Small Cap Value Returns

For Periods Ending September 30, 2011

	Time Period Cardinal Gross of Fees Cardinal Net of Fees Russell 2000 Value Index Relative Gross Performance Year-to-Date 8.2 8.0 3.8 4.4 1-Year 2.4 2.0 -6.0 8.4 3-Year 5.4 4.8 -2.8 8.2 5-Year 0.8 0.2 -3.1 3.9 Inception-to-Date* 12.9 11.9 9.7 3.2
	*Inception Date: July 1, 1992

Small Cap Performance Disclosure

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Performance shown reflects returns for the firm’s Small Cap Value Composite, which includes each of the firm’s accounts that has at least $5 million and has been managed using the Strategy by Cardinal for at least one month. Performance for the period prior to April 1995 represents the results of clients’ assets managed by the investment professionals of Cardinal Capital Management while at Deltec Asset Management and employing the same investment style being used by Cardinal Capital Management. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. No assurances can be made that profits will be achieved or that substantial losses will not be incurred. Net performance reflects the deduction of advisory fees and trading expenses but does not reflect custodial fees, all of which reduce a client’s total investment return. Performance reflects reinvestment of interest and dividend income.