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Performance Reviews and Reports

CCAM will continuously monitor the investments made for each client account being managed by one or more money managers. During this part of the process CCAM monitors the managers and investments selected by the client. In situations where CCAM believes that a recommended money manager is not meeting the client's goals, CCAM may recommend the use of another money manager.

CCAM reviews performance data of all PMP investment managers and of the PMP accounts they manage on a quarterly, semi-annual and annual basis. Composite results reported by the managers are compared with results of a universe of managers with similar investment philosophies, objectives and approach and with standard market statistics. Composite results are also compared with results prepared by Lockwood in order to determine consistency. Results are reviewed for consistency in investment discipline and approach. CCAM reviews, but does not itself calculate, PMP account performance in accordance with the Association for Investment Management and Research (AIMR) standards. CCAM does not audit the performance data reported by the investment managers to the databases to insure they are calculated on a uniform and consistent basis. CCAM also does not audit compliance with any standards an investment manager has stated it uses.

CCAM provides PMP clients with comprehensive reports, detailing performance, asset allocation breakdowns, and holdings. The report reflects the account's performance during the preceding quarter in terms of realized gains and losses, time weighted rate of return and compares the account's performance to selected market indices. CCAM selects the comparative indices based on the client's investment objectives and the investment manager's style. Additionally, CCAM clients will receive ongoing and periodic reports of activity in their accounts from the client's custodial broker/dealer. These reports include transaction confirmations, monthly statements itemizing account activity and all securities held in custody.

Accounts are reviewed according to the client's stated guidelines or in response to requests. In the absence of guidelines, account reviews are conducted on a quarterly basis by CCAM's financial consultant. Investment advisory accounts are reviewed by Robert E. Nixon, President and principal executive officer of CCAM.

On occasion, CCAM may recommend the replacement of a manager to a PMP client. This may be due to a failure by the manager to adhere to a stated management style or client objectives, a material change in the professional staff, unexplained poor performance or inconsistencies among accounts managed by the same manager.