Performance Disclosure Statement

Cordillera Asset Management's Small Cap Growth composite contains fully discretionary core equity accounts and for comparison purposes is measured against the Russell 2000 Growth Index. The minimum account size is $2 million. Prior to January 2001, the minimum account size is $1 million. Cordillera Asset Management has prepared and presented this report in compliance with the Performance Presentation Standards of the CFA Institute (AIMR-PPS®) , the U.S. and Canadian version of the Global Investment Performance Standards (GIPS®). The CFA Institute has not been involved with the preparation or review of this report. Cordillera Asset management is a registered investment advisor. 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. Non-fee-paying accounts are not included in this composite. Beginning July 1, 2002, Cordillera adopted a significant cash flow removal policy in which accounts with a cash flow of the lesser of $20 million or 50% will be removed from their composite for the month in which the cash flow occurred. During the calendar year 1999 small cap growth stocks in general had an exceptional return. Past performance is not indicative of future results. Risk is inherent in this type of investment, and future performance may involve the possibility of loss. 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. Actual returns will be reduced by investment advisory fees and other expenses that may be incurred in the management of the account. A fee schedule is available upon request and is described in Part II of the firm’s ADV. Fees are collected quarterly, which produces a compounding effect on the total rate of return net of management fees. As an example, the effect of investment management fees on the total value of a client’s portfolio assuming (a) $1,000,000 investment, (b) portfolio return of 8% a year, and (c) 1.00% annual investment advisory fee would be $10,416 in the first year, and cumulative effects of $59,816 over five years and $143,430 over ten years. Actual investment advisory fees incurred by clients may vary. Balanced portfolio segments are not included in this composite. Leverage is not used in this composite. The Small Cap Growth Composite was created June 1, 1992. No material organizational changes have occurred that would impact performance.

Standard Fee Schedule

Composite Descriptions