"Zephyr's StyleADVISOR is a critical tool in both our manager search and evaluation activities. With StyleADVISOR, we have access to up-to-date data for thousands of asset managers as well as most relevant asset manager performance metrics. Presentation of this information is customizable and available in almost limitless combinations. The Zephyr staff has been very helpful with all of our questions. StyleADVISOR makes the job of Investment Strategist much easier."

Steve Winerman
Investment Strategist
ChevronTexaco Corp.
San Ramon, CA

"CalPERS uses StyleADVISOR in both our manager monitoring and manager searches. We find it an effective tool in monitoring our existing managers' style drift over time and how they correlate with their benchmark and other managers. It also provides us with the ability to compare our managers' risk and returns to commonly used benchmarks, along with style and custom-blended benchmarks. The variety of different databases is particularly useful when looking at potential managers that may fit into our external manager program."

Jeff Baker, CFA
CalPERS Global Equity Group
Sacramento, CA

"…I use StyleADVISOR regularly and present our results (charts, etc.) to our investment policy committee. I am very satisfied with the features and customer support for the StyleADVISOR program."

Stuart Odell
Treasury Manager
Intel Corporation
Santa Clara, CA

"I thank you for your StyleADVISOR product. I have used it since my first day with the Illinois State Board of Investment, and I have used it nearly every day since. It is a tool that is of significant value to me. It is the most helpful tool that I use of all investment software programs. I have not been able to identify a product that gives me as much information and flexibility to help me take care of the concerns of my Chief Investment Officer, Executive Director, and Board."

"With the significant help of StyleADVISOR, we achieved an information ratio of 1.4 for the US equity portfolio with an annualized excess return of 2.5% versus the Russell 3000 benchmark for the three-year period ended June 2002. We also achieved an information ratio of 0.8 for the international equity portfolio with an annualized excess return of 1.7% versus the MS ACWI Free x US benchmark for the three-year period ended June 2002."

"We use StyleADVISOR for searches, structuring portfolios, and interviewing managers. With StyleADVISOR we have reduced our fees paid to consultants, and we currently do not use any retainer consultants with respect to the US equity, international equity, and fixed income asset classes. Our average search length is only 60 days."

"StyleADVISOR is the one tool that takes care of all my concerns for pension fund management."

Keith Cardoza, CFA
Portfolio Manager - Public Markets
Illinois State Board of Investment

"StyleADVISOR gives us (TCW) the flexibility to generate custom reports for our products versus their respective benchmark and competitor universe. This data is posted monthly to our intranet so that portfolio managers, analysts and marketing representatives have an easy to use reference guide for all of the statistics on each of our products."

James F. Lewis, CFA
Vice President
Trust Company of the West
Los Angeles, CA

"StyleADVISOR enables Loomis Sayles to perform the customized analysis necessary to deliver actionable, focused solutions that meet the needs of our Sales/Marketing, Consultant Relations and Client Service professionals. By creating templates using a series of charts and graphs, we are able to analyze not only our own products but those of our competitors as well. The program also provides us with the ability to group the most informative charts and graphs on one page to create product fact sheets that are updated and distributed on a quarterly basis. The flexibility that StyleADVISOR offers is far and above the best I have seen."

Brian P. Duddy
Vice President
Loomis, Sayles & Company, L.P.
Boston, MA

"When we began presenting Hollencrest's growth equity management capabilities in the institutional arena, we soon realized the power of Zephyr's StyleADVISOR. The software is incredibly user-friendly and it allowed us to quickly analyze large amounts of data and tailor our presentations to highlight our strengths versus the competition. Using StyleADVISOR, we are able to illustrate both visually and statistically how well our strategies compare to other growth equity managers, as well as to the market. StyleADVISOR has become an important part of all of our presentation materials."

Garrett T. Waters
Vice President of Institutional Clients
Hollencrest Capital Management
Newport Beach, CA

"The StyleADVISOR program from Zephyr is an integral part of our fund analysis process. It is on par or exceeds the other tools of this type I have reviewed and used over the years and is very intuitive to learn for our new users. The "workbook" feel of the program makes duplicating and expanding analysis projects easy and time efficient. Exporting the graphics generated by StyleADVISOR into a separate presentation program is as simple as a couple of mouse clicks….I have used other performance analysis tools over the years and Zephyr's StyleADVISOR program ranks among the best in the business….it has become an indispensable tool to us."

Jim Newton
Senior Research Analyst
Wells Fargo Institutional Asset Advisors
Minneapolis, MN

"Cape Ann Capital, Inc. manages money for high-net-worth investors. The firm uses a highly systematic process to create and manage portfolios of no-load mutual funds. StyleADVISOR is the software-engine behind two critical components of the investment process ... (1) the creation of Cape Ann Capital's proprietary buy-list of no-load mutual funds and (2) the creation of client portfolios ... optimized from the buy-list to minimize risk relative to client-specified benchmarks."

"StyleADVISOR is an efficient and powerful tool built upon a solid theoretical foundation."

Dave Umstead
President
Cape Ann Capital, Inc.
Manchester, MA

"StyleADVISOR is an invaluable tool in the investment analysis and monitoring services we provide to our defined-contribution plan sponsor clients. Having used other similar software programs in past positions I have found that StyleAdvisor had a great combination of solid analytics combined with intuitive forethought on how users would want to view various output both on the screen and in printed format. In StyleADVISOR 6, Zephyr has done an excellent job of focusing on usability. It is very easy to learn and many of the most commonly used tasks have been automated. As a small consulting firm, these efficiencies allow us to be more productive without having to maintain a large staff.

Greg Ashihara
Principal
Lucid Advisors, Inc.
Seattle, WA

"StyleADVISOR has countless consulting applications. We use it almost daily. Without this software, we'd be just another consulting firm. With it, as we have been from the day we opened for business four years ago, we are confident in our ability of supplying "value-added" advice to our clients."

Jim Govatos
Govatos Investment Consulting, Inc.
Melvern, PA