*DISCLOSURE

Past performance is not indicative of future results.

Under no circumstances should the information contained herein be used or considered as an offer to sell, or a solicitation of an offer to purchase, any security or investment service. The information presented herein is presented in summary form and is, therefore, subject to qualification and further explanation.

A Single Managed Account (SMA) is an actively managed portfolio. There is no guarantee that any investment will achieve its objectives, generate positive returns, or avoid losses. The SMA may purchase ETFs. The risks and volatility of these investments may be magnified as they may include leverage, which magnifies the changes in the value of the ETF or Underlying Fund. The SMA will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the SMA purchases an offsetting position. The SMA’s losses are potentially unlimited in a short position transaction. A higher portfolio turnover will result in higher transaction and brokerage costs.

Investors should carefully consider the investment objectives, risks, charges and expenses of an SMA account offered by RAM Capital Management LLC. Any performance data quoted here represents past performance. Current and future performance may be lower or higher than that experienced in the past. Investment return and principal value will fluctuate, so that SMA accounts, when closed, may be worth more or less than their original cost. Past performance is no guarantee of future results.

RAM Capital Management LLC does not guarantee the accuracy or completeness of information posted on its site or within its reports, nor does it assume any liability for any loss that may result from reliance by any person upon any such information or opinions. Such information and opinions are subject to change without notice and are for general information only.

The performance shown for RAM in any chart is for a single-managed account (SMA) managed on a fully-discretionary basis by RAM Capital Management LLC (RCM) and that adheres fully to RCM’s investment process and portfolio execution. In some cases, due to the modest size of the account or client restrictions placed on the account, an SMA account’s performance may vary.

For the performance of the Prudent-Growth Portfolio the past performance for January 1, 1996 to September 30, 2010 is for the RAM Capital L.P fund. The prior performance is net of management fees (1% per annum), and net of other expenses. Also prior performance does not include the effect of the LP’s performance fee, which does not apply to SMA’s. On October 1, 2010 the partnership was converted to, and it’s performance ported to, a mutual fund adhering to the Investment Companies Act of 1940 and regulated by the SEC. Past performance since the conversion are net of management fees (1%) and expenses (0.25%). The latter does not apply to SMA’s although all commission and other charges, fees and expenses are the responsibility of the SMA owner. The LP and the mutual fund were managed in the same style and by the same portfolio manager and advisor, RAM Capital Management LLC, since the fund’s inception on January 1, 1996. The past performance is not necessarily an indication of how an SMA will perform in the future.

The S&P 500 Index is an unmanaged composite of 500 large capitalization companies.  This index is widely used by professional investors as a performance benchmark for large-cap stocks.  You cannot invest directly in an index.

The information contained on RAM’s website and in RAM’s reports may not be published, broadcast, rewritten or otherwise distributed without prior written consent from RAM Capital Management LL C.

Investors should carefully consider the investment objectives, risks, charges and expenses of RAM Capital Management LLC's (RCM) services. This and other important information about RCM is contained in its Form ADV, and, along with performance current to the most recent month, can be obtained by contacting us.

The information contained herein, including any attachment(s), is provided by RAM Capital Management, LLC ("RCM") to the intended recipient solely for informational purposes. Any dissemination, re-distribution or other use of this message by any recipient is unauthorized.  Past performance may not necessarily be repeated and is no guarantee or projection of future results.  The information in this document has been obtained from sources believed to be reliable, but RCM does not represent that it is accurate or complete.  Data presented is not audited and includes estimates, which may not represent actual results. RCM assumes no obligation to update or correct estimates.