PERFORMANCE AS OF 12/31/11

		Annualized Returns (%)
	QUARTER	1 YEAR	2 YEARS	3 YEARS	5 YEARS	10 YEARS	15 YEARS	20 YEARS
Stralem LCES (gross)	11.84%	8.83%	9.82%	13.58%	3.85%	5.84%	10.47%	11.52%
Stralem LCES (net)	11.65%	8.06%	9.06%	12.79%	3.12%	4.77%	9.29%	10.36%
S&P 500	11.82%	2.11%	8.39%	14.10%	-0.25%	2.92%	5.45%	7.81%
Russell 1000 Growth	10.61%	2.64%	9.45%	18.02%	2.50%	2.60%	4.46%	6.62%

CALENDAR YEAR PERFORMANCE AS OF 12/31/11

		Calendar Year Total Returns (%)
	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001
Stralem LCES (gross)	8.83	10.81	21.49	-27.41	13.59	10.68	13.51	17.42	23.30	-19.70	0.95
Stralem LCES (net)	8.06	10.06	20.65	-27.93	12.74	9.88	11.85	15.72	21.50	-20.91	-0.54
S&P 500	2.11	15.06	26.46	-37.00	5.49	15.79	4.91	10.88	28.68	-22.06	-11.93
Russell 1000 Growth	2.64	16.71	37.21	-38.44	11.81	9.07	5.26	6.30	29.75	-27.88	-20.42

CUMULATIVE PERFORMANCE AS OF 12/31/11

NOTES TO PERFORMANCE

Stralem & Company (“Stralem”) is an independent, SEC registered investment adviser established in 1966.  The Large Cap Equity Strategy ™ Composite (LCES) consists of fully discretionary large capitalization equity accounts. The investment objective of the LCES is to deliver above market returns with less risk during both up and down markets. The investment philosophy of the Large Cap Equity Strategy is predicated on the belief that there are four types of market environments, two types of bull markets and two types of bear markets each characterized by momentum and valuation factors. Market environments affect portfolio structure so it is critical to identify and prepare for changing market environments. The Large Cap Equity Strategy adds value by purchasing a set of fundamentally solid growth companies along with a set of companies that deliver strong cash flow and adjusting the balance between these two groups depending on where we are in the market cycle. Stralem defines the LCES as a conservative growth strategy that also focuses on preserving capital during down markets.

For comparison purposes, the composite is measured against the S&P 500 and Russell 1000 Growth indices. The S&P 500 index is widely recognized as a leading indicator of the U.S. equity markets. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

Stralem claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Stralem has been independently verified for the periods January 1, 1992 through September 30, 2011. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Large Cap Equity Strategy Composite has been examined for the periods January 1, 1992 through September 30, 2011. The verification and performance examination reports are available upon request.

The Large Cap Equity Strategy Composite has been examined by an independent third party verifier (Ashland Partners & Company LLP). The firm maintains a complete list and description of composites, which is available upon request. To receive a complete list and description of Stralem's composites contact Stralem at 212-888-8123.

A full disclosure presentation is available through the following link:

Ashland Partners Independent Verifier's Report: Stralem 3Q11 - Gross & Net - Click here

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm.  Past performance is not indicative of future results.  Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The U.S. Dollar is the currency used to express performance. Returns are presented both gross and net of management fees and include the reinvestment of all income. There are portfolios included in the composite which have directed brokerage arrangements and are not charged trading commissions by their broker. These portfolios represent approximately 2% of composite assets. Performance for these accounts do not include transaction costs, and it has been determined that there is no material impact on composite performance.  Returns are presented gross of custodial fees and withholding taxes but net of all trading expenses. Gross returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account.  Actual investment advisory fees incurred by clients may vary.  Net of fee performance is calculated using the composite actual net performance during the period.  Prior to 2006, net performance is calculated using the highest client's management fee in the composite. From 2000 - 2005 the highest fee was 1.50%. Prior to 2000 the highest fee was 1.00%. A fee schedule is an integral part of a complete presentation and is described in Part II of the firm’s ADV, which is available upon request. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. The investment management fee schedule is as follows: 0.80% on the first $5 million, 0.70% on the next $20 million, and 0.50% on the remainder.  Actual investment advisory fees incurred by clients may vary. Clients may have different fee arrangements than the above fee schedule with fees that are higher or lower depending on when the contract was entered into and the services provided. Accounts that require additional resources for administration, management and servicing may be charged an advisory fee of up to 1.25% per annum. Upon request, Stralem will also provide its clients with a fulcrum fee arrangement, which includes a lower, fixed advisory fee plus a performance based fee.  Fulcrum fees arrangements may vary among clients.

Prior to 1997, carve-outs are included in this composite and performance reflects required total segment plus cash returns.  All cash not directly related to fixed income is included in the equity carve-out. 100% of composite assets were comprised of carve-out segments prior to 1997. There are no carve-out segments in the composite subsequent to 1996.