Chicago, Illinois - November 18, 2003 - Concord Asset Management LLC ("Concord") was acquired by Madison Investment Advisors, Inc. ("Madison"). Concord is an independent investment management firm with approximately $700.0 million of assets under management. Headquartered in Chicago, Illinois, Concord operates as a full service investment manager for high net worth individuals, retirement plans, corporations, and non-profit institutions.

Madison manages $8.5 billion of actively managed fixed income portfolios, risk-sensitive equity accounts and personalized balanced portfolios. Founded in 1974, Madison is a 100% employee owned firm, with approximately 60 full-time employees, including 27 investment professionals, housed in offices in Madison, Wisconsin and Scottsdale, Arizona.

Duff & Phelps, LLC, a Chicago-based investment banking and financial advisory firm, initiated the transaction, assisted in negotiations, and served as the exclusive financial advisor to Concord.