rbcpa.com2014InvestmentConference

November13,20141

RevisedVersion1onNovember13,2014

1024SouthAvenueW,Westfield,NJ07090908 276 7226www.rbcpa.com

2

3RonaldR.RedfieldCPA,PFSstartedwiththefirmin1983 (31yearsago)andbecameapartnerin1989.

ThePrimeRatewas11%in1983,downfrom21.50%inDecemberof1980.Theprimerateiscurrently3.25%.

TheDowJonesAveragehitanalltimehighof1270thatyear.TheDowclosedat17,600onNovember12,2014.

ThisisacoverofTimeduring1983.

4RonandAlanhaveworkedtogetherfor27yearssince1987. 1987wastheyearthefilmWallStreetwasreleased.

AlanB.StarinskyCPA,PFSbecameapartnerin1995.Alanisinchargeofouraccountingandtaxdivision.astarinsky@rbcpa.com

5Redfield,Blonsky&Starinskyhadanamechangeduring2014.Wewereformerly,Redfield,Blonsky&Co.Ourprinciplesandphilosophieshavenotchanged.

Redfield,Blonskywasformedin1958(ayearbeforeAlanandRonwereborn).Thepartnershipwasstartedby2CPAs,MilfordBlonsky(retiredin1995,andcurrentlylivingnearCherryHill,NJ,)andReubenRedfield(Ronsdad)whoretiredin1992,andpassedawayin2013at93yearsold.

6(TopL R)Donna98,Ron83,Arlene86,Debbie06,Alan87,Chris84andReuben.Notinpicture;( Jim96andDenise96

7JimandDenisearenotmissingfromthispicture.

8Allofushavededicatedatotalof176yearssofartoRBS.Wereallydoseemtowhistlewhilewework.Speakingof176years,doyouknowwhatinterestratewouldbeneededtodoubleyourmoneyinthatamountoftime?YelloutthecorrectanswerandIwilldeliveryouafreebeverage!

9Itypicallyread3newspaperseverymorning.IunfortunatelythrowoutthesportssectionsbeforeIgetmyreadingready.Imixupallthesectionsofallthenewspaperslikeadeckofcards,arrangethemrandomly,andthenIbeginmyreading.

10

"Read500pageslikethiseveryday,that'showknowledgeworks.Itbuildsup,likecompoundinterest."WarrenBuffett

11

Historically,wetypically,butnotalways,outperformedthestockaveragesindownyears,andunderperformedthesameaverageswhentheyhavestrongyears.Pastperformanceisnotnecessarilyindicativeoffutureresults.

$52,647,483undermanagementasof October31,2014.

Imanageourownportfoliosandourfamiliesportfoliosinthesamemannerwemanagethoseofourclients.Ieatmyowncooking!

12

Wepracticevalueinvesting.Wetrytofindcompaniesorinvestmentsthatwefeelaresellingatapricethatisbelowtheirintrinsicvalue.Weemphasizealongtermapproachtoinvesting.Wefocusontheinvestmentitselfandnotitsshorttermstockpriceperformance.Ourportfoliosareoftenconcentratedandfocusedonalimitednumberofinvestments.

Wedonotfocusagreatdealonthedaytoday"noise"inthemarkets.Weattempttofocusontheinformationthatwillhavealongtermimpactonourcurrentinvestmentsandpotentialinvestments.

13

RBSInvestmentReturnTable

Year EndingRBS(1)

S&P 500(2)

Relative Results(1)-(2)

1998 5.00% 28.58% (23.58)

1999 7.50% 21.04% (13.54)

2000 11.20% (9.10%) 20.30

2001 0.10% (11.89%) 11.99

2002 1.10% (22.10%) 23.20

2003 52.60% 28.69% 23.91

2004 7.90% 10.88% (2.98)

2005 7.30% 4.91% 2.39

2006 26.00% 15.79% 10.21

2007 (0.40%) 5.49% (5.89)

2008 (34.70%) (37.00%) 2.30

2009 22.10% 26.46% (4.36)

2010 1.30% 15.06% (13.76)

2011 0.50% 2.12% (1.62)

2012 14.10% 15.96% (1.86)

2013 24.80% 32.22% (7.42)

Through 10/31/14 10.90% 10.71% 0.19

Total 157.30% 137.82% 19.48

Please refer to our Disclosures page

14

RBSPerformanceSummary

Average Annual Total Returns as of

10/31/14

16 Years +

10 months

15 Years

10 Years 5 Years 3 Years 1 Year

YTD (Not

Annual-ized)

RBS All returns presented net of fees

7.9% 8.0% 6.3% 10.9% 16.1% 16.7% 10.9%

S&P 500 6.03% 4.05% 7.88% 16.54% 19.64% 17.15% 10.71%

Tweedy Brown Value Fund N/A 5.69% 6.62% 11.99% 14.34% 6.80% 4.36%

Please refer to our Disclosures page

15

Clientswilloftenaskustogiveamarketprediction.Ourtypicalansweristhatwehavenocluewhatthestockmarketwilldooverashortperiod.Overtheshortterm(shorttermbeing5yearsorless),anythingcanhappen.Inthebook,TheMoneyGame,AdamSmith(GeorgeJ.W.Goodman)pointedoutwhenJ.P.Morganwasaskedwhatthemarketwoulddo,hesaid,"Itwillfluctuate."

16

Whylongterminvesting?1st5years,TomLandryoftheCowboyshadlosingseasons.Hebuiltafoundation.Longtermpatiencewascrucial.

Valueinvestingrequirestime,competenceanddiscipline.Itneverends.Theanalysisalwaysevolves.RonaldR.Redfield

"Learnbyyourmistakes.Treatpastlossesasaneducationalsunkcost".RonaldR.Redfield

Greatinvestor,JohnTempletonalwayscarriedreadingmaterials.Heclaimstheshorttimespentreadingaddsupquickly.

Amarketdownturnisthetruetestofaninvestmentphilosophy.SethKlarman

"Wewillbecandidinourreportingtoyou,emphasizingtheplusesandminusesimportantinappraisingbusinessvalue.Ourguidelineistotellyouthebusinessfactsthatwewouldwanttoknowifourpositionswerereversed.Weoweyounoless.WarrenBuffett

17

TheexpecteddividendyieldofourportfoliosasofOctober31,2014is2.40%.

RBSexpecteddividendyieldasofOctober31,2014

5YearTreasury

10YearTreasury

30YearTreasury

2.40% 1.63% 2.35% 3.08%

Historically,wefeltmostsecurewhenacompanysdividendis2/3rdsthatofthe5YearTreasury.Ourcurrentexpecteddividendis147%ofthe5YearTreasury,and102%ofthe10YearTreasury.

18

Historicallywhenusingthe3MonthUSTreasury rateof6%asabenchmark,itwouldtake12yearstodoubleyourmoney.

The3MonthTreasuryisnow0.013%.Usingtheruleof72,Itwouldwouldtake5,539yearstodoubleyourmoney.

19

3MonthTreasuryBill:SecondaryMarketRate

20

Type November 7,2014 November15,2010

MoneyMarket 1.04% 1.20%

6Month CD 0.82% 1.14%

1Year CD 1.14% 1.40%

2YearCD 1.25% 1.74%

5YearCD 2.32% 2.75%

Itismyopinionthatbondsasanassetclasshavebeensetupforpoorreturnsgoingforward.ThisopinionincludesallormostbondsincludingUSTreasuries,MunicipalBondsandCDs.

TopSavingsDepositYieldsfromBarrons

Itisimportantthataninvestorunderstandshowchangesininterestrates,creditquality,andinflationwouldaffectfixedIncomeinvestments.

21

Thegreatestdifficultyonehasinvestinginthiseconomicenvironmentisthatinterestratesarelowcomparedtothelast50years.Yet,ifyoulookatthefollowingchart,youcanseethatoverthelast142years,perhapslongtermtreasuryratesarenotunusuallylow.

22

Company Symbol %ofTotal

Price* AverageCost

1 Exxon XOM 8.30% $96.41 $84.96

2 Microsoft MSFT 5.38% $48.87 $26.93

3 PublicService PEG 5.39% $40.95 $31.40

4 NationalWesternLife

NWLI 5.25% $272.25 $136.42

5 Exelon EXC 5.17% $37.55 $34.60

6 Gazprom OGZPY 4.52% $6.26 $7.58

7 FirstEnergy FE 4.51% $37.29 $35.38

8 PBFEnergy PBF 4.51% $26.68 $25.76

9 JPMorgan JPM 4.46% $61.37 $38.73

10 Citigroup C 4.13% $53.81 $37.13

*=ClosingPricesNovember11,2014

10LargestHoldingsasofNovember11,2014

23

Our10 largestholdingsmakeup50.57% ofourentireportfolio.

Wecurrentlyareholdingmorepositionsthanwetypicallydo.Wecurrentlyhave33positions inourportfolio.

Ourpositionsizeistypicallybasedontheconvictionwehaveintheinvestment,aswellastherelativeriskoftheholding,alongwiththecurrentpriceoftheholding.

Aspricesroseoverthelastyearorso,wetrimmedheavypositionsofExxon,NationalWesternLifeandMicrosoft.Yet,theystillcarrya>5%portfolioallocation.

24

Wetakealongtermapproachtoinvesting.Weconsiderlongtermtobeintheareaof5to10years,ormore.Whenwepurchaseequitysecurities,wetypicallyexpecttoholdtheinvestmentforalongperiodoftime.Oftenourgoalwouldbetoholdsecuritypositionspermanently.Yet,historyhasshownusthatthegoalofpermanentholdingshasnotbeenachieved.

Weattempttobetaxefficientinourportfolios.

Ifyouareaninvestmentclientofours,pleaseletusknowifyourCPAwouldlikeustoharvestanytaxlossesorgains.Wecantpromisewecandoso,butwecancertainlyevaluateit.

25

OurInvestmentStrategy:

1.Searchforinvestmentswethinkwillproducefuturecashflowsandearnings,andpurchasetheseinvestmentsatapricethatwethinkwillpresentuswithReturnsonInvestmentwhicharegreaterthantheprevailinginterestrateandinflation.Patienceiskeyforthis.

2.Constantresearchonourcompanysorourinvestmentthesis.

3.Wecontinuetoinvestincompaniesthatourresearchcurrentlyconsiderstobefinanciallystrong,abletowithstandseverebusinessdownturns,paysadividend,andalsobuysbacktheirownshares.Wedohaveaportionofinvestmentsthatarenotasfinanciallystrong,buthaveastorybehindthem,andhenceourinvestment.

4.Withallofouranalysis,weunderstandthatourthesisismerelyaroadmap.Weconstantlylooktopierceholesinourthesis,bringinpotentialnegativesandpositives,anddoourbesttohaveareasonableunderstandingoftheirfutureoperationsandcashflows.Weadjustourinvestmentifnecessarytoourongoingresearch.

Someofmyfavoriteinvestmentquotes

Ifyouarenotwillingtoownastockfor10years,donoteventhinkaboutowningitfor10minutes.WarrenBuffett

Youmakemostofyourmoneyinabearmarket,youjustdontrealizeitatthetime.ShelbyCullom Davis

Ifyouexpecttocontinuetopurchasestocksthroughoutyourlife,youshouldwelcomepricedeclinesasawaytoaddstocksmorecheaplytoyourportfolio.WarrenBuffett

Investforthelonghaul.Dontbetoogreedyanddontgettooscared.ShelbyCullom Davis

Intheshortrunthemarketisavotingmachine.Inthelongrunitisaweighingmachine.BenjaminGraham

26

27

Ourgoalistoattempttomaximizeinvestmentreturns,whilelimitingoravoidinglongtermorpermanentlosses.

Wetypicallyhaveadefensivenaturetoourportfolios,andonceagainweremindinvestorsthatwewilltypicallyunderperformtheS&P500duringstrongyears,andtypicallyoutperformtheS&P500inyearswheretheS&P500hasnotperformedwell.

Becauseofourdefensivenature,IdontthinkweshouldbecomparedtotheS&P500.

Wehadadifficultyearin2010,andthatoneyearhashurtourlongtermperformance.Thedifficultywascausedbystockssoldshort.Weeliminatedshortsellingfromourportfoliosduring2010.

28

29

Whydowemakeaninvestmentinaspecificsituation?

Weattempttoprojectfuturecashflowgeneratedandwhatisexpectedtoberetainedordistributedtoshareholdersinthefuture.

Weask,Isthepricewewouldpayforthisinvestmentsufficienttogiveusaproperfuturereturn?

30

Weattempttodeterminetheintrinsicvalueofequities,basedonathoroughanalysisofthefundamentalbusinessfactors,thecompanyandindustryconditions.WethoroughlyreadSECfilings,includingfinancialstatements,annualreports,companyorindustryconferencecalls,investorandanalystmeetings,oneononecompanymeetings,industryeventsandotherrelatedfilings.

Whenlookingataninvestment,weattempttoprojectandfocusonacompany'sfuturegenerationofcashflowandearnings,theirbalancesheet,andotherfinancialstatementsanddisclosures.Weattempttoanalyzethequalityoftheircurrentandfutureearnings.Weattempttointroducestressrelatedcircumstancestoourprojections.Wealsoprojecttheamountsthatwethinkcouldbereturnedtoshareholdersviadividends.Wedeterminewhatwethinkthefuturereturnoninvestmentwillbeoveramidtolongperiodoftime.Typicallyweusea5yearto15year"roadmap"inouranalysis.Ofcoursethis"roadmap"isconstantlychangingandrevisedforchangesinconditions.Typicallywelooktoinvestinacompanywhenwehaveconfidenceinthepredictabilityoftheirfuturecashflowstream,andwearecomfortablewiththepricewearepayingforthisprojectedfuturecashflowandearningsstream.Atthesametime,weconstantlylookforflawsinourreasoningorthesis.AsCPAs,wehaveanindepthknowledgeininterpretingfinancialstatementsandtheirfootnotes.Ourextensiveresearchisembeddedinourclients'portfolios.

31

Someexamplesofour2 MinuteDrills,whichwehaveinourthesisnotes.

Exxonisadiversifiedenergycompanywhichproducesnotjustoil,butalsoisthelargestnaturalgasproducerintheUSA.Theyexplore,develop,refine,distribute,drillandareoneofthelargestpetrochemicalsuppliersintheworld.Theyhavesuccessfullydonethisforover100years,havemaintainedAAAcreditratings,andarerespectedthroughouttheindustry.Keepinmindthatnaturalgaspricescontinuetobeatdepressionlikelevels.

Exxoncontinuallybuysbackshares.Thesharecounthasdecreasedovertheyears.Therewere6.7Bsharesoutstandingin2002,andasofJune30,2013therewere4.4Bsharesoutstanding.Becauseoftheirproductionofoilandgastheyareaninflationhedge.Weproject2014earningsof$7.800,whichbasedonapriceof$93.92,equatestoapriceearningsratioof12X.

Yieldis2.93%($2.76).Dividendpayouthasaveraged26.5%forthelast10years..Dividendpayoutratioexpectedtobe34%and36%forF2014andF2015respectively.ROEhasaveraged26.90%forthelast10years.ROEisexpectedtobe18.5%forF2014and17.5%forF2015.AverageP/Eforthelast10yearshasbeen11.43X.ProjectedepsforF2015is$8.00whichequatestoaforwardP/Eof11.74X.AAAcreditrating,higherthanthatofUSA.

EXXON(XOM)November4,2014$93.92

32

Microsoft(MSFT)2MinuteDrillOctober2,2014($45.76)

MicrosofthasaAAAbalancesheet.$10.40pershareofcashasofJune30,2014.FreeCashFlowandearningsarebothofhighquality,andIbelievebothtobestableataminimum.P/Eratiois16.64X,basedonourprojectedF2015earningsof$2.75pershare.Dividendyieldis2.44%.Weprojectthedividendpayoutratiotobe44%inF2015.Thisiswellabovetheir29.8%payoutoverthelast10years.ItisdifficultinmyopiniontojudgeMicrosoftsdividendpolicyandretainage,ashistoricallytheydidnotusetopayadividend.Theyalsohaveaccumulated$89BincashasofSeptember30,2014,andtheyremainAAArated.Idon'tseethembeingreplacedinenterprise.Inthepast,Itriedto"killthisinvestment,"andIcouldn't.TheinvestmentcouldbekillednowwithanearningsmissorP/Econtraction.ThatiswhyIhavereducedtheallocationtoaround5%fromaprevious10+%.Ijustdon'tseethedegradationofthecompanythatsomanyothersdiscuss.Projectedinvestmentreturnsfor15yearsareestimatedat13%to14%annualizedbasedoncurrentprice.AAAcreditrating,higherthanthatofUSA.

ThiswasthecorrectionwenotedasVersion1onthecoverpage.Weaddedtextandcorrectedatypographicalerror,whereweincorrectlystatedourprojected2015dividendpayoutratiowaslessthanthehistoricalpercentage.

33

PBFEnergy(PBF)2MinuteDrillNovember4,2014($26.47)

WeareinvestinginaneastcoastrefinerwithMidcontinentexposure.PBFisthe5thlargestindependentrefinerintheUSA.TheP/Eisratherlowat7.5X.

Theirbalancesheetisquitehealthy(3Q1410Qstillnotreleased).Theyownandconsolidate~50%ofPBFX.Oneofmyfavoritevalueinvestors,BaupostGroupowns10.37%asofSeptember30,2014.Thiswas6.38%ofPBFcommonasofJune30,2014,andPBFisstatedas3.08%ofBauposttotalassetsasofJune30,2014.IamnotthrilledridingonthecoattailsofSethKlarman,butwiththelowP/E,Idecidedtoentertheinvestment.Asthepriceofcrudedrops,thespreadwidens,andhencePBFisaslightanchortoourportfolios.

PBFwasfirstpurchasedonNovember13,2013at~$27.10pershare.WesubsequentlypurchasedmorePBF,andasofNovember11,2014itwas4.51%ofourportfolio.

34

PagesandpagesofquotesandthoughtsIhavecollectedovertheyears.

"WhenWallStreeters toutEBITDAasavaluationguide,buttonyourwallet."WarrenBuffett2013AnnualLetter

Blurbfrom1980"Therecentcrashinthebondmarket whichcomparedtoa50%dropintheDJIAinacoupleofweeks."ValueLine3/28/1980

"Mymothertoldme,nevergotoafightyouareinvitedto."JimChanos ondiscussinghisChinashortthesis10/14.

"TherearestructuralissuesinsomefocusedETF's,in thewaytheyareconstructedandhowtheysettle.Iwillleaveitatthat."JimChanos October2014

MygreatestinvestmentconcernisP/Econtraction.GazpromP/Eof

35

Don'tbuyhype.Ignoretradingevenifitisadvicefroma"guru."Alwayslookatfundamentals,presentationandvaluation.Projectforward.RonaldRedfield,October2014

"Itswaitingthathelpsyouasaninvestor,andalotofpeoplejustcantstandtowait,CharlieMunger9/14

"Ifyoujustkeepthinkingandreading,youdon'thavetowork."CharlieMunger9/14

Workhard,worksmart,ponder,reflect,reason,acceptandexpectmistakes.RonaldRedfield,June2013

"Theinvestorschiefproblemandevenhisworstenemyislikelytobehimself."BenjaminGraham

"Youdon'tgetmanygreatopportunitiesinalifetime....Don'tbetootimidwhenyoureallyhaveacinch."CharlesMunger2/6/13

"Weareputtingalotofmoneyintosolarandwind."WarrenBuffett10/24/12

36

"Idon'treallylookatthestockmarket.Ilookatbusinessesandforgetthestockmarket."CharlesBrandes onLessonsfromBenGraham

"Valueinvestors,during1974/75didquitewell.Notverylarge,butquitesatisfactory.Thiscouldbethesameforfuture."CharlesBrandes

"Whenyoubuyequitiesduringperiodsofmaximumpessimism,youhavealwaysdonewell('70,74,82,90+91)"CharlesBrandes

"Ifanassethasthelikelihoodoffuturecashflow,andnotdependentonwhatabuyermightpay,thenit'saninvestment."SethKlarman

March1941,stockssoldat6Xearnings,5%+dividendsandbondspaidinterestof2%.Dec.1941,stockssoldat5Xearnings,>10%dividends

Shorttermpredictionsdonotcometrue.Competentanalysiswithamarginofsafetyisthekey.Patienceandliquidity.Avoidforcedselling.

Mostofthepermanentlossesduringthegreatdepressionwerecausedbyspeculationandinabilitytoweatherthestorm(needofcapital).

37

Sometypeofaccessibleliquidityisalwaysnecessarytotakeadvantageofunexpectedinvestmentopportunities.

OwningRealEstateduringtheGreatDepressionwastreacherous.Rentsstoppedcominginordeflated.Expensescouldnotbeserviced.

PatienceandCourage,cannotbeoveremphasizedininvesting.

Tobuildwealth(evenindepressions).1.Save$$,2.Avoidspeculation,3.Make$$workforyouthroughconservativeinvestments.

PrudenceandpatienceininvestingseemedtoworkduringTheGreatDepression.

Qualityandfundamentalswerekey.BuyingduringfearworkedItlooksasthoughTheGreatDepressionkeysignswere,1)nosupplyof$$,2)employmentlevels,and3)CapacityUtilization(was

38

"Forthoseproperlypreparedinadvance,abearmarketinstocksisnotacalamity,butanopportunity."JohnTempleton,May1962

"Aninvestorcanseeksafetybyseekingbargains."JohnTempleton,July1949

"Whereistheoutlookmostmiserable?"JohnTempleton,January1995

Neverunderestimatethepowerofdoingnothing.WinniethePooh.Investingshouldbelikewatchingpaintdryandgrassgrow.Thismeans,youneednottrade,onecansitonaportfolioifthesisandsuchhavenotchanged.

"Thebestchaptereverwrittenindescribinghowtheworldworksinmarketsischapter12of"TheGeneralTheory"byKeynes."WarrenBuffett

"Berkshirestockhasgonedown50%fourtimessinceIownedit."WarrenBuffett3/1/10

39

ImportantDisclosures

1.Redfield,Blonsky&Starinsky,LLC(RBS), onlytransactsbusinessinstateswhereitisproperlyregistered,orexcludedorexemptedfromregistrationrequirements.

2.Pastperformanceassumesreinvestmentofdividendsandotherdistributionsandmaynotbeindicativeoffutureresults.Therefore,nocurrentorprospectiveclientshouldassumethatthefutureperformanceofanyspecificinvestment,investmentstrategy(includingtheinvestmentsand/orinvestmentstrategiesrecommendedand/orpurchasedbyadviser),orproductmadereferencetodirectlyorindirectlyinthispresentationoronourwebsite,orindirectlyviaalinktoanythirdpartywebsite,willbeprofitableorequaltocorrespondingindicatedperformancelevels.Theinvestmentreturnandprincipalvalueofaninvestmentwillfluctuateand,whenredeemed,maybeworthmoreorlessthantheiroriginalcost.

3.Differenttypesofinvestmentsinvolvevaryingdegreesofrisk,andtherecanbenoassurancethatanyspecificinvestmentwilleitherbesuitableorprofitableforaclientsinvestmentportfolio.Noclientorprospectiveclientshouldassumethatinformationpresentedisasubstituteforpersonalizedindividualadvicefromtheadviseroranyotherinvestmentprofessional.

4.Historicalperformanceresultsforinvestmentindexes,suchastheS&P500,generallydonotreflectthedeductionoftransactionand/orcustodialchargesorthedeductionofaninvestmentmanagementfee,theincurrenceofwhichwouldhavetheeffectofdecreasinghistoricalperformanceresultsoftheS&P500Index.WheneverRBSperformanceisreferredto,resultshavebeenreducedbyallfees,includingRBSmanagementfee.

40

ImportantDisclosures(continued)

5.ReturnsfortheRBSportfolioshavebeencalculatedusingactualtimeweightedreturnsobtainedfromallaccountsoverthetimeperiodsindicated.AllRBSreturnsassumethereinvestmentofdividendsandareshownnetoftheinvestmentmanagementfeesandallotherexpenses.PleaseseeourformADVforafullfeedisclosure.Actualindividualaccountperformancemaybemateriallydifferentfromourcompositeresults.

6.RBSfilesanannualformADV,whichincludesaneasytoreadbrochure.FormADVisavaluablereadforanyoneinterestedinlearningmoreaboutRBS.AdditionalinformationaboutRedfield,Blonsky&Starinsky,LLCisalsoavailableontheSECswebsiteatwww.adviserinfo.sec.gov.ThesearchableIARD/CRDnumberforRedfield,Blonsky&Starinsky,LLCis128714.

7.TheS&P500Indexisawidelyrecognized,unmanagedindexof500ofthelargestcompaniesintheUnitedStatesasmeasured bymarketcapitalization.TheS&P500Indexperformanceassumesreinvestmentofalldividendsanddistributionsanddoesnotreflectanychargesforinvestmentmanagementfeesortransactionexpenses,nordoestheIndexreflectanyeffectsoftaxes,feesorothertypesofchargesandexpenses.TheS&P500Indexisoneofmanyindicesandisnotnecessarilythemostappropriateindexwhencomparingperformanceresults.

www.rbcpa.com

www.facebook.com/redfieldblonsky

www.twitter.com/rbco

41

RonaldR.Redfield,CPA/PFSrredfield@rbcpa.com

AlanB.Starinsky,CPA/PFSastarinsky@rbcpa.com

www.rbcpa.com

Facebookwww.facebook.com/redfieldblonsky

Twitterwww.twitter.com/rbco

1024SouthAvenueW,Westfield,NJ07090

908 276 7226