Investment Objective    Moderate Growth Investment Custodian    Fidelity Investments Insurance Custodians   Security Benefit   NW MarketFlex   Jefferson National

Account Minimum    $50,000 Program Inception Date    05/31/2002

Objective: To generate superior risk-adjusted returns relative compared to the S&P 500. Description: This program holds cash the majority of the time while waiting for the optimum opportunity to invest. When Bull Bear does invest it will buy a leveraged S&P 500 fund. The decision to move between money market and the S&P 500 index fund is made by PFM's Investment Committee. Upon review of various market indicators, Only when the market indicators are strongest will the program invest in the S&P 500 index fund. If the market indicators used to make investment decisions turn strongly negative, PFM's Investment Committee may "short" the market through an inverse fund. Prospective Client: The typical Bull Bear investor has a long-term growth focus and invests only a portion of their portfolio in this program.