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

Product AUM at inception: $15 million
Product AUM as of June 30, 2010: $10.4 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: 2-3% 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 75-145
Average annual turnover 70-120%

Current Clients:
Undisclosed private/corporate/ERISA pension plan $10.4 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 & Poor's and MSCI BARRA
Portfolio characteristics compiled from data supplied by The Applied Finance Group, LTD.

Disclosure
Past performance does not guarantee future results. Performance for periods greater than one year is annualized. Gross returns (including realized and unrealized capital gains, reinvestment of dividends and interest) are before fees and administrative expenses. Net returns reflect the return to investors after all fees and expenses.