Long:  The purchase of exchange-traded funds that are designed to track the performance of an equity index, such as the S&P 500 Index or a more specific index such as the Dow Jones U.S. Telecommunications Sector Index.

Short:  The purchase of exchange-traded funds that are designed to profit from a decline in the value of an underlying benchmark such as a stock index, generally structured to replicate the opposite (inverse) of the daily performance of the benchmark index minus fees and expenses.

Non-correlating market averages:  Specific categories of the market which generally move in smaller magnitude and/or the opposite direction of the overall market and of each other over successive daily, weekly or monthly time periods.

Inverse exposure:  Purchasing investments that are designed to profit from a decline in the value of an underlying benchmark, such as inverse exchange-traded funds, which are generally structured to replicate the opposite (inverse) of the daily performance of the benchmark index minus fees and expenses.

Disclosures:

1. Astor Asset Management LLC ("Astor") is defined for GIPS purposes as a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly-owned, indirect subsidiary of Knight Capital Group, Inc. (NYSE Euronext: KCG).
2. The Long/Short Balanced Composite is a tactical absolute return strategy that exclusively uses exchange-traded funds (ETFs). The Composite invests across asset classes, including equity, fixed income, commodities and currencies and will utilize inverse equity positioning during market contractions. The strategy may employ the use of unleveraged inverse exchange-traded funds, designed to track a single multiple of the daily inverse performance of a given index.
3. The benchmark is a 60%/40% blend of the S&P 500 Index and the Barclay's Capital U.S. Aggregate Bond Index, respectively, rebalanced monthly. The performance of the blended benchmark is shown for comparison because Astor uses securities which track indices related to these products. Although the programs invest in securities which may invest in assets besides equity securities and fixed income securities and may invest in assets that move inversely with equities, the performance of the blended benchmark is presented because it shows a generally accepted alternative investment strategy investors may use. Both indices' annual returns are calculated using cash quarterly prices with dividends reinvested. The S&P 500 Index is an unmanaged composite of 500 large capitalization companies. S&P 500 is a registered trademark of McGraw-Hill, Inc. The Barclay's Capital U.S. Aggregate Bond Index is a broad index comprised of securities within the U.S. dollar-denominated, investment grade, fixed-rate taxable bond market. An investment cannot be made directly into an index.
4. Valuations are computed and performance is reported in U.S. dollars. All performance results are inclusive of reinvestment of dividends.
5. Net-of-fee returns are presented after the deduction of any and all transaction costs as well as advisory fees. Information about the fee schedule applicable to prospective investors is available within the firm's ADV Part 2.
6. The period from December 31, 1999 to September 30, 2010, the Portfolio Managers were affiliated with a prior firm. During this time the Portfolio Managers were the only individuals responsible for selecting the securities to buy and sell. Knight Capital Group, Inc. acquired the assets and portfolio management team from Astor Financial, LLC. Such performance should not be interpreted as the actual historical performance of Astor Financial, LLC.
7. The performance presented for the time period from December 31, 1999 to December 31, 2004 is based on the performance of a representative account of the specific strategy. Actual client account performance may differ during this period based on factors such as but not limited to brokerage cost, advisor fees, discretionary decisions by the clients and referring advisors, and custodial limitations, which would have impacted the composite. Net-of-fee performance during this period is calculated assuming a 2.00% annual fee, paid quarterly in arrears. For the period from December 31, 2004 to September 30, 2010, the presented performance is based upon a composite of accounts under management, which was defined to include all accounts in which the model allocations could be fully implemented, and excludes any accounts in which clients have chose to implement reasonable restrictions or those accounts that could not receive timely and accurate electronic data from the account custodian.
8. All information contained herein is for informational purposes only. This is not a solicitation to offer investment advice in any state where it would be unlawful. There is no assurance that the programs will produce profitable returns or that any account will have results similar to that of the composite. Past performance is not a guarantee of future results. You may lose money. Factors impacting client returns include individual client risk tolerance, restrictions a client may place on the account, investment objectives, choice of broker/dealers or custodians, as well as other factors. Any particular client's account performance may differ from the program results due to, among other things, commission, timing of order entry, or the manner in which the trades are executed. The investment return and principal value of an investment will fluctuate and an investor's equity, when liquidated, may be worth more or less than the original cost.

Astor Asset Management LLC claims compliance with the Global Investment Performance Standards (GIPS®). To receive a list of composite descriptions of Astor Asset Management and/or a presentation that complies with the GIPS standards, contact Astor Asset Management at (800) 899-8230 or write to Astor Asset Management, 111 S. Wacker Drive, Suite 3910, Chicago, Illinois 60606 or info@astorllc.com.