Core Plus:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Additionally, the Core Plus Fixed Income Composite has received a performance examination from Ashland Partners & Company, LLP for the period January 1, 2002 through September 30, 2007.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Core Plus fixed income account fees are 0.30% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Core Plus Fixed Income Composite includes all fully discretionary, tax-exempt, Core Plus Fixed Income separate accounts over $20 million (40 portfolios, $7.7 B, 71% of firm assets as of 12/31/07) and for comparison purposes is measured against the Lehman Brothers Aggregate Bond Index as a general market indicator.  The U.S. Dollar is the currency used to express performance.  Derivatives (such as credit default swaps, credit default indices, options on CDX, currency forwards, structured notes, and CMO tranches) may be utilized when a strategy is unavailable or not cost effective through the cash market.  Derivatives used are strictly constrained by client investment policy.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Core:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Additionally, the Core Fixed Income Composite has received a performance examination from Ashland Partners & Company, LLP for the period January 1, 2002 through September 30, 2007.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Core fixed income account fees are 0.30% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Core Fixed Income Composite reflects all discretionary Core Fixed Income separate accounts over $20 million (15 portfolios, $916 M, 8% of firm assets as of 12/31/07) and for comparison purposes is measured against the Lehman Brothers Aggregate Bond Index as a general market indicator.  The U.S. Dollar is the currency used to express performance.  Derivatives (such as credit default swaps, credit default indices, options on CDX, currency forwards, structured notes, and CMO tranches) may be utilized when a strategy is unavailable or not cost effective through the cash market.  Derivatives used are strictly constrained by client investment policy.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Intermediate:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Additionally, the Intermediate Fixed Income Composite has received a performance examination from Ashland Partners & Company, LLP for the period January 1, 2002 through September 30, 2007.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Intermediate fixed income account fees are 0.30% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Intermediate Fixed Income Composite includes all fully discretionary, tax-exempt, Intermediate Fixed Income separate accounts over $20 million (5 portfolios, $215 M, 2% of firm assets as of 12/31/07) and for comparison purposes is measured against the Lehman Brothers Intermediate Government/Corporate Bond Index as a general market indicator.  The U.S. Dollar is the currency used to express performance.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Absolute Return:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Additionally, the Absolute Return Fixed Income Composite (formerly High Yield Fixed Income Composite) has received a performance examination from Ashland Partners & Company, LLP for the period January 1, 2002 through September 30, 2007.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Absolute Return fixed income account fees are 0.30% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Absolute Return Fixed Income Composite includes all fully discretionary, tax exempt, Absolute Return fixed income separate accounts and institutional commingled fund accounts over $500,000 (1 portfolio, $162 M, 1% of firm assets as of 12/31/07) and for comparison purposes is measured against the Merrill Lynch LIBOR 3-Month Constant Maturity Index and the Merrill Lynch High Yield Master II Constrained Index as general market indicators.  Effective October 1, 2007 the name of the High Yield Fixed Income Composite was changed to Absolute Return Fixed Income Composite.  The U.S. Dollar is the currency used to express performance.  Derivatives (such as credit default swaps, credit default indices, options on CDX, currency forwards, structured notes, and CMO tranches) may be utilized when a strategy is unavailable or not cost effective through the cash market.  Derivatives used are strictly constrained by client investment policy.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Long Duration:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Long Duration and Real Return fixed income account fees are 0.30% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Long Duration Fixed Income Composite reflects all fully discretionary, tax-exempt, Long Duration Fixed Income separate accounts over $20 million (2 portfolios, $449 M, 4% of firm assets as of 12/31/07) and for comparison purposes is measured against the Lehman Brothers Long Government/Corporate Index as a general market indicator.  The U.S. Dollar is the currency used to express performance.  Derivatives (such as credit default swaps, credit default indices, options on CDX, currency forwards, structured notes, and CMO tranches) may be utilized when a strategy is unavailable or not cost effective through the cash market.  Derivatives used are strictly constrained by client investment policy.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Low Duration:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Additionally, the Low Duration Fixed Income Composite has received a performance examination from Ashland Partners & Company, LLP for the period July 1, 2002 through September 30, 2007.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Low Duration fixed income account fees are 0.25% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Low Duration Fixed Income Composite includes all fully discretionary, tax-exempt, Low Duration Fixed Income separate accounts over $5 million (4 portfolios, $450 M, 4% of firm assets as of 12/31/07) and for comparison purposes is measured against the Merrill Lynch 1-3 Year Treasury Index as a general market indicator.  The U.S. Dollar is the currency used to express performance.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Real Return:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Real Return fixed income account fees are 0.30% p.a. on the first $50 million, 0.20% p.a. on the next $50 million, and negotiable for accounts over $100 million assets.  Real Return Fixed Income Composite includes all fully discretionary, tax-exempt, Real Return Fixed Income separate accounts over $5 million (5 portfolios, $400 M, 4% of firm assets as of 12/31/07) and for comparison purposes is measured against the Lehman Brothers U.S. TIPS Index as a general market indicator.  The U.S. Dollar is the currency used to express performance.  Derivatives (such as credit default swaps, credit default indices, options on CDX, currency forwards, structured notes, and CMO tranches) may be utilized when a strategy is unavailable or not cost effective through the cash market.  Derivatives used are strictly constrained by client investment policy.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606. 

Core Plus Full Discretion:

Past performance is not indicative of future performance.  Compliance with GIPSŪ has been verified firm wide for the period January 1, 1987 through September 30, 2007 by Ashland Partners & Company, LLP.  Verification for the most recent quarter is currently in progress, and as such, results for this period are subject to revision.

Core Plus Full Discretion fixed income account fees are 0.35% p.a. on all assets.  Core Plus Full Discretion Fixed Income Composite includes all fully discretionary Core Plus Fixed Income institutional mutual fund accounts (1 portfolio, $459 M, 4% of firm assets as of 12/31/07) and for comparison purposes is measured against the Lehman Brothers Aggregate Bond Index as a general market indicator.  Effective December 31, 2007 the name of the Core Plus Mutual Fund Composite was changed to Core Plus Full Discretion Fixed Income Composite.  The U.S. Dollar is the currency used to express performance.   Derivatives (such as credit default swaps, credit default indices, options on CDX, currency forwards, structured notes, and CMO tranches) may be utilized when a strategy is unavailable or not cost effective through the cash market.  Derivatives used are strictly constrained by client investment policy.  Reams Asset Management Company, LLC is an independent registered investment adviser.  Reams Asset Management Company, LLC claims compliance with the Global Investment Performance Standards (GIPSŪ).  To receive a complete list and description of composites and/or an Annual Disclosure Presentation, please contact David B. McKinney at (812) 372-6606.