Formula Investing U.S. Value Direct Composite (the "Composite") contains fully discretionary equity accounts. The investment objective of the Composite is long-term capital appreciation and for comparison purposes is measured against the S&P 500 Index with dividends. The Formula Investing U.S. Value Direct composite was created May 1, 2009. The U.S. dollar is the currency used to express performance. The volatility (beta) of the Composite may be greater or less than its respective benchmark. The S&P 500 Total Return Index is the Standard & Poor's Composite Index of 500 stocks and is a widely recognized, unmanaged U.S. index of common stock prices. Index returns do not include transaction fees, management fees or any other costs.

* Returns are presented net of investment advisory fees and include the reinvestment of all income. For the period May 1, 2009 - December 31, 2010, the composite includes accounts that received a temporary waiver of the advisory fee. Actual performance results will vary from this example. Net returns may be reduced by additional fees (outside of investment advisory fees) and transaction costs that may be incurred in the management of the account.

The fee schedule for Gotham Asset Management's investment advisory services is 1.00% per annum of assets under management for the Formula Investing U.S. Value Direct strategy. This fee includes all trading costs and the advisory fee. Actual investment advisory fees incurred by clients may vary. A complete description of Gotham Asset Management's fee schedule can be found under Part 2 of its FORM-ADV which is available upon request.

Formula Investing is operated by Gotham Asset Management, LLC, a registered investment advisor. More information about the advisor including its investment strategies and objectives is available upon request.

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The portfolio characteristics shown relate to the Formula Investing U.S. Value Direct Composite. Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. Gotham Asset Management, LLC reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the investment decisions we make in the future will be profitable or will equal current investment performance.

Gotham Tax-Managed International Value Composite (the "Composite") contains fully discretionary equity accounts. The investment objective of the Composite is long-term capital appreciation and for comparison purposes is measured against the MSCI World ex US Index with dividends reinvested and taxes withheld. The Gotham International Value Composite was created April 1, 2010. The U.S. Dollar is the currency used to express performance. The volatility (beta) of the Composite may be greater or less than its respective benchmark. The MSCI World ex US Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US. Index returns do not include transaction fees, management fees or any other costs.

Foreign stock markets are volatile and can decline significantly in response to adverse issue, political, regulatory, market or economic developments. Foreign stock markets are subject to interest rate, currency exchange rate, economic and political risks. All of these risks are magnified if the securities originate in emerging markets.

*Returns are presented net of investment advisory fees and transaction costs and include the reinvestment of all income. Composite performance is presented net of foreign withholding taxes on dividends and interest income. Withholding taxes may vary according to an investor's domicile. Net returns may be reduced by other advisory fees charged by an intermediary, additional fees (outside of investment advisory fees) and transaction costs that may be incurred in the management of the account. Management fees are deducted on a quarterly basis in advance. Net performance is impacted only when these fees are deducted from the client account. Additional information regarding the policies for calculating and reporting returns is available upon request. A complete description of Gotham Asset Management's fee schedule can be found under Part 2 of its FORM-ADV which is available upon request.

The fee schedule for Gotham Asset Management's investment advisory services is 1.25% per annum of assets under management for the Gotham Tax-Managed International Value strategy. This fee does not include trading costs and additional fees and expenses related to portfolio transactions. Actual investment advisory fees incurred by clients may vary. A complete description of Gotham Asset Management's fee schedule can be found under Part 2 of its FORM-ADV which is available upon request.

Formula Investing is operated by Gotham Asset Management, LLC, a registered investment advisor. More information about the advisor including its investment strategies and objectives is available upon request.

Past performance is not indicative of future results. This material is not financial advice or an offer to sell any product. The portfolio characteristics shown relate to the Gotham International Value Composite. Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) investment restrictions applicable to the account, if any; and (iii) market exigencies at the time of investment. Gotham Asset Management, LLC reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs. The information provided in this report should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the investment decisions we make in the future will be profitable or will equal current investment performance.