1. Morgan Dempsey Capital Management, LLC is a Registered Investment Advisor, regulated by the U.S. Securities and Exchange Commission (SEC), under the Investment Advisers Act of 1940.

2. The information herein is for informational use only. Under no circumstances does this information represent a recommendation to buy or sell securities. Information contained herein should not be a construed as a solicitation or offer of any services in a jurisdiction where Morgan Dempsey Capital Management, LLC is not registered to do business or does not qualify for an exemption or exclusion from registration requirements.

3. The content herein may contain hyperlinks to websites operated by parties other than MDCM. Such hyperlinks are provided for your convenience only. MDCM does not control such websites, and is not responsible for their content. MDCM's inclusion of hyperlinks to such websites does not imply any endorsement of the material on such websites or any association with their operators.

4. MDCM makes no representation or warranties as to the accuracy, timeliness, or relevance of any information prepared by any unaffiliated party.

5. Small and Micro-Cap stocks may be subject to a higher degree of risk than more established company securities. Small and Micro-Cap stocks may be less liquid which can potentially increase trading costs.

6. The Internet is not a secure network and online access may be interrupted

7. Some information provided on MDCM's website or in company communications reflects opinions, and as such are not facts. These opinions are subject to change with changes in economic conditions and new information. Therefore, this information should not be used as a basis for an investment decision.

8. It should not be assumed that future recommendations will be profitable or will equal the performance of securities or strategies discussed in company communications or on our website. Upon request MDCM will provide a complete list of all recommendations made within the past year.

9. The information contained herein is not a guarantee, or warranty by Morgan Dempsey Capital Management, LLC, nor its employees for any loss you may incur as result of the given information.

10. Ranking data was obtained from Money Manager Review, Nelson Information, Informa/Effron PSN, Morningstar, Evestment Alliance and other consultants. These rankings are independently prepared, and we believe them to be objective and statistically valid. Other similar manager rankings may produce different results.

11. Unless otherwise noted, performance results discussed in company communications and advertisements are net of fees and taken from our performance composite for the time period specified.

12. Further detailed disclosure information is contained in our Form ADV Part II which is available upon request

13. Periodically, the terms and conditions may be updated and/or corrected to reflect changes in content.

14. Morgan Dempsey Capital Management, LLC has contracted the independent consulting firm of McCoy Associates to market the Morgan Dempsey Small/Micro-Cap Value Strategy. Compensation to McCoy Associates will be provided out of the existing management fee charged by Morgan Dempsey Capital Management, LLC. Compensation will not exceed 20% of the management fee and clients are not charged a higher fee as a result of McCoy Associates’ marketing efforts for Morgan Dempsey Capital Management, LLC.

15. To be removed from MDCM's mailing list please contact Maury McCoy at (512) 775-0944 or Maury@McCoy-Associates.com

16. The performance figures for the Dividend Income and Small-Cap Value styles are compiled from the equity investments in accounts valued in excess of $100,000 and managed on a discretionary basis by MDCM. During 2002 and the first quarter of 2003 the Small Cap results relate to one account and the account used was not the same from year to year.

17. Each annual performance result figure represents the time-weighted net average return (or loss) of the accounts for the time periods shown. In some instances certain accounts were not funded for periods of time and those time periods were not included in the calculations.

18. Gross performance result calculations include the deduction of securities transaction charges but not investment advisory fees. Actual portfolio returns are reduced by the amount of such fees. Over time, the deduction of fees reduce the value of a portfolio on a compounded basis. The results include the reinvestment of all dividends and other income. The results of the Russell 2000 Value, Russell 3000 Growth, Russell 1000 Value, Russell Micro-Cap, Russell 2000 and Lehman Govt/Credit indices reflect reinvestment of all dividends and
other income.

19. Clients having portfolios containing securities other than those used for the style selected, and portfolios subject to tax, client-imposed or other restrictions, would have had higher or lower total account returns than the performance shown.

20. Factors such as the size and performance of specific securities positions in accounts, the length of time certain positions are held, the timing of purchases and sales during the reporting period, client objectives, cyclical securities price trends, favorable and unfavorable news pertaining to securities, market trends and other factors all influence performance results materially. For these reasons, actual client account performance for any style would only match MDCM’s total performance by coincidence.

21. The data used for this report was obtained from sources deemed reliable and then organized by the staff at MDCM. Performance calculations were prepared using standard industry software and were not audited by any third party. Errors could have occurred in the data, in the calculations, or in the preparation of this report. Therefore, the information contained on this site may not be precise.

22. The composition and market volatility of the Russell 2000 Value, Russell 3000 Growth, Russell 1000 Value, Russell Micro-Cap, Russell 2000 and Lehmann Govt/Credit indices, which are unmanaged market value-weighted indices, and the composition and volatility of the portfolios managed by MDCM are materially different.

23. The results shown in this report should not be considered indicators of future performance. There can be no assurance that MDCM’s future recommendations and account performance results will be favorable, or that losses will not occur in any client’s account.

Any question regarding this information should be brought to the attention of Morgan Dempsey Capital Management, LLC.

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