Important Disclosure and Compliance Statements

Brady Investment Counsel LLC has presented this report in compliance with the Performance Presentation Standards of the CFA Institute (formerly AIMR), the U.S. and Canadian version of the Global Investment Performance Standards (GIPS®). The CFA Institute has not been involved in the preparation or review of this report. Performance prior to March 31, 2003 is of The Stein Roe Young Investor Fund (the Fund). The Fund’s past performance has been linked to the Core Growth Composite performance for supplemental evaluation purposes only and is not GIPS compliant. Mr. Brady was lead manager of the Fund from September 1994 to March 2003. He employs substantially the same investment strategy managing the Brady Investment Counsel LLC Core Growth Composite as he did managing the Fund. The Stein Roe Young Investor Fund data were provided to Brady Investment Counsel LLC by Columbia Management Group, the Fund’s advisor. Brady Investment Counsel does not warranty its accuracy.

Brady Investment Counsel LLC Core Growth Composite performance represents time-weighted rates of return for a dollar-weighted composite of that portion of all fully discretionary taxable and tax-exempt accounts managed in accordance with the Firm’s Core Growth large cap growth equity strategy whether focused or diverse. Accounts greater than $400,000 are eligible for inclusion. Performance is calculated monthly in U.S. dollars on a total return basis. Composite Creation Date: March 31, 2003. Gross returns are time-weighted; include cash and a return on cash, and after deducting trading expenses. Net returns are gross returns after deducting our maximum 0.50% (fifty basis points) management fee accrued monthly.

Prior to March 2003, the Core Growth gross returns are the linked to the investment returns before management fees but after certain expenses of the Stein Roe Young Investor Fund (the Fund). The Core Growth net investment results are linked to The Fund’s net returns are after deducting the maximum Brady Investment Counsel management fee of 0.50%. David P. Brady was the lead manager of the Fund between September 1994 and March 2003. Mr. Brady employs substantially the same investment strategy of buying high quality growth stocks managing the Firm’s Core Growth Strategy as he did while managing the Fund. The Fund returns are given as supplemental information only. The Fund performance numbers were provided to Brady Investment Counsel LLC by Columbia Management Group, the Fund’s advisor. Brady Investment Counsel does not guarantee there accuracy.

The Russell 1000® Growth Index is a subset of those Russell 1000® Index securities with a greater-than-average growth orientation. Companies included in the Index tend to have higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth than value securities. The index is unmanaged and does not hold cash, reflect transaction costs or management fees and other expenses. Unlike the index, a portfolio is actively managed and may include substantially fewer securities than the number of securities comprising the index. Investors cannot purchase interests directly in an index.

The S&P 500 Index includes a representative sample of 500 leading companies in leading industries of the US economy. Unlike a portfolio, the S&P 500 Index is market-weighted and focuses on the large-cap segment of the market. Returns reflect the reinvestment of dividends. The index is unmanaged and does not hold cash, reflect transaction costs or management fees and other expenses. Unlike the index, a portfolio is actively managed and may include substantially fewer securities than the number of securities comprising the index. Investors cannot purchase interests directly in an index.

A 60/40 mix of the S&P 500 Equity Index and the Lehman Brothers Aggregate Bond Index is an appropriate performance index for our balanced strategies. The Lehman Brothers Aggregate Bond Index is appropriate for our fixed income strategies Performance is presented gross of management fees and withholding taxes but net of all trading expenses. A complete listing and description of all composites is available on request. The standard management fee for accounts is 50 basis points (0.50%). The minimum account size is $500,000.

Past performance is not necessarily indicative of future returns and the value of an investment may decrease as well as increase, an investor may not receive the amount initially invested, and income, if any, may fluctuate. The value of an investment may be affected by a variety of factors, including economic and political developments, interest rates and foreign exchange rates, as well as issuer-specific events. Performance records of any accounts and composites presented herein reflect the particular guidelines, cash flows and timing considerations applicable to that account or group of accounts. Careful consideration should be given to the potential differences between any account opened in consideration of the information contained in this presentation and the results of any accounts shown herein. Tracking and calculating investment performance is cumbersome. Brady Investment Counsel puts forth its best effort when calculating performance. This not withstanding, mistakes can be made. Brady Investment Counsel LLC reserves the right to change previously reported performance numbers without notification and free from liability should the firm discover a computational mistake that leads to a change in previously reported performance. Contact Brady Investment Counsel for the firm’s most up to date investment performance data.

Potential Brady Investment Counsel LLC clients should primarily consider and rely on their understanding of their personal investment constraints and objectives, among other things before selecting Brady Investment Counsel LLC as an investment advisor.

The Brady Investment Counsel LLC investment strategies are appropriate for investors with a long-term time horizon only. Contact Brady Investment Counsel LLC for a discussion of the risks when evaluating model portfolio results or if you have other questions concerning the calculation of our investment returns. Brady Investment Counsel LLC reserves the right to change previously reported total figures should significant discrepancies be discovered without notification.