PERFORMANCE DISCLOSURES

1. There are various accounts included in this composite between 1976 through 2003 that periodically used leverage (margin) to purchase equities. The use of margin was limited to less than 5% of the market value for each of these various portfolios. The average time any account was on margin was less than 90 days. All performance figures have been calculated on all cash basis with regards to the use of margin.

2. Results have been time-weighted since inception. Interim performance results are linked monthly. All composites are valued on a monthly basis.

3. Standard deviation in CM Value I annual composite returns equals 11.78% vs. a standard deviation in the yearly returns for Russell 2000 Composite and the S&P 500 ADJ, which equal 18.89% and 16.14%, respectively.

4. CM Value I (sometimes referred to as Standard Value Composite) was created on September 16, 1974.

5. Century Management has prepared and presented this report in compliance with the Performance Presentation Standards of the CFA Institute, formerly known as the Association for Investment Management & Research (AIMR-PPS), the U.S. and Canadian version of the Global Investment Performance Standards (GIPS). (AIMR) the Association for Investment Management and Research changed their name as of May, 2004 to the "CFA Institute". The CFA Institute (formerly AIMR) has not been involved with the preparation or review of the report. This report has been verified by Ernst & Young LLP.

6. Complete performance figures for all composites are available upon request.

7. Prior to 1998, settlement date is used if trade date information was not available.

8. Past performance is no guarantee of future results.

9. Century Management has four composites. A description of each composite is available upon request. Century Management includes all fee-paying portfolios in this presentation of performance. There is no minimum size account, below which portfolios are excluded from the aggregate composite returns. However, all non-fee paying portfolios, regardless of size, are excluded from this presentation of performance.

10. U.S. Dollars are used to express performance data for all composites.

11. As of December 31, 2003, non-fee paying assets are $19,740,687.67. All non-fee paying assets are excluded in any composite.

12. Century Management is an independent investment management firm established in 1974. Century Management manages a variety of equity, fixed income and balanced assets accounts for primarily U.S. individual and institutional clients.

13. CM Value I (sometimes referred to as Standard Value Composite) Return in the Standard Deviation Report is calculated based on equal weighted method VS time weighted method shown on other pages.

FOR THE COMPLETE CFA Institute (formerly referred to or known as AIMR) VERIFICATION AND STANDARD DEVIATION REPORTS FROM INCEPTION THROUGH THE PERIOD ENDING DECEMBER 31, 2003, PLEASE SEE OUR ERNST AND YOUNG CFA Institute (AIMR) VERIFICATION.

ALL PERFORMANCE COMPOSITES ARE AVAILABLE UPON REQUEST.

OUR ADV FORM IS AVAILABLE UPON REQUEST AND CAN ALSO BE ACCESSED ON OUR WEBSITE.

PAST PERFORMANCE OF MARKETS, COMPOSITES, OR ANY INDIVIDUAL SECURITIES MAY NOT BE INDICATIVE OF FUTURE RESULTS.

ERNST AND YOUNG, LLP. HAS PREPARED AND PRESENTED THEIR AIMR VERIFICATION OF CENTURY MANAGEMENT IN COMPLIANCE WITH THE PERFORMANCE PRESENTATION STANDARDS OF THE CFA INSTITUTE (FORMERLY KNOWN AS THE ASSOCIATION FOR INVESTMENT MANAGEMENT AND RESEARCH (AIMR-PPS)). THE CFA INSTITUTE (AIMR) HAS NOT BEEN INVOLVED WITH THE PREPARATION OR REVIEW OF THE ERNST AND YOUNG AIMR VERIFICATION REPORT