The following is the compound annual return of the D.F. Dent multi-cap tax-free equity composite. The reported performance numbers are as of 12/31/09:

	1 Year	3 Years	5 Years	10 Years
DF Dent (gross)	30.0%	-2.6%	3.2%	4.0%
DF Dent (net)	29.3%	-3.0%	2.7%	3.5%
S&P 500	26.5%	-5.7%	0.4%	-1.0%
Outperformance*	3.5%	3.1%	2.8%	5.0%

Based on the D.F. Dent multi-cap tax-free equity composite’s historic performance, a $5 million investment in the composite at the beginning of each year indicated, would have generated the following gross returns (rounded to the nearest hundred) as of 12/31/09:

	D.F. Dent Composite (gross)	D.F. Dent Composite (net)	S&P 500 Index	D.F. Dent Outperformance*
2006 (3 years)	$4,620,500	$4,553,000	$4,195,000	$425,500
2004 (5 years)	$5,855,500	$5,712,000	$5,095,000	$760,500
1999 (10 years)	$7,435,500	$7,044,500	$4,528,500	$2,907,000

* D.F. Dent Outperformance is measured using gross returns due to the gross return nature of the S&P 500 Index.

Past performance is not indicative of future results; all investment programs have the potential for profit and loss. Comparisons to the S&P Index are for informational purposes only. D.F. Dent & Company, Inc. claims compliance with the Global Investment Performance Standards (GIPS^®). For a list of full disclosures, please click here. For a list of composites, please click here.