Robotti & Company Advisors, LLC
Value Equity Composite*
Historical Performance

Period	Gross Total Return	Net Total Return	Benchmark **	S&P 500 Return
2011	(9.99%)	(11.46%)	(3.69%)	2.11%
2010	30.14%	27.96%	26.85%	15.06%
2009	41.64%	39.23%	27.17%	26.46%
2008	(37.13%)	(38.16%)	(33.79%)	(37.00%)
2007	8.58%	6.74%	(1.57%)	5.49%
2006	29.73%	27.46%	18.37%	15.79%
2005	26.38%	24.03%	4.55%	4.91%
Compounded Annual Growth Rate (through year-end 2010)**
3 year	18.38%	16.41%	15.82%	14.11%
5 year	2.52%	0.81%	0.25%	(.25%%
10 year	11.92%	9.97%	5.67%	2.92%
15 year	10.71%	9.00%	6.29%	5.45%

Download for Historical Yearly Performance Results from 1993 – Year to Date December 2011 as well as Important Disclosures
*As of September 1, 2011, the Robotti Small Cap Value Composite has been renamed the Robotti Value Equity Composite.

** Inception through August 2011, benchmark was the Russell 2000 Index. September 2011 through present, benchmark is the Russell 2500 Value Index.
Past performance is no guarantee of future results. All results shown assume reinvestment of dividends and capital gains.