Winter Investment Letter {Footnotes and Disclaimers}

Christopher R. English is the President and founder of Lumen Capital Management, LLC.-a Registered Investment Advisor regulated by the State of Illinois. A copy of our ADV Part II is available upon request. We manage portfolios for private investors and also manage a private investment partnership. The information derived in these reports is taken from sources deemed reliable but cannot be guaranteed. Mr. English may, from time to time, write about stocks or other assets in which he or other family members has an investment. In such cases appropriate discloser is made. Lumen Capital Management, LLC provides investment advice or recommendations only for its clientele. As such the information contained herein is designed solely for the clients or contacts of Lumen Capital Management, LLC and is not meant to be considered general investment advice. Mr. English may be reached at Lumencapital@hotmail.com.

1. Bloomberg News  Smallest S&P 500 Gain Since 2005 Seen by Equity Strategists  By Inyoung Hwang on January 11, 2012  http://www.businessweek.com/news/2012-01-11/smallest-s-p-500-gain-since-2005-seen-by-equity-strategists.html#p1
2. Solas! {Investment Letter to Clients-January 27, 2012} reprinted on our blog Feb. 13-18, 2012. 
3. Solas! Thoughts on Fundamentals/Sentiment/Money Flows/Valuation:  June, 6, 2012.  http://lumencapital.blogspot.com/2012/06/we-discussed-yesterday-some-of.html
4. Solas! Investment  Letter to Clients, IBID .
5. The Reformed Broker.com, Fund Flows and the Postive Feedback Loop., Joshua M. Brown, January 11, 2013  http://www.thereformedbroker.com/2013/01/11/fund-flows-and-the-positive-feedback-loop/
6. New Residential Construction in December 2012.,  Department of Housing and Urban Development, Jan 17, 2013.  http://www.census.gov/construction/nrc/pdf/newresconst.pd