1. 1 November 22, 2008 W. Todd Ripley, CTFA SVP & Senior Philanthropic Consultant Wachovia Trust - Nonprofit & Philanthropic Services Southern US / Mid-Atlantic Region (864)467-2836 Wachovia Nonprofit & Philanthropic Services Investment Update as of 10/31/2008 Prepared For National Contract Management Association – Restricted Reserve & Unrestricted Funds Charles A. Williams, CFP ®,CTFA VP & Investment Strategist Wachovia Trust & Investment Advisory Services Carolinas Region (864)467-2841

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

3. 3 Relationship Summary & Investment Policy Guidelines

4. 4 Relationship Summary 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, Boston Company Small Cap Value, IShares Russell 2000 Small Cap Growth, Delaware International Equity (All Shares Institutional Class) >40% Fixed Income >Western Asset Core Plus Bond, PIMCO High Yield Bond, PIMCO Foreign Bond, 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.85% 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 (annual at minimum, quarterly recommended) 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 $1,399,068 as of 10/31/2008.

5. 5 Capital Markets Review

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10. 10 Asset Allocation & Performance Data

11. 11 Asset Allocation as of 10/31/08

16. 16 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 Katherine Odom Regional Lead Philanthropic Specialist (864) 467-2802 katherine.odom@wachovia.com Katherine Pinkley Philanthropic Specialist (864) 467-2837 katherine.pinkley@wachovia.com W. Todd Ripley, CTFA SVP & Senior Philanthropic Consultant Wachovia Trust Nonprofit & Philanthropic Services Southern US / Mid-Atlantic Region (864) 467-2836 telephone (864) 787-4890 cell (864) 467-2865 fax (888) 251-7674 toll-free todd.ripley@wachovia.com Charles A. Williams, CFP, CTFA VP & Investment Strategist Wachovia Trust & Investment Advisory Svcs. Carolinas Region (864) 467-2841 telephone (864) 467-2865 fax (888) 251-7674 toll-free charles.williams2@wachovia.com