IPEX maintains an extensive database of money managers, the IPEX Mangers Database ("IMD") , that we utilize in performing manager searches and in constructing manager universes for comparison purposes.  The IMD is updated on an ongoing basis.  IPEX relies upon several resources, including money manager directories, published performance data and personal contacts with money managers, in assembling the IMD.  These resources provide IPEX with access to over 4,500 money manger performance composites,  including a manger in the database that is solely at the discretion of IPEX.  No fees or other  compensation from managers is sought or accepted.  In constructing the IMD, IPEX searches for managers that exhibit the following characteristics:

An experienced group of investment professionals who have worked well together throughout the market cycles, who have demonstrated a commitment to their firm, and who are interested in understanding the concerns of their clients.

A stable organizational and ownership structure, free from leangle and regulatory concerns, that is well suited to servicing clients tat are substantially similar to the typical IPEX client, in terms of both the size and the nature of the account.

A well articulated investment philosophy and investment management style, that can be empirically verified and that has been consistently applied over time and changing market conditions, to a substantial number of client accounts.

A performance composite that is sufficiently large, that contains a major portion of the firms assets, that covers a period of at least several years and that has been constructed and maintained in compliance with industry standards.

A consistent performance record that demonstrates value added by the money manager, over a sufficiently long time frame, with respect to return, risk and risk-adjusted return versus and appropriate benchmark and universe of managers.