ATHENA CAPITAL MANAGEMENT

Investment Advice, Management and Recommendations for Individuals, Families and Institutions

Performance

Please see notes at bottom about Athena Capital's performance presentation.

Athena Capital Cumulative Growth Performance

Performance as of 9/30/17 Year to date 3 years 5 years 10 years since inception (4/30/05)
ACM Growth 7.44% 33.61% 92.86% 106.41% 177.47%
S&P 500 14.24% 36.07% 94.44% 104.89% 182.95%
Vanguard Total Stock Market 12.43% 30.96% 86.87% 100.91% 181.44%

Athena Capital Growth Performance

Athena Capital Cumulative Equity Income Performance

Performance as of 9/30/17 Year to date 3 years 5 years 10 years since inception (5/31/05)
ACM Equity Income 6.41% 28.91% 68.56% 88.71% 140.77%
S&P 500 yield plus inflation 3.78% 10.45% 18.59% 46.98% 64.66%
Dow Jones Select Dividend Index 6.60% 38.74% 91.16% 102.06% 151.63%

Athena Capital Equity Income Performance

Notes on performance presentation: Past performance is no guarantee of future results. As in all equity investing, there is a risk for potential loss. Performance results were calculated after deduction of all management and trading fees. Portfolios were valued daily, trade date accounting was used, accrual accounting was used for dividends. Time-weighted rates of return that adjust for significant cash flows were used. Returns from cash were included. For ACM growth accounts, the S&P 500 was used as benchmark because it was deemed the most readily available and widely known growth composite. It should be noted that ACM growth accounts were more concentrated, sometimes had higher cash investments and short positions, included international investments, and were invested in companies with different market capitalizations and characteristics than the S&P 500. Although these differences existed, the accounts shown were invested for growth and not set to achieve any particular market capitalization. ACM equity income accounts used S&P 500 yield plus inflation as benchmark because this combination of the most readily available equity yield and growth with inflation was deemed the most relevant benchmark for equity income accounts. These accounts are designed to provide an equity yield for income plus growth to maintain purchasing power over the impact of inflation. Both out- and under-performance of accounts shown were due both to individual security selection, sometimes short positions,and to concentration of investments. Neither market nor economic conditions contributed significantly to account performance. ACM growth and equity income portfolios include all portfolios under management during all periods of management and include portfolio performance as of the first day of management. The accounts depicted used no leverage or derivatives. The S&P 500 and S&P 500 yield plus inflation returns shown do not reflect commissions, trading expenses, or management fees, which would have reduced both results. The returns provided are a combination of client accounts and might not represent individual accounts accurately. The firm puts clients into securities that are on a continuum of the two strategies based on their individual level of risk tolerance.