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Disclosure

MLM Focused Equity™ is a registered trademark of Mount Lucas Management LP. This material is for the private information of the user, and in no way is Mount Lucas soliciting any action based upon it. Mount Lucas shall not have any liability, contingent or otherwise, to the user or to third parties, for the quality, accuracy, timeliness, continued availability or completeness of the data nor for any special, indirect, incidental or consequential damages which may be incurred or experienced because of the use of the data made available herein, even if Mount Lucas has been advised of the possibility of such damages. The information provided herein is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. Investments can be made only on the basis of a Confidential Offering Memorandum or a trading advisory agreement. The risk of loss in trading securities and/or commodities can be substantial. The material is based upon information that Mount Lucas considers reliable, but the firm does not represent that it is accurate or complete, and it should not be relied upon as such. Opinions expressed are the firm's current opinions as of the date appearing on this material only. Mount Lucas and its affiliates, officers, directors, managing directors, and employees, including persons involved in the preparation or issuance of this material may, from time to time, have long or short positions in, and buy or sell, the securities, or derivatives (including options) thereof, commodities, indices and/or strategies mentioned herein.

Reproduction and Re-Distribution: No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without our prior written consent. Notwithstanding anything herein to the contrary, and except as required to enable compliance with applicable securities law, you (and each of your employees, representatives and other agents) may disclose to any and all persons the U.S. federal income and state tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Mount Lucas imposing any limitation of any kind.