DISCLOSURES

1.Sycamore Financial Group, Inc. is an independent broker/dealer and registered investment advisor established in 1983. Sycamore Financial Group manages a variety of equity, fixed income, and balanced portfolios for individual investors primarily in the U.S.

2. “Firm” as used to determine total assets refers to Sycamore Financial Registered Investment Advisor (SFRIA) and does not include Sycamore Financial Brokerage.” Total Firm Assets” includes all actual fee-paying accounts in which SFRIA has full discretionary authority. No leverage or derivatives are used in the composite’s portfolios.

3. This composite was created in September 2004 and consists of results in portfolios invested in individual common stocks and equity mutual funds. The portfolios are generally100% invested at all times, but all incidental cash positions are included. The mutual funds in the portfolios may from time to time hold some cash and/or fixed income positions. There have been no changes in the personnel responsible for the investment management of this composite’s portfolios over the time period covered by this report. A complete list of firm composites and performance results is available upon request.

4. The benchmark is the S&P 500 Index Total Return. Annualized compound composite return = 7.51%, annualized compound benchmark return = 5.91%. (12/31/97 through 12/31/2007)

5. The dispersion of annual returns is measured by the standard deviation across asset-weighted portfolio returns represented within the composite for the full year.

6. The valuations and returns are computed and stated in U.S. Dollars.

7. Performance results are presented before tax and before management and custodial fees but after all trading expenses. The management fee schedule is as follows: