Shenandoah Asset Management, LLC MegaCap Portfolio Characteristics

Shenandoah MegaCap Strategy - Portfolio Holdings, Sector Weights, and Resulting Characteristics

Portfolio Holdings
We make available the actual portfolio holdings for the most recent month end previous to the current investment period. This file provides the individual holdings as of 9/30/2008: SAM MegaCap Holdings.xls

Sector Weights (%)
The following are the Standard & Poor's Global Industry Classification Standards (GICS^®) Sector Weights resulting from the portfolio holdings as of 9/30/2008.

Resulting Portfolio Characteristics
The following are the characteristics of the resulting portfolio as of 9/30/2008.

Characteristic	Portfolio	Russell Top 200*
Number of Holdings	51	194
Wtd. Average Market Capitalization (millions)	103,073	106,157
Median Market Capitalization (millions)	35,779	26,994
P/E Last Fiscal Year	17.89	13.94
P/E Next Fiscal Year	12.57
Price/Book	3.07	2.38
Price/Sales	2.51
Price to Cash Flow	9.91
Dividend Yield	2.27	2.49
Historical Growth Rate	11.68	18.22
Future Growth Rate	11.53	11.76
Return on Equity	23.03
Predicted Beta (vs S&P 500)	0.93

*Values obtained from www.russell.com

Sources
Russell Top 200^® 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.

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