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FCM Performance Disclosure Statement

FCM's separate account performance record is represented by a composite of managed accounts constructed to be in compliance with GIPS (formerly AIMR). The value of the book value put implicit in a benefit responsive GIC and bond wrap contract is imputed at all times to be equal to but the reverse of the capital gain or loss on the underlying principal value of the contract. The effect is that the sum of the principal gain or loss and the imputed value of the put at all times equals zero, reflecting the actual book value experience of the plan participant. Returns are net of transaction costs such as bond wrap fees and any sub-advisors' fees, and individual monthly portfolio returns are normally calculated with all cash flows time weighted, using GIPS approved methodology, and the composite itself is dollar weighted by the assets of the portfolios included. As called for by GIPS, returns are gross of FCM's management fees, since FCM's fee varies depending upon the size of the account. For example, a $50 million account could expect to be charged a 0.26% annual management fee, whereas a $250 million account would be charged only about 0.13% under FCM's standard fee schedule. The trustee, custody, and investment management fees for the FCM pooled fund are 0.35% annually. No investment is risk free and past results may not be indicative of future results.