Adam Norris, CFP 4532 Main Street Suite 1234 Raleigh, NC Alexander Family 42 East Lawerence St. Flushing, NY SAMPLE

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1 Adam Norris, CFP 4532 Main Street Suite 1234 Raleigh, NC Alexander Family 42 East Lawerence St. Flushing, NY 10002

2 Portfolio Review Alexander Family 42 East Lawerence St. Flushing, NY Prepared By: Adam Norris, CFP September 30, 2010

3 Market Commentary Financial Market Analysis and Sector Outlook October 2010 The economy is battling significant headwinds including the housing debacle, gridlock in the credit market, a weak dollar, and significant inflationary pressures all of which have investors justifiably on edge. At first glance, these forces would seem to indicate that many overseas markets should continue to outperform the U.S. markets as they have over the past few years. However, the impact of skyrocketing commodities prices is not limited to the U.S. and may undercut global growth projections bringing them in line with the already sobered U.S. forecast. Global Outlook There is no doubt that oil and food prices are driving inflationary pressures. Solid fundamentals, including the lack of significant new oil discoveries and increased food demand in emerging markets, underlie a fraction of the price growth. However, when you consider that the value of all outstanding commodity derivatives has grown from roughly $1 trillion in 2004 to $8 trillion today, there can be little doubt that excess liquidity in the marketplace has led to rampant speculation driving prices beyond their fundamentals. Regardless of the mechanisms behind our current state, there is no doubt that soaring oil and food prices are already a drag on growth worldwide. It is our belief that many overseas markets have not yet apprehended the full impact of these forces and as a result will see their growth rates moderate at an accelerating pace over the near term. U.S. Outlook While the U.S. is by no means immune to the inflationary pressures, we believe U.S. inflation will moderate over the next 6-9 months due to a few key factors: Significant housing inventories will continue to depress home prices reducing household wealth. Business hiring is flat with no meaningful indicators of an upturn in view. Credit availability will remain scarce due to heightened lending standards resulting from the movement toward widespread deleveraging. The result is that the U.S. consumer is facing enormous pressures at the pump, for food, and for shelter and as a result discretionary spending is plummeting. Lacking the necessary fundamentals to drive growth in wages or household wealth there is no fuel for any meaningful continued growth of core inflation. WakeForest Wealth Management Sector Outlook Sector US Large Cap Benchmark WakeForest Wealth Management Date Sector View Last Changed Year-to-Date Return Weight Recommendation Consumer Discretionary 7% Underperform 07/15/ Consumer Staples 12% Marketperform 06/15/ Energy 13% Marketperform 10/01/ Financial 15% Marketperform 04/15/ Heath Care 16% Outperform 05/15/ Industrials 9% Underperform 11/01/ reflection of your portfolio. 3

4 Portfolio Overview Components Of Change BEGINNING VALUE Contributions Withdrawals Unrealized Gain Realized Gain Income and Expenses ENDING VALUE INVESTMENT GAIN Portfolio Returns Current Quarter 2,127, , , ,642, , Current Quarter Year To Date 1,613, , , (2,135.76) 7, ,642, , Since Inception ,920, , , (67,044.29) 2,642, , Year To Date Since Inception Your Portfolio 10.5% 9.7% 8.2% Equity-Mutual Fund Mix Model 5.5% 2.3% (1.4%) Exchange - Industrial Avg 8.6% 0.0% (2.3%) Exchange Index (7.4%) (5.3%) 1.8% International Exchange 2.1% 1.8% 1.4% All returns are TWR, net of fees. Returns for greater than 1 year are annualized. Asset Allocation Category Value US Equities $731, Exchange Traded Funds $243, International Equities $110, Domestic Stock Funds $1,008, Bond Funds $350, Other $196, Portfolio Value Vs Cumulative Net Investment $2,500, $2,000, $1,500, $1,000, $500, $ /31/ /31/ /31/ /31/ /31/ /31/ /31/2008 9/30/2010 Portfolio Value Cumulative Net Investment reflection of your portfolio. 4

5 Portfolio Holdings Weight Symbol Description Quantity Price Current Value 100.0% Portfolio Total $2,642, % US Equities $731, % AMZN Amazon Com Inc $94.29 $29, % AAPL Apple Computer Inc $ $31, % T AT & T 1, $28.09 $29, % BAC Bank Of America Corp 2, $17.77 $44, % BA Boeing Co $54.69 $26, % CSCO Cisco Systems 1, $23.78 $29, % COP ConocoPhillips $46.06 $29, % CVS CVS Caremark Corp $36.10 $28, % DELL Dell Inc 1, $15.87 $28, % LLY Eli Lily & Company $34.68 $29, % XOM Exxon Mobil Corporation $69.98 $29, % GPS Gap Inc 1, $21.83 $27, % GE General Electric Company 1, $17.08 $27, Continued on Next Page reflection of your portfolio. 5

6 Portfolio Holdings Weight Symbol Description Quantity Price Current Value 1.0% HPQ Hewlett Packard Compaq $49.10 $25, % HNZ HJ Heinz & Co $41.74 $29, % IBM International Business Machines $ $29, % LMT Lockheed Martin $81.20 $29, % MCD McDonalds Corp $57.64 $29, % PGN Progress Energy Inc $39.84 $29, % S Sprint Nextel Corp. 6, $4.03 $25, % SBUX Starbucks Corp 1, $20.86 $37, % WMT Wal-Mart Stores Inc $51.54 $29, % WAG Walgreen Co $37.84 $25, % DIS Walt Disney Company $28.01 $27, % YHOO Yahoo! Inc 1, $18.70 $24, % Exchange Traded Funds $243, % IAT ishares Dow Jones US Regional Banks Index Fun 1, $21.59 $35, % PFI PowerShares Dynamic Financial Sector 1, $17.77 $35, Continued on Next Page reflection of your portfolio. 6

7 Portfolio Holdings Weight Symbol Description Quantity Price Current Value 1.3% DDG ProShares Short Oil & Gas ProShares $57.20 $34, % PSQ ProShares Short QQQ ProShares $49.26 $34, % SH ProShares Short S&P 500 ProShares $59.08 $35, % XPH SPDR S&P Pharmaceuticals ETF $35.57 $35, % DBT WisdomTree International Technology Sector Fun 1, $19.04 $35, % International Equities $110, % BP BP PLC ADR $54.29 $22, % CAJ Canon Inc $41.59 $21, % HMC Honda Motor Co ADR $30.61 $30, % TM Toyota Motors ADR $80.14 $36, % Domestic Stock Funds $1,008, % BARAX Baron Asset Fund 2, $45.36 $125, % BIOPX Baron Iopportunity 11, $10.93 $125, % BERIX Berwyn Income Fund 9, $12.93 $122, Continued on Next Page reflection of your portfolio. 7

8 Portfolio Holdings Weight Symbol Description Quantity Price Current Value 4.6% BMCIX Blackrock US Oppty Instl 3, $33.81 $122, % CBMDX Cooke & Bieler Mid-Cap 1, $13.39 $16, % DFSVX Dfa US Small Cap Value $19.70 $17, % FDEQX Fine Domestic Equity 1, $20.52 $24, % AGTHX Growth Fund Of Amer Cl A 4, $26.54 $110, % WWNPX Kinetics Paradigm 1, $20.35 $23, % MXXIX Marsico 21st Century 1, $11.91 $20, % BMPSX Profunds Basic Materials 4, $32.21 $146, % BEARX Prudent Bear 22, $5.80 $132, % WIREX Wireless 4, $4.87 $20, % Bond Funds $350, % AYBFX American Aadvantage High Yield 7, $8.49 $66, % ARBFX Arbitrage Bond Fund 3, $13.21 $45, % BEGRX Beacon Interntional Bond Fund 4, $11.58 $48, % BUFHX Buffalo High Yield Fund 6, $10.96 $70, Continued on Next Page reflection of your portfolio. 8

9 Portfolio Holdings Weight Symbol Description Quantity Price Current Value 0.9% EAFHX Eaton Vance MUni 3, $8.28 $25, % FCVSX Fine Convert Security 1, $21.65 $37, % PRPFX Permanent Portfolio 1, $39.20 $57, % International Stock Funds $170, % CSRCX Columbia International Large Cap 4, $15.68 $77, % FLATX Fidelity Latin America 1, $48.59 $92, % Cash and Equivalents $26, % CASH CASH $26, reflection of your portfolio. 9

10 Disclaimers Report Terms Terms & Disclaimers Beginning/Ending Values The total value of all investments in your portfolio at the beginning and ending of the time period. The value includes cash and money market fund amounts and accrued income. If your custodian(s) does not include accrued income on statements, then the values on this report might not match the account values on your monthly custodial statement(s). Net Contributions The net amount of all capital flows to and from your portfolio during the time period. Capital flows include deposits and withdrawals of cash and receipts and transfers of securities. Capital Appreciation The change in value attributed to the increase in the value of the overall portfolio investments, excluding additions and withdrawals to the portfolio. This change in value typically results from changes in the unit price of your investments, dividends and interest payments. Income The total of all interest and dividend income earned in your portfolio during the time period. Management Fees The total of all management fees paid to your advisor during the time period. Other Expenses The total of all non- management fee expenses incurred by your portfolio during the time period. These expenses could include (but are not limited to) foreign taxes paid, trustee fees, federal withholding expenses, and margin expenses. Brokerage fees and other fees on individual transactions are not included. Investment Gain The total dollar amount gained by your portfolio during the time period. The value is the sum of capital appreciation, income, expenses and any change in the value of accrued income during the time period. Time Weighted (net) The percentage rate of return earned by your portfolio during the time period. The return reflects the aggregate performance of your portfolio s underlying investments due to income received and price changes during the time period. The return is unaffected by decisions to deposit or withdraw cash and securities and is useful to compare against the return of market indexes during the same Disclaimers Asset Classifications 2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. reflection of your portfolio. 10