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AmalgaTrust Common Trust Fund Fourth Quarter 2008. Annualized Performance as of 12/31/08 Gross of Fees . Sector Weightings % Treasury 0 Agency including MBS 99.2 Bank 0 Financial 0 Industrial 0 Telephone 0 Utility 0 Transportation 0 Cash 0.8. Qtr 1 Yr 3 Yrs 5 yrs

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slide1

AmalgaTrust Common Trust Fund

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees

Sector Weightings %

Treasury 0

Agency including MBS 99.2

Bank 0

Financial 0

Industrial 0

Telephone 0

Utility 0

Transportation 0

Cash 0.8

Qtr1 Yr3 Yrs5 yrs

Common Trust Fund1.88 4.56 4.85 3.62

Barclays Gov’t (1-3 yrs) 3.02 6.66 5.95 4.10

ML T-Bill (6 months) 0.93 3.58 4.66 3.65

Calendar Year Performance

Gross of Fees

20082007200620052004

Common Trust Fund4.56 5.59 4.261.72 2.01

Barclays Gov’t (1-3 yrs) 6.66 7.10 4.12 1.72 1.06

ML T-Bill 6 Months 3.58 5.61 4.81 3.10 1.22

Portfolio Characteristics

Range of Holdings 10-25

Maximum Sector Weighting 50%

Average Maturity 1.23

Average Duration 0.60

Average Quality AAA

Minimum Quality BBB

% of Portfolio Below BBB N/A

Derivatives N/A

Turnover (3 year Average) 25%

  • AmalgaTrust Common Trust Fund
    • $1 million separate account minimum
    • Fee is 30 basis points on first $10 million
    • Available as a collective investment trust

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. AmalgaTrust portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide2

AmalgaTrust Short/Intermediate Fixed Income

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees

Sector Weightings %

Treasury 48.6

Agency including MBS 50.1

Bank 0

Financial 0.3

Industrial 0.4

Telephone 0

Municipal 0.6

Other 0

Qtr1 Yr3 Yrs5 Yrs

Short/Intermediate FI3.44 6.14 5.69 4.03

Barclays Gov’t (1-3 yrs) 3.02 6.66 5.95 4.10

Barclays Inter Gov’t Credit 4.83 5.08 5.51 4.22

Calendar Year Performance

Gross of Fees

20082007200620052004

Short/Intermediate FI6.146.844.13 1.75 1.40

Barclays Gov’t (1-3 yrs) 6.66 7.10 4.12 1.72 1.06

Barclays Inter Gov’t Credit 5.08 7.40 4.08 1.58 3.04

Portfolio Characteristics

Range of Holdings 125-175

Maximum Sector Weighting 50%

Average Maturity 2.87

Average Duration 2.04

Average Quality AAA

Minimum Quality BBB

% of Portfolio Below BBB N/A

Derivatives N/A

Turnover (3 year Average) 35%

  • AmalgaTrust Short/Intermediate Fixed Income
    • $1 million separate account minimum
    • Fee is 30 basis points on first $10 million
    • Available as collective investment trust

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. AmalgaTrust portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide3

AmalgaTrust Intermediate Fixed Income

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees

Sector Weightings %

Treasury 27.5

Agency including MBS 50.0

Bank 2.4

Financial 7.2

Industrials 4.5

Telephone 0.2

Cash 0.0

Utility 0.0

Transportation 0.8

Municipal 4.5

Other 2.9

Qtr1 Yr3 Yrs5 Yrs

Intermediate FI4.48 6.87 6.21 4.61

Barclays Inter Gov’t Credit 4.83 5.08 5.51 4.22

Calendar Year Performance

Gross of Fees

20082007200620052004

Intermediate FI6.877.58 4.231.93 2.60

Barclays Inter Gov’t Credit 5.08 7.40 4.08 1.58 3.04

Portfolio Characteristics

Range of Holdings 200-300

Maximum Sector Weighting 50%

Average Maturity 4.9

Average Duration 3.4

Average Quality AA+

Minimum Quality BBB

% of Portfolio Below BBB N/A

Derivatives N/A

Turnover (3 year Average) 35%

  • AmalgaTrust Intermediate Fixed Income
    • $1 million separate account minimum
    • Fee is 30 basis points on first $10 million
    • Available as collective investment trust

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. AmalgaTrust portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide4

AmalgaTrust Core Fixed Income

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees

Sector Weightings %

Treasury 26.2

Agency including MBS 58.4

Bank 3.8

Financial 2.7

Industrial 7.7

Telephone 0

Cash 0

Utility 0.4

Power 0

Municipal 0.6

Development 0.2

Other 0.2

Qtr1 Yr3 Yrs5 Yrs

Core Fixed Income6.40 8.55 6.81 4.82

Barclays Aggregate 4.58 5.24 5.50 4.64

Calendar Year Performance

Gross of Fees

20082007200620052004

Core Fixed Income8.557.924.021.85 1.97

Barclays Aggregate 5.24 6.96 4.33 2.43 4.34

Portfolio Characteristics

Range of Holdings 125-175

Maximum Sector Weighting 50%

Average Maturity 4.9

Average Duration 3.6

Average Quality AA+

Minimum Quality BBB

% of Portfolio Below BBB N/A

Derivatives N/A

Turnover (3 year Average) 35%

  • AmalgaTrust Core Fixed Income
    • $1 million separate account minimum
    • Fee is 30 basis points on first $10 million
    • Available as collective investment trust

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. AmalgaTrust portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide5

Large Cap Core (BOS)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 12/31/98

Sector Weightings %

Consumer Discretionary 7.9

Consumer Staples 12.6

Energy 14.2

Financials 13.1

Health Care 16.6

Industrials 10.0

Information Technology 15.7

Materials 2.5

Telecommunication Services 3.1

Utilities 4.2

Qtr1 Yr3 Yrs5 YrsInception

Large Cap Core-21.37 -34.65 -6.92 1.49 2.46

S&P 500 -21.94 -37.00 -8.37 -2.19 -1.39

Portfolio Characteristics

Alpha (5 yr) 3.85

Beta (5 yr) 1.00

R2 (5 yr)89.42

Standard Deviation (5 yr) 13.64

Number of Holdings 103

Range of Holdings 95-120

Cash Position 0.2%

Turnover (3 Yr Avg) 66%

Weighted Avg Market Cap $MM $81,446.8

Price/Earnings 10.45

Price/Book 1.63

Dividend Yield 2.79

EPS Growth Forward 9.83

Calendar Year Performance

Gross of Fees

20082007200620052004

Large Cap Core -34.65 10.94 11.29 12.29 18.81

S&P 500 -37.00 5.49 15.80 4.91 10.88

  • AmalgaTrust Large Cap Core BOS
    • $5 million separate account minimum
    • Fee is 70 basis points on first $25 million
    • Boston Advisors - Subadvisor

Boston Advisors, LLC Core Equity Compositecontains all discretionary, fee paying, institutional accounts with a minimum portfolio size of $2 million that typically invest in large to mid capitalization growth and value equity securities and for comparison purposes is measured against the S&P 500 Index.

Boston Advisors, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Boston Advisors, LLC is an independent registered investment advisor located in Boston, Massachusetts. Formerly known as Boston Advisors, Inc., the firm was reorganized as a result of a management-led buyout of the equity business of Boston Advisors, Inc. effective April 1, 2006. Boston Advisors, LLC, as defined for GIPS purposes, includes the historical assets of Boston Advisors, Inc. and predecessor firms, which date back to 1982.

The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest applicable stated management fee of 0.75%, applied quarterly. The investment management fee schedule for the composite is described in Boston Advisors, LLC’s ADV Part II Schedule F which is available upon request. Actual investment advisory fees incurred by clients may vary.

The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request.

The Core Equity Composite was created December 31, 1998. Boston Advisors, LLC’s compliance with the GIPS standards has been verified for the period April 1, 2006 through December 31, 2007 by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Core Equity Composite beginning April 1, 2006.  Ashland Partners & Company, LLP has reviewed the performance record for compliance with the portability requirements of the GIPS Standards from January 1, 2003 through March 31, 2006. A copy of the verification report is available upon request.

slide6

Small Cap Core (BOS)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 12/31/99

Sector Weightings %

Consumer Discretionary 10.5

Consumer Staples 3.2

Energy 5.1

Financials 22.4

Health Care 15.8

Industrials 18.8

Information Technology 14.5

Materials 4.3

Telecommunication Services 0.6

Utilities 4.7

Qtr1 Yr3 Yrs5 YrsInception

Small Cap Core-24.27 -31.87 -7.36 2.33 5.84

Russell 2000 -26.12 -33.79 -8.30 2.62 6.35

Portfolio Characteristics

Alpha (5 yr) 3.33

Beta (5 yr) 0.96

R2 (5 yr)90.15

Standard Deviation (5 yr) 18.38

Number of Holdings 108

Range of Holdings 95-120

Cash Position 3.4%

Turnover (3 Yr Avg) 67%

Weighted Avg Market Cap $MM $924.2

Price/Earnings 9.86

Price/Book 1.29

Dividend Yield 1.50

EPS Growth Forward 11.74

Calendar Year Performance

Gross of Fees

20082007200620052004

Small Cap Core -31.87 -1.85 18.94 10.96 27.10

Russell 2000 -33.79 -1.57 18.37 4.55 18.33

  • AmalgaTrust Small Cap Core BOS
    • $5 million separate account minimum
    • Fee is 95 basis points on first $25 million
    • Boston Advisors - Subadvisor

Boston Advisors, LLC Small Cap Core Equity Composite contains all discretionary, fee paying, institutional accounts with a minimum portfolio size of $500k that invest in small capitalization equity securities and for comparison purposes is measured against the Russell 2000 Index.

Boston Advisors, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Boston Advisors, LLC is an independent registered investment advisor located in Boston, Massachusetts. Formerly known as Boston Advisors, Inc., the firm was reorganized as a result of a management-led buyout of the equity business of Boston Advisors, Inc. effective April 1, 2006. Boston Advisors, LLC, as defined for GIPS purposes, includes the historical assets of Boston Advisors, Inc. and predecessor firms, which date back to 1982.

The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest applicable stated management fee of 0.90%, applied quarterly. Actual investment advisory fees incurred by clients may vary.

The annual composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding the policies for calculating and reporting returns is available upon request.

The Small Cap Core Equity Composite was created December 31, 1999. Boston Advisors, LLC’s compliance with the GIPS standards has been verified for the period April 1, 2006 through December 31, 2007 by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Small Cap Core Equity Composite beginning April 1, 2006.  Ashland Partners & Company LLP has reviewed the performance record for compliance with the portability requirements of the GIPS Standards from January 1, 2003 through March 31, 2006. A copy of the verification report is available upon request.

slide7

Core Investment Grade Fixed Income (BM)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 07/01/1984

Sector Weightings %

Cash/Equivalents 2

Treasury/Agency 33

Mortgage Backed 36

CMBS 2

Asset Backed 0

Investment Grade Credit 25

International 2

Qtr1 Yr3 Yrs5 YrsInception

Core FI BM5.34 6.66 5.82 4.98 9.47

Barclays Aggregate 4.58 5.24 5.51 4.65 8.69

Calendar Year Performance

Gross of Fees

20082007200620052004

Core FI BM6.666.26 4.542.584.89

Barclays Aggregate 5.24 6.97 4.33 2.43 4.34

Portfolio Characteristics

Range of Holdings 200-225

Maximum Sector Weighting 36%

Maximum Security Weighting 4.09%

Average Maturity 8.03

Average Duration 3.42

Average Quality Aa2

Minimum Quality BBB-

% of Portfolio Below BBB 0%

Derivatives 0

Turnover (3 Yr Avg) 165%

  • AmalgaTrust Core Investment Grade Fixed Income BM
    • $5 million separate account minimum
    • Fee is 50 basis points on first $10 million
    • Sector rotation strategy
    • Bradford & Marzec - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Bradford & Marzec portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide8

Core Plus Fixed Income (BM)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 04/01/1985

Sector Weightings %

Cash/Equivalents 4

Treasury/Agency 23

Mortgage Backed 37

CMBS 2

Asset Backed 1

Municipals 0

Investment Grade Credit 23

International 8

High Yield 4

Qtr1 Yr3 Yrs5 YrsInception

Core Plus FI BM3.88 4.56 5.07 4.66 8.89

Barclays Aggregate 4.58 5.24 5.51 4.65 8.13

Calendar Year Performance

Gross of Fees

20082007200620052004

Core Plus FI BM4.56 5.874.782.575.53

Barclays Aggregate 5.24 6.97 4.33 2.43 4.34

Portfolio Characteristics

Range of Holdings 325-375

Maximum Sector Weighting 37%

Maximum Security Weighting 4.67%

Average Maturity 7.96

Average Duration 3.46

Average Quality Aa2

Minimum Quality B-

% of Portfolio Below BBB 4%

Derivatives 0

Turnover (3 Yr Avg) 188%

  • AmalgaTrust Core Plus Fixed Income BM
    • $5 million separate account minimum
    • Fee is 50 basis points on first $10 million
    • Sector rotation strategy
    • Bradford & Marzec - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Bradford & Marzec portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide9

High Yield Fixed Income (BM)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 1/1/1995

Sector Weightings %

Cash Equivalents 3.58

Treasury /Agency 0

Mortgage Backed 0

CMBS 0

Asset Backed 0

Investment Grade 17.94

International 0

High Yield 78.48

Qtr1 Yr3 Yrs5 YrsInception

High Yield FI -13.87 -19.78 -2.81 1.14 7.15

Salomon BB/B -15.72 -22.97 -4.38 -0.31 5.05

.

Calendar Year Performance

Gross of Fees

20082007200620052004

High Yield FI-19.784.699.30 3.7611.14

Salomon BB/B -22.97 2.61 10.61 2.46 9.91

Portfolio Characteristics

Range of Holdings 75-90

Maximum Sector Weighting 78%

Maximum Security Weighting 2.32%

Average Maturity 6.21

Average Duration 4.23

Average Quality Ba3

Minimum Quality B-

% of Portfolio Below BBB 78%

Derivatives N/A

Turnover (3-yr Avg) 66%

  • AmalgaTrust High Yield BM
    • $3 million separate account minimum
    • Fee is 50 bps on the first $10 million
    • Sector rotation strategy
    • Bradford & Marzec - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Bradford & Marzec portfolio holdings are not stagnant and may change over time without prior notice.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands

that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide10

Large Cap Growth (BA)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 03/01/1993

Sector Weightings %

Consumer Discretionary 11.12

Consumer Staples 4.88

Energy 7.23

Financials 8.35

Health Care 23.46

Industrials 8.97

Information Technology 30.78

Materials 0

Telecommunication Services 0

Utilities 0

Cash 5.21

Qtr1 Yr3 Yrs5 YrsInception

Large Cap Growth-24.5 -36.0 -6.0 -1.5 3.8

Russell 1000 Growth -22.8 -38.4 -9.1 -3.4 2.0

Portfolio Characteristics

Alpha (5 yr) 0.16

Beta (5 yr) 0.97

R2 (5 yr)93.23

Standard Deviation (5 yr) 14.08

Number of Holdings 35

Range of Holdings 35 - 45

Cash Position 5.21%

Turnover (3 Yr Avg) 52.38%

Weighted Avg Market Cap $MM $30,243

Price/Earnings 14.3x

Price/Book 2.6x

Dividend Yield 0.7%

5 Year EPS Growth 15.4%

Calendar Year Performance

Gross of Fees

20082007200620052004

Large Cap Growth -36.0 12.3 15.7 5.2 5.9

Russell 1000 Growth -38.4 11.8 9.1 5.3 6.3

  • AmalgaTrust Large Cap Growth BA
    • $5 million separate account minimum
    • Fee is 80 basis points on first $10 million
    • Brown Investment Advisory & Trust Company -
    • Subadvisor

Disclosure Statement

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Brown Investment Advisory and Trust Company is an independent investment management firm. Brown began managing accounts in April of 1993. Brown manages a variety of equity, fixed-income and balanced model portfolios, primarily for both institutional and high net worth U.S. individual clients. Portfolios were valued monthly from April 1, 1993 to May 31, 1997. Portfolios were valued daily from June 1, 1997 to present.

Since the inception of Brown on March 31, 1993 to present, the Modified Dietz Method has been used to calculate returns – each cash flow is weighted by the amount of time it is actually held in the portfolio. Using this method, returns were calculated monthly from March 31, 1993 to May 31, 1997; additionally, portfolios were re-valued when there were significant cash flows (cash flows greater than 10%). Since May 31, 1997, returns have been calculated daily using the Daily Valuation Method negating the need to re-value accounts when there were cash flows greater than 10%.

The composite return includes the allocation of cash. The total return is a weighted average of the common stock return and the cash return. The total market value is the sum of the common stock market value and 45% of the cash market value.

The benchmark is the Russell 1000 Growth Index. The dispersion of annual returns is measured by the range between the high and low portfolio returns.

slide11

Large Cap Value (BA)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 07/01/2000

Sector Weightings %

Consumer Discretionary 7.02

Consumer Staples 10.28

Energy 7.69

Financials 20.20

Health Care 12.53

Industrials 15.73

Information Technology 17.76

Materials 3.51

Telecommunication Services 1.93

Cash 3.36

Qtr1 Yr3 Yrs5 YrsInception

Lg Cap Value-23.3 -37.0 -8.9 -1.6 3.0

Russell 1000 Value -22.2 -36.8 -8.3 -0.8 1.3

S&P 500 -21.9 -37.0 -8.4 -2.2 3.0

Portfolio Characteristics

Alpha (5 yr) -0.06

Beta (5 yr) 1.02

R2 (5yr)92.90

Standard Deviation (5 yr) 13.77

Number of Holdings 38

Range of Holdings 35 - 45

Cash Position 3.36%

Turnover (5 Yr Avg) 53.10%

Weighted Avg Market Cap $MM $49,471

Price/Earnings 9.2x

Price/Book 1.5x

Dividend Yield 4.1%

5 Year EPS Growth 10.2%

Calendar Year Performance

Gross of Fees

20082007200620052004

Lg Cap Value -37.0 0.9 18.6 7.4 13.8

Russell 1000 Value -36.8 -0.2 22.2 7.1 16.5

S&P 500 -37.0 5.5 15.8 4.9 10.9

  • AmalgaTrust Large Cap Value BA
    • $5 million separate account minimum
    • Fee is 80 basis points on first $10 million
    • Brown Investment Advisory & Trust Company -
    • Subadvisor

Disclosure Statement

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Brown Investment Advisory and Trust Company is an independent investment management firm. Brown began managing accounts in April of 1993. Brown manages a variety of equity, fixed-income and balanced model portfolios, primarily for both institutional and high net worth U.S. individual clients.

Since May 31, 1997, returns have been calculated daily using the Daily Valuation Method negating the need to re-value accounts when there were cash flows greater than 10%.

The composite return includes the allocation of cash. The total return is a weighted average of the common stock return and the cash return. The total market value is the sum of the common stock market value and 45% of the cash market value.

The benchmark is the Russell 1000 Value Index. The dispersion of annual returns is measured by the range between the high and low portfolio returns.

slide12

Small Cap Growth (BA)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 03/01/1993

Sector Weightings %

Consumer Discretionary 19.29

Consumer Staples 0.00

Energy 4.81

Financials 3.77

Health Care 22.91

Industrials 18.69

Information Technology 22.87

Materials 2.61

Telecommunication Services 2.07

Cash 3.00

Qtr1 Yr3 Yrs5 YrsInception

Sm Cap Growth-26.9 -38.9 -8.0 -2.0 5.2

Russell 2000 Growth -27.5 -38.5 -9.3 -2.4 3.7

Portfolio Characteristics

Alpha (5 yr) 0.06

Beta (5 yr) 1.04

R2 (5 yr)91.10

Standard Deviation (5 yr) 21.15

Number of Holdings 53

Range of Holdings 40 - 60

Cash Position 3.00%

Turnover (3 Yr Avg) 80.39%

Weighted Avg Market Cap $MM $1,696

Price/Earnings 13.5x

Price/Book 1.7x

Dividend Yield 0.9%

5 Year EPS Growth 18.4%

Calendar Year Performance

Gross of Fees

20082007200620052004

Sm Cap Growth -38.9 17.1 9.0 6.1 9.0

Russell 2000 Growth -38.5 7.0 13.3 4.2 14.3

  • AmalgaTrust Small Cap Growth BA
    • $5 million separate account minimum
    • Fee is 100 basis points on all assets
    • Brown Investment Advisory & Trust Company -
    • Subadvisor

Disclosure Statement

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Brown Investment Advisory and Trust Company is an independent investment management firm. Brown began managing accounts in April of 1993. Brown manages a variety of equity, fixed-income and balanced model portfolios, primarily for both institutional and high net worth U.S. individual clients.

Portfolios were valued monthly from April 1, 1993 to May 31, 1997. Portfolios were valued daily from June 1, 1997 to present.

Since the inception of Brown on March 31, 1993 to present, the Modified Dietz Method has been used to calculate returns – each cash flow is weighted by the amount of time it is actually held in the portfolio. Using this method, returns were calculated monthly from March 31, 1993 to May 31, 1997; additionally, portfolios were re-valued when there were significant cash flows (cash flows greater than 10%). Since May 31, 1997, returns have been calculated daily using the Daily Valuation Method negating the need to re-value accounts when there were cash flows greater than 10%.

The benchmark is the Russell 2000 Growth Index. The dispersion of annual returns is measured by the range between the high and low portfolio returns.

slide13

Intermediate Fixed Income (BA)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 03/01/1993

Sector Weightings %

Treasury 13.4

Agency 7.9

Mortgage Backed 46.7

Asset Backed 0.5

Investment Grade Corporates 18.7

CMO 5.4

Cash 5.7

Other 1.7

Qtr1 Yr3 Yrs5 YrsInception

Intermediate FI3.2 4.8 5.7 4.6 5.9

LB Inter Aggregate 3.6 4.8 5.5 4.4 6.0

Portfolio Characteristics

Number of Holdings 60

Range of Holdings 40 - 80

Average Maturity 3.4 years

Average Duration 2.5 years

Average Coupon 4.7%

Yield to Maturity 4.1%

Average Credit Quality AAA

Minimum Quality BBB

% of Portfolio Below BBB 0%

Turnover (3 Yr Avg) 18%

Calendar Year Performance

Gross of Fees

20082007200620052004

Intermediate FI 4.8 7.5 4.8 2.2 3.5

Barclays Inter Agg 4.8 7.0 4.6 2.0 3.8

  • AmalgaTrust Intermediate Aggregate Fixed Income BA
    • $5 million separate account minimum
    • Fee is 37.5 basis points on first $10 million
    • Brown Investment Advisory & Trust Company -
    • Subadvisor

Disclosure Statement

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

Brown Investment Advisory and Trust Company is an independent investment management firm. Brown began managing accounts in April of 1993. Brown manages a variety of equity, fixed-income and balanced model portfolios, primarily for both institutional and high net worth U.S. individual clients.

Portfolios were valued monthly from April 1, 1993 to May 31, 1997. Portfolios were valued daily from June 1, 1997 to present.

Since the inception of Brown on March 31, 1993 to present, the Modified Dietz Method has been used to calculate returns – each cash flow is weighted by the amount of time it is actually held in the portfolio. Using this method, returns were calculated monthly from March 31, 1993 to May 31, 1997; additionally, portfolios were re-valued when there were significant cash flows (cash flows greater than 10%). Since May 31, 1997, returns have been calculated daily using the Daily Valuation Method negating the need to re-value accounts when there were cash flows greater than 10%.

The benchmark is Barclays Capital Intermediate Aggregate Bond Index. The dispersion of annual returns is measured by the range between the high and low portfolio returns.

slide14

Small Cap Growth (ICRM)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross and Net of Fees Inception 01/01/1996

Sector Weightings %

Consumer Discretionary 16.8

Consumer Staples 4.7

Energy 0.0

Financials 8.6

Health Care 38.5

Industrials 12.9

Information Technology 13.5

Materials 1.6

Telecommunication Services 0.0

Utilities 0.0

YTD1 Yr3 Yrs5 YrsIncept

Sm Cap Growth Gross-40.39 -40.39 -2.28 3.51 10.47

Russell 2000 Growth -38.54 -38.54 -9.32 -2.35 1.27

Portfolio Characteristics

EPS Growth – Current Fiscal Year 38%

Price/Earnings – Next Fiscal Year 21

Long-Term Growth Rate 20%

PEG Ratio – Next Fiscal Year 1.07

Weighted Avg Market Cap ($M) $1,590

Number of Holdings 42

Range of Holdings 40 - 60

Calendar Year Performance

Gross of Fees

20082007200620052004

Sm Cap Growth Gross -40.39 30.18 20.23 32.73 -4.06

Russell 2000 Growth -38.54 7.05 13.35 4.15 14.3

  • AmalgaTrust Small Cap Growth ICRM
    • $10 million separate account minimum
    • Fee is 95 basis points on first $50 million
    • Insight Capital Research & Management, Inc. -
    • Subadvisor

Past Performance is not a guarantee of future results.

Please see disclosures on page 2.

slide15

Small Cap Growth (ICRM)

Fourth Quarter 2008

slide16

Mid Cap Growth (NCM)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross and Net of Fees Inception 01/01/1999

Sector Weightings %

Cash 2.20

Utilities 3.30

Telecommunication Services 2.70

Information Technology 18.90

Financials 6.40

Healthcare 13.40

Consumer Staples 5.00

Consumer Discretionary 18.50

Industrials 17.40

Materials 4.10

Energy 8.10

Qtr1 Yr3 Yrs5 YrsInception

Mid Cap Growth (Gross)-22.76 -47.31 -9.23 1.97 9.23

Mid Cap Growth (Net) -22.96 -47.71 -9.83 1.36 8.61

Russell Mid Cap Growth-27.36 -44..25 -11.78 -2.33 -0.19

Portfolio Characteristics %

EPS Revisions Current Year -1.40

Earnings Surprise 2.90

5 Year Growth Rate 22.0%

Trailing Price/Earnings Ratio 9.9x

(12 months)

Forward Price/Earnings Ratio 12.3x

(Next 12 months)

Price/Book 2.0x

Weighted Average $4.25B

Capitalization (billions)

Calendar Year Performance

Gross and Net of Fees

20082007200620052004

Mid Cap Growth (Gross) -47.28 18.34 19.91 19.83 23.03

Mid Cap Growth (Net) -47.7117.76 19.20 19.33 22.28

Russell Mid Cap Growth -44.32 11.43 10.66 12.10 15.48

  • AmalgaTrust Mid Cap Growth NCM
    • $5 million separate account minimum
    • Fee is 85 basis points on 1st $50 Million
    • NCM Capital Advisers, Inc. - Subadvisor

Performance Notes

Returns are time-weighted, daily calculations. Portfolios are priced daily, and performance is calculated based on trade date, net of commissions. The composite is dollar-weighted and includes all fully discretionary, tax-exempt and taxable equity accounts over $3 million (managed for at least one calendar quarter). NCM Capital excludes accounts that have client-imposed restrictions.

Terminated accounts are not purged from historical composites. Performance includes reinvestment of dividends and other distributions. Returns take into account both realized and unrealized capital gains and losses. Investments in IPOs have contributed to the performance of accounts in this composite. The use of IPOs can significantly affect performance results, particularly when utilizing a short-term trading strategy. A short-term holding strategy was used to generate profits. Performance attribution varies from time-to-time depending on IPO availability, market conditions, and assets under management. One should not assume that future performance will be profitable or equal to past performance. Gross returns do not reflect deduction of management fees, which are described in Part II of our Form ADV. The following statement demonstrates, with a hypothetical example, the compound effect fees have on investment return: if a portfolio’s annual rate of return is 15% for five years and the annual management fee is 50 basis points, the gross cumulative five-year return would be 101.1% and the five-year return net of fees would be 96.8%. A complete list of all composites is available on request. Net of fee returns reflect deduction of management fees.

The Russell Mid-Cap Growth Index measures the performance of those mid-cap companies with higher price-to-book ratios and higher forecasted growth values. These stocks are also members of the Russell 1000 Growth Index.

slide17

Large Cap Growth (SG)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 3/31/1998

Sector Weightings %

Consumer Discretionary 9.8

Consumer Staples 13.3

Energy 9.6

Financials 5.9

Health Care 13.6

Industrials 11.9

Information Technology 30.8

Materials 2.6

Telecommunication Services 1.9

Utilities 0

Qtr1 Yr3 Yrs5 YrsInception

Lg Cap Growth-21.7 -36.8 -7.6 -1.8 0.7

Russell 1000 Growth -22.8 -38.4 -9.1 -3.4 -2.3

Calendar Year Performance

Gross of Fees

20082007200620052004

Lg Cap Growth -36.8 13.2 10.4 8.2 7.1

Russell 1000 Growth -38.4 11.8 9.1 5.3 6.3

Portfolio Characteristics

Alpha (5 year) 0.11

Beta (5 year) 0.91

R2 (5 year) 0.96

Number of Holdings 52

Range of Holdings 45-55

Cash Position 2%

Turnover (3 Yr Avg) 75%

Weighted Avg Market Cap $B 61.8

Price/Earnings (estimate) 11.1x

Price/Book 2.5

Dividend Yield 1.63%

5 Year EPS Growth 12.5%

  • AmalgaTrust Large Cap Growth SG
    • $3 million separate account minimum
    • Fee is 70 basis points on first $10 million
    • Sawgrass Asset Management - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Sawgrass Asset Management portfolio holdings are not stagnant and may change over time without prior notice.

References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an “index”) are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide18

Small Cap Growth (SG)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 1/1/1998

Sector Weightings %

Consumer Discretionary 17.5

Consumer Staples 3.1

Energy 8.4

Financials 15.7

Health Care 18.1

Industrials 9.7

Information Technology 21.5

Materials 6.1

Telecommunication Services 0

Utilities 0

Qtr1 Yr3 Yrs5 YrsInception

Small Cap Growth-26.9 -43.7 -13.6 -5.1 6.6

Russell 2000 Growth -27.4 -38.5 -9.3 -2.4 5.1

Calendar Year Performance

Gross of Fees

20082007200620052004

Small Cap Growth -43.7 11.0 3.1 3.2 15.7

Russell 2000 Growth -38.5 7.0 13.4 4.2 14.3

Portfolio Characteristics

Alpha (5 year) -0.27

Beta (5 year) 0.85

R2 (5 year) 0.84

Standard Deviation 0.18%

Number of Holdings 39

Range of Holdings 45-55

Cash Position 1%

Turnover (3 Yr Avg) 175%

Weighted Avg Market Cap $MM 1.40

Price/Earnings (estimate) 11.4x

Price/Book 2.2x

Dividend Yield 0.63%

5 Year EPS Growth 16.5%

  • AmalgaTrust Small Cap Growth SG
    • $10 million separate account minimum
    • Fee is 100 basis points on first $30 million
    • Sawgrass Asset Management - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Sawgrass Asset Management portfolio holdings are not stagnant and may change over time without prior notice.

References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an “index”) are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide19

Core Fixed Income (SG)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 3/31/1998

Sector Weightings %

Treasury 10.4

Agency 17.3

Mortgage Backed 28.7

Utility 1.4

Banking & Finance 13.9

Taxable & Municipal 0

Industrials 25.9

Foreign 0

Cash 1.7

Other (Yankee) 0.7

Qtr1 Yr3 Yrs5 YrsInception

Core Fixed Income SG6.9 7.0 6.1 5.1 6.1

Lehman Aggregate 4.6 5.2 5.5 4.7 5.9

Calendar Year Performance

Gross of Fees

20082007200620052004

Core Fixed Income SG7.06.84.52.94.1

Lehman Aggregate 5.2 7.0 4.3 2.4 4.4

Portfolio Characteristics

Range of Holdings 25-50

Maximum Sector Weighting 55%

Maximum Security Weighting 5%

Effective Maturity 4.83

Effective Duration 3.62

Average Quality AA1

Minimum Quality BBB

% of Portfolio Below BBB 0

Turnover (3 Yr Avg) 50%

  • AmalgaTrust Core Fixed Income SG
    • $5 million separate account minimum
    • Fee is 35 basis points on first $20 million
    • Sawgrass Asset Management - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Sawgrass Asset Management portfolio holdings are not stagnant and may change over time without prior notice.

References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an “index”) are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide20

Intermediate Fixed Income (SG)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees Inception 3/31/1998

Sector Weightings %

Treasury 18.7

Agency 28.5

Mortgage Backed 6.2

Banking & Finance 15.8

Taxable & Municipal 0

Industrials 27.9

Utilities 1.4

Foreign 0

Cash 1.5

Other (Yankee) 0

Qtr1 Yr3 Yrs5 YrsInception

Intermediate FI SG7.0 7.2 6.3 4.7 5.8

Lehman Inter Gov’t Credit 4.8 5.1 5.5 4.2 5.7

Calendar Year Performance

Gross of Fees

20082007200620052004

Intermediate FI SG7.27.34.51.83.0

Lehman Inter Gov’t Credit 5.1 7.4 4.1 1.6 3.0

Portfolio Characteristics

Range of Holdings 25-50

Maximum Sector Weighting 55%

Maximum Security Weighting 5%

Effective Maturity 4.33

Effective Duration 3.66

Average Quality AA1

Minimum Quality BBB

% of Portfolio Below BBB 0

Turnover (3 Yr Avg) 50%

  • AmalgaTrust Intermediate Fixed Income SG
    • $5 million separate account minimum
    • Fee is 35 basis points on first $20 million
    • Sawgrass Asset Management - Subadvisor

General Disclosures

Past performance is not a guide to future performance and the value of investments and the income derived from those investments can go down as well as up. Future returns are not guaranteed and a loss of principal may occur. Indices are unmanaged. The figures for the index reflect the reinvestment of dividends but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices.

The sector weightings and portfolio characteristics shown above is of a representative account as of 12/31/08 and such data may vary for each client in the strategy due to market conditions, client guidelines and diversity of portfolio holdings. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Sawgrass Asset Management portfolio holdings are not stagnant and may change over time without prior notice.

References to market or composite indices, benchmarks or other measures of relative market performance over a specified period of time (each, an “index”) are provided for your information only. Reference to an index does not imply that the portfolio will achieve returns, volatility or other results similar to the index. The composition of the index may not reflect the manner in which a portfolio is constructed in relation to expected or achieved returns, portfolio guidelines, restrictions, sectors, correlations, concentrations, volatility or tracking error targets, all of which are subject to change over time.

While the Adviser seeks to design a portfolio which will reflect appropriate risk and return features such as sector weights, credit quality and duration, the Client understands that such characteristics of the portfolio, as well as its volatility, may deviate to varying degrees from those of the benchmark.

slide21

AMBIT Core Equity (WR)

Fourth Quarter 2008

Annualized Performance as of 12/31/08¹

Gross of Fees Inception 02/28/1991

Sector Weightings ² %

Consumer Discretionary 7.97

Consumer Staples 17.66

Energy 9.37

Financials 17.66

Health Care 12.60

Industrials 11.10

Information Technology 19.75

Materials 0.85

Telecommunication Services 3.05

Utilities 0

Qtr1 Yr3 Yrs5 YrsInception

Core Equity-19.45 -37.46 -10.56 -2.42 6.98

S&P 500 -21.94 -37.00 -8.36 -2.19 6.66

Calendar Year Performance¹

Gross of Fees

20082007200620052004

Core Equity-37.46 -0.48 14.95 6.72 15.85

S&P 500 -37.00 5.49 15.80 4.90 10.87

Portfolio Characteristics ³

Alpha 2.88

Beta *

Number of Holdings 52

Range of Holdings 45-70

Weighted Avg Market Cap $MM 65,306

Price/Earnings Ratio 13.65x

Price/Book 2.77x

Dividend Yield 2.72%

Debt/Capital 29.33

Price/Sales 1.81

Return on Assets 9.32

Return on Equity 22.22

*Not enough data to produce Alpha and Beta figures.

  • Core Equity
  • Fee is 60 basis points on first $25 million
    • $1 million minimum investment
    • Collective investment Trust
    • Waddell & Reed Asset Mgmt Group - Subadvisor

General Disclosures

¹Amalgamated Bank Investment Trust inception date: 6/25/08.Returns are presented on a dollar-weighted, gross of fees basis and may be impacted by ongoing market volatility. Past performance is no guarantee of future results. Please inquire for more current performance information. Source: Vestek Systems, Inc.

² Source: Vestek Systems, Inc.

³ Source: FactSet. All characteristics are calculated using a weighted average while using the Interquartile Method with caps and floors, unless otherwise noted.

slide22

Core Equity (WR)

Fourth Quarter 2008

Annualized Performance as of 12/31/08

Gross of Fees *Inception 01/01/1995

Sector Weightings %

Consumer Discretionary 7.98

Consumer Staples 17.66

Energy 9.39

Financials 17.65

Health Care 12.58

Industrials 11.11

Information Technology 19.74

Materials 0.86

Telecommunication Services 3.05

Utilities 0

Qtr³1 Yr3 Yrs5 YrsInception

Core Equity¹ -19.88 -33.70 -3.64 1.90 2.32

S&P 500² -21.94 -37.00 -8.36 -2.19 -1.39

Returns are presented on a dollar-weighted basis and may be impacted by ongoing market volatility. Past performance is no guarantee of future results. Please inquire for more current performance information.

Calendar Year Performance

Gross of Fees

20082007200620052004

Core Equity¹ -33.7015.2317.09 10.16 11.49

S&P 500² -37.00 5.50 15.80 4.92 10.88

Portfolio Characteristics

Alpha 4.74

Beta 0.94

Number of Holdings 52

Range of Holdings 40-55

Weighted Avg Market Cap $MM 65,333

Price/Earnings Ratio 13.7x

Price/Book 2.8x

Dividend Yield 2.72%

Debt/Capital 29.32

Price/Sales 1.81

Return on Assets 9.32

Return on Equity 22.22

  • Core Equity standard fee schedule for separate account management is as follows:
  • 0.60% on assets up to $25 million
  • 0.50% on the next $25 million
  • 0.40% on assets over $50 million
  • Minimum investment for a separately managed portfolio is
  • $15 million.
  • Waddell & Reed Asset Mgmt Group - Subadvisor
general disclosures

Core Equity (WR)

Third Quarter 2008

General Disclosures

¹Core Equity composite is comprised of 10 separately managed institutional accounts that had $366.4 million in total assets as of 9/30/08. The assets included in the composite represent 4.9% of the total institutional assets under the management of Waddell & Reed Investment Management Company (WRIMCO) and its investment management affiliate. One of the accounts in this composite is managed by an affiliate of WRIMCO with common portfolio management. • Annual returns reflect yearly changes with all dividends and other earnings reinvested. Returns shown gross of fees reflect commissions paid, but are gross of all expenses. A client’s returns will be reduced by investment management fees and other expenses incurred in the management of a client’s account. Returns shown net of fees reflect all advisory fees, commissions and other expenses a client would have paid based on the minimum account size for the style. This results in the largest possible expense ratio in the calculation. Larger accounts will generally have a lower associated expense ratio. WRIMCO’s standard fee schedule for institutional advisory accounts is provided in Part II of WRIMCO’s Form ADV. Past performance is no guarantee of future results. Investment returns and the actual value of each client account will fluctuate, and at any given time an account could be worth more or less than the amount invested. • The benchmark selected for the composite is intended to provide a method to compare the composite’s performance to an index including securities that are generally similar to those that are included in the composite. However, composite holdings (and, accordingly, risk and volatility) may differ significantly from the securities

tracked by its benchmark.

²S&P 500 Index data has been derived from Vestek Systems, Inc.

³Actual return from September 1, 2008 through December 31, 2008.

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