Capitalization range: > $2 billion (to $500 billion)
Style(s): Value, Quantitative
Inception: February 2006

AUM at inception: $15 million
AUM as of September 30, 2008: $14.9 million
Minimum account size: $5 million

Universe: Russell 1000^® Value Index constituents

Restrictions/exclusions: None (but possible at client's request)
Liquidity Constraints: Liquidity would cause soft close at $5 billion and hard close at $10 billion

Parameters:
Return expectation: 2% over the benchmark per annum
Tracking error expected: <4% versus the benchmark
Cash limits <5%, target <1%
Sector limits +/- 2.5% relative to benchmark
Industry limits +/- 2.0% relative to benchmark
Individual security limits: overweight +1.25%, underweight -1.50% relative to benchmark
Typical number of holdings in Portfolio 70-100
Average annual turnover 70-120%

Current Clients (September 30, 2008):
Undisclosed private/corporate/ERISA pension plan $14.9 million

Fee Schedule:
0.40% first $25 million
0.30% next $25 million
0.20% next $25 million
0.15% over $75 million

Sources
Russell 1000^® Value Index is a registered trademark of the Russell Investment Group
Plan Sponsor Network (PSN) is a product of Informa Investment Solutions
Global Industry Classification Standards (GICS^®) are a registered trademark of Standard & Poors and MSCI BARRA
Portfolio characteristics compiled from data supplied by The Applied Finance Group, LTD.