Palo Capital

Year	Palo Capital Return	S&P 500 Total Return	Performance vs. S&P 500
2012 (one month)	+6.7%	+4.6%	+2.1%
2011	-20.0%	+2.1%	-22.1%
2010	+24.9%	+15.1%	+9.8%
2009	+68.5%	+26.5%	+42.0%
2008	-45.2%	-37.0%	-8.2%
2007	+16.7%	+5.5%	+11.2%
2006	+27.3%	+15.8%	+11.5%
2005	+12.3%	+4.9%	+7.4%
2004	+18.7%	+10.9%	+7.8%
2003	+38.9%	+28.7%	+10.2%
2002	-15.4%	-22.1%	+6.7%
2001	+4.5%	-11.9%	+16.4%
2000	+19.7%	-9.1%	+28.8%
Annualized Returns (Net of Fees) for Periods Ending December 31, 2011