Fiduciary Management Associates, LLC

Fiduciary Management Associates, LLC ("FMA") is an independent employee-owned investment management firm based in Chicago. FMA manages separate account portfolios for a national client base that includes public funds, corporate pension funds, Taft-Hartley funds, charitable organizations, and high net worth individuals. FMA has four principal products—small cap value, large cap value and large cap core equity strategies and core fixed income. In addition, FMA is investment adviser to the FMA Small Company Portfolio, a no-load small cap equity mutual fund. FMA, LLC is the successor to Fiduciary Management Associates, Inc. "FMA, Inc.," founded in 1980. In 1986, FMA, Inc. was acquired by United Asset Management Corporation (UAM), a Boston-based holding corporation, which was later merged into Old Mutual U.S. Holdings, a UK-based financial services group. Throughout this period, FMA, Inc. continued to retain its independence with respect to investment philosophy and processes. In December 2002, senior management of FMA re-purchased the firm from Old Mutual. At present, the firm is wholly owned by six current employees.

FMA's investment philosophy employs a relative value perspective whereby we invest in sectors and companies that have attractive valuations as well as potential catalysts, which are expected to lead to an acceleration of earnings and cash flow growth.

The success of this philosophy depends in great part on our ability to identify potential investments with these attributes. Analysis of the return attribution of FMA's equities strategies' performance suggests that we have been successful in identifying such investments given the successful stock selection record the current team has established.