Moloney Securities Asset Management

Links to Moloney Securities Co., Inc., Broker Dealer (left and above)

Performance

MSAM Growth Composite
Historical Performance
Product Description
Investment Process
Client Customization
Portfolio Composition

Moloney Securities Asset Management Growth Composite

Historical Performance

Net Return % after fees	Composite	S&P 500	S&P 1500	S&P 400
1 Year (ending 12/31/09)	122.48%	23.45%	24.33%	35.00%
3 years annualized (ending 12/31/09)	10.23%	-7.70%	-7.30%	-3.33%
5 years or since Inception annualized(5/02/02-12/31/09)	10.60%	0.36%	0.77%	3.98%

Product Description:
The Moloney Securities Growth Composite, managed by Ron Medley, is available to individual & institutional investors and can be customized to meet the needs of each client's investment policy.

Investment Process:
Companies are chosen for investment using a fundamental, value oriented approach. The process focuses its research on each company's fundamentals, accounting for its respective industry dynamics and macroeconomic conditions. Upon completion of due diligence, companies are compared and selected for investment when they are:

Trading at a discount to their perceived intrinsic fair value
In an environment where that value can be realized by the market in the next 1-3 years

Generally, investments are sold when one of the following conditions is met:

The company has reached its perceived fair value and therefore has no further investment upside
Company specific and/or industry, macroeconomic factors no longer support the intrinsic value framework
Another investment opportunity offering more value is identified

Client Customization:
The investment process can be further customized to meet the needs of each individual client's investment policy. This is accomplished by narrowing the investment style to meet each client's investment preferences, such as: limiting investment to specific asset classes, company size or bond rating (example: 100% equity, mid-cap only), accommodating social investing concerns, & using tax efficient strategies.

Portfolio Composition

Disclosures

1. Moloney Securities Asset Management (MSAM) is a separate division & dba of Moloney Securities Co., Inc., a registered investment advisor, whose parent is Moloney Securities Co., Inc., a broker/dealer.

2. The MSAM Growth Composite contains discretionary, fee paying, accounts, managed by Ron Medley, that follow a growth investment strategy. Composite investments can include both equity & fixed income instruments. While equity investments can be held across the spectrum of company size, from small to large, they are normally concentrated in mid cap domestic companies. Equity investments, regardless of company size, are sought in companies that display fundamental growth characteristics and whose securities trade at a price less than their perceived intrinsic value. Fixed income securities can be used from time to time, and are generally short in duration. Client account asset allocations are adjusted individually in accordance with each client's risk tolerance & investment preferences working from a typical 80% equities/20% fixed income allocation. The use of income generating securities is generally considered in a client portfolio to lessen the volatility of an all stock portfolio.

3. Returns are presented net of management fees and include the reinvestment of all income. The S&P 500, the S&P 1500, and the S&P 400 are provided for comparison to the Growth Composite. The S&P 500 for its characteristic of representing the broad market; and the S&P 1500 for its ability to represent a comparison to companies from large to small: the S&P 1500 is made up of the S&P 500 (large companies), the S&P 400 (mid size companies) and the S&P 600 (small companies); and the S&P 400 for its characteristic of representing the target investment in the composite. None of the S&P indices reflect the deduction of a management fee if an investor invested in them. Nor do any of the S&P indices reflect the reinvestment of all income.

4. MSAM claims compliance with the Global Investment Performance Standards (GIPS®).

5. To receive a complete list, description and presentation of all MSAM composites and/or a presentation that adheres to GIPS standards, contact Ron Medley at 1-800-628-6002, x3003 or write Attn: Ron Medley, MSAM, 13537 Barrett Pkwy. Dr., Ste. 300, Manchester, MO, 63021.

Net Return %

after fees