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AQR Small Cap Momentum Index Overview Performance Investment Universe The investment universe for the AQR Small Cap Momentum Index is comprised of the 2000 stocks by market capitalization after the 1000 largest U.S. stocks by market capitalization.* Index Objective Measures the total return of small cap U.S. stocks with positive momentum. A stock is deemed to have positive momentum if it has performed well in the past relative to other stocks in the same investment universe. Index Methodology* The AQR Small Cap Momentum Index is constructed based on the investment universe defined above using the following methodology:         All the stocks in the Investment Universe are ranked by the total return over the prior 12 months excluding the last one.         The top 33% stocks with the highest rank are selected for inclusion.         The selected stocks are weighted by market capitalization.         The index is reconstituted quarterly.      Other Benchmark Indices Other indices based on a similar investment universe include the Russell 2000 Index, the Russell 2000 Value Index and the Russelll 2000 Growth Index. Among these, the AQR Small Cap Momentum Index has the highest correlation to the Russell 2000 Growth Index. (*) See index methodology for more details

AQR Momentum Index, AQR Small Cap Momentum Index, and AQR International Momentum Index are the exclusive property of AQR Capital Management, LLC ("AQR"), which has contracted with Standard & Poor’s Financial Services LLC ("S&P") to maintain and calculate the Indices.  Standard & Poor’s® and S&P® are registered trademarks of S&P. "Calculated by S&P Custom Indices" and its related stylized mark(s) are service marks of S&P and have been licensed for use by AQR. S&P and its affiliates shall have no liability for any errors or omissions in calculating the Index.

You cannot invest directly in the AQR Momentum Indices (the "Indices").  Index performance does not represent actual fund or portfolio performance.  A fund or portfolio may differ significantly from the securities included in the Indices.  Index performance assumes reinvestment of dividends, but does not reflect any management fees, transaction costs or other expenses that would be incurred by a portfolio or fund, or brokerage commissions on transactions in fund shares.  Such fees, expenses and commissions would reduce returns.

AQR, its affiliates and their independent providers are not liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.  AQR reserves the right at any time and without notice, to change, amend or cease publication of the Indices. AQR assumes no responsibility for the accuracy or completeness of the above data and disclaims all express or implied warranties in connection therewith.

Copyright © AQR Capital Management, LLC 2009. This material is proprietary and may not be reproduced, transferred or distributed in any form without prior written permission from AQR.

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