Investment Strategies / Performance Information

Important Performance Information

CRM Small Cap Value Taxable Composite

Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part II of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) is an independent registered investment advisor. CRM claims compliance with the Global Investment Performance Standards (GIPS®). CRM received a firm-wide GIPS® verification for the period January 1, 1998 to December 31, 2009, which includes the return information cited herein. Results are examined by an independent accounting firm on an annual basis, with the most recent verification performed through December 31, 2009. An independent accountant’s report is available upon request, as are a presentation book and a complete list and description of the firm’s composites.

CRM Small/Mid Cap Value Tax-Exempt Composite

Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part II of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) is an independent registered investment advisor. CRM claims compliance with the Global Investment Performance Standards (GIPS®). CRM received a firm-wide GIPS® verification for the period January 1, 1998 to December 31, 2009, which includes the return information cited herein. Results are examined by an independent accounting firm on an annual basis, with the most recent verification performed through December 31, 2009. An independent accountant’s report is available upon request, as are a presentation book and a complete list and description of the firm’s composites.

CRM Mid Cap Value Tax-Exempt Composite

Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part II of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) is an independent registered investment advisor. CRM claims compliance with the Global Investment Performance Standards (GIPS®). CRM received a firm-wide GIPS® verification for the period January 1, 1998 to December 31, 2009, which includes the return information cited herein. Results are examined by an independent accounting firm on an annual basis, with the most recent verification performed through December 31, 2009. An independent accountant’s report is available upon request, as are a presentation book and a complete list and description of the firm’s composites.

CRM Large Cap Opportunity Tax-Exempt Composite

Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part II of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) is an independent registered investment advisor. CRM claims compliance with the Global Investment Performance Standards (GIPS®). CRM received a firm-wide GIPS® verification for the period January 1, 1998 to December 31, 2009, which includes the return information cited herein. Results are examined by an independent accounting firm on an annual basis, with the most recent verification performed through December 31, 2009. An independent accountant’s report is available upon request, as are a presentation book and a complete list and description of the firm’s composites.

CRM All Cap Value Tax-Exempt Composite

Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part II of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) is an independent registered investment advisor. CRM claims compliance with the Global Investment Performance Standards (GIPS®). CRM received a firm-wide GIPS® verification for the period January 1, 1998 to December 31, 2009, which includes the return information cited herein. Results are examined by an independent accounting firm on an annual basis, with the most recent verification performed through December 31, 2009. An independent accountant’s report is available upon request, as are a presentation book and a complete list and description of the firm’s composites.

CRM 130/30 Value Taxable Composite

Past performance is no guarantee of future results. The performance information presented relates to a composite of fee-paying discretionary portfolios that share a similar investment strategy. Valuations are stated in U.S. dollars. Composite returns are calculated on a dollar-weighted basis. Annual returns are calculated based on time-weighted and linked rates of return. Performance is calculated monthly. Gross performance results are presented before management and custodial fees but after all trading commissions. Net performance results are presented after deducting a management fee in accordance with the firm’s fee schedule set forth in Part II of the firm’s Form ADV. Performance results reflect the reinvestment of dividends, unless otherwise indicated.

Cramer Rosenthal McGlynn, LLC (herein after referred to as CRM) is an independent registered investment advisor. CRM claims compliance with the Global Investment Performance Standards (GIPS®). CRM received a firm-wide GIPS® verification for the period January 1, 1998 to December 31, 2009, which includes the return information cited herein. Results are examined by an independent accounting firm on an annual basis, with the most recent verification performed through December 31, 2009. An independent accountant’s report is available upon request, as are a presentation book and a complete list and description of the firm’s composites.