Investment Objective
To produce long-term capital appreciation.

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

The Russell 2000 Value Index is the appropriate benchmark for the Small Cap Value Equity strategy. Turner seeks to outperform the Russell 2000 Value Index by 200+ basis points over a full market cycle. In addition, Turner seeks to achieve above-median performance in a peer universe over three- and five-year periods.

Investment Philosophy
The investment philosophy of the Small Cap Value Equity strategy is based on this premise: small stocks can offer value inefficiencies — their prices are lower than warranted by their likely future cash flows — that can be profitably exploited. The strategy invests in a diversified portfolio of companies that Turner believes has attractive return potential and downside protection to their share prices.

Investment Process
The Turner Small Cap Value Equity strategy utilizes a two-pronged screening process that utilizes both growth and value criteria. Because the Small Cap Value Equity strategy uses a multiple model approach, each potential buy candidate is evaluated from two different angles. This is important because small cap value stocks can, at times, display strong earnings momentum during spurts of growth that can be identified using growth screening tools and metrics.

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.