Disclosures

Mellon Capital Management Corporation (“Mellon Capital”) is an investment adviser registered with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940.  Any collective investment funds presented are maintained by The Bank of New York Mellon and Mellon Capital provides non-discretionary investment advisory services to those collective investment funds. The firm is defined as Mellon Capital and includes assets managed as dual officers of The Bank of New York Mellon and as dual employees of The Dreyfus Corporation. AUM, client and employee count are as of December 31, 2009 unless noted otherwise.  Mellon Capital’s AUM includes assets managed in overlay strategies ($9.9 billion) as of December 31, 2009.  Any collective investment funds presented are not deposits of, and are not insured or guaranteed by, any bank, the FDIC or any other government agency.  Please refer to the fund’s Schedule A for important additional information.

As of July 1, 2007, Mellon Financial Corporation and The Bank of New York Company, Inc. merged with and into a newly created entity, The Bank of New York Mellon Corporation (“BNY Mellon”).  As a result of this merger, effective July 1, 2008 certain businesses of Mellon Bank, N.A. were combined into The Bank of New York and the resulting bank was renamed The Bank of New York Mellon.  BNY Mellon Asset Management (“BNY MAM”) is the umbrella organization for BNY Mellon’s affiliated investment management firms and global distribution companies. Assets/rankings of BNY MAM for periods prior to July 1, 2007 reflect the separate operations of Mellon Financial Corporation and The Bank of New York Company, Inc.  Mellon Capital is a wholly-owned subsidiary of BNY Mellon.  Effective December 31, 2007, Mellon Equity Associates, LLP, a registered investment adviser with the SEC, merged with Mellon Capital and as such firm assets as of this date are representative of the combined firm.  Effective February 19, 2008, The Quantitative Equity Management Group of The Bank of New York integrated into Mellon Capital and is included in the firm’s assets under management going forward. Effective January 1, 2009, Franklin Portfolio Associates, LLC merged into Mellon Capital. 

This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it would be unlawful to make such offer or solicitation.  This material (or any portion thereof) may not be copied or distributed without Mellon Capital’s prior written approval.  Statements are current as of the date of the material only.

The following provides a simplified example of the cumulative effect of management fees on investment performance:  An annual management fee of 0.80% applied over a five-year period to a $100 million portfolio with an annualized gross return of 10% would reduce the value of the portfolio from $161,051,000 to $154,783,041.  The actual management fee that applies to a client’s portfolio will vary and performance fees may be available.  The standard fee schedules for Mellon Capital’s strategies are shown in Part II of Mellon Capital’s Form ADV.

Past results are not indicative of future performance and are no guarantee that losses will not occur in the future.  Future returns are not guaranteed and a loss of principal may occur. Performance is expressed in U.S. dollars unless noted otherwise.  Performance results for one year and less are not annualized. Many factors affect performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments.  The active risk targets and information ratio targets shown in this presentation are the long run ex-ante targets.  The active risk levels and information ratios may be higher or lower at any time.  There is no guarantee that the active risk targets and information ratio targets will be achieved.

The information provided in this presentation should not be considered a recommendation to purchase or sell a particular security.  Any specific securities identified do not represent all of the securities purchased, sold or recommended for advisory clients, and may be only a small percentage of the entire portfolio and may not remain in the portfolio at the time you receive this report.  You should not assume that investment decisions we make in the future will be profitable or will equal the investment performance of the past.

Charts and graphs herein are provided as illustrations only and are not meant to be guarantees of any return.  The illustrations are based upon certain assumptions that may or may not turn out to be true.

Please note that this presentation does not comply with all of the disclosure requirements for an ERISA “section 404(c) plan,” as described in the Department of Labor regulations under section 404(c).  Plan sponsors intending to comply with those regulations will need to provide the plan participants with additional information.  The information provided in this presentation does not constitute individual investment advice for a participant or investor, is only informational in nature and should not be used by a participant or investor as a primary basis for making an investment decision. 

“Standard & Poor’s®”, “S&P®”, “S&P 500® Index”, “Standard & Poor’s 500®”, S&P Small Cap 600® Index, and “S&P Mid Cap 400® Index” are trademarks of McGraw-Hill, Inc., and have been licensed for use by BNY Mellon (together with its affiliates and subsidiaries).  The Products mentioned are not sponsored, endorsed, sold, or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the Products.

“Dow Jones”, “Dow Jones U.S. Total Stock Market IndexSM”, and “Dow Jones U.S. Completion Total Stock Market IndexSM”, are service marks of Dow Jones & Company, Inc. and has been licensed for use for certain purposes by Mellon Capital Management Corporation and The Bank of New York Mellon Corporation.  The Bank of New York Mellon’s EB Daily Valued U.S. Equity Market Fund based on the Dow Jones U.S. Total Stock Market IndexSM, EB Daily Liquidity Market Completion Fund based on the Dow Jones U.S. Completion Total Stock Market IndexSM, and EB Daily Valued Market Completion Fund based on the Dow Jones U.S. Completion Total Stock Market IndexSM are not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones does not  make any representation regarding the advisability of investing in such products.

Russell Investments is the owner of the trademarks and copyrights relating to the Russell 1000® Index, the Russell 2000® Index, the Russell 2500TM Index, the Russell 3000® Index, the Russell Midcap® Growth Index, and the Russell Midcap® Value Index.

Any funds or securities referred to herein are not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based.

Australian prospects and clients, please note the following: If this document is used or distributed in Australia, it is issued by BNY Mellon Asset Management Australia Limited (“BNY AMI Australia”) (ABN 56 102 482 815, AFS License No. 227865) located at Level 6, Macquarie Place, Sydney, NSW 2000.  BNY AMI Australia holds an Australian Financial Services Licence authorising it to provide financial services in Australia.  BNY AMI Australia also introduces the capabilities of BNY Mellon affiliated United States asset managers or investment advisers, such as Mellon Capital Management Corporation, in Australia.  Mellon Capital is exempt from the requirement to hold an Australian Financial Services Licence under the Corporations Act 2001 in respect of financial services provided in Australia.  Mellon Capital, and any financial services that may be provided by Mellon Capital, are regulated by the SEC under United States laws, which differ from Australian laws. 

Japanese prospects and clients, please note the following: BNY Mellon Asset Management Japan Limited (“BNY AMI Japan”) provides information about the investment advisory skills and products of BNY Mellon’s investment management firms in Japan.  Mellon Capital provides subadvisory services to BNY AMI Japan.  The presentation is not an invitation of subscription and provides information only.  BNY AMI Japan is not responsible for the accuracy and completeness of the information contained in this presentation.  Past performance and simulated performance are not a guarantee of future performance or principle and returns.  The information may be amended or revoked at any time without notice.