Directional Quantitative Equity, LLC – Returns from August 2005 through September 2006 represent the returns of the Renaissance Institutional Equities Fund, LLC Series B (RIEF), net of DQE management fees. Returns after September 2006 represent the actual performance for DQE Fund Series A, net of fees.

Renaissance Institutional Equities Fund LLC – The Renaissance Institutional Equities Fund, LLC is shown to illustrate the investment performance associated with Directional Quantitative Equity (DQE) strategy. Returns prior to August 2005 reflect the returns of the Renaissance Institutional Equities Fund (RIEF), , net of DQE’s management fee calculated monthly. The net performance for the DQE funds will differ from RIEF performance due to investment timining and fees associated with Directional Qualitative Equity Funds. Please see the Directional Quantitative Equity, LLC manager page for additional disclaimers and performance disclosures.

Parametric Tax Mgd RAFI 1000 – Prior to May 2006, Parametric did not produce a composite return for its Tax Mgd RAFI 1000 product. Therefore, historical index returns are presented above from 3/1998-4/2006. The target index is unmanaged and does not incur management fees, transaction costs or other expenses associated with separately managed accounts in these styles.

Natixis Vaughan Nelson Small Cap Value – Vaughan Nelson began sub-advising the fund in April 2004 – Funds soft closed on 7/31/2009

Parametric Tax Mgd S&P SmallCap 600 – Parametric does not produce a composite return for its Tax Mgd S&P Small Cap 600 product. Therefore, historical index returns are presented above. The target index is unmanaged and does not incur management fees, transaction costs or other expenses associated with separately managed accounts in these styles.

Managers AMG GW&K Small Cap Equity Inv – Performance prior to August 2009 for GWETX represents an all-cap core mandate.

Parametric Tax Mgd RAFI International ADR – Prior to March 2007, Parametric did not produce a composite return for its Tax Mgd RAFI International ADR product. Therefore, historical index returns are presented above from 3/1998-2/2007. The target index is unmanaged and does not incur management fees, transaction costs or other expenses associated with separately managed accounts in these styles.

Nuveen Tradewinds Intl Value I – Tradewinds began sub-advising the fund in October 2002.

Del Rey International Equity ADR – The del Rey International Equity composite is shown to illustrate the investment performance associated with del Rey International Equity ADR. Note that the related performance includes the use of ordinary shares of foreign equities, while the ADR strategy restricts the use of ordinary shares. While the two strategies are managed with substantially similar investment objectives, policies, and strategies, portfolio composition and performance will vary due to ADR availability. Also note that the performance information for the institutional composite shown prior to September 24, 2009 represents the performance record of the portfolio manager while affiliated with prior firms. The composite record conforms to the GIPS guidelines regarding the portability of investment results. Please see the del Rey International Equity ADR manager page for additional disclaimers and performance disclosures.

Causeway International Value Select ADR – The returns above reflect the performance of the Causeway International Value Select composite, which includes the use of ordinary shares of foreign equities. Causeway does not produce a composite for the ADR version of this strategy, which restricts the use of ordinary shares. While the two strategies are managed with substantially similar investment objectives, policies, and strategies, portfolio composition and performance will vary due to ADR availability.

Aberdeen Asia Pacific ex Japan Equity – The Aberdeen Asia Pacific ex Japan Composite is shown to illustrate the investment performance associated with Aberdeen's mutual fund. The net performance for the mutual fund will differ from that of the composite due to investment timining and fees associated with the mutual fund. Please see the Aberdeen Asia Pacific ex Japan manager page for additional disclaimers and performance disclosures.

Epoch Global Equity Shareholder Yield – The Epoch Global Equity Shareholder Yield composite is shown to illustrate the investment performance associated with Epoch Global Equity Shareholder Yield ADR. Note that the related performance includes the use of ordinary shares of foreign equities, while the ADR strategy restricts the use of ordinary shares. While the two strategies are managed with substantially similar investment objectives, policies, and strategies, portfolio composition and performance will vary due to ADR availability. Please see the Epoch Global Equity Shareholder Yield ADR manager page for additional disclaimers and performance disclosures.

Lazard Developing Markets Equity ADR/GDR – The Lazard Developing Markets Equity ADR/GDR composite is shown to illustrate the investment performance associated with Lazard Developing Markets Equity ADR. Note that the related performance includes the use of GDRs of foreign equities, while the ADR strategy restricts the use of GDRs. While the two strategies are managed with substantially similar investment objectives, policies, and strategies, portfolio composition and performance will vary due to ADR availability. Please see the Lazard Developing Markets Equity ADR manager page for additional disclaimers and performance disclosures.

Small Cap Long/Short Fund, LLC – Returns prior to June 2009 reflect the returns of the Chilton Small Cap Partners, LP, less the management fee of the Small Cap Long-Short Fund, LLC calculated monthly. The SCLC returns after June 2009 represent actual performance, net of fees.

Ironwood Partners Access Fund, LLC – Ironwood Partners Access Fund, LLC (IPA): Returns prior to September 2008 reflect returns of the Ironwood Partners, LP, less the management fee of the Ironwood Partners Access Fund, LLC calculated monthly. The IPA returns after September 2008 represent actual performance, net of fees.

Access Marathon Fund, LLC (AMF) – Returns prior to June 2011 reflect the returns for Marathon Special Opportunities Fund, LP (MSOF), less the management fee of the Access Marathon Fund, LLC calculated monthly. This reflects all of the actual costs associated with the management and trading activities of MSOF. Adjustments have been applied to MSOF’s historical performance to reflect the impact that AMF’s fees and expenses might have had on the returns achieved by an individual AMF investor.

Global Event-Driven Fund, LLC (GED) – Returns prior to September 2008 reflect the returns of the Owl Creek II, LP, less the management fee of the Global Event-Driven Fund, LLC calculated monthly. The GED returns after September 2008 represent actual performance, net of fees.

Princeton Futures Strategy Fund I – Please refer to the "Important Disclosures" section at the beginning of this document for additional information regarding the Princeton Futures Strategy mutual funds.

DJ Credit Suisse Managed Futures HF Index – Latest one month returns based on Newedge CTA Index (Formerly Calyon) due to delay of data release.

Discretionary Managed Futures Fund, LLC Series A was established February 1, 2007. The fund invests in The Blenheim Fund, LLC. Returns prior to April 1, 2007 reflect the returns of The Blenheim Fund, LLC, net of Discretionary Managed Futures Fund’s management fee calculated monthly. Additional fund expenses (see the Private Placement Memorandum for a full description) were not reflected.

Discretionary Managed Futures Fund, LLC Series B was established February 1, 2007. The fund invests in The Blenheim Fund, LLC. Returns prior to December 1, 2007 reflect the returns of The Blenheim Fund, LLC, net of Discretionary Managed Futures Fund’s management fee calculated monthly. Additional fund expenses (see the Private Placement Memorandum for a full description) were not reflected.

Discretionary Managed Futures Fund, LLC Series C was established February 1, 2007. The fund invests in The Blenheim Fund, LLC. Returns prior to September 1, 2008 reflect the returns of The Blenheim Fund, LLC, net of Discretionary Managed Futures Fund’s management fee calculated monthly. Additional fund expenses (see the Private Placement Memorandum for a full description) were not reflected.