Sandhill Capital Partners, LLC officially began doing business as Sandhill Investment Management (“Sandhill”) in June 2007. There was
no change in ownership or management. Sandhill is defined as a registered investment advisor that is not affiliated with any parent
company. The performance statistics disclosed in the accompanying statement are calculated on the rates of return from accounts
managed by Sandhill, as defined below. These accounts are managed by Sandhill on a discretionary basis and have no restriction in
the manner in which the account can be invested. None of the Company’s balanced portfolio segments are included in any single
composite. There are no non-fee paying accounts included in the composite. The US dollar is the currency used to express performance.
The composite includes accounts under management from the first full month at which the account’s capital is fully invested in Sandhill.
Closed accounts are included in the composite through the completion of the last full month under management and are not removed
from the historical rates of return.

Sandhill claims compliance with the Global Investment Performance Standards (GIPS®), and has prepared this report in compliance
with GIPS standards. Sandhill has been independently verified for the periods March 1, 2004 through December 31, 2016.
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. The effective date of firm
compliance with the GIPS standards in March 1, 2004.

The creation date of the Corporate Bond Composite is May 9, 2016. Accounts with at least 89.5% of their assets (excluding cash and
money market deposits) invested in Corporate Bonds will be included in the composite. The Corporate Bonds will generally be rated
single B to single A and will have maturities of three to nine years. The primary benchmark for the Corporate Bond Composite is the Bank
of America Merrill Lynch 3-5 year Corporate Bond Index. This is a subset of the Bank of America Merrill Lynch US Corporate Master Index
tracking the performance of US dollar denominated investment grade rated corporate debt publically issued in the US domestic market.
If there is a material change in the duration of the Corporate Bond Composite we will reassess the benchmark to ensure it remains in
line with the characteristics of the composite. A complete list and description of firm composites and policies for valuing portfolios,
calculating performance and preparing compliant presentations are available upon request by emailing

The performance presentation utilizes the following criteria:
a) The rates of return are compiled monthly by calculating the percentage change in the end of the period market values
over the beginning of the period market values with all cash flows time-weighted. Cash flows consists principally of
contributions, withdrawals and management fees. The monthly results are then geometrically linked to derive the rates
of return for the yearly rates of return. Geometric linking is the method used to combine rates of return for multiple
b) The rates of return reflect realized and unrealized gains and losses and include dividend and ordinary income (interest).
c) The calculations are weighted for the size of each client’s account as a relationship to the total composite.
d) The calculations are shown both net and gross of investment management fees.
e) Additional information regarding policies for calculating and reporting returns is available upon request.
For purposes of determining market values, securities transactions are recorded on a trade date basis, interest is accrued to the end
of the period, and dividends are recorded when received.

Composite dispersion represents the consistency of the Company’s composite performance results with respect to the individual
portfolio returns within the composite. Annual composite dispersion is calculated through the use of an asset weighted standard
deviation for portfolios included in a composite for the entire year. Composite dispersion is not require to be presented when there
are five or fewer accounts in a composite for the entire year. It is important to note dispersion can be caused by client-specific required
trading and constraints.
Annual dispersion for the Corporate Bond Composite using the asset weighted standard deviation described above on rates of return
before deducting management fees and after deducting management fees is as follows:


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 required for the period prior to 2011. The three
year annualized ex-post standard deviation of the composite and benchmark as of each year end is as follows:

deviationNOTE D: FEES
Performance results shown gross of fees do not reflect the deduction of advisory fees. Such fees and costs will reduce the return
of the account. Performance results shown net of investment management fees are based on actual investment advisory fees
charged to institutional accounts and the total wrap fee charged by the sponsor for wrap accounts, which includes charges for
portfolio management, custody and other administrative fees. Sandhill’s standard investment management fee for institutional
accounts in the Corporate Bond Composite is 1.0% per annum.


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