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For Immediate Release:

For additional information contact:
Tedd M. Alexander III
Managing Member
410.244.6200
www.credocm.com

Progress Investment Hires Credo Capital Management

Baltimore , Maryland — October 3, 2005 — Credo Capital Management announced today that Progress Investment Management Company hired the company to manage part of the Progress Mid-Cap Equity Fund. Credo will manage assets for the Fund in its U.S. Equity Mid Cap Growth strategy.

“We look forward to utilizing ABACUS, our proprietary forward-looking investment tool, as a means of controlling risks and discovering opportunities for the benefit of Progress’ Mid Cap Equity Fund clients,” said founder and portfolio manager, T.M. “Tedd” Alexander III. “Our goal is to consistently deliver outstanding performance to our clients over time – through all economic and market climates. We are very proud of Progress’ selection of us as it gives us further recognition as a best-in-class U.S. equity mid cap growth manager.”

Founded in 2004, Credo Capital Management provides investment advisory services to institutional clients. Headquartered in Baltimore , Maryland , Credo Capital Management, LLC is registered as an Investment Advisor under the Maryland Securities Act.