Investment Objective
To achieve an average rate of return which exceeds the Russell 2000 Growth Index over a full market cycle.

Investment Philosophy
Turner believes that consistent out-performance relative to a stated benchmark may be best achieved by identifying the characteristics that drive future price out-performance, and by investing in the companies that exhibit these predictive characteristics.

Investment Process

Turner's Quantitative Small Cap Growth Equity's investment process involves the use of four steps:

Step One

• We utilize a proprietary quantitative model to evaluate 72 factors and identify factors that have been predictive of future price performance during the previous three years by economic sector

Step Two

• We rank all companies in the universe relative to one another based on the predictive characteristics by sector

Step Three

• We construct a diversified portfolio of the best ranked companies by utilizing proprietary portfolio optimization and diversification tools

Step Four

• We re-balance the portfolio regularly using program trades that minimize "implementation shortall", at a minimum cost.

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.