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November 7, 2009

Wachovia Nonprofit & Philanthropic Services Quarterly Investment Update As of 9/30/2009 Prepared For National Contract Management Association – Restricted Reserve & Unrestricted Funds. November 7, 2009. W. Todd Ripley, CTFA SVP & Senior Philanthropic Consultant

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November 7, 2009

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  1. Wachovia Nonprofit & Philanthropic Services Quarterly Investment Update As of 9/30/2009 Prepared For National Contract Management Association – Restricted Reserve & Unrestricted Funds November 7, 2009 W. Todd Ripley, CTFA SVP & Senior Philanthropic Consultant Wachovia Trust - Nonprofit & Philanthropic Services Central/Mid-Atlantic Region (864)467-2836

  2. Relationship Summary Tab I Capital Markets Review Tab II Asset Allocation & Performance Data Tab III Table of Contents

  3. Relationship Summary

  4. RelationshipSummary • Established: • June 10, 2005 (NCMA Unrestricted Reserve Funds) (Wachovia Bank, N.A. DDA Account) • May 1, 2006 (NCMA Restricted Reserve Funds Funded) (Wachovia Bank, N.A. serves as Investment Manager) • Investment Objective: • 60% Equity • Harbor Capital Appreciation (Lg. Cap. Growth), Davis New York Venture (Lg. Cap Value), IShares Russell Midcap Index Fd. Boston Company Small Cap Value, IShares Russell 2000 Small Cap Growth Fd., Delaware International Equity (All Shares Institutional Class) • 40% Fixed Income • Western Asset Core Plus Bond Fd., PIMCO High Yield Bond Fd., PIMCO Foreign Bond Fd., and Evergreen Institutional Money Market (Prime Cash Fund) • Asset allocation for Unrestricted Reserve Fund (short term) accordance with current National Contract Management Association Investment Policy Guidelines. Currently 100% Institutional Depository Account for Non-Profit Organizations. Interest Calculated based upon the average 4 week 90-day Treasury Bill. Rates are set monthly. Current yield 0.25% • Statements/Tax Reporting: • Monthly & Annual statements Sam Smith (CFO) for further distribution to AMC • Annual 1099 provided • Distributions/Spending Policy: • Spending Policy as directed by Board approval (NCMA Restricted Reserve Fund) • Investment Reporting: • Quarterly Investment Performance and Market Updates • Formal presentations (semi-annually) • Fees: • Wachovia Trust / Nonprofit & Philanthropic Services Institutional Fee Schedule (Equity & Balanced): 65 basis points on the first $5MM, 45 bps on the next $10mm, 30 bps on the next $30mm,and 20 bps on balance. Equates to approx 65 bps based on market value $1,537,163.17 as of 10/31/2009.

  5. Capital Markets Review

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  16. Asset Allocation & Performance Data

  17. Current Asset Allocation

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  20. Current Manager Performance as of 9/30/2009

  21. Manager Performance (Optimized) as of 9/30/2009

  22. The Power of Partnership Integrated solutions, delivered through a dedicated local team of specialists, is at the core of the Wachovia experience. As the premier provider of charitable services, we stand ready to meet your needs. W. Todd Ripley, CTFA Senior Vice President, Senior Philanthropic Consultant Wachovia Trust Nonprofit & Philanthropic Services Carolinas & Southern US Region (864) 467-2836 telephone (864) 787-4890 cell (864) 467-2865 fax (888) 251-7674 toll-free todd.ripley@wachovia.com Janet L. Robins Investment Management Associate (864) 467-2838 Janet.robins@wachovia.com Evan M. Astrin, JD Vice President, Charitable Administration (336) 732-6015 evan.astrin@wachovia.com

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