WHY TISCH

Bond Portfolios

Laddered Bond Portfolio is intended to provide stable income with little or no risk of principal. A laddered bond portfolio matches bond maturities and risk characteristics with client liquidity needs. For example, in the context of a retirement portfolio, ten bonds are selected with one bond maturing in each of the next ten years. All ten bonds are earning income, which is used to purchase a bond maturing in the eleventh year, so as to perpetually assure ten years of future income without concern of equity market volatility. A stock portfolio, such as the Core Equity portfolio described below, is used to provide growth in addition to the bond portfolio's income. The Laddered Bond Portfolio is intended to avoid interest rate and reinvestment risk. Each portfolio is designed and matched to client objectives.

LIMITATIONS OF PERFORMANCE INFORMATION
Assuming The Highest Level of Management Fees and Trading Expenses (As of 12/31/05)

Although every client owns a unique portfolio that is specifically designed for his or her needs, we use model portfolios as a template for managing client portfolios. All of the returns shown above have been earned by our template portfolios, with the exception of the Hedged Portfolio whose returns are based on back-testing after deduction of all fees and expenses. The three mutual fund models are invested in mutual funds that meet our selection criteria, and are weighted in accordance with our proprietary investment methodology. Returns are calculated based on compounded, time-weighted daily returns. Model returns reflect the reinvestment of dividends. The S&P 500 index returns are published composite returns and do not reflect the reinvestment of dividends. Actual client portfolios of a similar style objective experienced returns which varied from that shown, and therefore, this information should be considered hypothetical. Benchmarks are approved by each client and are included in their personal Investment Policy Statement. All model performance figures have been adjusted to reflect maximum applicable Tisch management fees, trading expenses, and all mutual fund fees and costs. The performance shown above was earned during a period of unusual volatility. Investment performance is not guaranteed. Past performance may not be a good predictor of future performance. The value of an investment will fluctuate over time and could be worth more or less than its present value. The accuracy of the return calculation through 12/31/05 has been reviewed and confirmed by Yeo & Yeo, CPAs. Copyright © 2006. This document is subject to the copyright laws of the United States in its entirety and may not be copied or given to any person or entity without the express written permission of Tisch Investment Advisory Incorporated and will be returned upon request.