ACCG - Workers Compensation Portfolio Evaluation. Client Advisor: L. Ferber Buckley 3414 Peachtree Road, N.E. Atlanta, GA (800)

Transcription

1 Portfolio Evaluation First Quarter 2008 Client Advisor: L. Ferber Buckley 3414 Peachtree Road, N.E. Atlanta, GA (800)

2 Table of Contents Report (Composite Portfolio) Separator Important Information - General Account Review Separator Portfolio Performance Summary (Annualized) Portfolio Performance Summary (Yearly) Portfolio Overview Portfolio Time Weighted Return Portfolio Historical Performance By Asset Class Portfolio Risk to Return - Since Inception Portfolio Up and Down Market Analysis Portfolio Paid In Capital vs. Market Value Diversification Analysis Wachovia ( ) Separator Balanced Account Overview Account Time Weighted Return Annualized Universe Comparison Yearly Universe Comparison Montag & Caldwell (5YK ) Separator Balanced Account Overview Account Time Weighted Return Account Risk to Return Analysis - Since Inception Account Up and Down Market Analysis Page

3 Table of Contents Report Account Paid in Capital vs. Market Value Account Distributions Account Equity Universe Comparison Yearly Equity Universe Comparison Account Fixed Income Universe Comparison Yearly Fixed Income Universe Comparison Equity Fundamentals Invesco (5YK ) Separator Balanced Account Overview Account Time Weighted Return Account Risk to Return Analysis - Since Inception Account Up and Down Market Analysis Account Paid in Capital vs. Market Value Account Distributions Account Equity Universe Comparison Yearly Equity Universe Comparison Account Fixed Income Universe Comparison Yearly Fixed Income Universe Comparison Equity Fundamentals Trusco Capital Management (5YK ) Separator Balanced Account Overview Account Time Weighted Return Account Risk to Return Analysis - Since Inception Account Up and Down Market Analysis Page

4 Table of Contents Report Account Paid in Capital vs. Market Value Account Distributions Account Equity Universe Comparison Yearly Equity Universe Comparison Account Fixed Income Universe Comparison Yearly Fixed Income Universe Comparison Equity Fundamentals (Composite Portfolio) Glossary Glossary Page

5 Deutsche Bank Alex. Brown Important Information Page 1 of 70

6 Important Information We encourage you to read each of the items below because they address important points that will assist you in understanding this report. We have gathered the information contained in this report from sources we believe to be reliable; but we do not guarantee the accuracy or completeness of such information, and we assume no liability for damages resulting from or arising out of the use of such information. Unless stated otherwise, all portfolio returns are shown after the deduction of investment advisory fees and commissions. All benchmark returns are shown before the deduction of investment advisory fees and commissions. All returns greater than one year are annualized. Certain numbers shown herein have been rounded. Cost Basis on fixed income securities is adjusted for amortization, accretion or principal paydowns. Original cost basis is provided under the corresponding tax lot. Pricing - Securities prices may vary from actual liquidation value. Prices shown should only be used as a general guide to portfolio value. Prices are received from various pricing services. However, pricing services are sometimes unable to provide timely information. Where pricing sources are not readily available, particularly on certain debt securities, estimated prices may be used. The pricing of listed options takes into account the last closing price, as well as the current bid and offer prices. Direct participation program securities (e.g. partnerships, limited liability companies, and real estate investment trusts ["REITS"]), which are not listed on a national securities exchange are generally illiquid. No formal trading market exists for these securities and their values may be different than the purchase price. Unless otherwise indicated, the values shown herein for such securities have been provided by the management of each program and are updated quarterly. These values represent management's estimate of the investor's interest in the net assets of the program. Therefore, the estimated values shown herein may not necessarily be realized upon sale of the securities. Reinvestment - The dollar amount distributions, fund income, or dividends or other securities shown on your statement may have been reinvested into additional shares. You will not receive confirmation of these reinvestment transactions. However, information pertaining to these transactions which would otherwise appear on confirmations, including the time of execution and the name of the person from whom your security was purchased, will be furnished to upon written request to your Client Advisor. Benchmarks Benchmarks used in this report may be different from those that were presented in your previous Portfolio Evaluation report. Please see the table entitled Benchmark Change History in this Important Information section of this report for a summary of any benchmarks that were changed by Deutsche Bank Alex. Brown since August 1, Deutsche Bank Alex. Brown, a division of Deutsche Bank Securities Inc. offers three fee-based advisory services: 1) Managed Select; 2) Adviser Select; 3) Fund Select, one commission-based advisory service, Managed Trading. As a client of one of these services, you are entitled to receive a copy of the current Disclosure Statement for your advisory service. Participants in the Adviser Select program are also entitled to receive copies of their money manager's Disclosure Statement or Form ADV Part II. If you wish to receive copies of these documents, or have further questions, please contact Registered Investment Adviser Support at Deutsche Bank Alex. Brown, for its fee-based advisory programs, charges an advisory fee for your account that covers the provision of initial and ongoing investment advisory services and the execution of securities transactions. The advisory fee does not cover compensation for any securities transactions you request involving assets or securities not in a program account. Your investments in an advisory account may also be subject to other fees and charges imposed by other third parties, such as: in the case of mutual fund investments, mutual fund investment management fees, 12b-1 distribution fees, administrative servicing fees, and contingent deferred sales charges upon redemption of previously purchased mutual funds; in the case of purchases made in connection with an individual retirement account ( IRA ) or other qualified plan, various IRA and qualified retirement plan fees; and in the case of all investments, clearing, custody and other transaction charges and service fees. Information herein is believed to be reliable and has been obtained from sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Past performance is not indicative to future returns. Page 2 of 70

7 Important Information Morningstar Disclosure: 2003 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results Dow Jones & Company, Inc. Morgan Stanley Capital International, Inc All Rights Reserved. Unpublished. PROPRIETARY TO MORGAN STANLEY CAPITAL INTERNATIONAL INC Benchmark Data Source: 2004 Russell/Mellon Analytical Services, LLC. All Rights Reserved. Alternative Investments: Alternative Investments (such as hedge funds or private equity funds) may invest in highly illiquid securities that may be difficult to value. The method of valuation of Alternative Investments and the securities in which they invest is determined by the managers and administrators of the Alternative Investments and not Deutsche Bank Alex. Brown. Furthermore, Deutsche Bank Alex. Brown does not independently confirm such valuations or the methods of such valuations. Redemption proceeds from an Alternative Investment may significantly differ from the cost basis of your initial investment. Page 3 of 70

8 Account Review Consolidated Portfolio Market Performance (%) Account Asset Class Portfolio (%) Value ($) Quarter YTD 1 Year 3 Year 5 Year Inception Wachovia Cash ,915, (0.20) Montag & Caldwell Balanced Account ,401,790 (0.42) (0.42) Invesco Balanced Account ,403, Trusco Capital Management Balanced Account ,973,577 (0.83) (0.83) Consolidated Portfolio % $148,694,329 (0.04%) (0.04%) 5.73 % 5.48 % 5.43% 6.91% Blended Benchmark 0.71 % 0.71 % 4.20% 4.22 % 3.04% 4.12% Returns are shown after the deduction of management fees. Returns greater than one year are annualized. The portfolio benchmark consists of 100% of US 3-mo T-Bill. Page 4 of 70

9 Deutsche Bank Alex. Brown Consolidated Portfolio Page 5 of 70

10 Annualized Performance Summary Consolidated Portfolio Consolidated Portfolio Benchmark Market Returns (%) Value ($000) Quarter YTD 1 Year 3 Year 5 Year Inception Inception Date 148,694 (0.04) (0.04) /31/ Cash Wachovia 13, (0.20) /31/1990 US 3 mo T-bill Balanced Account Invesco 46, /30/ % of LB Intermediate Gov/Credit, 25% of (0.06) (0.06) S&P 500/Citigroup Value Montag & Caldwell 44,402 (0.42) (0.42) /31/ % of LB Intermediate Gov/Credit, 25% of (0.28) (0.28) S&P 500/Citigroup Growth Trusco Capital Management 43,974 (0.83) (0.83) /01/ % of LB Intermediate Gov/Credit, 25% of S&P 500 (0.18) (0.18) Market Value includes cash and accrued interest. Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Page 6 of 70

11 Yearly Performance Summary Consolidated Portfolio Returns (%) Consolidated Portfolio Benchmark Cash Wachovia 1.55 (3.94) (0.28) US 3 mo T-bill Balanced Account Invesco % of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Value Montag & Caldwell % of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Growth Trusco Capital Management % of LB Intermediate Gov/Credit, 25% of S&P Inception Date is 12/31/1990. Blended Benchmark is 100% of US 3-mo T-Bill Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Page 7 of 70

12 Portfolio Overview Consolidated Portfolio Historical Performance (%) Growth of a Dollar - Since Inception $ $2.00 Portfolio Benchmark Quarter (0.04) Year Year Year Since Inception Dec 90 Dec 91 Dec 92 Dec 93 Dec 94 Dec 95 Dec 96 Portfolio Dec 97 Dec 98 Dec 99 Dec 00 Dec 01 Dec 02 Dec 03 Benchmark Dec 04 Dec 05 Dec 06 Dec 07 Top Ten Holdings Security Description Amount ($) Portfolio (%) 1. CASH AND SHORT TERM INVESTMENTS 16,276, US TREASURY 4.6% '11 7,717, US TREASURY N/B 4.6% '17 5,590, US TREASURY NOTE 4.0% '10 3,913, US TREASURY N/B 4.3% '10 3,665, US TREASURY N/B 4.5% '12 3,455, FNMA 4.9% '12 3,264, US TREASURY N/B 3.6% '12 2,726, US TREASURY N/B 3.3% '09 1,850, FNMA 6.0% '11 1,749, Top Ten Total $50,210, % Change in Financial Position ($) Quarter ($) YTD ($) Starting Market Value $140,744,217 $140,744,217 Investment Gains/Losses (1,467,207) (1,467,207) Interest & Dividends Earned 1,482,569 1,482,569 Expenses (70,522) (70,522) Profit/Loss (55,160) (55,160) Change in Accrued Interest (2,515) (2,515) Contribution/Withdrawal 8,007,787 8,007,787 Current Market Value $148,694,329 $148,694,329 Inception Date is 12/31/1990. Blended Benchmark is 100% of US 3-mo T-Bill. Starting Market Value and Current Market Values include cash and accrued interest. Portfolio Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Benchmark and Target Allocation are based on your current Investment Policy Statement. Page 8 of 70

13 Portfolio Time Weighted Return Consolidated Portfolio Current Asset Allocation Performance by Asset Class Asset Class Quarter (%) YTD (%) Cash & Equiv. 10.9% Equities 21.0% Equities 21.0% Fixed Income 68.0% 68.1% Cash & Equiv. 10.9% Total: 100.0% Equities (9.37) (9.37) Fixed Income Cash & Equiv Consolidated Portfolio (0.04)% (0.04)% Fixed Income 68.1% Quarter YTD Time Weighted Return (%) 1 Year 3 Year 5 Year Since Inception Consolidated Portfolio (0.04) (0.04) % of US 3-mo T-Bill Consumer Price Index Page 9 of 70

14 Historical Performance By Asset Class Quarterly Performance (%) Quarter Ending Account Equities Equity Benchmark Fixed Income Fixed Income Benchmark Cash Cash Benchmark Inception to 03/31/ /30/ /30/ (0.18) (0.02) /31/ (0.06) /31/ /30/2004 (0.85) (2.11) (2.52) /30/ (2.35) (1.87) /31/ /31/2005 (0.85) (1.17) (2.15) (0.88) (0.88) /30/ /30/ (0.65) (0.52) /31/ /31/ (0.34) (0.39) /30/2006 (0.10) (1.10) (1.44) /30/ /31/ /31/ (0.37) /30/ (0.18) (0.15) /30/ /31/ (2.26) (3.33) /31/2008 (0.04) (9.37) (9.44) Since Inception Benchmark for the equity asset class is S&P 500. Benchmark for the fixed income asset class is Lehman Intermed G/C. Benchmark for the cash asset class is US 3 mo T-bill. All account and asset class returns are shown after the deduction of management fees or commisions. Index returns are shown before the deduction of management fees or commisions. Returns for greater than 1 year are annualized. Page 10 of 70

15 Portfolio Risk vs. Return Analysis Consolidated Portfolio Since Inception 7.0% 6.0% Annualized Return (%) 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Annualized Standard Deviation (%) Annualized Standard Sharpe Treynor 2 Return Deviation Ratio Alpha Beta Ratio R Portfolio Blended Benchmark US Treasury Bill Inception date is 12/31/1990. Benchmark for consolidated portfolio is 100% of US 3-mo T-Bill. Cross hairs in the graph show the risk and return profile of the blended benchmark. Page 11 of 70

16 Up and Down Market Analysis Consolidated Portfolio Performance in Up and Down Markets Annualized Returns (%) Up Markets 3 Years Down Markets Up Markets 5 Years Down Markets Since Inception Up Markets Down Markets Portfolio Benchmark Capture Ratio # of Quarters Three Year Quarterly Performance Returns (%) Q Q Q Q Q Q Q Q Q Q Q Q Portfolio Benchmark (0.04) (0.10) The Market is represented by the S&P 500 Index. Inception Date is 12/31/1990. Benchmark 1 is 100% of US 3-mo T-Bill. Portfolio Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Page 12 of 70

17 Paid in Capital vs. Market Value - Since Inception December 31, 1990 Consolidated Portfolio Paid in Capital vs. Market Value Graph - Since Inception $220,000, $200,000, $180,000, $160,000, $140,000, $120,000, $100,000, $80,000, $60,000, $40,000, $20,000, $0.00 Dec-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Account Value Paid in Capital Paid In Capital vs. Market Value Detail Incept Jun-07 Sep-07 Dec-07 Mar-08 Paid in Capital ($000) Profit/Loss ($000)I 23,633 Incept. 0 30,380 56, ,840 60, ,580 61, ,628 69, ,513 74, ,471 77, ,071 83, ,454 Jun-07 86,839 49,427 Sep-07 90,649 48,044 Dec-07 92,700 56,052 Mar-08 92,643 Account Value ($000) 23,633 86,690 91,073 94, , , , , , , , ,694 The spread between the market value line and the paid in capital line represents the account's accumulated profits at that point in time. Paid in Capital is the sum of total contributions less withdrawals. Profit / Loss is equal to the change in market value after the deduction of fees and commissions. Inception column represents earliest date at which market value data is available. Page 13 of 70

18 Diversification Analysis (Index Returns Ranked in Order of Performance) Consolidated Portfolio 1995 Large Cap Value 1996 Large Cap Growth 1997 Large Cap Value 1998 Large Cap Growth 1999 Small Cap Growth 2000 Small Cap Value 2001 Small Cap Value 2002 Fixed Income Taxable 2003 Small Cap Growth 2004 Small Cap Value 2005 Foreign Dev. Blend 2006 Foreign Dev. Blend 2007 Large Cap Growth YTD Fixed Income Taxable Quarter Fixed Income Taxable 38.35% 23.12% 35.18% 38.71% 43.09% 22.83% 14.03% 9.82% 48.54% 22.25% 14.02% 26.86% 11.81% 3.00% 3.00% Large Cap Small Cap Small Cap Foreign Dev. Large Cap Fixed Income Fixed Income Portfolio Small Cap Foreign Dev. Midcap Blend Small Cap Foreign Dev. Portfolio Portfolio Growth Value Value Blend Growth Taxable Taxable Value Blend Value Blend 37.19% 21.37% 31.78% 20.33% 33.16% 10.10% 8.98% 1.92% 46.03% 20.70% 12.65% 23.48% 11.63% (0.04%) (0.04%) Midcap Blend Large Cap Large Cap Large Cap Foreign Dev. Midcap Blend Portfolio Small Cap Midcap Blend Midcap Blend Large Cap Large Cap Fixed Income Small Cap Small Cap Value Growth Value Blend Value Value Value Taxable Value Value 34.45% 20.69% 30.49% 15.62% 27.30% 8.25% 4.38% (11.43%) 40.06% 20.22% 7.05% 22.25% 7.39% (6.53%) (6.53%) Small Cap Midcap Blend Midcap Blend Portfolio Midcap Blend Portfolio Large Cap Large Cap Foreign Dev. Large Cap Large Cap Midcap Blend Small Cap Large Cap Large Cap Growth Value Value Blend Value Growth Growth Value Value 31.04% 19.00% 29.01% 13.55% 18.23% 7.14% (5.59%) (15.52%) 39.16% 16.49% 5.26% 15.26% 7.05% (8.72%) (8.72%) Small Cap Small Cap Portfolio Midcap Blend Large Cap Large Cap Midcap Blend Foreign Dev. Large Cap Small Cap Small Cap Small Cap Portfolio Foreign Dev. Foreign Dev. Value Growth Value Value Blend Value Growth Value Growth Blend Blend 25.75% 11.26% 14.53% 10.10% 7.35% 7.02% (5.62%) (15.65%) 30.03% 14.31% 4.71% 13.35% 6.86% (8.82%) (8.82%) Fixed Income Portfolio Small Cap Fixed Income Portfolio Foreign Dev. Small Cap Midcap Blend Large Cap Large Cap Small Cap Large Cap Midcap Blend Midcap Blend Midcap Blend Taxable Growth Taxable Blend Growth Growth Growth Growth Growth 15.31% 7.77% 12.95% 8.42% 2.32% (13.96%) (9.23%) (16.19%) 29.75% 6.30% 4.15% 9.07% 5.60% (9.98%) (9.98%) Portfolio Foreign Dev. Fixed Income Small Cap Fixed Income Large Cap Large Cap Large Cap Portfolio Portfolio Portfolio Portfolio Large Cap Large Cap Large Cap Blend Taxable Growth Taxable Growth Growth Growth Value Growth Growth 14.85% 6.31% 7.87% 1.23% 0.39% (22.42%) (20.42%) (27.89%) 7.79% 4.37% 2.51% 6.25% (0.17%) (10.18%) (10.18%) Foreign Dev. Blend Fixed Income Taxable Foreign Dev. Blend Small Cap Value Small Cap Value Small Cap Growth Foreign Dev. Blend Small Cap Growth Fixed Income Taxable Fixed Income Taxable Fixed Income Taxable Fixed Income Taxable 11.55% 4.06% 2.06% (6.45%) (1.49%) (22.43%) (21.21%) (30.26%) 4.30% 3.04% 1.57% 4.07% (9.78%) (12.83%) (12.83%) Small Cap Value Small Cap Growth Small Cap Growth Asset Class Target Benchmark Current Allocation (%) Target Allocation (%) Target Range (%) Cash Balanced Account Total 100.0% 0.0% The investment returns of your portfolio are shown after the deduction of Deutsche Bank Alex. Brown management fees. Benchmark, Target Allocation and Target Range are based on your current Investment Policy Statement. Large Cap Value is represented by Russell 1000 Value index. Large Cap Growth is represented by Russell 1000 Growth index. Midcap Blend is represented by Russell Midcap index. Small Cap Value is represented by Russell 2000 Value index. Small Cap Growth is represented by Russell 2000 Growth index. Foreign Developed Blend is represented by MSCI EAFE index. Fixed Income Taxable is represented by Lehman Intermed G/C index. Page 14 of 70

19 Deutsche Bank Alex. Brown Wachovia Page 15 of 70

20 Account Overview Wachovia Change in Financial Position ($) Historical Performance (%) Quarter YTD ($) Starting Market Value $5,908,383 $5,908,383 Investment Gains/Losses Interest & Dividends Earned 86,694 86, Expenses (70,522) (70,522) Profit/Loss 16,172 16,172 Change in Accrued Interest 0 0 Contribution/Withdrawal 7,990,585 7,990,585 Current Market Value $13,915,140 $13,915,140 Account Benchmark Quarter Year Year (0.20) Year Since Inception Current Asset Allocation Cash & Equiv % % Total: 100.0% Top Ten Holdings Security Description Amount ($) Portfolio (%) 1. CASH AND SHORT TERM INVESTMENTS 13,915, Top Ten Total $13,915, % Cash & Equiv % Inception Date is 12/31/1990. Benchmark 1 is US 3 mo T-bill. Starting Market Value and Current Market Values include cash and accrued interest. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number Page 16 of 70

21 Account Time Weighted Return Wachovia Current Asset Allocation Cash & Equiv % % Total: 100.0% Performance by Asset Class Asset Class Quarter (%) YTD (%) Cash & Equiv Account 0.16% 0.16% Cash & Equiv % Quarter YTD Time Weighted Return (%) Account (0.20) US 3 mo T-bill S&P 500 (9.44) (9.44) (5.08) Lehman Intermed G/C Year 3 Year 5 Year Since Inception Account Number Page 17 of 70

22 Account Universe Comparison Annualized Wachovia Wachovia vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter th th YTD th th 1 Year th th 3 Year (0.20) 99th rd 5 Year th th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles Benchmark 1 is US 3 mo T-bill. Peer Universe is Taxable Money Market. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number Page 18 of 70

23 Account Universe Comparison Yearly Wachovia Wachovia vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile th th 2006 (3.94) 99th rd th th th th 2003 (0.28) 99th th th th st th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles Benchmark 1 is US 3 mo T-bill. Peer Universe is Taxable Money Market. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number Page 19 of 70

24 Deutsche Bank Alex. Brown Montag & Caldwell Page 20 of 70

25 Account Overview Montag & Caldwell Change in Financial Position ($) Historical Performance (%) Quarter YTD ($) Starting Market Value $44,589,912 $44,589,912 Investment Gains/Losses (595,564) (595,564) Interest & Dividends Earned 592, , Expenses 0 0 Profit/Loss (2,765) (2,765) Change in Accrued Interest (185,357) (185,357) Contribution/Withdrawal 0 0 Current Market Value $44,401,790 $44,401,790 Account Benchmark Quarter (0.42) (0.28) 1 Year Year Year Since Inception Current Asset Allocation Top Ten Holdings Security Description Amount ($) Portfolio (%) Cash & Equiv. 0.6% Equities 28.5% Equities 28.5% % Fixed Income 70.9% % Cash & Equiv. 0.6% % Total: 100.0% 1. FNMA 1,749, FHLMC 1,513, US TREASURY N/B 1,510, US TREASURY NOTE 1,431, UNITED STATES TREAS NOTES 1,416, US TREASURY N/B 1,387, US TREASURY N/B 1,351, Fixed Income 70.9% 8. US TREASURY NOTE 1,321, VERIZON COMMUNICATIONS INC NT 1,285, WELLS FARGO & CO NEW NT 1,266, Top Ten Total $14,233, % Inception Date is 12/31/1990. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Growth. Starting Market Value and Current Market Values include cash and accrued interest. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 21 of 70

26 Account Time Weighted Return Montag & Caldwell Current Asset Allocation Performance by Asset Class Asset Class Quarter (%) YTD (%) Cash & Equiv. 0.6% Equities 28.5% Equities 28.5% % Fixed Income 70.9% % Cash & Equiv. 0.6% % Total: 100.0% Equities (9.27) (9.27) Fixed Income Cash & Equiv Account (0.42)% (0.42)% Fixed Income 70.9% Quarter YTD Time Weighted Return (%) Account (0.42) (0.42) % of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup (0.28) (0.28) Growth S&P 500/Citigroup Growth (9.92) (9.92) (1.60) Lehman Intermed G/C US 3 mo T-bill Year 3 Year 5 Year Since Inception Account Number 5YK Page 22 of 70

27 Account Risk vs. Return Analysis Montag & Caldwell Since Inception - December 31, % 7.0% Annualized Return (%) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 0% 1% 2% 3% 4% 5% Annualized Standard Deviation (%) Annualized Return (%) Standard Deviation (%) Sharpe Ratio Alpha Beta Treynor Ratio R 2 Account Benchmark US Treasury Bill Inception date of the account is 12/31/1990. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Growth. Cross hairs within the graph represent the risk and return profile of the 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Growth Index. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 23 of 70

28 Up and Down Market Analysis Montag & Caldwell Performance in Up and Down Markets Annualized Returns (%) Up Markets 3 Years Down Markets Up Markets 5 Years Down Markets Since Inception Up Markets Down Markets Portfolio Benchmark (0.55) (0.99) (1.60) (3.56) (1.71) (3.63) Capture Ratiol # of QuartersI Three Year Quarterly Performance Returns (%) Q Q Q Q Q Q Q Q Q Q Q Q Portfolio Benchmark (0.42) (0.28) (0.13) (0.71) The Market is represented by 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Growth. Inception Date is 12/31/1990. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Growth. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 24 of 70

29 Paid in Capital vs. Market Value - Since Inception December 31, 1990 Montag & Caldwell Paid in Capital vs. Market Value Graph - Since Inception $55,000, $50,000, $45,000, $40,000, $35,000, $30,000, $25,000, $20,000, $15,000, $10,000, $5,000, $0.00 Dec-90 Dec-91 Dec-92 Dec-93 Dec-94 Dec-95 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Account Value Paid in Capital Paid In Capital vs. Market Value Detail Incept Jun-07 Sep-07 Dec-07 Mar-08 Paid in Capital ($000) Profit/Loss ($000)I 1,075 Incept. 0 20,100 24, ,099 25, ,098 25, ,098 27, ,598 28, ,900 29, ,400 31, ,400 Jun-07 33,150 8,400 Sep-07 35,030 8,400 Dec-07 36,190 8,400 Mar-08 36,002 Account Value ($000) 1,075 44,121 45,272 30,311 33,596 36,285 37,457 40,333 41,550 43,430 44,590 44,402 The spread between the market value line and the paid in capital line represents the account's accumulated profits at that point in time. Paid in Capital is the sum of total contributions less withdrawals. Profit / Loss is equal to the change in market value after the deduction of fees and commissions. Inception column represents earliest date at which market value data is available. Account Number 5YK Page 25 of 70

30 Account Distributions Montag & Caldwell Distribution by Maturity Allocation (%) Distribution by Coupon Allocation (%) Less than 1 Year 1-3 Years 3-10 Years Years Less than 1% 1-3% 3-5% 5-7% Greater than 7% Portfolio (%) # of issues Portfolio (%) # of issues Distribution by Duration Allocation (%) Distribution by Credit Rating Allocation (%) Less than 1 Year 1-3 Years 3-5 Years 5-7 Years Greater than 7 Years Aaa Aa A Baa Ba B Other Portfolio (%) # of issues Portfolio (%) # of issues Duration is calculated either to the maturity or call date, whichever results in the lowest yield. Distribution by credit rating uses Moody s ratings. Maturity depicts the timing and magnitude of anticipated bond redemptions. Account Number 5YK Page 26 of 70

31 Universe Comparison Annualized (Equity) Montag & Caldwell Montag & Caldwell vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter (9.27) 11th (9.44) 13th YTD (9.27) 11th (9.44) 13th 1 Year rd (5.08) 69th 3 Year rd th 5 Year st th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (8.37) (10.24) (11.30) (12.47) (14.88) Universe Percentiles (8.37) (10.24) (11.30) (12.47) (14.88) (2.03) (6.19) (12.46) Benchmark 1 is S&P 500. Peer Universe is Broad Large Cap Growth. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 27 of 70

32 Universe Comparison Yearly (Equity) Montag & Caldwell Montag & Caldwell vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile st th th rd rd nd nd th th th 2002 (19.93) 12th (22.10) 21st 2001 (10.98) 2nd (11.89) 6th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles (15.75) (22.84) (26.30) (29.86) (35.02) (11.59) (15.57) (20.14) (24.75) (32.12) Benchmark 1 is S&P 500. Peer Universe is Broad Large Cap Growth. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 28 of 70

33 Universe Comparison Annualized (Fixed Income) Montag & Caldwell Montag & Caldwell vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter st th YTD st th 1 Year st th 3 Year nd th 5 Year rd th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (0.47) (3.20) Universe Percentiles (0.47) (3.20) (2.64) Benchmark 1 is Lehman Intermed G/C. Peer Universe is Intermediate Fixed Income. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 29 of 70

34 Universe Comparison Yearly (Fixed Income) Montag & Caldwell Montag & Caldwell vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile th th st rd th th th th th th th rd st th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles Benchmark 1 is Lehman Intermed G/C. Peer Universe is Intermediate Fixed Income. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 30 of 70

35 Equity Fundamentals Montag & Caldwell Trailing 5-Year EPS Forward EPS Growth Company Name Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital Growth (%) Estimate (%) Beta Yield (%) ABBOTT LABS Health Care , ALLERGAN INC Health Care , APPLE COMPUTER INC Info. Tech , COCA-COLA COMPANY Cons. Staples , COLGATE PALMOLIVE Cons. Staples , CO COSTCO WHOLESALE Cons. Staples , CORP- NEW CVS CORP Cons. Staples , DEVON ENERGY CORP Energy , NEW ELECTRONIC ARTS INC Info. Tech , (5.0) 0.0 (8.0) EMERSON ELEC CO Industrials , FLUOR CORP Industrials , GENERAL ELECTRIC CO Industrials , GOOGLE INC CL A Info. Tech , HALLIBURTON CO Energy , HEWLETT PACKARD CO. Info. Tech , INT'L BUSINESS Info. Tech , MACHINES JOHNSON & JOHNSON Health Care , JUNIPER NETWORKS Info. Tech , MCDONALDS Consumer Disc , MEMC ELECTRONIC Info. Tech , MATERIALS INC MERCK & CO Health Care , (9.7) MICROSOFT CORP. Info. Tech , NIKE INC-CL B Consumer Disc , OCCIDENTAL Energy , PETROLEUM CORP PAYCHEX INC Info. Tech , PEPSICO INC Cons. Staples , Account Number 5YK Page 31 of 70

36 Equity Fundamentals Montag & Caldwell Trailing Forward Company Name Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital 5-Year EPS EPS Growth Growth (%) Estimate (%) Beta Yield (%) PROCTER & GAMBLE CO Cons. Staples , QUALCOMM INC Info. Tech , RESEARCH IN MOTION Info. Tech , LTD. SCHERING PLOUGH Health Care , CORP SCHLUMBERGER LTD Energy , SMITH INTL INC Energy , STRYKER CORP Health Care , Account Weighted Average 104, Source: FactSet Research Systems Inc. Account Number 5YK Page 32 of 70

37 Deutsche Bank Alex. Brown Invesco Page 33 of 70

38 Account Overview Invesco ACCG Workers Compensation Change in Financial Position ($) Historical Performance (%) Quarter YTD ($) Starting Market Value $45,905,717 $45,905,717 Investment Gains/Losses (4,389) (4,389) Interest & Dividends Earned 367, , Expenses 0 0 Profit/Loss 362, ,711 Change in Accrued Interest 118, ,177 Contribution/Withdrawal 17,216 17,216 Current Market Value $46,403,821 $46,403,821 Account Benchmark Quarter 1.05 (0.06) 1 Year Year Year Since Inception Current Asset Allocation Top Ten Holdings Security Description Amount ($) Portfolio (%) Cash & Equiv. 0.9% Equities 20.0% Equities 20.0% % Fixed Income 79.1% % Cash & Equiv. 0.9% % Total: 100.0% 1. US TREASURY 7,717, US TREASURY N/B 4,080, US TREASURY N/B 3,455, FNMA 3,264, US TREASURY N/B 1,850, US TREASURY N/B 1,475, US TREASURY NOTES 666, Fixed Income 79.1% 8. FNMA 661, CITIBANK CREDIT CARD ISSUANCE TRUST 588, FREDDIE MAC SER 2653 CL LA 578, Top Ten Total $24,338, % Inception Date is 09/30/1995. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Value. Starting Market Value and Current Market Values include cash and accrued interest. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 34 of 70

39 Account Time Weighted Return Invesco ACCG Workers Compensation Current Asset Allocation Performance by Asset Class Asset Class Quarter (%) YTD (%) Cash & Equiv. 0.9% Equities 20.0% Equities 20.0% % Fixed Income 79.1% % Cash & Equiv. 0.9% % Total: 100.0% Equities (8.36) (8.36) Fixed Income Cash & Equiv Account 1.05% 1.05% Fixed Income 79.1% Quarter YTD Time Weighted Return (%) Account % of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup (0.06) (0.06) Value S&P 500/Citigroup Value (8.94) (8.94) (8.36) Lehman Intermed G/C US 3 mo T-bill Year 3 Year 5 Year Since Inception Account Number 5YK Page 35 of 70

40 Account Risk vs. Return Analysis Invesco ACCG Workers Compensation Since Inception - September 30, % 7.0% Annualized Return (%) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 0% 1% 2% 3% 4% 5% Annualized Standard Deviation (%) Annualized Return (%) Standard Deviation (%) Sharpe Ratio Alpha Beta Treynor Ratio R 2 Account Benchmark US Treasury Bill Inception date of the account is 09/30/1995. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Value. Cross hairs within the graph represent the risk and return profile of the 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Value Index. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 36 of 70

41 Up and Down Market Analysis Invesco ACCG Workers Compensation Performance in Up and Down Markets Annualized Returns (%) Up Markets 3 Years Down Markets Up Markets 5 Years Down Markets Since Inception Up Markets Down Markets Portfolio Benchmark (0.06) (1.68) (3.03) (1.65) (3.97) Capture Ratiol # of QuartersI (17.41) Three Year Quarterly Performance Returns (%) Q Q Q Q Q Q Q Q Q Q Q Q Portfolio Benchmark 1.05 (0.06) (0.09) The Market is represented by 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Value. Inception Date is 09/30/1995. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500/Citigroup Value. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 37 of 70

42 Paid in Capital vs. Market Value - Since Inception September 30, 1995 Invesco ACCG Workers Compensation Paid in Capital vs. Market Value Graph - Since Inception $55,000, $50,000, $45,000, $40,000, $35,000, $30,000, $25,000, $20,000, $15,000, $10,000, $5,000, $0.00 Sep-95 Sep-96 Sep-97 Sep-98 Sep-99 Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Account Value Paid in Capital Paid In Capital vs. Market Value Detail Incept Jun-07 Sep-07 Dec-07 Mar-08 Paid in Capital ($000) Profit/Loss ($000)I 19,238 Incept. 0 27,259 13, ,258 16, ,757 17, ,757 20, ,257 21, ,757 22, ,961 25, ,017 Jun-07 26,437 18,018 Sep-07 27,390 18,018 Dec-07 27,888 18,035 Mar-08 28,369 Account Value ($000) 19,238 40,773 43,419 32,900 34,895 37,983 40,430 43,386 44,454 45,408 45,906 46,404 The spread between the market value line and the paid in capital line represents the account's accumulated profits at that point in time. Paid in Capital is the sum of total contributions less withdrawals. Profit / Loss is equal to the change in market value after the deduction of fees and commissions. Inception column represents earliest date at which market value data is available. Account Number 5YK Page 38 of 70

43 Account Distributions Invesco ACCG Workers Compensation Distribution by Maturity Allocation (%) Distribution by Coupon Allocation (%) Less than 1 Year 1-3 Years 3-10 Years Years Less than 1% 1-3% 3-5% 5-7% Greater than 7% Portfolio (%) # of issues Portfolio (%) # of issues Distribution by Duration Allocation (%) Distribution by Credit Rating Allocation (%) Less than 1 Year 1-3 Years 3-5 Years 5-7 Years Greater than 7 Years Aaa Aa A Baa Ba B Other Portfolio (%) # of issues Portfolio (%) # of issues Duration is calculated either to the maturity or call date, whichever results in the lowest yield. Distribution by credit rating uses Moody s ratings. Maturity depicts the timing and magnitude of anticipated bond redemptions. Account Number 5YK Page 39 of 70

44 Universe Comparison Annualized (Equity) Invesco ACCG Workers Compensation Invesco vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter (8.36) 31st (9.44) 58th YTD (8.36) 31st (9.44) 58th 1 Year (7.21) 57th (5.08) 28th 3 Year th th 5 Year th th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (7.01) (8.06) (9.27) (9.94) (12.47) Universe Percentiles (7.01) (8.06) (9.27) (9.94) (12.47) 0.59 (5.00) (6.23) (9.87) (14.84) Benchmark 1 is S&P 500. Peer Universe is Broad Large Cap Value. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 40 of 70

45 Universe Comparison Yearly (Equity) Invesco ACCG Workers Compensation Invesco vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile th th th th th th th nd th rd 2002 (20.06) 57th (22.10) 69th 2001 (4.59) 39th (11.89) 77th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (5.73) Universe Percentiles (4.82) (14.82) (19.00) (22.32) (25.79) 5.36 (1.84) (6.62) (11.62) (16.19) Benchmark 1 is S&P 500. Peer Universe is Broad Large Cap Value. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 41 of 70

46 Universe Comparison Annualized (Fixed Income) Invesco ACCG Workers Compensation Invesco vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter st th YTD st th 1 Year st th 3 Year nd th 5 Year th th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (0.47) (3.20) Universe Percentiles (0.47) (3.20) (2.64) Benchmark 1 is Lehman Intermed G/C. Peer Universe is Intermediate Fixed Income. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 42 of 70

47 Universe Comparison Yearly (Fixed Income) Invesco ACCG Workers Compensation Invesco vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile th th nd rd th th th th th th rd rd rd th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles Benchmark 1 is Lehman Intermed G/C. Peer Universe is Intermediate Fixed Income. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 43 of 70

48 Equity Fundamentals Invesco ACCG Workers Compensation Company Name AEGON N V ORD AMER REG Trailing 5-Year EPS Forward EPS Growth Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital Growth (%) Estimate (%) Beta Yield (%) Financials , ALCOA INC Materials , ALTRIA GROUP INC Cons. Staples , ANADARKO PETE CORP Energy , APACHE CORP Energy , BANK OF AMERICA CORP Financials , BEST BUY COMPANY Consumer Disc , INC. CHEVRON Energy , CORPORATION CVX COLGATE PALMOLIVE Cons. Staples , CO CONOCOPHILLIPS Energy , DOW CHEM CO Materials , EXXON MOBIL CORP. Energy , GANNETT INC Consumer Disc , GENERAL ELECTRIC CO Industrials , GLAXO SMITHKLINE PLC Health Care , SPON ADR HEWLETT PACKARD CO. Info. Tech , HOME DEPOT INC Consumer Disc , INT'L BUSINESS Info. Tech , MACHINES J P MORGAN CHASE & Financials , CO JOHNSON & JOHNSON Health Care , KIMBERLY CLARK CORP Cons. Staples , KRAFT FOODS INC. Cons. Staples , MICROSOFT CORP. Info. Tech , NISOURCE INC Utilities , (4.0) NOKIA CORP-SPONSORED ADR Info. Tech , Account Number 5YK Page 44 of 70

49 Equity Fundamentals Invesco ACCG Workers Compensation Company Name NORTHROP GRUMMAN CORP NOVARTIS AG-SPONSORED ADR Trailing 5-Year EPS Forward EPS Growth Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital Growth (%) Estimate (%) Beta Yield (%) Industrials , Health Care , PACIFIC GAS & ELEC CO Utilities , PARTNERRE LTD Financials , PFIZER INC Health Care , PROGRESS ENERGY INC. Utilities , (2.6) SOVEREIGN BANCORP Financials , (3.9) INC. TOTAL FINA SA - Energy , SPONSORED ADR WAL MART STORES INC Cons. Staples , Account Weighted Average 130, Source: FactSet Research Systems Inc. Account Number 5YK Page 45 of 70

50 Deutsche Bank Alex. Brown Trusco Capital Management Page 46 of 70

51 Account Overview Trusco Capital Management Change in Financial Position ($) Historical Performance (%) Quarter YTD ($) Starting Market Value $44,340,205 $44,340,205 Investment Gains/Losses (867,254) (867,254) Interest & Dividends Earned 435, , Expenses 0 0 Profit/Loss (431,278) (431,278) Change in Accrued Interest 64,665 64,665 Contribution/Withdrawal (14) (14) Current Market Value $43,973,577 $43,973,577 Account Benchmark Quarter (0.83) (0.18) 1 Year Year Year Since Inception Current Asset Allocation Top Ten Holdings Security Description Amount ($) Portfolio (%) Cash & Equiv. 3.8% Equities 21.2% Equities 21.2% % Fixed Income 75.0% % Cash & Equiv. 3.8% % Total: 100.0% 1. US TREASURY NOTE 3,913, US TREASURY N/B 3,665, CASH AND SHORT TERM INVESTMENTS 1,650, US TREASURY N/B 1,251, FNMA 15 YR TBA APR 1,059, FHLMC GOLD SINGLE 15 YR APR TBA 691, US TREASURY NT 574, Fixed Income 75.0% 8. WAL-MART 408, FREDDIEMAC SER 3305 CL PA 373, BANK OF AMERICA 366, Top Ten Total $13,956, % Inception Date is 03/01/2002. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500. Starting Market Value and Current Market Values include cash and accrued interest. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 47 of 70

52 Account Time Weighted Return Trusco Capital Management Current Asset Allocation Performance by Asset Class Asset Class Quarter (%) YTD (%) Cash & Equiv. 3.8% Equities 21.2% Equities 21.2% % Fixed Income 75.0% % Cash & Equiv. 3.8% % Total: 100.0% Equities (10.35) (10.35) Fixed Income Cash & Equiv Account (0.83)% (0.83)% Fixed Income 75.0% Quarter YTD Time Weighted Return (%) Account (0.83) (0.83) % of LB Intermediate Gov/Credit, 25% of S&P 500 (0.18) (0.18) S&P 500 (9.44) (9.44) (5.08) Lehman Intermed G/C US 3 mo T-bill Year 3 Year 5 Year Since Inception Account Number 5YK Page 48 of 70

53 Account Risk vs. Return Analysis Trusco Capital Management Since Inception - March 1, % 5.0% Annualized Return (%) 4.0% 3.0% 2.0% 1.0% 0.0% 0% 1% 2% 3% 4% 5% Annualized Standard Deviation (%) Annualized Return (%) Standard Deviation (%) Sharpe Ratio Alpha Beta Treynor Ratio R 2 Account Benchmark US Treasury Bill Inception date of the account is 03/01/2002. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500. Cross hairs within the graph represent the risk and return profile of the 75% of LB Intermediate Gov/Credit, 25% of S&P 500 Index. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 49 of 70

54 Up and Down Market Analysis Trusco Capital Management Performance in Up and Down Markets Annualized Returns (%) Up Markets 3 Years Down Markets Up Markets 5 Years Down Markets Since Inception Up Markets Down Markets Portfolio Benchmark (0.88) (0.38) (3.24) (3.21) (1.76) (3.47) Capture Ratiol # of QuartersI Three Year Quarterly Performance 4.00 Returns (%) Q Q Q Q Q Q Q Q Q Q Q Q Portfolio Benchmark (0.83) (0.18) (0.05) (0.20) The Market is represented by 75% of LB Intermediate Gov/Credit, 25% of S&P 500. Inception Date is 03/01/2002. Benchmark 1 is 75% of LB Intermediate Gov/Credit, 25% of S&P 500. Account Performance is shown after the deduction of management fees and commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 50 of 70

55 Paid in Capital vs. Market Value - Since Inception March 1, 2002 Trusco Capital Management Paid in Capital vs. Market Value Graph - Since Inception $55,000, $50,000, $45,000, $40,000, $35,000, $30,000, $25,000, $20,000, $15,000, $10,000, $5,000, $0.00 Mar-02 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Account Value Paid in Capital Paid In Capital vs. Market Value Detail Incept Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Paid in Capital ($000) Profit/Loss ($000)I 10,549 Incept. (121) 26, ,548 3, ,040 5, ,540 6, ,540 Sep-06 8,074 32,869 Dec-06 9,007 32,869 Mar-07 9,533 32,869 Jun-07 10,148 32,869 Sep-07 11,074 32,869 Dec-07 11,471 32,869 Mar-08 11,104 Account Value ($000) 10,428 27,055 32,619 36,084 38,935 41,614 41,876 42,402 43,018 43,943 44,340 43,974 The spread between the market value line and the paid in capital line represents the account's accumulated profits at that point in time. Paid in Capital is the sum of total contributions less withdrawals. Profit / Loss is equal to the change in market value after the deduction of fees and commissions. Inception column represents earliest date at which market value data is available. Account Number 5YK Page 51 of 70

56 Account Distributions Trusco Capital Management Distribution by Maturity Distribution by Coupon Allocation (%) Allocation (%) Less than 1 Year 1-3 Years 3-10 Years Years Less than 1% 1-3% 3-5% 5-7% Greater than 7% Portfolio (%) # of issues Portfolio (%) # of issues Distribution by Duration Distribution by Credit Rating Allocation (%) Allocation (%) Less than 1 Year 1-3 Years 3-5 Years 5-7 Years Greater than 7 Years Aaa Aa A Baa Ba B Other Portfolio (%) # of issues Portfolio (%) # of issues Duration is calculated either to the maturity or call date, whichever results in the lowest yield. Distribution by credit rating uses Moody s ratings. Maturity depicts the timing and magnitude of anticipated bond redemptions. Account Number 5YK Page 52 of 70

57 Universe Comparison Annualized (Equity) Trusco Capital Management Trusco Capital Management vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter (10.35) 73rd (9.44) 35th YTD (10.35) 73rd (9.44) 35th 1 Year (9.53) 88th (5.08) 30th 3 Year th th 5 Year th th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (7.50) (9.19) (9.52) (10.45) (12.55) Universe Percentiles (7.50) (9.19) (9.52) (10.45) (12.55) 1.38 (4.01) (5.39) (7.20) (12.19) Benchmark 1 is S&P 500. Peer Universe is Broad Large Cap Core. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 53 of 70

58 Universe Comparison Yearly (Equity) Trusco Capital Management Trusco Capital Management vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile nd th th rd th th th th th rd th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles (14.75) (20.17) (22.25) (23.64) (26.75) 0.13 (9.12) (12.03) (13.76) (19.00) Benchmark 1 is S&P 500. Peer Universe is Broad Large Cap Core. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 54 of 70

59 Universe Comparison Annualized (Fixed Income) Trusco Capital Management Trusco Capital Management vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile Quarter st th YTD st th 1 Year th th 3 Year th th 5 Year th th 5th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) (0.47) (3.20) Universe Percentiles (0.47) (3.20) (2.64) Benchmark 1 is Lehman Intermed G/C. Peer Universe is Intermediate Fixed Income. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Returns, greater than one year, are annualized. Account Number 5YK Page 55 of 70

60 Universe Comparison Yearly (Fixed Income) Trusco Capital Management Trusco Capital Management vs. Peer Universe 5% Total Return Percentile 25% 50% 75% 95% Account Return (%) Account Percentile Benchmark 1 Return (%) Benchmark 1 Percentile th th th rd th th st th th th th Percentile (%) 25th Percentile (%) 50th Percentile (%) 75th Percentile (%) 95th Percentile (%) Universe Percentiles Benchmark 1 is Lehman Intermed G/C. Peer Universe is Intermediate Fixed Income. Source of Universe data: CheckFree M-Watch. All account returns are shown after the deduction of management fees. Index returns shown before the deduction of management fees or commissions. Account Number 5YK Page 56 of 70

61 Equity Fundamentals Trusco Capital Management Trailing 5-Year EPS Forward EPS Growth Company Name Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital Growth (%) Estimate (%) Beta Yield (%) 3M COMPANY Industrials , ABBOTT LABS Health Care , ACCENTURE LTD Info. Tech , BERMUDA CL A AMERICAN INTL GROUP Financials , AMERIPRISE FINL INC Financials , COM ANADARKO PETE CORP Energy , ANHEUSER BUSCH Cons. Staples , AT&T CORP Telecom , (6.1) B F GOODRICH CO Industrials , BAKER HUGHES INC Energy , BANK OF AMERICA CORP Financials , BRISTOL MYERS SQUIBB Health Care , (1.2) CO BURLINGTON NORTHERN Industrials , SANTA FE C CADBURY SCHWEPPES Cons. Staples , PLC CARDINAL HEALTH INC Health Care , (3.9) CHEVRON Energy , CORPORATION CVX CISCO SYSTEMS INC Info. Tech , CLOROX CO Cons. Staples , , CONAGRA INC Cons. Staples , (4.1) COVIDIEN LTD SHS Health Care , (4.4) CVS CORP Cons. Staples , DELL INC Info. Tech , DUKE ENERGY CORP Utilities , EATON CORP. Industrials , EBAY INC Info. Tech , EDISON INTERNATIONAL Utilities , (14.1) Account Number 5YK Page 57 of 70

62 Equity Fundamentals Trusco Capital Management Trailing Forward Company Name Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital 5-Year EPS EPS Growth Growth (%) Estimate (%) Beta Yield (%) EMERSON ELEC CO Industrials , EQUIFAX INC Industrials , EXXON MOBIL CORP. Energy , FREEPORT-MCMORAN Materials , COPPER & GOLD GENERAL ELECTRIC CO Industrials , HALLIBURTON CO Energy , HEWLETT PACKARD CO. Info. Tech , HOME DEPOT INC Consumer Disc , INTEL CORP Info. Tech , J P MORGAN CHASE & Financials , CO JOHNSON & JOHNSON Health Care , KRAFT FOODS INC. Cons. Staples , LEGG MASON Financials , MCDONALDS Consumer Disc , MCGRAW HILL INC Consumer Disc , MEDTRONIC INC Health Care , METLIFE INC. Financials , MICROSOFT CORP. Info. Tech , MORGAN STANLEY COM Financials , NEW NOKIA Info. Tech , CORP-SPONSORED ADR OMNICOM GROUP INC Consumer Disc , ORACLE SYSTEMS CORP Info. Tech , PAYCHEX INC Info. Tech , PEPSICO INC Cons. Staples , PRAXAIR INC Materials , PRINCIPAL FINANCIAL Financials , GROUP INC. PROCTER & GAMBLE CO Cons. Staples , Account Number 5YK Page 58 of 70

63 Equity Fundamentals Trusco Capital Management Trailing 5-Year EPS Forward EPS Growth Company Name Sector Share Price Market Cap ($mil) Trailing P/E Forward P/E Price/ Book Return on Equity (%) Debt/ Capital Growth (%) Estimate (%) Beta Yield (%) RAYTHEON CO. Industrials , SCHERING PLOUGH Health Care , CORP SONY CORP - ADR Consumer Disc , STATE STREET CORP Financials , TARGET CORP Consumer Disc , TEXAS INSTRUMENTS, Info. Tech , INC. TIME WARNER INC Consumer Disc , TYCO ELECTRONICS LTD Info. Tech , (1.3) SHS TYCO INTL LTD Industrials , (9.9) BERMUDA SHS UNITED TECHNOLOGIES Industrials , CP UNITEDHEALTH GROUP Health Care , INC VALERO ENERGY CORP. Energy , WAL MART STORES INC Cons. Staples , WALT DISNEY CO. Consumer Disc , HOLDING CO. WELLS FARGO & CO. Financials , (NEW) WESTERN UN CO COM Info. Tech , Account Weighted Average 98, Source: FactSet Research Systems Inc. Account Number 5YK Page 59 of 70

64 Deutsche Bank Alex. Brown Glossary Page 60 of 70