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

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

3 Relationship Summary

4 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, 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 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. The Power of Partnership Janet L. Robins Investment Management Associate (864) W. Todd Ripley, CTFA Senior Vice President, Senior Philanthropic Consultant Wachovia Trust Nonprofit & Philanthropic Services Carolinas & Southern US Region (864) telephone (864) cell (864) fax (888) toll-free Evan M. Astrin, JD Vice President, Charitable Administration (336)