“Four Minute” Investment Commentary Richard Behler, Ph.D. Monday, November 12, 2007

Chartwell Portfolio Premium Yield Equity 1. Multi-Cap Value Equity – Total Return common stocks with P/E of 13.2x. 3. Current dividend yield of 5.1% (11/12/07). 4. Diversified by market cap & economic sector. 5. Turnover of 37% during last 12 months. Data as of September 30, 2007.

Dividend Payers: 2 nd Half Slump DJ Select Dividend Index Fund (DVY) declined about 3% in the 3 rd qtr of DVY is down about 5% so far in 4 th qtr of Chartwell PYE outperformed DVY by wide margin in Q3, and is trailing slightly in Q4. Data as of November 10, 2007.

DJ Select Dividend Index Fund (DVY) Graph in upper panel shows the index relative to the S&P 500. The current relative decline 2007 is the most significant since the tech bubble in Since 1992, relative performance has been in a clearly defined up- trend. Data as of November 10, 2007.

Investment Strategy 1. Too-late to sell large-cap financials. 2. Entering a period in which diversifying away from leading sectors makes sense. 3. Tax strategy could involve swapping within the high yielding financials. We continue to own Citigroup, Bank of America, Wachovia & US Bancorp. 4. We have confidence that low interest rates & a strong demand for yield will lead to a rebound in our high income portfolio.

DISCLAIMER The information in this presentation is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any interest in any securities or investment services. This information is being provided in confidence for informational purposes only and is not for public distribution. This information in this presentation may not be reproduced or further disseminated without the express written consent of Chartwell Investment Partners. The performance data quoted represents past performance and does not guarantee future results. This presentation has been prepared without taking into account any potential investors’ financial situation, objectives or needs, and should not be relied upon in evaluating the advisability of investing in the portfolio. All opinions and views constitute judgments of Chartwell Investment Partners as of the date indicated and are subject to change without notice. Chartwell Investment Partners believes the information provided in this presentation is reliable as of the date of this presentation but to the extent permitted by law, Chartwell Investment Partners does not warrant its accuracy or completeness and accepts no liability for errors or misstatements, negligent or otherwise, or for any loss or damage suffered by any person in relation to the information in this presentation.