2003 2004 2005 2006 2007 2008 2009 2010 2011 Average Rate of Return
Five Mile River* 29.8 27.2 9.7 15.5 4.0 (38.6) 18.8 15.2 4.7 9.6%
S & P 500** 33.2 10.9 4.9 15.8 5.5 (37.0) 26.9 15.1 2.1 8.6%
Russell 2000*** 52.8 16.7 3.3 17.0 (2.8) (34.8) 25.2 25.3 (5.5) 10.8%
RCP (TBR)**** 22.1 4.5 (10.5) 12.5 (7.9) 13.5 (55.0) (11.4) (14.0) (5.1)%

* Five Mile River (FMR) began April 1, 2003. Performance listed for FMR 2003 is account # 118-17545. Performance from 2004 to February 2006 is a composite of FMR’s Income/Value Portfolio using Rate of Return software that is time weighted. In January 2006 FMR subscribed to another time weighted software offering to measure performance called Scorecard. Eight accounts, representing 12% of the total FMR portfolio, withdraw their dividends. FMR did manage another, smaller portfolio comprised of one account not included in the stated performance due to a specialized, narrowly focused investment style. Results are net of management fees and are not audited and have not been otherwise reviewed or verified by any outside party.

** S & P 500 – Large capitalization companies. The composite includes dividends.

*** Russell 2000 – Smaller capitalization companies

**** RCP = Robbins Capital Partners, LP (hedge fund with inception date of February 1, 2000 managed by Todd B. Robbins).

Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy will be either suitable or profitable for a client’s or prospective client’s portfolio, and there can be no assurance that investors will not incur losses. 2003 performance figures above are all prorated from April 1, 2003.


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