Investment Adviser Disclosure

Cavanal Hill Investment Management, Inc. ("Cavanal Hill") is an SEC registered investment adviser and a wholly-owned subsidiary of Bank of Oklahoma, N.A., a wholly-owned subsidiary of BOK Financial Corporation., a financial holding company, whose other subsidiaries include each bank or entity owned or controlled by BOK Financial Corporation, including BOSC, Inc. Cavanal Hill offers investment management services to institutions and individuals, both taxable and tax-exempt, through equity and fixed income portfolios. Past performance does not guarantee future results. Investments are subject to risks and include the possible loss of the principal amount invested.

Cavanal Hill's investment management services may only be offered by Cavanal Hill representatives in states where registered or exempt from registration and are not offered or provided through this website. The purpose of this website is to provide the public with general information on Cavanal Hill's services and philosophy. Any communications with prospective clients residing in jurisdictions where Cavanal Hill and its investment adviser representatives are not registered or licensed shall be limited so as not to trigger registration or licensing requirements.

Questions of a compliance nature should be addressed to:

Questions of a legal nature should be addressed to:

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• © 2008 Cavanal Hill Investment Management, Inc.