In the bear market of 2000 through 2002, Henry Armstrong protected the gains it earned during the bull market of the late 1990s. Many institutions, on the other hand, failed to protect their clients' capital.

NOTES

$1 million invested on December 31, 1994 would have grown to:

• $4.9 million if invested in the Henry H. Armstrong Equity Composite
• $3.7 million if invested in the 5 largest U.S. Equity Mutual Funds
  
• $3.2 million if invested in the NASDAQ
• $3.2 millionif invested in the S&P 500
• $3.0 millionif invested in the Russell 2000
• $2.0 million if invested in the EAFE

Henry H. Armstrong Equity Composite is net of 1% management fee.
The S&P 500, NASDAQ, Russell 2000 and MSCI EAFE indices are prior to fee.

1. Returns are pre-tax.
2. The Five Largest Equity Funds at 12/31/09 include: American Funds Growth Fund A, American Funds Investment Company of America,
Vanguard 500 Index Fund and Vanguard Total Stock, Fidelity Contra Fund. Total assets : $486 billion
Source: Morningstar. This information is supplemental information and complements a full disclosure presentation which is located in the Disclosures and the Statement of Independent Verifier.

Please read our disclosure statement. Past performance is not indicative of future results.