5.72% 18.47% 30.96% 59.05% 5.96% 15.29% 6.93% 13.39% 600,000.00 800,000.00 1,000,000.00 1,200,000.00 1,400,000.00 1,600,000.00 1,800,000.00 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 S&P 500 L&S Advisors Hypothetical Growth of $1,000,000 Since Inception * NET of fee returns as of 3/31/2011