HYPOTHETICAL PERFORMANCE
FEE BASED PERFORMANCE MODEL-$10,000 Investment
   (Hypothetical performance 1/2/87 - 4/26/02 
         Actual performance 4/27/02 to present)
THOMPKINS FINANCIAL ADVISORY                              SERVICE
Buy  Date




1/2/87

12/21/87

12/7/88

3/8/90

5/8/90

11/12/90

1/17/91

12/13/91

4/30/92

7/14/92

9/2/92

10/19/92

7/18/94

12/27/94

12/22/95

8/2/96

4/30/97

10/21/98

5/12/00

1/16/01

4/18/01

11/5/01

2/27/02

8/19/02

10/18/02

1/2/03

2/21/03

4/2/03

4/22/04

5/25/04

8/27/04

9/30/04

02/04/05

04/25/05

05/17/05

10/31/05

06/12/06


Sell
Date




10/15/87

11/7/88

1/16/90

4/18/90

7/30/90

1/3/91

12/11/91

4/28/92

6/15/92

8/18/92

10/1/92

3/29/94

11/21/94

12/14/95

7/15/96

3/31/97

8/4/98

4/14/00

10/6/00

2/14/01

6/13/01

01/14/02

4/26/02

8/28/02

12/31/02

1/21/03

3/31/03

04/19/04

4/30/04

07/21/04

9/27/04

01/21/05

3/22/05

5/13/05

10/07/05

5/11/05

6/12/06
S&P 500 Profit/Loss

%


20.9

9.7

22.5

.13

3.9

.76

15.1

6.4

-1.1

.87

-1.8

9.0

-.79

33.4

3.9

14.2

33.7

26.8

-4.6

-4.1

.27

3.2

-3.0

-7.6

-.52

-2.3

.006

28.94

-2.86

-1.72

-.38

4.78

-.2.61

.79

1.20

7.56

-4.02
Sector Fund Purchased




Chemical

Chemical

Telecomm

Biotech

Biotech

Biotech

Biotech

Home Fin.

Home Fin.

Biotech

Retail

Electronics

Computers

Electronics

Home Fin.

Home Fin.

Brokerage

Electronics

Financial Svcs.

Media & Brdcst.

Software

Electronics

Home Finance

Technology

Software

Brokerage

Computer

Brokerage

Dvlp. Comm

Natural Gas

Biotechnology

Technology

Electronics

Natural Gas

Electronics

Network Infra
.
Energy Svcs.
Sector Fund Profit/Loss
%


40.4

18.3

50.1

2.9

21.3

6.2

74.7

32.7

7.4

-3.0

.79

57.7

16.7

63.3

6.9

23.1

71.5

219

16.0

-1.4

8.6

12.7

7.3

-8.9

10.3

-3.9

-.98

44.31

-11.71

8.58

2.86

5.93

-.95

-10.43

6.90

15.11

-13.35
Subscriber
Gross Return
$


4,040.00

2,497.95

7,987.63

678.92

5,119.33

1,785.60

22,770.46

17,023.95

5073.36

-2,203.86

562.94

41,295.65

18,719.23

82,581.60

14,658.65

52,446.91

199,707.95

1,047,397.60

243,490.76

-24,708.54

149,656.12

239,988.97

155,451.74

-203,341.11

214,383.22

-89,526.73

-21,619.09

967,912.77

-369,101.70

238,774.17

86,147.44

184,278

-31,272

-340,075

201,512

471,715


Advisory Fee

$  **


390.00

172.00

552.00

55.40

348.00

108.80

1,192.00

526.00

170.00

No Fee

51.80

974.00

349.80

598.00

60.00

178.00

756.00

3,844.00

412.00

No Fee

166.00

190.00

206.00

No Fee

216.40

No Fee

No Fee

307.40

No Fee

206.00

64.80

23,00

No Fee

No Fee

114.00

151.00
Subscriber Net Return

$


3,650.00

2,325.27

7,435.63

623.52

4,771.33

1,676.80

21,578.46

16,497.95

4903.36

-2,203.86

511.14

40,321.65

18,369.43

81,983.60

14,598.65

52,268.91

198,951.95

1,043,553.60

243,078.76

-24,708.54

149,489.52

239,798.97

155,245.74

-203,341.11

214,166.82

-89,526.73

-21,619.09

967,605.37

-369,101.70

238,568.17

86,082.64

184,255

-31,272

-340,075

201,398

471,563

Compounded value of $10,000 investment after deduction of Advisory Fees

13,650.00

15,975.27

23,410.90

24,034.42

28,805.75

30,482.55

52,061.01

68,558.96

73,462.32

71,258.45

71,769.59

112,091.24

130,460.67

212,444.27

227,042.92

279,311.83

478,263.78

1,521,817.30

1,764,896.00

1,740,187.54

1,889,677.00

2,129,475.90

2,284,731.60

2,081,390.50

2,295,557.30

2,206,030.60

2,184,411.60

3,152,016.90

2,782,915.80

3,021,483.90

3,107,566.50

3,291,821.50

3,260,549.50

2,920,474.20

3,121,872.20

3,593,436

*  Fund will be identified when it is sold.

**  The Advisory fee is tied directly to performance.  If we do not exceed a specific benchmark, which is the S&P 500 Index, we do not receive an Advisory fee.  Our Advisory fee is 40% of all gains that are in excess of the gains of the S&P 500 Index multiplied by the minimum investment amount of $5,000. 

The formula used to determine the Advisory fee is given below.

Sector fund Profit/Loss  = Y

S&P 500 Profit/Loss     = X

Advisory Fee = .4(Y - X)$5,000

The Advisory fee is due within thirty days after the sell signal and the amount  will be displayed on the signal page on the day following the detection of the sell signal.  Failure to pay the Advisory fee within the allocated time period will immediately result in the discontinuance of service.
The Fee Based Performance Model is an updated version of our original computerized model that we have used for the past fifteen years. The updates improve the overall model performance through a refinement of the conditions related to (1)entering the market, (2)fund selection and (3)exiting the market.  The Advisory Fee,** assessed as a result of participating in this service, is tied directly to performance.
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Note:
Please be aware that hypothetical performance is not a guarantee of future performance.  You may lose money as a result of following the investment advice emanating from this website..