Composite Performance as of 9.30.07
|
PERFORMANCE
|
Gross
|
Net
|
Russell 1000 Value
|
S&P 500
|
|
3Q 2007
|
-0.5%
|
-0.6%
|
-0.2%
|
2.0%
|
|
YTD
|
4.4%
|
4.0%
|
6.0%
|
9.2%
|
|
1 Years
|
13.1%
|
12.6%
|
14.5%
|
16.4%
|
|
3 Years
|
15.1%
|
14.5%
|
15.3%
|
13.1%
|
|
5 Years
|
18.3%
|
17.7%
|
18.1%
|
15.4%
|
|
10 Years
|
10.4%
|
9.9%
|
8.8%
|
6.6%
|
|
15 Years
|
14.2%
|
13.9%
|
12.9%
|
11.1%
|
Calendar Year Total Return (%)
|
PERFORMANCE
|
Gross
|
Net
|
Russell 1000 Value
|
S&P 500
|
|
2006
|
18.5%
|
17.9%
|
22.3%
|
15.8%
|
|
2005
|
9.1%
|
8.6%
|
7.1%
|
4.8%
|
|
2004
|
17.3%
|
16.8%
|
16.5%
|
10.9%
|
|
2003
|
35.6%
|
35.0%
|
30.0%
|
28.7%
|
|
2002
|
-17.4%
|
-17.9%
|
-15.5%
|
-22.1%
|
|
2001
|
2.0%
|
1.5%
|
-5.6%
|
-11.9%
|
|
2000
|
4.0%
|
3.5%
|
7.0%
|
-9.2%
|
|
1999 |
22.7% |
22.1% |
7.4% |
21.0% |
|
1998 |
14.0% |
13.6% |
15.6% |
28.6% |
|
1997 |
34.3% |
33.7% |
35.2% |
33.4% |
|
1996 |
24.5% |
23.9% |
21.6% |
23.3% |
|
1995 |
34.1% |
33.5% |
38.4% |
37.5% |
|
1994 |
1.5% |
1.0% |
-2.0% |
1.3% |
|
1993 |
14.3% |
13.7% |
18.1% |
10.0% |
|
1992 |
10.2% |
9.6% |
13.6% |
7.7% |
|
1991 |
32.3% |
31.5% |
24.6% |
30.6% |
|
1990 |
3.5% |
2.8% |
-8.1% |
-3.2% |
|
1989 |
24.4% |
23.2% |
25.2% |
31.4% |
|
1988 |
18.3% |
17.1% |
23.2% |
16.5% |
|
1987 |
7.6% |
6.1% |
0.5% |
5.2% |
|
1986 |
25.4% |
23.7% |
20.0% |
18.2% |
|
1985 |
29.8% |
29.3% |
31.5% |
31.6% |
|
1984 |
3.3% |
2.9% |
10.1% |
6.1% |
|
1983 |
23.0% |
22.6% |
28.3% |
22.4% |
|
1982 |
33.8% |
33.3% |
20.0% |
21.6% |
|
1981 |
10.2% |
9.8% |
1.3% |
-4.9% |
|
1980 |
26.0% |
25.5% |
24.4% |
32.4% |
|
1979 |
24.5% |
2.0% |
20.6% |
18.4% |
|
1978 |
23.3% |
22.5% |
n/a |
6.6% |
|
1977 |
16.4% |
14.4% |
n/a |
-7.2% |
|
1976 |
34.4% |
32.4% |
n/a |
23.8% |
|
1975 |
36.8% |
34.8% |
n/a |
37.2% |
The performance information depicted above represents Cambiar’s Institutional Tax-Exempt Equity Composite. Returns are presented gross of management fees, net of management fees, net of transaction costs and other expenses, and include the reinvestment of all income. Gross 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 01/01/2006 would have grown to $11,848 on a gross-of-fees basis and $11,787 on a net-of-fees basis on 12/31/2006 based upon the actual returns earned in the institutional composite. Cambiar’s performance, the performance of the Russell 1000 Value benchmark and the S&P 500 shown above include the reinvestment of all income. The Russell 1000 Value Index is a market capitalization weighted index which contains securities from the Russell 1000 Index with a less than average growth orientation. The S&P 500 Index is shown to reflect general market conditions. The S&P 500 is a market capitalization-weighted index of 500 publicly traded stocks. Both the S&P 500 and the Russell 1000 Value Index are broadly based indices which reflect the overall market performance and comparisons may not reflect Cambiar’s performance as compared to the performance of other investment advisors. 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.