IMPORTANT NOTES:  Halbert Wealth Management, Inc. (HWM) and Niemann Capital Management, (NCM) are Investment Advisors registered with the SEC and/or their respective states. Some Advisors are not available in all states, and this letter does not constitute a solicitation to residents of such states.  Any opinions stated are intended as general observations, not specific or personal investment advice.  HWM receives compensation from NCM in exchange for introducing client accounts.  For more information on HWM or NCM, please consult HWM Form ADV Part II, NCM Form ADV Part II and Niemann’s Annual Disclosure Presentation, 2009, available at no charge upon request.  Officers, employees, and affiliates of HWM may have investments managed by the Advisors discussed herein or others.

As benchmarks for comparison, the Standard & Poor’s 500 Stock Index (which includes dividends) and the NASDAQ Composite Index represent unmanaged, passive buy-and-hold approaches.  The volatility and investment characteristics of the S&P 500 and the NASDAQ Composite Index may differ materially (more or less) from that of the Nieman  programs since they are unmanaged Indexes which cannot be invested in directly.  The performance of the S & P 500 Stock Index and the NASDAQ Composite is not meant to imply that investors should consider an investment in the Niemann programs, which are actively managed, as comparable to an investment in the “blue chip” stocks that comprise the S & P 500 Stock Index or the stocks listed on The NASDAQ Stock Market that comprise the NASDAQ Composite. Historical performance data is provided by the Advisor.  Performance figures presented include all actual, fee-paying fully discretionary accounts in a composite. See the Annual Disclosure Presentation, 2009 for more details.  Through April 1, 2010, the performance does not include investment in exchange traded funds.  Performance after that date may include investment in exchange traded funds and, as a result, may differ materially.  These performance numbers have not been verified by HWM, and therefore HWM is not responsible for their accuracy. Statistics for “Worst Drawdown” are calculated as of month-end.  Drawdowns within a month may have been greater.  PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.   Any investment in a mutual fund or ETF carries the risk of loss. 

When reviewing past performance records, it is important to note that different accounts, even though they are traded pursuant to the same strategy, can have varying results.  The reasons for this include: i) the period of time in which the accounts are active; ii) the timing of contributions and withdrawals; iii) the account size; iv) the minimum investment requirements and/or withdrawal restrictions; and v) the rate of brokerage commissions and transaction fees charged to an account. There can be no assurance that an account opened by any person will achieve performance returns similar to those provided herein for accounts traded pursuant to these Niemann trading programs.

In addition, you should be aware that (i) these Niemann programs are speculative and involve risk; (ii) the Niemann programs’ performance may be volatile; (iii) an investor could lose all or a substantial amount of his or her investment in these programs; (iv) Niemann will have trading authority over an investor’s account and the use of a single advisor could mean lack of diversification and consequently higher risk; and (v) the Niemann programs’ fees and expenses (if any) will reduce an investor’s trading profits, or increase any trading losses.

Performance results are presented net of transaction costs and Niemann’s actual management fees.  Additionally, mutual funds (including exchange traded funds and variable annuities (collectively referred to as “Funds”) charge various fees, all of which are disclosed in the Funds’ prospectuses, along with potential trading restrictions.   Such fees are borne by shareholders and are reflected in the net asset values of the Funds.  Some Funds also charge short-term redemption fees and excess transaction fees (Special Fees) that are billed to shareholders at the time of the event causing the fee.  Clients pay these fees in addition to Niemann’s advisory fees.  In selecting Funds in which to invest client assets, Niemann considers the nature and size of the fees charged by the Funds.  Niemann selects Funds only if Niemann believes the Fund’s performance, after all fees, will meet Niemann’s performance standards. Consequently, Niemann may select Funds with higher or lower fees than similar Funds, and that charge Special Fees.  When deciding whether to liquidate a Fund position, Niemann will take into consideration any Special Fees that the Fund may charge.  Niemann may decide to sell a Fund position even though it will result in the client being required to pay Special Fees.  In addition, overall performance may be affected by the fees charged by the account custodian.   All dividends and capital gains have been reinvested.  Consult your tax advisor for tax implications. Money market funds are not bank accounts, do not carry deposit insurance, and do involve risk of loss.  “Annualized” returns take into account compounding of earnings over the course of an investment’s actual track record.  The results shown are for a limited time period and may not be representative of the results that would be achieved over a full market cycle or in different economic and market environments.