All information presented prior to 2002 is supplemental information.

The Small Cap Equity Composite includes all fully discretionary portfolios that invest in small capitalization U.S. stocks that are considered to have growth in earnings that is superior to that of the average company within the benchmark, Russell 2000 Growth Index (BM1: 2001-Current). The base currency is US Dollars. In presentations shown prior to January 1, 2001, the composite was compared against the S&P 500 Index (BM2: 1992-2000) and the Russell 2000 (BM1: 1992-2000). The S&P 500 Index used prior to January 1, 2001 is based on returns with dividends not reinvested. The benchmark was changed to more accurately reflect the strategy of the composite. The results presented for the Gross (and Net) Return vs. BM1 is the difference between the composite annual gross and net returns and BM1. Performance presented prior to January 1, 2001 is that of the US Equity Composite which included both large cap and small cap stocks. 1991 is a partial year beginning in May.

Hanseatic Management Services, Inc. claims compliance with the Global Investment Performance Standards (GIPS) and has prepared and presented this report in compliance with the GIPS standards. Hanseatic Management Services, Inc. has been independently verified for the periods January 1, 2002 through March 31, 2011.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Small Cap Equity Composite has been examined for the periods January 1, 2002 through March 31, 2011. The verification and performance examination reports are available upon request.

Hanseatic Management Services, Inc. is an independent registered investment adviser. Beginning January 1, 2000, total firm assets were expanded to include all discretionary and non-discretionary accounts for which Hanseatic Management Services, Inc. has an investment management agreement. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. No non-fee-paying accounts are included in this composite from May 1995 through October 2006. Prior to that time and for the period October 2006 through April 2008, non fee-paying accounts represented 100% of the composite assets. Beginning May 2008 and ending October 2008, non fee-paying accounts represented 4% of the composite assets. Prior to December 1, 2009, firm policy required booking contributions on the first day of the month and withdrawals on the last day of the month for performance purposes unless otherwise instructed. As of December 1, 2009, Hanseatic time-weights all cash flows on the day the cash flows actually occur. Composite performance is presented net of foreign withholding taxes on dividends, interest income, and capital gains. Withholding taxes may vary according to the investor's domicile. Composite returns represent investors domiciled primarily in the United States. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance was calculated using actual management fees. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.

The investment management fee schedule for the composite is 0.90% on the first $10 million, 0.45% on the next $15 million, and 0.40% on the remainder. Actual investment advisory fees incurred by clients may vary.

The Small Cap Equity Composite was created January 1, 2001. Hanseatic Management Services, Inc.'s compliance with the GIPS standards has been verified for the period beginning January 1, 2002 through March 31, 2011 by Ashland Partners & Company LLP. Periods shown prior to January 1, 2002 are not in compliance as the firm had not created composites for non-marketed strategies and as such, not all of the firm's discretionary, fee-paying accounts were included in a composite. A copy of the verification report is available upon request.

N/A - information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

US EQUITY DISCLOSURE

Year 2007 performance data covers January 1, 2007 through March 31, 2007. US Equity Composite contains fully discretionary US Equity equity accounts and for comparison purposes is measured against the S&P 500 Index (BM2: 1992-2006) and the Russell 2000 (BM1: 1992-2006). The S&P 500 Index used is based on returns with dividends not reinvested.