Bond Portfolio

ABE Capital Management was established in June of 2010. Any performance figures before June of 2010 reflect Mr. Nelson’s private management of Account XYZ. The Strategy for Account XYZ has remained the same under Mr. Nelson’s private management and under ABE Capital Management. The investment returns for the ABE Bond Strategy (“Bond Portfolio”) provided above are adjusted to assume a 1.00% annual net management fee taken quarterly (.25% per quarter). These management fees were applied to the first month of every quarter after calculating the gross investment performance for that month. The methodology for calculating gross investment performance for the ABE Bond Strategy is based on management calculations using historic brokerage statements from Account XYZ and applying a total return methodology. The ABE Bond Strategy would include any fixed income securities including, but not limited to, direct investments in municipal and corporate bonds. It would exclude any exchange-traded securities, preferred shares, mutual funds, and annuities. It would also exclude cash which includes U.S. denominated currency and money market funds. The ABE Bond Strategy returns were reconciled with the returns verified in Marcum’s Accountant’s Review Report (“Schedule of Gross Investment Performance of Account XYZ”) and Management’s estimates after August 31, 2010. There were no material differences. The investment returns for the ABE Bond Strategy include transaction costs but do not include taxes or accrued interest. Past performance is no guarantee of future results. Benchmark information can be found on the final slide of ABE’s brochure available here.