Large Cap Equity Composite Performance Disclosure

Pillar Pacific Capital Management, LLC (“PPCM”) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

1.	The performance results presented above reflect the Large Cap Equity Composite (“Composite”) performance from its September 1, 1993 inception at Pillar Point Capital Management, Inc. (“Capital”) through May 31, 1999, and is then linked to the identical Composite from June 1, 1999 at PPCM. Capital began operating as an investment advisor on July 1, 1993, invested mainly in U.S.-based fixed income and equity securities, and formerly was an affiliate of PPCM. PPCM, formerly named Pillar Point Equity Management, LLC, began operating as an investment adviser on June 1, 1999 and invests mainly in U.S.-based equity and fixed income securities. Prior to 2Q99, Firm Assets are those of Capital; from 2Q99 Firm Assets are those of PPCM.
2.	Mr. Arthur French, Chief Investment Officer and one of the founders of PPCM, was Senior Equity Portfolio Manager for Capital from its inception until June 1, 1999 when he moved to PPCM. Mr. French was the sole decision-maker for the Composite at Capital and is continuing the same decision making process at PPCM. Performance results for the Composite prior to June 1, 1999 were generated by Mr. French at Capital, and following May 31, 1999 by Mr. French at PPCM. Performance records from both firms are available. There have been no material changes in personnel responsible for management of the Composite.
3.	PPCM implements an active, bottom-up investment process. Security analysis integrates a quantitative multi-factor valuation model and fundamental judgment. Portfolio construction applies an optimization process to build broadly diversified portfolios and provide benchmark-constrained risk control. The Composite includes all fee-paying discretionary accounts invested in diversified portfolios of large capitalization equity issues, with few tax or other constraints that would otherwise impede the objective of maximizing total return. Large capitalization equities are those with a market capitalization generally greater than $10 billion at the time of purchase. The Composite includes only certain firm portfolios. If client imposed restrictions hinder the full implementation of a composite strategy, regardless of the status of the legal discretion under an investment advisory contract, such client portfolios will be excluded from the composite; none have been so excluded.
4.	All fee-paying discretionary portfolios are included in firm composites; no non-fee paying portfolios are included in firm composites. Segments of multiple-asset or balanced portfolios are included in single-asset composites. Such segments are managed separately with their own identified cash balances. New portfolios are included in a composite as of the first full month under management; closed portfolios are excluded from a composite as of the end of the last full month under management. A complete list and description of firm composites is available on request. Firm assets include non-discretionary assets.
5.	The benchmark is the S&P 500 total return index. The index is an unmanaged group of securities generally considered to represent the performance of the large capitalization sector of the U.S. equity securities market. The S&P 500 Growth total return index is shown as additional information, beginning with the 4Q05 report, as the Composite has a growth orientation. This index is the S&P 500/Barra Growth total return index from inception through 6/30/06 and the S&P 500/Citigroup Growth total return index thereafter. The S&P 500/Citigroup Growth index is an unmanaged group of securities, and contains those S&P 500 stocks assigned by Standard & Poor's, wholly or in part, to the Growth style index based on algorithms using seven growth versus value measures. The portfolios are actively managed and the structure of the actual portfolios and Composite are at variance to the indices. Index returns reflect rei