PERFORMANCE: Large-Cap Core Growth Portfolio

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Disclosure: The Large Cap Portfolio Composite displayed represents the investment performance of discretionary equity accounts managed in the Large Cap Portfolio strategy. The composite is comprised of all accounts managed in this approach. The accounts are included at the start of the next quarter after the portfolios come under management and excluded after the last full qurater that the portfolios were under management. Deviations within the individual accounts do occur on a yearly basis, however, these averages are generally indicative of our equity investment results generated over time. The rate of return considers the following. a) All money flows into or out of the funds b) All realized gains and losses c) All unrealized gains and losses d) All dividend and interest income. There is no statistical correlation between past and future performance. As such there is no assurance that results approximating these returns will continue in the future. The S&P 500 is an unmanaged index of 500 stocks selected by Standard & Poors. In the past, the total return figures for the S&P 500 were those calculated by Financial Information Network.  The figures shown now are the official Total Return performance as presented by Standard & Poors. The updated performance figures are presented from 2001 to the present. In an effort to reduce risk and improve returns, from time to time we will buy stocks outside the market cap range of the benchmark.

1)Sparrow Capital Management is a Registered Investment Advisor, established by Gerald Sparrow as a sole proprietorship in 1990 and registered with the SEC as Sparrow Capital Management, Inc. in 1993, located in St. Louis, Missouri. A complete list and description of all composites is available upon request. 2) The minimum account size for inclusion in the Large Cap Portfolio is $100,000. 3) Valuation and performance are calculated in USD. 4) Wrap fees are paid for services including brokerage fees, advisory fees, and fees for the investment management services provided by Sparrow Capital Management. 5) Additional information regarding policies for calculating and reporting returns is available upon request. 6) Dispersion is measured as the dollar-weighted standard deviation of returns. 7) Management fees are paid annually according to the following schedule: One the first $500,000 2.00%; on the next $500,000 1.80%; on the next $1,000,000 1.60%; over $2,000,000 1.40%. Management Fees are negotiable. 8) Sparrow Capital Management has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). 9) For the years preceding 1/1/2000, the performance presented is not in compliance with GIPS® in the following ways: a) No measurement of dispersion is available; b) The percentage of wrap account assets is not available.