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This track record is derived from the actual returns of the largest accounts using the S&P 500 (SPY) and reflects the return of over 30% of the assets invested in the Protected Index Program (PIP) using the SPY.  Multiple accounts are included in the track record to reflect the fact that any one account may have a slightly different put or call strike (or both) on any given month due to market conditions when the accounts were invested.  PIP returns are inclusive of all costs.  This return represents the average return achieved by amounts invested in the S&P 500 Protected Index Program over the time frame indicated.  The return is based on cash invested and uses no leverage or borrowed funds. For the first several years of the track record, accounts were advised on both a discretionary and a non-discretionary basis. Although PTI was responsible for making investment recommendations to non-discretionary accounts, they were free to accept, reject or modify those recommendations and had ultimate decision-making authority. Such decisions by the client could have impacted the performance. Currently all accounts included in this track record are managed by PTI.  Not all accounts in the composite include the reinvestment of dividends, interest and cash generated from covered calls writing, and if all accounts did include reinvestments, this would slightly increase the performance. The investment performance of any individual portfolio may have been better or worse over this period than the results shown herein. By presenting the composite performance, no representation is made that any particular portfolio or group of portfolios had precisely this performance. Past performance is no guarantee of future results.