Sentry Management Inc.

Initial meetings with clients are utilized to determine risk tolerance and return requirement objectives. Also discussed are the client's time horizon, liquidity needs, tax and legal matters, and any specific or unique considerations. Special attention is given to the proper asset allocation necessary to compliment the client's goals and constraints. An investment policy is then suggested as a guideline or plan-of-action for accomplishing the client's objectives.

The Firm's investment philosophy is conservative and dynamic. Quality and liquidity are prerequisites for investments. A heavy emphasis is placed on yield curve and historical, sector yield analysis in determining optimum maturity and security selection. Market and economic developments are continually monitored and dictate transaction activity. Credit analysis on corporate and municipal securities is completed prior to committing funds.

Fundamental and technical analysis is utilized in timing of transactions. Because of the homogeneous nature of fixed income securities, technical analysis is significantly more effective as a management tool for bonds versus equities. Meaningful support and resistance levels, trend analysis, long and short term moving averages and divergencies are used to help determine timing while yield curve and sector yield spreads help determine the type security and maturity to be purchased or sold.

The Firm attempts to maximize risk-adjusted returns with reduced transaction expenses by concentrating on capturing the majority of significant market moves while maintaining a highly-liquid, high-quality portfolio.

Sentry Management, Inc. has the expertise, experience, and resolve to meet the unique needs of a diverse client base seeking above-average, risk-adjusted returns from fixed income securities.

Sentry Management, Inc. (Firm) is an investment advisory firm registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. The Firm manages over $5.5 billion in assets in seven states. Clients include financial institutions, trust departments, pension plans, individuals, foundations, tax-exempt agencies, municipalities and corporations.

The money managers of the Firm have over eighty (80) years of combined experience in direct management of fixed income portfolios. The range of experience includes managing money for endowment funds, employee benefit plans, banks, trust departments, universities, municipalities, corporations, and individuals. The Firm also serves as a financial advisor to municipalities in preparing official statements and structuring and financing capital debt.