Christian Brothers Investment Services , Inc.

Investment advice

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1200 Jorie Boulevard Suite 210, 60523 Boston

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Christian Brothers Investment Services, Inc., (CBIS), was founded in 1981 by the Brothers of the Christian Schools, widely known as the Christian Brothers, because they and others sensed the need for an organization that could combine faith with finance. Realized as a unique embodiment of the Christian Brothers' educational mission in the world, CBIS has grown steadily because it has struck a responsive chord with Catholic organizations which seek to optimize the return on their assets through conservative investment philosophies while also incorporating ethical standards into the investment management process. CBIS' shareholders are the six districts of the Christian Brothers in the United States, each of which has a representative on the Board of Directors. CBIS operates as a for-profit corporation. Unlike other traditional consultants, CBIS provides investment consulting services in tandem with its full breath of investment programs and socially responsible investment guidelines. It is intentional that consulting be linked with investment advisory services. This model is clearly different from others, and we feel, offers significant economic benefit to our participants. CBIS is an investment adviser registered with the Securities and Exchange Commission (SEC) under the Investment advisers Act of 1940. CBIS Financial Services, Inc., a wholly-owned subsidiary of CBIS, is a broker-dealer registered with the SEC under the Securities Exchange Act of 1934. CBIS investment professionals are expected to comply with SEC and National Association of Securities Dealers (NASD) requirements. As of March 31, 2003, CBIS had $2.85 billion in assets under management working for over 1,000 Catholic institutes worldwide. CBIS acts as adviser and advocate exclusively to Catholic institutional investors. This involves learning about our Participants and their objectives, and working with them to develop an effective investment program which meets their individual needs. Our Participant base represents all areas of the Catholic community including dioceses, religious institutes, hospitals, colleges, schools, retreat centers, and youth care facilities located throughout the United States and overseas including such locations as Latin America, Ireland and Rome.

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1200 Jorie Boulevard Suite 210, 60523 Boston

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