CastletonBro_2015_AbrdgSingleWeb

Year End Total Firm Assets (USD) (millions) Composite Assets (USD) (millions) Number of Composite Accounts Annual Net Composite Performance Results Barclays 1-10y Muni Blend Index Composite Dispersion Composite 3y Standard Deviation Benchmark 3y Standard Deviation 2014 $142.8 $130.7 37 7.29% 4.66% 2.54% 3.78% 2.19% 2013 $138.5 $125.8 35 -2.61% -0.32% 2.24% 4.20% 2.48% 2012 $208.6 $191.2 39 5.62% 3.56% 2.19% 3.89% 2.45% 2011 $227.1 $200 39 10.73% 7.62% 2.76% N.A. N.A. 2010 $216.3 $192.3 39 2.62% 3.13% 2.34% N.A. N.A. Annualized Performance Investment Grade Fixed Income Composite (net of fees) N.A.1 - The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period. The three-year annualized standard deviation is not presented for 2010 through 2011 due to less than 36 months of composite and benchmark data. The Castleton Investment Grade Fixed Income Composite includes all fee-paying account portfolios that invest in fixed income debt securities with the goal of providing capital preservation and a predictable, reliable stream of income. Although the composite allows for the inclusion of international sovereign and corporate debt exposure, the overwhelming majority of securities are tax exempt municipal bonds and represent between 200 and 300 securities. The primary benchmark is the Barclays 1-10 Year Municipal Blend Index. This composite was created January 1, 2015. Castleton Partners LLC (“Castleton Partners”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Castleton has been independently verified for the periods January 1, 2010 through December 31, 2014. The verification report is available upon request. 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. Verification does not ensure the accuracy of any specific composite presentation. Castleton Partners is an independent registered investment adviser. The firm’s list of composite descriptions is available upon request. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. The U.S. Dollar is the currency used to express performance. Returns are presented net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. The annual composite dispersion presented is an equal-weighted standard deviation calculated for the accounts in the composite the entire year. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request. The investment management fee schedule for the composite is 0.40% on the first $10 million, 0.38% on the next $40 million, 0.35% on the next $50 million, and negotiable above $100 million. Actual investment advisory fees incurred by clients may vary. Different investments involve varying degrees of risk, including the risk of illiquidity and the risk that you could lose part or all of your investment. There can be no assurance that the future performance of any specific investment, investment strategy, or product (including those discussed herein or recommended or undertaken by Castleton Partners, LLC) will be profitable, equal any corresponding indicated historical performance, be suitable for your portfolio or individual situation, or prove successful. Nothing discussed herein is or is intended as tax, legal, accounting or personalized investment advice from Castleton Partners, LLC, nor is it a recommendation or solicitation to buy or sell any security. Should you have any questions regarding the applicability of any specific issue discussed herein, we encourage you to consult competent advisers of your choosing. Castleton Partners does not take custody of securities. Past performance is not a guarantee of future results. 2014 $142.8 $130.7377.29% 4.66% 2.54% 3.78% 2.19% 2013 $138.5 $125.835 -2.61% -0.32% 2.24% 4.20% 2.48% 2012 $208.6 $191.2395.62% 3.56% 2.19% 3.89% 2.45% 2011 $227.1 $2003910.73% 7.62% 2.76% N.A. N.A. 2010 $216.3 $192.3392.62% 3.13% 2.34% N.A. N.A.

CastletonBro_2015_AbrdgSingleWeb

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