Equity Investment Corporation (EIC) is an SEC registered independent investment advisor incorporated in the state of Georgia since 1986. Performance numbers are the value-weighted, time-weighted, total return composite results of fully discretionary large-cap value accounts managed in the style of the firm’s traditional value methodology with a large-cap bias. The strategy employs a flexible framework of investing in high quality, well managed companies, while at the same time avoiding those that look inexpensive relative to their historical record but are actually in structural decline. All returns are presented net of foreign withholding taxes on dividends, interest income, and capital gains. The composite creation date is April 1, 2004. For comparison purposes the composite is measured against the Russell 1000 Value Index, which excludes an advisory fee. On January 1, 2003 the benchmark was changed retroactively from the S&P 500 to the Russell 1000 Value index which is more representative of the composite. The Russell 1000 Value Index measures the performance of the large cap value segment of the US equity universe. It is the portion of the Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 includes approximately 1000 of the largest US companies and represents 90% of the US equity market.

The following is presented for informational purposes:

Year Ended Dec - 31
2010 (through 6/30)	-2.3%	-3.2%	-5.1%	17.7%	22.0%	0.3%	383	$76.3	96%	100%	$595.9
2009	25.0%	22.6%	19.7%	17.2%	21.1%	1.0%	386	$80.0	99%	100%	$541.2
2008	-22.8%	-24.4%	-36.9%	12.2%	15.4%	N/A	3	$0.9	100%	100%	$362.6
2007	2.1%	0.7%	-0.2%	7.0%	8.1%	N/A	3	$1.1	100%	100%	$448.1
2006	18.2%	17.1%	22.3%	6.0%	6.7%	N/A	4	$9.5	100%	11%	$487.2
2005	5.7%	4.4%	7.1%	8.7%	9.5%	0.3%	19	$17.9	100%	52%	$463.6
2004	12.6%	11.2%	16.5%	12.7%	14.8%	0.4%	19	$17.3	100%	51%	$388.1
2003	23.3%	21.2%	30%	14.2%	16.0%	1.2%	21	$8.5	100%	100%	$231.0
2002	-9.0%	-10.7%	-15.5%	N/A	N/A	0.5%	42	$11.0	100%	100%	$110.7
2001	14.6%	12.5%	-5.6%	N/A	N/A	1.2%	45	$12.4	79%	100%	$82.2

¹ Dispersion is an asset-weighted standard deviation for the accounts in the composite the entire year (or year-to-date).

²Results include wrap accounts and are shown as supplemental information. The percentages of wrap assets at year end were: 2004: 51%, 2005: 52%, 2006: 11%.  Gross returns for wrap accounts are stated gross of all fees and transactions costs; net returns have been reduced by actual EIC and brokerage firm wrap fees, which include trading costs, portfolio management, custody, and other administrative fees.

N/A – Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Additional Note: The three year annualized standard deviation measures variability of the composite (gross of fees) and the benchmark returns over the preceding 36 month period.

Performance has been measured on a monthly basis from January 1, 2001 to present. Periods are geometrically linked to obtain the quarterly and annual results. Eligible new accounts are added to the composite at the beginning of the first full quarter under EIC management. Trade date accounting with monthly valuations and adjustments for significant cash flows are used. Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. The US Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. During 2002, 2% of the assets were non-fee paying accounts. There are no non-fee paying accounts during any other period. In addition to a management fee, some accounts pay an all-inclusive fee based on a percentage of assets under management. Other than brokerage commissions, this fee includes portfolio monitoring, consulting services, and in some cases, custodial services. Wrap schedules are provided by independent wrap sponsors and are available upon request from the individual wrap sponsor. Economic and market conditions have differed over the time period displayed, and likewise will be different in the future. Policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.

Equity Investment Corporation (EIC) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. EIC has been independently verified for the periods January 1, 1986 through March 31, 2010. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS ® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS ® standards. Verification does not ensure the accuracy of any specific composite presentation. The verification and performance examination reports are available upon request by contacting Equity Investment Corporation, 3007 Piedmont Road NE, Suite 200, Atlanta, GA 30305. Prospective clients should be aware that results are historical and do not imply future rates of return or volatility for EIC or the indices, which may be materially different from the past and from each other.

Investment management fees are based on market values of the assets under management.  Annual fees (charged quarterly) are as follows:
0.75% on the first $10 million, 0.60% on the next $15 million, and 0.40% on the remainder of the assets.  Actual investment advisory fees incurred by clients may vary.