Cooke and Bieler Composite Performance

Investment Strategies

Mid Cap Value

Composite Performance

C&B Mid Cap Value Equity Composite Information

Year	Total Return (Gross) %	Total Return (Net) %	Russell Midcap Value Index %	Composite Dispersion	Market Value($ Millions)	% of Firm Assets ($ Millions)	Total Firm Assets	# of Portfolios
As of December 31
2000	42.28	41.37	19.18	N/M	$7.4	< 1	$1,919.3	< 5
2001	26.55	25.89	2.33	.47	$64.8	4	$1,837.2	11
2002	-7.96	-8.64	-9.65	0.28	$219.1	10	$2,147.8	25
2003	41.13	39.87	38.07	.63	$757.3	22	$3,421.4	39
2004	12.47	11.68	23.71	.30	$1,411.0	26	$5,425.1	53
2005	7.48	6.87	12.65	0.22	$1,616.1	21	$7,715.8	54
2006	27.17	26.52	20.22	0.15	$2,048.8	22	$9,248.0	45
2007	-7.83	-8.33	-1.42	0.22	$1,741.6	22	$7,854.3	48
2008	-32.33	-32.70	-38.44	0.60	$737.6	19	$3,910.4	22
2009	30.46	29.71	34.21	0.75	$769.6	15	$5,004.0	17
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 to be 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 Mid Cap Value Equity Composite (Composite), whose inception date is March 1, 1998, includes all fully discretionary, fee paying, mid cap equity portfolios over $2,500 managed for more than one month. For investment purposes, mid-cap equity investing is generally defined as investing in securities of companies whose market capitalization are within a range of $500 million to $10 billion or within the Russell Midcap Value Index at the time of purchase. Prior to 3/1/07, the market capitalization was within a range of $500 million to $5 billion or within the Russell Midcap Value Index at the time of purchase. The Composite was created in March 1998.
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 fees do not reflect the deduction of our 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. Investment advisory fees are described in Part II of Form ADV. The standard fee agreement is .85 of 1% per annum on the first $10 million of principal, .75 of 1% on the next $10 million and .65 of 1% on increments above $20 million, however fees are negotiable. As an example, the "cost" of the investment advisory fee of a $10 million portfolio is .85% 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 13.3% on a cumulative basis. The actual fee charged may depend on the asset size and type of portfolio. Net of fee returns reflect the deduction of actual management fees, and are calculated in the same manner as gross of fee returns.
5.	The dispersion is the 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 year, dispersion is not presented as it is not considered to be meaningful.
6.	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.
7.	The Russell Midcap® 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.
8.	The composite has been examined by Vincent Performance Services LLC for the periods from March 1, 1998 through December 31, 2009. A copy of the examination report is available upon request.
9.	Until December 2001, the Composite was named the Cooke & Bieler Mid Cap Equity Composite. In January 2002, the term Value was added to the Composite name for style clarification purposes.
10.	Past performance is not indicative of future results.