COMPOSITE LIST AND DEFINITIONS

The Market Opportunity composite includes all fee-paying, fully discretionary accounts participating in market timing and select tactical investments. The approach uses margin, imbedded in ETF’s, to establish short and leveraged long positions. Leveraged long positions and short positions involve considerable risk and are not suitable for many investors.

The Contrarian Value Equity composite includes all fee-paying, fully discretionary accounts maintaining greater than 85% of the portfolio in equity assets.

The Wealth of Nations^tm composite includes all fee-paying, fully discretionary accounts blending 70% RVM’s Contrarian Value Equity and 30% Market Opportunity strategies.

The Contrarian Value Balanced composite includes all fee-paying, fully discretionary portfolios blending equity and fixed income assets, where the equity portion will be between 15% and 85% of the portfolio. The equity portion will resemble RVM’s Contrarian Value Equity and the fixed income portion may be taxable fixed income securities, tax-free fixed income securities, or both.

The M4 composite contains all fully discretionary fee paying accounts with an objective of having a more tax efficient portfolio, which includes many of RVM’s large cap value-oriented equity selections, but adds modest exposures to growth-at-a-reasonable-price (GARP) and small-to-mid capitalization stocks. In addition, the portfolios usually carry modest exposure to fixed income holdings which may include treasury and corporate bonds, preferred stocks, real estate investment trusts and master limited partnerships and/or exchange traded funds holding these types of issues. This strategy is not open for new investments.