Columbia Funds Exposure to Fannie Mae and Freddie Mac

As of September 5, 2008 at the close of business:

• Columbia Management’s actively managed equity mutual funds, not including the Columbia Global Value Fund, held no shares of either Federal National Mortgage Association (Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac) common stock.
• Columbia Global Value Fund, a fund sponsored by Columbia and sub advised by Brandes Investment Partners, L.P., had a small exposure (under 1% of the Fund) to Fannie Mae and Freddie Mac common stock.
• Columbia Dividend Income Fund, one of Columbia Management’s actively managed equity mutual funds, had a small exposure (under 1% of the Fund) to shares of Fannie Mae preferred stock.
• Columbia Management’s index funds are managed based on a process of passive replication and their exposure to Fannie Mae and Freddie Mac common stock is consistent with the exposure and weighting in their respective indexes.

As of September 8, 2008, the government action taken on Fannie Mae and Freddie Mac appears to be having an immediate positive impact on the value of agency debt - both senior and subordinated - and on agency mortgage-related securities held in Columbia Management’s cash and fixed income portfolios.