Industry Recognition Some of W. Wall and Company, Inc. proprietary investment programs are tracked by performance monitoring services, resulting in the following recognition for superior risk-adjusted returns. Risk-adjusted returns are based on the concept that it is easy to reduce risk in a portfolio, but much more difficult to do so without unduly impacting returns. Firms that achieve top risk-adjusted returns are those that provide investors with quality returns while minimizing volatility in the portfolio's value. W. Wall and Company, Inc. Achievements Money Manager Review Ranked in the top 10% of all their Global Equity Managers for the 10 year annual returns ending 12/31/10.Money Manager Review Ranked #4 among all Multi-Cap Global Equity Managers for the 7 year annual returns ending 12/31/08.Money Manager Review Ranked #1 among Multi-Cap Equity Growth Managers by 7-Year Annual Returns ending 9/30/07.Money Manager Review Ranked #2 among All Global Equity Managers by7-Year Annual Returns ending 9/30/07.Money Manager Review Ranked #1 among Multi-Cap Global Equity Managers for the 5-Year and 1-Year Annual Return/Risk.Money Manager Review Ranked #1 Global Equity Manager by 5-Year Annual Return/RiskMoni-Research Newsletter Ranked #1 Performing Money Management Firm for 2001.Honored as one of Nelson's Best Money Managers for 2001.Money Manager Review has published performance data on private money managers since 1987. Individuals, consultants, brokers, investment advisors, plan sponsors, institutions, foundations and charities use the Review to locate, research, compare, and contact 800+ managers offering more than 1,300 investment products.MoniResearch Inc. focuses on measuring performance in two dimensions - risk and return. Traditional measures of risk, such as standard deviation, penalize volatility, regardless of whether that volatility is on the upside or the downside. In the real world, no client objects to rapid increases in the value of his portfolio. A more valid measure of risk is the Ulcer Index, which penalizes downside volatility only. A complete explanation of the Ulcer Index is available at no cost by writing to MoniResearch Corp., P.O. Box 1907, Woodland, WA 98674.