NOTES TO PERFORMANCE:

Mittleman Investment Management, LLC claims compliance with the Global Investment Performance Standards (GIPS®).

Mittleman Investment Management, LLC is an SEC-registered investment advisor. The composite includes all fully discretionary separately managed accounts which follow the firm’s investment strategy. Mittleman Investment Management, LLC’s value-oriented strategy is to invest in a concentrated portfolio (usually holding between ten to twenty securities) of primarily common stocks, unrestricted as to market capitalization, of both domestic and international companies.

The U.S. Dollar is the currency used to express performance. Withholding tax on dividends is treated as a reduction of the security’s dividend income for companies not domiciled in the U.S. Withholding tax on U.S. equities held by non-domestic accounts is treated as a cash withdrawal. Returns include the effect of foreign currency exchange rates. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor’s domicile. Composite returns are presented net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Performance presented prior to January 2006 occurred while the Portfolio Manager was affiliated with a prior firm and the Portfolio Manager was the only individual responsible for selecting the securities to buy and sell. Individual account returns may vary from those presented due to differences in the timing of contributions and withdrawals, account start dates, and actual fees paid.

For comparison purposes only, the composite is presented against the S&P 500 Total Return Index. For additional information, the composite has also been compared to the Russell 2000 Total Return Index. The S&P 500 Total Return Index is an unmanaged index compiled by Standard and Poor’s. Both indexes are weighted by market capitalization and their returns include the reinvestment of dividends. The indices do not account for transaction costs or other expenses which an investor might incur in attempting to obtain such returns. The S&P and Russell indices are taken from published sources and deemed reliable. Investments made by Mittleman Investment Management, LLC for its clients differ significantly in comparison to these (and any other) indexes in terms of security holdings, industry weightings, and asset allocations. Accordingly, investment results and volatility will differ from those of the benchmarks.

Past performance is not a guarantee of future results. Therefore, no current or prospective client should assume that future performance of any specific investment or investment strategy made reference to directly or indirectly within this document, will be profitable or equal the corresponding indicated performance levels. For more information or for a copy of the firm's fully compliant presentation, please contact us at (516) 686-6200.