calendar year performance

firm/product 2010 2009 2008 2007 2006 Money Market Prime Composite (Gross of Advisory Fees) 0.36% 0.56% 2.76% 5.43% 5.15% Money Market Prime Composite (Net of Advisory Fees) 0.23% 0.42% 2.59% 5.28% 5.00% BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.13% 0.21% 2.06% 5.00% 4.85%

*Annualized

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Please review carefully the following information regarding the above performance. Cutwater Asset Management provides investment management and advisory services primarily to institutional investors. Cutwater Asset Management claims compliance with the Global Investment Performance Standards (GIPS®). To receive a list of composite descriptions of Cutwater Asset Management and/or a presentation that complies with the GIPS® standards, call (866) 766-3030, or write to Cutwater Asset Management, 113 King Street, Armonk, NY 10504 or email info@cutwater.com

Returns are calculated in U.S. dollars. Net of fee performance returns are calculated using the actual management fees charged to accounts included in this composite. Client returns will be reduced by investment management fees. The performance reflects the reinvestment of all dividends and income. Actual fees for new accounts are dependent upon size and any fee or fee schedule applied to existing or prospective clients is subject to negotiation. Investment involves risk, including the possible loss of principal. No assurance can be given that the performance objective of this strategy will be achieved. Past performance is not a guarantee of future results. The benchmark, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, is an unmanaged market index. The volatility of the benchmark may be materially different from that of the Composite. Credit ratings referenced above are obtained from Nationally Recognized Statistical Rating Organization firms.