Period

Ray’s Portfolio

S&P 500

Difference

Calendar 1999

75.6%

20.4%

55.2%

Calendar 2000

1.0%

-9.8%

10.6%

Calendar 2000

10.2%

-12.1%

22.3%

Calendar 2002

0.0%

-21.6%

21.6%

Calendar 2003

39.1%

28.2%

10.9%

Calendar 2004

20.7%

10.7%

10.0%

Calendar 2005

21.7%

4.8%

16.9%

Calendar 2006

20.2%

15.2%

5.0%

Calendar 2007

3.8%

5.1%

-1.3%

Cumulative - 9 Years

398.2%

34.9%

363.3

Annualized - 9 Years

19.5%

3.4%

16.1%