Peak to Peak Analysis: June 30, 2007 through September 18, 2009

NOTE: All Working Capital Model (WCM) results are net of all brokerage fees, commissions, and charges (i.e. all commissions and fees have been deducted). Nearly all figures are also net of Investment Management fees, which are deducted from accounts quarterly, in arrears, for all but a handful of accounts. The maximum fee for any of these accounts would be 1.1% per year. It is (in my opinion) unlikely that their results, if adjusted, would have a significant impact on the WCM numbers. The footnotes below include important disclosures that you should be aware of. I am certain that there are methodologies and indices (not reported here) that did better (and worse) than the reported numbers.

The "WCM" figures summarize spreadsheet analysis of nearly 239 portfolios for the period from June 30 2007 (the last WCM Peak market value) thru September 18, 2009 (a high point achieved after a prolonged correction in the markets). If you would like to see the entire spreadsheet (without the names and account numbers, of course), I can provide them to you. Many accounts are not managed precisely in line with WCM strategies due to account owner request and specification. It is my opinion that, in most instances, variations from the basic model are not helpful.

The information contained herein has been obtained from sources believed to be reliable but the accuracy of the information cannot be guaranteed. Nearly all of the information was gathered, entered, and processed by Sanco Services employees. We are confident that the numbers are reasonably correct and accurate, but we have no intention of having them audited or checked in any manner.

General Footnotes and Disclosures:

(1) Information provided by LMK Wealth Management from Quarterly Performance Reports prepared by Mid Atlantic Capital. Adds/Subs column figures are also from the MACC Reports. Note that Mid Atlantic Capital was the sole Broker Dealer used in the compilation of the WCM numbers and that LMK Wealth Management was the sole independent broker used for account transactions. The reasons for this relationship with LMK are outlined in the WCM user's ADV II, Schedule F. This disclosure document is available to you upon request.

(2) Figures presented are for all WCM accounts active on 09/18/09.

(3) WCM accounts normally contain both equity and income securities. Most income securities are in the form of Managed Closed End funds.

(4) The separate "Spreadsheet Disclaimer" applies to the information in this spreadsheet.

(5) A separate Disclosure & Glossary of terms is available for the MACC Performance Reports but the reports themselves are confidential, and not provided.

(6) The information contained in this spreadsheet is for information only and there is no intended implication that other funds or methods didn't have better performance during the time period.

(7) Figures for the DJIA and S & P were taken from public sources; figures for the three mutual funds reported are taken from Streetscape historical data.

(8) The funds selected were picked because they are the last three year's winners of the Morningstar "Fund Manager of the Year" designation. ear" designation. The LMVTX fund is included because fund manager Bill Miller received the manager of the of the year award in 2006 for his outstanding value fund performance.

(9) This document is provided for information only and none of the figures have been audited, examined, or studied by anyone. It is not to be redistributed, copied, or disseminated in any way or in any medium under any circumstances.

(10) The figures presented here are provided as an illustration of relative performance for this period of time only. Nothing should be presumed with respect to any past or future time period, overlapping with this one or not.

Clover Capital Rule Disclosures:

(1) Economic and market conditions were among the worst in modern history during 2008. These conditions may have seriously impacted the performance of all market measures and participants presented here.

(2) All WCM results are net of all brokerage fees, commissions, and charges (i.e. all commissions and fees have been deducted). Nearly all figures are also net of Investment Management fees, which are deducted from accounts quarterly, in arrears, for all but a handful of clients. Figures with respect to six clients who pay fees directly are not separated in this Summary. The maximum fee per year for any of these clients would be 1.1% per year.

(3) All dividends, interest, capital gains, and capital losses are included in the WCM figures. The methodology requires that only income paying securities are included in portfolios, and the method- ology also emphasizes targeted profit taking. In 2008, market conditions would have caused lower than normal profits, taken whenever they were available. Major losses taken on bankrupted entities (Lehman, Wash Mutual, Indymac) and to fund disbursements are also included. The income requirement and profit-taking discipline absolutely enhanced the WCM performance numbers---in my opinion.

(4) As with all investment styles, the WCM methodology can produce both profits and losses, dependent on market conditions and other factors that may or may not exist during any reporting period.

(5) The WCM results are "live" presentations of all accounts under one manager using the WCM methodology at both dates included in the spreadsheet. The portfolios are mostly "mixed" or "balanced" portfolios with varying percentages of Income Closed end funds. Mathematically, I believe that excluding these figures would have improved the Sanco figures, making them less negative. The indices included in the Summary Table, to my knowledge, include no CEFs at all.

(6) The Working Capital Model investment management methodology was created and developed by the principal of Sanco Services, Steve Selengut, and has evolved to its present state over the past thirty + years. I do not believe that a similar approach was used by any of the entities or indices whose numbers are included in the Summary Table. This investment methodology has remained the same in principle and in practice for many years.

(7) The purpose of the information in the Summary is to encourage investor's to learn all they can about WCM investing by purchasing "The Brainwashing of the American Investor.

Revision Date: 11/12/09