CM Value I Composite
Year by Year Equities (Stocks) Only

Year
CM Equities Only
Gross of Fees
CM Equities Only
Net of Fees
S&P 500
ADJ Index**
09-16-74 to 12/31/1974
5.64%
5.16%
5.15%
1975
8.34%
5.49%
37.30%
1976
48.54%
46.07%
23.96%
1977
24.02%
22.05%
-7.43%
1978
20.38%
17.98%
6.47%
1979
29.67%
27.61%
18.47%
1980
28.88%
26.95%
32.40%
1981
18.27%
16.70%
-5.01%
1982
26.66%
25.07%
21.57%
1983
41.98%
40.10%
22.59%
1984
7.63%
6.07%
6.39%
1985
32.91%
31.12%
31.95%
1986
40.08%
38.27%
19.08%
1987
7.81%
6.48%
5.22%
1988
33.33%
31.78%
16.57%
1989
14.66%
13.30%
31.65%
1990
-19.40
-20.32%
-3.14%
1991
25.35%
23.96%
30.45%
1992
13.05%
11.67%
7.62%
1993
21.25%
19.75%
10.09%
1994
4.63%
3.55%
1.27%
1995
18.73%
17.49%
37.53%
1996
31.10%
29.71%
22.99%
1997
22.10%
20.76%
33.34%
1998
1.47%
0.34%
28.57%
1999
37.54%
36.19%
21.03%
2000
54.21%
52.70%
-9.15%
2001
14.44%
13.34%
-11.91%
2002
-5.57%
-6.43%
-22.14%
2003
43.00%
41.64%
28.62%
2004
29.36%
28.17%
10.92%
2005
22.47%
21.32%
4.88%
31 Years - Annualized
From Inception
21.39%
19.85%
13.46%

IMPORTANT PERFORMANCE DISCLOSURES
PLEASE READ

THE ROLLING YEAR RETURNS WERE PREPARED BY CENTURY MANAGEMENT AND PRESENTED TO AND VERIFIED BY ASHLAND PARTNERS & COMPANY LLP. ASHLAND PARTNERS & COMPANY LLP HAS VERIFIED THE COMPLIANCE OF CENTURY MANAGEMENT WITH THE REQUIREMENTS OF THE GLOBAL INVESTMENT PERFORMANCE STANDARDS (GIPS®) ON A FIRMWIDE BASIS FROM SEPTEMBER 16, 1974 THROUGH DECEMBER 31, 2006. THE 2007 PORTION OF THE RETURNS ABOVE HAVE NOT YET BEEN VERIFIED BY ASHLAND PARTNERS & COMPANY LLP. THE PURPOSE OF SHOWING THE VERIFIED AND THE UNVERIFIED RETURNS IS TO PROVIDE YOU WITH THE MOST UPDATED PERFORMANCE DATA WE HAVE AVAILABLE. FOR THE COMPLETE VERIFIED PERFORMANCE AND STANDARD DEVIATION REPORTS FROM INCEPTION THROUGH THE PERIOD ENDING DECEMBER 31, 2006, PLEASE SEE OUR ASHLAND PARTNERS & COMPANY LLP GIPS® PERFROMANCE VERIFICATION. ALL PERFORMANCE COMPOSITES ARE AVAILABLE UPON REQUEST. OUR ADV FORM IS ALSO AVAILABLE UPON REQUEST. GIPS® HAS NOT BEEN INVOLVED WITH THE PREPARATION OR REVIEW OF ASHLAND PARTNERS & COMPANY LLP VERIFICATION REPORT.

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

**Source of index returns: FT Interactive Data Corp.

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