Customized Portfolio Reporting

NWCM believes in total transparency of the investment management process. Clients should have access to information about their account when they need it-not just when their advisors have determined there is a need. Consequently, we post information about our client's account to our website as frequently as daily. Other reports are updated monthly, most often by the 5th or 6th business day of the month. Extensive quarterly reports can be completed and mailed to the client within 10 business days of the quarter's end.

All of our performance reports are created internally, allowing us the flexibility for customization that pre-packaged software cannot accommodate. NWCM believes that a high quality performance report delivered in a timely manner is imperative. Our quarterly reports provide the clients with a valuable tool that conveys insightful information about their investments.

Standard reports, updated daily and posted to our website for client access, are as follows:

• Account statements with updated values
• Year-to-date performance calculations by account, asset class and individual securities
• Year-to-Date transactions by account

There are two reports that are updated monthly. One report is a quick view of the compliance of each of the portfolio's investments to the guidelines of the Statement of Investment Policy. The second report looks at the compliance of the portfolio as a whole to the SIP. (Click on the underlined words that are a hyperlink to see examples of these reports.)

Mailed quarterly reports include information similar to that which is posted online daily and monthly plus a detailed calculation of the performance of the portfolio over various time periods, one of which is since the inception of our advisory relationship. The client's knowledge of the portfolio's performance is a critical element of long-term financial planning oversight.