SMID Cap Value Returns*

	Time Period Cardinal SMID Gross Cardinal SMID Net Russell 2500 Value Index Relative Gross Performance 1-Year 3.5 3.1 -4.7 8.2 Inception-to-Date* 2.4 2.0 -3.4 5.8 *SMID Portfolio Inception Date: April 1, 2010
	Time Period Cardinal Best Ideas Gross Cardinal Best Ideas Net Russell 2500 Value Index Relative Gross Performance 1-Year 1.8 1.4 -4.7 6.5 3-Year 4.7 4.2 0.1 4.6 5-Year 1.1 0.5 -1.7 2.8 Inception-to-Date* 7.9 7.5 5.8 2.1 *Best Ideas Portfolio Inception Date: January 1, 2002

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

Small-to-Mid Cap Performance Disclosure

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Performance shown reflects returns for the firm’s SMID 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. 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.