www.capstonefinancial.com

Performance & Characteristics:

Capstone manages the Large Cap Core Growth strategy with the Conservative Growth Investor in mind.

This strategy is likely to capture less than more aggressive growth strategies when the growth style is in a downward trend and will often capture less than more aggressive growth managers when in a strong bullish trend. Large Cap, high quality, well known growth companies are mainly used for their capital appreciation potential. Risk control is a significant focus along with total return.

LARGE CAP CORE GROWTH EQUITY

March 31, 2015

Large Cap Core Growth Equity

Top Model Holdings:

1. Apple Computer, Inc.

2. Celgene Corp.

3. Amgen, Inc.

4. Disney Walt Co.

5. Microsoft Corp.

6. Wells Fargo & Co.

7. Nike, Inc.

8. Dr. Pepper Snapple Group, Inc.

9. Pfizer, Inc.

10. Merck & Company

Model Portfolio Characteristics

40-50 High Quality Growth-Oriented Companies20%-50% Projected Average Annual Turnover

Large Cap Core Growth

Russell 1000 Growth

Market Cap (billions) $ 165.0 $ 132.7

Price/Earnings Ratio* 22.04x* 23.6x*

Price/Book Ratio 4.04x* 5.6x*

Dividend Yield 1.9% 1.5%

* Median

Model Sector Weightings:

Large Cap Core Growth

Russell 1000 Growth2%

4%

5%

5%

11%

12%

19%

14%

28%

2%

1%

6%

4%

12%

8%

18%

23%

26%

Telecommunication Services

Materials

Financials

Energy

Consumer-Staples

Industrials

Consumer-Discretionary

Health Care

Information Technology

Composite Growth of $1 Million – 10 Years(a)(b)(c)

$2,446,086

$1,993,650

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

$1,800,000

$2,000,000

$2,200,000

$2,400,000

$2,600,000

Q1 2005 Q4 2005 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q1 2015

Large Cap Core GrowthRussell 1000 Growth

(a) Source: Zephyr StyleADVISOR (b) The current quarter’s data is preliminary.(c) This information is supplemental to a full disclosure presentation. Please see page 4 for full disclosure presentation.

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15.91% 16.39%

0%

4%

8%

12%

16%

20%

24%

0.951.00

0.00

0.20

0.40

0.60

0.80

1.00

1.200.98 1.00

0.00

0.20

0.40

0.60

0.80

1.00

1.20

88%100%

0%

20%

40%

60%

80%

100%

120%100.7% 100%

0%

20%

40%

60%

80%

100%

120%

Large Cap Core Growth Equity

Composite 10 Year Multiple Statistic Illustrations as of 3/31/2015(a)

Standard Deviation Beta Correlation Coefficient

The strategy’s standard deviation is historically lower than the benchmark index.

The strategy is highly correlated to the Russell 1000 Growth Index.

Upside Capture Ratio Downside Capture Ratio

The strategy currently approximates than the benchmark when the market is trending downward.

The strategy captures less than the benchmark when the market is trending upward.

The strategy’s Beta is less than that of the benchmark.

Large Cap Core Growth Russell 1000 Growth

Composite Trailing Returns(a)(b)(d) Composite Risk vs. Return – 10 Years(a)(b)(d)

2.94

%

15.4

6%

14.0

0%

13.5

8%

7.14

%

3.84

%

16.0

9%

16.3

4%

15.6

3%

9.36

%

0%

5%

10%

15%

20%

25%

30%

Q1 2015 1 Year 3 Years(c) 5 Years(c) 10 Years(c)

Large Cap Core Growth Russell 1000 Growth Large Cap Core Growth Russell 1000 Growth

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

0% 5% 10% 15% 20% 25% 30% 35%

Risk (Standard Deviation)

Ann

ual R

etur

n

Russell 1000 Growth

Large Cap Core Growth

(a) Source: Zephyr StyleADVISOR (b) The current quarter’s data is preliminary. (c) Annualized(d) This information is supplemental to a full disclosure presentation. Please see page 4 for full disclosure presentation.

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Large Cap Core Growth Equity

Capstone Asset Management CompanyLarge Cap Core Growth Equity Wrap Composite Full Disclosure Presentation

* The current quarter’s data is preliminary.

Composite Assets Performance Results

Benchmark3 Yr St.

Dev.Year

FirmAssets

(millions)USD

(millions)Number ofPortfolios

Composite Gross Net

Russell 1000 Growth

CompositeDispersion

Composite3 Yr St. Dev.

YTD 3/31/2015* 5,010 26 46 2.94% 2.19% 3.84% 0.07% n/a n/a

2014 4,832 25 44 12.29% 9.05% 13.05% 0.20% 9.54% 9.59%

4Q14 4,832 25 44 4.91% 4.16% 4.78% 0.16% n/a n/a

3Q14 4,312 24 44 1.52% 0.77% 1.49% 0.07% n/a n/a

2Q14 4,372 25 46 5.31% 4.56% 5.13% 0.16% n/a n/a

1Q14 4,519 24 46 0.11% -0.64% 1.12% 0.05% n/a n/a

2013 4,764 27 51 30.15% 26.53% 33.48% 0.27% 11.86% 12.18%

2012 5,041 25 60 10.82% 7.61% 15.26% 0.30% 15.02% 15.66%

2011 3,502 29 75 2.86% -0.19% 2.64% 0.17% 17.82% 17.76%

2010 3,702 57 298 14.26% 10.97% 16.71% 0.45%

2009 3,280 66 398 24.89% 21.36% 37.20% 0.88%

2008 2,725 72 530 -37.12% -39.22% -38.43% 0.87%

2007 2,894 159 690 7.51% 4.37% 11.82% 0.58%

2006 2,734 168 763 12.57% 9.33% 9.07% 0.44%

2005 2,629 187 922 5.57% 2.47% 5.26% 0.28%

2004 2,595 196 1,012 8.11% 4.96% 6.31% 0.46%

2003 2,754 228 1,094 23.59% 20.11% 29.75% 0.59%

2002 2,245 167 1,134 -24.69% -27.10% -27.88% 0.87%

2001 2,756 119 591 -9.05% -11.82% -20.42% 1.34%

Capstone Large Cap Core Growth Equity Wrap Composite contains fully discretionary wrap core equity large cap growth accounts. Large Cap Core Growth Equity portfolios are invested in growth stocks of large companies most of which pay dividends. For comparison purpose the composite is measured against the Russell 1000 Growth Index. Capstone Asset Management Company claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Capstone Asset Management Company has been independently verified for the periods January 1, 1995 through December 31, 2014.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Core Equity Large Cap Growth Wrap composite has been examined for the periods January 1, 1998 through December 31, 2014. The verification and performance examination reports are available upon request.

Capstone Asset Management Company is an investment advisor registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The firm maintains a complete list and description of composites, which is available upon request. Effective December 31, 2012, all contracts for CF Solutions and Roger H. Jenswold and Company were transferred to Capstone Asset Management Company. Firm assets beginning on 12/31/12 include the transferred contracts. Prior to 12/31/12, the Firm did not include any RHJ or CF Solutions assets. Roger H. Jenswold and CF Solutions are no longer operating companies.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns include the reinvestment of all income. Gross returns are shown as supplemental information and are stated as gross of all fees and have not been reduced by transaction costs. Net performance was calculated using the highest annual all inclusive wrap fee of 3.00% applied quarterly. Wrap accounts make up 100% of the composite for all periods shown. Wrap fees include Capstone’s portfolio management as well as all charges for trading costs, custody, and other administrative fees. The composite dispersion presented is an asset weighted standard deviation calculated for the accounts in the composite for the entire period shown. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The three year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36 month period. The 3 year standard deviation was not required for periods prior to 2011.

The management fee schedule is as follows: 1.00% maximum on all assets. Wrap fee schedules are provided by independent wrap sponsors and are available upon request from the respective wrap sponsor. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. Investment advisory fees incurred by clients may vary. For information on management fees, Capstone Asset Management Company’s Form ADV Part 2 is available upon request.

The Capstone Large Cap Core Growth Equity Wrap Composite was created January 1, 1998.

Capstone Asset Management Company | 3700 West Sam Houston Parkway South #250 | Houston, Texas 77042 | Phone: 713.260.9000 | Toll Free: 800.262.6631 | Fax: 713.260.9050 |

E-mail: info@capstonefinancial.com | www.capstonefinancial.com

Capstone Asset Management Company | 3700 West Sam Houston Parkway South #250 | Houston, Texas 77042 | Phone: 713.260.9000 | Toll Free: 800.262.6631 | Fax: 713.260.9050 |

E-mail: info@capstonefinancial.com | www.capstonefinancial.com

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