Performance

Grey Owl Opportunity Strategy Performance

October 2006 Inception through August 2010

The performance information presented above is reflective of one account invested in our model and is not representative of all clients. While clients were invested in the same securities, this chart does not reflect a composite return. The returns presented are net of all adviser fees and include the reinvestment of dividends and income. Clients may also incur other transactions costs such as brokerage commissions, custodial costs, and other expenses. The net compounded impact of the deduction of such fees over time will be affected by the amount of the fees, the time period, and the investment performance. Grey Owl Capital Management registered as an investment adviser in May 2009. The performance results shown prior to May 2009 represents performance results of the account as managed by current Grey Owl investment adviser representatives during their employment with a prior firm. THE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NO GUARANTEE OF FUTURE RESULTS. NO CURRENT OR PROSPECTIVE CLIENT SHOULD ASSUME THAT FUTURE PERFORMANCE RESULTS WILL BE PROFITABLE OR EQUAL THE PERFORMANCE PRESENTED HEREIN. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable.

The index used is for comparing performance of the Grey Owl Opportunity Strategy (“Strategy”) on a relative basis. Reference to the index is provided for your information only. There are significant differences between the index and the Strategy, which does not invest in all or necessarily any of the securities that comprise the index. In addition, the Strategy may have different and higher levels of risk. Reference to the index does not imply that the Strategy will achieve returns or other results similar to the index.