*Data represents the equity performance of the NorthStar Investment Model and does not include cash balances. The Model performance is calculated on a time weighted basis and includes price change, dividends, and brokerage commissions, but excludes management and custody fees. It should be noted that past performance is not necessarily indicative of future performance. Returns will be reduced by expenses that may include management and custody fees. The client is referred to NorthStar’s ADV II for a full disclosure of the management fee schedule. As fees are deducted quarterly, the compounding effect will be to increase the impact of the fees by an amount directly related to the gross account performance. For example, on an account with a 1% management fee, if the gross performance is 20%, the compounding effect of the fees will result in a net performance of 18.9%.

The NorthStar Investment model was created in 1995 by the principals of NorthStar while portfolio managers with another firm; these individuals together formed NorthStar in July 2000. Both the taxable and non-taxable composite were reviewed and changed effective 7/1/00 to reflect more stringent criteria for account inclusion.