The market value of the Model Portfolio is net
of advisory fees, brokerage commissions and other related expenses.
Model Portfolio results reflect reinvestment of dividends and other
earnings. The Model Portfolio column is the overall return of the
portfolio for the period shown.
The S & P 500 is an unmanaged S & P composite of 500 stocks
widely regarded as representative of the stock market in general.
Unless otherwise indicated, index results include reinvested dividends
and do not reflect sales charges.
Past performance is not indicative of future results. Other methods
may produce different results for individual portfolios and for
different periods and may vary depending on market conditions and
the composition of an individual portfolio. Care should be used
when comparing these results to those published by other investment
advisors, other investment vehicles and unmanaged indices due to
possible differences in calculation methods. A list of all recommendations
made by Lemley, Yarling Management Co. for the preceding one-year
period is available to advisory clients upon request.
PAST PERFORMANCE IS NO INDICATION OF FUTURE PERFORMANCE