IMPORTANT DISCLOSURES

The information presented on this website is provided for informational purposes only. It does not constitute investment, legal, tax, or accounting advice; a recommendation regarding any security or investment strategy; or an offer to sell or a solicitation of an offer to purchase any security or investment product. Any offer or solicitation will be made only through the applicable offering documents and only to investors who satisfy the relevant eligibility requirements.

ValueWorks, LLC is a registered investment adviser. Registration as an investment adviser does not imply any particular level of skill or training and does not constitute an endorsement by the U.S. Securities and Exchange Commission or any other regulatory authority.

The information presented reflects the views of ValueWorks as of the date indicated and may change without notice. Although ValueWorks believes that information obtained from third-party sources is reliable, ValueWorks does not guarantee its accuracy, completeness, or timeliness.

All investments involve risk, including the possible loss of principal. No investment strategy can guarantee a profit or protect against loss in all market conditions. Value investing may remain out of favor for extended periods, and ValueWorks’ estimates of the value of a security or its underlying assets may be incorrect or may not be realized. Certain strategies may use short selling, leverage, derivatives, concentrated positions, or other investment techniques that may increase volatility and the risk of loss. Diversification does not eliminate investment risk or ensure a profit.

PAST PERFORMANCE IS NOT INDICATIVE OF, AND DOES NOT GUARANTEE, FUTURE RESULTS. CURRENT AND FUTURE RESULTS MAY DIFFER MATERIALLY FROM THOSE PRESENTED.

Performance results are expressed in U.S. dollars and include the reinvestment of dividends, interest, and other income. Trade-date accounting has been used. Results for the full measurement period are time-weighted. Accounts are included in a composite beginning with the first full month under management and remain included through the last full month under management. Composite results include qualifying discretionary accounts that are no longer managed by ValueWorks. Returns are presented both gross and net of investment management fees. Gross returns do not reflect the deduction of investment management fees and therefore will be higher than returns calculated after the deduction of such fees. Net returns reflect the deduction of applicable investment management fees as described in the relevant performance presentation. Actual fees and expenses differ among clients and investment vehicles, and an investor’s actual results may differ from the results presented. Additional information concerning ValueWorks’ fees is available in the firm’s Form ADV and, where applicable, the relevant offering documents. The annual composite dispersion presented is an asset-weighted standard deviation calculated using the accounts that were included in the composite for the entire year. Additional information regarding ValueWorks’ policies for valuing investments and calculating and reporting performance is available upon request.

The Capital Appreciation Composite includes all qualifying discretionary accounts managed under a Capital Appreciation mandate. For comparison purposes, the composite is measured against the S&P 500 Index. The Balanced Composite includes all qualifying discretionary accounts managed under a Balanced mandate. For comparison purposes, the composite is measured against a blended benchmark consisting of 50% S&P 500 Index and 50% ICE BofA US Corporate, Government & Mortgage Index (D0A0), formerly known as the Merrill Lynch U.S. Domestic Master Bond Index. The Long-Biased Composite includes all qualifying discretionary accounts managed under a Long-Biased mandate. For comparison purposes, the composite is measured against the S&P 500 Index. The Capital Appreciation and Balanced Composites were created on December 31, 1995. The Long-Biased Composite was created on September 30, 1999. Performance presented for periods before October 1, 2001 was achieved while the portfolio manager was affiliated with two prior firms. During those periods, the portfolio manager was solely responsible for selecting the securities purchased and sold. Prior-firm performance does not represent performance achieved at ValueWorks, and there can be no assurance that the same results would have been achieved at ValueWorks.

Benchmarks are provided solely for comparative purposes. The benchmark indices are unmanaged and cannot be invested in directly. Index returns reflect the reinvestment of dividends and interest but do not reflect investment management fees, transaction costs, taxes, or other expenses that would reduce the returns of an actual investment. ValueWorks’ investment strategies are not limited to the securities included in their respective benchmarks and may employ investment techniques not used by those benchmarks. Accordingly, the composition, volatility, risk characteristics, and performance of a ValueWorks strategy may differ materially from those of its benchmark. Beta for the Capital Appreciation and Long-Biased Composites is calculated using the S&P 500 Index as the market proxy. Beta for the Balanced Composite is calculated using the blended benchmark consisting of 50% S&P 500 Index and 50% ICE BofA US Corporate, Government & Mortgage Index (D0A0) as the market proxy. Leverage and derivatives may constitute a material part of the Long-Biased Composite’s investment strategy. The strategy may maintain gross long exposure of up to 150% of capital and short exposure of up to 50% of capital. Leverage, derivatives, and short positions involve risks that differ from those associated with traditional long-only investing. These techniques may increase volatility, magnify gains and losses, and expose the strategy to losses exceeding the amount initially invested in a particular position.

ValueWorks, LLC claims compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote ValueWorks, nor does it warrant the accuracy or quality of the information presented. A complete list of composite descriptions and additional information regarding ValueWorks’ policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request. ValueWorks underwent an independent verification covering the period from October 1, 2001 through December 31, 2007. Verification assesses whether the firm’s policies and procedures relating to composite and pooled-fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and implemented on a firm-wide basis. Verification does not provide assurance regarding the accuracy of any specific performance report. The verification covering the period stated above should not be interpreted as verification of any subsequent period.

Performance information should be reviewed together with all accompanying disclosures and should not be considered in isolation. Prospective investors should carefully review the applicable offering documents, risk disclosures, fee information, and conflicts of interest and should consult their own legal, tax, accounting, and investment advisers before making an investment decision.

Investments in all ValueWorks strategies may lose value.