DeMarche Associates, Inc. is one of the largest independent investment consulting firms, providing a complete range of consulting services to assist plan sponsors and trustees in fulfilling fiduciary responsibilities. Services include fund transaction audits, performance measurement, evaluation of manager performance, manager selection, master trust and custodian selection. Consulting is also available in the areas of setting investment guidelines and asset allocation.

Transaction Audits provide documented information about a custodian's performance, thus increasing overall return by distinguishing between opportunities to use cash flow more effectively. This assures that an investment manager is trading in an efficient manner. Also, transaction errors are identified and corrected before they become costly to a fund.

Investment Guidelines and Objectives Asset Mix - While many consultants view setting investment guidelines and objectives as a separate task from establishing asset mix, DeMarche believes the two should be addressed as one. Since assumptions in one area directly affect the other, DeMarche uses a sequential process to formulate guidelines and determine the proper mix of assets. The DeMarche process gives the client answers to these and other crucial questions:

• What real rate of investment return is required?
• What levels of investment risk are acceptable?
• Where should assets be invested?
• When should the asset mix be changed?
• What style of investment manager should be used?
• How many managers are needed?
• How will managers' performance be measured?

Manager Search and Selection has been a service of DeMarche since 1974. DeMarche has conducted manager search projects which have earned it a reputation as one of the most knowledgeable search and selection firms in the industry. DeMarche's method in conducting a manager search encompasses a 14-step process which provides the client information on which to base manager selection decisions.

• Performance Evaluation system is a custom tailored analysis that serves to interpret a fund and manager's performance in order to achieve direct answers to crucial fiduciary questions.

Fees for specific services are available upon request. Contact DeMarche for fee information.

Contact your CAPIS salesperson at 800.247.6729 or 214.720.0055, or call Bob Hunley with DeMarche Associates at 913.384.4994.