This information was updated May 19, 2008.

• The Small Cap Select product is benchmarked to the Russell 2000® Index.
  
• The minimum initial investment is $1,000,000.
  
• Portfolios are individually managed and can be invested using a tax-sensitive investment strategy.
  
• Companies in the portfolios generally have relatively lower analyst coverage and institutional ownership than other comparable companies in the benchmark.
  
• Portfolios generally demonstrate valuations below and growth characteristics at or above those of the Russell 2000® benchmark
  
• Portfolios are actively managed using a bottom-up investment approach and the Portfolio Manager does not attempt to time the markets
  
• Our approach seeks to minimize risk through diversification. Portfolios generally hold between 45 to 50 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the Small Cap Select product is to consistently out perform the Russell 2000® Index over a complete market cycle. Manager seeks to achieve this performance while minimizing clients’ tax consequences. Portfolios are comprised of a combination of small cap growth and small cap value stocks, resulting in portfolios with characteristics generally in line with those of the Russell 2000® benchmark. Manager looks for inefficiencies in the small cap universe, focusing on companies with a demonstrated ability to deliver superior cash-flow returns to shareholders.

Annualized Returns as of 3/31/08

The Russell 2000® Index is used as a benchmark. The Index is unmanaged and represents total returns, including reinvestment of dividends. The benchmark is used for comparative purposes only and may not reflect the risk or investment style of the Firm's strategy. The investment portfolio underlying the Russell 2000® Index is different from the investments in the portfolios managed by the firm. The Russell 2000® Index is a capitalization weighted index of the smallest 2000 companies in the Russell 3000® Index.

Terry Raterman

Terry Raterman, CPA, CFA, a Vice President, is a Portfolio Manager of the Small Cap Select and Small Cap Select SRI portfolios. Mr. Raterman has extensive experience in the audit, taxation and valuation of closely held companies. Prior to joining Kennedy Capital, he was responsible for management and was a CFO in the railroad and energy industries. Mr. Raterman received a BS in Accounting and Finance and an MS in Economics, with honors, from Southern Illinois University.