2013 12 02 Geneva Advisors Equity Income I Ishares Russell 1000 Value

Page 1 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013
Portfolio
Geneva Advisors Equity Income I iShares Russell 1000 Value
Geneva Advisors Equity Income I
Benchmark
iShares Russell 1000 Value
Currency
US Dollar
Highlights 10/1/2013 to 11/30/2013

Relative Rescaled Weight +/-
Relative Return +/-
-20
-8
Contribution
Morningstar Sector Weighting %
Selection Effect
Active Return
-0.40 -0.20
0.20 0.40
-1.0 -0.5
Weight
Return
Contrb
Top 10 Portfolio Holdings
Weight
Return
4.33
4.23
3.76
3.48
3.53
-1.55
0.01
4.39
5.89
7.67
-0.07
0.00
0.16
0.21
0.27
Walgreen Company
USTREAS T-Bill Auction Ave 3 Mon
Home Depot, Inc.
Union Pacific Corp
Wynn Resorts Ltd
4.97
4.23
4.10
4.07
3.59
10.61
0.01
6.35
4.82
7.55
Macquarie Infrastructure Company LLC

T. Rowe Price Group
ITC Holdings Corp
Copa Holdings SA Class A
Apollo Global Management LLC
3.51
3.40
3.26
3.21
3.20
3.50
11.86
-3.15
9.71
10.62
Basic Materials
Communication Services
Consumer Cyclical
Consumer Defensive
Energy
Financial Services
Healthcare
Industrials
Real Estate
Technology
Utilities
Cash
-10
10
20
-4
Leading Contributors
Financial Services
Industrials
Consumer Cyclical
Consumer Defensive
-4.0 -2.0
0.0
2.0
4.0
0.00
Leading Detractors
Weight
Return
Contrb
16.21
22.27
18.37
9.22
2.99
13.67
7.95
4.10
6.68
10.54
2.12
1.77
0.77
0.61
0.31
Holdings
Utilities
Cash
Real Estate
Basic Materials
Healthcare
0.0
0.5
1.0
-1.0 -0.5
0.0
0.5
1.0
Exposure
Holdings
Ameriprise Financial Inc

Artisan Partners Asset Management Inc
Walgreen Company
Boeing Co
T. Rowe Price Group
3.04
3.15
4.97
3.06
3.40
19.47
18.72
10.61
14.67
11.86
0.56
0.56
0.50
0.43
0.39
ITC Holdings Corp

KAR Auction Services, Inc.
Seadrill Ltd
GameStop Corp Class A
Philip Morris International, Inc.
3.26
1.44
1.35
0.70
1.30
-3.15
-2.20
-1.66
-2.82
-1.21
-0.10
-0.03
-0.02
-0.02
-0.02
United Parcel Service Inc (UPS) Class B

Comcast Corp Class A
Wynn Resorts Ltd
2.62
3.20
2.99
3.21
3.59
12.74
10.62
10.54
9.71
7.55
0.33
0.32
0.31
0.30
0.27
Plains All American Pipeline LP

Diageo PLC ADR
Time Warner Inc
Chevron Corp
0.98
4.23
0.99
3.04
1.84
-0.93
0.01
0.46
0.28
1.62
-0.01
0.00
0.00
0.01
0.03
Exxon Mobil Corporation

General Electric Co
Chevron Corp
Johnson & Johnson
Procter & Gamble Co
4.51
3.01
2.62
2.53
2.49
9.39
11.59
1.62
9.95
12.27
Home Depot, Inc.

Avery Dennison Corp
Magellan Midstream Partners, L.P.
Union Pacific Corp
WellPoint Inc
4.10
2.18
2.10
4.07
1.81
6.35
12.36
11.14
4.82
11.09
0.27
0.27
0.23
0.20
0.20
American Water Works Co Inc

Dover Corporation
Genuine Parts Company
Praxair, Inc.
Polaris Industries, Inc.
1.07
2.49
1.66
0.93
1.59
3.27
1.43
2.41
5.03
3.64
0.04
0.04
0.04
0.05
0.06
Berkshire Hathaway Inc Class B

Wells Fargo & Co
Pfizer Inc
JPMorgan Chase & Co
AT&T Inc
2.34
2.31
2.30
2.29
2.12
2.66
7.29
11.32
11.51
5.52
Top 10 Benchmark Holdings
Portfolio
Benchmark
Currency
US Dollar
Attribution/Contribution 10/1/2013 to 11/30/2013

Morningstar Sector
Weights %
Portfolio
Rescaled Weights %
Benchmark
+/-
Portfolio
Return %
Benchmark
+/-
Portfolio
Benchmark
+/-
Contribution %
Attribution Effects %
Portfolio
Selection
Active
Return
Benchmark
+/-
Morningsta
r Sector
Weighting
Basic Materials
3.48
2.69
0.79
3.48
2.69
0.79
5.89
4.87
1.02
0.21
0.13
0.08
-0.02
0.03
0.02
2.99
2.73
0.25
2.99
2.73
0.25
10.54
5.75
4.79
0.31
0.16
0.16
0.00
0.14
0.14
Consumer Cyclical
18.37
6.17
12.20
18.37
6.17
12.20
4.10
6.82
-2.72
0.77
0.42
0.34
-0.05
-0.51
-0.56
Consumer Defensive
9.22
6.24
2.98
9.22
6.24
2.98
6.68
10.83
-4.16
0.61
0.66
-0.06
0.11
-0.38
-0.27
Energy
7.81
14.83
-7.02
7.81
14.84
-7.03
3.69
6.26
-2.57
0.30
0.93
-0.64
0.07
-0.21
-0.14
Financial Services
16.21
24.46
-8.25
16.21
24.46
-8.25
13.67
9.01
4.66
2.12
2.20
-0.08
-0.14
0.71
0.57
Healthcare
3.53
13.04
-9.51
3.53
13.04
-9.51
7.67
8.85
-1.19
0.27
1.15
-0.88
-0.15
-0.04
-0.19
Industrials
22.27
10.48
11.78
22.27
10.49
11.78
7.95
9.75
-1.80
1.77
1.01
0.76
0.28
-0.39
-0.11
Real Estate
3.76
4.20
-0.45
3.76
4.20
-0.45
4.39
-2.05
6.44
0.16
-0.09
0.26
0.04
0.26
0.29
Technology
3.82
8.94
-5.12
3.82
8.94
-5.12
7.52
6.67
0.85
0.29
0.60
-0.31
0.03
0.03
0.06
Utilities
4.33
6.07
-1.74
4.33
6.07
-1.74
-1.55
1.73
-3.28
-0.07
0.11
-0.17
0.10
-0.15
-0.05
Cash
4.23
0.14
4.09
4.23
0.14
4.09
0.01
0.01
0.00
0.00
0.00
0.00
-0.31
0.00
-0.31
Attribution Total
100.00
100.00
0.00
100.00
100.00
0.00
6.74
7.28
-0.54
6.74
7.28
-0.54
-0.03
-0.52
-0.54
Other
0.00
0.00
0.00
Total
100.00
100.00
0.00
6.74
7.28
-0.54
Reported Total
5.65
7.23
-1.59
Expense Ratio
0.18
0.03
0.15
Residual(Reported - Attribution + Expense)
-0.91
-0.02
-0.89
Portfolio
Benchmark
Currency
US Dollar
Attribution Allocation Effects 10/1/2013 to 11/30/2013

Outperform
20.0
10.0
2
5
Underweight
0.0
Overweight
Relative Weight %
Morningstar Sector - Attribution Allocation Effects

Underperform
3
6
4
2
-10.0
-20.0
-10.0
Best Allocation
-8.0
-6.0
-4.0
-2.0
0.0
Weight +/-
Return +/-
Effect
11.78
2.47
2.98
3.55
Utilities
-1.74
Energy
5
6
Industrials
Consumer Defensive
2.0
Worst Allocation
4.0
6.0
8.0
10.0
Relative Return %
Weight +/-
Return +/-
Effect
Cash
4.09
-7.27
-0.31
Healthcare
-9.51
1.57
-0.15
Financial Services
-8.25
1.73
-0.14
0.07
Consumer Cyclical
12.20
-0.47
-0.05
-9.33
0.04
Basic Materials
0.79
-2.42
-0.02
-0.61
0.03
0.25
-1.53
0.00
0.28
0.11
-5.55
0.10
-7.03
-1.02
Real Estate
-0.45
Technology
-5.12
Portfolio
Benchmark
Currency
US Dollar
Attribution Security Selection Effects 10/1/2013 to 11/30/2013

Outperform
Overweight
Relative Weight %
Morningstar Sector - Attribution Security Selection Effects

Underperform
1
2
5
14
12
11
10
15
14
43
12
11
15
13
Underweight
10
13
-4
-8
-20
-16
-12
Best Selections
Morningstar Sector
2
3
Boeing Co
-8
-4
Weight +/-
Return +/-
Effect
Financial Services
2.94
10.46
Artisan Partners Asset Management Inc Financial Services
3.15
9.70
Industrials
3.06
American Tower Corp
6
7
12
Worst Selections
Morningstar Sector
0.29
0.28
Dover Corporation
4.92
0.14
2.87
4.79
0.13
Real Estate
1.74
6.96
Brookfield Asset Management Inc Class A Real Estate
2.01
5.98
Energy
2.10
Berkshire Hathaway Inc Class B
Financial Services
Cisco Systems Inc
10
T. Rowe Price Group
11
16
20
Relative Return %
Weight +/-
Return +/-
Effect
Industrials
3.51
-6.25
-0.22
Industrials
2.40
-8.32
-0.20
Union Pacific Corp
Industrials
4.07
-4.93
-0.20
ITC Holdings Corp
Utilities
3.26
-4.88
-0.17
0.13
Consumer Defensive
1.30
-12.05
-0.16
0.13
Johnson Controls Inc
Consumer Cyclical
-1.04
14.90
-0.15
4.87
0.10
Consumer Cyclical
1.40
-9.01
-0.13
-1.55
-6.35
0.10
Seadrill Ltd
Energy
1.35
-7.93
-0.11
Technology
-0.58
-15.31
0.10
General Electric Co
Industrials
-6.39
1.84
-0.11
Financial Services
3.40
2.85
0.09
10
Diageo PLC ADR
Consumer Defensive
0.99
-10.37
-0.11
Caterpillar Inc
Industrials
-1.09
-7.60
0.08
11
FedEx Corporation
Industrials
-0.97
11.80
-0.10
12
Industrials
2.62
2.99
0.08
12
Tupperware Brands Corporation
Consumer Defensive
1.96
-5.08
-0.10
13
Ford Motor Co
Consumer Cyclical
-1.44
-4.99
0.07
13
Walt Disney Co
Consumer Cyclical
-3.19
2.57
-0.08
14
Stanley Black & Decker Inc
Industrials
-0.29
-19.89
0.06
14
Baxter International Inc.
Healthcare
1.72
-4.65
-0.08
15
Avery Dennison Corp
Industrials
2.10
2.61
0.05
15
CVS Caremark Corp
Consumer Defensive
-1.12
7.60
-0.08
Portfolio
Benchmark
Currency
US Dollar
Cumulative Attribution Effects 10/1/2013 to 11/30/2013

Morningstar Sector - Cumulative Attribution Effects
Cumulative Allocation Effect
Cumulative Selection Effect
Cumulative Active Return
Attribution Effects %
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
Attribution Effects
Allocation Effect
Selection Effect
Active Return
1.0
0.5
0.0
-0.5
11/19/2013
11/20/2013
11/21/2013
11/22/2013
11/23/2013
11/24/2013
11/25/2013
11/26/2013
11/27/2013
11/28/2013
11/29/2013
11/30/2013
Portfolio
Benchmark
Currency
US Dollar
Portfolio Statistics as of 11/30/2013

Percentiles
5th - 25th
25th - 50th
50th - 75th
75th - 95th
Percentiles
Max
5th
25th
Median
75th
95th
Min
Asset Coverage
Average
Geometric Average
Harmonic Average
Standard Deviation
Weighted Average
Weighted Geometric Average
Weighted Harmonic Average
Weighted Median
Weighted Standard Deviation
P/B - Daily 11/30/2013
P/C - Daily 11/30/2013
Portfolio
Benchmark
P/E - Daily 11/30/2013
Portfolio
Benchmark
P/EBITDA - Daily 11/30/2013
Portfolio
Benchmark
Portfolio
-1
-1
-1
-1
-3
-3
-3
-3
-5
-5
-5
-5
Benchmark
Portfolio
Benchmark
+/-
Portfolio
Benchmark
+/-
Portfolio
Benchmark
+/-
Portfolio
Benchmark
+/-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Percentiles
5th - 25th
25th - 50th
50th - 75th
75th - 95th
Percentiles
Max
5th
25th
Median
75th
95th
Min
Asset Coverage
Average
Geometric Average
Harmonic Average
Standard Deviation
Weighted Average
Weighted Geometric Average
Weighted Harmonic Average
Weighted Median
Weighted Standard Deviation
P/FCF - Daily 11/30/2013
P/S - Daily 11/30/2013
Portfolio
Benchmark
Portfolio
-1
-1
-3
-3
-5
-5
Benchmark
Portfolio
Benchmark
+/-
Portfolio
Benchmark
+/-
0.00
0.00
0.00
0.00
0.00
0.00
Portfolio
Benchmark
Currency
US Dollar
Holdings as of 9/30/2013
Name
Ticker
Portfolio Weighting
%
Shares
Basic Materials
LyondellBasell Industries NV
Praxair, Inc.
LYB
PX
3.48
2.55
0.94
124,410
101,645
22,765
CMCSA
2.96
2.96
Consumer Cyclical
Home Depot, Inc.
Wynn Resorts Ltd
Time Warner Inc
Genuine Parts Company
Williams-Sonoma, Inc.
Polaris Industries, Inc.
GameStop Corp Class A
Six Flags Entertainment Corp
HD
WYNN
TWX
GPC
WSM
PII
KAR
GME
SIX
Consumer Defensive
Walgreen Company
Tupperware Brands Corporation
Diageo PLC ADR
Position Market Market Cap (mil) P/E Ratio Current P/E Ratio Forward P/B Ratio Current Price 52 Wk High Price 52 Wk Low
Value
(Daily)
10,180,044
7,443,463
2,736,581
41,196.64
42,678.38
37,166.32
15.72
13.30
22.32
12.95
10.92
18.48
4.24
3.59
5.98
92.45
79.34
128.12
63.43
48.15
104.98
191,900
191,900
8,657,568
8,657,568
130,431.36
130,431.36
20.79
20.79
16.56
16.56
2.62
2.62
50.75
50.75
18.70
4.21
3.56
3.09
1.74
1.72
1.62
1.47
0.68
0.63
800,005
161,970
65,755
136,950
62,830
89,145
36,655
152,115
40,095
54,490
54,638,511
12,285,424
10,389,948
9,012,680
5,082,319
5,009,949
4,735,093
4,291,164
1,990,717
1,841,217
41,675.07
113,601.67
16,778.63
59,449.31
12,786.95
5,658.02
9,245.03
3,830.35
5,640.27
3,539.87
21.27
21.83
26.88
16.00
18.59
21.79
26.25
35.71
-19.38
15.13
19.45
20.83
21.93
15.11
17.54
19.80
19.61
19.53
15.20
25.77
1,905.96
7.99
10,000.00
1.99
4.07
4.64
9.92
2.58
2.62
8.75
WAG
TUP
PM
DEO
9.09
4.75
1.98
1.33
1.02
393,399
257,995
66,880
44,996
23,528
26,542,699
13,880,131
5,776,426
3,896,204
2,989,938
60,331.43
56,038.46
4,627.61
137,049.30
87,906.11
20.76
23.09
19.08
15.58
19.88
18.86
16.72
14.18
14.22
43.86
Energy
Chevron Corp
Enterprise Products Partners LP
Seadrill Ltd
Plains All American Pipeline LP
MMP
CVX
EPD
SDRLN
PAA
8.02
2.07
1.94
1.57
1.41
1.03
377,246
107,142
46,615
74,930
91,275
57,284
23,414,724
6,046,023
5,663,722
4,573,727
4,114,677
3,016,575
78,261.09
14,085.86
235,473.30
58,833.15
22,166.25
17,685.94
17.51
25.84
9.93
22.88
9.68
17.57
Financial Services
T. Rowe Price Group
Artisan Partners Asset Management Inc
TROW
APO
APAM
AMP
15.52
3.31
2.99
2.97
2.88
941,542
134,527
309,265
165,855
92,240
45,333,613
9,676,527
8,739,829
8,684,168
8,401,219
16,537.45
20,992.65
4,338.52
4,338.04
21,059.03
9.28
21.51
1.87
-16.39
15.95
Risk-free Proxy for Beta: USTREAS T-Bill Auction Ave 3 Mon
Total Ret YTD Beta 3 Yr (Mo-End)

(Daily)
32.86
38.69
17.00
1.84
2.27
0.69
36.30
36.30
35.05
35.05
1.25
1.25
94.44
82.27
173.38
70.77
85.41
61.56
136.97
30.32
57.74
40.31
61.22
60.21
107.50
45.88
62.46
41.99
79.02
17.52
22.30
29.04
43.28
32.32
53.68
39.79
32.83
37.70
60.61
39.13
95.60
27.55
1.23
0.90
1.57
1.36
0.65
1.25
1.35
1.83
0.63
1.52
3.36
2.88
17.01
-18.45
7.67
81.84
60.93
94.98
96.73
134.08
55.60
33.25
62.08
82.44
111.87
45.06
63.15
45.40
5.43
12.08
1.07
1.21
1.07
0.85
0.69
16.58
22.37
9.90
20.20
13.30
16.53
4.36
9.01
1.63
4.07
2.99
2.47
75.95
62.64
127.83
65.59
47.68
59.52
57.31
41.87
103.94
48.66
35.06
44.15
30.99
48.73
16.83
31.13
32.94
19.13
0.74
0.50
1.09
0.76
0.67
0.67
15.23
18.73
9.78
14.20
-13.67
4.62
1.60
-86.21
2.53
66.77
81.62
34.88
64.29
109.12
41.39
63.39
15.35
35.14
60.48
58.27
25.31
96.66
76.05
1.53
1.26
2.36
1.80
Name
Ticker
Arthur J. Gallagher & Co.

U.S. Bancorp
CBOE Holdings, Inc.
AJG
USB
CBOE
Healthcare
WellPoint Inc
Baxter International Inc.
Industrials
Union Pacific Corp
Boeing Co
Dover Corporation
Avery Dennison Corp
Rockwell Automation
Portfolio Weighting
%
Shares
1.44
1.24
0.69
96,300
98,910
44,445
WLP
BAX
3.57
1.79
1.77
UNP
MIC
CPA
BA
UPS
DOV
AVY
ROK
Position Market Market Cap (mil) P/E Ratio Current P/E Ratio Forward P/B Ratio Current Price 52 Wk High Price 52 Wk Low
Value
(Daily)
4,203,495
3,618,128
2,010,247
6,121.78
71,627.68
4,558.68
24.69
12.95
26.95
19.49
12.12
23.04
3.17
2.02
14.01
48.49
39.61
54.79
34.20
31.28
29.11
141,470
62,680
78,790
10,416,390
5,240,675
5,175,715
32,262.72
27,438.34
37,147.65
13.69
10.10
17.33
11.50
10.24
12.79
2.94
1.11
4.79
84.53
94.33
74.60
22.25
4.23
3.55
3.11
2.93
2.59
2.57
2.15
1.13
752,827
79,515
193,790
65,415
72,915
82,677
83,530
144,070
30,915
64,999,660
12,351,860
10,375,517
9,071,098
8,567,512
7,554,197
7,503,500
6,269,926
3,306,050
42,917.95
74,630.54
2,915.71
6,714.90
100,882.63
94,604.78
15,458.99
4,724.51
15,749.08
221.14
17.86
1,250.00
16.61
23.75
67.11
16.50
20.62
21.19
16.33
14.58
19.65
12.63
18.59
19.61
14.16
14.45
17.73
7.15
3.59
3.18
3.69
11.27
25.97
2.93
3.00
6.09
Real Estate
Brookfield Asset Management Inc Class A BAM.A
American Tower Corp
AMT
3.74
2.00
1.74
224,800
156,260
68,540
10,924,994
5,844,124
5,080,870
27,216.81
24,196.23
30,691.15
32.12
14.04
52.91
26.26
18.48
35.21
Technology
Microchip Technology, Inc.
Accenture PLC Class A
MCHP
ACN
3.88
2.05
1.82
221,211
148,945
72,266
11,322,662
6,000,994
5,321,668
28,801.55
8,587.37
51,596.17
27.40
36.76
16.84
Utilities
ITC Holdings Corp
American Water Works Co Inc
ITC
AWK
4.39
3.29
1.09
179,850
102,542
77,308
12,815,866
9,624,592
3,191,274
5,445.90
4,748.26
7,549.91
Cash
4.40
4.40
12,864,676
12,864,676
Risk-free Proxy for Beta: USTREAS T-Bill Auction Ave 3 Mon
Total Ret YTD Beta 3 Yr (Mo-End)

(Daily)
37.34
24.84
79.70
0.97
0.77
0.67
58.79
54.82
62.80
29.72
54.31
4.83
0.54
0.52
0.56
114.97
165.18
59.90
156.43
142.00
103.04
93.89
49.97
114.76
74.71
121.24
41.75
91.31
72.68
71.96
62.72
32.87
76.96
43.65
31.24
25.04
53.73
80.72
42.22
40.30
42.47
37.72
1.02
1.00
1.08
0.76
0.92
0.78
1.37
1.16
1.34
4.79
1.39
8.70
61.49
40.83
85.26
49.36
33.26
67.89
6.78
11.21
1.70
0.24
0.32
0.16
18.20
19.84
16.34
7.15
4.25
10.41
62.96
44.10
84.23
46.31
29.56
65.20
28.69
37.17
19.11
1.17
1.08
1.27
22.48
23.04
20.79
15.18
15.06
15.53
2.71
3.07
1.63
91.39
106.74
45.09
65.86
75.57
36.56
18.88
19.73
16.32
0.05
0.01
0.18

2013 12 02 Geneva Advisors Equity Income I Ishares Russell 1000 Value

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2013 12 02 Geneva Advisors Equity Income I Ishares Russell 1000 Value

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Page 1 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Highlights 10/1/2013 to 11/30/2013

Relative Return +/-

Morningstar Sector Weighting %

Top 10 Portfolio Holdings

Macquarie Infrastructure Company LLC

Ameriprise Financial Inc

ITC Holdings Corp

United Parcel Service Inc (UPS) Class B

Plains All American Pipeline LP

Exxon Mobil Corporation

Home Depot, Inc.

American Water Works Co Inc

Berkshire Hathaway Inc Class B

Top 10 Benchmark Holdings

Page 2 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Attribution/Contribution 10/1/2013 to 11/30/2013

Residual(Reported - Attribution + Expense)

Page 3 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Attribution Allocation Effects 10/1/2013 to 11/30/2013

Morningstar Sector - Attribution Allocation Effects

Page 4 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Attribution Security Selection Effects 10/1/2013 to 11/30/2013

Morningstar Sector - Attribution Security Selection Effects

Ameriprise Financial Inc

Artisan Partners Asset Management Inc Financial Services

Comcast Corp Class A

American Tower Corp

Magellan Midstream Partners, L.P.

Macquarie Infrastructure Company LLC

Brookfield Asset Management Inc Class A Real Estate

Berkshire Hathaway Inc Class B

Cisco Systems Inc

T. Rowe Price Group

Union Pacific Corp

ITC Holdings Corp

Philip Morris International, Inc.

Johnson Controls Inc

KAR Auction Services, Inc.

Diageo PLC ADR

United Parcel Service Inc (UPS) Class B

Tupperware Brands Corporation

Stanley Black & Decker Inc

Baxter International Inc.

Avery Dennison Corp

CVS Caremark Corp

Page 5 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Cumulative Attribution Effects 10/1/2013 to 11/30/2013

Page 6 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Portfolio Statistics as of 11/30/2013

P/B - Daily 11/30/2013

P/C - Daily 11/30/2013

P/E - Daily 11/30/2013

P/EBITDA - Daily 11/30/2013

Page 7 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

P/FCF - Daily 11/30/2013

P/S - Daily 11/30/2013

Page 8 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Risk-free Proxy for Beta: USTREAS T-Bill Auction Ave 3 Mon

Total Ret YTD Beta 3 Yr (Mo-End)

Page 9 of 9 | Calculated: 12/2/2013 | Printed: 12/2/2013

Arthur J. Gallagher & Co.

Risk-free Proxy for Beta: USTREAS T-Bill Auction Ave 3 Mon