ASHLAND DISCLOSURE

Gateway Index/RA Composite contains fully discretionary hedged equity accounts which hold common stock and sell index call options, reducing the Composite’s volatility and providing a steady cash flow. The accounts typically buy index put options that can protect the portfolios from a significant market decline over a short period of time. All hedging is tailored to the underlying securities so as to reduce risk. The Gateway Index/RA Composite was created January 1, 1993. Historically, two types of investments have had volatility comparable to the Composite: intermediate-term fixed income investments (those with approximately five-year maturities) and hybrid investments (blends of short-term fixed income and equity investments).

For comparison purposes the Gateway Index/RA Composite is measured against two indexes, the S&P 500 Index (a popular indicator of the performance of the large capitalization sector of the U. S. stock market) and, on a retroactive basis effective April 2008, the Lehman Brothers U. S. Aggregate Bond Index (an unmanaged index of investment-grade bonds with one- to ten-year maturities issued by the U. S. government, its agencies and U. S. corporations). Previously, the Lehman Brothers U. S. Intermediate Government/Credit Bond Index was utilized for comparison. The bond index change was made as the Lehman Brothers U. S. Aggregate Bond Index is widely viewed as more broadly representative of the fixed income markets and was considered to be more in line with the historical volatility associated with the Composite’s investment strategy.

Performance results are based on fully discretionary accounts under management, including accounts that may no longer be with the firm, and are expressed in U. S. dollars. Performance returns are presented gross and net of management fees and include the reinvestment of all income. Past performance is not indicative of future results. The annual Composite dispersion presented is an asset-weighted standard deviation calculated for the accounts in the Composite the entire year.

Net of fee performance was calculated using actual management fees. The current investment management fee schedule is as follows: 0.85% on the first $5 million; 0.65% on the next $5 million; 0.50% on the next $40 million; and 0.40% on assets in excess of $50 million. Actual investment advisory fees incurred by accounts may vary.

Gateway Investment Advisers, LLC (“Gateway”) is an independent registered investment adviser and a successor in interest to Gateway Investment Advisers, L.P. as of February 15, 2008. Gateway has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®). Gateway’s compliance with the GIPS® standards has been verified by Ashland Partners & Company LLP (“Ashland”) for the period January 1, 1993 through September 30, 2008. In addition, a performance examination was conducted by Ashland on the Gateway Index/RA Composite for the same period. A copy of Ashland’s verification report, a complete list and description of composites maintained by Gateway and additional information regarding the policies for calculating and reporting returns are available upon request.