The performance information depicted above represents Cambiar’s Small Cap Value Composite. Returns are net of transaction costs and include the reinvestment of all income. Gross returns do not reflect the deduction of management fees. Actual returns will be reduced by management fees. The client is referred to Cambiar’s Part II of Form ADV for a full disclosure of the fee schedule. As fees are deducted quarterly, compounding increases the impact of the fees by an amount directly related to the gross account performance. For example, an investment of $10,000 on 01/01/2009 would have grown to $14,778 on a gross-of-fees basis and $14,635 on a net-of-fees basis on 12/31/2009 based upon the actual returns earned in the composite. The performance of the Russell 2000 Value benchmark and the Russell 2000 shown above include the reinvestment of all income and assume no management custody, transactions or other expenses. The Russell 2000 and Russell 2000 Value indices reflect overall market performance and comparisons may not reflect Cambiar’s performance The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Cambiar’s past results do not necessarily indicate Cambiar’s future performance and, as is the case with all investment advisors who concentrate on equity investments, Cambiar’s future performance may result in a loss.  Please refer to Appendix A of this presentation for a detailed explanation of performance.