$1,000,000 invested on January 1, 2001, earning rates of return equal to the average of pure equity accounts at Byrne Asset Management, would by June 30, 2010 have grown to $1,455,610. The indicated compounded annual rate of return for this period was +4.03%.

$1,000,000 invested in the Vanguard S&P 500 Index Fund, perhaps the most efficient manner one can purchase the S&P 500, for the same period would have fallen to $924,597. The indicated compounded annual rate of return for this period was -0.82%.

Past performance is not necessarily indicative of future performance. Results for individual clients may vary. Results are not audited. Byrne Asset numbers reflect the addition of certain dividends and deduction of all fees. S&P numbers are based on the total return of Vanguard’s S&P 500 Index Fund.