Account @ H-1-00001March 31, 2011

Hutchison FamilyInvestment Statement

Account @ H-1-00001March 31, 2011

Matthew HutchisonLisa Hutchison1275 Ridgewood DrivePittsburgh, PA 17115

Dear Matthew and Lisa,

As we enter the new year I would like to personally thank you for your patience and continued business.

Regardless of past, present and future economic conditions, we pledge to provide you with the unparalleled service and support you deserve. As an indication of our commitment, I’m very pleased to unveil our new Investment Statements. In addition to a fresh design, you will find many new reports customized specifically for your accounts with us. Each was carefully created to provide you with a timely, ac-curate and concise view of your investments.

Per our conversation earlier today, I look forward to our meeting on Wednesday. If you have any questions in the interim, please feel free to contact me at any time.

As always, we greatly appreciate the trust you have placed in Beuxmont Advisors.

Jeffrey CowleyChief Investment Officer800-830-1839

Account @ H-1-00001March 31, 2011

Hutchison Family

Report Page

Table of Contents

November 2009 Economic Trends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

Portfolio Detail Section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

Portfolio Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Relationship Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Asset Allocation Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Equity Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Equity Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Fixed Income Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Fixed Income Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Portfolio Performance Section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

Portfolio Growth Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Portfolio Performance Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16

Portfolio Performance Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17

Stock Sector Attribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

Portfolio Transaction Section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19

Transaction Detail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Page 1 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Absolute Price Return

Economic Trends

Exhibit 1: Exhibit 2:

Exhibit 3: Exhibit 4:

Equity Holdings of U.S. Households and Nonprofit Organizations, % of Total Assets The time to get long stocks is typically when P/E levels are expanding

Long-term subsequent real returns highly impacted by P/E ratio at entry point... ...And you have not had to take on much more volatility for better returns

S&P 500 P/E at Entry and Subswquent Long-Term Average Real Returns

S&P P/E Subsequent Average Real Return

at Entry 1 Year 2 Year 3 Year 5 Year 10 Year

PE<16 6.7% 15.1% 23.0% 40.6% 126.5%

16<PE<24 2.9% 6.4% 13.0% 24.8% 17.7%

PE<24 -0.3% -1.4% -4.2% 3.3% 5.7%

Data from 1947 through October November 2009

Based on 12-month trailing P/E ratio at month end. Real returns measured as nominal price return of S&P 500 minus the change in seasonally-adjusted US CPI index for same time period.

S&P 500 P/E Ratio at Entry and Subsequent Average Real Return Volatility

S&P P/E Subsequent Monthly Real Return Volatility

at Entry 1 Year 2 Year 3 Year 5 Year 10 Year PE<16 13.9% 14.2% 14.1% 14.3% 14.2%

16<PE<24 12.4% 13.0% 13.5% 14.1% 14.7%

PE<24 16.3% 15.1% 14.7% 13.9% 15.1%

Data from 1928 through November 2009.

Based on 12-month trailing P/E ratio at month end. Real returns measured as nominal price return of S&P 500 minus the change in seasonally-adjusted US CPI index for same time period.

350%

300%

250%

200%

150%

100%

50%

0%

-50%

-100%

1Q52

40%

35%

30%

25%

20%

15%

10%

5%

0%

Equity Holdings of U.S. Households and Nonprofit Organizations, % of Total Assets S&P 500 Returns vs. EPS andP/E Growth Per Decade Since 1930

2Q56

3Q60

4Q64

1Q69

2Q73

3Q77

4Q81

1Q86

2Q90

3Q94

4Q98

1Q03

2Q07

3Q09 1930-

19391940-1949

1950-1959

1960-1969

1970-1979

1980-1989

1990-1999

2000-present

EPS Growth P/E Growth

-41.8

34.2

257.3

53.7

17.2

227.4

315.7

-3.5

Page 2 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Economic Trends

Exhibit 5: Exhibit 6:

Exhibit 7: Exhibit 8:

The earnings bubble has popped... ...Which can be constructive for longer-term equity returns

EM bull markets are typically driven by P/E expansion Emergining markets earnings are currently below trend

Price Return (USD)

100%

80%

60%

40%

20%

0%

-20%10/18/99-2/10/00

Median

P/E Expansion EPS Growth As of November, 2009

90%

80%

70%

60%

50%

40%

30%

20%

10%

095 97 99 01 03 05 07 09

EM Returns vs. P/E and EPS Growth in 10 Longest Bull Runs Since 1995 MSCI Emergining Markets Indes: Earnings Per Share (USD)

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

10/18/99-2/10/00

120

100

80

60

40

20

069 74 79 84 89 94 99 04 09

120

100

80

60

40

20

069 74 79 84 89 94 99 04 09

S&P 500, Inflation-Adjusted EPS,Actual and Trendline Since 12/69

MSCI Europe, Inflation-Adjusted EPS,Actual and Trendline Since 12/69

Data as of 11/30/09

Subsequent 5-Year Real Return

Data from December 1969 through November 2009

S&P 500 MSCI EuropeEPS Relative to Trend Inception

10.1% 9.9%

7.7%

-1.6%-0.1%

0.1%

-3.7%

-5.5%

> 10% Above Trend 0-10 Above Trend 0-10 Below Trend > 10% Below Trend

Account @ H-1-00001March 31, 2011

Hutchison FamilyPortfolio Detail

Page 4 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Asset Allocation

Portfolio Summary

Asset Category Market Value % Total

Account Statistics

Top Ten Holdings (Cash Excluded)

COCA COLA CO COM 28,500 58.58 229,113.29 1,669,530.00 1,440,416.71 46,740.00 2.80 12.48EXXON MOBIL CORP 14,000 72.40 156,406.25 1,013,600.00 857,193.75 23,520.00 2.32 7.58GENERAL ELEC CO COM 55,800 15.61 258,365.64 871,038.00 612,672.36 22,320.00 2.56 6.51GOLDMAN SACHS HIGH YIELD 62,000 8.19 706,213.82 507,780.00 -198,433.82 27,848.91 5.48 3.80MUNICIPAL FUND CLASS I #12583M CO COM 6,000 80.68 108,156.43 484,080.00 375,923.57 12,240.00 2.53 3.62PROCTER & GAMBLE CO 7,200 62.24 52,464.14 448,128.00 395,663.86 12,672.00 2.83 3.35Pennsylvania Trans 3.625% Due 3/1/13 315,000 102.91 313,658.10 324,169.65 10,511.55 11,418.75 3.52 2.42JOHNSON & JOHNSON 4,800 64.77 31,500.00 310,896.00 279,396.00 9,408.00 3.03 2.32Montgomery Co. PA School District 290,000 106.98 295,069.20 310,236.20 15,167.00 12,325.00 3.97 2.324.25% Due 7/1/17WAL-MART STORES INC 5,400 54.69 26,915.62 295,326.00 268,410.38 5,886.00 1.99 2.21

Total $2,177,862.49 $6,234,783.85 $4,056,921.36 $184,378.66 2.96% 46.61%

Equity 6,998,965.40 52.3 Fixed Income 5,198,041.70 38.9 Cash 462,831.94 3.5 Alternatives 715,889.75 5.4 Other 0.00 0.0

Total $13,375,728.79 100.0%

Asset Units Price Tax Cost Market Value Gain/Loss Est. Income Yield % Total

Total Market Value $13,375,728.79

Total Unrealized Gain/Loss $5,489,396.79

Estimated Annual Income $460,923.46

Estimated Portfolio Yield 3.45%

Principal Cash $462,831.94

YTD Long Term Gain/Loss -$44,561.14

YTD Short Term Gain/Loss $0.00

Policy Account Growth and Income w RE Model

Page 5 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Relationship Summary

Sub-Accounts by Investment Objective

Sub-Account Market Value % Total

Allocation by Family Member

Maximum Growth Matthew Hutchison $6,948,436.11 51.99 Matthew Hutchison IMA $6,948,436.11 51.99

Growth & Income Lisa Hutchison $4,163,837.85 31.1 Lisa Hutchison Revocable Trust $1,619,808.40 12.1 Lisa Hutchison IRA $2,544,029.45 19.0

Maximum Income Gracie Hutchison $655,191.86 4.9 Gracie Hutchison Irrevocable Trust $655,191.86 4.9

Luke Hutchison $1,608,261.83 12.0 Luke Hutchison IRA Trust Under Agreement $1,608,261.83 12.0

Sub-Accounts

Account Number Account Name Market Value % Equities % Fixed % Cash % Alt % Other % Parent

410011019 Matthew Hutchison IMA 6,948,436

430094011 Lisa Hutchison IRA 2,544,029

430073015 Lisa Hutchison Revocable Trust 1,619,808

640015012 Luke Hutchison IRA Trust Under Aggreement 1,608,262

610247017 Matthew Hutchison Irrevocable Trust 655,192

80.99 10.07 3.54 5.40 0.00 51.95

25.08 61.18 1.92 11.82 0.00 19.02

35.44 64.56 0.00 0.00 0.00 12.11

0.00 99.00 1.00 0.00 0.00 12.02

1.08 66.24 32.69 0.00 0.00 4.90

Page 6 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Asset Allocation Analysis

Current Asset Allocation

Asset Category Market Value Policy Value % Account % Policy % Variance

Investment Policy Allocation

Equity 6,998,965.40 8,003,505.47 52.3 60 7.7 Fixed Income 5,198,041.70 3,070,000.00 38.9 20 18.9 Cash 462,831.94 -195,626.68 3.5 0 3.5 Alternatives 715,889.75 2,497,850.00 5.4 20 14.6 Other 0.00 0.00 0.0 20 0

Total $13,375,728.79 $13,375,728.79 100.0 120

Asset Allocation

Page 7 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Equity Analysis

Stock Attributes

Attribute Account Target Account¹

Stock Sector Allocation

Market Capitalization $184,518B $23,039BDividend Yield 2.84% 1.78%5 Year Dividend Growth 1.7 2.1Price/Earnings 14.47 17.05Forward P/E 12.83 13.22% Change in EPS Fwd/Cur -10.27% -7.14%Estimated 5 Yr EPS Growth 13.31% 21.32%Price/Book 3.42 2.06Price/Sales 1.63 0.93ROE 27.65% 20.44%LT Debt/Capital --- ---

Equity Capitalization Equity Style

Target Account¹ Account

Target Account¹ Account Target Account¹ Account

¹ Balanced Model

Cons Discr Cons Stpl Energy Financial Health Industry Info Tech Materials Telecom Utility Other

40%

35%

30%

25%

20%

15%

10%

5%

0%

Large Cap Mid Cap Small Cap International Other/Unknown

100%

80%

60%

40%

20%

0%Growth Blend Value Other

60%

50%

40%

30%

20%

10%

0%

Page 8 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Equity Holdings

Consumer DiscretionCHURCHILL DOWNS INC COM 1,500 35.27 15,000.00 52,905.00 37,905.00 750.00 1.42 0.76MCDONALDS CORP COM 3,000 61.05 22,312.50 183,150.00 160,837.50 6,600.00 3.60 2.62

Subtotal $37,312.50 $236,055.00 $198,742.50 $7,350.00 3.11% 3.37%

Consumer StaplesCAMPBELL SOUP CO 4,500 34.84 49,938.30 156,780.00 106,841.70 4,950.00 3.16 2.24COCA COLA CO COM 28,500 58.58 229,113.29 1,669,530.00 1,440,416.71 46,740.00 2.80 23.85KIMBERLY-CLARK CORP COM 2,808 64.61 36,220.16 181,424.88 145,204.72 6,739.20 3.71 2.59PROCTER & GAMBLE CO 7,200 62.24 52,464.14 448,128.00 395,663.86 12,672.00 2.83 6.40WAL-MART STORES INC 5,400 54.69 26,915.62 295,326.00 268,410.38 5,886.00 1.99 4.22

Subtotal $394,651.51 $2,751,188.88 $2,356,537.37 $76,987.20 2.80% 39.31%

EnergyB P AMOCO PLC SPONSORED ADR 3,970 56.39 70,968.75 223,868.30 152,899.55 13,339.20 5.96 3.20EXXON MOBIL CORP 14,000 72.40 156,406.25 1,013,600.00 857,193.75 23,520.00 2.32 14.48SCHLUMBERGER LTD - COM 2,400 61.48 23,021.82 147,552.00 124,530.18 2,016.00 1.37 2.11

Subtotal $250,396.82 $1,385,020.30 $1,134,623.48 $38,875.20 2.81% 19.79%

Health CareBRISTOL MYERS SQUIBB CO COM 2,100 25.54 25,358.91 53,634.00 28,275.09 2,604.00 4.86 0.77JOHNSON & JOHNSON 4,800 64.77 31,500.00 310,896.00 279,396.00 9,408.00 3.03 4.44

Subtotal $56,858.91 $364,530.00 $307,671.09 $12,012.00 3.30% 5.21%

Industrials3M CO COM 6,000 80.68 108,156.43 484,080.00 375,923.57 12,240.00 2.53 6.92BOEING CO COM 900 55.01 21,251.25 49,509.00 28,257.75 1,512.00 3.05 0.71GENERAL ELEC CO COM 55,800 15.61 258,365.64 871,038.00 612,672.36 22,320.00 2.56 12.45UNION PAC CORP COM 2,700 64.59 34,806.15 174,393.00 139,586.85 2,916.00 1.67 2.49

Subtotal $422,579.47 $1,579,020.00 $1,156,440.53 $38,988.00 2.47% 22.56%

Equity

Asset Units Price Tax Cost Market Value Gain/Loss Est. Income % Yield % Class

Page 9 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Information TechnologyINT’L BUSINESS MACHINES COM 500 129.34 51,445.00 64,670.00 13,225.00 1,100.00 1.70 0.92INTEL CORP 5,600 20.15 22,225.00 112,840.00 90,615.00 3,136.00 2.78 1.61

Subtotal $73,670.00 $177,510.00 $103,840.00 $4,236.00 2.39% 2.54%

MaterialsDU PONT E I DE NEMOURS & CO COM 4,500 31.91 88,031.25 143,595.00 55,563.75 7,380.00 5.14 2.05

Subtotal $88,031.25 $143,595.00 $55,563.75 $7,380.00 5.14% 2.05%

TelecommunicationAT&T INC NEW 8,050 27.76 81,449.30 223,468.00 142,018.70 13,202.00 5.91 3.19VERIZON COMMUNICATIONS COM 4,117 33.66 97,907.54 138,578.22 40,670.68 7,822.30 5.64 1.98

Subtotal $179,356.84 $362,046.22 $182,689.38 $21,024.30 5.81% 5.17%

Equity Total $1,502,857.30 $6,998,965.40 $5,496,108.10 $206,852.70 2.96% 100.00%

Equity Holdings - Continued

Asset Units Price Tax Cost Market Value Gain/Loss Est. Income % Yield % Class

Page 10 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Fixed Income Analysis

MaturityName Market Value Rating Maturity Interest Rate Yield to Mat Duration % Fixed 0 - 1 Years 559,710.00 A+ 0.55 3.70 1.15 0.97 11.931 - 3 Years 797,906.90 AAA 1.87 3.74 2.25 1.96 17.013 - 5 Years 810,439.60 AA 3.67 3.95 2.05 3.33 17.285 - 10 Years 2,473,343.70 AA- 7.35 4.11 3.35 6.14 52.7310 - 15 Years 48,861.50 --- 10.73 3.25 1.75 8.87 1.04

Total Maturity $4,690,261.70 AA- 5.01 3.96 2.11 7.26 100.00%

Credit Rating

AAA 616,304.50 AAA 3.46 3.73 2.36 3.59 13.14AA+ 290,530.75 AA+ 7.81 4.45 3.90 3.78 6.19AA 692,769.00 AA 4.64 3.72 2.05 6.55 14.77AA- 107,831.00 AA- 3.72 4.00 2.60 4.57 2.30A+ 464,373.00 A+ 3.59 3.76 0.56 3.47 9.90A 253,667.50 A 0.30 4.30 1.85 3.78 5.41BBB 280,065.00 BBB 8.39 4.50 2.79 3.03 5.97Not Rated 1,984,720.95 --- 5.73 3.98 3.45 6.05 42.32

Total Credit Rating $4,690,261.70 AA- 5.01 3.96 2.46 7.26 100.00%

Sub-categories

Tax Free 4,690,261.70 AA- 5.01 3.96 2.05 7.26 100.00

Total Sub-categories $4,690,261.70 AA- 5.01 3.96 2.05 7.26 100.00%

Name Market Value Rating Maturity Interest Rate Yield to Mat Duration % Fixed

Name Market Value Rating Maturity Interest Rate Yield to Mat Duration % Fixed

Page 11 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Fixed Income Holdings

Maturing in 2010Bucks Co. School Dist. 4.25% Due 8/1/10 08/01/10 50,000 102.24 49,443.00 51,117.50 2,125.00 NR 4.16 0.98EASTERN KY UNIV REVENUE 4.30% 05/01/10 250,000 101.47 255,807.50 253,667.50 10,750.00 A 4.24 4.88DUE 5/1/10Pennsylvania ppty & bldg Comm 11/01/10 250,000 101.97 256,637.50 254,925.00 7,500.00 A+ 2.94 4.90Proj 89 3.00% DUE 11/01/10

Subtotal $561,888.00 $559,710.00 $20,375.00 A- 3.64% 10.77%

Maturing in 2011LEANDER TX INDPT SCHOOL DISTRICT 08/15/11 150,000 104.78 157,659.00 157,162.50 5,250.00 AAA 3.34 3.02 3.500% DUE 08/15/11 DATED 05/01/08New York Housing Corp. Revenue 01/01/11 250,000 101.70 249,832.00 254,250.00 9,125.00 AAA 3.59 4.893.65% Due 1/1/11

Subtotal $407,491.00 $411,412.50 $14,375.00 AAA 3.49% 7.91%

Maturing in 2012Delaware County District 4% 8/1/12 08/01/12 260,000 107.58 264,646.20 279,705.40 10,400.00 NR 3.72 5.38Philadelphia Co. School District 09/01/12 100,000 106.79 99,850.00 106,789.00 3,625.00 NR 3.39 2.053.625% Due 9/1/12

Subtotal $364,496.20 $386,494.40 $14,025.00 NR 3.63% 7.44%

Maturing in 2013Monroe Co. PA school District 3.75% 09/01/13 180,000 106.58 180,536.40 191,842.20 6,750.00 NR 3.52 3.69Due 9/1/13Pennsylvania Asset Liability Gen 10/01/13 100,000 107.83 101,945.00 107,831.00 4,000.00 AA- 3.71 2.07Rcpts 4% Due 10/13/13Pennsylvania Trans 3.625% Due3/1/13 03/01/13 315,000 102.91 313,658.10 324,169.65 11,418.75 AA 3.52 6.24

Subtotal $596,139.50 $623,842.85 $22,168.75 BBB 3.55% 12.00%

Maturing in 2014Infra Autority Series A 5.25% Due 6/01/14 06/01/14 100,000 104.87 103,997.00 104,867.00 5,250.00 A+ 5.01 2.02Jefferson Co Waterworks 4% due on 11/15/14 11/15/14 75,000 108.97 74,523.00 81,729.75 3,000.00 AA+ 3.67 1.57

Subtotal $178,520.00 $186,596.75 $8,250.00 AA- 4.42% 3.59%

Name Mat Dt Par Value Price Tax Cost Market Value Est. Income Rating % Yield % Fixed

Fixed Income

Page 12 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Maturing in 2015Johnson Co. PA School District 4% 09/01/15 250,000 108.21 253,007.50 270,520.00 10,000.00 NR 3.70 5.20 due 9/1/15Mayor Co. PA Recreation Center Proj 06/01/15 215,000 100.81 215,000.00 216,739.35 8,385.00 AA 3.87 4.173.9% Due 6/1/15

Subtotal $468,007.50 $487,259.35 $18,385.00 B+ 3.77% 9.37%

Maturing in 2016Berks Co. Recreation Center Proj 06/01/16 100,000 100.69 99,995.00 100,693.00 3,950.00 AA 3.92 1.943.95% Due 6/1/16Lawrence Co. MA School District 4% 09/01/16 170,000 107.54 171,251.20 182,823.10 6,800.00 NR 3.72 3.52Due on 9/1/16Magoffin Co KY School District 4% due 8/1/16 08/01/16 240,000 107.49 241,161.60 257,966.40 9,600.00 NR 3.72 4.96

Subtotal $512,407.80 $541,482.50 $20,350.00 CCC- 3.76% 10.42%

Maturing in 2017Monroe Co. PA School Dist FIN 08/01/17 50,000 102.33 50,000.00 51,167.00 1,550.00 AA 3.03 0.983.10% Due 08/01/17Montgomery Co. PA School District 07/01/17 290,000 106.98 295,069.20 310,236.20 12,325.00 NR 3.97 5.974.25% Due 7/1/17Tioga Co. Wateworks Proj. 3.85% due 11/1/17 11/01/17 70,000 106.18 70,000.00 74,326.70 2,695.00 NR 3.63 1.43

Subtotal $415,069.20 $435,729.90 $16,570.00 C 3.80% 8.38%

Maturing in 2018JEFFERSON CO KY SCHOOL 01/01/18 200,000 102.45 199,284.00 204,892.00 8,000.00 AAA 3.90 3.94DISTRICT 4.00% DUE 1/1/18Pennsylvania State University 4.5% due 6/1/18 06/01/18 250,000 112.03 258,795.00 280,065.00 11,250.00 BBB 4.02 5.39Scranton Co. School District 4% Due 08/01/18 205,000 102.70 203,839.70 210,532.95 8,200.00 NR 3.89 4.05on 8/1/18Sussex Co. MA Urban Proj 4.25% Due 7/1/18 07/01/18 100,000 105.18 103,000.00 105,183.00 4,250.00 AA+ 4.04 2.02

Subtotal $764,918.70 $800,672.95 $31,700.00 BBB- 3.96% 15.40%

Maturing in 2019Delaware Highway Proj 5% Due on 7/1/19 07/01/19 100,000 103.62 101,000.00 103,618.00 5,000.00 AA+ 4.83 1.99Pennsylvania Highway Proj 4.125% Due 8/1/19 08/01/19 100,000 104.58 99,631.00 104,581.00 4,125.00 A+ 3.94 2.01

Subtotal $200,631.00 $208,199.00 $9,125.00 AA- 4.38% 4.01% 3.59%

Name Mat Dt Par Value Price Tax Cost Market Value Est. Income Rating % Yield % Fixed

Fixed Income Holdings - Continued

Page 13 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Maturing in 2020Newport PA FIRST MTG REV COURT 10/01/20 50,000 97.72 49,543.50 48,861.50 1,625.00 NR 3.33 0.94FACS 3.25% due 10/1/20

Subtotal $49,543.50 $48,861.50 $1,625.00 NR 3.33% 0.94%

Maturing in Not AvailableGOLDMAN SACHS HIGH YIELD 62,000 8.19 706,213.82 507,780.00 27,848.91 NR 5.48 9.77MUNICIPAL FUND CLASS I #1258

Subtotal $706,213.82 $507,780.00 $27,848.91 NR 5.48% 9.77%

Fixed Income Total $5,225,326.22 $5,198,041.70 $204,797.66 BB- 3.94% 100.00%

Name Mat Dt Par Value Price Tax Cost Market Value Est. Income Rating % Yield % Fixed

Fixed Income Holdings - Continued

Account @ H-1-00001March 31, 2011

Hutchison FamilyPortfolio Performance

Page 15 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Portfolio Growth Analysis

Account Performance

Account Flows

Account/Index Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 QTD Hutchison Family - 1.46% - 8.48% - 6.95% 4.88% 6.80% - 2.02%

Allocation Blended Index - 6.13% -12.93% - 4.85% 8.32% 11.54% - 2.32%

Flow Type Beginning Market Value $14,079,869.79 $13,968,058.17 $11,164,889.01 $10,321,909.17 $10,775,067.69 $11,564,744.21Disbursements 13,273.70 -308,965.75 -28,048.62 -48,123.98 -30,648.06 -11,324.47Receipts 309,247.30 128,509.68 125,603.84 142,611.29 125,705.58 24,565.69Market Appreciation/Loss -111,811.61 -2,803,169.16 -842,979.84 453,158.51 789,676.52 -194,012.42

Ending Market Value $13,968,058.17 $11,164,889.01 $10,321,909.17 $10,775,067.69 $11,564,744.21 $11,370,731.79

12%

8%

4%

0%

-4%

-8%

-12%

-16%

Page 16 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Portfolio Performance Overview

Category Sub-Category/Index 1 Month 3 Month YTD 1 Year 2 Year Inception Incpt Dt

Total - 1.87% 1.54% 4.04% 3.14% - 7.38% 2.47% 12/31/03

Allocation Blended Index - 2.32% 3.94% 12.29% 9.99% - 9.76% 2.35% 12/31/03

Equity - 1.80% 3.68% 1.87% - 2.00% -28.49% - 4.36% 12/31/03

S&P 500 TR - 1.86% 5.48% 17.05% 9.80% -16.23% 0.80% 12/31/03

Large - 1.61% 3.92% 2.17% - 1.83% -15.70% 1.48% 12/31/03

Russell 1000 Index (DRI) - 2.21% 5.45% 18.41% 11.20% -16.17% 1.14% 12/31/03

Small -18.49% -16.32% -22.50% -16.58% --- -19.32% 5/31/08

Russell 2000 Index (DRI) - 6.79% 1.41% 14.12% 6.46% --- -16.88% 5/31/08

Fixed Income - 1.55% - 0.61% 3.68% 5.92% 2.35% 2.36% 12/31/03

Taxfree - 1.55% - 0.61% 3.68% 5.92% 2.35% 2.50% 12/31/03

Barclays Municipal 10 Year Index - 2.46% 1.77% 8.54% 12.42% 5.69% 4.43% 12/31/03

Cash 0.00% 0.00% 0.15% 0.38% 1.62% 2.72% 12/31/03

Txable Sweep 0.00% 0.00% 0.15% 0.38% 1.62% 2.72% 12/31/03

Citi 1-Month Treasury Bill 0.01% 0.03% 0.09% 0.10% 1.03% 2.54% 12/31/03

Alt Investment - 1.54% - 1.32% 2.96% 6.73% 4.95% 5.17% 12/31/03

Real Estate - 1.54% - 1.32% 2.96% 6.73% 1.38% - 4.62% 5/30/06

S&P/Citigroup World REIT (TR) - 3.12% 17.21% 23.46% 13.69% -23.24% --- 5/30/06

Total Managed - 2.02% 0.75% 2.12% 1.15% - 8.28% 2.13% 12/31/03

Allocation Blended Index - 2.32% 3.94% 12.29% 9.99% - 9.76% 2.35% 12/31/03

Portfolio Performance

Page 17 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Portfolio Performance Analysis

Top Ten Contributors (Equity, Fixed Income Only) Performance Over Time

Top Ten Detractors (Equity, Fixed Income Only) Performance Statistics

Asset % Contribution % Weight

Asset % Contribution % Weight Name Account Index¹

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND... 0.68 4.203M CO COM 0.64 3.40Montgomery Co. PA School District 4.25%... 0.39 2.74Magoffin Co KY School District 4% due 8... 0.39 2.29Johnson Co. PA School District 4% due 9... 0.38 2.40Scranton Co. School District 4% Due on ... 0.32 1.86Lawrence Co. MA School District 4% Due ... 0.28 1.62B P AMOCO PLC SPONSORED ADR 0.26 1.70JEFFERSON CO KY SCHOOL DISTRICT 4.00% D... 0.26 1.82Delaware County District 4% 8/1/12 0.25 2.49

Total 3.84% 24.51%

GENERAL ELEC CO COM -0.73 7.07EXXON MOBIL CORP -0.48 8.91PROCTER & GAMBLE CO -0.28 3.56WAL-MART STORES INC -0.26 2.50CAMPBELL SOUP CO -0.15 1.23UNION PAC CORP COM -0.14 1.30BANK OF AMERICA CORPORATION COM -0.13 0.32Municipal Bond #41099 -0.01 0.83Municipal Bond #30477 -0.01 0.43FAIRPOINT COMMUNICATIONS INC 0.00 0.00

Total -2.17% 26.16%

Annualized Return 1.00% 10.00%Annualized Standard Deviation 9.00% 12.00%Mean Return 0.00% 1.00%Standard Deviation 3.00% 4.00%Max Return 4.00% 6.00%Min Return -5.00% -6.00%Number of Observation 12 12Alpha 0.00% ---Beta 1.00 ---R Squared 88% ---Variance 89.00 154.00Semi-Variance 57.00 129.00Sharpe Ratio 0.00 1.00Information Ratio 0.00 ---Tracking Error 1.00% ---

¹ Index: Allocation Blended Index² Report start date: 10/31/2008. Assets may not have been held for entire period.³ Contribution and weight calculated as an average over period asset was held.

Index¹ Account

10/08 11/08 12/08 1/09 2/09 3/09 4/09 5/09 6/09 7/09 8/09 9/09 10/09

0.16%

0.12%

0.08%

0.04%

0.00%

-0.04%

-0.08%

-0.12%

Page 18 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Stock Sector Attribution

Attribution Results

Consumer Discretion 6.68 7.30 0.49 12.60 2.31 0.29 -5.92 4.99 0.20 0.17 0.64 -0.35 0.47Consumer Staples 12.37 6.68 0.83 8.70 8.75 0.76 3.67 -2.07 0.06 0.21 -0.18 -0.09 -0.06Energy 9.26 9.73 0.90 10.73 10.17 1.09 -1.47 -0.44 -0.19 -0.06 -0.04 -0.01 -0.11Financials 9.59 -2.72 -0.26 8.38 0.32 0.03 1.21 -3.04 -0.29 -0.04 -0.27 -0.04 -0.35Health Care 16.34 -1.01 -0.17 14.58 -1.75 -0.25 1.76 0.73 0.09 -0.05 0.12 -0.02 0.05Industrials 14.15 4.90 0.69 14.98 12.55 1.88 -0.82 -7.64 -1.19 -0.05 -1.14 0.05 -1.14Information Technology 17.88 3.63 0.65 20.30 4.32 0.88 -2.42 -0.69 -0.23 0.05 -0.15 0.04 -0.06Materials 7.27 0.07 0.01 4.97 4.95 0.25 2.31 -4.88 -0.24 0.02 -0.25 -0.12 -0.36Telecommunication 2.72 0.11 0.00 3.15 0.11 0.00 -0.44 0.00 0.00 0.02 0.00 0.00 0.02Utilities 2.12 -6.09 -0.13 0.00 -- -- 2.12 -- -0.13 -0.25 0.00 0.00 -0.25

Total 100.00 3.12 3.01 100.00 4.90 4.92 0.00 -1.78 -1.91 0.01 -1.26 -0.53 -1.78

Sector Account Account Account Bench. Bench. Bench. Variation Variation Variation Allocation Selection Interaction Total Weight Return Contrib. Weight Return Contrib. Weight Return Contrib. Effect Effect Effect Effect

-0.25 -0.20 -0.15 -0.10 -0.05 0.00 0.05 0.10 0.15 0.20 0.25

Consumer Discretion

Consumer Staples

Energy

Financials

Health Care

Industrials

Information Technology

Materials

Telecommunication

Utilities

-1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6 0.8 -0.35 -0.30 -0.25 -0.20 -0.15 -0.10 -0.05 0.00 0.05 0.10 -1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0 0.2 0.4 0.6

Allocation Effect Selection Effect Interaction Effect Total Effect

Daily data for individual stocks vs. Model Account from 8/31/2009 to 10/31/2009

Account @ H-1-00001March 31, 2011

Hutchison FamilyPortfolio Transactions

Page 20 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Transaction Detail

Transaction Summary Report Settings

Transaction Details

Assets Purchased (Asst_Pur) 5 24,565.69Assets Sold/Matured (AssSldMat) 4 20,675.53Disbursements (Dsbmts) 4 -11,324.47Receipts (Rcpts) 9 24,565.69

Total $58,482.44

Transaction Cash Types: Principal

Transaction Period: 10/01/09 to 10/30/09

Assets Purchased (Asst_Pur)GOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/26/09 5,580.00 5,580.00 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/05/09 504.00 504.00 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/02/09 4,063.57 4,063.57 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/01/09 14,414.00 14,414.00 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/01/09 4.12 4.12 transaction description

Assets Purchased Total $24,565.69

Assets Sold/MaturedGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/23/09 -8,000.00 8,000.00 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/23/09 -8,000.00 8,000.00 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/12/09 -2,337.76 2,337.76 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/12/09 -2,337.77 2,337.77 transaction description

Assets Sold/Matured Total $20,675.53

Asset Transaction Account Symbol Posted Units Market Value

Attribute Number Market Value

Page 21 of 21 Account @ H-1-00001March 31, 2011

Hutchison Family

Disbursements (Dsbmts)Fed Tax 430073015 10/23/09 0.00 -4,000.00 Taxes Withholding Fed Tax 430073015 10/23/09 0.00 -4,000.00 Taxes WithholdingWithdrawal 430073015 10/23/09 0.00 -8,000.00 Franklin Street Properties (FSP)Withdrawal 430073015 10/09/09 0.00 4,675.53 Management Fees

Disbursements Total -$11,324.47

Receipts (Rcpts)GENERAL ELEC CO COM 430073015 GE 10/26/09 0.00 5,580.00 transaction descriptionSCHLUMBERGER LTD - COM 430073015 SLB 10/05/09 0.00 504.00 transaction descriptionGOLDMAN SACHS HIGH YIELD MUNICIPAL FUND CLASS I #1258 430073015 GHYIX 10/02/09 0.00 2,378.77 transaction descriptionKIMBERLY-CLARK CORP COM 430073015 KMB 10/02/09 0.00 1,684.80 transaction descriptionCOCA COLA CO COM 430073015 KO 10/01/09 0.00 11,685.00 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/01/09 0.00 1.74 transaction descriptionGOLDMAN SACHS PRIME OBLIGATION 430073015 38141W356 10/01/09 0.00 2.38 transaction descriptionUNION PAC CORP COM 430073015 UNP 10/01/09 0.00 729.00 transaction descriptionPennsylvania Asset Liability Gen Rcpts 4% Due 10/13/13 430073015 49119GCF4 10/01/09 0.00 2,000.00 transaction description

Receipts Total $24,565.69

Asset Transaction Account Symbol Posted Units Market Value

Transaction Detail - Continued