Mittleman Investment Management, LLC Achieves Ten-Year Composite Performance Milestone

  Mittleman Investment Management, LLC Achieves Ten-Year Composite Performance

       Results Rank #1 in Global Equity Category by Lipper MarketPlace

Business Wire

NEW YORK -- February 21, 2013

Mittleman Investment Management, LLC, an SEC-registered investment advisory
firm, achieved a milestone with the completion of its ten-year Composite
performance record on December 31, 2012.

For the ten-year period ending December 31, 2012, Mittleman Investment
Management’s Composite returned 559.6% (net of fees) versus a 98.6% gain in
the S&P 500 Index and a 152.8% advance in the Russell 2000 Index. More
detailed, annualized Composite results versus the benchmarks are presented in
the table below:

Performance as of 12/31/2012

                       Annualized                           Cumulative
            1-Year    3-Year    5-Year    10-Year    10-Year
Composite       49.1%        35.0%     17.1%     20.8%      559.6%
S&P 500         16.0%        10.9%        1.7%         7.1%          98.6%
2000         16.4%     12.3%     3.6%      9.7%       152.8%

Mittleman Investment Management’s Composite performance earned the top ranking
in Lipper MarketPlace’s Best Money Managers listing of Global Equity Managers
for the trailing one-year, three-year, five-year and ten-year periods ending
December 31, 2012.

Pensions & Investments, in conjunction with Morningstar Inc. listed Mittleman
Investment Management, LLC as the top performing Global Equity Manager for the
same one-year and five-year periods.

In addition, Mittleman Investment Management was once again named to Informa
Investment Solutions’ PSN Top Guns list, for performance within the Global
Equity Universe.

Phil Mittleman, Managing Partner & Chief Operating Officer commented, “We are
proud to have reached the ten-year milestone for our GIPS^® verified composite
track record, and to be recognized for the long-term outperformance that we
have generated for our clients.”

Christopher Mittleman, Managing Partner & Chief Investment Officer, added,
“The past ten years have been a period of extremes and included the most
significant stock market decline since the Great Depression. It’s been a
decade that has tested the endurance of investors and I’m pleased with the
results we have achieved for clients by adhering to our long-term investment
discipline. We believe that our strategy of investing in a concentrated
portfolio of durable businesses, at a very low multiple of sustainable free
cash flow is as viable today as it ever has been.”

About Mittleman Investment Management:

Mittleman Investment Management, LLC (a wholly owned subsidiary of Mittleman
Brothers, LLC) is an SEC-registered investment advisor that provides
discretionary portfolio management for high net worth individuals and
institutions. The firm’s value oriented strategy is to invest in a
concentrated portfolio of primarily common stocks, unrestricted as to market
capitalization, of both domestic and international companies. The firm pursues
superior returns through long-term investments in those securities it deems to
be significantly undervalued. For more information on the firm and its
services, please visit our website at or contact
Evan Newman at 516.686.6200.

Sources / Disclaimer:

Thomson/Reuters Lipper, Morningstar, Inc. / Pensions & Investments, Informa
Investment Solutions PSN.

Lipper MarketPlace, Morningstar Inc., and Informa Investment Solutions PSN are
comprehensive surveys/databases of money manager performance. The rankings are
for informational purposes only and should not be considered as investment
advice or a recommendation of any particular security, strategy, or investment
product. Information contained herein has been obtained from sources believed
to be reliable but not guaranteed.

Composite performance disclosure:

Mittleman Investment Management, LLC (“MIM”) claims compliance with the Global
Investment Performance Standards (GIPS^®). MIM is an SEC-registered investment
advisor. The composite includes all fully discretionary separately managed
accounts which follow the firm’s investment strategy, including those accounts
no longer with the firm. MIM’s value-oriented strategy is to invest in a
concentrated portfolio of primarily common stocks, unrestricted as to market
capitalization, of both domestic and international companies. The U.S. Dollar
is the currency used to express performance. Performance presented prior to
January 2006 occurred while the Portfolio Manager was affiliated with a prior
firm and the Portfolio Manager was the only individual responsible for
selecting the securities to buy and sell. Past performance is not a guarantee
of future results. Margin is not an active part of the management of the
accounts but may be used on an opportunistic basis if permitted by the client.
Investments made by MIM for its clients differ significantly in comparison to
the referenced indexes in terms of security holdings, industry weightings, and
asset allocations. Accordingly, investment results and volatility will differ
from those of the benchmarks. For more information or for a copy of the firm’s
fully compliant presentation and the firm’s list of composite descriptions,
please contact us at (516) 686-6200.


Mittleman Investment Management, LLC
Evan Newman, 516-686-6200
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