Long Only Growth Portfolio

**Since Inception 1/1/01 (Last Updated: 10/10/2008)

Table Below assumes an original investment of $1,000,000 at the time of inception (1/01/01). Please review further assumptions below.

***This is total outperformance percent

**The $ amount presented is assuming the same starting value and the beginning of the period.

*Performance Data Calculations are net of all management fees and transaction costs

Review Assumptions:

All calculated returns are unaudited and net of management fees and transaction costs

Percent return may differ in individual portfolio`s based on time and amount of initial investment, negotiated management fee and any special instructions by the client for the account

Interest income is based on an average from the current money market yield and non-invested cash for the quarter

All information provided herein is obtained from sources believed to be reliable, but no representation or warranty is made as to its accuracy or completeness

Beginning and ending values do not include non-allowable assets and may differ from the monthly client statement- Please Refer to Actual Account Statement