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 Mid-Cap value accounts. The strategy invests in high quality, well managed mid-cap 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 was October 1, 2010, and the inception date is July 1, 1999. Results shown for the year 1999 represent partial period performance from July 1, 1999 through December 31, 1999. All accounts included in the composite are managed according to similar investment guidelines. The benchmark index is the Russell Midcap Value Index (which excludes an advisory fee), and was chosen because it is representative of the composite's investment style. The Russell Midcap Value Index measures the performance of mid-cap companies with lower price-to-book ratios and lower forecasted growth rates. It is a subset of the Russell Midcap Index which consists of approximately 800 stocks and represents the mid-cap segment of the US equity universe.

The following is presented for informational purposes:

Year Ended Dec - 31
2011 (through 9/30)	-2.4%	-3.4%	-13.0%	18.1%	26.6%	N/A	1	$0.2	43%	$1,075.1
2010	22.6%	21.4%	24.8%	18.6%	26.9%	0.4%	7	$1.7	100%	$837.0
2009	29.3%	28.3%	34.2%	18.4%	25.0%	1.2%	10	$5.8	98%	$541.2
2008	-22.4%	-23.2%	-38.4%	14.0%	18.7%	1.5%	13	$5.0	96%	$362.6
2007	4.7%	3.7%	-1.4%	8.8%	9.1%	0.4%	19	$7.7	100%	$448.1
2006	12.7%	12.0%	20.2%	7.7%	8.7%	0.5%	27	$71.5	100%	$487.2
2005	5.8%	5.1%	12.7%	9.2%	10.9%	0.6%	38	$111.4	100%	$463.6
2004	20.5%	19.8%	23.7%	11.3%	14.5%	0.2%	38	$99.1	80%	$388.1
2003	25.5%	24.9%	38.1%	13.3%	15.7%	N/A	3	$65.4	100%	$231.0
2002	-2.6%	-3.1%	-9.6%	15.9%	16.9%	N/A	2	$33.6	100%	$110.7
2001	17.8%	17.2%	2.3%	N/A	N/A	N/A	2	$32.4	100%	$82.2
2000	17.8%	17.2%	19.2%	N/A	N/A	N/A	2	$28.6	100%	$62.3
1999 (from 7/1)	-8.0%	-8.2%	-7.3%	N/A	N/A	N/A	1	$10.1	100%	$64.1

² Results include wrap accounts and are shown as supplemental information. The percentages of wrap assets at year end were: 1999 – 2003: 0%, 2004: 11%, 2005: 8%, 2006: 9%, 2007: 42%, 2008: 34%, 2009: 26% , 2010: 100%. 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. Gross returns for non-wrap accounts are reduced by trading costs; net returns have been further reduced by actual EIC management 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 and the benchmark returns over the preceding 36 month period.

Performance has been measured on a monthly basis from July 1, 1999 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 large 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.   Beginning Qtr. 4, 2011 there is one non-fee paying account in the composite.  However, a hypothetical annual fee of 0.60% is applied to create a realistic net of fee return.  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 September 30, 2011. 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 reports, as well as a complete list and description of all the firm's composites, 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.