Disclaimer

Performance numbers from May 1999 to December 2000 were generated by Hull Capital Management using account statements. Performance numbers from January 2001 to December 2007 were reported using information gathered by Orion Advisor Services, a back office servicing company. Performance numbers from January 2008 through December 2009 were reported to Hull Capital Management by Trust Company of America, a FDIC insured trust company and the custodian of client account assets.

Results from May 31, 1999 through December 31, 2009 are an average of all accounts that were open for the entire calendar year that held no outside investments in their account. The returns are shown net of investment advisory fees, using an average of all accounts regardless of fee schedule. Hull Capital Management offers clients the option of paying a fee based upon assets under management, or qualified clients may pay an advisory fee based upon the percentage of profits. An average of all accounts presents a fair view of returns and does not favor one fee schedule. There may be significant differences in how performance was calculated in the represented time frames. These differences in calculations should not have resulted in a difference in results. Nonetheless the information is presented here for your information.

Hull Capital Management (HCM) is registered as an investment advisor in Texas. All information contained herein is for informational purposes only. This is not a solicitation to offer investment advice in any state where it would be unlawful. For more information about the services offered by Hull Capital Management, please contact us to request a copy of our Form ADV Part II.

Factors impacting client returns include individual risk tolerance, investment objectives, choices of custodians as well as other factors. There is no assurance that any investment methodology will have profitable returns or that any account will have results similar to what has happened historically. Past performance is not indicative of future results. You may lose money.

Hull Capital Management may purchase securities which contain embedded expenses. Although these costs are typically minimal, it may result in a layering of fees.