Cardinal Capital Management
Legal Information

Disclosure Regarding Performance


Performance results represent composite results for the tax exempt/tax deferred equity strategy managed by Cardinal Capital Management, Inc. (ďCardinalĒ) during the corresponding time periods. The performance results reflect the reinvestment of dividends and other account earnings, and are net of applicable account transaction and custodial charges, and Cardinalís investment management fee except for those performance returns that are  compared to other similarly benchmarked investment managers (managers whose performance is compared to the S&P 500 Composite Index – see description below) in charts which results were prepared utilizing the Mobius investment managers database and the eVestment Alliance investment managers database which are reported gross of investment management fees, including Cardinalís investment management fee- (see Gross of Fees disclosure below).

Past performance may not be indicative of future results.; Therefore, no current or prospective client should assume that future performance will be profitable, or equal either the Cardinal performance results reflected or any corresponding historical benchmark index. The S&P 500 Composite Index (the ďS&PĒ) is a market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. Standard & Poorís chooses the member companies for the S&P based on market size, liquidity, and industry group representation.; Included are the common stocks of industrial, financial, utility, and transportation companies.;  The historical performance results of the S&P (and those of or all indices) do not reflect the deduction of transaction and custodial charges, nor the deduction of an investment management fee, the incurrence of which would have the effect of decreasing indicated historical performance results. The historical S&P performance results (and those of all other indices) are provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether the performance of a Cardinal portfolio performance meets, or continues to meet, his/her investment objective(s). It should not be assumed that Cardinal account holdings will correspond directly to the S&P or any other comparative index. The Cardinal performance results do not reflect the impact of taxes.

For reasons including variances in portfolio account holdings, variances in the investment management fee incurred, market fluctuation, the date on which a client engaged Cardinal's investment management services, and account contributions or withdrawals, the performance of a specific client's account may have varied substantially from the indicated Cardinal portfolio performance results.

In the event that there has been a change in a client's investment objectives or financial situation, he/she/it is encouraged to advise Cardinal immediately.; Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the investments purchased and/or investment strategies devised or undertaken by Cardinal) will be either suitable or profitable for a client's or prospective client's portfolio.

All performance results have been compiled solely by Cardinal, and have not been independently verified. Cardinal also maintains all information supporting the performance results in accordance with regulatory requirements.

Information pertaining to Cardinal's advisory operations, services, and fees is set forth in Cardinal's current disclosure statement, a copy of which is available from Cardinal upon request.

Gross of Fees (charts from Mobius and eVestment Alliance investment managers database): Comparative managersí investment performance is shown in these charts gross of their management fees and Cardinalís investment performance is shown gross of Cardinalís investment management fee (as described in Cardinalís written disclosure statement), the incurrence of which will have the effect of decreasing the composite performance results  (for example: an advisory fee of 1% compounded over a 10 year period would reduce a 10% return to a 9% annual return).

Cardinal Capital Management Inc. Copyright © 2010