Performance

The investment strategy is to seek to maximize total return while significantly reducing market risk. We measure our success by evaluating total return, standard deviation and the sharpe ratio realized by the strategy over time. We hope these charts are helpful to you in evaluating how this strategy might improve risk-adjusted total return.

CONSIDERATIONS:
- A covered call strategy limits upside potential for stock appreciation and will therefore underperform in strong markets.
- There are no assurances that we will be successful in reaching client’s premium target.
- A covered call does not protect a stock from downside risk. The loss for the investor could be the current price of the stock less the premium received for the call option (long put option contracts provide some degree of downside protection if utilized).
- Withdrawals (such as systematic withdrawals as part of an income strategy) may result in a declining portfolio value over time.

IMPORTANT NOTES:
The performance results shown are not indicative of the future performance of the investment strategy described herein. Additionally,
the investment return and principal value of an account will fluctuate and may be worth more or less than the original cost when liquidated. The investment environment and market conditions during the period shown are markedly different from those of the present and future periods. Investment returns of an account will fluctuate in value. There can be no assurance any account will achieve positive returns in future periods. The performance results shown reflect the reinvestment of dividends.
In comparing the performance results shown to any market indices, prospective clients should note that many indices are highly diversified and generally represent only unmanaged results of long investments. The investment strategy described
herein may not be as diversified as any of these indices, and, unlike some of these indices, will use options and other
derivatives. Because of these differences, no index is directly comparable to the investment strategy described herein.

Optima is a discretionary call writing investment service of California Investment Trust. This brochure is intended to describe generally
how the Optima service works, but it is not a complete description of Optima or how California Investment Trust performs its investment management responsibilities.

All analysis and projections depicted herein are for illustration only, and are not to be representations of generalized Optima performance
or expected results. Past performance is not a guarantee of future results. Supporting documentation for any claims, comparisons,
recommendations, statistics or other technical data will be furnished upon request to California Investment Trust.

The upside potential of fully written call option positions is limited to the strike plus the premium received. Unless the position is closed, the client relinquishes any upside potential above the call strike price. The downside protection afforded by call writing is limited to the amount of the premium received. If the stock held by the client declines significantly, the only protection will be the premium received.

Clients subscribing to the Optima Portfolio service should be willing to sell all of the stock under the Investment Advisory Agreement
at the Strike Price. The Strike Price is the price at which a specific option contract can be excercised. The sale of stock will produce tax consequences for U.S. taxpayers. Each option transaction also produces a tax consequence. Prior to undertaking the Optima Portfolio service, you should discuss with your tax advisor how the option transactions and any sales of underlying stock will affect your tax situation. California Investment Trust does not provide tax advice.

Option trading is not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies of this document may be obtained from your Investment Advisor, from any exchange on which options are traded or by contacting The Options Clearing Corporation, One North Wacker Dr., Suite 500, Chicago, IL 60606 (1-800-678-4667).