Invstment Objective    Moderate Growth Custodian    Fidelity Investments

Account Minimum    $50,000 Program Inception Date    01/01/2003

OBJECTIVE: To participate in global market growth while providing a moderate level of risk reduction. DESCRIPTION: Advisor Express/403(b) affords the Investment Committe the greatest flexibility in their investment decisions. The program is able to utilize a wide variety of mutual funds that are a part of the Fidelity Funds universe, including, but not limited to, sector funds, country specific funds, bond funds, and government security funds. Allocations can vary from the highly diversified to highly concentrated in order to take advantage of the current, and forecast, market environment. PFM’s investment Committee seeks to position the Advisor Express/403(b) program conservatively during turbulent markets, and more aggressively when our market indicators are stronger. Risk managed policies employ the use of cash or money market during adverse conditions; these positions could at times be 100%. PROSPECTIVE CLIENT: Advisor Express/403(b) is most appropriate for investors seeking the greatest possible returns with a moderate level of risk. Advisor Express/403(b) clients should be comfortable with moderate levels of risk. Advisor Express/403(b) clients should be comfortable with moderate levels of volatility as the Investment Committee works to generate the highest risk-adjusted returns. The typical Advisor Express/403(b) investor is in the accumulation phase of their life.