Performance should be considered in the context of portfolio risk.  A hallmark of our approach has been our below-market risk, whether measured as incidence of experiencing a 12-month loss, number of double-digit 12-month losses, standard deviation, or odds of meeting return targets in 5-year periods. These risk measures are particularly relevant to investors seeking peace of mind, or whose investments are needed to support spending or budget requirements.

* All figures are since inception (January 1, 1986) through December 31, 2011. EIC's results are those of its All-Cap Value Composite, after commissions and before and after EIC management fees. Returns for 1989-1995 include wrap and non-wrap accounts; gross returns were not reduced by commissions for this period for the wrap accounts.  Please see the full disclosure presentation for further details.  Rolling numbers were calculated by linking monthly returns for 12- and 60-month periods.  Incidence of loss was calculated by linking monthly returns for every 12-month period. Number of occurrences of 12-month losses divided by number of periods equals the incidence of loss. Double-digit losses were the number of 12-month periods in which the return was less than -10%.  Standard deviation was calculated by linking monthly returns for every 12-month period.  % Rolling 5-Year Periods Below 8% were the percentage of 60-month periods in which the annualized return was less than 8%.