The chart above shows the total return, including reinvestment of all dividends, and net of commissions and maximum applicable investment advisory fees through 2011. Prior to July 1, 2005 the results were generated using back tested results of a hypothetical portfolio managed in accordance with the dictates of the Program. From July 1, 2005 through December 31, 2009 the performance shown is that of a single-account composite account managed according to the dictates of the Program. Since 2010, performance has been prepared based on the Global Investment Performance Standards (GIPS) and represents the net composite time-weighted return for the program. The S&P 500 was used for comparison purposes as it represents a sample of the 500 leading companies in leading industries of the U.S economy. It is generally considered a proxy for the total market.

Past performance is not a guarantee of future profits.

Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact there are frequently sharp differences between hypothetical performance results and actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results, all of which can adversely affect actual trading results.

Single account composite performance results reflect the results of actual trading using a single client account managed in accordance with the dictates of the program. Other accounts are excluded to prevent additions, withdrawals and client mandated customizations from biasing the performance results. However actual client accounts are not insulated from these factors. Therefore actual client accounts may have experienced investment results during the corresponding time periods that were materially different from those portrayed in the model. Account statements for the single account for the period are available for inspection at our offices upon request.