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We consider client privacy to be fundamental to our relationship with our clients. We are committed to maintaining the confidentiality, integrity, and security of clients’ personal information entrusted to us. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served.

We never disclose information to nonaffiliated third parties, except as permitted by law. We use financial information that you provide to us to help you meet your personal financial goals while guarding against any real or perceived infringements of your rights of privacy.

Our policy with respect to personal information about you is listed below:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain and record information that identifies each person who opens an account. When you open an account we will ask you for your name, address, date of birth, social security or tax I.D. number, and driver’s license information.

We do not sell client information - whether it is your personal information or the fact that you are a Summit Portfolio Management client - to anyone.

We maintain a secure office and computer environment to ensure that your information is not placed at unreasonable risk.

The categories of nonpublic information that we collect from a client depend upon the scope of the client relationship. It will include information about your personal finances, transactions and accounts with other financial institutions, wills and trusts, tax returns, qualified plan documents, and any other financial documents needed in the financial planning process.

For unaffiliated third parties that require access to your personal information, including financial services companies, consultants, and auditors, we also require strict confidentiality in our agreements with them and expect them to keep this information private. Federal regulators may also review our firm records as permitted by law.

Year-end account information, requested on your behalf (e.g., client accountant, attorney, etc.) will only be released upon receiving your prior approval. At no time, shall such information be released without authorized approval.

Personal identifiable information about you will be maintained during the time you are a client, and for the required time thereafter that such records are required to be maintained by federal securities laws. After this required period of record retention, all such information will be destroyed.

If you have any questions concerning our privacy statement, please contact us at (800) 683-5800.

Disclosure Notice 2006

The Portfolio models represent simulated accounts and how the accounts would have performed if they had been invested (using current allocations) in those asset classes. Not all of the mutual funds currently used were in existence since 1970. However, our data is based on representative data of how funds currently used could have performed in earlier periods utilizing index data.

The simulated models were rebalanced monthly if any asset class target allocation deviated by greater than 4%. For periods prior to the inception of the mutual funds used, the asset class data was reduced quarterly by the current expense ratio of the respective mutual fund for that asset class. The expense ratios for the asset classes, as of 12/31/2004, are: Short Term Bonds .24%, US Core .26%, US Large Value Stocks .30%, US Megacap Stocks .15%, US Small Value Stocks .55%, US Microcap Stocks .66%, International Core .49%, International Large Value Stocks .48%, International Small Value Stocks .75%, Emerging Markets .83%, REITs .37%, Precious Metals .48%, Energy Stocks .32%. Clients should refer to the applicable mutual fund prospectus for more detailed information regarding fund management, costs, and risk factors.

All investments involve risk, including loss of principal. This is especially the case with a model portfolio which has not been subject to specific economic market forces. The portfolio model data is a hypothetical representation of returns based on the combination of various asset classes. The model return data does not reflect actual client assets and is constructed with the benefit of hindsight, utilizing statistical methodology to construct efficient portfolios. The model data should not be construed to be a guarantee or forecast of future returns.

Periodically the portfolio models are updated to reflect additional market (asset class) data and new developments in academic portfolio research. Summit Portfolio Management was not managing client assets as a Registered Investment Advisor for the full period shown here. Summit Portfolio Management manages assets utilizing passive asset class strategies based on model portfolio data and also employs the same methodology on a customized basis for clients. The results of the model data would be slightly different for individual clients based on the actual trading and management of the client account. The model returns should not be construed to be indicative of the advisors’ skill.

The data does not include Summit Portfolio Management advisory fee (see fee schedule on SEC Form ADV II). If a client paid the maximum annual fee of 2% the annualized portfolio return would be reduced by 2.26% from 1970 through 2005. Additional costs due to custodian trading have not been reflected in the models and average .06% per year.

Foreign securities involve additional risks, including foreign currency changes, political risks, foreign taxes and different methods of accounting and financial reporting. Past performance is not necessarily indicative of future performance. Treasury Bills and US Government Bonds are guaranteed as to repayment of principal and interest by the US Government.

Asset Classes and Funds

US Large Core-DFA US Large Core 2, US Large Value-DFA US Large Value, US Small Value-DFA US Small Value, Intl. Core-DFA Intl. Core, Intl. Large Value-DFA Intl. Value, Intl. Small Value-DFA Intl. Small Value, Emerging Mkts Core-DFA Emerging Mkts Core, Emerging Mkts Value-DFA Emerging Mkts Value, Emerging Mkts Small-DFA Emerging Mkts Small.

C Portfolios Asset Allocation

Portfolio Components: Fixed Income	0%	10%	20%	30%	40%	50%	60%	70%	80%
Portfolio Components: Equities	100%	90%	80%	70%	60%	50%	40%	30%	20%

Equity Asset Classes
*US CORE EQUITY	20.00%	18.00%	16.00%	14.00%	12.00%	10.00%	8.00%	6.00%	4.00%
US LARGE VALUE	27.00%	24.30%	21.60%	18.90%	16.20%	13.50%	10.80%	8.10%	5.40%
US SMALL VALUE	18.00%	16.20%	14.40%	12.60%	10.80%	9.00%	7.20%	5.40%	3.60%
*INTL CORE EQUITY	8.00%	7.20%	6.40%	5.60%	4.80%	4.00%	3.20%	2.40%	1.60%
INTL LARGE VALUE	12.00%	10.80%	9.60%	8.40%	7.20%	6.00%	4.80%	3.60%	2.40%
INTL SMALL VALUE	8.00%	7.20%	6.40%	5.60%	4.80%	4.00%	3.20%	2.40%	1.60%
*EMERGING MARKETS CORE	2.00%	1.80%	1.60%	1.40%	1.20%	1.00%	0.80%	0.60%	0.40%
EMERGING MARKETS VALUE	3.00%	2.70%	2.40%	2.10%	1.80%	1.50%	1.20%	0.90%	0.60%
EMERGING MARKETS SMALL	2.00%	1.80%	1.60%	1.40%	1.20%	1.00%	0.80%	0.60%	0.40%

*Core equities represent a broadly diversified portfolio of securities comprising growth, value, large, and small companies
Portfolio allocations are also available in 5% increments for the fixed/equity blend.
Custom asset allocations are also available for modeling on request at no extra charge.

Prior to the live operation of the DFA Core Fund Series, the 100C allocation was allocated as follows. US Megacap 9.75%, US Large Value 29.25%, US Small Value 19.50%, US Microcap 6.50%, Intl. Large Value, 15.16%, Intl. Small Value 12.85%, Emerging Mkts Large 2.33%, Emerging Mkts Value 2.33%, Emerging Mkts Small 2.33%. See asset class descriptions for the funds utilized.

Fixed Income

Taxable Bonds

· Individual US Treasury Inflated Protected Securities (TIPS), maturity approximately 2 years.

· DFA Two year Global Bond Fund

· DFA Five year Global Bond Fund

· Vanguard Inflation Protected Securities Fund

Municipal Bonds

· Vanguard Short Term Municipal Fund

· Vanguard Limited Term Municipal Fund

Asset Class Descriptions

Short Term Bonds 7/00-Present: 33.3% DFA 2 Year Global Bond, 33.3% DFA 5 Year Global Bond, 33.3% Vanguard Inflation Protected Securities Fund. 3/96-6/00: 50% DFA 2 Year Global Bond Portfolio+50% DFA 5 Year Global Bond Fund, 11/90-2/96: 25% DFA 1 Year Fixed Income Fund+ 25% DFA 5 Year Government Fund+50% DFA 5 Year Global Bond Fund, 11/71-10/90: 50% DFA 1 Year Fixed Income Fund+ 50% DFA 5 Year Government Fund 1/70-10/71: 50% US 1 Year Government Total Return+ 50% DFA 5 Year Government Fund. Short Term Bond data sources: DFA 1 Year Fixed Income Fund: 11/71-7/83: Simulation using CD Returns, 8/83-12/99: DFA 1 Year Fixed Income Portfolio. DFA 5 Year Government Fund: 1952-5/87: Simulation using US Government Instruments, 6/87-12/98: DFA 5 Year Government Fixed Income Portfolio.

US Core 10/05-Present: DFA US Core 2
US Megacap 8/97-Present: Bridgeway Blue Chip 35 Index Fund, 1/70-7/97 CRSP decile 1 (Largest 10% of US Stocks).

US Large Value 3/93-Present: DFA Large Cal Value Portfolio 7/63-2/93: Fama-French Large Cap Value (excluding Utilities) Strategy Simulates DFA’s trading range and estimated trading costs, courtesy Fama-French and CRSP: Deciles 1-5 size, (.7) BtM, rebalanced quarterly.

US Small Value 3/93-Present: DFA Small Cap Value Portfolio, 7/63-2/93: Fama-French Small Cap Value Strategy, Simulates DFA’s trading range and estimated trading costs, courtesy Fama-French and CRSP: Deciles 6-10 size (.7) BtM, rebalanced quarterly.

US Microcap 8/97-Present. Bridgeway Microcap Market Fund, 1/82 to 7/97 DFA US Microcap (9-10) Fund, 1/70-12/81 CRSP decile 10 (Smallest 10% of US Stocks).

International Core 10/05-Present: DFA Intl Core
International Large Value 3/94-Present: DFA International Value Portfolio, 7/93-2/94: DFA International High Book to Market Portfolio, 4/93-6/93: EAFE Index (MSCI) substituted temporarily, 1/75-3/93: International High BtM (Value) weighted unhedged (Top 30% BtM) simulated DFA strategy (max Japan 38%), courtesy Fama-French & MSCI. Countries include Japan, United Kingdom, France, Germany, Switzerland, Netherlands, Hong Kong, Austria, Italy, Belgium, and Spain.

International Small Value 1/96-Present: DFA International Small Cap Value Fund, 1/93-12/95: 35% Japan+35% Continental Europe+15% United Kingdom + 15% Pacific Rim, 4/90-12/92: 40% Japan+35% Continental Europe+15% United Kingdom+10% Pacific Rim, 10/89-3/90: 40% Japan+30% Continental Europe+20% United Kingdom+10% Pacific Rim, 7/88-9/89: 50% Japan + 20% United Kingdom + 30% Continental Europe, 1/70-6/88: 50% Japan+ 50% United Kingdom. International Small Company data sources: Continental Europe Small Companies: 7/88-12/97: DFA Continental Small Co. Portfolio. Countries include Belgium, France, Germany, Italy, Spain, Sweden, and Switzerland. Pacific Rim Small Companies: 2/93-3/97: Pacific Rim Small Co. Subtrust, 10/89-1/93: Asia/Australia Small Co. Subtrust. Countries include Australia, Hong Kong, Korea, Malaysia, and Singapore. Japan Small Companies: 4/86-3/97: DFA Japanese Small Company Portfolio, 1/70-3/86: Japan Small Co.’s Smaller Half of TSE 1st Section, Nomura Securities Inv. Trust Tokyo, rebalanced semiannually. UK Small Companies: 4/86-3/97: DFA UK Small Company Portfolio, 1/70-3/86: Hoare Govett Smaller Companies Index, London School of Business.

Emerging Markets 10/5-Present:: 42.8% DFA Emerging Markets Value + 28.6% DFA Emerging Markets Core + 28.6% DFA Emerging Markets, 4/98-9/05 33.33% DFA Emerging Markets Portfolio + 33.33% DFA Emerging Markets Small Cap Portfolio + 33.33% DFA Emerging Markets Value Portfolio, Small, 3/98: 50% DFA Emerging Markets Portfolio + 50% DFA Emerging Markets Small Cap Portfolio, 5/94-2/98: DFA Emerging Markets Portfolio (open ended), 3/93-4/94: DFA Emerging Markets closed end Portfolio, 1/87 -2/93: Simulated index data equally weighted. Argentina, Brazil, Chile, Indonesia, Malaysia, Mexico, Philippines, Portugal, Thailand, Turkey, Israel, rebalanced monthly. 1/70 - 12/86 Emerging Markets simulated data: 50% Int'l Small Value data series, 50% Int'l Large Value data series, rebalanced monthly.

Energy Stocks 6/84-Present: Vanguard Energy Fund.

REITs 2/93-Present: Dimensional Real Estate Securities, 1/72-1/93 NAREIT Index (National Association of Real Estate Investment Trusts).

Precious Metal Stocks 6/84-Present: Vanguard Precious Metals and Mining Fund. 1/70-5/84 Morningstar Mutual Fund Category: Specialty Precious Metals.

Indices

Inflation Consumer Price Index, source: SBBI

Intermediate US Government Bonds Total return on US Government bonds with a maturity not less than 5 yrs., source: SBBI.

S&P 500 The Standard and Poor’s (S&P) composite index measures total return (dividends plus gain or loss) and is a market value weighted benchmark of large US common stock performance, source: SBBI

CRSP (6-10): Small Company universe returns (Deciles 6-10) - All Exchanges, source: DFA.

MSCI EAFE Morgan Stanley: Europe, Australia & Far East index returns including gross dividends, EAFE MSCI includes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, and the United Kingdom, source: SBBI

IFCI Emerging Markets Index- International Finance Corporation (IFC), an affiliate of the World Bank. The composite index is comprised of Argentina, Brazil, Chile, China, Colombia, Greece, Hungary, India, Indonesia, Jordan, Korea, Malaysia, Mexico, Nigeria, Pakistan, Peru, Philippines, Poland, Portugal, South Africa, Sri Lanka, Taiwan, Thailand, Turkey, Venezuela, and Zimbabwe, source: SBBI

Material Sources

Center for Research in Security Prices (CRSP), University of Chicago Roger Ibbotson and Rex Sinquefield, Ibbotson Associates, 1996, Financial Analysts Research Foundation Morgan Stanley Capital International, Nomura Securities Investment Trust Mgt. Co. Ltd., Tokyo, Japan, Dimensional Fund Advisors (DFA), Santa Monica, CA., 2005. SBBI stands for Stocks, Bonds, Bills, and Inflation, data courtesy of Ibbotson Associates. Morningstar; December 2005.

For further disclosure concerning Summit Portfolio Management and its investment management services, you may request a copy of the firm’s most recent document (ADV II) as filed with the Securities and Exchange Commission. Call (310)590-7777 or (800)683-5800. The data contained in this presentation was obtained from sources which Summit Portfolio Management and its information sources believe to be reliable, but they can not guarantee its accuracy.