Annual Performance Results Net of Fees			SEM Composite Assets
Year	SEM Composite	S&P 500	Composite Dispersion (%)	Total Assets at End of Period (USD millions)	Percentage of Firm Assets	Number of Portfolios	Wrap Assets as a % of Total Composite Assets	Total Firm Assets (USD millions)
1998	26.19	28.57	--	0.83	36	4	0%	2.32
1999	24.10	21.03	0.39	4.56	73	18	0%	6.26
2000	4.50	-9.15	0.80	7.13	87	24	0%	8.17
2001	0.35	-11.91	1.06	11.45	76	35	0%	15.05
2002	-10.98	-22.15	0.79	14.50	82	47	0%	17.60
2003	20.12	28.62	0.29	33.37	69	78	38%	47.93
2004	12.52	10.92	0.37	92.17	84	143	42%	109.54
2005	-0.51	4.84	0.38	105.62	78	194	39%	137.34
2006	8.20	15.77	0.47	126.77	87	213	36%	147.56
2007	10.13	5.48	0.38	148.07	97	256	18%	152.80
2008	-30.10	-37.03	0.44	58.2	77	116	31%	75.8

Suncoast Equity Management, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS™).

1. Suncoast Equity Management, Inc. is an independent investment management firm established in 1997. Suncoast Equity Management is an equity investment manager that invests in U.S.-based securities. The composite was created on 12/31/1997.
   
2. Suncoast Equity Management is an equity only money manager employing the principles of Benjamin Graham & Warren Buffett. The discipline is a bottom-up fundamental approach and blends value and growth parameters. The portfolio consists of between 15-20 stocks.
3. Bundled fees include management consultant fees and trading costs. Performance is calculated gross of all foreign withholding taxes. Additional information regarding policies for calculating and reporting returns, as well as a complete list and description of composites is available upon request.
4. The performance results presented are net of investment advisory fees and net of all transaction costs and expenses. Investment advisory fees are described in Part II of Suncoast Equity Management, Inc.ís Form ADV. The management fee schedule is as follows: First $500,000 1.50% / Over $500,000 1.00%
5. The index used for comparison is the Standard and Poorís 500 Index, an unmanaged index with no expenses, which covers 500 industrial, utility, transportation, and financial companies in the U.S. markets. It is a capitalization-weighted index calculated on a total return basis with dividends reinvested.
6. The composite dispersion represents a measurement of the consistency of the compositeís performance results with respect to the returns of the individual accounts within the composite over an annual period. The annual dispersion is measured by the asset-weighted standard deviation of the composite. Only portfolios that have been managed for the full period are included in the composite dispersion calculation. In accordance with the GIPS, dispersion data is not provided for years in which the composite is comprised of five or fewer accounts.
7. Valuations and returns are computed and stated in U.S. Dollars.
8. Pursuant to GIPS guidelines, beginning June 2002, accounts that experience cash flows in excess of 10% of the accountís market value are temporarily removed from the composite. These accounts are added back to the composite when they are considered fully invested. The minimum account value for inclusion in the composite is $100,000. Additional information regarding the treatment of significant cash flows is available upon request.
9. Suncoast Equity Management has received a firm-wide GIPS verification for the period 12/31/97 ñ 12/31/08. The SEM composite has received a performance examination for the same time period.
   
   
   Performance Disclosure