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Copyright © 1998 - 2009
Brae Head, Inc.

Brae Head Total Return Performance

Composed of all securities in all Brae Head managed portfolios which include diverse client objectives of aggressive growth, growth, growth and income, and fixed income. Total return is the sum of capital gains and income yield. Client portfolios may contain equities, trusts, mutual funds, short term money instruments, cash, and fixed income securities. The Brae Head managed composite does not correspond to the S&P 500 Index, which is a broad, large cap, equity composite.

Year 2009		Eleven Years Total
Brae Head unweighted average total return	18.01%	61.02%
Brae Head weighted average total return	16.94%	65.00%
S&P 500 Index	26.46%	5.70%
As of 12/31/2009 the Brae Head managed composite was 43% equity, 31% fixed income, 26% cash.
Year 2008		Ten Years Total
Brae Head unweighted average total return	-21.87%	36.45%
Brae Head average weighted total return	-20.63%	41.10%
S&P 500 Index	-38.49%	-16.42%
Year 2007		Nine Years Total
Brae Head unweighted average total return	4.92%	74.64%
Brae Head average weighted total return	7.71%	71.77%
S&P 500 Index	5.49%	35.88%
Year 2006		Eight Years Total
Brae Head unweighted average total return	10.20%	66.45%
Brae Head average weighted total return	9.91%	59.47%
S&P 500 Index	15.79%	28.81%
As of 12/31/2006 the Brae Head managed composite was 51% equity, 33.4% fixed income, 15.6% cash.
Year 2005		Seven Years Total
Brae Head unweighted average total return	2.86%	51.04%
Brae Head average weighted total return	1.78%	45.09%
S&P 500 Index	4.91%	11.25%
As of 12/31/2005 theBrae Head managed composite was 50% equity, 43% fixed income, 7% cash.
Year 2004		Six Years Total
Brae Head unweighted average total return	13.24%	46.85%
Brae Head average weighted total return	5.07%	42.56%
S&P 500 Index	10.88%	6.04%
Year 2003		Five Years Total
Brae Head unweighted average total return	17.40%	29.68%
Brae Head size weighted average total return	11.81%	35.68%
S&P 500 Index total return As of 12/31/2003 57% of the Brae Head managed composite was fixed income securities and cash.	28.68%	-4.37%
Year 2002		Four Years Total
Brae Head unweighted average  total return	-11.55%	10.46%
Brae Head size weighted average total return	-4.26%	21.35%
S&P 500 Index  total return	-22.10%	-25.68%
Year 2001
Brae Head unweighted average total return	-8.24%
Brae Head size weighted average total return	-7.72%
S&P 500 Index total return	-11.90%
NASDQ Composite Index	-39.33
Year 2000
Brae Head unweighted average total return	1.40%
Brae Head size weighted average total return	6.44%
S&P 500 Index	-9.10%
Year 1999
Brae Head unweighted average total return	34.22%
Brae Head size weighted average total return	29.04%
S&P Index 500	21.00%

Notes:

1. Brae Head, Inc. is a registered investment advisor.
2. Returns are net of advisory fees.
3. Complete descriptions of managed composites are available upon request.
4. Past performance is no guarantee of future performance.
5. Brae Head Total Return composite was not maintained prior to 1999.
6. "Unweighted" total return is the sum of all individual portfolio rates-of-return divided by the total number of portfolios in the composite. It is an "equal weighted" average total return. All performance is time weighted.
7. This information does not constitute a solicitation by us of the purchase or sale of any securities, commodities, or investment advisory services. Copies of the Brae Head, Inc. Form ADV Part II (the Brochure as defined by the Uniform Application for Investment Advisor Registration) are available upon request.