MTB INVESTMENT ADVISORS: EARLY RECOGNITION, SUSTAINED OWNERSHIP

Who we are:
		MTB Investment Advisors (MTBIA) provides knowledgeable investment guidance enabling investors to pursue their financial goals with confidence.
		We serve clients ranging from corporations, institutions and government entities, foundations, endowments, and pension programs nationally and across the M&T Bank footprint from upstate New York to Northern Virginia.
		Our distinctive, rigorous analytical process provides a consistent framework that informs our clients’ investment direction throughout all kinds of markets. We pride ourselves on our early recognition and sustained ownership of superior companies.

What we do:
		We manage over $15.1 billion (as of 12/31/07) in assets in separately managed accounts for some 300 relationships, and mutual funds for investors.
		We are advisor to The MTB Group of Funds, a strategic spectrum of 30 funds offering a variety of investment options from money market and fixed income, to equity and asset allocation funds.
		Our team of over 70 professionals supports our clients with initial and ongoing education and performance reporting. We also assist them in developing and refining investment policy and guidelines.

How we are distinctive:
		Setting us apart is our proprietary, multidimensional analytical process.
		Our highly credentialed team of analysts discovers investment opportunities, determines asset allocation direction, and structures model portfolios. These portfolios then serve as templates for separately managed accounts, used by those clients seeking customized investment programs, or for advisory work using mutual funds.
		Our 13 equity analysts review each security through three independent, but interrelated, screens – thematic, quantitative and qualitative, plus the risk assessment.
		Our four fixed income credit analysts look at the economic environment, business cycle fundamentals, and historical yield spreads. They set duration targets, conduct credit analysis, and select issues based upon credit appraisal, relative value and diversification needs of the portfolio.
		Asset allocation is a cornerstone strategy for portfolios, which benefit from our rigor in identifying buying opportunities and exerting selling discipline.
		Our sell discipline decisions are based upon a set of factors including their price, relative value and risk to the portfolio, tax implications, and whether the style, duration or credit quality still meet the portfolio’s requirements.

How clients can access MTBIA advice and services:

MTBIA is a subsidiary of M&T Bank, whose network of M&T Trust Officers and M&T Securities’ financial consultants reaches across the entire organization to offer a rich choice of products and services from separately managed accounts to mutual funds.
		Institutional and corporate clients gain top-tier advice and solutions through MTBIA directly.
		Through M&T Trust Services, families and business owners are provided with comprehensive financial planning and products targeted at achieving critical objectives such as building investment portfolios, saving for college retirement, protecting wealth or crafting business succession plans.
		Individual investors can construct financial plans through M&T’s impressive network of dedicated planners and highly-trained M&T Securities’ financial consultants – many with Certified Financial Planner credentials – located in M&T’s key institutional office centers in Buffalo and Baltimore, as well as 650 branches from Upstate New York to Northern Virginia.

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MTB Investment Advisors, Inc. (formerly known as Allied Investment Advisors, Inc.) is a registered investment advisory firm that was formed on June 30, 1995. Headquartered in Baltimore, MTB Investment Advisors services institutions across the United States, including corporations, not-for-profit, foundations and endowments, unions and municipalities. The firm is the principal investment advisory subsidiary of Manufacturers and Traders Trust Company ("M&T Bank"), which traces its origins to 1856.

	Not FDIC Insured . No Bank Guarantee . May Lose Value

MTB Investment Advisors, Inc. a subsidiary of Manufacturers and Traders Trust Company (“M&T Bank”) is the investment advisor to the MTB Group of Funds. The MTB Group of Funds is available from M&T Securities, Inc. (member FINRA/SIPC), a broker-dealer subsidiary of M&T Bank and other authorized broker-dealers. ALPS, Inc., which is not affiliated with M&T Bank, is the distributor of the MTB Group of Funds 7/05.

For more complete information on the MTB Group of Funds, including charges and expenses, call 1-800-836-2211 for a prospectus. Please read it carefully before investing. You should consider the fund’s investment objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s prospectus.

Mutual funds are subject to risks and fluctuate in value.