Example of Results

The performance results shown are those of a proprietary account at Linden Thomas invested using real dollars based upon the application of Linden Thomas's Proprietary Linden Thomas Large/Mid Growth 50 Index. These performance results are presented net of a .85% advisory fee. The performance results do not reflect the deduction of other fees or expenses, including but not limited to brokerage fees, custodial fees, fees and expenses charged by mutual funds and other investment companies, and any other fee or expenses a client may incur in the management of such client's investment advisory account. A client's return with respect to an investment would be reduced by any fees or expenses a client may incur in the management of its investment advisory account. The performance results are unaudited and are not an estimate of any specific investors actual performance, which may be materially different from such performance depending on numerous factors. No representations or warranties whatsoever are made by Linden Thomas or any other person or entity as to the future profitability of an investment account or the results of making an investment. Past performance is not a guarantee of future results.