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November 22, 2008

W. Todd Ripley, CTFASVP & Senior Philanthropic Consultant

Wachovia Trust - Nonprofit & Philanthropic Services

Southern US / Mid-Atlantic Region(864)467-2836

Wachovia Nonprofit & Philanthropic ServicesWachovia Nonprofit & Philanthropic Services

Investment Update as of 10/31/2008Prepared For

National Contract Management Association –National Contract Management Association –Restricted Reserve & Unrestricted FundsRestricted Reserve & Unrestricted Funds

Charles A. Williams, CFP® ,CTFAVP & Investment Strategist

Wachovia Trust & Investment Advisory Services

Carolinas Region(864)467-2841

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Table of Contents

Relationship Summary & Investment GuidelinesTab I

Capital Markets Review Tab II

Asset Allocation, Performance & Manager Data Summary Tab III

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Relationship Summary & Investment Policy Guidelines

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Relationship Summary

• Established:> June 10, 2005 (NCMA Unrestricted Reserve Funds) (Wachovia Bank, N.A. DDA Account)> May 1, 2006 (NCMA Restricted Reserve Funds Funded) (Wachovia Bank, N.A. serves as Investment Manager)

• Investment Objective:> 60% Equity

> Harbor Capital Appreciation (Lg. Cap. Growth), Davis New York Venture (Lg. Cap Value), IShares Russell Midcap Index, Boston Company Small Cap Value, IShares Russell 2000 Small Cap Growth, Delaware International Equity (All Shares Institutional Class)

> 40% Fixed Income> Western Asset Core Plus Bond, PIMCO High Yield Bond, PIMCO Foreign Bond, and Evergreen Institutional

Money Market (Prime Cash Fund)> Asset allocation for Unrestricted Reserve Fund (short term) accordance with current National Contract Management

Association Investment Policy Guidelines. Currently 100% Institutional Depository Account for Non-Profit Organizations. Interest Calculated based upon the average 4 week 90-day Treasury Bill. Rates are set monthly. Current yield .85%

• Statements/Tax Reporting:> Monthly & Annual statements Sam Smith (CFO) for further distribution to AMC > Annual 1099 provided

• Distributions/Spending Policy:> Spending Policy as directed by Board approval (NCMA Restricted Reserve Fund)

• Investment Reporting:> Quarterly Investment Performance and Market Updates> Formal presentations (annual at minimum, quarterly recommended)

• Fees:> Wachovia Trust / Nonprofit & Philanthropic Services Institutional Fee Schedule (Equity & Balanced): 65 basis points on

the first $5MM, 45 bps on the next $10mm, 30 bps on the next $30mm,and 20 bps on balance. Equates to approx 65 bps based on market value $1,399,068 as of 10/31/2008.

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Capital Markets Review

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Asset Allocation & Performance Data

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Fixed Income37.80%

Large Cap Equity

22.39%

Mid Cap Equity7.64%

Small Cap Equity6.31%

International Equity

11.76%

Cash14.09%

Asset Allocation as of 10/31/08

Asset $ Current % Target % Tilt %

Cash $197,546 14.09% 2.00% 2.00%

Fixed Income $529,918 37.80% 38.00% 38.00%

PIMCO High Yield Fund $47,957 3.42% 4.00% 3.00%

PIMCO Foreign Bond Fund $61,447 4.38% 4.00% 3.00%

Western Asset Core Plus Bond $420,514 30.00% 30.00% 32.00%

Large Cap Equity $313,868 22.39% 28.00% 32.00%

Harbor Capital Appreciation Fund $158,208 11.29% 14.00% 16.00%

Davis New York Venture Fund $155,660 11.10% 14.00% 16.00%

Mid Cap Equity $107,140 7.64% 10.00% 10.00%

iShares Russell Midcap Core Fund $107,140 7.64% 10.00% 10.00%

Small Cap Equity $88,493 6.31% 8.00% 8.00%

iShares Russell 2000 Growth $44,755 3.19% 4.00% 4.00%

Boston Company Small Cap Value $43,738 3.12% 4.00% 4.00%

International Equity $164,852 11.76% 14.00% 10.00%

Delaware Pooled Trust Intl Equity $164,852 11.76% 14.00% 10.00%Total $1,401,817 100.00% 100.00% 100.00%

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Integrated solutions, delivered through a dedicated local team of specialists, is at the core of the Wachovia experience. As the premier provider of

charitable services, we stand ready to meet your needs.

The Power of Partnership

Katherine OdomRegional Lead Philanthropic

Specialist(864) 467-2802

katherine.odom@wachovia.com

Katherine PinkleyPhilanthropic Specialist

(864) 467-2837katherine.pinkley@wachovia.

com

W. Todd Ripley, CTFASVP & Senior Philanthropic Consultant

Wachovia Trust Nonprofit & Philanthropic ServicesSouthern US / Mid-Atlantic Region

(864) 467-2836 telephone(864) 787-4890 cell(864) 467-2865 fax

(888) 251-7674 toll-freetodd.ripley@wachovia.com

Charles A. Williams, CFP , CTFAVP & Investment Strategist

Wachovia Trust & Investment Advisory Svcs.Carolinas Region

(864) 467-2841 telephone(864) 467-2865 fax

(888) 251-7674 toll-freecharles.williams2@wachovia.com