Disclosures

J.W. Burns & Company ("Burns") is an SEC registered investment adviser located in East Syracuse, New York. Burns and its representatives are in compliance with the current filing requirements imposed upon SEC registered investment advisers by those states in which Burns maintains clients. Burns may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Burns' web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Burns' web site on the Internet should not be construed by any consumer and/or prospective client as Burns' solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Burns with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Burns, please contact the SEC or the state securities regulators for those states in which Burns maintains a notice filing. A copy of Burns' current written disclosure statement discussing Burns' business operations, services, and fees is available from Burns upon written request. Burns does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Burns' web site or incorporated herein, and takes no responsibility therefor. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Burns), will be profitable or equal any historical performance level(s). Certain portions of Burns' web site (i.e. newsletters, articles, commentaries, etc.) may contain a discussion of, and/or provide access to, Burns' (and those of other investment and non-investment professionals) positions and/or recommendations as of a specific prior date. Due to various factors, including changing market conditions, such discussion may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Burns, or from any other investment professional. Burns is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Burns is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Burns by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser. Each client and prospective client agrees, as a condition precedent to his/her/its access to Burns' web site, to release and hold harmless Burns, its officers, directors, owners, employees and agents from any and all adverse consequences resulting from any of his/her/its actions and/or omissions which are independent of his/her/its receipt of personalized individual advice from Burns.

This composite presentation of J.W. Burns & Company conforms to the Standards set by the Association for Investment Management and Research Performance Presentation Standards. AIMR-PPS has not been involved with the preparation or review of this report. In addition to the information presented herein, such Standards include:

All cash reserves and equivalents used by the manager in place of equities are included in composite presentations.
The composite calculations have been appropriately weighted for the size of each account.
Results are presented gross of management fees and after brokerage and custodial expenses.
No alterations of composites as presented here have occurred due to changes in personnel or other reasons at any time.
Composite results have been properly calculated using linked, time weighted, quarterly returns for the years 1985-1990. For the years 1991 going forward, linked time weighted, monthly return results are presented.
Total returns are presented, including realized and unrealized gains and losses plus income and accrued income.
Composites presented as gross of fees have actual fees added back to internally billed clients. These fees have been added as of the date of billing and the performance recalculated for the years 1985-1990. For the years 1991 going forward, gross of fees are calculated based on the actual exclusion of internally and externally billed fees.
Weighted average of market value is based on beginning period market value.
Accounts included in composites include past and present clients that were under management for the full year for the years 1985-1990. For the years 1991 going forward, accounts are included in the composites at the start of the next performance measurement period. Accounts are excluded from the composite after the last full period they were in place.
Accounts were not revalued for additions or withdrawals over 10% of the beginning period market value due to lack of daily market values.
Accounts with beginning period market values under $100,000 have been excluded from all composites. Implementation of standard strategy is not possible for smaller accounts.
No leveraged accounts exist in composites.
Performance results are calculated on a cash basis for the years 1985-1990. Accrual basis results are presented for 1991 going forward.
Each composite includes all accounts managed that meet criteria for inclusion in the composite for each period submitted.
This presentation does not represent the firm’s full history due to the difficulty of gathering and assuring accuracy of the information. Total returns for 1985-1987 are calculated using representative accounts.
Past performance is no guarantee of future results. The return and value of an account will fluctuate at any point in time and could be worth more or less than the amount invested.

Representative Institutional Clients

Any client classified as an institutional client has been presented based upon certain criteria that include:

Disclosure as public record the type of entity and account object readily recognizable name.
The advisor does not use data based on performance to determine which clients are used for a list of institutional clients.
It is not known whether the list of clients approve or disapprove of the advisor or the advisory service.

Management Fees

Performance figures that are “net” of fees take into account advisory fees and brokerage fees or commissions that have not been deducted from the account. Performance figures that are “gross” of fees do not take into account the advisory fee, but do take into account transaction costs and custodial fees. Advisory fees are generally 1% of assets under management for the first $5 million under management, .75% for the next $5 million, and .50% above $10 million. To illustrate the compounding effect of a 1% annual management fee on a J.W. Burns & Company portfolio, of an initial $1 for a 5-year period, the portfolio would have grown to $1.53 before fees and $1.47 after fees.