Cityof Ci fMi Miami iGeneral G lEmployees E l & SanitationEmployeesRetirementTrust

April18,2012 AdrianMeli 2122934018 ameli@eaglecap.com

AnneMaffei 2122934007 amaffei@eaglecap.com

EAGLECAPITALMANAGEMENT499PARKAVENUENEWYORKNY10022

FIRMBACKGROUND Foundedin1988*byRavenelandBethCurry SinglestrategyEagleEquityportfolio;longonly Separate accountstructureforallaccounts $12.4BillioninAssetsUnderManagement Over80%Institutional 100%Employeeowned DiverseTeamof26SeasonedProfessionals SevenMemberPortfolioManagementTeamwithLowTurnover

*In1995,theorganizationalstructureofthefirmwaschangedtoaLimitedLiabilityCompany(LLC). AssetsUnderManagementasofMarch31,2012 PAGE2

ORGANIZATION
RavenelCurry ManagingPrincipal/ChiefInvestmentOfficer OPERATIONS g Jacobs J Angela PortfolioAdministrationAssociate AnitaPappas PortfolioAdministrator AnnWiderka P tf li Ad Portfolio Administrator/Compliance i i t t /C li ChristineLynch PortfolioAdministrator ChristopherLewis p Officer ChiefCompliance ElizaChoo PortfolioAdministrator JanaRoberts PortfolioAdministrator NannetteRacetteAguayo DirectorofOperations MaryAliceDeering Administrator MichaelBrand PortfolioAdministrator MiriamSchatz Accounting/Benefits/Compliance INVESTMENT TEAM AdrianMeli ResearchAnalyst AlecHenry ResearchAnalyst ElizabethCurry Research R hA Analyst/Trader l t/T d FaisalAhmad ResearchAssociate JamesVarley Trader MaryKush,CPA ResearchAnalyst R.BoykinCurry ResearchAnalyst RichardOng,CFA ResearchAnalyst CLIENTSERVICE AnneMaffei EvaVenturas GaryMueller JohnHolman JohnJohnson MichaelBruno RebeccaNorman,CFA

PAGE3

FIRMOWNERSHIP /TEAMTURNOVER
Name RavenelCurry ElizabethCurry RichardOng MaryKush R.BoykinCurry AdrianMeli Al Henry Alec AnneMaffei JohnHolman JohnJohnson JamesVarley Total Area PortfolioManager Research Research Research Research Research Research h ClientService ClientService ClientService Trading Ownership% >50% <10% <10% <10% <10% <10% % <10% <10% <10% <10% 100%

Eagle E l Capital C it lis i 100%employee owned

Onlyoneresearch teammemberhas leftthefirmover thelast10years

Name AddedAdrianMeli BinYuDeparted AddedAlecHenry

Yearsat Firm 3 4 1

Year Arrived/ Departed 2008 2008 2010

Rationale Expansionofinvestmentteam RelocatedtoChinawithfamily Expansionofinvestmentteam

PAGE4

EAGLEEQUITYCOMPOSITEPERFORMANCE
Periods Ending 3/31/12, Gross of Fees

EagleCapital Q12012 OneYear AnnualizedReturns: ThreeYears FiveYears SevenYears TenYears SinceInception(12/1988) CumulativeSinceInception 26.6% 6.4% 7.6% 9.4% 14.8% 2386% 10.2% 8.0%

S&P500 12.6% 8.5% 23.4% 2.0% 4.7% 4.1% 9.6% 744%

Russell R ll1000 Value 11.1% 4.8% 22.8% 0.8% 3.5% 4.6% 9.8% 775%

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

PAGE5

INVESTMENTMANAGEMENTTEAM
EXPERIENCE TOTALEAGLE

RAVENELB.CURRYIII RavenelisafounderandthechiefinvestmentofficerofEagleCapitalManagement, LLC.FormerlyapartneratH.C.Wainwright andtheportfoliomanagerof th Duke the D k E Endowment, d t R Ravenel l b beganhi hisi investment t tcareeri in1967asasecurity it analyst l tat tM MorganG Guaranty t T Trust tC Company.H Hereceived i dhis hi Bachelor B h l of f ArtsdegreefromFurmanUniversityandanM.B.A.fromtheUniversity ofVirginia.RavenelisatrusteeoftheAmericanEnterpriseInstituteforPublicPolicy Research,theManhattanInstitute,theNewYorkHallofScience,theNewYorkHistoricalSociety,andtheDuke Endowment.Ravenelisaformertrusteeof FurmanUniversity andtheformerchairmanoftheNewJerseyHigherEducationAssistanceAuthority. ELIZABETHR.CURRY AfounderofEagleCapitalManagement, Bethisaseniorresearchanalystandalsoparticipatesinthefirmstradingfunction.Shewasformerlyasecurities analystandequities traderatSummitBancorp.BethreceivedherBachelorofArtsdegree,cumlaude,andanM.B.A.fromQueensUniversity ofCharlotte. BethisadirectoroftheHydeandWatsonFoundationandatrusteeofQueensUniversity ofCharlotte Charlotte. RICHARDR.ONG,CFA Richardisaseniorresearchanalyst.HewasaprincipalatMcCowanAssociates,theformerInvestmentManagement ServicesdivisionofGoldman,Sachs& Co.Richardwasananalystandservedontheinvestment committee.HeworkedinbiomedicalresearchattheUniversity ofCalifornia,theSanFrancisco MedicalCenterandtheNewYorkUniversity MedicalCenter.RichardreceivedhisBachelorofArtsdegreeinChemistryfromPrincetonUniversityandan M.B.A.fromColumbiaUniversity.HeholdstheCharteredFinancialAnalystdesignation. MARYA.KUSH,CPA Maryisaseniorresearchanalyst.ShejoinedEagleCapitalafter10yearsinpublicaccountingandisaCertifiedPublicAccountant.Previously,shewaswith U.S.TrustCompanyofNewYorkandYohalemGillman&Company.MaryreceivedherBachelorofSciencedegreeinAccountingfrom LehighUniversity andanM.B.A.andM.S.intaxationfromFordhamUniversity. ShewasthecenterfortheLehighUniversityWomensBasketballTeam andwasselected conferenceRookieoftheYear. R.BOYKINCURRYIV Boykinisaseniorresearchanalyst.FormerlyaportfoliomanageratKingdon Capital,Boykinbeganhisinvestment careeratMillerAnderson&Sherrerd.At MillerAnderson&Sherrerd/MorganStanleyAssetManagement, hemanagedanemergingmarketsfundandcorananinternationalequityfund.Priorto b i business school, h l he h wasastrategy t t consultant lt tat tB Bain i &C Company.B Boykin ki graduated d t df fromY Yale l U University i it with ithad degreei inE Economics i and dearned dhis hi M.B.A. MBA atHarvardBusinessSchool.HeisafoundingboardmemberofPublicPrep,whichopenscharterschoolsforchildreninNewYorkCity. ADRIANV.MELI Adrianisaseniorresearchanalyst.HewasformerlyapartneratFarleyCapital,avalueorientedinvestmentpartnership.Adriangraduatedmagnacumlaude andPhiBetaKappawithaBachelorofArtsdegreeinEconomicsandPsychology fromWilliamsCollege. ALECJ.HENRY y Hewasformerly ytheDirectorofResearchatCorsairCapital p Management. g Priortoj joining gCorsair, ,Alecworkedincorporate p Alecisaseniorresearchanalyst. strategyatStarwoodHotelsandwasastrategyconsultantatMercerManagementConsulting.AlecreceivedhisBachelorofScience inCommercewitha concentrationinFinancefromtheMcIntireSchoolofCommerceattheUniversityofVirginia.HehasearnedtheCharteredFinancialAnalystdesignation.

43

23

25

23

26

14

13

13

18

10

PAGE6

CLIENTSERVICETEAM
JOHNW.HOLMANIII ManagingDirector Johnhas17yearsofinvestmentexperience,includingtwoyearsasaseniorresearchanalystatEagle.Previously, hewasaportfoliomanagerand analystatHHRAssetManagement,andananalystatWarburgPincus Counsellors andBarker,Lee&Co.JohnreceivedhisBachelorofArtsdegree with ithh honorsi inE English li hf fromW Wesleyan l U University. i it H Hei isadi director t of fth theH Hyde d and dW Watson t F Foundation d ti and dadi director t of fG Grants t Publishing. P bli hi He H i isa trusteeofThePingry SchoolandatrusteeemeritusofTheWinstonSchool. M.JOHNJOHNSON ManagingDirector PriortojoiningEagle,JohnwasresponsibleforbusinessdevelopmentandclientserviceforSpears,Benzak,SalomonandFarrell (nowVictoryCapital Management). HebeganhisfinancialcareerwithConnecticutGeneral(nowCIGNA)in1977andwentontoformhisownfinancial servicescompany. JohngraduatedfromPrincetonUniversitywithaBachelorofArtsdegree.HeresidesinNorthernWestchestercountywithhiswife andfamily. g gDirector ANNEMAFFEI Managing PriortoEagleCapital,AnnewasthePresidentandChiefExecutiveOfficerofVistaResearch,aleadingexpertnetworkingresearchfirmandco Founder/ManagingDirectoroftheCedarStreetGroup,aventurecapitalfirmfocusingontechnology,travel,consumerproducts, andretail technology.Herpriorexperienceisininvestmentbanking(GoldmanSachsandJPMorgan)andcorporatedevelopment(Johnson&Johnsonand priceline.com).AnnereceivedherBachelorofArtsdegreefromWellesleyCollegeandanM.B.AfromHarvardUniversity.AnneistheChairmanof theBoardofTheMoth,anonprofitorganizationinNewYorkCityandaformerBoardMemberofInvestorside. GARYMUELLER ManagingDirector PriortojoiningEagleCapital,GarywasChairmanandCEOofInstitutionalInvestor,Inc.,wherehemanaged900people.Hewasfounder,Chairman andCEOofISIEmergingMarkets,aleadingdataandinformationcompanythathas550employeesinofficesin30countries.He foundedISIin1994 andleditsprofitablegrowthuntil2010.GaryreceivedhisBachelorofArtsandM.B.A.fromHarvardUniversity.HewasaFulbrightScholaratthe UniversityofFrankfurtinGermany.HeteachesatHarvardUniversity,whereheisalsoontheBoardofAdvisorsoftheRockCenterfor Entrepreneurship. MICHAELBRUNO Associate PriortojoiningEagleCapital,MichaelwasaSeniorRFPAssociateforAllianceBernstein,L.P.,wherehewasresponsibleforcoordinatingthe responsestofixedincomerequestsforinformationandclientduediligencequestionnaires.MichaelgraduatedSummaCumLaude fromLafayette College receivinghisBachelorofArtsdegreeinEnglishandEconomics&Business. College, Business MichaelisalsoamemberofPhiBetaKappa. Kappa REBECCANORMAN,CFA Associate PriortojoiningEagleCapital,RebeccawasaPortfolioAnalystintheRiskManagementgroupatWellsCapitalManagement,wheresheevaluatedthe riskandreturncharacteristicsofinvestmentproducts.ShebeganhercareerwithSterlingCapitalManagementasaPerformanceAnalyst.Rebecca receivedherBachelorofArtsdegreewithhonorsinBusinessAdministration fromFurmanUniversity. SheholdstheCharteredFinancialAnalyst designation. STEPHANIEEVAVENTURAS Associate PriortojoiningEagleCapital,EvaworkedontheMarketing&ClientServiceteamatCramerRosenthalMcGlynn,LLCwhereshewasresponsiblefor clientandadvisorreviews,andnewbusinessproposals.EvareceivedherBachelorofArtsdegreefromColgateUniversity.Concentratingin InternationalRelationsandInterdisciplinaryWriting,sheenjoyedherconsultingpositionintheUniversityWritingCenter.Eva isamemberofthe CarnegieNewLeadersprogramoftheCarnegieCouncil,TheVoiceforEthicsinInternationalAffairs. PAGE7

Alwaysavailableto discussportfolioand investmentthinking 212.293.4040 QUARTERLY REPORTING Lettertoinvestors, appraisal,performance report MONTHLY ELECTRONIC REPORTING Providedatclient request A HOC AD O INFORMATIONAND ANALYSIS Providedatclient request

PHILOSOPHY/COMPETITIVEEDGE
InvestmentPhilosophy:
Buy yundervaluedcompanies p withunrecognized g growth g potential p
Seekstocksthatareinexpensiverelativetoboththeircoreearningspowerandtheirlongtermprospects

Minimizerisk RiskisGreatestwhenAgreementisGreatest
Avoidhighexpectationstockswherethereisariskofapermanentlossofcapital

CompetitiveEdge:
Longterminvestmenthorizonallowsustofindgreatopportunitiesinwhichmany investorscantorwontinvest Superiorjudgmentappliedtointenseoriginalresearch RigorplusPatience Focusedportfolioofour25 35bestideas;wetypicallyaddfivenewpositions/year Strongrelationshipswithcompanymanagementderivedfromdiligenceandlong termperspective Teamapproachtoresearch differentperspectives,insightsandexpertisefactorinto portfoliodecisions Compensationstructurethatisalignedwithourclientsinterests
PAGE8

EAGLESEEKSBOTHVALUEANDGROWTH

PHENOMENATHATCANCREATE SHORTTERMBUYINGOPPORTUNITY: Accountingunderstateseconomic reality Headlinerisk Cyclicaldownturn Guiltbyassociation Companymanagestolongtermvalue ratherthanquarterlyearnings Orphans(spinoffs,value/growth transition,fuzzyassetclassification, etc.) Unsustainablepressures pressure( (input p prices p up, p, Sectorwidep expensivenewregulations,etc.)

CHANGESTHATCANDRIVEANEW SOURCEOFLONGTERMVALUE: Newmanagement Expandinggeographicalmarkets Productextensions Differentuseoftechnology Changingindustrydynamic Inflectionpoints (costbenefittipping pp gpoint, p ,change g incapexneeds) Platformsthatcanbeleveraged Seculartrends

EAGLEREQUIRES UNDERVALUATION AND LONGTERMGROWTHPOTENTIAL

PAGE9

INVESTMENTPROCESS

INTERESTING STOCKS/ INVESTMENTTHESIS

100 200STOCKS/YEAR SOURCEOFIDEAS:
managementdiscussions, industryconferences conferences,articles articles, discussionswithindustry experts,disruptiveevents, followinggoodmanagement, industryreportsandmagazines, highlevelcontacts,other investors,andscuttlebutt

TEST,REFINEANDFINALIZE INVESTMENTTHESIS
25 50STOCKS/YEAR

BUY,HOLDOR SELLDECISION
510STOCKS/YEAR

TRANSACT
510STOCKS/YEAR

VALUEFLOOR: usemultiple valuation methodologies /approachestoensure investment onitsownwillgeneratesufficient return SECULARCHANGE: testandrefinelong termfreecalloption/opportunitythrough financialmodels,extensiveinterviews (competitors,suppliers,customers,former employees,independentexperts,etc.),data analysis, y ,evaluationofmanagement, g , impact p of macroscenariosonindividualstocks,and internaldiscussionanddebate CONTINUOUSREVIEW: ongoingresearch
andanalysisofthepositions

BUY: teamagreeson
investment thesisand valuation

PRICE: selectentryand exitpoints SIZE: considerrisk/ reward;diversification; correlatedriskfactors EXECUTION: consider timing,broker,platform

HOLD: thesisisplaying
out

SELL: thesishasplayed out;betterrelative opportunity;execution problems;calloptionisnot materializing;position approachesriskguidelines; priceappreciatesfasterthan intrinsicvalue

KEYPARTICIPANTS:

KEYPARTICIPANTS:

Analysts,Partners

CIO,Analysts

KEY PARTICIPANTS:

CIO,Trader

10% 20%OFTHE VALUE

70% 80%OFTHEVALUE

5% 10%OFTHE VALUE
PAGE10

UP/DOWNMARKETCAPTURE
VALUEFLOORLIMITSDOWNSIDE
DownMarketCaptureRatio S&Pdownquarters,1989 Q12012 Percent
120 90 60 30 0 30 60 90 120

EARNINGSGROWTHADDSTOUPSIDE
UpMarketCaptureRatio S&Pupquarters,1989 Q12012 Percent
100%

111%

71% 100% S&P 500 Eagle Equity Composite S&P 500 Eagle Equity C Composite it

Theup/downmarketcaptureratioisastatisticalmeasureofaninvestment managersoverallperformanceinup/downmarkets. The ratioiscalculatedbydividingEagle CapitalsreturnsbythereturnsoftheS&P500duringtheupmarketordownmarket,andmultiplying thatfactorby100.Anupmarketcapture ratioof110indicatesthatthe manageroutperformedthemarketby10%duringthespecifiedperiod.Adownmarketcapture ratioof80indicatesthatthemanagersportfolio declinedonly80%asmuch asthe S&P500 duringthespecifiedperiod. GrossofFees

PAGE11

NEWPOSITIONSIN2011
Q12011: Pepsico ConsumerStaples;currentlya3%position Q22011: GoldmanSachsGroup,Inc. FinancialServices;currentlya3%position GoogleInc. Technology;currentlya3%position Q42011: Oracle Technology;currentlya2%position

PAGE12

MARKETFAILURE
EagleCapitalfocusesonthe midanddistantfuture
WalMart $/share
60

Whileinvestorcallsrevealmarketis focusedonshortterminformation
Analystquestionsinquarterlyearningscalls

59.76
17.09 3.63
3.77 3.92 4.07 4.22 4.38 4.55

87%

40

Bulkofvalue ishere

20
4.91 4.49

4.73

Transcript tText

13%

Stock price (NPV)

`12 13 `14 `15 `16 `17 `18 `19 `20 21 22+

RegardingNext 12Months

RegardingOne YearorFurther

Note:Asof12/31/2011;usesconsensusEPSestimates for2011 2012;Assumes4% growth(2%samestoresales,2%inflation)for20142021;Residualvaluefor2022+; Futureyearsdiscounted8%;assumes100%ofnetincomepaidoutindividendsand buybacks Source:Bloomberg,EagleCapitalManagementanalysis

Source:EagleCapitalManagementanalysis

PAGE13

MARKETFAILURE
Sellside&media:encouragingashorttermfocus
WallStreetValuationMethodology WallStreetEquityAnalysis

Analyst tReportText

90% Perc centUsing

87%

10%

13%

MultipleofThisor NextYearsEarnings

Longerterm

RegardingNext 12Months

RegardingOne YearorFurther

FinancialPrintMedia
Nearterm Nearterm

FinancialTelevision

96% ArticleText

93% Transcripttext

85%

12 months

12 months

15%

4%
WallStreetJournal (Money&Investing)

7%
NewYorkTimes (BusinessDay) RegardingNext 12Months RegardingOne YearorFurther

Source:EagleCapitalAnalysis(expandedasofDecember,2010)

PAGE14

DISCIPLINES/RISKCONTROLS
BUYDISCIPLINE Compellinginvestmentthesis Superiorrisk/returnprofilevs. otheropportunities Valuefloor Strongfranchiseandlow valuationlimitsdownsides Favorablereturnsevenifcall optionsdonotmaterialize Longterm Lo te upside u ide Secularchange Freecalloptions HOLDDISCIPLINE Investmentthesisstillvalid Businesscontinuestobe compelling Intrinsicvalueiscompounding fasterthanstockprice Ongoingresearch Regularcompanychecks Discussionswithindustry experts,competitors,customers a dsuppliers and u lie Updatedvaluationmodels SELLDISCIPLINE Investmentthesisquestioned Newthreatsemerge Fundamentalsdeteriorate Valuation Stockisfullyvalued Anewideaofferssuperior risk/returnprofile

FOCUSEDPORTFOLIO TargetPositionSize:5%ofportfolio MaximumPositionSize:10%ofportfolio MaximumSectorWeighting:25%ofportfolio 2535Stocks 25%AverageAnnualTurnover FourYearAverageHoldingPeriod

Thesearegeneralguidelines.Theremaybetemporaryperiodswhenoneormoreoftheseguidelinesareexceededduetomarket conditions,clientrestrictions,portfolio balancingorotherissues.

PAGE15

PORTFOLIOCHARACTERISTICS
RepresentativePortfolioasofMarch31,2012
Portfolio Characteristics Number ofHoldings AverageWeightedMarket Cap($B) Median Market Cap($B) Beta P/ETrailing P/EForward P/B
*P o rtfo lio P /E c a lc ula tio ns e xc lude Libe rty Glo ba l

Portfolio 31 81 49 0.9 16.1 15.0 2.1

S&P500 500 112 13 1.0 15.8 13.4 2.2

CURRENTSECTORALLOCATIONS
(Sectorsaretheoutcomeofindividualstockselection.)

TELECOM 2.3% INDUSTRIAL 5.4% HEALTHCARE 6.6% MATERIALS 7.3%

CASH& EQUIVALENTS 2.2% FINANCIALSERVICES 20.3%

LARGESTHOLDINGS Sector 1 Technology Security Microsoft Corporation Pct. 5.7 5.6 5.2 5.0 5.0 4.9 4.6 4.5 4.3 42 4.2 49.0
TECHNOLOGY 15.0% ENERGY 7.7%

CONSUMERSTAPLES 16.7%

2 Consumer Discretionary Liberty Global,Inc. 3 Consumer Discretionary News Corporation 4 Energy 5 Consumer Staples 6 FinancialServices 8 Consumer Staples 9 Health Care 10 Materials M i l NobleEnergy,Inc. Wal Mart Stores,Inc. Aon Corporation TheCoca Cola Company Unitedhealth GroupIncorporated P Praxair, i I Inc. Total

CONSUMER DISCRETIONARY 16.5%

7 Consumer Discretionary Comcast Corporation

PAGE16

REPRESENTATIVEINSTITUTIONALCLIENTS*
AcademicOrganizations AmericanTechnionSociety AmericanUniversity AmericanUniversityofBeirut BostonUniversity BrooklynLawSchool CarletonCollege CollegeoftheAtlantic TheCooperUnion DrexelUniversity CulturalInstitutions AtlantaHistoricalSociety BrooklynMuseum ChicagoHistoryMuseum FoundationsandEndowments BurkeRehabilitationFoundation TheCharlesA.DanaFoundation ChicagoCommunityFoundation CommunityFoundationofGreaterAtlanta Pensions Cargill,Incorporated CityofHartford Citigroup C bbCounty Cobb C t Healthcare AsanteHealthSystem BronsonHealthcare KansasHealthFoundation ReligiousOrganizations AmericanBaptistHomeMission ArchdioceseofMiami AssociatedJewishCharitiesofBaltimore FortWorthCountryDaySchool GrinnellCollege HendrixCollege KalamazooCollege KentSchool LakesideSchool TheLawrencevilleSchool MissPortersSchool NewYorkUniversity NorthwesternUniversity OhioStateUniversity PhillipsAcademy,Andover PiedmontCollege SaintAndrewsSchoolofDelaware SienaCollege SimmonsCollege SouthernMethodistUniversity SuffieldAcademy TeachersCollege,ColumbiaUniversity UniversityofCalifornia,SanFrancisco UniversityofOregon VillanovaUniversity WesleyanCollege WesternNewEnglandCollege

FineArtsMuseumsFoundation TheFrickCollection InternationalCenterforPhotography

LincolnCenterforPerformingArts NewYorkPhilharmonic

WhitneyMuseumofAmericanArt WinterthurMuseum

TheFieldFoundation TheCharlesHaydenFoundation HudsonRiverFoundation PetersonInstitute

NationalAudubonSociety NationalGeographicSociety TheNationalYMCA

TheOregonCommunityFoundation UnidelFoundation,Inc. TheWelchFoundation

ConAgra GeorgiaPortsAuthority LyondellBasell N ti National l F Fuel l G GasC Company

N.Y.BackstretchEmployees Pfizer,Incorporated PublicEmployeesRetirementSystem of fMississippi Mi i i i

SheetMetalWorkersLocalUnionNo.80 St.LouisDistrictIronworkersPension SwisherInternational,Inc.

KetteringMedicalCenter LakelandHealthFoundation MercyMemorialHealthSystem

MemorialHealthcare MidwestEyeBanks

MunsonMedicalCenter OakwoodHealthcareSystem

DioceseofRaleigh JewishCommunalFund,NewYork PresbyteryofBaltimore

TheRiversideChurch,NYC TheSalvationArmy

SocietyoftheHolyChildJesus UnionTheologicalSeminary

*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

EAGLECAPITALDIFFERENTIATION ProvenSuccess:
EagleCapitalhasgeneratedsignificantexcessreturnssinceitsinceptionin1988.

Focus:
EagleCapitalsprofessionalsarededicatedtoasingleproduct afocusedportfolio ofthe2535stocksthatbestfitthefirmsinvestmentapproachandcriteria.

St bilit : Stability
Since1988,EagleCapitalsinvestmentstyleandapproachhavenotchanged,andthe investmentteamhasbeenledbythesameindividual.

LongTimeHorizon:
Alongterminvestmenttimehorizonprovidesasignificantresearchandinvestment advantageinamarketdominatedbyshorttermthinking.

DownsideProtection:
EagleCapitalsinvestmentprofessionalsarecuriousskepticswhofocusonwhat couldgowrong.

ClientService:
Thefi Th firmsprofessionals f i l fi find dmeaning i and dt take k great tpride id i inb being i chosen h to t act tas afiduciaryforclients.
PAGE18

CLIENTREFERENCES
PublicEmployeesRetirementSystemofMississippi Mr.CharlesNielson 429MississippiStreet Jackson,MS392012306 (601)3592497 CityofJacksonville Mr.JoeyGreive CityHallatSt.James 117W.DuvalStreet,Suite300 Jacksonville FL32202 Jacksonville, (901)6305940 CobbCounty Mr VirgilMoon Mr. 100CherokeeSt.,Suite300 Marietta,GA30030 (770)5282608

PAGE19

PEERGROUPRANKING:TRAILING10YEARS

Source:eVestmentAlliance,GrossofFees

PAGE20

REPRESENTATIVEPORTFOLIOCOMPOSITION
AsofMarch31,2012
EagleRepresentativePortfolio Unit Quantity Security Cost Total Cost 784,064 Price Market Value 784,064 Pct. Assets 2.2 Unit Income Annual Income 206 Cur. Yield

CASHANDEQUIVALENTS COMMONSTOCK ENERGY 6,970 12,400 17 978 17,978 CimarexEnergyCo NewfieldExplorationCo NobleEnergyInc 17.71 9.03 30 37 30.37

123,411 111,972 545 975 545,975 781,358

75.47 34.68 97 78 97.78

526,026 430,032 1 757 889 1,757,889 2,713,947

1.5 1.2 5 0 5.0 7.7

0.48 0 88 0.88

3,346 15 821 15,821 19,166

0.6 0 9 0.9 0.7

MATERIALS 18,000 12,800 EcolabInc PraxairInc 35.22 49.16 633,945 629,206 1,263,151 INDUSTRIAL 12,200 23,200 3MCompany WasteManagementInc 75.77 13.83 924,402 320,870 1,245,272 CONSUMERDISCRETIONARY 55,200 40,758 3,700 93,300 ComcastCorpSpecialClA LibertyGlobalIncSerC McDonaldsCorp NewsCorpLtdClassA 10.18 15.31 59.39 6.06 561,854 624,098 219,727 565,169 1,970,848 CONSUMERSTAPLES 21,200 26,400 6,000 17,500 28,700 CocaColaCo KraftFoodsInc NestleSARepRGSHADR Pepsico WalMartStoresInc 42.05 29.44 34.43 65.30 46.79 891,564 777,129 206,583 1,142,790 1,342,778 4,360,843 74.01 38.01 63.00 66.35 61.20 1,569,012 1,003,464 378,000 1,161,125 1,756,440 5,868,041 4.5 2.9 1.1 3.3 5.0 16.7 2.04 1.16 1.79 2.06 1.59 43,248 30,624 10,716 36,050 45,633 166,271 2.8 3.1 2.8 3.1 2.6 2.8 29.51 47.89 98.10 19.71 1,628,952 1,951,901 362,970 1,838,943 5,782,766 4.6 5.6 1.0 5.2 16.5 0.65 2.80 0.17 35,880 10,360 15,861 62,101 2.2 2.9 0.9 1.1 89.21 34.96 1,088,362 811,072 1,899,434 3.1 2.3 5.4 2.36 1.42 28,792 32,944 61,736 2.6 4.1 3.3 61.72 114.64 1,110,960 1,467,392 2,578,352 3.2 4.2 7.3 0.80 2.20 14,400 28,160 42,560 1.3 1.9 1.7

PAGE21

REPRESENTATIVEPORTFOLIOCOMPOSITION
AsofMarch31,2012,Continued
EagleRepresentativePortfolio Unit Quantity Q y Security y Cost Total Cost Price Market Value Pct. Assets Unit Income Annual Income Cur. Yield

HEALTHCARE 14,400 25,396 ThermoFisherScientific Inc UnitedHealthGroupInc 36.67 5.30 528,029 134,578 662,607 56.38 58.94 811,872 1,496,840 2,308,712 2.3 4.3 6.6 0.52 0.65 7,488 16,507 23,995 0.9 1.1 1.0

FINANCIALSERVICES 35,300 33,000 12,800 28,300 9,794 15,700 38,800 AONCorp BerkleyWRCorp BerkshireHathawayClassB CharlesSchwabCorpNew GoldmanSachsGroupInc LoewsCorp ProgressiveCorp 36.97 24.78 79.57 10.82 126.11 31.96 5.11 1,305,004 817,838 1,018,479 306,237 1,235,126 501,804 198,306 5,382,795 49.06 36.12 81.15 14.37 124.37 39.87 23.18 1,731,818 1,191,960 1,038,720 406,671 1,218,080 625,959 899,384 7,112,592 4.9 3.4 3.0 1.2 3.5 1.8 2.6 20.3 0.60 0.32 0.24 1.40 0.25 0.41 21,180 10,560 6,792 13,712 3,925 15,799 71,968 1.2 0.9 1.7 1.1 0.6 1.8 1.0

TECHNOLOGY 28,900 9,315 1 685 1,685 62,200 24,800 AlteraCorporation FidelityNationalInformationServicesInc G Google l Inc I ClA MicrosoftCorp OracleSystems 20.22 19.97 544 18 544.18 26.95 25.58 584,471 186,013 916 943 916,943 1,676,160 634,376 3,997,964 39.82 33.12 641 24 641.24 32.25 29.16 1,150,798 308,513 1 080 489 1,080,489 2,006,261 723,168 5,269,229 3.3 0.9 3 1 3.1 5.7 2.1 15.0 0.32 0.80 0.80 0.24 9,248 7,452 49,760 5,952 72,412 0.8 2.4 2.5 0.8 1.4

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

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FOOTNOTES
1. Eagle Capital Management, LLC (the Adviser) is an investment adviser registered with the Securities and Exchange Commission. Eagle Capital Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS). Prior to 1/1/93, the returns are equal weighted and after 1/1/93 the returns are assetweighted. 2. Eagle Capital Management was founded in August 1988 as a corporation. In March 1995, Eagle Capital Management, LLC was formed. Client accounts were transferred at the time of the change and their performance is included in this composite. The Eagle Equity Composite was thus created in August 1988. The Eagle Equity Composite is made up of all fee paying taxfree discretionary institutional 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 investment strategy are excluded from the Eagle Equity Composite. New portfolios are excluded from composites until deemed fully invested. Portfolios no longer under management are included in historical composites for the periods they were under management; they are excluded for all periods after the last full month they were in place. No leveraged and nonfee paying accounts are included in the Eagle Equity Composite. For the quarter ended 12/31/11, the number of portfolios included 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 upon request. The minimum asset size for a portfolio to be included in the Eagle Equity Composite is $1,000,000. If withdrawal or performance causes a portfolio included in the Eagle Equity Composite to diminish to a level deemed difficult to implement the intended investment strategy, the portfolio is removed. When taxes are considered the performance may vary. considered, vary 4. Do not assume that all transactions will be profitable or that future performance is in any way guaranteed by past results. Performance calculations are on a time weighted and assetweighted total return basis and reflect reinvestment of dividends and other earnings. Tradedate accounting valuation is used and income is accrued. Returns from client to client will vary slightly depending on portfolio size, diversification and transaction costs. The equity portion of balanced accounts was included in the Eagle Equity Composite until the first quarter of 1994. In the process of active portfolio management, cash may be held in portfolios pending investment. The p product descriptions p in this brochure should not be construed to mean that cash is immediately invested. 5. The Companys standard annual asset based management fee schedule is 1% of the accounts total assets on the first $5,000,000 and 0.75% thereafter. Gross performance results do not reflect the deduction of Eagles investment advisory fee, which will affect a clients total return. (For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual advisory fee of 1.00%, which is the maximum advisory fee that would be paid by any client, this increase would be 137%. 6 The currency used to express performance is the U.S. 6. U S dollar. dollar 7. The Russell 1000 Value index is an unmanaged index that measures the performance of those Russell 1000 Index companies with lower pricetobook ratios and lower forecasted growth rates. It includes the reinvestment of dividends and income, but does not reflect fees, brokerage commissions, or other expenses of investing. The S&P 500 Index consists of 500 stocks and is designed to form a representative sample of the United States stock market. This index is often used as a benchmark for U.S. equity portfolios and includes dividends and distributions, but does not reflect fees, brokerage commissions, or other expenses of investing. 8. EagleEquity CompositeDetail
EagleCapitalManagementCompositeDetail EagleAnnual Return Russell 1000 Y Year 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 G Gross N t Net 32.5% 31.8% 1.0% 0.2% 40.7% 39.7% 17.1% 16.2% 20.4% 19.5% 1.4% 2.2% 34.6% 33.6% 11.3% 10.4% 30.7% 29.9% 4.8% 4.1% 44.4% 43.6% 33.1% 32.5% 3.5% 3.9% 6.5% 7.0% 33.8% 33.0% 19.7% 19.2% 8.4% 7.6% 12.6% 11.8% 10 8% 9.9% 10.8% 9 9% 35.0% 35.5% 34.7% 33.7% 20.9% 20.1% 5.8% 5.1% 31.7% 3.1% 30.5% 7.6% 10.1% 1.3% 37.6% 23.0% 33.4% 28.6% 21.0% 9.1% 11.9% 22.1% 28.7% 10.9% 4.9% 15.8% 5 5% 5.5% 37.0% 26.5% 15.1% 2.1% 25.2% 8.1% 24.6% 13.8% 18.1% 2.0% 38.4% 21.6% 35.2% 15.6% 7.4% 7.0% 5.6% 15.5% 30.0% 16.5% 7.1% 22.3% 0.2% 0 2% 36.9% 19.7% 15.5% 0.4% #of 2 2 2 3 7 14 42 48 40 36 27 26 27 29 58 137 202 259 277 280 291 305 342 Total Composite Composite TotalFirm Assets 3.0 2.8 3.7 18.2 50.6 143.4 426.0 424.6 284.0 264.1 237.0 291.8 358.4 336.5 797.4 1723.7 3049.6 3917.2 4266 4 4266.4 2828.6 4002.4 4812.4 6873.6 Dispersion %* NA NA NA NA 3.7 2.5 3.5 2.3 2.5 2.7 3.3 3.2 0.8 1.2 1.1 1.9 1.4 1.3 11 1.1 1.5 2.1 1.0 0.7 Assets 13.5 16.1 54.1 52.7 102.6 245.1 492.9 493.3 360.3 343.5 337.0 440.6 598.8 614.8 1652.3 3061.0 5461.5 6717.2 7066 4 7066.4 4533.8 5890.7 7382.4 10601.6 NA NA NA NA NA NA NA NA NA NA 19.4 20.8 17.8 18.3 16.2 13.6 9.5 7.7 78 7.8 15.9 19.8 21.5 17.0 NA NA NA NA NA NA NA NA NA NA 16.5 17.4 16.7 18.5 18.1 14.9 9.0 6.8 77 7.7 15.1 19.6 21.9 18.7 Russell NA NA NA NA NA NA NA NA NA NA 16.0 17.3 14.7 17.0 16.0 14.8 9.5 6.7 81 8.1 15.4 21.1 23.2 20.7 ($millions) illi ) Composite C it S&P 500 1000Value V l 3Year Annualized StandardDeviation

S&P 500 Value V l P tf li ($millions) Portfolios illi )

* Dis p ers io n includ es o nly p o rtfo lio s that were p res ent fo r the ent ire p erio d . Dis p ers io n p rio r to 19 9 3 no t s tatis tically meaning ful.

Internal composite dispersion is calculated using the assetweighted standard deviation of annual gross returns of those portfolios that were included in the Composite for the entire year. The threeyear annualized standard deviation measures the variability of the composite and benchmark monthly returns over the previous 36month period. Eagle Capital Management claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Eagle Capital Management has been independently verified for the periods January 1, 1993 to December 31, 2010. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firmwide basis and (2) the firms policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Eagle Equity C Composite i has h been b examined i d for f the h periods i d January J 1 1993 to December 1, D b 31, 31 2010. 2010 The Th verification and performance examination reports are available upon request.

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