I hereby represent that I:

» am an institutional investor that is a "qualified client" as that term is defined in Rule 205-3(d)(1) under the Investment Advisers Act of 1040, as amended; and

» have such knowledge and experience in financial and business matters that I am capable of evaluating the merits and risks of the investments that may be presented to me by Touchstone Investments.

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DePrince, Race & Zollo Inc.

DePrince, Race & Zollo Inc. is an institutional asset management firm specializing in value investing. Its goal is to provide superior performance by consistently executing its proprietary Value Income Methodology. The firm believes that a portfolio of undervalued stocks that pay dividends and have imminent fundamental catalysts will provide the opportunity for superior total return with down market protection. The Winter Park, Florida-based firm has been a registered investment advisor since 1995.

"We believe dividend yield is the ‘cleanest’ valuation data available to investors. It offers concrete evidence of real cash earnings and provides the most reliable valuation measure, as well as a cushion against the volatility of the stock market."

- DePrince, Race & Zollo Inc.

DePrince, Race & Zollo Inc.