Short Name

1/1/08

Adds/Subs

Break Even

12/31/08

Change

NOTE: All Working Capital Model (WCM) results are net of all brokerage fees, commissions, and charges (i.e. all commissions

and fees have been deducted). Nearly all figures are also net of Investment Management fees, which are

deducted from accounts quarterly, in arrears, for all but a handful of accounts. The maximum fee for any of these accountss

would be 1.1% per year. It is (in my opinion) unlikely that their results, if adjusted, would have a significant impact

on the WCM numbers. The footnotes below include important disclosures that you should be aware of. I am

certain that there are methodologies and indices (not reported here) that did better (and worse) than the reported

numbers.

http://sancoservices.com/investmentperformance.htm

The "WCM" figures summarize spreadsheet analysis of nearly 300 portfolios for calendar year 2008. If you

would like to see the entire spreadsheet (without the names and account numbers, of course, I can provide them to

you, as well as the Income CEF spreadsheets. Many accounts are not managed precisely in line with WCM strategies due

to account owner request and specification. It is my opinion that, in most instances, variations from the basic model are not helpful.

The information contained herein has been obtained from sources believed to be reliable but the accuracy of the information cannot be guaranteed.

WCM Accounts

$ 53,764,902.76

5,257,429.57

59,022,332

44,582,559

-24.46%

WCM ICEFs

n/a

1,275.66

0.00

1,275.66

898.12

-29.60%

Brkshire "B"

BRKB

4,736.00

0.00

4,736.00

3,214.00

-32.14%

DJIA

.DJI

13,264.82

0.00

13,264.82

8,777.67

-33.83%

Fid Contra

FCNTX

73.11

0.00

73.11

45.26

-38.09%

S & P 500

SPX

1,468.36

0.00

1,468.36

903.33

-38.48%

Sel Amr Shs

SLASX

47.78

0.00

47.78

28.54

-40.27%

Longleaf Ptnrs

LLPFX

33.16

0.00

33.16

15.69

-52.68%

Legg Mason Value

LMVTX

62.02

0.00

62.02

26.04

-58.01%

Average =

-41.93%

General Footnotes and Disclosures:

Steve Selengut, owner of Sanco Services, Inc. prepared this summary from unaudired figures compiled by others. Sanco is the user referred to herein.

Market Value numbers are rarely used for calendar year performance evaluation using the WCM.

(1) Information provided by LMK Wealth Management from Quarterly Performance Reports prepared by

Mid Atlantic Capital. Adds/Subs column figures are also from the MACC Reports. Note that Mid Atlantic

Capital was the sole Broker Dealer used in the compilation of the WCM numbers and that LMK Wealth Management was the sole

independent broker used for account transactions. The reasons for this

relationship with LMK are outlined in the WCM user's ADV II, Schedule F. This disclosure document

is available to you upon request.

(2) Figures presented are for all WCM accounts active as of December 31, 2008.

The results are not "Time Weighted"

or adjusted in any manner to estimate the timing impact of additions to or withdrawals from any portfolio.

(3) WCM accounts normally contain both equity and income securities. Most income securities are

in the form of managed Closed End Funds. Spreadsheets are available that show the Market Value

performance of all the CEFs during the reporting period. The "WCM ICEF" number reflects the

combined performance of taxable and tax free income CEFs.

(4) The separate "Spreadsheet Disclaimer" applies to the information in this spreadsheet.

(5) I understand that a separate Disclosure & Glossary of terms is available for the MACC Performance Reports but the reports

themselves are confidential, and not provided.

(6) The information contained in this spreadsheet is for information only and there is no intended implication that

other funds or methods didn't have better performance during the time period.

(7) Figures for the DJIA and S & P were taken from public sources; figures for the three mutual funds reported

are taken from Streetscape historical data.

(8) The funds selected were picked because they are the last three year's winners of the Morningstar "Fund

Manager of the Year

ear" designation. The LMVTX fund is included because fund manager Bill Miller received the manager of the

of the year award in 2006 for his outstanding value fund performance.

(9) This document is provided for information only and none of the fugures have been audited, examined, or studied by anyone. It is not to be

redistributed, copied, or desseminated in any way or in any medium under any circumstances.

(10) The figures presented here are provided as an illustration of relative performance for this period of time only.

Nothing should be presumed with respect to any past or future time period, overlapping with this one or not.

Clover Capital Rule Disclosures:

(1) Economic and market conditions were among the worst in modern history during 2008. These conditions

may have seriously impacted the performance of all market measures and participants presented here.

(2) All WCM results are net of all brokerage fees, commissions, and charges (i.e. all commissions

and fees have been deducted). Nearly all figures are also net of Investment Management fees, which are

deducted from accounts quarterly, in arrears, for all but a handful of clients. Figures with respect to six

clients who pay fees directly are not separated in this Summary. The maximum fee per year for any of these clients

would be 1.1% per year.

(3) All dividends, interest, capital gains, and capital losses are included in the WCM figures.The

methodology requires that only income paying securities are included in portfolios, and the method-

ology also emphasizes targeted profit taking. In 2008, market conditions would have caused

lower than normal profits, taken whenever they were available. Major losses taken on bankrupted entities (Lehman,

Wash Mutual, Indymac) and to fund disbursements are also included. The income requirement

and profit-taking discipline absolutely enhanced the WCM performance numbers---in my opinion.

(4) As with all investment styles, the WCM methodology can produce both profits and losses, dependent

on market conditions and other factors that may or may not exist during any reporting period.

(5) The WCM results are "live" presentations of all accounts under one manager using the WCM methodology at both dates included

in the spreadsheet. The portfolios are mostly "mixed" or "balanced" portfolios with varying percentages

of income Closed End Funds. Numbers for all closed end funds owned by WCM accounts included here are available, and

those for the Income CEFs are summarized in the Summary Table above, highlighted in BOLD GREEN.

Mathematically, I believe that excluding these figures would have improved the Sanco figures, making

them less negative. The indices included in the Summary Table, to my knowledge, include no CEFs at all.

(6) The Working Capital Model investment management methodology was created

and developed by the principal of Sanco Services, Steve Selengut, and has evolved to its present state over the past

thirty + years. I do not believe that a similar approach was used by any of the enties or indices whose numbers

are included in the Summary Table. This investment methodology has remained the same in principle

and in practice for many years.

(7) The purpose of the information in the Summary is to encourage investor's to learn all they can about WCM investing by

purchasing "The Brainwashing of the American Investor.

Revision Date:12/13/09