Sources and Description of Data Used in PWCO Analyses

Analyses prepared by Porter, White & Company to support investment advice and investment policies are based in part on historical returns and in some cases on simulated returns which are in turn derived from historical returns of securities believed to be comparable to those being analyzed. The following information describes the sources of the data most frequently used by Porter, White & Company and is included here to provide full disclosure to clients and to avoid repetition in published materials and client communications.

While historical data is a necessary basis for investment advice, it is important to keep in mind that past performance is not necessarily indicative of future performance. DFA refers to "Dimensional Fund Advisers."

1. Sources and Descriptions of Data

US Equities

Vanguard 500 Index
1973-August 1976: Allocated to S&P 500 Index.
September 1976-2004: Vanguard 500 Index net of all fees.

DFA US Large Cap Value Portfolio
1927-March 1993: Simulated strategy of lower-half market cap, upper 30% book-to-market NYSE (plus AMEX equivalents since July 1962 and NASDAQ equivalents since 1973). Courtesy of Fama/French and CRSP. Excludes utilities.
April 1993-2004: DFA US Large Cap Value Portfolio net of all fees.

DFA US Micro Cap Portfolio
1926-1981: Deciles 9-10 NYSE (plus AMEX equivalents since July 1962 and NASDAQ equivalents since 1973). Courtesy of CRSP.
1982-2004: DFA US Micro Cap Portfolio net of all fees.

DFA US Small Cap Value Portfolio
1973-March 1993: Simulated strategy of lower-half market cap, upper 30% book-to-market NYSE (plus AMEX and NASDAQ equivalents). Courtesy of Fama/French and CRSP.
April 1993-2004: DFA US Small Cap Value Portfolio net of all fees. Excludes utilities.

DFA US Equity Real Estate Securities Portfolio
1973-1974: Allocated evenly between DFA US Micro Cap Portfolio and DFA US Small Cap Value Portfolio.
1975-November 1994: Courtesy of Professor Donald Keim, Wharton School. Excludes health-care REITs.
December 1994-2004: DFA Real Estate Securities Portfolio net of all fees.

International Equities

DFA International Value Portfolio
1973-1974: Allocated evenly between DFA International Small Company Portfolio and MSCI EAFE Index (net dividends).
1975-March 1993: Simulated value-weighted, unhedged strategy of stocks in Japan (maximum weight 38%), United Kingdom, Germany, France, the Netherlands, Belgium, Italy, Switzerland, Australia, and Hong Kong with over $500 mm market cap and upper 30% book-to-market, returns in dollars. Courtesy of Fama/French.
April 1993-June 1993: MSCI EAFE Index substituted temporarily due to data availability.
July 1993-February 1994: DFA International High Book-to-Market Portfolio net of all fees.
March 1994-2004: DFA International Value Portfolio net of all fees.

DFA International Small Company Portfolio
1970-September 1996: International Small Cap Stocks.
October 1996-2004: DFA International Small Cap Company Portfolio net of all fees. DFA International Small Cap Value Portfolio
1973-1994: Allocated to International Small Company Portfolio.
1995-2004: DFA International Small Cap Value Portfolio net of all fees. DFA Emerging Markets Portfolio
1973-1986: Allocated evenly between DFA International Value Portfolio and DFA International Small Company Portfolio prior to data inception. Chile is also included in the Emerging Markets strategy.
1987-February 1993: Courtesy of Fama/French ("Value versus Growth: The International Evidence." Journal of Finance 53 (1998), 1975-99.).
March 1993-May 1994: DFA Emerging Markets Closed-End Portfolio net of all fees.
June 1994-2004: DFA Emerging Markets Open-End Portfolio net of all fees.

DFA Emerging Markets Value Portfolio
1973-1986: Allocated evenly between DFA International Value Portfolio and DFA International Small Company Portfolio prior to data inception. Chile is also included in the Emerging Markets Value strategy.
1987-February 1993: Courtesy of Fana/French ("Value versus Growth: The International Evidence." Journal of Finance 53 (1998), 1975-99.).
March 1993-May 1994: DFA Emerging Markets Closed-End Portfolio net of all fees.
June 1994-March 1998: DFA Emerging Markets Value Fund Inc.
April 1998-2004: DFA Emerging Markets Value Portfolio net of all fees.

DFA Emerging Markets Small Cap Portfolio
1973-1986: Allocated evenly between DFA International Value Portfolio and DFA International Small Company Portfolio prior to data inception. Countries presently include: Argentina, Brazil, Hungary, Indonesia, Israel, Malaysia, Mexico, Philippines, Poland, South Korea, Taiwan, Thailand, and Turkey. Equally-weighted, rebalanced monthly.
1987-1996: Courtesy of Fama/French ("Value versus Growth: The International Evidence." Journal of Finance 53 (1998), 1975-99.).
1997-February 1998: DFA Emerging Markets Small Cap Series net of all fees.
March 1998-2003: DFA Emerging Markets Small Cap Portfolio net of all fees.

Fixed Income

DFA One-Year Fixed Income Portfolio
Average Maturity: Under One Year.
1972-July 1983: Simulated CD Fixed Income Strategy (maximum maturity one year).
August 1983-2004: DFA One-Year Fixed Income Portfolio net of all fees.

DFA Two-Year Global Fixed Income Portfolio
Average Maturity: Two Years or Less.
1973-February 1996: Simulation using US Government instruments (maximum maturity two years).
March 1996-2004: DFA Two-Year Global Fixed Income Portfolio net of all fees.

DFA Five-Year Government Portfolio
Average Maturity: Under Five Years.
1953-May 1987: Simulation using US Government instruments (maximum maturity five years).
June 1987-2004: DFA Five-Year Government Portfolio net of all fees.

DFA Five-Year Global Fixed Income Portfolio
Average Maturity: Five Years or Less.
1973-1986: Allocated evenly between DFA One-Year Fixed Income Portfolio, DFA Two-Year Global Fixed Income Portfolio, and DFA Five-Year Government Portfolio prior to data inception.
1987-November 1990: Lehman Hedged Country Indices: Equally-weighted. US, UK, Australia, Canada, Germany, France, Japan, Netherlands. Courtesy of Lehman Brothers, Inc.
December 1990-2004: DFA Five-Year Global Fixed Income Portfolio net of all fees.

2. SEC Standardized Performance Date and Disclosures for Selected Funds Managed by Dimensional Fund Advisors

The following total annualized returns for one, five, and ten years are net of the cost of any current reimbursement fees charged to investors and paid to the portfolios. For portfolios in effect less than one, five, and ten years, the time period during which the portfolios have been active are substituted.

Dimensional Funds are offered by prospectus only, which contains more information about fees and expenses. This is not a prospectus. Prospective investors must receive a prospectus, which should be read carefully before investing in Dimensional Funds. Prospectuses are available on the Dimensional Fund Advisors Inc. website at www.dfaus.com; or by calling (310) 395-8005; or, by mail, from Dimensional Fund Advisors Inc., 1299 Ocean Avenue, Santa Monica, California 90401. Past performance is no guarantee of future results. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Funds that emphasize smaller companies may experience greater price volatility. There can be no assurance that any Dimensional Fund will achieve its investment objective.

As of April 1, 2002, reimbursement fees are no longer being charged. Before April 1, 2002, reimbursement fees may have been charged to purchasers of the following portfolios: International Small Company Portfolio 0.675%; Continental Small Company Portfolio 1.00%; Japanese Small Company Portfolio 0.50%; Pacific Rim Small Company Portfolio 1.00%; International Small Cap Value Portfolio 0.675%; Emerging Markets Small Cap Portfolio 1.00%; Emerging Markets Value Portfolio 0.50%; Emerging Markets Portfolio 0.50%. Prior to April 1998, the reimbursement fee for the International Small Company Portfolio was 0.70% and the reimbursement fee for the International Small Cap Value Portfolio was 0.70%. Prior to July 1995, the reimbursement fees were as follows: International Small Cap Value Portfolio 1.00%; Continental Small Company Portfolio 1.50%; Japanese Small Company Portfolio 1.00%; Pacific Rim Small Company Portfolio 1.50%; United Kingdome Small Company Portfolio 1.50%; Emerging Markets Portfolio 1.50%.

All reimbursement fees are based on the net asset value of the shares purchased. The standardized returns presented above reflect deduction, where applicable, of the reimbursement fees for the portfolios. Non-standardized performance data reported by Dimensional Fund Advisors Inc. does not reflect deduction of the reimbursement fee. If reflected the fee would reduce the performance quoted. Investments in foreign issuers are subject to certain considerations that are not associated with investments in US public companies. Investments of the foreign equity Portfolios and the Global Fixed Portfolios will be denominated in foreign currencies. Changes in the relative values of these foreign currencies and the US dollar, therefore, will affect the value of investments in the Portfolios. However, the Global Fixed Income Portfolios will utilize forward currency contracts to minimize these changes. Further, foreign issuers are not generally subject to uniform accounting, auditing, and financial reporting standards comparable to those of US public corporations and there may be less publicly available information about such companies than comparable US companies. Also, legal, political, or diplomatic actions of foreign governments, including expropriation, confiscatory taxation, and limitations on the removal of securities, property, or other assets of the Portfolios, could adversely affect the value of the assets of these Portfolios.