Disclosures

Past performance is not necessarily indicative of future results. Performance returns are presented gross and net of fees. Please see attached GIPS presentation for additional disclosures and composite information.
NorthPointe Capital®, LLC (NorthPointe), located in Bloomfield Hiils, Michigan, is an asset management firm. NorthPointe is a registered investment adviser with the Securities and Exchange Commission and provides investment management services to institutional investors through separate accounts, mutual funds and wrap accounts.

Large Cap Value Equity Composite, *inception/creation date is June 30, 2000, uses a value style of equity portfolio management with a market cap range similar to the Russell 1000® Value Index with no minimum account size. Prior to September 30, 2008 the minimum account size for the composite was $1 million. NorthPointe calculates performance results using a daily time weighted rate of return, and for the monthly calculation we geometrically link all the daily returns to get the monthly return. This takes out any effect of a cash flow during the month. The quarterly composite calculation appropriately weights portfolio returns for the size of each portfolio using balances as of the beginning of the monthly reporting period. Effective April 1, 2006, composites will include new portfolios at the start of the first performance measurement period (monthly) after the portfolio is fully invested in the composite strategy; prior monthly periods reflect a policy of at least one full reporting period under management before a new portfolio would be added to the composite. Returns are denominated in U.S. Dollars. Performance results are shown “gross” and “net” using actual investment management fees and includes the reinvestment of all income and trade execution costs.  Percentage returns include portfolios under management that meet the following criteria: Full discretionary investment authority and follow common investment strategies. No selective periods for presentation have been utilized.
Effective 7/1/2008 the Disciplined Large Cap Value Equity composite changed its name to Large Cap Value Equity. There have been no changes in the process, philosophy or team, only a change of name. The composite consisted of one non-fee paying account which represented 100% of the composite’s assets for 2000 and 10% of the composite’s assets in 2001. This account represented seed money invested in the Large Cap Value strategy. No fees were charged since money represents internal funds. See standard fee schedule for fees charged for this product. As of April 1, 2002, the seed money investment was removed from the composite since the account was liquidated. A complete list and description of all composites maintained by NorthPointe and the related performance results, as well as additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
Micro Cap Value Equity Composite, Inception/creation date of January 1, 2008, focuses on emerging companies with a market cap range similar to the Russell Microcap® Index with no minimum account size. NorthPointe calculates performance results using a daily time weighted rate of return, and for the monthly calculation we geometrically link all the daily returns to get the monthly return. This takes out any effect of a cash flow during the month.. The quarterly composite calculation appropriately weights portfolio returns for the size of each portfolio using balances as of the beginning of the monthly reporting period. Composites will include new portfolios at the start of the first performance measurement period (monthly) after the portfolio is fully invested in the composite strategy. Returns are denominated in U.S. Dollars. Performance results are shown “gross” and “net” using actual investment management fees, which includes performance fees and includes the reinvestment of all income and trade execution costs. For the periods between 1/1/2008 and 4/30/2012, 100% of composite assets are non-fee paying; for the year ending 12/31/2012 8% of composite assets are non-fee paying. This account represents seed money invested in the Micro Cap Value Strategy. No fees were charged since money represented internal funds. See standard fee schedule for fees charged for this product. All performance shown reflects trade execution costs and assumes the reinvestment of dividends and capital gains. Percentage returns include portfolios under management that meet the following criteria: Full discretionary investment authority and follow common investment strategies. No selective periods for presentation have been utilized.

Small Cap Value Equity Composite, inception/creation date of January 1, 2000, uses a value style of equity portfolio management where portfolios have a weighted average market cap similar to the Russell 2000® Value Index with no minimum account size. Prior to September 30, 2008 the minimum account size for the composite was $1 million. As of 7/1/2013, the composite was redefined to include accounts managed in the Smid mandate to further broaden the strategy. NorthPointe calculates performance results using a daily time weighted rate of return, and for the monthly calculation we geometrically link all the daily returns to get the monthly return. This takes out any effect of a cash flow during the month. The quarterly composite calculation appropriately weights portfolio returns for the size of each portfolio using balances as of the beginning of the monthly reporting period. Effective April 1, 2006, composites will include new portfolios at the start of the first performance measurement period (monthly) after the portfolio is fully invested in the composite strategy; prior monthly periods reflect a policy of at least one full reporting period under management before a new portfolio would be added to the composite. Returns are denominated in U.S. Dollars. Performance results are shown “gross” and “net” using actual investment management fees and includes the reinvestment of all income and trade execution costs.  Percentage returns include portfolios under management that meet the following criteria: Full discretionary investment authority and follow common investment strategies. No selective periods for presentation have been utilized. As of 12/31/13 0.06% of composite are non fee paying.

A complete list and description of all composites maintained by NorthPointe and the related performance results, as well as additional information regarding policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
Composite dispersion measures represent the consistency of a firm’s composite performance with respect to the individual portfolio returns within a composite. The dispersion of annual returns is measured by the equal weighted standard deviation of portfolios in the composite for the entire year. **N/M – Statistical measures of internal dispersions for composites with five or fewer accounts are considered not meaningful. *N/A – 3-year annualized ex-post standard deviation is not presented because 36 monthly returns are not available.
The Russell 2000® Index is published by Russell Investments. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
The Russell 1000® Value Index is published by Russell Investments. The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.
The Russell Microcap® Value Index is published by Russell Investments. The Russell Microcap® Value Index measures the performance of the microcap value segment of the U.S. Equity market. It includes those Russell Microcap® Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell Microcap® Index measures the performance of the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market. It includes 1000 of the smallest securities in the small-cap Russell 2000® Index based on a combination of their market cap and current index membership and it includes the next 1,000 securities.
The Russell 2000® Value Index and the Russell 2000® Index are published by Russell Investments. The Russell 2000® Value Index measures the performance of small-cap value segment of the U.S. equity universe. It includes those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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