AQR Capital Management Launches Risk Parity Fund

Investment Strategy May Offer Investors a Better Way to Diversify

October 4, 2010, Greenwich, CT -- AQR Capital Management, LLC, (“AQR”) announced today
the launch of AQR Risk Parity Fund (AQRNX, Class N Shares), the newest addition to its
mutual fund family. The new no-load mutual fund, open to retail and institutional investors,
began operations on October 1, 2010 with a $10 million investment by AQR. The Fund’s
investment objective is to seek consistent total returns with reduced equity market exposure by
means of a risk parity asset allocation strategy.

The AQR Risk Parity Fund may offer investors an opportunity to achieve a more diversified
portfolio that provides more consistent returns over time by focusing on the allocation of risk
rather than the allocation of capital – which is the traditional approach. The goal is to lower
investors’ exposure to equity risk and reduce tail risk or volatile downswings.

“We believe it provides more meaningful diversification and consistent returns over time than
traditional approaches, a portfolio that is more robust in different economic environments, and
an opportunity to improve the risk/return characteristics of an overall portfolio through enhanced
returns and reduced risks,” said David G. Kabiller, CFA, Founding Principal and Head of Client
Strategies at AQR.

Risk parity strategies may provide improved risk diversification by investing across a broad
range of assets to ensure no single asset class dominates the portfolio’s expected performance.
The asset allocation is driven by forecasting risk and by increasing exposure to less volatile
assets, such as bonds and credit, while decreasing exposure to higher volatility assets such as
stocks and commodities. The Fund utilizes futures contracts and related instruments to achieve
its objectives.

AQR’s Risk Parity Fund uses a risk budgeting approach to combine a large number of liquid
assets into a diversified portfolio, aiming to provide more consistent positive total returns. The
fund gives investors access to a broad range of global capital markets, representing over 70
individual exposures across many asset classes using liquid, cost effective instruments to
maximize diversification. The strategy seeks to offer investors exposure to a number of global
equity, fixed income, commodity, currency, and credit markets.
“The launch of the Risk Parity Fund demonstrates AQR's commitment to providing innovative
products to mutual fund investors that have previously been available only to large institutions,"
said Kabiller. “AQR is uniquely positioned to respond to the demand by the financial advisor
community for an expanded range of portfolio diversification strategies.”

The AQR Risk Parity Fund’s Class N shares have a net expense ratio of 1.20%, a gross
expense ratio of 1.40%, and will be traded under the ticker AQRNX.

About AQR Capital

AQR Capital Management, LLC is an investment management firm located in Greenwich, CT.
The firm's founding principals, Clifford S. Asness, Ph.D., David G. Kabiller, CFA, Robert J. Krail,
and John M. Liew, Ph.D., along with several colleagues, founded AQR in 1998. Each of the
firm's principals was formerly at Goldman Sachs, & Co., where Asness, Krail, and Liew
comprised the senior management of the Quantitative Research Group at Goldman Sachs
Asset Management.

AQR manages approximately $29 billion in assets as of 09/30/2010, primarily for institutional
investors such as pensions and endowments. The firm offers a broad range of products that
include aggressive high volatility market-neutral hedge funds, as well as low volatility
benchmark driven traditional products. AQR Funds were created to provide mutual fund
investors with access to these alternative and innovative strategies.

AQR’s mutual fund offering includes Diversified Arbitrage Fund (ADANX); International Equity
Fund (AQINX); Global Equity Fund (AQGNX); Momentum Fund (AMOMX); Small Cap
Momentum Fund (ASMOX); International Momentum Fund (AIMOX); Managed Futures
Strategy Fund (AQMNX).
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Foreign investing involves special risks such as currency fluctuations and political uncertainty.
The use of derivatives, forward and futures contracts, and commodities exposes the Fund to
additional risks including increased volatility, lack of liquidity, and possible losses greater than
the Fund’s initial investment as well as increased transaction costs. This fund enters into a short
sale by selling a security it has borrowed. If the market price of a security increases after the
Fund borrows the security, the Fund will suffer a potentially unlimited loss when it replaces the
borrowed security at the higher price. Short sales also involve transaction and other costs that
will reduce potential Fund gains and increase potential Fund losses. When investing in bonds,
yield and share price will vary with changes in interest rates and market conditions. Investors
should note that if interest rates rise significantly from current levels, bond total returns will
decline and may even turn negative in the short term. There is also a chance that some of the
fund’s holdings may have their credit rating downgraded or may default. Actual or realized
volatility can and will differ from the forecasted or target volatility described above.

This Fund is not suitable for all investors. The Funds may attempt to increase its income or total
return through the use of securities lending, and they may be subject to the possibility of
additional loss as a result of this investment technique. The Fund is new and has less than a
year of operating history.

An investment in any of the AQR Funds involves risk, including loss of principal. The value of
the Funds’ portfolio holdings may fluctuate in response to events specific to the companies in
which the Fund invests, as well as economic, political or social events in the United States or
abroad. Please refer to the prospectus for complete information regarding all risks associated
with the Funds.

An investor considering the Funds should be able to tolerate potentially wide price fluctuations.
The Funds are subject to high portfolio turnover risk as a result of frequent trading, and thus, will
incur a higher level of brokerage fees and commissions, and cause a higher level of tax liability
to shareholders in the Funds. The Funds may attempt to increase its income or total return
through the use of securities lending, and they may be subject to the possibility of additional
loss as a result of this investment technique.

Investors should carefully consider the investment objectives, risks, charges and
expenses of the Funds before investing. To obtain a prospectus containing this and
other important information, please call 1-866-290-2688 or download a prospectus online
at www.aqrfunds.com. Read the prospectus carefully before you invest.

The Fund is less than one year old and has limited operating history. Diversification does
not eliminate the risk of experiencing investment losses.

AQR Funds are distributed by ALPS Distributors Inc. There are risks involved with investing
including the possible loss of principal. Past performance does not guarantee future results. Cliff
Asness and David Kabiller are registered representatives of ALPS Distributors Inc. [AQR421,
expiration date 12/31/2011.] © AQR Funds. All rights reserved.

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