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This investment is a significant milestone in the continued development of our asset management business. The transaction further endorses Mount Lucas as a leading global macro manager, provides access to the resources of Petershill as a strategic partner for the business, and enhances our ability to attract, incentivize and retain experienced professionals by providing an independent valuation on the equity of the firm. A substantial portion of the proceeds from the transaction will be re-invested in Mount Lucas's funds.

We also are annoucing that at year-end, Paul DeRosa, one of our principals, will assume the office of Chairman – a post that has been vacant since Frank Vannerson’s passing in 2008. All of us at Mount Lucas admire Paul’s keen financial insight, steady approach to the markets, and congenial manner. We are delighted that Paul will be chairing the firm as we look to further the success of our investment offerings and grow our overall business. Paul will no longer be involved in the day-to-day management of MLM Macro-Peak™, our global macro strategy.

Bob Barbera, our Chief Economist, will assume Paul’s day-to-day role in the portfolio management process for MLM Macro-Peak™. Our approach to this portfolio has been – and will continue to be – collaborative, with Roger Alcaly, Bob, and me all contributing. Bob will concentrate on fixed income, an area in which he has specialized for more than two decades.

Finally, we are pleased to announce that Jerry Prior will become an equity partner in the firm at year end. Jerry has been with Mount Lucas since 1997 and is integral to our investment and operations success. A key driver in adopting new technologies at the firm, Jerry is a Director of Quantitative Research for our global macro portfolio and a Portfolio Manager for our MLM Index™ products.

(press release)

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