Past performance is not indicative of future performance.  Principal value and investment return will fluctuate.  There are no implied guarantees or assurances that the target returns will be achieved or objectives will be met.  Future returns may differ significantly from past returns due to many different factors.  Investments involve risk and the possibility of loss of principal.  The values and performance numbers represented in this report do reflect management fees.  The values used in this report were obtained from sources believed to be reliable.  Performance numbers were calculated by Bull & Bear using the data provided. Please consult your custodial statements for an official record of value.

This performance report provides information regarding the previous listed accounts that are being managed by Bull & Bear in accordance with your investment objectives previously discussed.  Any changes to your current overall investment objectives or financial condition should be communicated to Bull & Bear.

Some accounts may be compared to an index for benchmarking purposes.  The index chosen reflects all applicable dividends reinvested.  The index results do not reflect fees and expenses and you typically cannot invest in an index.