FCM Stable Value Performance Results*

* FCM Performance Disclosure Statement
FCM's separate account performance record commenced on 1/1/89 and is represented by a composite of managed accounts valued in US dollars and 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, any sub-advisors' fees, and any custody fees incurred by FCM; and individual monthly portfolio returns are normally calculated with all cash flows time weighted, using GIPS approved methodology. And the composite is dollar weighted by the assets of the portfolios included. GIPS calls for returns to be gross of FCM's management fees, since FCM's fee varies depending upon the size of the account. However, the SEC requires that newsletters (and websites) illustrate performance net of management fees. FCM's current fee schedule is 0.26% on the first $50 million, 0.14% on the next $50 million, 0.08% on the next $150 million and 0.04% on all assets in excess of $250 million. Therefore, our average size account of $170 million could expect to be charged a 0.15% annual management fee under FCM's standard fee schedule and the charts on page 5 are net of this fee. The bar chart above illustrates the percentile ranking of FCM's performance relative to RogersCasey's stable value peer group universe of 25 managed stable value portfolios. No investment is risk free and past results may not be indicative of future results. FCM claims compliance with the CFA Institute Asset Manager Code of Professional Conduct. This claim has not been verified by the CFA institute.

Updated 8/14/10