Small-Mid Cap Value Equity Strategy Performance History

As of September 30, 2008


Cardinal
Gross (%)

Cardinal
Net (%)

Russell 2500
Value (%)

1-Year

-20.6

-21.0

-15.8

3-Year

-0.1

-0.6

0.6

5-Year

9.6

9.1

9.0

Since Inception (12/31/2001)

9.4

9.0

8.4

Calendar Year
Returns

Cardinal
Gross (%)

Cardinal
Net (%)

Russell 2500
Value (%)

2002

-5.4 -5.4 -9.9

2003

37.7 37.6 44.9
2004 26.5 26.1 21.6
2005 13.5 13.1 7.7
2006 15.8 15.2 20.2
2007 0.8 0.3 -7.3

Notes:

1. A copy of Cardinal’s Form ADV, Part II, filed with the Securities and Exchange Commission, is available upon request.

2. Historical quarterly performance is available through the Informa PSN and Thomson Nelson databases. The source for Russell 2500 Value Index data is Russell's website.

3. Between 11/30/2001 and 9/30/2003, the composite consisted solely of one non-fee paying portfolio, and as such, returns were calculated only gross of fees.

   

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