• Integre Advisors is a registered investment advisor. It provides investment management services.

• Integre Advisors has prepared this report in compliance with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPS®), the U.S. and Canadian version of the Global Investment Performance Standards (GIPS®). AIMR has not been involved with the preparation or review of this report.A complete list of firm composites and performance results is available upon request.The objective of the diversified equity composite is to preserve and grow capital.

2. Selection Criteria and Valuation Procedures:

• This performance schedule includes all fee-paying, discretionary portfolios with a market value equal to or greater than $250,000 in equity through 12/31/05. For portfolios after 12/31/05, the market value for each portfolio is based on total portfolio.

• All accounts in the composite are fee paying accounts.There is no use of leverage or derivatives in the accounts.

• Eligible new portfolios are added to the Performance Schedule at the end of the first complete calendar month under management and must be in the composite for a full calendar quarter before inclusion. Portfolios are excluded as of the last full calendar month under management or at such prior date as Integre Advisors receives notice of termination.

• Securities transactions are recorded on a trade date basis. Dividend income is recorded as of the ex-dividend date. Income is based on accrual accounting.

3. Calculation of Rates of Return:

• For each portfolio within the Composite, the total rate of return for the time period is equal to the change in the value of the portfolio, including realized and unrealized capital appreciation, reinvestment of dividend and income, depreciation, and income, as a percentage of the beginning market value of the portfolio adjusted for the net of all contributions and withdrawals (the “cash flows”). All cash flows are weighted from the actual date of contribution or withdrawal in the month they occurred in order to minimize the effect of cash flows on the investment performance of the portfolio. All returns are stated in U.S. Dollar terms.

• The investment advisory fees are treated as capital withdrawals. Advisory fees and other account expenses, such as custodial fees, will reduce actual returns. Prior results may vary substantially from future results.

• Monthly Composite total rates of return are computed as the sum of each portfolio’s monthly total rate of return within the Composite, weighted by their respective beginning market values adjusted for the effect of cash flows. The annual Composite total rate of return is time-weighted and derived by geometrically linking monthly Composite total rates of return.

• Past performance is no guarantee of future results, and the performance of individual accounts may vary substantially. The figures presented may include accounts with substantially different investment goals.

4. Composite Dispersion:

• Dispersion is shown before the deduction of investment advisory fees and is measured by calculating the asset weighted standard deviation for those portfolios that were in the Composite for the entire time period. The calculation measures the fluctuation of the rates of return of the individual accounts within the Composite in relation to the average return. As there was only 1 account for the complete year of 2004, there was no dispersion for 2004.

5. Benchmark:

• Returns are benchmarked as described below. The benchmark is used for comparative purposes only and generally reflects the risk or investment style of the investments reported on the schedule of investment performance.

• A benchmark, the S&P 500 Total Return, is provided in this report so that the representative account/Composite performance can be compared with the performance of a well-known and widely recognized index. The S&P 500 is a market-capitalization weighted index that includes the 500 most widely held companies chosen with respect to market size, liquidity, and industry. The volatility of the index is materially different from that of the representative account/composite. You cannot invest directly in an index. Index results assume the re-investment of all dividends and capital gains. In addition, the representative account/composite’s holdings will differ significantly from the securities that comprise the index. The benchmark information provided is obtained from sources deemed reliable, but is not guaranteed as to accuracy or completeness.

6. Fee Schedule Pre-Integre

Integre has client relationships participating in the composite that were established prior to Integre’s formation. These portfolios are subject to the fee schedule documented below.

• Management Fee:
On the first day of each fiscal quarter the Client shall pay the Company, for services to be rendered in administering and managing the Account during such quarter, an amount equal to one-fourth (1/4) of one and one-half (1.5) percent of the net asset value, measured on such date, of Invested Assets and an amount equal to one-fourth (1/4) of three-eighths (3/8) of one percent of the net asset value, measured on such date, of Fixed Income Invested Assets. In the event that this Agreement shall commence on any day other than the first day of a fiscal quarter, the management fee payable to the Company on the date on which the Agreement commences shall be an amount equal to: (a) (i) one-fourth (1/4) of one and one-half (1.5) percent of the net asset value, measured on such date, of Invested Assets multiplied by (ii) a fraction equal to the number of days the Agreement will be in effect during such quarter divided by the number of days in such quarter, plus (b) (i) one-fourth (1/4) of three-eighths (3/8) of one percent of the net asset value, measured on such date, of Fixed Income Invested Assets multiplied by (ii) a fraction equal to the number of days the Agreement will be in effect during such quarter divided by the number of days in such quarter. In the event that the Agreement shall terminate on any day other than the last day of a fiscal quarter, the Company shall refund a portion of the management fee equal to the management fee paid for such quarter multiplied by a fraction equal to the number of days remaining in such quarter after the date of the termination of the Agreement. A prorated management fee will be charged on contributions made during a quarter and a pro rata refund will be made with respect to any withdrawals made during a quarter. “Invested Assets” shall mean assets in the Account that are invested in equities or allocated to equities. “Fixed Income Invested Assets” shall mean assets in the Account that are invested in fixed income securities or allocated to fixed income securities.

• Performance Fee:
The Invested Assets shall be charged a Performance Fee on each Measurement Date. Once charged, a Performance Fee will not be refunded if the Account later has negative performance. In calculating the Performance Fee, the net asset value of the Invested Assets shall be calculated net of Management Fees charged on Invested Assets for the applicable period. “Measurement Date” shall mean (a) December 31 of each year; (b) the date on which the Account is closed; and (c) any date on which capital is withdrawn. “Performance Fee” shall mean, as of any Measurement Date, the greater of (a) zero or (b) fifteen percent (15%) of a) the net asset value of the Invested Assets as of the close of business on such Measurement Date minus (b) the net asset value of the Invested Assets at the start of the Relevant Measurement Period (adjusted for contributions or withdrawals made during the Relevant Measurement Period).

“Relevant Measurement Period” shall mean, with respect to each Measurement Date, the period ending with the Measurement Date and beginning immediately following the time at which the most recent Performance Fee was theretofore earned, or if no Performance Fee has been earned, the date the initial amount was contributed to the Invested Assets.

7. Fee Schedule for Integre Advisors (Pertains to accounts opened prior to 12/31/08)

• Management Fee:
On the first day of each fiscal quarter the Client shall pay the Company, for services to be rendered in administering and managing the Account during such quarter, an amount equal to one-fourth (1/4) of one percent of the net asset value, measured on such date, of Invested Assets and an amount equal to one-fourth (1/4) of three-eighths (3/8) of one percent of the net asset value, measured on such date, of Fixed Income Invested Assets. In the event that this Agreement shall commence on any day other than the first day of a fiscal quarter, the management fee payable to the Company on the date on which the Agreement commences shall be an amount equal to: (a) (i) one-fourth (1/4) of one percent of the net asset value, measured on such date, of Invested Assets multiplied by (ii) a fraction equal to the number of days the Agreement will be in effect during such quarter divided by the number of days in such quarter, plus (b) (i) one-fourth (1/4) of three-eighths (3/8) of one percent of the net asset value, measured on such date, of Fixed Income Invested Assets multiplied by (ii) a fraction equal to the number of days the Agreement will be in effect during such quarter divided by the number of days in such quarter. In the event that the Agreement shall terminate on any day other than the last day of a fiscal quarter, the Company shall refund a portion of the management fee equal to the management fee paid for such quarter multiplied by a fraction equal to the number of days remaining in such quarter after the date of the termination of the Agreement. A prorated management fee will be charged on contributions made during a quarter and a pro rata refund will be made with respect to any withdrawals made during a quarter.

“Invested Assets” shall mean assets in the Account that are invested in equities or allocated to equities. “Fixed Income Invested Assets” shall mean assets in the Account that are invested in fixed income securities or allocated to fixed income securities.

• Performance Fee:
The Invested Assets shall be charged a Performance Fee on each Measurement Date. Once charged, a Performance Fee will not be refunded if the Account later has negative performance. Client acknowledges that a Performance Fee will be charged when the Equity Invested Assets have a positive return so long as their performance exceeds that of the Standard & Poor’s 500 Total Return Index. In calculating the Performance Fee, the net asset value of the Invested Assets shall be calculated net of Management Fees charged on Invested Assets for the applicable period.

“Measurement Date” shall mean (a) March 31, June 30, September 30 and December 31 of each year; (b) the date on which the Account is closed; and (c) any date on which capital is withdrawn. “Performance Fee” shall mean, as of any Measurement Date, the greater of (a) zero or (b) twenty percent (20%) of (i)(a) the net asset value of the Invested Assets as of the close of business on such Measurement Date minus (b) the net asset value of the Invested Assets at the start of the Relevant Measurement Period (adjusted for contributions or withdrawals made during the Relevant Measurement Period) minus (ii) the Implied Index Return.

“Implied Index Return” shall mean, as of any Measurement Date, (a) the net asset value of the Invested Assets at the start of the Relevant Measurement Period multiplied by the Index Return plus (b) the sum of the products of (i) each additional contribution made to the Invested Assets during the Relevant Measurement Period multiplied by (ii) the Index Return from the date of such additional contribution through and including such Measurement Date, minus (c) the sum of the products of (i) each withdrawal from the Invested Assets during the Relevant Measurement Period multiplied by (ii) the Index Return from the date of such withdrawal through and including such Measurement Date. “Index Return” shall mean the time-weighted rate of return of the Standard & Poor’s 500 Total Return Index (or, if such index is abolished, a successor index chosen by the Company in its sole discretion) stated as a percentage.

“Relevant Measurement Period” shall mean, with respect to each Measurement Date, the period ending with the Measurement Date and beginning immediately following the time at which the most recent Performance Fee was theretofore earned, or if no Performance Fee has been earned, the date
the initial amount was contributed to the Invested Assets.

7. Fee Schedule for Integre Advisors (Effective 01/01/2009)

• Management Fee:
On the first day of each fiscal quarter the Client shall pay the Company, for services to be rendered in administering and managing the Account during such quarter, an amount equal to one-fourth (1/4) of 1.5% percent of the first 2.5 million,1.4% of the next 2.5 million, 1.3% of next 2.5 million, and 1.2% of next 2,499,999 of net asset value, account values greater than 10 million will be 1.25% of the first 10 million and .90% there after measured on such date, of Invested Assets and an amount equal to one-fourth (1/4) of three-eighths (3/8) of one percent of the net asset value, measured on such date, of Fixed Income Invested Assets. In the event that this Agreement shall commence on any day other than the first day of a fiscal quarter, the management fee payable to the Company on the date on which the Agreement commences shall be an amount equal to: (a) (i) one-fourth (1/4) of one percent of the net asset value, measured on such date, of Invested Assets multiplied by (ii) a fraction equal to the number of days the Agreement will be in effect during such quarter divided by the number of days in such quarter, plus (b) (i) one-fourth (1/4) of three-eighths (3/8) of one percent of the net asset value, measured on such date, of Fixed Income Invested Assets multiplied by (ii) a fraction equal to the number of days the Agreement will be in effect during such quarter divided by the number of days in such quarter. In the event that the Agreement shall terminate on any day other than the last day of a fiscal quarter, the Company shall refund a portion of the management fee equal to the management fee paid for such quarter multiplied by a fraction equal to the number of days remaining in such quarter after the date of the termination of the Agreement. A prorated management fee will be charged on contributions made during a quarter and a pro rata refund will be made with respect to any withdrawals made during a quarter.

“Invested Assets” shall mean assets in the Account that are invested in equities or allocated to equities. “Fixed Income Invested Assets” shall mean assets in the Account that are invested in fixed income securities or allocated to fixed income securities.

“Measurement Date” shall mean (a) March 31, June 30, September 30 and December 31 of each year; (b) the date on which the Account is closed; and (c) any date on which capital is withdrawn.

“Implied Index Return” shall mean the time-weighted rate of return of the Standard & Poor?s 500 Total Return Index (or, if such index is abolished, a successor index chosen by the Company in its sole discretion) stated as a percentage.

“Relevant Measurement Period” shall mean, with respect to each Measurement Date, the period ending with the Measurement Date and beginning immediately following the time at which the most recent Performance Fee was theretofore earned, or if no Performance Fee has been earned, the date the initial amount was contributed to the Invested Assets.

Past performance is no guarantee of future results, and the performance of individual accounts may vary substantially. The figures presented may include accounts with substantially different investment goals.