Opportunistic Value Equity
Small Cap Value Equity

Third Rivers Small Cap Value Equity Composite contains all discretionary equity only accounts that invest primarily in companies with market caps less than $2 billion, 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 fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.

For comparison purposes, the composite is measured against the Russell 2000 Value index. The Russell 2000 Value index is a subset of the Russell 2000 index, which measures the performance of the 2000 smallest companies in the Russell 3000 index. The Russell 2000 Value index measures the performance of those Russell 2000 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. Performance is shown in U.S. dollars gross and net of 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 accounts included in the composite. The management fee schedule is billed annually on a quarterly basis and is as follows: 1% on the first $25 million, 0.90% on the next $25 million, 0.80% on the next $50 million, 0.70% thereafter. Actual investment advisory fees incurred by clients may vary.

The Small Cap Value Composite was created July 1, 2007. Additional information regarding the policies for calculating and reporting returns is available upon request. For the period 12/31/06 through 6/30/07, the performance represents the portfolio track record established by the portfolio manager prior to his affiliation with the firm. Prior to 9/30/07 this composite was also measured against the S&P 500 Index.

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. contains fully discretionary SmallCap Growth accounts. For comparison purposes, the SmallCap Growth Composite is measured against the Russell 2000 Growth Index.