This presentation is neither an offer to sell nor a solicitation of an offer to buy any security or investment product. Past performance is not indicative of future results. Investing in foreign equity markets is subject to significant risks, including, but not limited to, interest rate, currency exchange rate, economic and political risks. The Gotham Tax-Managed International Value strategy is subject to significant risks and may result in the loss of some or all principal.

This has been prepared for informational purposes only. No representation, warranty or assurance of any kind, express or implied, is made as to the accuracy or completeness of the information contained herein and Gotham Asset Management, LLC ("Gotham") and each of its respective affiliates disclaim any liability for use by any party and the contents are subject to change without notice. Gotham makes no representation regarding any tax, legal or accounting matters. The information herein is not intended for distribution to, or use by any party in any jurisdiction where such distribution or use would be contrary to local law or regulation.

This information is for the use of intended recipients only, and may not be reproduced, redistributed or copied in whole or in part for any purpose without prior written consent.

Gotham Tax-Managed International Value Composite (the "Composite"), created April 1, 2010, is an aggregation of discretionary equity accounts managed according to a single investment strategy whose objective is long-term capital appreciation. The strategy generally holds 35-45 non-U.S. mid to large market capitalization stocks in more than 25 countries throughout Asia, Europe, North America, and South America.

Although the Composite is not designed to track any equity index, the MSCI World ex U.S. Index has been selected as the benchmark. Returns for the index include the reinvestment of dividends. This benchmark is a commonly followed equity index and is generally considered a barometer of the non-U.S. equity market.

The Composite and the benchmark have different portfolio characteristics including, but not limited to, holdings and turnover. Index returns do not include transaction fees, management fees or any other costs and it is not possible to invest directly in an index. For the reasons described above, the performance and volatility of the Composite will be different than the benchmark.

The portfolio characteristics herein relate to the Composite. Not every client's account will have these exact characteristics. The actual characteristics with respect to any particular client account will vary based on a number of factors including but not limited to: (i) the size of the account; (ii) timing of investment; (iii) investment restrictions applicable to the account, if any; and (iv) market exigencies at the time of investment. Gotham reserves the right to modify its current investment strategies and techniques.

The fee schedule for Gotham's investment advisory services is 1.25% per annum of assets under management for the Gotham Tax-Managed International Value strategy. This fee does not include trading costs and additional fees and expenses related to portfolio transactions. Portfolio performance is presented net of investment advisory fees and includes transaction expenses, foreign tax withholdings, and the reinvestment of income. Performance is calculated and presented in U.S. dollars. A complete description of Gotham's advisory services and fee schedule can be found in Part 2 of its Form ADV which is available upon request.