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10 Year Asset Class Performance Matrix!

2010 USD Annual Ret Annual Ret Annual Ret Annual Ret Annual Ret Annual Ret Annual Ret Annual Ret Annual Ret
Abbreviation Index Name
YTD 2009 USD 2008 USD 2007 USD 2006 USD 2005 USD 2004 USD 2003 USD 2002 USD 2001 USD

US GLOBAL REAL GLOBAL REAL GLOBAL REAL


GOLD EM EQUITIES EM EQUITIES EM EQUITIES EM EQUITIES COMMODITIES
TREASURIES ESTATE ESTATE ESTATE US TIPS BarCap US Treasury US TIPS TR USD
13.66 79.02 39.77 34.54 56.27 32.06
13.74 38.78 33.80 13.02

GLOBAL US REAL US REAL NON-US US REAL


EM CORP DEBT EM CORP DEBT COMMODITIES COMMODITIES GOLD
TREASURIES ESTATE ESTATE EQUITIES ESTATE EM CORP DEBT ML Gbl Corp TR USD
6.63 50.83 32.67 25.55 24.80
10.23 35.97 33.16 40.01 12.34

US NON-US GLOBAL REAL GLOBAL


GOLD GOLD EM EQUITIES GOLD EM EQUITIES US CORP DEBT GLOBAL REAL
TREASURIES EQUITIES ESTATE TREASURIES S&P Global REIT TR USD
3.96 31.34 32.58 18.36 25.95 10.40 ESTATE
5.86 34.39 38.95 19.59

GLOBAL REAL US REAL NON-US NON-US NON-US US REAL


US CORP DEBT CASH US TIPS US TIPS
ESTATE ESTATE EQUITIES EQUITIES EQUITIES ESTATE HEDGE FUND Hennessee HF TR USD
5.62 2.11 16.56 7.89
33.68 17.55 26.22 14.95 20.84 36.17

US REAL US REAL GBL CORP US


EM GOVT DEBT US TIPS INTL LARGE GOLD COMMODITIES US EQUITIES
ESTATE ESTATE DEBT TREASURIES EM GOVT DEBT BarCap EM Intl Sovereign TR USD
5.53 (2.35) CAP 12.91 22.95 17.27 29.11
28.60 13.81 15.45 6.74

US REAL
EM GOVT DEBT MUNI BONDS US TIPS US EQUITIES EM GOVT DEBT EM CORP DEBT EM GOVT DEBT EM GOVT DEBT MUNI BONDS
ESTATE EM CORP DEBT BarCap EM Intl Corp TR USD
27.59 (2.47) 11.63 15.31 13.28 12.26 26.84 14.36 5.12
5.17

US
US TIPS US EQUITIES US CORP DEBT HEDGE FUND HEDGE FUND EM CORP DEBT EM GOVT DEBT EM CORP DEBT CASH
TREASURIES EM EQUITIES MSCI EM GR USD
4.41 27.14 (3.08) 11.22 11.39 10.41 12.04 24.34 4.46
11.79

GBL CORP GLOBAL GLOBAL REAL


MUNI BONDS HEDGE FUND EM GOVT DEBT US EQUITIES COMMODITIES US CORP DEBT HEDGE FUND GLOBAL
DEBT TREASURIES ESTATE BarCap Global Treasury TR USD
3.31 24.85 10.46 10.71 20.71 10.52 4.36 TREASURIES
(9.48) 10.57 10.41

US GBL CORP GLOBAL GBL CORP


HEDGE FUND GOLD EM GOVT DEBT HEDGE FUND GOLD MUNI BONDS
TREASURIES DEBT TREASURIES DEBT MUNI BONDS BarCap Municipal TR USD
0.12 23.96 (10.74) 7.86 19.50 9.60
9.01 7.92 10.33 4.29

GBL CORP GBL CORP GLOBAL REAL


CASH GBL CORP HEDGE FUND EM CORP DEBT US EQUITIES HEDGE FUND EM GOVT DEBT
DEBT DEBT ESTATE GOLD S&P GSCI Gold Spot
0.04 DEBT 19.63 (19.83) 6.78 5.72 18.80 2.28
7.05 9.81 7.87

GLOBAL GLOBAL GBL CORP


US CORP DEBT EM CORP DEBT US EQUITIES MUNI BONDS US TIPS EM CORP DEBT GOLD US REAL
TREASURIES TREASURIES DEBT DJ Wilshire REIT TR USD
16.04 (22.32) 6.02 3.51 8.45 5.01 1.97 ESTATE
(0.67) 6.43 15.47

GLOBAL REAL GLOBAL US REAL


COMMODITIES US EQUITIES EM GOVT DEBT MUNI BONDS CASH HEDGE FUND EM CORP DEBT NON-US
ESTATE TREASURIES ESTATE MSCI World Ex USA GR USD
13.48 (37.14) 6.24 4.84 2.88 8.24 1.70 EQUITIES
(1.43) 14.78 3.58

US REAL GLOBAL
GBL CORP MUNI BONDS US CORP DEBT CASH US TIPS GOLD US TIPS CASH
ESTATE TREASURIES US CORP DEBT BarCap US Credit TR USD
DEBT (1.70) 12.91 5.10 4.75 2.83 5.35 8.39 1.75
(41.47) (1.37)

NON-US US
EM EQUITIES US TIPS CASH US CORP DEBT US CORP DEBT US CORP DEBT HEDGE FUND EM EQUITIES
EQUITIES TREASURIES US TREASURIES BarCap Treasury TR USD
(6.04) 11.41 4.91 4.26 5.23 7.70 (2.87) (2.37)
(44.65) 2.79

GLOBAL GLOBAL REAL US


US EQUITIES MUNI BONDS US CORP DEBT MUNI BONDS MUNI BONDS EM EQUITIES US EQUITIES
TREASURIES ESTATE TREASURIES COMMODITIES S&P GSCI TR
(6.76) 3.35 1.95 4.48 5.31 (6.00) (12.03)
2.63 (46.10) 3.07

GBL CORP US US NON-US NON-US


COMMODITIES CASH COMMODITIES EM CORP DEBT US TIPS
DEBT TREASURIES TREASURIES EQUITIES EQUITIES US EQUITIES MSCI USA GR USD
(11.21) 0.15 (51.25) 1.80 0.41
(3.45) 3.53 2.24 (15.51) (21.15)

NON-US US GLOBAL REAL GLOBAL


EM EQUITIES COMMODITIES CASH CASH US EQUITIES COMMODITIES
EQUITIES TREASURIES ESTATE TREASURIES CASH P&R US Treasury Bill 90 Day TR
(54.51) (15.09) 1.14 1.10 (22.70) (31.93)
(12.17) (3.57) (11.13) (6.65)

Disclosures: This Matrix was created by Belray Asset Management, LLC ("Belray"). Index data was drawn from Morningstar Office. While Belray believes the information to be
accurate its accuracy cannot be guaranteed. Indexes are not investment vehicles. The performance information is presented as an annual rate of return. Dividends are included in
the return of the indexes shown. No investment or transaction costs have been factored into this matrix. The information contained herein is provided for educational and
informational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy.
Past performance is no guarantee of future returns. !

Belray Asset Management, 125 Greenwich Ave, Greenwich, CT 06830. For a copy of Belray's ADV Part II and other disclosures visit: www.belrayam.com/disclosures. Please email
Greg Skidmore gs@belrayam.com or call (203) 629-3300 with any questions related to this document.!