Performance History (Returns shown are as of June 30, 2010)

The Steinberg Mid-Cap Value Equity product invests in companies with market capitalizations of $1 billion to $10 billion (at cost). Clients often use the Russell Midcap Value® Index to benchmark the strategy.

Inception: January 1, 1990

*Annualized Returns

Statistics ^B

A

Mid-Cap
Composite

SAM
returns
gross of fees

SAM
returns
net of fees

Russell
Midcap®
Value

Composition
Dispersion

# of
portfolios

Composite
assets end
of period
(in
$millions)

% of
firm
assets

Total firm
assets end
of period
(in $millions)

1990

-8.37%

-10.39%

-16.09%

3.67%

31

113

42%

271

1991

18.73%

17.62%

37.92%

2.19%

24

70

28%

248

1992

10.95%

9.94%

21.68%

3.15%

19

90

35%

259

1993

16.80%

15.93%

15.62%

2.65%

15

117

39%

304

1994

-1.15%

-1.84%

-2.13%

0.80%

14

115

44%

264

1995

39.66%

38.76%

34.93%

3.43%

12

154

43%

355

1996

30.12%

29.34%

20.26%

1.37%

12

191

43%

441

1997

28.66%

27.91%

34.37%

0.97%

11

224

39%

577

1998

-10.70%

-11.29%

5.08%

1.56%

15

235

51%

464

1999

14.86%

14.05%

-0.11%

1.70%

11

249

51%

488

2000

47.87%

46.89%

19.18%

2.91%

11

409

52%

784

2001

5.30%

4.55%

2.33%

1.36%

12

367

39%

937

2002

-11.73%

-12.39%

-9.64%

1.70%

12

353

25%

1386

2003

36.33%

35.38%

38.07%

2.15%

14

473

23%

2019

2004

27.93%

27.06%

23.71%

2.73%

17

619

43%

1430

2005

11.14%

10.39%

12.65%

1.84%

19

632

36%

1761

2006

18.56%

17.80%

20.22%

1.39%

20

681

28%

2358

2007

11.50%

10.81%

-1.42%

1.23%

21

744

28%

2673

2008

-42.84%

-43.20%

-38.44%

3.34%

19

502

28%

1810

2009

34.60%

33.82%

34.21%

4.30%

19

651

28%

2287

2010*

-2.03%

-2.32%

-0.88%

N/M

18

589

27%

2196

2Q 2010

1 year*

3 years**

5 years**

7 years**

10 years**

15 years**

Since Inception**

SAM (gross of fees)

-7.67%

18.00%

-9.46%

1.10%

7.11%

7.92%

11.55%

11.18%

SAM (net of fees)

-7.81%

17.33%

-10.01%

0.48%

6.43%

7.20%

10.82%

10.39%

Russell Midcap® Value

-9.57%

28.91%

-9.44%

0.71%

7.42%

7.55%

9.57%

10.33%

Inception: January 1, 1990.

* Figures as of the period ending June 30, 2010.

**Annualized returns as of the period ending June 30, 2010.

+ N/M denotes that the information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year, or the composite period is less than a year.


SAM is an SEC registered investment advisor. All composite accounts were invested using the same “value” investment philosophy now employed at SAM.

The Mid-Cap Value Equity composite was created in January 2000 and incepted on January 1, 1990. The composite was created to reflect all portfolios managed with a similar mandate. The composite contains concentrated, commission-paying, non-taxable accounts with a market capitalization focus of holdings consistent with the composite name. All accounts are included in the composite unless: (a) the account size is less than $250,000; or (b) the account has been in place less than a full calendar quarter; or (c) the client has not given full investment discretion over the account. Both gross and net results include the reinvestment of dividends and income and are gross of custody fees but net of transaction costs. Withholding tax on dividends is treated as a reduction of the security’s dividend income for companies not domiciled in the U.S. Withholding tax on U.S. equities held by non-domestic accounts is treated as a cash withdrawal. Returns include the effect of foreign currency exchange rates. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains.  Withholding taxes may vary according to the investor’s domicile.Net performance reflects the deduction of actual advisory fees. Other expenses, such as custody fees, which the investors may have incurred independently, may have further reduced investors’ actual results. A percentage of the composite may be invested in non-U.S. securities. The currency used to calculate performance is the U.S. dollar. Additional information regarding the policies for calculating and reporting returns as well as a complete list of SAM’s composites is available upon request. SAM’s investment management fee schedule is 1.00% . Actual investment advisory fees incurred by clients may vary. Non-commission portfolios generally incur fees, e.g. 'wrap fees' charged separately by the plan sponsor and are included in net of fee performance calculations.

SAM’s Mid-Cap Value Equity composite is compared to the Russell Mid-Cap Value® Index. For additional information, the composite has also been compared to the S&P 500 Index. The Russell Midcap Value® Index is a hypothetical and unmanaged index compiled by the Frank Russell Company. The S&P 500 Index is a hypothetical and unmanaged index compiled by Standard and Poor's. Both indices are weighted by market capitalization and their returns include the reinvestment of dividends. The indices do not account for transaction costs or other expenses which an investor might incur in attempting to obtain such returns. The Russell and S&P indices are taken from published sources and deemed reliable. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of SAM. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in SAM's presentation thereof. The composite may differ significantly from the relevant performance benchmarks. Specifically, the composite may invest in fewer companies, and have significantly different industry exposure. The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

Historic performance is no guarantee of future performance, profitability, or the avoidance of losses.

Steinberg Asset Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Compliance with GIPS® has been verified from January 1, 1992 through December 31, 2009.