Oak Associates, ltd. - Composite Performance Disclosures

Oak Associates, ltd. is an independent investment adviser registered with the U.S. Securities & Exchange Commission. Oak Associates, ltd. has prepared and presented this report in compliance with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPS). AIMR-PPS has not been involved with the preparation or review of this report

Performance returns, since 01/01/86, reflect and support the AIMR guidelines for reporting returns and comply with SEC regulations. Oak Associates, ltd. presentations have incorporated the following practices:

1. Performance results include the reinvestment of dividends and interest.
2. Use of accrual accounting.
3. Use of time-weighted rates of return, with monthly valuations geometrically linked for period returns.
4. Inclusion of cash equivalents in composite returns.
5. Inclusion of all actual, fee-paying, discretionary portfolios in at least one composite.
6. Asset-weighted composites use beginning-of-period values.
7. New accounts are added to the composite after one full month of management.
8. All terminated portfolios are included for all periods prior to termination and excluded for all periods after the last full month of management.
9. Performance has not been altered following any event in the firm’s organization.
10. Performance results are those of Oak Associates, ltd. only.
11. Returns are shown both before and after investment management fees. Fees vary between accounts in the composite depending on size. Oak Associates, ltd. stated fee schedule is 100 basis points on the first $4 million, and then 75 basis points on all assets over $4 million. Special fee arrangements are considered. The deduction of management fees (net of fees) has the effect of decreasing the indicated investment performance.
12. Annual returns, for all before and after fees, are depicted below in the table prior to 12/31/04.

The composite is derived from all fully discretionary, tax-exempt equity accounts with assets greater than $5 million. As of 12/31/04, no account minimum is required for inclusion. The equity segment of balanced accounts under management is not included. Trade date valuation is used. No leverage has been used in the portfolios. All accounts in this composite are fee-paying. Performance results are presented before taxes. Account benchmark is the Russell 1000 Growth. A complete list and description of all composites is available upon request.

The following table calculations are based on performance returns before the deduction of management fees:

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