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059 ScharfInvest_Rodrigue:SU08 4/6/13 9:00 AM Page 183 Serving individuals, families, corporations and non-profits nationwide since 1983 Based in Santa Cruz County Morningstar Rating™ Morningstar Rating™ Overall Overall 3-Year 3-Year - 5-Year 5-Year - 10-year 10-year 393 393 364 263 Overall Overall 9/30/ 9/30/2012 /2012 3-Year 3-Year - 5-Year 5-Year - 10-year 10-year 224 224 189 113 Scharf Investments Equity Scharf Investments Equity Funds in Morningstar Category Funds Morningstar Categ y gor Morningstar Category: Large Blend Morningstar Category: Larg ge Morningstar Rating™ Morningstar Rating™ 9/30/ 9/30/2012 /2012 Scharf Investments Balance Scharf Investments Balanced ed Funds Morningstar Category gor Funds in Morningstar Categ y Morningstar Category: Mod ate Allocation der Morningstar Category: Moderate Allocation The composite may not be an accurate representation of any specific a The composite may not be an accurate representation of any specific account, as specific account account, as specific account performance depends on investment timing, account specific guidelines, and other factors that vary performance depends on investment timing, account specific guidelines, and other factors that vary v n from account to account. from account to account. Results ge erated using an investment philosophy and methodology that Scharf Investments expects en Results generated using an investment philosophy and methodology that Scharf Investments expects to continue using. However, future investments may be made under differ economic conditions t to continue using. However, future investments may be made under d fferent economic conditions different and different securities. Further, the results not reflect performance every type of economic ffer ur and in different securities. Fu ther, the results do not reflect performance in every type of economic cycle. Past performance is not indicative of future results. cycle. Past performance is not indicative of future results. Morningstar is the largest independent research organization serving more than Morningstar is the largest independent research organization serving more than 5.2 million individumillion individual investors, al investors, 210,000 Financial Advisors, and 1,700 institutional clients around the world. Financial Advisors, and institutional clients around the world. s For each separate account with at least a three-year history, Morningstar calculates a Morningstar For each separate account with at least three-year history, Morningstar calculates Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that account for variation in a sepaRating™ based on Morningstar Risk-Adjusted Return measure that accounts for variation i A ts separate account's monthly performance, pla g more emphasis on downward variations and rewarding rate account's monthly performance, placing more emphasis on downward variations and rewarding acin n consistent performance. The top 10% of separate accounts in each category receive 5 stars, the next consistent performance. The top of separate accounts each category receive stars, the next 22.5% receive 4 stars, the next 35% rece ve 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive stars, the next receive stars, the next ei receive stars and the bottom e receive 1 star. The Overall Morningstar Rating for a separate account is derived from a weighted receive star. The Overall Morningstar Rating for separate account is derived from weighted a average of the performance figures associated with its three-year, five-year and ten-year Morningstar average of the performance figures associated with its three-year, five-year and ten-year Morningstar y Rating metrics. The Scharf Equity composite was rated against the following numbers of US DomiRating metrics. The Scharf Equity composite was rated against the following numbers of Domiciled Large Blend separate accounts ove the following time period: 393 separate accounts in the last ciled Large Blend separate accounts over the following time period: er separate accounts the last three years, 364 separate accounts in the last five years and 263 separate accounts in the last ten years. three years, separate accounts the last five years and n separate accounts the last ten years. The Scharf Balanced composite was rated against the following numbers of US Moderate Allocation The Scharf Balanced composite was rated against the following numbers of Moderate Allocation separate accounts over the following time period: 224 separate accounts in the last three years, 189 separate a accounts over the following time period: separate accounts the last three years, n separate accounts in the last five years and 113 separate accounts in the last ten years. separate a accounts the last five years and separate accounts the last ten years. © 2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not n n to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is y r responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. no guarantee of future results. For more information, please visit our website: www.s For more information, pl f lease website: www.scharfinvestments.com scharfinvestments.com n or call Michael Allard toll free at 877-429-6513 Allard toll free C ARMEL MAGAZINE•SPRING/SUMMER 2013 59

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