Disclaimer:
Performance is shown both gross and net of Netols Asset Management's actual fees.  Their standard fee schedule is available upon request.  Performance shown includes the reinvestment of income and dividends.  Past performance is no guarantee of future results, and investing in securities may result in a loss of principal.

Netols Asset Management is a registered investment advisor specializing in small-cap value investment management.  Netols Asset Management's investment philosophy is based on a rigorous fundamental, bottom-up research process.  With an emphasis on market inefficiencies and under-followed areas in the market, stock selection reflects their belief that changes in a company's financial, organizational or operational management create significant opportunities for investment outperformance over time.  The Netols Small Cap Value Composite invests in securities that are undervalued and exhibit potential "change factor" characteristics.  These change factor characteristics can be organizational, operational, financial and/or regulatory.  The Netols Small Cap Value Composite assets as of December 31, 2006, were $393.27 million, which represented 84% of the firm's total assets.  Non-fee paying accounts represented 0% of the Netols Small Cap Value Composite as of December 31, 2006.  Returns are calculated in U.S. Dollars.  

Netols Asset Management has prepared and presented the attached report in compliance with the CFA Institute's Global Investment Performance Standards - 2006 Version Performance Presentation Standards ("GIPS").  The CFA Institute has not been involved with the preparation or review of this report.  To view this report, please use the following link:  Netols Small Cap Value Performance Presentation.