Investment Objective
To produce long-term capital appreciation.

Investment Policy
Turner anticipates that the Midcap Value Equity strategy will outperform the market while the U.S. economy is experiencing slow to intermediate growth. Additionally, the Midcap Value Equity strategy will likely outperform the benchmark during periods when value stocks are rallying. The Midcap Value Equity strategy may underperform the market during periods of rapid economic growth.

Investment Process
Turner uses a blend of quantitative and qualitative analysis for its decision-making process. Turner employs a two-pronged approach for screening value stocks. The first approach is a proprietary quantitative model which evaluates and identifies those value stocks that are displaying the strongest positive business momentum and also selling a reasonable price. The second approach consists of a series of screens designed to identify hidden assets that will signify attractive return potential and downside protection to share prices. Security analysts look for a catalyst for positive change in the companies' fundamentals or strategies -- a prerequisite if an out-of-favor stock is to rise in price; otherwise, without that catalyst, an out-of-favor stock can simply fall even more out of favor.

Important Disclosure Information

Turner Investment Partners, Inc. is an independent, employee-owned investment management firm providing a broad range of services. The Firm is a U.S. Securities and Exchange Commission registered investment advisor and is dedicated to the practice of professional investment management.  Turner Investment Partners has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). To receive a complete list and description of Turner's composites and/or presentations that adhere to the GIPS® standards, contact Debi Rossi at drossi@turnerinvestments.com or write Ms. Rossi at Turner Investment Partners, Inc., 1205 Westlakes Drive, Suite 100, Berwyn, PA 19312.

Total firm assets under management as of 9.30.08 were approximately $22.2 billion. Assets under management totals include a limited number of non-discretionary arrangements where Turner provides a model portfolio. As of 9.30.08,  4.2% of Turner's assets under management were non-discretionary. Firm assets for 1998 include $360 million from Solon Asset Management, acquired 1.5.98. Past performance is no guarantee of future results.

Characteristics, holdings, and sector weighting information are subject to change, and should not be considered as recommendations. Cash consists of U.S. dollars and/or cash equivalents such as repurchase agreements, certificates of deposits or commercial paper. Forward earnings projections are not predictors of stock price or investment performance, and do not represent past performance. There is no guarantee that the forward earnings projections will accurately predict the actual earnings experience of any of the companies involved, and no guarantee of future results.