ANNUALIZED RETURNS (returns greater than 12 months have been annualized)
Q3 2008 YTD 1 YEAR 3 YEARS 5 YEARS INCEPT*
SMALL MID VALUE GROSS -21.68% -18.28% -18.92% 5.72% 14.39% 13.32%
SMALL MID VALUE NET -21.89% -18.91% -19.74% 4.67% 13.26% 12.20%
RUSSELL 2500 VALUE -1.22% -9.48% -15.79% 0.60% 9.00% 9.92%
*Inception date: January 2000

CALENDAR YEAR RETURNS
TIM Gross TIM Net Benchmark
2007 24.24% 23.02% -7.27%
2006 17.24% 16.09% 20.18%
2005 13.43% 12.31% 7.74%
2004 25.80% 24.57% 21.57%
2003 34.52% 33.21% 44.91%
2002 -8.86% -9.78% -9.87%
2001 11.70% 10.60% 9.74%
2000 28.27% 27.01% 20.79%