Sample Portfolio Review

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Portfolio Analysis and

Recommendations

Prepared forWeb Sample Portfolio

Prepared by


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This report analyzes your current securities portfolio and compares it to a portfolio of investments recommended by your

investment professional. Your investment professional has prepared this report using a web-based investment softwareand data service made available by an independent vendor (the "Service"). Please review the following important

information and disclosures regarding the Service and the analyses and recommendations contained in this report:

The Service

The Service is made available to your investment professional on an "as is" basis. The vendor of the Service

expressly disclaims all warranties with respect to the Service and its output (or any results to be obtained from the

use thereof), including but not limited to any implied warranty of merchantability or fitness for a particular purpose

or use, accuracy, completeness, originality or non-infringement and all warranties arising from course of

performance, course of dealing and usage of trade or their equivalents under the laws of any jurisdiction.

Your investment professional assumes full responsibility for determining the suitability and fitness of anyinvestment strategies, asset allocations or securities purchases or sales recommended in this report. While the

Service includes a risk profile questionnaire that can be used to determine your tolerance for risk and to identify a

target asset allocation that is consistent with this risk tolerance, your investment professional may choose not to

complete the questionnaire or may override its results. The vendor of the Service does not create, endorse or

provide investment advice.

In no event shall the vendor of the Service or its suppliers or their respective affiliates have any liability for damages

of any kind based on any use of the Service, including this report, or on any decisions, actions or analyses arising

out of any use of the Service.

Limitations of Analysis The results of the calculations used to generate this report may vary with each use of the Service and over time.

This report includes data relating to the historical performance of securities, but past performance is no guarantee

of future results.

The securities portfolios analyzed in this report were selected and entered by your investment professional. Other

investments not considered in this report may have characteristics similar or superior to those proposed by your

investment professional.

Except as otherwise specifically noted, the portfolio analyses appearing in this report are based on style

classifications assigned to the securities within the applicable portfolio. They do not reflect the historic or projected

performance of any actual securities in the portfolio.

Please refer to the glossary at the end of this report for an explanation of investment terminology and to the notes

accompanying each analysis section of this report for an explanation of, and specific disclosures relating to, its

content.

Disclosure A personal investment proposal forWeb Sample PortfolioJuly 20, 2007

prepared by Paul O'LearyVoice 510.655.4749


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Risk Profile

The investment profile identifies yourtolerance for risk while consideringyour investment needs and timehorizon.

See Glossary at the end of thisreport for investor profile definitions.

Risk Profile (as of July 20, 2007)Analysis of the holdings in your current portfolio indicates that it is a 80% stock portfolio. If

you implement the proposed portfolio, the new portfolio will be considered 70% stock based

on the underlying holdings.

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Asset Allocation

Asset allocation is the process ofdetermining optimal allocationsacross the broad categories ofassets (such as stocks, bonds,cash, etc.) that suit your risktolerance and investment timehorizon.

Proposed Asset Allocation (as of July 20, 2007)

The asset allocation models for your current and proposed portfolios are provided below. A

proposed 70% stock portfolio may be better suited for your investment needs because it

has lower volatility (risk) than your current 80% stock portfolio.

Current Allocation

80% Stock

Proposed Allocation

70% Stock

A $ % $ %

Asset Allocation A personal investment proposal forWeb Sample PortfolioJuly 20, 2007


80%


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Historical Risk to Return

The points on this chart showthe average annual return aninvestor would have receivedover the last ten years as wellas the average annualinvestment fluctuation an

investor would have had totolerate during the same tenyear period.

Historical Risk to Return of Asset Categories1(as of March 31, 2007)

Past performance is no guarantee of future results.

Risk-Return Analysis A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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Historical Growth

The following chart shows thehistorical returns of your currentand proposed portfolios.

Historical Performance(as of March 31, 2007)

Based on the asset allocation of the current and proposed portfolios, the historical return of

your current portfolio may be less than the proposed portfolio.

The historical performance of a portfolio is determined by assigning proxy benchmark indices weighted by the variousasset styles in the portfolio. For a list of the appropriate indices please see the footnote section at the end of this report.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly inan index.

Risk-Return Analysis A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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Important Note

Other investments not consideredmight have characteristics similar orsuperior to those proposed by yourinvestment professional. Theanalysis used in creating yourproposed allocation does notsearch for, analyze or favor certainsecurities or investments.

See Glossary at the end of thisreport for investor profile definitions.

Proposed Asset Allocation and Holdings (as of July 20, 2007)The proposed holdings were chosen to match your target asset allocation, based on your

investor profile.

Proposed Asset Allocation

70% Stock

$ %

Large Cap Value $30,772.54 10.50

Large Cap Growth $30,772.54 10.50

Mid Cap Value $7,693.13 2.62

Mid Cap Growth $7,693.13 2.62

Small Cap Value $5,495.10 1.88

Small Cap Growth $5,495.10 1.88

Real Estate $57,436.20 19.60

International Equity $87,921.52 30.00

Fixed Income $58,497.13 19.96

Cash $1,295.38 0.44

Other/Unclassified $0.00 0.00

symbol Name $ %

VFITX Vanguard Intermediate-Term Treasury Fund Investor

Shares

$29,307.18 10.00%

VGSIX Vanguard REIT Index Fund Investor Shares $58,614.35 20.00%

VGTSX Vanguard Total International Stock Index Fund $87,921.53 30.00%

VIPSX Vanguard Inflation-Protected Securities Fund Investor $29,307.18 10.00%

Proposed Portfolio A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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Style Analysis

1

(March 31, 2007)

Portfolio Analysis A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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Sector Analysis1(March 31, 2007)

Portfolio Analysis A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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Products and Analysis Small Cap: Refers to stocks with a relatively small market capitalization. The definition of small-cap can vary but refers to stocks thatare generally more risky than those of large or mid cap stocks.

Mid Cap: Refers to stocks with a market capitalization between small cap and large cap. In general, these stocks are less risky than

small cap stocks and more risky than large cap stocks.

Large Cap: Refers to stocks with a market capitalization greater than both small and mid cap. In general, these stocks are les risky

than both small and mid cap stocks.

ETF: A fund that trades like a stock. Generally ETF's track a market index and can benefit from lower management fees than other

mutual funds.

SMA: A privately managed investment account opened through a brokerage or financial advisor to buy individual assets.

Bond Funds: A fund that invests in fixed income instruments. A bond fund can range from very conservative government bond funds

to more volatile high yield funds.

Emerging Market Funds: A fund investing a majority of its assets in the financial markets of a developing country.

International Funds: A fund that can invest in companies located in any geographic area outside the domestic country.

Market Index: A pre-selected group of investments created to provide a representation of the performance of the overall stock or

bond market or a segment of the stock or bond market.

Money Market Funds: A fund that invests in short-term debt instruments. Its objective is to earn interest for its investors while

maintaining a constant price of $1.00.

REIT Funds: A fund with an objective of investing in real estate. A REIT can invest in property directly or in the debt associated with

real estate.

Sector Funds: A fund whose objective is to invest in a particular industry or sector of the economy.

Single Stock Risk: The risk of investing in a single stock can be much greater than investing in a fund product because a fund holds

several stocks, thus distributing the risk across multiple investments.

Glossary A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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Historical Risk to Return of Asset Categories1. The historical risk graph is based upon a risk return analysis of several model asset allocations over the ten year

period ending with the calendar quarter end indicated above.

Asset Allocations are based on diversified indices representing each asset class. The risk and return of Large

Cap Value within each model are based on the S&P 500/Citigroup Value, Large Cap Growth is based on S&P

500/Citigroup Growth, Mid Cap Value is based on the S&P 400/Citigroup Value, Mid Cap Growth is based on the

S&P 400/Citigroup Growth, Small Cap Value is based on the S&P 600/Citigroup Value, Small Cap Growth is

based on the S&P 600/Citigroup Growth, International Equities are based on the MSCI EAFE Index, REIT is

based on the NAREIT Index, Fixed Income is based on the Lehman Aggregate Index, and Cash is based on the

Merrill 3-Month T-Bill Index.

Past performance is no guarantee of future returns. The performance of an index is not an exact representation

of any particular investment, as you cannot invest directly in an index.

Note: If a portion of a portfolio is categorized as Other, then that percentage of the portfolio is excluded from the

calculation to determine a portfolio's risk and return.

Historical Performance

The historical performance graph is based on 10 years of historical monthly returns based on exposure to

various indices over the ten year period ending with the calendar quarter end indicated above. The risk andreturn of Large Cap Value within each model are based on the S&P 500/Citigroup Value, Large Cap Growth is

based on S&P 500/Citigroup Growth, Mid Cap Value is based on the S&P 400/Citigroup Value, Mid Cap Growth

is based on the S&P 400/Citigroup Growth, Small Cap Value is based on the S&P 600/Citigroup Value, Small

Cap Growth is based on the S&P 600/Citigroup Growth, International Equities are based on the MSCI EAFE

Index, REIT is based on the NAREIT Index, Fixed Income is based on the Lehman Aggregate Index, and Cash is

based on the Merrill 3-Month T-Bill Index.

Note: If a portion of a portfolio is categorized as Other, then that percentage of the portfolio is excluded from the

calculation to determine a portfolio's risk and return.

Style Analysis1. The style analysis uses the following indices:

Footnotes A personal investment proposal forWeb Sample PortfolioJuly 20, 2007



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3.0

3.5

Restructuring Payback, in years

Current ExpenseRatio

Current ExpenseRatio, mutualfunds only

RecommendedPortfolio; fundexpenses only

RecommendedPortfolio; fullymanaged solution

0.00%

0.15%

0.30%

0.45%

0.60%

0.75%

0.90%

1.05%0.97% 0.97%

0.25%

0.54%

Portfolio expenses, current & projected


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Annual Expenses

Summary DataPortfolio Value $293,072

Portfolio Total Expenses $2,851

Portfolio Weighted Exp Ratio 0.97%

Mutual Fund Assets $293,072

Mutual Fund Expenses $2,851Mutual Fund Expense Ratio 0.97%

Filter

Type Data

Mutual Fund Sum - Expenses 2850.51

Sum - Value $293,071.77

Type Symbol Name Price* Shares % Weight Value Expense Ratio Expenses

Mutual Fund $CASH Cash $1.00 15,000 5.12% $15,000.00 0.00% $0.00Mutual Fund CLGAX Calvert Large Cap Growth Fund; Class A $35.54 553 6.71% $19,653.62 1.51% $296.77

Mutual Fund CSIEX Calvert Social Investment Fund, Equity $40.75 508 7.06% $20,701.00 1.23% $254.62

Mutual Fund FCNTX $73.33 454 11.36% $33,291.82 0.89% $296.30

Mutual Fund GABAX $55.40 634 11.97% $35,123.60 1.36% $477.68

Mutual Fund HLEMX $55.20 385 7.25% $21,252.00 1.63% $346.41

Mutual Fund JABAX Janus Balanced Fund $26.21 580 5.19% $15,201.80 0.81% $123.13

Mutual Fund JAVLX : Janus Twenty Fund $64.31 463 10.16% $29,775.53 0.87% $259.05

Mutual Fund LLPFX $39.47 751 10.12% $29,641.97 0.90% $266.78

Mutual Fund LSBRX $14.50 571 2.83% $8,279.50 1.00% $82.80

Mutual Fund SSBMX $9.41 661 2.12% $6,220.01 0.50% $31.10

Mutual Fund SSHFX Sound Shore Fund, Inc $43.00 724 10.62% $31,132.00 0.92% $286.41

Mutual Fund SWPIX Schwab S&P 500 Index Fund $24.12 814 6.70% $19,633.68 0.36% $70.68

Mutual Fund TRRBX T Rowe Price Retirement 2020 Fund $19.12 427 2.79% $8,164.24 0.72% $58.78Mutual Fund VMMXX Vanguard Prime Money Market Fund $1.00 1 0.00% $1.00 0.00% $0.00

Fidelity Contrafund

Gabelli Asset Fund

Harding, Loevner Emerging Markets Fund

Longleaf Partners Fund

Loomis Sayles Bond Fund; Retail Class

SSgA Bond Market Fund

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Cost Basis Taxable Accoun ts Only

Taxable Portfolio Value $108,770.04

Gain $26,863.04

Taxes at 15% $4,029.46

Type Symbol Name Price* Shares Value Cost Basis GainMutual Fund CLGAX Calvert Large Cap Growth Fund; Class A $35.54 553 $19,653.62 $12,343.00 $7,310.62

Mutual Fund CSIEX Calvert Social Investment Equity Portfolio $40.75 508 $20,701.00 $13,450.00 $7,251.00

Mutual Fund FCNTX $73.33 454 $33,291.82 $28,003.00 $5,288.82

Mutual Fund GABAX $55.40 634 $35,123.60 $28,111.00 $7,012.60

Fidelity Contra fund

Gabelli Asset Fund;

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