Disclosures

Dynamic Value

Returns are net of all fees and trading costs and reflect an asset weighted average of the returns of all managed accounts for which the majority of the assets are placed in the Dynamic Value portfolio. These accounts may contain positions that are not part of the Value portfolio and may not contain all of the positions in the Value portfolio. Returns shown are unaudited. Russell returns include dividends. The Russell 2000 is included for comparison purposes only. The firm’s portfolio may contain securities not included in the index. Past performance does not guarantee future returns.

Conservative Value

Returns are net of all fees and trading costs. The track record prior to October 2007 is from a single account that was not charged management fees. The returns were adjusted to reflect management fees by subtracting 1/12th of 1.5% from each monthly return. Returns after October 2007 reflect the asset weighted average return of all accounts subscribing to the Conservative Value portfolio. Accounts may contain positions that are not part of the Conservative Value portfolio and may not contain all of the positions in the Conservative Value portfolio. Returns shown are unaudited. Russell returns include dividends. The Russell 2000 Value is included for comparison purposes only. The firm’s portfolio may contain securities not included in the index. Past performance does not guarantee future returns.

Diversified Income

Returns are net of all fees and trading costs. Returns represent an asset weighted average of the returns of all managed accounts for which the majority of the assets are placed in the Income portfolio. These accounts may contain positions that are not part of the Income portfolio and may not contain all of the positions in the Income portfolio. Returns shown are unaudited. The S&P 500 returns include dividends. The index is included for comparison purposes only. The firm’s portfolio may contain securities not included in the index. Past performance does not guarantee future returns.

Conservative Growth

Returns are net of all fees and trading costs. Returns represent an asset weighted average of the returns of all managed accounts for which the majority of the assets are placed in the Growth portfolio. These accounts may contain positions that are not part of the Growth portfolio and may not contain all of the positions in the Growth portfolio. Returns shown are unaudited. The Russell returns include dividends. The Russell 2000 Growth is included for comparison purposes only. The firm’s portfolio may contain securities not included in the index. Past performance does not guarantee future returns. Prior to May 10 2005 stock selection involved a significant amount of discretion, which was sharply reduced starting May 10, 2005.