Portfolio Return for 2014

The Gnostic Capital Large Cap International Portfolio generated a return of 10.93%, net of all fees and expenses, for the fiscal year ended December 31, 2014.

$1 million invested in the portfolio, at inception date of 07/08/2000 has grown to $13.032 million, net of all fees and expenses. This represents a return of 19.41% per annum.