Timberline Dividend & Growth
                                        Morningstar Rating

Investing with Integrity
An Invitation
For each separate account strategy with at least a three-year history, Morningstar calculates a Morningstar Rating™
(including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and
rewarding consistent performance.  The top 10% of separate account managers in each category receive 5 stars, the next
22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.  The
Overall Morningstar Rating™ for a separate account is derived from a weighted average of performance figures
associated with its three- and five-year Morningstar Rating metrics.  Timberline Dividend & Growth was rated against 4
U.S. domiciled large cap value separate accounts for the Overall (4-star) and Three-year Ratings (
3-star), and 428
managers for the Five-year Rating (4-star).  The Ten-year Rating (4-star) was rated among 34
3 managers.

©(2009) Morningstar, Inc.  All Rights Reserved.  The Morningstar rating information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete
or timely.  Neither Morningstar not its content providers are responsible for any damages or losses arising from any use of this
information.  Past performance is no guarantee of future results.  Rating as of
12/31/19 and subject to change.  The inception
date of the Timberline Dividend & Growth investment record is 9/30/03.
Overall Morningstar Rating™