Third River Opportunistic Value Equity composite contains all discretionary equity only accounts that invest primarily in companies with value features as identified by our investment process. Third River Capital Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The firm maintains a complete list and description of composites, which is available upon request. Results are based on discretionary accounts under management, including those accounts no longer with the firm. For comparison purposes, the composite is measured against the Russell 3000 Value index. The Russell 3000 Value index is a subset of the Russell 3000 index. The Russell 3000 Value index measures the performance of those Russell 3000 index companies with lower price-to-book ratios and lower forecasted growth values. The returns of the index do not include any transaction costs, management fees or other costs. Past investment performance is not indicative of future results.

Performance is shown in U.S. dollars gross and net of investment management fees and includes the reinvestment of all income. Net of fee performance was calculated using actual management fees. The maximum fee in the fee schedule has been deducted from the non-fee paying account in the composite. The management fee schedule is billed annually on a quarterly basis as follows: 1% on the first $15 million, 0.85% on the next $35 million, 0.70% on the next $50 million, and 0.60% thereafter. Actual investment advisory fees incurred by clients may vary.

Opportunistic Value has been managed by Robert Harper since inception. The Opportunistic Value Composite was created July 1, 2007. Additional information regarding the policies for calculating and reporting returns is available upon request. For the period 12/31/2000 thru 06/30/07, the performance represents the portfolio track record established by the portfolio manager prior to his affiliation with the firm. Prior to 11/13/2006, balanced portfolio segments were included in this composite and performance reflected required total segment plus cash returns using a fixed 5% cash allocation percentage. Effective 12/31/2006, Opportunistic Value included Kevin Silverman as Co-Manager. Prior to 7/1/07, the Opportunistic Value was known as the All Cap Value product. Prior to 9/30/07 this composite was measured against the S&P 500 and the Russell 3000 Indices.

Third River Capital Management, LLC, an independent registered investment advisor, was established 7/1/07 with an Equity Research Team lift-out from Two Rivers Capital Management, LLC, an independent registered investment advisor, which ceased investment operations on 6/30/07.