Performance Review.

M&R Capital Historical Performance Review

Capital Appreciation Balanced     GROSS NET S&P 500   GROSS NET BLENDED ** Qtr 1 - 2008 -7.1 % -7.3 % -9.5 % -4.3 % -4.5 % -3.5 % Qtr 2 - 2008 -1.1 % -0.8 % -2.7 %   -0.6 % -0.4 % -1.9 %                                   Trailing 12 Months Compound ROR     GROSS NET S&P 500   GROSS NET BLENDED **   10 YR ..8.8 % ..7.6 % ..2.8 % .8.7 % .7.5 % .4.7 %   5 YR * .11.5 % .10.4 % ..7.6 % ..9.3 % .8.5 % .5.9 %   3 YR ** ..7.1 % ..6.0 % ..4.4 % .6.2 % .5.3 % .4.4 %   1 YR *** -7.1 % -8.2 % -13.2 % -4.1 % -4.8 % -3.1 %   * 5 YR- 2003-2008 ** 3 YR- 2005-2008 ***1 YR- 2007-2008

 

The above benchmark indices are unmanaged indices. The benchmark performance numbers reflect the reinvestment of dividends and interest, but do not reflect the deductions of any fees or expenses. The M&R Capital investing style is not limited to the securities in any of the above indices, and utilizes specific investment techniques which are not utilized in the above indices and which may or may not increase volatility.

Returns include all dividends received as they may result from the implementation of a particular investment strategy. Trade date accounting has been used. Accounts are included in the composite at the start of the first full quarter under management. Exiting accounts are included up through the last full quarter under management. Assets under management in the M&R Capital style aggregated $265,006,125 at June 30, which total represented 559 separate portfolios. The performance results for the M&R Capital Composite were attained at another firm prior to June 30, 1999. M & R Capital maintains other composites for portfolios managed in a different investment style then M&R Capital, and the results for these portfolios may differ materially from those of M&R Capital. A complete list of composites and performance results for all clients is available upon request. Past performance is not a guarantee of future results.