Value 15 Equity Strategy and Portfolio

Performance Objective:
To provide, over the life of the strategy and over every three-year period, an investment return greater than that of the S&P/Citigroup Value Index.

Investment Philosophy:
Human beings overreact, and the stocks of even the largest companies are completely out-of-favor and very cheap from time to time. Successful buy/sell processes identify those opportunities, and then capture the price appreciation as the companies/stocks ultimately move back into favor.

Portfolio Structure:
The Value 15 portfolio consists of 15 stocks in two independently managed groups:

LARGCAP Value - Yield Group	Selected from the 75-candidate Nottinghill LARGCAP Universe on the basis of high dividend yield supported by two measures of corporate profitability.
LARGCAP Value - Contrarian Group	Selected from the Nottinghill LARGCAP Universe on the basis of long-term underperformance with favorable turnaround prospects.

Investment Process:
Value 15 is a 15-stock value-oriented strategy. Ten stocks are selected from the 75-candidate Nottinghill LARGCAP Universe primarily on the basis of high-dividend yield. A second group of five stocks is selected from the same universe on the basis of long-term underperformance, which frequently is followed by long-term outperformance. Portfolios are fully invested in equities at all times.

Investment Results:

	Value 15*		Large Cap Value Index**		Firm Assets		Composite Portfolios	Composite Assets		% of Firm Assets		Annual Composite Dispersion

1996 QIII-QIV	10.09	%	12.19	%	$3.7	mm	2	$0.5	mm	14	%	–
1997	26.90		29.96		15.1		6	4.4		29		0.40	%
1998	22.68		14.68		23.4		6	5.5		18		1.97
1999	19.10		12.73		31.7		7	8.0		25		0.72
2000	3.97		6.09		27.0		8	9.7		36		0.88
2001	3.91		-11.72		31.5		11	10.9		35		1.75
2002	-13.53		-20.85		36.1		15	14.5		40		1.08
2003	30.94		31.79		57.7		19	25.7		45		1.11
2004	6.07		15.71		70.8		22	26.9		38		0.69
2005	-0.26		6.33		123.1		18	46.5		38		0.53
2006	26.80		20.79		162.3		16	49.6		31		0.71
2007	-3.81		1.99		162.5		3	1.5		1		0.63

Annualized
1996-2007	10.70	%	9.33	%

2003-2007	11.06	%	14.84	%
2005-2007	6.75	%	9.42	%

* Net-of-fee **S&P/BARRA Value Index 1996-2005; S&P/Citigroup Value Index thereafter

Nottinghill Investment Advisers, Ltd., has prepared and presented this report in compliance with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPSTM) for the period from July 1, 1996 to December 31, 2005 and the Global Investment Performance Standards (GIPSR) beginning in 2006. No regulatory or governing body has been involved in the preparation or review of this report.
1. Nottinghill Investment Advisers, Ltd., (“Firm”) is an independent, SEC-registered investment adviser utilizing a number of primarily large capitalization equity investment strategies. Berge & Company, Ltd. and BKD, LLP, Certified Public Accountants in each case, completed Firm-wide Verifications of Nottinghill’s compliance with the AIMR-PPSTM for, respectively, the 1996-2001 and 2002-2005 periods. The Verifications associated with years after 2005 also were completed by BKD, LLP, and tested Nottinghill’s compliance with the aforementioned Global Investment Performance Standards (GIPSR). Verifications are conducted annually; a copy of the most recent report is available by request.
2. The Growth 10 performance composite (Composite A: all non-wrap fee accounts and those with a fixed annual broker charge less than 0.25% of assets) officially was created on January 1, 2002; however, the composite as currently defined has an effective date of compliance with the AIMR-PPSTM of July 1, 1999. Berge & Company, Ltd. and BKD, LLP, Certified Public Accountants in each case, completed Performance Examinations of the investment results presented for, respectively, the 1999-2001 and 2002-2006 periods. On December 31, 2007, no accounts in the composite had a fixed annual brokerage charge.
3. No segments of other portfolio composites are included in the Growth 10 composite.
4. The most appropriate benchmark for the Growth 10 strategy is the Large Cap Growth Index, an unmanaged, capitalization-weighted index of primarily U.S. corporations. The Large Cap Growth Index is a combination of the S&P/BARRA Growth Index, the official benchmark until discontinued on December 31, 2005, and the successor S&P/Citigroup Growth Index. The Large Cap Growth Index includes price change and income, however, no expenses are involved. The S&P 500 Index was the benchmark prior to June 30, 2002.
5. Investment results have been calculated net of management fees, which were deducted from the results achieved by every account in the composite. The annual fee schedule is 1.0% of the first $1 million, 0.75% of the next $14 million, 0.65% of the next $35 million, and 0.50% of the next $50 million.
6. Investment results calculated net of management fees are appropriate for presentation or redistribution in all settings, but must be accompanied by this disclosure language.
7. All performance calculations are based upon trade-date accounting, and, except where otherwise noted, are associated with time periods ending December 31.
8. Performance is expressed in U.S. Dollars.
9. Annual composite dispersion is the asset-weighted standard deviation of gross investment returns.
10. Exchange-Traded Fund shares may be utilized in this strategy from time to time. No other derivatives and no leverage are employed.
11. Past performance is no guarantee of future results.
12. A complete list of Nottinghill performance composites and additional information regarding the calculation and reporting of Nottinghill performance are available upon request.

Copyright © 2007 Nottinghill Investment Advisers, Ltd.
Southampton Square
7414 Jager Court
Cincinnati, Ohio, USA 45230
(513) 624-3000 Toll Free: (877) 624-3001
Copyright Information

Investment Style Equity:
Quantitative, disciplined
Large cap
Value oriented

Representative
Securities:
Bank of America
Citigroup
ConAgra Foods
DuPont
Pfizer

Key Personnel:

Douglas G. McPeek
Managing Director
35 years' experience

W. Russ Stewart
Managing Director
36 years' experience

Jeffrey E. McPeek
Portfolio Manager
9 years’ experience

Martha J. Stenson
Director of Operations
23 years' experience

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We are always pleased to answer any questions you might have. Please contact us via our web form or call us at 513.624-3000 or 877.624-3001.