Philanthropic Management

Philanthropic Management December 31, 2007 Presentation to: Missionary Society of Connecticut Daniel W. Keating, CFA Brian Drainville, CFA Peter C. Larson Director; SR Institutional Portfolio Strategist SR Fixed Income Portfolio Manager DIR-DIRECTOR; SR EQUITY PORTFOLIO MGR I 860.952.7226 617.772.3522 860.952.7251 daniel.w.keating@bankofamerica.combrian.drainville@columbiamanagement.competer.c.larson@bankofamerica.com Patrick J. Staffaroni, V.P. Scott L. Davis, VP Edward P. Hickey, VP Institutional Investments Relationship Manager SR Equity Portfolio Manager Income Strategies Equity Portfolio Manager II 860.952.7380 617.341.2249 617-341-2246 patrick.j.staffaroni@bankofamerica.comscott.davis@columbiamanagement.comedward.hickey@columbiamanagement.com

Table of Contents • Executive Summary/Investment Guidelines • Missionary Society of Connecticut Combined Portfolio Review • Missionary Society of Connecticut Balanced—Equity Large Cap Value Review • Missionary Society of Connecticut Small Cap Equity Review • Missionary Society of Connecticut Large Cap Growth Review • Missionary Society of Connecticut Balanced—Fixed Income Review • Economic Review • Appendix

Executive Summary/Investment Guidelines

Missionary Society of Connecticut Endowment market value as of the quarter ended December 31, 2007 equaled $68,126,739 compared to a September 30, 2007 market value $69,190,035. Net withdrawals for the period approximated $1,879,808. Portfolio asset class weightings are in line with investment policy guidelines. As of December 31, 2007, the Endowment was allocated 63.86% to equity, 32.74% to fixed income and 3.38% to cash. For the quarter, the combined portfolio generated a total return of -0.52% with equities returning -2.09% and bonds 2.62%. For the past twelve months, the combined portfolio returned 7.28% with equities returning 8.61% and bonds 5.76%. Total portfolio returns exceed the benchmark for all time periods. Equity markets posted negative returns for the quarter ending December 31. Anxiety surrounding the potential for additional losses at large financial institutions, tightening credit markets, slowing corporate profits, and inflation resulted in a continued reassessment of risk. While concerns about credit quality and inflation tempered returns, fixed income markets generally rose during the quarter as investors sought relief in the relative safety of higher quality bonds. In terms of style, growth strategies continued to outperform their value counterparts with larger capitalization stocks outperforming small cap issues. International equities continued to outpace their domestic counterparts with emerging markets significantly outperforming developed markets. From a sector standpoint, Energy, Information Technology and Telecommunication Services provided the best relative performance. Consumer Discretionary and Financial stocks generated the weakest returns. Executive Summary

Missionary Society of ConnecticutInvestment Guidelines Missionary Society of Connecticut Investment Objective The primary investment objective of the Missionary Society is to produce as high a level of current income as possible while still allowing for long-term capital appreciation to help offset inflation. In addition, the investment committee selects for its portfolio from among those investments meeting standards of socially responsible investments as established by annual meetings of the Connecticut Conference of the United Church of Christ. To further elaborate on this objective, it should be noted that the investment committee provides the Bank with annual unit income goals, and lists of those securities which do not meet the social responsibility requirements established by the annual meeting of the Connecticut Conference of the United Church of Christ. Exhibit C Missionary Society of Connecticut Investment Objectives and Guidelines Adopted by the Finance Committee C-I. Investment Objectives (87-5F-3): The primary investment objective of the Missionary Society is to produce current income while still allowing for long-term capital appreciation to help offset inflation. More specifically, and in order of priority, the following objectives shall apply: 1. Stability of investment income—to meet the budgetary requirements of participants within The Fund. 2. Preservation of capital—to provide a reasonable assurance to Fund participants of the level of principal that would be available should a need for withdrawal arise.

Missionary Society of ConnecticutInvestment Guidelines 3. Growth of unit value and investment income in excess of inflation—as needed to meet withdrawals and distributions. In addition, portfolio investments will be made only in those securities which meet the standards of socially responsible investments as established by annual meetings of the Connecticut Conference of the United Church of Christ or its Board of Directors (per addendum). C-II. Investment Policy Guidelines (87-5F-3): The following guidelines shall apply to the investment of The Fund's assets: 1. Eligible Securities - The portfolio may be invested in a. common stocks traded on national exchanges b. public bonds c. convertible securities d. short-term securities The investment advisor(s) may request specific permission from the Finance Committee to invest a portion (not to exceed 20% in the aggregate) of The Fund's assets in other securities not listed above, e.g., options, futures, foreign, venture capital, etc. 2. Asset Mix —The Fund's assets shall normally be invested in a combination of stocks and bonds, the proportion of which shall be set annually by the Finance Committee. The investment advisor(s) may deviate from the stated normal mix by + 10% of total assets without specific permission of the Committee. 3. Diversification—The portfolio will generally be diversified by asset class and within asset types. Securities of any single issuer, except the U.S. Government, shall not exceed 10% of Fund assets at market. 4. Quality—The portfolio will generally have a bias for quality. No more than 10% of the fixed income component shall be in issues rated Baa or lower.

Missionary Society of ConnecticutInvestment Guidelines 4. Quality—The portfolio will generally have a bias for quality. No more than 10% of the fixed income component shall be in issues rated Baa or lower. C-III. Performance Evaluation (87-5F-3): Portfolio performance results will be evaluated on a long-term basis, generally over a 3-5 year time period or full market cycle. Specific attention will be placed on: 1. Real and absolute total returns. 2. Comparisons against appropriately weighed results of generally accepted stock and bond indices (Standard & Poor's 500 Stock Index, Lehman Government/Corporate Bond Index). 3. Comparisons of the results of individual asset classes against appropriate indices. 4. Consistency of results over interim periods. 5. Volatility of asset values and investment income. Consideration will be given as well to the economic costs associated with restrictions on investments considered to be socially unacceptable to The Fund. C-IV. Reporting (87-5F-3): The investment advisor(s) will meet with the Finance Committee quarterly and will review portfolio objectives, strategy and performance. Such information will be provided the Committee as necessary to evaluate compliance with investment policy guidelines and performance as indicated above. The Committee shall review with the investment advisor(s) at least annually social responsibility restrictions and asset mix targets as set forth in the attached addendum. Interim reporting may occur as requested by either the Committee and/or the advisor(s).

Missionary Society of ConnecticutInvestment Guidelines C-V. Asset Mix (87-5F-3): The view and determination of asset mix among different asset classes is the responsibility of The Finance Committee. The Committee has set the following ranges: 1. Normal Mix: 60% Stocks/40% Bonds 2. Equity Range: 50%–70% 3. Fixed Income Range: 30%–50% Within the Equity allocation, the following investments and percentage weightings are permissible: Small capitalization: 0 – 20% International: 0 – 25% At the discretion of the Finance Committee, shifts between different equity styles are allowed (i.e. value vs. growth). Convertible bonds and convertible preferred stocks will be considered part of the equity component. Short Term securities maturing in less than one year will be part of the fixed income component.

Combined Portfolio ReviewMissionary Society of Connecticut

Missionary Society of Connecticut Combined FundsPortfolio Review as of December 31, 2007 Reconciliation of Assets Asset values can differ slightly due to rounding.

Missionary Society of Connecticut Combined FundsPortfolio Review as of December 31, 2007 Asset Allocation

Missionary Society of Connecticut Combined FundsPortfolio Performance as of December 31, 2007 Past performance is no guarantee of future results. Returns shown are gross of fees. Benchmark returns are shown from the first day of the account inception month.

Current Asset Allocation vs. Target Asset Allocation Missionary Society of Connecticut Combined Funds A comparison of the current portfolio versus the target weightings.

Portfolio Performance - Missionary Society of Connecticut Combined FundsAnnualized Returns for the Period Ending December 31, 2007

Asset Allocation: Attribution AnalysisDecember 31 , 2006 – December 31, 2007

Equity Large Cap Value ReviewMissionary Society of Connecticut Balanced Fund

Missionary Society of Connecticut Large Cap Value EquityPortfolio Performance as of December 31, 2007 Past performance is no guarantee of future results. Returns shown are gross of fees. Benchmark returns are shown from the first day of the account inception month.

Missionary Society of Connecticut Large Cap Value Equity Significant Transactions During 4th Quarter 2007

Missionary Society of Connecticut Large Cap Value Equity Quarterly Equity Sector Weightings1 as of December 31, 2007 1 Includes common stock only

Missionary Society of Connecticut Large Cap Value EquityTop 10 Holdings1 as of December 31, 2007 1 Includes common stock only

Missionary Society of Connecticut Large Cap Value EquityEquity Holdings Sector Matrix¹ as of December 31, 2007

Small Cap Equity ReviewMissionary Society of Connecticut

Missionary Society of Connecticut Small Cap EquityTotal Performance as of December 31, 2007 Past performance is no guarantee of future results. 1 Inception date: April 1, 2002 Benchmark returns are shown from the first day of the account inception month.

Missionary Society of Connecticut Small Cap EquityPortfolio Performance as of December 31, 2007 Past performance is no guarantee of future results. Returns shown are gross of fees. Benchmark returns are shown from the first day of the account inception month.

Missionary Society of Connecticut Small Cap Equity Quarterly Equity Sector Weightings1 as of December 31, 2007 1 Includes common stock only

Missionary Society of Connecticut Small Cap EquityTop 10 Holdings1 as of December 31, 2007 1 Includes common stock only

Missionary Society of Connecticut Small Cap EquityEquity Holdings Sector Matrix¹ as of December 31, 2007

Large Cap Growth Equity ReviewMissionary Society of Connecticut

Missionary Society of Connecticut Large Cap Growth EquityTotal Performance as of December 31, 2007 Past performance is no guarantee of future results. Returns shown are net of fees. 1 Inception date: January 1, 2005 Benchmark returns are shown from the first day of the account inception month.

Missionary Society of Connecticut Large Cap Growth EquityPortfolio Performance as of December 31, 2007 Past performance is no guarantee of future results. Returns shown are gross of fees. 1 Inception date: January 1, 2005 Benchmark returns are shown from the first day of the account inception month.

Missionary Society of Connecticut Large Cap Growth Equity Quarterly Equity Sector Weightings1 as of December 31, 2007 1 Includes common stock only

Missionary Society of Connecticut Large Cap Growth EquityTop 10 Holdings1 as of December 31, 2007 1 Includes common stock only

Missionary Society of Connecticut Large Cap Growth EquityEquity Holdings Sector Matrix¹ as of December 31, 2007

Fixed Income ReviewMissionary Society of Connecticut Balanced Fund

Management Team Brian J. Drainville, CFA; Director and Senior Fixed Income Portfolio Manager Brian Drainville, is a director and senior portfolio manager for Core Fixed Income strategy team at Columbia Management. He joined the firm in 1996 and worked the three prior years as an equities and options operations manager at Barry, Murphy and Co. Mr. Drainville earned his BA degree from the College of the Holy Cross. He is a member of the CFA Institute, the Fixed Income Management Society of Boston and the Bond Analysts Society of Boston. Alan M. Erickson, CFA; Director and Senior Fixed Income Portfolio Manager Alan Erickson is a Director and senior fixed income portfolio manager. He joined the firm in 1990 after receiving his BA degree from Bates College. Mr. Erickson has earned the NASD Series 65 registration and is a member of the CFA Institute and the Boston Security Analysts Society.

Fixed Income ReviewMissionary Society of Connecticut

Missionary Society of Connecticut Fixed IncomePortfolio Performance as of December 31, 2007 Past performance is no guarantee of future results. Returns shown are gross of fees. Benchmark returns are shown from the first day of the account inception month.

Missionary Society of Connecticut Fixed IncomePortfolio Characteristics as of December 31, 2007 Portfolio Diversification Quality Characteristics Portfolio Statistics 1 Includes U.S. Treasuries, federal agencies, cash and cash equivalents.

Missionary Society of Connecticut Fixed IncomeDuration Analysis as of December 31, 2007

Missionary Society of Connecticut Fixed IncomeSector Allocation as of December 31, 2007

Missionary Society of Connecticut Fixed IncomeQuality Ratings as of December 31, 2007 1 Includes U.S. Treasuries, federal agencies, cash and cash equivalents.

Bond Market Review4th Quarter 2007 Bond Indices—Total Return 4th Quarter 2007 • The Fed cut the Fed Funds Rate by a total of 1.00% in the last four months of the year, in response to what it perceived as tightening financial conditions and growing downside economic risks. The Fed will ease monetary policy further and may take other actions targeting improved liquidity over the next several months. • The total return of the Lehman U.S. Credit Index was 2.19% in the fourth quarter, posting positive returns as interest rates fell and bond prices rose. Risk premiums on corporate bonds relative to Treasuries – as measured by option-adjusted spreads (OAS) of the Credit Index – increased significantly, by 49bps over the quarter, to yield 181bps over Treasuries at year-end. This resulted in one of the worst quarters for the credit index in several years. • The U.S. Securitized Index produced a total return on 2.88% in the 4th quarter, as interest rates dropped and prices generally rose on issues in the sector. Of the three major components of the Securitized Index, MBS produced a total return of 3.06% in the quarter. CMBS securities rose 2.25% in the quarter while ABS securities posted a decline of (0.76%) in the quarter. • The J.P. Morgan Global High-Yield Index was down -0.86% over the quarter, on a total return basis. • The total return of the Citigroup Non-U.S. World Government Bond Index was 3.91%, in U.S. dollar terms, in the fourth quarter, as the dollar continued to depreciate The J.P. Morgan Emerging Market Bond Global Diversified Bond Index was up 2.80%. Sources: Citigroup, J.P. Morgan, Lehman Live, Merrill Lynch Lehman Bond Indices—Excess Return 4th Quarter 2007 Past performance is no guarantee of future results. Source: Lehman Live

Lehman Brothers Indices Excess ReturnsYear-to-Date December 31, 2007 Past performance is no guarantee of future results. Source: Lehman Live

Economic Review

Q4 2007 Market Overview Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that the forecasts will come to pass. These materials are provided for informational purposes only and should not be used or construed as a recommendation of any security or sector. The views and opinions expressed are those of the portfolio managers and analysts of the affiliated advisors of Columbia Management Group, are subject to change without notice at any time, may not come to pass and may differ from views expressed by other Columbia Management associates or other divisions of Bank of America. This information does not constitute investment advice and is issued without regard to specific investment objectives or the financial situation of any particular recipient. Past performance is no guarantee of future results. Columbia Management Group, LLC (“Columbia Management”) is the investment management division of Bank of America Corporation. Columbia Management entities furnish investment management services and products for institutional and individual investors.

Macroeconomic Review 4th Quarter 2007 • Economic growth is expected to remain below trend with year-over-year GDP close to 1.0%. Tighter credit conditions and the impact of the liquidity crisis add to the downside risks. Solid global growth and a relaxation in monetary policy may allow the economy to avoid a recession, but a downturn in the labor markets and consumer spending are significant risks. At best, growth will likely be soft through mid-year 2008. • Residential investment remained weak on the back of declining housing starts, soft home sales and a huge inventory overhang. Falling home prices and tighter lending standards by financial institutions have impacted home buying intentions and will further reduce demand. The housing recession should remain a drag on growth and a bottom in activity is expected in late 2008 or 2009. • Orders for durable goods are still decelerating, business sentiment remains muted, and business spending is light despite the recent pickup. The mix of growth appears to have rotated to trade and away from domestic demand. Global demand is boosting exports, primarily from developing economies. 2008 will likely test decoupling theories and the ability of non-U.S. demand to maintain momentum. • Consumption growth has cooled, as higher energy prices and falling sentiment have weighed on consumer spending. Slower employment gains are in play, but wage and income growth appear to support modest growth in consumption. Non-residential construction activity has some momentum, providing a cushion against the weakening housing sector. These, together with an improvement in our net export position, a function of the weaker dollar, should help offset weakness in domestic demand. Source: National Association of Realtors Source: Bureau of Labor Statistics

12/31/07 12/31/07 9/30/07 12/31/06 U.S. Treasury Yield Curve ReviewAs of December 31, 2007 Trailing 12-Month 3 Months U.S. Treasury Yields: Trailing 12-Month Change U.S. Treasury Yields: Trailing 12-Month Change 9/30/07 12/31/07 Change 9/30/07 12/31/07 Change 12/31/06 12/31/06 12/31/07 12/31/07 Change Change 3 Month 3.796 3.237 (0.559) 3 Month 5.006 3.237 (1.769) 6 Month 4.075 3.389 (0.686) 6 Month 5.080 3.389 (1.691) 2 Year 3.984 3.047 (0.937) 2 Year 4.808 3.047 (1.761) 5 Year 4.243 3.440 (0.803) 5 Year 4.692 3.440 (1.252) 10 Year 4.587 4.023 (0.564) 10 Year 4.702 4.023 (0.679) 30 Year 4.836 4.452 (0.384) 30 Year 4.810 4.452 (0.358) Past performance is no guarantee of future results. Source: Bloomberg A yield curve graphically depicts the yields of different maturity bonds of the same credit quality and type. A normal yield curve is upward sloping, with short-term rates lower than long-term rates.

Banc of America Investment AdvisorsInvestment Strategies Group Forecasts Through 2008 *Source: Banc of America Investment Advisors and the Global Wealth & Investment Management Investment Strategies Group forecasts. These forecasts may or may not be consistent with the expectations of Columbia Management or Columbia Management’s Fixed Income team. Private Bank and Banc of America Investment Services, Inc. associates may use this presentation to address the potential implications of this guidance for individual financial strategies. Private Bank and Banc of America Investment Services, Inc. associates should not present themselves as economists or content experts, but rather as professionals who have access to Bank of America affiliated strategists. Forecasts and opinions contained herein are to be attributed solely to the Investment Strategies Group, with no extrapolation of content by the GWIM associate. Questions raised as a result of this material should be considered opportunities to promote access to the intellectual capital of the Investment Strategies Group. Consult with this team of strategists to obtain answers to your client/prospect questions. For questions related to these compliance requirements, contact your manager or market director. 1 Used solely as a benchmark for long-term interest rates a = actual; e = estimated; f = forecast As of week of January 28, 2008.

Appendix

Philanthropic Management