ANNUALIZED RETURNS (returns greater than 12 months have been annualized)
Q3 2008 YTD 1 YEAR 3 YEARS INCEPT*
Small/Mid Growth (GROSS) -2.81% -21.75% -23.09% 1.41% 4.11%
Small/Mid Growth (NET) -3.06% -22.36% -23.88% 0.44% 3.27%
RUSSELL 2500 GROWTH -12.09% -19.01% -20.70% 0.81% 4.57%

*Inception date: January 2004.

CALENDAR YEAR RETURNS
TIM Gross TIM Net Russ2000Gr Russ2500Gr
2007 22.90% 21.69% 7.05% 9.69%
2006 6.87% 5.81% 13.35% 12.26%
2005 5.64% 5.10% 4.15% 8.17%
2004 11.53% 10.86% 14.31% 14.59%