Manning & Napier Advisors, Inc.

About Manning & Napier: Independent investment advisor.

Rank on Top 100: 27

Top Executives: The following five individuals comprise the Manning & Napier Executive Group: B. Reuben Auspitz, Executive Vice
President; Jeffrey S. Coons, Co-Director, Research; Patrick Cunningham, Managing Director, Client Relations; Jeffrey A. Herrmann, Co-
Director, Research; Charles H. Stamey, Managing Director, Client Relations.

Employees: We currently employ 259 employees, including 228, as of 3/31/07, employed locally here in Rochester.

Website: www.manning-napier.com

We asked Patrick Cunningham, managing director of client relations, to talk about the business.

Question: Who are some of your competitors?
Cunningham: The asset management industry has grown tremendously during the latter part of the 1990s and continues to grow today. No longer are
asset management services provided by firms that focus only on portfolio management. Rather, we find competitors in a wide range of
financial services firms, including banks, brokerage firms, insurance companies, and consulting firms.

Question: What differentiates Manning & Napier from its competitors?
Cunningham: There are several money managers in this region that represent the satellite offices of larger firms headquartered elsewhere in the nation. Manning & Napier is proud of the fact that the vast majority of our employees, as well as our research and portfolio management efforts and talent, are based here in Rochester. Currently, we have an in-house team of over 40 analysts and economists that devote virtually all of their time to analysis and stock selection.
Another differentiating point is our team approach to portfolio management. We believe that the use of a team approach to investing gives all portfolios equal attention with minimal reliance on any one person. We rely on very specific strategies and pricing disciplines so that successful approaches can be repeated.
Lastly, our ability to look globally for investment opportunities and our willingness to recognize value in unpopular securities has been a key driver of success in our investment approach. We employ disciplined strategies that are designed to assist us in participating in the markets when and where the risks of investing are low. As a result, we have been able to add value over full market cycles while providing protection of client assets during sustained downturns.

Question: How has your company been able to grow to achieve its ranking on the Top 100?
Cunningham: 2006 proved to be a record year in new business, acquiring more than $1.5 billion in new client assets. Firm-wide new business production rose for the third consecutive year. The growing demand for our services can be tied to consistently strong investment performance. Through both bull and bear markets the firm's equity management has outperformed the S&P 5002 for eight consecutive years. The Manning & Napier Core Equity – Unrestricted Composite only includes all separately managed Core Equity – Unrestricted accounts greater than $500,000 and under our discretion for the entire month. This composite includes accounts invested primarily in the U.S. with some non-U.S. equities. The investment objective of accounts in this composite is to maximize returns over the long term through consistent participation in stocks and other equity instruments. Restrictions on our discretion can have a material effect on performance and/or holdings; accounts coded as having substantive restrictions are excluded. This composite includes accounts that may have a portion of their assets invested in proprietary mutual funds, which may be declined or may not be permitted through the selection of some custodial programs.

The S&P 500 Index is an unmanaged capitalization-weighted measure of 500 widely held common stocks listed on the New York Stock Exchange, American Stock Exchange, and the Over-the-Counter market. The Index returns assume daily reinvestment of dividends, and do not reflect any fees or expenses. This combination of new business and portfolio growth has pushed assets under management to over $15 billion as of 3/31/07, an all-time high for the firm. Manning & Napier has continued on a steady growth track, earning value-added performance and enjoying manageable account growth while our disciplined strategies and management have remained firmly in place.

Question: What additional services can the Rochester Business Alliance provide to help your business?
Cunningham: Nothing at this time.

Question: What would you like to see happen in our region, and in our state, to help businesses thrive?
Cunningham: In our region, in particular, we need to focus on retaining talented individuals. With a number of top universities in the area, Rochester based companies are in a key position to have their first pick of highly talented graduates. The Rochester Top 100 list alone highlights the significant business and career opportunities available in the region. Business leaders and government need to work together to ensure that Rochester retains as much of that talent as possible.

Question: What trends are you seeing among your customers in terms of preferences?
Cunningham: More and more, investors are requiring accountability and transparency. The investment industry has experienced several "black eyes"
over the past decade, including corporate scandals, mutual fund trading issues, and a significant bear market. These events have prompted investors to ask more questions, demand transparency, insist on a conflict free environment, and focus on absolute rather than relative returns. Manning & Napier prides itself on our conflict-free structure and our focus on positive, long-term returns. This
approach has not only served our clients well through various market environments, but has also allowed us to experience an extremely
high client retention rate and growth driven largely through referrals from satisfied clients.

Question: What are the biggest opportunities you see ahead, as well as the biggest challenges?
Cunningham: As an investment advisor, the biggest challenge we face is standing out in a crowd that grows larger every year. Discretionary
investment services are offered not only by Registered Investment Advisors like Manning & Napier Advisors, Inc., but also by banks, insurance companies, brokers, and more recently even attorneys and accountants. That said, we believe our opportunistic investment approach is key to helping us stand apart from our competitors. Employing a disciplined investment style that focuses on seeking out high quality investment opportunities, regardless of location, market capitalization, or style, is what offers the greatest opportunity for our clients to meet their long-term investment objectives.