Performance Data Explanation

When evaluating the preceding First Fiduciary investment performance data it is important to consider the following:

1. The accounts in each composite include only those opened over one year, $100,000 or greater, fee based and fully discretionary. Since the composites' performance data measures the average of all accounts included therein, it should be noted that each of the accounts included in the composites may have experienced higher or lower returns than the annual averages.

2. The equity composite included two non fee paying accounts for the periods 1994 to 2006. Those assets accounted for less than 0.2% of the equity composite in any given year thus having an immaterial impact on performance.

3. A complete list and description of the Firm's composites is available upon request. Additional information regarding policies for calculating and reporting composite returns is also available upon request.

4. Since 1998, the benchmark return for the equity and the equity portion of the balanced composites was changed from a comparison to the Standard and Poor's 500 Index to a comparison with the Standard and Poor's BARRA Value Index to more fully reflect the management style of the firm. On December 16, 2005, Standard and Poor's chose to change their methodology for their large cap value index. From that date forward S&P is utilizing Citigroup to calculate the S&P Citigroup Value index. FFIC began using this index for its large cap value benchmark on that date.

5. Trade date accounting is used.

6. Composite dispersion is measured using the equal-weighted standard deviation of annual returns for all portfolios in the composites for the year.

7. Performance results are presented after management fees and brokerage related costs. All investments are denominated in US dollars. The FFIC Composites and the Benchmark Return assume the reinvestment of income and interest.

8. Current Investment Management Fees are as follows: Market Value up to $1,000,000 Annual Fee = 1.00%, next $2,000,000 = 0.75%, next $3,000,000 = 0.60%, next $4,000,000 = 0.50%, next $10,000,000 = 0.30%

Definition of Indices*

S&P 500 - A capitalization weighted index of 500 publicly traded stocks; value varies with the aggregate value of the common equity of each of the 500 companies.

S&P BARRA Value - A capitalization weighted subset of the S&P 500 index constructed by dividing the stocks according to a single attribute: book to price ratio. Due to methodology changes, the S&P Barra Value ceased to be the official large cap value style index on December 16, 2005.

S&P Citigroup Value - A market cap weighted subset of the S&P 500 based on book value to price, cash flow to price, sales to price and dividend yield.

Lehman Brothers Intermediate Government/Credit Index - A proprietary index of Lehman Brothers Inc. that reflects a composite mix of investment grade U.S. Corporate Bonds and U.S. Treasury Securities of intermediate maturity, generally a 3-7 year range. The proportion of securities in the index varies based upon Lehman Brothers internal analysis of market conditions. This index is considered to be and is accepted by the fixed income markets as a benchmark for measuring
investment performance.

Consumer Price Index (CPI) - The CPI is a measure of prices at the consumer level for a fixed basket of goods and services. Since it is an index number, it compares the level of prices to some base period. Currently, the base period is the average level of prices that existed between 1982-1984, which is set to equal 100.

*The returns for these indices do not include any transactions or other costs, however for comparison purposes the indices include reinvestment of interest and dividends.

Past performance should not be considered indicative of future results.