Composite Performance (%) as of 12.31.07*

* 3 year and Since Inception performance information is annualized.


Calendar Year Total Return (%)

	Gross	Net	Russell 2000 Value	Russell 2000
2007	-2.9%	-4.0%	-9.8%	-1.6%
2006	22.4%	21.1%	23.5%	18.4%
2005	22.3%	21.0%	4.7%	4.6%
2004 (11.30.04 to 12.31.04)	4.7%	4.6%	2.4%	3.0%

The performance information depicted above represents Cambiar’s Small Cap Equity Composite. Returns are presented gross of management fees, net of transaction costs, and include the reinvestment of all income. 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 01/01/2007 would have grown to $9,710 on a gross-of-fees basis and $9,600 on a net-of-fees basis on 12/31/2007 based upon the actual returns earned in the composite. Cambiar’s performance, the performance of the Russell 2000 Value benchmark and the Russell 2000 shown above include the reinvestment of all income. The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market of the Russell 3000 Index. 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. This report is for use in one-on-one client presentations only. Please refer to Appendix A of this presentation for a detailed explanation of performance.  Please refer to Appendix A of this presentation for a detailed explanation of performance.