Special Report:

The Benefits and Risks of

Corporate Bonds

Personal Attention. Powerful Resources.

“A few years ago it would have seemed unthinkable that yields like today’s
could have been obtained on good-grade municipal or corporate bonds even
while risk-free governments offered near-zero returns on short-term bonds
and no better than a pittance on long terms.”

Warren Buffett

Please see the end of this report for Vision’s current

Corporate Bond Inventory.

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

Introduction
We are in uncharted waters. Starting with last year’s stock market meltdown it seems that we are in the worst
possible economic situation since the Great Depression. Many investors have experienced large losses in their
stock portfolios, their fixed income portfolios and even in their real estate investments. We are surrounded by
fear and uncertainty.

The news is filled daily with stories of ongoing layoffs, bankruptcies of historic institutions including General
Motors and lingering effects of scandals such as the historic pyramid scheme run by Bernie Madoff. All of this
has left investors asking themselves the same question: what should I do now with my investments?

It seems that there is nowhere to turn these days, but for fixed income oriented investors and for traditional
stock market investors looking for an alternative to equities, Vision Financial Markets (“Vision”) feels that
there is a timely and historic opportunity present in short-term investment grade corporate bonds. Vision is
in agreement with the quote from Warren Buffett provided on the previous page of this report. Furthermore,
with interest rates still at historically low levels we feel that investment grade corporate bonds deserve serious
consideration for inclusion in the portfolios of many investors.

The Current Interest Rate Environment

On August 12th, 2009 the Federal Reserve in their Federal Open Market Committee statement said that they
are hoping to finish the process of investing $300 billion into U.S. Government bonds that was announced
in March by later this fall. This continued action has sent the already historically low yields in U.S. Treasuries
to even lower levels and caused a further devaluation of the U.S. Dollar. As of September 21st, the six month
Treasury Bill was yielding only 0.18%, the two year Treasury Note 0.95% and going out as far as five years an
investor will only be able to get a yield of 2.43%. People are struggling to find short-term investments that will
return a desired yield that these Treasuries are clearly not currently providing. In fact, the Federal Funds rate
currently sits at an all time low of 0% to 0.25%.

Consider an Alternative
Vision believes that this is an excellent time for investors looking for better yields to consider attractive
alternative investments. One way to take advantage of the distressed levels in some of the well known names
in the marketplace is not in the underlying common stocks, but rather in the corporate bonds which these
companies issue.

Vision has a large inventory of short-term investment grade corporate bonds with attractive current yields
relative to many other products. Our full inventory currently consists of a portfolio with almost 70 different
issues with most bonds yielding above 3% (and some as high as 9%). Most of our bonds mature in less than
three years and we believe they offer an excellent opportunity for both current yield and preservation of
capital.

[Please find attached to the end of this report a recent list of Vision’s corporate bond inventory.]

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

The chart to the right shows the steady drop in interest rates, as represented by the daily Federal Funds rate,
from the beginning of 2006 to today’s current all-time low levels.

Source: Bloomberg Finance L.P.

Know the Facts

Please keep in mind that there are risks associated with corporate bonds which we discuss in more detail at
the end of this special report. These bonds do not carry the full faith and backing of the U.S. Government (like
Treasury securities do) or FDIC insurance like bank products do, but we feel that by only looking at “investment
grade” corporate debt and keeping the maturities short-term in duration, the risk is mitigated for clients that
are appropriate investors in these securities.

Investment grade bonds enjoy ratings of AAA to BBB from the major rating agencies. This rating pertains
to the belief in the underlying company’s ability to make its scheduled interest payments and to repay the
principal amount of the bonds in full. Also, keep in mind that corporate debt ranks higher than preferred stock
or common stock should a company go into bankruptcy or have difficulty servicing its debt (e.g. interest on
corporate bonds must be paid before common or preferred stock holders can receive any declared dividends).

What are Corporate Bonds?

Corporations raise money for their respective businesses (for example to expand their business or just for
general operating purposes) by accessing the capital markets. Through such means as issuing stock to the
public, companies can raise millions (or billions) of dollars. Issuing debt is one of the most popular ways a
corporation can raise funds as it is usually cheaper than borrowing money from a bank.

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

Corporate bonds represent debt of corporations and are issued with maturity dates ranging from a year to as
many as 30 years or sometimes more. These bonds are fully taxable investments which typically pay interest
twice per calendar year (though floating rate securities generally pay every three months). Corporate bonds
issued by poorly rated companies, known as high yield or “junk” bonds, can be very risky investments with high
potential rates of return. Alternatively, bonds issued by highly rated companies can be considered relatively
safer investments. Two major rating agencies that evaluate corporate bonds are Standard & Poors and Moody’s
and as indicated above they are concerned with a company’s ability to make its interest payments and the risk
of default (i.e. not being able to repay the principal amount of the bonds at their stated maturity date).

Each corporate bond has a coupon, which represents the stated interest rate which will be paid on the
respective bond. Coupon rates can be fixed, meaning that they do not change over the life of the bond, or they
can be floating. Floating rate bonds have interest payments that can change over time based on changes in
an underlying interest rate such as the London Interbank Offered Rate (“LIBOR”). Floating rate bonds usually
pay interest quarterly as opposed to semi-annually. Both fixed rate and floating rate bonds are typically issued
with a face value of $1,000 per bond (e.g. 10 bonds equals a face value of $10,000). Bond prices are quoted as a
percentage of par so that a price of $95 on a bond represents $950 per bond.

In addition, there is an inverse relationship between interest rates and yields on a bond. As interest rates
rise, bond prices typically fall and as yields fall, bond prices typically rise. Vision recommends that investors
purchase our investment grade corporate bonds with the intention of holding them until they mature so that
these fluctuations only have a “paper” impact. Vision also typically quotes the yield to maturity on a bond
which represents the return each investor will receive if they hold the bond until it matures.

Another important aspect of corporate debt is that it is senior in status to other obligations of the issuing
entity. If a company should unfortunately declare bankruptcy, the first in line to collect money when assets are
liquidated are vendors for such things as rent, business expenses, etc. (e.g. the corporations invoices must be
paid). Afterwards, comes the debt obligations of the corporation including bonds which have been issued. Only
after all the debt issued is paid back do any of the common stock shareholders receive anything, which adds to
the risk of having a full common stock portfolio.

Listen to the Experts

Starting in late December and continuing through the present, there has been a growing chorus of voices
among professionals in the investment community and financial news industry discussing the benefits of
corporate bonds and their timeliness as a good potential investment in the current interest rate environment.

Warren Buffett, Chairman and CEO of Berkshire Hathaway and one of the top money managers of our time,
wrote the following in his letter to shareholders for the 2009 annual meeting: “A few years ago it would have
seemed unthinkable that yields like today’s could have been obtained on good grade municipal or corporate
bonds even while risk-free governments offered near-zero returns on short-term bonds and no better than
a pittance on long terms.”

Howard Rothman, President of Vision, has shared these sentiments about corporate bonds for some time now

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

and says: “One cannot ignore the historic yield difference between investment grade corporate bonds and
U.S. Treasuries.” Furthermore, “the general fear of default has also caused many issuers to now offer a very
attractive, short-term total return.”

Vision is certainly not alone in our recommendation to buy investment grade corporate bonds. In a June 1st
Wall Street Journal article, there was wide support for the purchase of corporate bonds to not only enhance,
but to build your portfolio. The article theorized that “as the financial system edges away from its brush with
near death, companies will become financially stronger. In that situation, corporate bonds will rise in value,
which can boost returns for corporate bond funds.” These sentiments share our opinion along with their
statement that says: “Some highly rated corporate bonds are sporting strong yields and even some riskier
corporate bonds may be a good bet as the financial environment improves.”

Flexibility, Customization and Attractive Pricing

Vision offers our investment grade corporate bond inventory to individual investors in flexible increments and
at what we believe are very reasonable prices. The bonds are marked-up so that our commission is included
in the price displayed for each bond and as a result, the yield you see quoted is the yield you would receive if
you purchased a respective bond. Furthermore, we are willing to break the bonds up into smaller amounts and
mix and match bonds to attempt to mitigate the risk and customize a bond allocation which is best suited for
each individual investor’s unique needs. Each investor has their own risk tolerance, liquidity needs and time
horizon and Vision’s belief is to determine those factors and then suggest a bond portfolio which seems most
appropriate. Of course, any investor is free to choose their own bond(s) and respective amount(s) from our
current inventory with no such input from Vision. Besides the bonds in our inventory, we can seek to obtain
other investment grade bonds which a client may specifically request, provided we can obtain such bond in
the market place, feel that the pricing of the bond is appropriate and have a respectable comfort level in the
strength of the issuer during the life span of the bond.

In our belief, unless you have a very large sum of assets with a brokerage firm, these bonds would not be
readily accessible. In addition, it would be hard to get the firm selling them to break the offering up into smaller
amounts like Vision will do for each investor. There is also the likelihood that the bonds would have a higher
mark-up. On the flip side, many smaller firms do not have these bonds available or perhaps do so, but only
in very limited availability. Vision, contrary to both scenarios above (larger firms with high minimums and
mark-ups and smaller firms with limited to no inventory), not only has the inventory, but will allow investors to
purchase these bonds with investments as small as only $2,000.

Vision maintains relationships with various fixed income dealers and has been able to purchase a large amount
of investment grade bonds which we felt were priced very attractively. To date, Vision has purchased over
$200 million of these bonds and has many different issuers available for your consideration. We could keep
these bonds for our own account to receive these attractive yields for ourselves, but our business philosophy
is to use these bonds to the benefit of our existing and future clients, thus providing a valuable service to
investors and building new or strengthening existing relationships.

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

The graph below expounds on Mr. Rothman’s thoughts and shows the past ten year’s average yield of the U.S.
Two Year Note versus the U.S. Single-A rated Corporate Bond Index, and the widening spread between these
two to the far right.

Source: Bloomberg Finance L.P.

Seeing is Believing…
Vision lists our current inventory on our Web site which we update weekly. Please visit our site at
www.tradewithvision.com/bonds to see the investment grade corporate bonds we have available. Each specific
bond will be listed including such issuers as General Electric, Goldman Sachs, AT&T, United Healthcare, and
Coca Cola Enterprises. Also listed are the pertinent details about each bond including the coupon rate, current
yield, maturity date, ratings, etc. For your convenience, our latest list of available bonds is included at the end
of this report. Please be sure to note the date of the available inventory which is listed on each page which
included the specific bonds.

While on Vision’s Web site, please also look at our other capabilities and attractive pricing for trading stocks
and options. We even provide access to thousands of mutual funds from over 80 different fund families.

Contact Vision for more Information

In addition to visiting our Web site, feel free to contact Vision’s Customer Service team at 1.877.836.3949
to learn more information about our firm, the various services we offer or specifically about our timely
opportunity in investment grade corporate bonds. We will be happy to discuss your investment objectives with
you and put together a sample portfolio of corporate bonds for you based on your parameters. You can reach
us from 8:00 AM to 6:00 PM ET Monday through Thursday and 8:00 AM to 5:00 PM ET on Friday.

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

Please keep in mind that yields and prices may vary so that an investor may receive more or less than invested
if the bonds are not held until maturity. Furthermore, these investments are not insured by the FDIC or any
other entity. Bonds are subject to various risks including interest rate risk, issuer risk and reinvestment risk
same of which are detailed below.

Please keep in mind that yields and prices may vary so that an investor may receive more or less than invested
if the bonds are not held until maturity. Furthermore, these investments are not insured by the FDIC or any
other entity. Bonds are subject to various risks including interest rate risk, issuer risk and reinvestment risk
same of which are detailed below.

Corporate bonds may be subject to the following risks which investors should carefully consider prior to
making any investment:

Credit Risk - The financial risk that the issuer will not be able to repay the principal upon maturity as promised;

Call Risk - Bonds may be redeemed before the stated maturity date (depending on the call provisions of the specific
bond issue);

Market Risk - If the bond must be sold before the maturity date, the bond may be worth more or less than the face
value and more or less than an investor paid for the bond depending on interest rate movements;

Inflation Risk - The value of the bonds or the income derived from the bonds may be eroded if inflation shrinks the
value of the underlying currency;

Liquidity Risk - Some bonds may be very hard to sell if there is a thin trading market or if the bonds are relatively
unknown; and

Reinvestment Risk – If interest rates fall, there is risk that the interest and/or principal upon maturity of a specific
bond may need to be reinvested at lower rates than the original investment

About Vision Financial Markets

Vision is a self-clearing securities broker/dealer registered with the Securities and Exchange Commission and
holds memberships with the Chicago Board Options Exchange and the International Securities Exchange.
Vision is a member of the Options Clearing Corporation, the Depository Trust Clearing Corporation and
Financial Industry Regulatory Authority (FINRA). Vision’s offices are located in New York, Chicago and
Stamford, CT.

Vision is also a member of the Securities Investor Protection Corporation (SIPC). SIPC provides up to
$500,000 of coverage, with a limit of $100,000 for claims for cash. This protection does not safeguard against
a decline or loss in market value of the securities in your account.

For more information, please call 1.877.836.3949 or visit www.visionfinancialmarkets.com

Vision Corporate Bonds Offerings
as of October 13, 2010
Current Maturity Next Moody’s S&P Amount
Underlying Company
Underlying Company
Price
Price
Current
Yield Type
Type
Coupon
Coupon
Maturity
Date NextDate Moody's
Pay Rating S&P
Rating Amount
Available CUSIP
CUSIP
Yield Date Pay Date Rating Rating Available
Fortune Brands Inc 101.00 0.97 FIXED 5.125 1/15/2011 1/15/2011 Baa3 BBB- 80,000 349631AM3
Royal Bank of Scotland Group PLC 101.50 1.10 FIXED 6.375 2/1/2011 2/1/2011 Ba2 BBB- 102,000 780097AB7
Wells Fargo Bank 101.68 0.58 FIXED 6.450 2/1/2011 2/1/2011 Aa3 AA- 297,000 949748AF4
Charter One Bank 102.50 0.70 FIXED 5.500 4/26/2011 10/26/2010 A2 A- 960,000 16132NAW6
Newmont Mining Corp 104.20 1.27 FIXED 8.625 5/15/2011 11/15/2010 Baa1 BBB+ 295,000 651639AD8
SCANA Corp 103.50 0.76 FIXED 6.875 5/15/2011 11/15/2010 Baa2 BBB 354,000 805901AP0
DTE Energy Co 103.37 1.56 FIXED 7.050 6/1/2011 12/1/2010 Baa2 BBB- 170,000 233331AE7
BB&T Corp 104.23 1.09 FIXED 6.500 8/1/2011 2/1/2011 A2 A- 320,000 054937AC1
Mercury General Corp 104.00 2.32 FIXED 7.250 8/15/2011 2/15/2011 A3 BBB+ 690,000 589400AA8
Celulosa Arauco 105.38 1.72 FIXED 7.750 9/13/2011 3/13/2011 Baa2 BBB 500,000 151191AJ2
PPL Energy Supply LLC 105.78 0.79 FIXED 6.400 11/1/2011 11/1/2010 Baa2 BBB /*+ 200,000 69352JAC1
Weatherford International Inc 106.19 0.83 FIXED 6.625 11/15/2011 11/15/2010 Baa2 BBB 405,000 947074AD2
General Electric Capital Corp 107.21 0.41 FIXED 5.875 2/15/2012 2/15/2011 Aa2 AA+ 970,000 36962GXS8
Marathon Oil Canada Corp 110.65 1.35 FIXED 8.375 5/1/2012 11/1/2010 Baa1 BBB+ 345,000 959053AD1
Nationwide Financial Services 106.13 2.21 FIXED 5.900 7/1/2012 1/1/2011 Baa1 BBB+ 385,000 638612AF8
Safeco Corp 109.39 2.10 FIXED 7.250 9/1/2012 3/1/2011 Baa2 BBB- 357,000 786429AN0
StanCorp Financial Group Inc 109.25 2.02 FIXED 6.875 10/1/2012 4/1/2011 Baa1 A- 380,000 852891AA8
Sovereign Bank 106.36 2.39 FIXED 5.125 3/15/2013 3/15/2011 Baa1 A- 1,465,000 84603MEX0
Celulosa Arauco 107.26 2.36 FIXED 5.125 7/9/2013 1/9/2011 Baa2 BBB 720,000 151191AL7
Harleysville Group Inc 104.64 3.95 FIXED 5.750 7/15/2013 1/15/2011 Baa2 BBB- 150,000 412824AB0
Block Financial LLC 104.00 4.04 FIXED 5.125 10/30/2014 10/30/2010 Baa1 /*- BBB 500,000 093662AC8
Comerica Inc 107.71 2.97 FIXED 4.800 5/1/2015 11/1/2010 A3 BBB+ 620,000 200340AL1
Horace Mann Educators Corp 105.50 5.67 FIXED 6.850 4/15/2016 10/15/2010 Baa3 BBB 450,000 440327AJ3
Navigators Group Inc 107.59 5.40 FIXED 7.000 5/1/2016 11/1/2010 WR BBB 1,000,000 638904AA0
Ventas Realty LP 104.50 5.59 FIXED 6.750 4/1/2017 4/1/2011 Baa3 BBB- 480,000 92276MAT2
Pactiv Corp 106.58 6.87 FIXED 8.125 6/15/2017 12/15/2010 Baa2 /*- BBB 500,000 880394AD3

Please call your Vision Representative for additional information.

• The prices and yields are based on Bloomberg’s pricing as of 10/13/2010. The prices and yields of the above bonds are subject to change on a daily basis and there is no guarantee that the bonds listed will still be available for purchase at
the stated price and yield. The bonds are shown PRIOR to broker mark-up, which will effect the yield you receive. Investors should confirm the current price, yield and availability from their Broker prior to placing an order.
• Bonds are subject to various risks including interest rate risk, reinvestment risk, rating and market risk. The value of the bonds will decrease if interest rates rise. Bonds carrying a higher yield may carry a higher risk of default.
• The yields on the floating rate bonds are based on a formula using the 3 month U.S. Libor Rate as a benchmark and are refixed on a quarterly basis with any adjustments in yield due on the next payment date.
• Vision obtained the above information from sources that it believes to be reliable, but can not guarantee the accuracy of the information.
Vision Corporate Bonds Offerings
as of October 13, 2010
Current Maturity Next Moody’s S&P Amount
Underlying Company
Underlying Company
Price
Price
Current
Yield Type
Type
Coupon
Coupon
Maturity
Date NextDate Moody's
Pay Rating S&P
Rating Amount
Available CUSIP
CUSIP
Yield Date Pay Date Rating Rating Available
Compass Bank 111.92 4.39 FIXED 6.400 10/1/2017 4/1/2011 Baa1 A- 325,000 20449EXN1
Transocean Inc 108.34 4.66 FIXED 6.000 3/15/2018 3/15/2011 Baa3 BBB 675,000 893830AS8
WR Berkley Corp 104.75 5.46 FIXED 6.150 8/15/2019 2/15/2011 Baa2 BBB+ 895,000 084423AL6
WR Berkley Corp 118.28 4.83 FIXED 7.375 9/15/2019 3/15/2011 Baa2 BBB+ 535,000 084423AQ5
Morgan Stanley 109.55 4.32 FIXED 5.625 9/23/2019 3/23/2011 A2 A 1,000,000 61747YCJ2
Boston Properties LP 114.01 4.00 FIXED 5.875 10/15/2019 10/15/2010 Baa2 A- 1,000,000 10112RAQ7
Royal Bank of Scotland Group PLC 111.46 4.82 FIXED 6.400 10/21/2019 10/21/2010 A1 A 450,000 780097AW1
Lincoln National Corp 114.70 4.32 FIXED 6.250 2/15/2020 2/15/2011 Baa2 A- 500,000 534187AY5
Nomura Holdings Inc 116.40 4.53 FIXED 6.700 3/4/2020 3/4/2011 Baa2 BBB+ 940,000 65535HAB5
RenRe North America Holdings Inc 108.43 4.63 FIXED 5.750 3/15/2020 3/15/2011 A3 A 495,000 759891AA2
First Niagara Financial Group Inc 113.38 4.96 FIXED 6.750 3/19/2020 3/19/2011 Baa1 /*- BBB- 1,000,000 33582VAB4
Compass Bank 103.26 5.06 FIXED 5.500 4/1/2020 4/1/2011 Baa1 A- 535,000 20449EBT2
Axis Specialty Finance LLC 105.93 5.09 FIXED 5.875 6/1/2020 12/1/2010 Baa1 A- 1,200,000 05463HAA9
Jefferies Group Inc 109.45 5.67 FIXED 6.875 4/15/2021 10/15/2010 Baa2 BBB 620,000 472319AH5
International Paper Co 124.43 4.61 FIXED 7.500 8/15/2021 2/15/2011 Baa3 BBB 100,000 460146CE1
Thomas & Betts Corp 112.13 4.24 FIXED 5.625 11/15/2021 11/15/2010 Baa2 BBB 200,000 884315AG7
Principal Life 97.60 1.26 FLOATING 0.598 11/8/2013 11/8/2010 Aa3 A 500,000 74254PPF3
Goldman Sachs Group Inc 94.65 2.09 FLOATING 0.789 1/12/2015 1/12/2011 A1 A 275,000 38141GDZ4
Wachovia Corp 92.71 2.14 FLOATING 0.815 10/28/2015 10/29/2010 A2 A+ 1,080,000 929903AR3
HSBC Finance Corp 89.50 2.71 FLOATING 0.727 6/1/2016 12/1/2010 A3 A 205,000 40429CFR8

Please call your Vision Representative for additional information.

• The prices and yields are based on Bloomberg’s pricing as of 10/13/2010. The prices and yields of the above bonds are subject to change on a daily basis and there is no guarantee that the bonds listed will still be available for purchase at
the stated price and yield. The bonds are shown PRIOR to broker mark-up, which will effect the yield you receive. Investors should confirm the current price, yield and availability from their Broker prior to placing an order.
• Bonds are subject to various risks including interest rate risk, reinvestment risk, rating and market risk. The value of the bonds will decrease if interest rates rise. Bonds carrying a higher yield may carry a higher risk of default.
• The yields on the floating rate bonds are based on a formula using the 3 month U.S. Libor Rate as a benchmark and are refixed on a quarterly basis with any adjustments in yield due on the next payment date.
• Vision obtained the above information from sources that it believes to be reliable, but can not guarantee the accuracy of the information.
 Four High Ridge Park
Stamford, Connecticut
06905
Telephone 1.203.388.2700
Fax 1.203.3 2 1 .0071

Toll Free 1.877.836.3949

www.tradewithvision.com

Copyright © 2009 Vision Financial Markets LLC

Vision is a member of CBOE, FINRA and SIPC. 10/09