The RevenueShares^™ indexes are equity indexes developed by VTL Associates, LLC ("VTL"). Except as indicated below, the historical returns contained in the Zephyr StyleADVISOR® reports for the RS^™ indexes are hypothetical and do not represent actual returns or performance results for any client account or portfolio.

RevenueShares Large Cap Index^™ inception date: March 30, 2006; RevenueShares Mid Cap Index^™ inception date: March 1, 2006; RevenueShares Small Cap Index^™ inception date: August 4, 2006; RevenueShares ADR Index^™ inception date: January 1, 2005; RevenueShares Financials Sector Index^™ inception date: January 1, 1991; RevenueShares Navellier Overall A-100 Index^™ inception date: January 1, 1999.

RS^™ index returns are not indicative of performance when the revenue-weighting methodology is utilized in a managed account. An investor cannot invest directly in an index. The performance results shown are hypothetical and assume that no cash was added to or assets withdrawn from the hypothetical investment and that all dividends, gains and other earnings in the account were reinvested in accordance with index rules. No management fees or brokerage expenses were deducted from the hypothetical performance shown. Indexes do not lend securities, and no revenues from securities lending were added to the performance shown. In addition, the results actual investors might have achieved would be different from those shown here, because of differences in the timing, amounts invested, withdrawals if any, and fees and expenses associated with an investment in the index.

The hypothetical performance results contained in Zephyr StyleADVISOR® reports were conducted for the periods ranging from January 1, 1991 through December 31, 2008 for REVWLT^™, REVWMT^™ & REVWFINT^™, from January 1, 1998 through December 31, 2008 for REVWST^™, from January 1, 1999 through December 31, 2008 for REVWLOUT^™ and from January 1, 2005 through December 31, 2008 for REVWADRT^™.

REVWLT^™, REVWMT^™, REVWST^™, REVWFINT^™ and REVWADRT^™ are comprised of the constituent securities underlying the S&P 500® ("S&P 500®"), S&P MidCap 400^™ Index ("S&P 400^™"), S&P SmallCap 600^™ Index ("S&P 600^™"), S&P 500® Financials Sector Index ("S&P 500® Financials Sector^™"), S&P ADR Index ("S&P ADR^™"), respectively, (collectively, "S&P® Indices"). Each underlying security of the RS^™ Indexes is assigned a percentage weighting according to each corresponding company's annualized revenues. The constituent securities underlying the RS^™ indexes for each calendar year throughout the study periods are based upon those securities underlying the corresponding S&P® Index as of December 31st of each preceding calendar year. VTL utilized Bloomberg Professional® service ("Bloomberg") to gather all revenue data. VTL retained the services of Standard & Poor's®, which was responsible for calculating daily valuations of the RS^™ indexes, with daily re-investment of dividends, throughout the study periods. VTL utilized Wilshire® Cooperative Service to prepare hypothetical performance measurement reports from the daily valuations calculated by Standard & Poor's®. Zephyr StyleADVISOR® was utilized to perform various risk-return and relative return analyses.

During each calendar year throughout the study periods, the constituent securities underlying the RS^™ indexes were added and deleted by Standard & Poor's® and changed to reflect corporate activity among member companies underlying the respective S&P® indices. At the end of each calendar year, the RS^™ indexes were reconstituted to reflect the then-current membership of each respective S&P® index and rebalanced (annually or quarterly) to reflect changes to each corresponding company's annualized revenues.

The hypothetical historical returns contained in Zephyr StyleADVISOR® reports are for informational purposes only and are not intended to be an offer, solicitation, or recommendation with respect to the purchase or sale of any security or portfolio of securities, or a recommendation of the services supplied by any money management organization or other financial institutions. Although all underlying data, information, and software used by VTL to create the studies herein are believed to be reliable or derived from sources considered to be reliable, their accuracy and completeness cannot be assured. Therefore, VTL disclaims responsibility, financial or otherwise, regarding the accuracy and completeness of all underlying data, information, and software used in performing this study. However, reasonable care has been taken by VTL to ensure that the data and information conveyed by the studies are accurate and complete.

The hypothetical historical returns depicted in any reports do not reflect any management fees, transaction costs or other expenses. Performance for periods greater than one year is reported on an annualized basis. Past results are not indicative of future performance. The REVWLT^™, REVWMT^™, REVWST^™, REVWFINT^™, REVWLOUT^™, and REVWADRT^™ are trademarks owned by, the exclusive property of, and proprietary to VTL Associates, LLC. S&P® shall have no liability for any errors or omissions in calculating the RS^™ indexes.

"Standard & Poor's®", "S&P®", "S&P 500®", "S&P MidCap 400^™ Index", "S&P SmallCap 600^™ Index", "S&P 500® Financials Sector", and "S&P ADR", are trademarks of the McGraw-Hill Companies, Inc., and have been licensed for use by VTL Associates, LLC in connection with the construction, maintenance, and management of RevenueShares^TM indexes.

RevenueShares^™ indexes are not sponsored, endorsed, sold or promoted by Standard & Poor's®. Standard & Poor's® makes no representation regarding the advisability of investing in RevenueShares^™ indexes. The performance results are hypothetical and should not be interpreted as indicative of the skill of VTL or interpreted as an indication of actual performance. Actual performance for client accounts may be materially different (and may be lower) than that of the RevenueShares^™ indexes. The advertised performance results prior to January 1, 2005 were achieved by means of the retroactive application of a model designed with the benefit of hindsight. The performance information prior to January 1, 2005 was compiled after the end of the period depicted and does not represent the investment decisions of VTL. VTL was founded in November 2004 and was not managing money during the entire period according to the strategy depicted. VTL began managing money for the REVWLT^™, REVWMT^™ and REVWST^™ strategies on March 30, 2006, March 1^™, 2006 and August 4, 2006, respectively. VTL began managing money for the REVWFINT^™, REVWLOUT^™ and REVWADRT^™ strategies on November 13, 2008, January 23, 2009 and November 20, 2008, respectively. There are inherent limitations in backtested and model performance results. For example, such results do not represent actual trading and may not reflect the impact that material economic and market factors might have had on the advisor's decision-making if the advisor were actually managing clients' money. As with any investment strategy, there is potential for profit as well as the possibility of loss.

No current or prospective client should assume that the future performance of any specific investment, investment strategy (including the investments and/or investment strategies recommended by the advisor), or product made reference to directly or indirectly, will be profitable or equal to these indexes' past performance levels. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals may materially alter the performance, strategy and results of any portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client's investment portfolio. Historical performance results for investment indices such as the S&P 500®, S&P MidCap 400^™ Index, and S&P SmallCap 600^™ Index, generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. Economic factors, market conditions, and investment strategies will affect the performance of any portfolio and there are no assurances that it will match or outperform any particular benchmark. The results portrayed reflect the reinvestment of dividends and capital gains. 

© 2010 RevenueShares^™ Institutional, a platform available through Pacer Investment Advisors.