Current quarter returns subject to performance examination. Performance represents the dollar weighted results of all accounts with substantially similar investment objectives, policies, strategies and risks present for the entire quarter managed by Transamerica Investment Management, LLC. Non-performance material such as, but not limited to, portfolio level fundamentals are deemed supplemental and complements the performance disclosure below which is an integral part of this presentation. 

Micro Cap Composite contains fully discretionary equity accounts that have a mandate of investing in microcap growth securities with a market capitalization between $10 and $500 million. For comparison purposes, the composite is measured against the Russell Microcap Index. The minimum account size for this composite is $1 million.

Transamerica Investment Management, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Transamerica Investment Management, LLC is an SEC-registered investment adviser, which commenced operations as of January 1, 2000.  Transamerica Investment Management, LLC is controlled by Transamerica Investment Services, Inc., which became part of the AEGON Group of companies in July1999.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Prior to March 1, 2006, the Microcap Composite contained one non-fee-paying portfolio which represented 100% of the composite for that period. Composite policy requires the temporary removal of any portfolio incurring a client initiated significant cash inflow or outflow of at least 10% of portfolio assets. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite the first full month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request. The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using the highest management fee of 1.50% applied monthly. The annual composite dispersion measure presented is an asset-weighted standard deviation calculated for the accounts in the composite the entire year. Additional information regarding policies for calculating and reporting returns is available upon request. Past performance is not indicative of future results.

The investment management fee schedule for the Microcap Composite is as follows: 1.50% on all assets. Actual investment advisory fees incurred by clients may vary.

The Microcap Composite was created April 1, 2006. Performance presented prior to August 4, 2005, was established at Westcap Investors, LLC. Effective August 4, 2005, Transamerica Investment Management, LLC acquired the investment advisory accounts of Westcap Investors, LLC and no material change in personnel responsible for the investment management process occurred. Transamerica Investment Management, LLC's compliance with the GIPS standards has been verified for the period January 1, 2000, through December 31, 2007, by Ashland Partners & Company LLP. In addition, a performance examination was conducted on the Microcap Composite beginning August 1, 2005. Performance prior to August 1, 2005 was also examined by Ashland Partners & Company LLP. A copy of the verification report is available upon request. The firm maintains a complete list and description of composites, which is available upon request.