Wealth Planning & Management, LLC

 Report to Clients and to Prospects

 Year-end, 2005

Preliminary data indicates that the composite return of complete portfolios managed by WP&M was 4.95% compared to 3.00% for the S & P 500 Index.

When we measured the composite return of stocks alone, in isolation from total portfolios, the figure was 6.02%.

These figures are “preliminary” because postings to about one-fourth of our portfolios have not been completed. These hand postings consist primarily of income from dividends and interest, with a few withdrawals for personal expenses of clients. We believe that these postings will add to the year-end values by an insignificant amount.

At the end of the year, WP&M had 96 accounts of more than 40 families representing $37,677,954.66 under management. Early in 2006, portfolios of tax-exempt bonds (not included in our composite returns) will be withdrawn as partner Nancy Haddock begins to work as an independent registered investment advisor in New Jersey. The amount of her withdrawal will be approximately $6 million.                              .

The one-year results above, and the two-year results below, are unusual for our firm. Commonly, our performance is only slightly above results of the S&P 500 during positive markets. While we are pleased to report our superior returns, we do not fully understand the reasons for the difference between our results and the index. Let us not discount the possibility that luck played a role.

For the two-year period, our portfolios earned 8.89%, and stocks alone earned 10.89%. The S&P earned 5.95% for the same time period.

Partner Paul Coan received two professional designations during the last quarter. First, he became a “Chartered Financial Consultant” or ChFC. He also became a “Certified Estate Advisor,” or CEA®. More than three years of study were required to obtain these designations.

Jwg-1/2/2006

Wealth Planning&Management,LLC

P.O. Box 40994

Indianapolis, IN 46240