The Relative Value Model Portfolio invests in the common stocks of U.S. based companies of all sizes but generally favors the stocks of medium and small capitalization companies.

Portfolio Construction
The portfolio will typically hold about 10 to 20 positions. The fund will invest for both diversification and relative value purposes. We will generally hold a maximum of 5% per issue. The fund will have an average forward price-to-earnings ratio that is lower than the market and have an average return on equity and/or invested capital that will be higher than the market.

Disclosure
The returns of the Relative Value model portfolio are determined using a technique known as “time-weighted return on investment”. They do not represent actual trades of client portfolios although client portfolios are based on the model portfolios. The model portfolios are for informational purposes only. Although Brick Financial believes the information and data in this report were obtained from sources considered reliable and correct, we cannot guarantee their accuracy or completeness. Neither this commentary, nor any opinions expressed herein, should be construed as an offer to sell or a solicitation of an offer to acquire any securities or other investments mentioned herein. Persons associated with this firm may own or have an interest in securities or investments mentioned in this presentation. Their positions may change from time to time and they may buy or sell such securities or investments. Past returns are no guarantee of future performance. The Relative Value model portfolio data is maintained at Foliofn.com. The Relative Value model assumes a December 6, 2002 starting date. Past returns are no guarantee of future performance.

 
The Multi-Cap Equity Mutual Fund data is from Lipper Research and is published in The Wall Street Journal. Mutual fund returns are from 12/1/2002.