PERFORMANCE SUMMARY

September 30, 2011

	Year-to-Date		Last 12 Months		Annualized Last 3 Years		Annualized Last 5 Years		Annualized Last 10 Years
NSCM Small Cap Value Total Return
Gross of Fees	-7.4		10.6		13.4		11.0		12.5
Net of Fees	-7.9		9.8		12.6		10.2		11.8
Russell 2000	-17.0		-3.5		-0.4		-1.0		6.1
Russell 2000 Value	-18.5		-6.0		-2.8		-3.1		6.5
NSCM SMID Cap Value Total Return
Gross of Fees	-10.6		5.2		12.7		10.2		10.9
Net of Fees	-11.0		4.6		11.9		9.5		10.2
Russell 2500	-14.9		-2.2		2.3		0.2		7.1
Russell 2500 Value	-16.3		-4.7		0.1		-1.7		7.2
NSCM Mid Cap Value Total Return
Gross of Fees	-11.7		2.1		7.6		4.9		8.7
Net of Fees	-12.0		1.6		7.0		4.3		8.0
Russell Mid	-12.3		-0.9		4.0		0.6		7.5
Russell Mid Value	-13.0		-2.4		2.0		-0.8		7.5
NSCM Value Opportunity Total Return
Gross of Fees	-14.4		1.3		7.9		7.8		10.5
Net of Fees	-14.7		0.7		7.1		7.1		9.7
Russell 3000	-9.9		0.6		1.5		-0.9		3.5
Russell 3000 Value	-11.9		-2.2		-1.6		-3.5		3.6
S&P500	-8.5		1.2		1.2		-1.2		2.8

 

Please call Patrick Danehy (901)761-5561 for a complete list of composites and GIPS disclosures. The accounts included in the composites will invest primarily in companies with market capitalizations similar in size to those found in the benchmark.

NewSouth Capital Management, Inc. claims compliance with the Global Investment Performance Standards (GIPS®). NewSouth Capital Management, Inc. is defined as an independent investment management firm that is not affiliated with any parent organization. For comparison purposes the composite is measured against the appropriate Russell benchmarks. The composite results reflect the reinvestment of dividends, capital gains, and other earnings.

The composite represents 100% of discretionary, tax-exempt assets in fee-paying accounts invested with the designated mandate, with asset values greater than the firm's $1 million account minimum. Past performance is not indicative of future results. All returns are calculated and reported in U.S. Dollars and are calculated as of calendar month ends. No leverage was used in the strategies.

Performance Summary Disclosure
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