26.9% Characteristics supplemetal iformatio* Characteristic ICAP MSCI World Price/earigs (fwd.) 13.6x 14.6x Wtd. avg. mkt. cap. $82 b $92 b Media. mkt. cap. $38 b $10 b Divided yield 2.8% 2.9% Turover - 3 year avg. 74% Number of holdigs 52 Cash equivalets 1.4% Std. deviatio - 3 year Active share versus: 89% Sector weights (% assets)* ICAP sector ICAP MSCI World Fiacials 18% 19% Health Care 15% 14% Techology 13% 13% Basic Idustries 11% 5% Capital Spedig 8% 7% Cosumer Services 8% 4% Eergy 7% 6% Cosumer Durables 6% 4% Commuicatios 5% 5% Property 3% 3% Utilities 3% 4% Cosumer Staples 2% 9% Retail 0% 6% Trasportatio 0% 2% Regio weights (% assets)* Coutry ICAP MSCI World Uited States 52% 58% EMEA 33% 26% Japa 8% 9% Asia ex-japa 5% 2% Lati America 2% 0% Australasia 0% 3% Caada 0% 3% *Data variaces i flagged sectios are due to roudig. Additioal disclosures o the reverse side. Ivestmet results for period edig 9/30/15 SINCE QTD YTD 1 YR 3 YR 5 YR 12/31/07 ICAP Global Comp. (gross) ICAP Global Comp. (et) MSCI World Idex (et div) Periods greater tha oe year are aualized. Past performace does ot guaratee future results. Objective ICAP focuses o fidig uderpriced large cap value securities that we believe have a clear catalyst that could cause the market to recogize the iheret value ad drive the stock to the target price withi moths. ICAP Global Strategy Composite iceptio: 12/31/07 Portfolios typically hold 40 to 60 stocks Positio sizes geerally do ot exceed 5% of the total portfolio Sector ad coutry weights are a result of bottom-up stock selectio, with a typical maximum of o more tha 30% i ay oe sector Ivests i equity securities of U.S. ad foreig compaies that geerally have market capitalizatios of at least $3 billio at time of purchase Cotributio Top QTD Cotributors Cotributio (bps) Avg. Weight Google Ic. Class C % Edesa S.A % Bak of America Corporatio % Delta Air Lies, Ic % Gemab A/S 5 1.4% Bottom QTD Cotributors Cotributio (bps) Avg. Weight E.ON SE % Mosaic Compay % Viacom Ic. Class B % Grupo Televisa, S.A.B. Sposored ADR % Mosato Compay % Top YTD Cotributors Cotributio (bps) Avg. Weight Nippo Telegraph ad Telephoe Corporatio % Google Ic. Class C % ING Groep NV Cert. of Shs % Valeat Pharmaceuticals Iteratioal, Ic % Sveska Cellulosa Aktiebolaget Class B % Bottom YTD Cotributors Cotributio (bps) Avg. Weight E.ON SE % Viacom Ic. Class B % Sads Chia Ltd % Mosato Compay % Mosaic Compay % The holdigs idetified do ot represet all of the securities purchased, sold or recommeded ad you should ot assume that these istrumets were or will be profitable.

12 Phoe Fax ICAP Global Istitutioal Capital At Istitutioal Capital (ICAP), we believe the key to ivestmet success lies i followig a disciplied approach to value ivestig that is cosistetly applied over time. Fouded as a istitutioal ivestmet firm i 1970, ICAP maages moey for some of the world s largest ad most respected corporatios ad istitutios. ICAP has extesive experiece workig with may cliet types, icludig corporatios, public fuds, foudatios, edowmets, subadvisory relatioships ad multi-employer plas. Our cliets are located withi the Uited States ad abroad. Stregths Stability Specialize i value ivestig sice 1970 Ivestmet Committee members average 22 years of idustry experiece, icludig 17 years with the firm Depth Global fudametal research coducted by experieced team Strategies iclude U.S. ad o-u.s. portfolios: ICAP Equity, ICAP Focused Equity ad ICAP Select Equity ICAP Iteratioal, ICAP Euro Select Equity, ICAP Global, ICAP Global Select ad ICAP Global Divided Yield Cosistecy Same Global Research Team ad process used for all strategies Collective talets of everyoe at ICAP are aliged behid oe timetested ivestmet process Ivestmet risk maagemet ad sell disciplie We believe it is importat to cotrol risk o a bottom-up, stock-bystock basis. Whe stocks are evaluated for potetial purchase, both valuatio ad catalysts are thoroughly vetted by the team. We believe our global macroecoomic aalysis alog with our compay specific research provides a more robust framework allowig us to better uderstad each compay s idividual risk profile. Through our focused approach to ivestig, we seek to gai a thorough uderstadig as to why each stock is i the portfolio ad closely moitor the dyamics of each idividual security. We systematically evaluate each of the securities purchased o a ogoig basis. Key factors i determiig if a stock will udergo a full team review are: The catalyst has chaged or eroded Earigs estimates have deteriorated Exogeous risks brig the ivestmet thesis ito questio The stock is sigificatly uderperformig Stocks are sold for specific reasos. We will act whe: The stock has achieved its target price The catalyst has bee violated A risk to the ivestmet thesis has bee idetified Other cadidates are more attractive The Global composite is a actively maaged composite composed of fully discretioary, fee-payig accouts, maaged by Istitutioal Capital LLC (ICAP), icludig those o loger with the firm. The Global strategy ivests i equity securities of foreig ad U.S. compaies that geerally have market capitalizatios of at least $3 billio at time of purchase. Idividual positio sizes geerally do ot exceed 5% of the total portfolio at time of purchase. A portfolio typically holds 40 to 60 securities. Turover typically rages from 50% to 100% i the Global strategy. Accouts maaged by ICAP for less tha oe full moth ad accouts with severe cliet imposed restrictios o ivestmets i certai securities or idustries are excluded from the composite. Performace for periods greater tha oe year is aualized. Performace of ICAP s composite is preseted o a gross-of-fees basis (before the applicatio of ivestmet advisory fees) ad et-of-fees basis (after actual ivestmet advisory fees). Our composite module takes each accout s et-offee retur ad produces a et composite retur based o the asset weightig of each accout i the composite. The returs of ICAP s composite reflect the reivestmet of divideds, iterest ad other earigs. The U.S. Dollar is the currecy used to express composite performace. Actual results for a particular cliet accout will deped upo the fee structure applicable to the accout ad ay restrictios imposed o the accout. Some accouts i the composite may icur a performace fee which may exceed the maximum fee schedule. Composite performace is preseted et of foreig withholdig taxes o divideds, iterest icome, ad capital gais. Withholdig taxes may vary accordig to the ivestor s domicile. Istitutioal Capital LLC claims compliace with the Global Ivestmet Performace Stadards (GIPS ). The firm maitais a complete list ad descriptio of composites, ad the correspodig compliat presetatio, which are available upo request. The MSCI World Idex is a free float-adjusted market capitalizatio weighted idex that is desiged to measure the equity performace of 23 developed markets. Idexes are umaaged ad returs assume reivestmet of divideds ad do ot reflect ay fees, expeses or sales charges. Ivestors caot ivest directly i a idex. Bechmark returs ca be obtaied from the provider website ( Portfolios are maaged accordig to their respective strategies which may differ sigificatly i terms of security holdigs, idustry weightigs, ad asset allocatio from those of the bechmark(s). Portfolio performace, characteristics ad volatility may differ from the bechmark(s) show. Past performace does ot guaratee or idicate future results. Istitutioal Capital LLC is a federally registered ivestmet advisor. Form ADV Part 2A, which provides backgroud iformatio about the firm ad its busiess practices, is available upo request. The iformatio i this report should ot be cosidered a recommedatio to purchase or sell ay particular security. There is o assurace that ay securities discussed herei will remai i a accout s portfolio at the time you receive this report or that securities sold have ot bee repurchased. The securities discussed do ot represet the accout s etire portfolio ad i the aggregate may represet oly a small percetage of a accout s portfolio holdigs. This Factsheet may ot be reproduced i whole or i part, retrasmitted, or posted o ay web site without the express writte coset of ICAP.