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Patrick Fowler , The Spaulding Group: 001-732-873-5700

THE SPAULDING GROUP PUBLISHES SURVEY ON THE PERFORMANCE PRESENTATION STANDARDS

Somerset, NJ – January 22, 2003. The Spaulding Group, Inc. (TSG) announced today that it has published the results of its recent survey on the performance presentation standards (Association for Investment Management and Research - Performance Presentation Standards (AIMR-PPS®) and the Global Investments Performance Standards (GIPS®). This was the fifth time TSG has surveyed the industry on these standards, with this edition timed to coincide with the 10th anniversary of the AIMR-PPS. This in-depth report contains more than 50 pages of valuable information. Participants received a complimentary copy of the results. Additional copies of the survey report may be ordered from The Spaulding Group.

The Spaulding Group thanks those firms that participated in the survey. Their responses have provided information that will prove valuable to many organizations. Ashland Accounting, First Rate Investment Systems, Financial Models Company, Integrated Decision Systems, Investment Scorecard, Performa Consultants, Russell Mellon Analytical Services, StatPro and SunGard Investment Management Systems participated in the surveys as cosponsors. They provided funding for this project and have contributed to the content of the survey questionnaire.

The AIMR-PPS became effective in January 1993; GIPS went into effect in January 2000. Surveys were e-mailed in early July 2002. The surveys were also available by visiting The Spaulding Group's website. "We were pleased with the participation we received from money managers and verifiers; 134 money managers participated in this report, with assets under management varying from $11 million to almost $500 billion" said David Spaulding, TSG's President. Geographically, 63% of the money managers came from North America, 15% from continental Europe, 13% from the United Kingdom, 8% from Australia and the Far East, and 2% from South Africa.

The Spaulding Group, Inc. is an information provider and management consulting firm that serves the money management industry in the areas of performance measurement and reporting, computer technology, operations, and marketing. TSG publishes The Journal of Performance Measurement®, a quarterly publication they launched in 1996, and hosts the Performance Measurement Forum. Through its Institute of Performance Measurement, the firm offers performance measurement training, including a two-day introductory course on performance measurement, a one-and-a-half-day course on performance attribution, and a one-day performance measurement course for plan sponsors and consultants. TSG also hosts an annual Performance Measurement, Attribution and Risk Conference scheduled for May 19-20, 2003 in New York City.The company was founded in 1990 by David Spaulding and provides performance resources to financial institutions throughout the world. Other details about TSG's services may be obtained from its website: www.SpauldingGrp.com.

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