Cooke and Bieler Composite Performance

Investment Strategies

All Cap Value

Composite Performance

All Cap Value Equity Composite

Year	Total Return (Gross) %	Total Return (Net) %	Russell 3000 Value %	Composite Dispersion	Market Value($ Millions)	Total Firm Assets	Non-Fee Paying Portfolios % of Total Composite Assets	% of Total Firm Assets	# of Portfolios
As of December 31
2001**	12.09	11.63	-3.58	N/M	$0.2	$1,837.2	100%	<0.1	< 5
2002	-9.38	-9.99	-15.18	N/M	$51.7	$2,147.8	<1%	2.41	9
2003	38.09	37.26	31.14	0.21	$69.4	$3,421.4	<1%	2.03	6
2004	13.54	12.75	16.94	0.13	$93.7	$5,425.1	<1%	1.73	8
2005	2.71	1.94	6.85	0.06	$98.3	$7,715.8	3.0%	1.27	10
2006	23.60	22.72	22.34	0.63	$124.2	$9,248.0	3.0%	1.34	21
2007	-1.54	-2.28	-1.01	0.46	$120.1	$7,854.3	3.0%	1.53	23
2008	-35.15	-35.69	-36.25	1.53	$108.6	$3,910.4	1.5%	2.78	24
2009	25.28	24.39	19.76	0.78	$152.7	$5,004.0	1.4%	3.05	24
**Composite return and benchmark represent eight months ending 12/31/01.
Cooke & Bieler has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).
N/M: For those annual periods with less than five portfolios included for the entire year, dispersion is not presented as it is not considered meaningful.

Notes:
1.	Cooke & Bieler, L.P. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). The Firm is defined as Cooke & Bieler, L.P., an independent investment management firm and is registered as an investment adviser under the Investment Advisers Act of 1940.
2.	The Cooke & Bieler All Cap Value Equity Composite (Composite), whose inception date is May 1, 2001, includes all fully discretionary, fee paying and non-fee paying all cap value equity portfolios managed for more than one month with a minimum market value of $2500. For investment purposes, all cap investing is generally defined as investing in securities of companies whose market capitalization range from $500 million and above. The Composite was created in May 2001.
3.	Rates of return are expressed in U.S. dollars. Portfolios are valued monthly on a trade date basis. Portfolio returns reflect the reinvestment of dividend and interest income and are calculated using the Modified Dietz method. Composite returns are calculated monthly by weighting portfolio returns according to the size of each portfolio at the beginning of the month.
4.	Performance returns are presented both gross and net of fees. Gross of fee returns do not reflect the deduction of investment advisory fees. Individual client returns will be reduced by investment advisory fees and other expenses that it may incur in the management of its investment advisory account. The investment advisory fees are described in Part II of Form ADV. The standard fee agreement is 0.75 of 1% per annum on the first $10 million of principal, 0.65 of 1% per annum on the next $10 million of principal, 0.55 of 1% per annum on the balance, however fees are negotiable. As an example, the "cost" of the investment advisory fee of a $10 million portfolio is .75% on an annualized basis. In a ten-year period, the effect of the investment advisory fee will reduce a 5% annual return by as much as 11.8% on a cumulative basis. On an exception basis, the actual fee charged may depend on the asset size, client location and type of portfolio. Effective April 1, 2004, Model net of fee Composite returns are calculated quarterly by deducting one quarter of the maximum fee rate of 0.75% from the gross of fee Composite return. Prior to April 1, 2004, the model net of fee Composite returns were calculated quarterly by deducting one quarter of the maximum fee rate of 0.65% from the gross of fee Composite return.
5.	The dispersion is measured using an asset weighted standard deviation of portfolio returns represented within the Composite for the full year. For those annual periods with less than five portfolios included for the entire period, dispersion is not presented as it is not considered meaningful.
6.	The Composite includes one non-fee paying portfolio which represented 100% of the Composite as of December 31, 2001 and 1.4% of the Composite at December 31, 2009.
7.	A complete list of firm composites and performance results are available upon request. Additional information regarding policies for calculating and reporting returns is also available upon request.
8.	The Russell 3000® Value Index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of independent verifiers. For comparison purposes, the index is fully invested and includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or other costs.
9.	The Composite has been examined by Vincent Performance Services LLC for the periods from May 1, 2001 through December 31, 2009. A copy of the examination report is available upon request.
10.	Past performance is not indicative of future results.