AQR Index - AQR Momentum Indices

AQR International Momentum Index

Performance

(Period Ending 12/31/2011)

Monthly Quarterly

				Total Return	Average Annual Total Returns
	Index	Bloomberg Symbol	Quarter	YTD	1 Yr	3 Yr	5 Yr	10 Yr
	AQR International Momentum Index	AQRMOMIL	6.73%	-15.68%	-15.68%	5.60%	-2.43%	6.89%
	MSCI World ex-USA Growth Index		3.99%	-12.71%	-12.71%	8.97%	-2.55%	4.98%
	MSCI World ex-USA Index		3.51%	-12.21%	-12.21%	8.69%	-3.82%	5.49%
	MSCI World ex-USA Value Index		3.04%	-11.69%	-11.69%	8.36%	-5.15%	5.93%

Past performance does not guarantee future results. No representation is being made that any investment will achieve performance similar to those shown. All information is provided strictly for educational and illustrative purposes only. The information provided is not intended for trading purposes, and should not be considered investment advice.

Performance information for the AQR Indices prior to June 30, 2009 is based on hypothetical back tested monthly data and was not calculated by an independent calculation agent. The hypothetical back tests for the AQR Momentum Indices utilize certain historical data provided by third parties, which are used by permission, and which are not warranted or represented to be complete or accurate. A back test is an indication of how an index would have performed in the past if it had existed. Hypothetical back tested performance has inherent limitations. Starting July 1, 2009, the AQR Indices are calculated daily by S&P as calculation agent.

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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