Please review carefully the accompanying footnotes for important information regarding the above Performance. The data presented above is qualified in its entirety by these footnotes. Past performance does not guarantee future results.

Cutwater Asset Management is an SEC registered investment advisor, providing investment management and advisory services to both institutional and individual investors. Cutwater Asset Management claims compliance with the Global Investment Performance Standards (GIPS®). For a complete set of details on the composite portfolio, please click here to contact us.

Returns are quoted gross and net of fees and assume reinvestment of dividends. The Cutwater Short Term Fixed Income Composite shown above is composed of separately managed accounts. The accounts used in the composite are actively managed in accordance with the objectives described in the Composite Description. The start date of this Portfolio Composite is 09/30/96. Cutwater Capital Management maintains complete managerial authority with respect to each individual portfolio. The benchmark, the Merrill Lynch 1-3 Year U.S. Treasuries Index, is an unmanaged market index representative of the U.S. taxable fixed income universe. The volatility of the benchmark may be materially different from that of the Portfolio. Client returns will be reduced by investment management fees and other expenses incurred in the management of client accounts. Credit ratings referenced above are obtained from Nationally Recognized Statistical Rating Organization firms. On an annual basis, the management fee of 20 bps would have reduced performance: 2002 6.98%, 2003 2.79%, 2004 1.69%, 2005 2.02%, 2006 4.47%, 2007 6.63%, 2008 5.82%. Actual fees for new accounts are dependent upon size and subject to negotiation. This material is for use in individual presentations to prospective institutional investors and may not be communicated to the general public through print, electronic distribution or any other medium. No assurance can be given that the investment objective of the strategy will be achieved. Past performance is not a guarantee of future results. Please see the Cutwater Capital Management Corporation Form ADV Part II for a discussion of advisory fees.