Releases

Below are the terms of the Releases provided by the Settlements, as reflected in each respective Stipulation of Settlement:

RELEASE OF CLAIMS WITH RESPECT TO THE SETTLEMENT WITH PILGRIM BAXTER
ADVISOR DEFENDANTS:


Pursuant to the Stipulation and Agreement of Settlement (Pilgrim Baxter Advisor Defendants) dated September 3, 2009 entered into between Plaintiffs and the PB Advisor Defendants (the "Pilgrim Baxter Advisor Defendants Stipulation"), upon the Effective Date of the Settlement, (a) all claims brought by Class Lead Plaintiff (on behalf of itself and all other Class Members) and Derivative Plaintiffs (individually and derivatively on behalf of the PBHG Funds and all individual series of the PBHG Funds), against the PB Advisor Defendants in the respective Actions are to be dismissed with prejudice; and (b) Plaintiffs and all Class Members, on behalf of themselves, their heirs, executors, administrators, successors and assigns, shall be deemed to have released and forever discharged the Released Claims (defined below), and shall forever be enjoined from prosecuting the Released Claims, against the PB Advisor Released Parties (defined below).

"Released Claims" means any and all claims (including costs and legal fees) against the PB Advisor Released Parties, whether direct, derivative or brought in any other capacity, whether under federal or state law, whether known or unknown (including Unknown Claims), whether suspected or unsuspected, whether accrued or unaccrued, concerning in any respect, directly or indirectly, market-timing, late-trading, the communication of portfolio information or short-term or excessive trading during the Class Period, including any claims that the PB Advisor Released Parties allowed, assisted, cleared, brokered, financed, provided the means for, subjected investors to or otherwise facilitated or made material misstatements of fact or omissions concerning market-timing, late-trading, the communication of portfolio information or short-term or excessive trading and including, without limitation, all of the claims that were brought and all of such claims that could or might have been brought or asserted against the PB Advisor Released Parties in the Complaints.

"PB Advisor Released Parties" means the PB Advisor Defendants and their present and former affiliates, parents, subsidiaries, directors, officers, employees, agents, representatives, insurers, attorneys, trusts, trustees, trust beneficiaries, custodians, heirs, executors and estates, and the predecessors, successors, heirs and assigns of the foregoing.

All capitalized terms used above that are not defined shall have the meanings set forth in the Pilgrim Baxter Advisor Defendants Stipulation.

RELEASE OF CLAIMS WITH RESPECT TO THE SETTLEMENT WITH PILGRIM BAXTER
FUNDS DEFENDANTS:


Pursuant to the Stipulation and Agreement of Settlement (Pilgrim Baxter Funds Defendants) dated July 31, 2009 entered into between Plaintiffs and the Pilgrim Baxter Funds Defendants (the "Pilgrim Baxter Funds Defendants Stipulation"), upon the Effective Date of the Settlement, (a) all claims brought by Class Lead Plaintiff (on behalf of itself and all other Class Members) and Derivative Plaintiffs (individually and derivatively on behalf of the PBHG Funds and all individual series of the PBHG Funds), against the PB Funds Defendants in the respective Actions are to be dismissed with prejudice; and (b) Plaintiffs and all Class Members, on behalf of themselves, their heirs, executors, administrators, successors and assigns, shall be deemed to have released and forever discharged the Released Claims (defined below), and shall forever be enjoined from prosecuting the Released Claims, against the PB Funds Released Parties (defined below).

"Released Claims" means any and all claims (including costs and legal fees) against the PB Funds Released Parties, whether direct, derivative or brought in any other capacity, whether under federal or state law, whether known or unknown (including Unknown Claims), whether suspected or unsuspected, whether accrued or unaccrued, concerning in any respect, directly or indirectly, market-timing, late-trading, or short-term or excessive trading during the Class Period (or, with respect to any and all derivative claims, at any time), including any claims that the PB Funds Released Parties allowed, assisted, cleared, brokered, financed, provided the means for, subjected investors to or otherwise facilitated or made material misstatements of fact or omissions concerning market-timing, late-trading, or short-term or excessive trading and including, without limitation, all of the claims that were brought and all of such claims that could have been brought against the PB Funds Released Parties in the Complaints.

"PB Funds Released Parties" means the PBHG Funds, PB Funds Trustee Defendants, and the PBHG Funds Current Trustees, and any of their respective predecessors, heirs, successors and assigns (except for Plaintiffs to the extent they are assignees of the Assigned Claims).

All capitalized terms used above that are not defined shall have the meanings set forth in the PB Funds Defendants Stipulation.

RELEASE OF CLAIMS WITH RESPECT TO THE SETTLEMENT WITH BEAR STEARNS DEFENDANTS:

Pursuant to the Pilgrim Baxter/Bear Stearns Severed Agreement and Stipulation of Settlement dated January 19, 2010 entered into between Class Plaintiff and the Bear Stearns Defendants (the "Pilgrim Baxter/Bear Stearns Stipulation"), upon the Effective Date of the Settlement, all Releasing Plaintiffs Parties: (i) shall be conclusively deemed to have fully, finally and forever remised, released, relinquished, dismissed, discontinued, withdrawn, and discharged all Released Claims (as defined below) against any and all of the Bear Stearns Released Parties (as defined below); (ii) shall be conclusively deemed to have covenanted not to sue or assert in any manner any claim, right, cause of action, count, or liability against any of the Bear Stearns Released Parties in any action alleging any claim, right, cause of action, count, or liability that is a Released Claim; (iii) shall be conclusively deemed to have covenanted not to assist, engage in, participate in, facilitate, provide information for, or be involved in any way in the commencement, prosecution, continuance, or pursuit by any third party of any legal, administrative, investigative, or any other action or proceeding of any nature or in asserting any claim, count, right, cause of action, or liability against any of the Bear Stearns Released Parties relating to any Released Claim, including, without limitation, any derivative action or suit, and (iv) shall forever be enjoined and barred from asserting, or assisting, participating in, providing information for, engaging in, facilitating the assertion of, or being involved in any way in the assertion of, any of the Released Claims against any Bear Stearns Released Party in any legal, administrative, investigative, or any other action or proceeding of any nature.

"Released Claims" means any and all claims, rights, causes of action, counts, or liabilities against any or all of the Bear Stearns Released Parties, whether direct, derivative or brought in any other capacity, whether under federal or state law, whether known or unknown (including "Unknown Claims" as defined below), whether suspected or unsuspected, whether accrued or unaccrued, whether asserted or unasserted, concerning in any respect, directly or indirectly, market-timing, late-trading, or short-term or excessive trading in any of the Pilgrim Baxter Mutual Funds during all or any part of the Class Period, including any claims that any or all of the Bear Stearns Released Parties allowed, assisted, cleared, brokered, financed, caused, acquiesced in, participated or engaged in, provided the means for, subjected investors to or otherwise facilitated or were responsible for market-timing, late-trading, or short-term or excessive trading and including, without limitation, all of the claims and causes of action that were brought and all of such claims and causes of action that could have been brought against any or all of the Bear Stearns Released Parties in the Class Action or the Fund Derivative Action, or in any other legal proceeding or forum.

"Bear Stearns Released Parties" means the Bear Stearns Defendants (i.e., Bear, Stearns & Co. Inc., Bear, Stearns Securities Corp., and The Bear Stearns Companies Inc., currently known as J.P. Morgan Securities Inc., J.P. Morgan Clearing Corp. and The Bear Stearns Companies LLC, respectively) and all of their respective Related Parties (i.e., (a) with respect to natural persons, all of their past and present agents, servants, attorneys, accountants, insurers, co-insurers and re-insurers, executors and administrators; (b) with respect to legal entities other than natural persons, all of their past and present parents, employees, subsidiaries, affiliates, general partners, limited partners, officers, directors, trustees, members, employees, agents, servants, attorneys, accountants, insurers, co-insurers and re-insurers, in any and all capacities; and (c) all of the predecessors, successors, heirs and assigns of the foregoing).

All capitalized terms used above that are not defined shall have the meanings set forth in the Pilgrim Baxter/Bear Stearns Defendants Stipulation.

RELEASE OF CLAIMS WITH RESPECT TO THE SETTLEMENT WITH CANARY DEFENDANTS:

Pursuant to the Pilgrim Baxter/Canary Severed Agreement and Stipulation of Settlement dated January 19, 2010 entered into between Plaintiffs and the Canary Defendants (the "Pilgrim Baxter/Canary Defendants Stipulation"), upon the Effective Date of the Settlement, all Releasing Plaintiffs Parties, on behalf of themselves, their heirs, executors, administrators, successors and assigns: (i) shall be conclusively deemed to have fully, finally and forever released, relinquished, and discharged all Released Claims (as defined below) against the Canary Released Parties (as defined below); (ii) shall be conclusively deemed to have covenanted not to sue the Canary Released Parties in any action alleging any claim that is a Released Claim; (iii) shall be conclusively deemed to have covenanted not to knowingly and voluntarily assist in any way any third party in commencing or prosecuting any suit against the Canary Released Parties relating to any Released Claim, including any derivative suit, and (iv) shall forever be enjoined and barred from asserting the Released Claims against any Canary Released Party in any action or proceeding of any nature.

"Released Claims" means any and all claims against the Canary Released Parties, whether direct, derivative or brought in any other capacity, whether under federal or state law, whether known or unknown (including "Unknown Claims" as defined below), whether suspected or unsuspected, whether accrued or unaccrued, concerning in any respect, directly or indirectly, market-timing, late-trading, or short-term or excessive trading in any of the Pilgrim Baxter Mutual Funds during the Class Period, including any claims that the Canary Released Parties allowed, assisted, cleared, brokered, financed, provided the means for, subjected investors to or otherwise facilitated market-timing, late-trading, or short-term or excessive trading and including, without limitation, all claims that were alleged in the Class Complaint and the Fund Derivative Complaint and all claims that could have been brought against the Canary Released Parties concerning in any respect, directly or indirectly, market-timing, late-trading, or short-term or excessive trading in any of the Pilgrim Baxter Mutual Funds during the Class Period.

"Canary Released Parties" means the Canary Defendants (i.e., Canary Capital Partners, LLC; Canary Capital Partners, Ltd.; Canary Investment Management, LLC; and Edward Stern) and their respective Related Parties (i.e., (a) with respect to natural persons, their past or present agents, servants, attorneys, accountants, insurers, co-insurers and re-insurers, executors and administrators; (b) with respect to legal entities other than natural persons, their past and present, parents, employees, subsidiaries, general partners, limited partners, officers, directors, trustees, members, employees, agents, servants, attorneys, accountants, insurers, co-insurers and re-insurers; and (c) the predecessors, successors, heirs and assigns of the foregoing).

All capitalized terms used above that are not defined shall have the meanings set forth in the Pilgrim Baxter/Canary Defendants Stipulation.

RELEASE OF CLAIMS WITH RESPECT TO THE SETTLEMENT WITH BANC OF AMERICA
SECURITIES LLC:


Pursuant to the Pilgrim Baxter/BAS Severed Agreement and Stipulation of Settlement dated January 28, 2010 entered into between Plaintiffs and Banc of America Securities LLC ("BAS") (the "Pilgrim Baxter/BAS Stipulation"), upon the Effective Date of the Settlement, all Releasing Plaintiffs Parties, on behalf of themselves, their heirs, executors, administrators, successors and assigns: (i) shall be conclusively deemed to have fully, finally and forever released, relinquished, and discharged all Released Claims (as defined below) against the Bank of America Released Parties (as defined below); (ii) shall be conclusively deemed to have covenanted not to sue the Bank of America Released Parties in any action alleging any claim that is a Released Claim; (iii) shall be conclusively deemed to have covenanted not to knowingly and voluntarily assist in any way any third party in commencing or prosecuting any suit against the Bank of America Released Parties relating to any Released Claim, including any derivative suit, and (iv) shall forever be enjoined and barred from asserting the Released Claims against any Bank of America Released Party in any action or proceeding of any nature.

"Released Claims" means any and all claims, rights, causes of action or liabilities whatsoever against the Bank of America Released Parties, whether direct, derivative or brought in any other capacity, whether under federal, state, local, statutory or common law, whether known or unknown (including "Unknown Claims" as defined below), whether suspected or unsuspected, whether accrued or unaccrued, concerning in any respect, directly or indirectly, market-timing, late-trading, or short-term or excessive trading in any of the Pilgrim Baxter Funds during the Class Period, including any claims that the Bank of America Release Parties allowed, assisted, cleared, brokered, financed, provided the means for, subjected investors to otherwise facilitated market-timing, late-trading, or short-term or excessive trading and including, without limitation, all claims that were alleged in the Class Complaint and the Fund Derivative Complaint and all claims that could have been brought against the Bank of America Released Parties that concern, relate to or arise out of, in any respect, directly or indirectly, market-timing, late-trading, or short-term or excessive trading in any of the Pilgrim Baxter Funds during the Class Period.

"Bank of America Released Parties" means the Bank of America Parties (i.e., BAS, Bank of America Corporation, and Bank of America, N.A.) and all of their respective Related Parties (i.e., (a) with respect to natural persons, their past or present agents, servants, attorneys, accountants, insurers, co-insurers and re-insurers, executors and administrators; (b) with respect to legal entities other than natural persons, their past and present parents, subsidiaries, general partners, limited partners, officers, directors, trustees, members, employees, agents, servants, attorneys, accountants, insurers, co-insurers and re-insurers; and (c) the predecessors, successors, heirs and assigns of the foregoing).

All capitalized terms used above that are not defined shall have the meanings set forth in the Pilgrim Baxter/BAS Stipulation.

RELEASE OF CLAIMS WITH RESPECT TO THE SETTLEMENT WITH APPALACHIAN TRAILS:

Pursuant to the Stipulation and Agreement of Settlement with Appalachian Trails dated September 23, 2009 entered into between Lead Plaintiff and Defendants AT, L.P., a/k/a Appalachian Trails, L.P., CPTR, LLC, and Michael G. Christiani (the "Appalachian Trails Defendants") (the "Appalachian Trails Stipulation"), upon the Effective Date of the Settlement, (a) all claims brought by Lead Plaintiff (on behalf of itself and all other Class Members) against the Appalachian Trails Defendants in the Action are to be dismissed with prejudice; and (b) Lead Plaintiff and all other Class Members, on behalf of themselves, their heirs, executors, administrators, successors and assigns, shall be deemed to have released and forever discharged the Released Claims (as defined below), and shall forever be enjoined from prosecuting the Released Claims, against the Released Parties (as defined below).

"Released Claims" means any and all claims against the Released Parties, whether class or individual in nature, whether under federal or state law, whether known claims or Unknown Claims, whether suspected or unsuspected, whether accrued or unaccrued, concerning in any respect, market-timing, late-trading, or short-term or excessive trading during the Class Period, including any claims that the Released Parties allowed, assisted, cleared, brokered, financed, provided the means for, subjected investors to or otherwise facilitated or made material misstatements of fact or omissions concerning market-timing, late-trading, or short-term or excessive trading in the PBHG Funds during the Class Period and including, without limitation, all of the claims that were brought and all of such claims that could have been brought against the Released Parties in the Complaint concerning market-timing, late-trading, or short-term or excessive trading in the PBHG Funds during the Class Period.

"Released Parties" means (a) Appalachian Trails and CPTR, and their respective present and former employees, officers, directors, trustees, members, partners, managers, agents, counsel, predecessors, successors and assigns; and (b) Christiani.

All capitalized terms used above that are not defined shall have the meanings set forth in the Appalachian Trails Defendants Stipulation.