Irving H. Picard v. Saul B. Katz et al

Filing 168

DECLARATION of Regina Griffin Continued With Exhibits 16 to 30 in Support re: 162 FIFTH MOTION in Limine To Deem Statements By Sterling Stamos Employees In The Course Of And In Connection With Their Employment By Sterling Stamos As Admissions of The Sterling Defendants.. Document filed by Irving H. Picard. (Attachments: # 1 Exhibit 16, # 2 Exhibit 17, # 3 Exhibit 18, # 4 Exhibit 19, # 5 Exhibit 20, # 6 Exhibit 21, # 7 Exhibit 22, # 8 Exhibit 23, # 9 Exhibit 24, # 10 Exhibit 25, # 11 Exhibit 26 - 1, # 12 Exhibit 26 - 2, # 13 Exhibit 27, # 14 Exhibit 28, # 15 Exhibit 29, # 16 Exhibit 30)(Sheehan, David)

Exhibit 26
Part 2 of 2

Fixed Income Arbitrage Manager A

-

:"M

.'m*I:øtS.

.11

The Manager engages In fired irroorra relative valua and arbivage ati-ategies in
07 countriea, The Fund aeaka to exploit inefftoienciea in the pricing oi
securities, financiar producta, and marloets. The strategy involves tal-ring long
and abort positons in securities and derivatives that either have similar
underlying cash loves or almIar risk characteristics.

sa

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$500 Million
Open
$3.000.000
1% + 20%

Year

Jan

2004
2003
2002

115%

Feb
fl.2tt

' ........................1- .ï.

One of the Principale or tha Manager is the Ca-head of Investing and Risk
Management for the Fend, He aleo supervises risk management tor another
rund maraged by the Manager. Prior to rounding the Manager, the Priniopal
worked at Saiamon Sromera Inc. from 1985 to 1994, where he wee a
Managing Director in the Mortgage Backed Securities Department. There he
headed the Collateralized Mortgage Obligations Trading and Strrxlurìrg desk
Prior to that, he traded various fixed income instrumenta.

None
Yes
Monthly
30 Days

Mar

Apr

May

Jurt

Jul

Mg

Sep

Od

Nov

Dec

1 05%

091%

093%

022%

taS%

044%

019'S

'O'A%

o 47'A

-020%

tt%

202%

-gets

048% 0% 062%

Oir,

144%

O'Sh%

106%

04't

I 20%

049%

047%

0%*

071%

008%

104%

166%

060%

066%

G5%

094%

104%

lthf%

114%

YTO
6 36%

104%

l-06%

126%

2001

391%
1083%
493%

olsTRleu'noN OF MoNTHLY ReTuRNS

ra,

'a

vexe

DRAWDOW1J GRAPH

ci
CONFIDENTIAL

7.62%
7.43%
0.61%
2.02%
0.79%
-0.35%

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

-V.

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geonretric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

-1.81% #Positive Monthe
3 # Negative Months
-0,58% % Positive Months

35
6

85.37%

MARKET NEUTRAL I

3SMT00026002
SSMSAIAOO26002

Fixed Income Arbitrage Manager B

.t.*RIflIS. :.

1ì:.«::::::.

The Fund parttoipales primerily ¡n leveraged arbitrage positions involving.
wtthout limitaton, U.S. and non-U.S. government and U.S. federal agency or
tnstwmentatìty issued or guaranteed securitie* future contract futures and
securities option cons-acts, repurchase end reverse repurchase agreements.
swaps and ether derivative instrurrants. The ptmsry objective of this arbtrege
trading ¡sto profit troni mispricings among the secundes trades.

Prior to founding the Fund, the Preasdent worked in various capacites in the
seourilise industry since 1971. His past experience includes Soourity Pacific
Sank (1973-1983), where he was a V'me PrSldsnt responsible forthe sales
end froed income arbitrage trading activilias of the Investment Deparünsent, and
was responsible for eli credit decisions regarding thet actvtty. Later, he Joined
Opponhemer ass bond arbitrageur, trading that trnt's proprietaryoapilal
eoocunt. In 1906, hewas appcinted a SeniorVice President at OppenheImer
until he left the company in 1990.

Asaete Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Nodee Period

ii.. 'ei

$58 Million
Ope n

si ,o,000
1.5%+25%

None
Yes
Monthly
90 Days

r:

It
Yeqr

Jan

Feb

Mar

2304

D9I,t
109"
I 50"

triteSt

031%

t,f 455

O t6%

s-ps

037%

128%

I 801

oem.

t 08%

O 52%

I 08%

058%

t 05%

1 55%

110%

2®i

20
1999

2 521

I 17%

Mey

hrn

Jul

072%

33

Apr

0 51%

075%

art

0'a

Sep

Cot

Nov

050%

1011,.

fl2°A

OÇ%

182%

s-0St

022%

Ati

0.27%

75% -

024%

I 38%

0.42%

0th

Q44%

trt154

o.pt%

¶,9I%

055%

885%

83%

o 45%

I 70%

O.ss%

1,55%

1 02%

4Z%

102%

VTO

s-02%

1021%
1068%
939%

1I

9 75%
13 51%

I 901t

1951%

-038%

o 53%

Pt
aiatt

eo

Dt5TRtBUIION OF MONTHLY RETURNS

GROWTH OFA uNtTFROMIN0EP11ON
ea
43
au
ne
35
25
sa
se

o.c-e

D.c-ss

3,..ec

ORAWDOWtI GRAPH

4',

D,,..,

D.,.ra

0-03

D.c-al

4% stn.4 415.0 .OIa.2

Annualed Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positivo Return Monthly
Average Negative Return Monthly

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

ci
CONFIDENTIAL

s-1 45es eal

1152

1155

3554

41u5

8%

12.12%
11.29%
0.96%
2.20%
1.0 0%

-0.37%

-0.38% # Positivo Months
1 # NegatIve Months
-0.38% % Positive Months

70
2

97.22%

MARKET NEUTRAL 19

S3MT00026003

SSMSAAOO26003

Mortgage Backed Securities Arbitrage Manager A

The Manager makes leveraged investments in a variety of mortgage backed
securities. lt holds many esoleric derivative prcducls but can comfortably hold
and hade such prcducls duele Iheir stono prepayment models and sound

The CEO founded the Managerin December of 1994 to pitatize on
distressed conditions in the MSS denivalivee me't<eL Prior ta this, ha was the
Senior Managing Diretior in charge of MSS trading. During this time, Kidder
Peabodys MSS depaitnent was transformed from a second tier underwriter
into the undisputed leader on Vtell Sfreet in CMO underwriting. He was named
"Kidder Peabody Man of the Veer' in 1991.

inrreshructure,

.

Assets Under Management
Fund Status
Minimum Investment
Fees

r .a

Lockup
High Waler Merk
Redemption Frequency
Redemption Notice Period

$1 Billion
Open
$5.000,000

1.5%+20%

I Year
'Yes

Quarterly
90 Days

Year

Jan

rob

Mar

Apr

May

4vn

,,lul

Ae

Sep

bot

Nov

004

VTO

2Ç04

094%

e7e%

099%

0 3%

I 87%

25t.

1136%

100%

123%

123%

4.84-1*

1289%

2003

159%

473%
44f44

137%

116%

040%

tiU% 153%

2-002

106w

561%

056%

548%

e 92%

13 55%
17 30%

3001

000%

446%

128%

.l08%

2000

086%

1 t?%

110%

t2'i4

1899

094'S

6161k

366%

077%

li-66%

I 25%

1.8144

s%

1.61%

8b8%

120%

8,46*

061%

32544

062%

1-8%

.,9J2%

',774a

327%

I 42%

3111

-0.22%

1114%

164%

1 4854

-ed*44 e% 182%

0.84%

066%

I east

.15%

205%

30354

,35I4

1

1 eTnt

GROWTH orAuwlT;ROM INcepiloN

tfl

122%

tI 1-6%

0a7%

ti

123%
172%

-7,Ç6Ç.

060%

14 07%
9 96%

101*

DisTRioulloll OF MONTHLY RETIJRNS

,,r' >'&.

,n,,435,n -nit-' .u'i.' Ilse

DRAWOOWN GRAPH

1566%
1161%

566%

131%

116*
Ols4

Annualized Average Geometric
Rolling 12m Averege
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drewdown
Longest Recovery Period
Average of 5 Largest Dravidowns

Oler

u

315e

Ires

'ne

10.63%
11 .50%
0.65%
9.16%
1 .27%
-4-97%

-21 .61% 8 PosItive Months
23 # Negative Months

£.16% % Positive Months

77
s
93.90%

MARKET nEUTRAL 20

CONFIDENTIAL

SSMT0002SOO4-

SS M SAAOO 26004

Statistical Arbitrage Manager A

The Manager uses proprietary mathematical techniques to analyze tens of
thousands offinarcial iratraments irr search of potential market inefficiencies.
The group atlempis to isolate diatnct maitcet inefficiencies in order to provide
the Firm with trading opporlunities not available to otherfirma having
bo,osledge ofonly one or tve such effects. In an aftempt to avoid Over-fitting
ehe data, Inefficiercies ara typicelly Identified throagh a controlled process of
hypothesis forniuledon, tasting, and rigorous validation.

The Founderfornned a predecessor of the Investment Group in 1988. where he
served as its General Partner until 1993. Until 19GB, he was e Vice President
at Morgan Stanley & Co., where he was responsible fortha Technology and
Algorithms Group within tha firm's Automated Analytical Trading Unit. Prior to
that, the Founder.served for six years on the faculty of the Department of
Computer Science at Columbia University.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$4.6 Billion
Closed
$5,000,000
3% + 30%

*
310%

'2 tt%

046%

t1%

146%

flZ°4

220%

320%

a40%

2.80%

1 10%

220%

150%

2CO2

Feb

410%

2O01

Mar

Apr

s'e

Jan

Year
2004

060% 'tßS

I Year
Yes
1/3 Each Anniversary
50 Days

a-

Jul

AU

Sep

Oct

Nov

Oea

YTD

130%

140%

010%

140%

460%

pGa%

2.14%

ILZR%

600%

io

450%

210%

otye

1859%
1454%

4ye%

53314

.%ff%t,,

ISO'S

32034'oIvO%

2.00%

2.CO

170'S

,St%

e 10%

410%

May
Jun
I 10% -OVA

0ROWTH OF A UNIT FROM INcEWT10N

24801's

1348%

DISTRIBUTiON 0F MONTHLY REI1JRNS

O no

alus

Floor

a-ac I

r.e-ou

a-5,05

ORAWOOWN GRaPH

O

a-sol

FIs-Ql

AoC4

i

CONFIDENTIAL

16,61%
17,69%
1.43%
6.78%
2.25%

Largest Drawdown
Longest Recovery Period
Average of 5 Largest ftavydowns

n.:

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positivo Return Monthly
Average Negative Return Monthly

-2,18% # Positive Months
2 # Negative Months
-1 .80% % Positive Months

-1 .08%

35

Il

76.09%

MARKET NEUTRAL 21

SSMT0002BOO5

SSMSAAOO26005

i. Multi-Strategy Manager A

The Fund has 83% of its areets In fixed incarne. 4% in event driven sb'alegies,
4% in ataliatical arbitrage, 3% in metaie arbilrage, 2% in mulual fund avsttotrìng,
2% in equity velue long, and 2% In closed end arbitrage. The Fund bas nine
years of consistent, low volatility returns. The rooua of the Fund te capital
preservation.

Formerly, the Chairman was Executive Vice President of the Bear Stearns
Companies and Senior Managing Direotor of Bear, Steams Co. Inc., where
he was Co-Head of the Fixed-Income Department I-le joined Bear Stearns in
197g as Co-Creator of the Government Bond Department, becoming e Garerai
Partner in 1981. He was named Executive Vice President in 1967,

Assets Under Management
Fund Statua
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$1 .5 Billion
Open

$5,000,000

l.S%+ 10%
e

Jan

F817

Mar

Apr

May

150'A

44si%

tors

1X1034

02044

200'4

075%

005%

412%

oQz

105%

0,94%

002%

p4244

2001
20

257%

488%

073%

084%

097%

I 12%

t$sth

170%

1 4%

176%

q$%

479%

1 74%

1898

935V

174%

112%

t987

077%

044t4

iso6

062"
191V
092V

%1l%

Jul
-002'S

Aø
.iJ&4

eq2%

062%' 01714

ea3%

*19

-071%

142%

007%

070'S

Vi%

051%

102%

1,14%

148%

4,IS

076%

.S49'V.

.034V

-0,4841.

067%

1X53n

118%

.c0I%

152%

155%

438%

989%

064%

C2'f4

7I474

10%

4445%

0305,

13Z%

193%

883%

045%

141%

068'S

1884

045',

9g4

Mnual Anniversary
90 Days

2"»'e'

Yee
2004
2003

IgBj

1 Year
Yes

035%

407%

-0,08%

JI1P
0034*

Qdt
*015.

Nov

5es

YTO

073%

155v

tSot4

512%

0,45%

070%

868%

05e',

nato.

B 86%

0,74%

020%

4a641.

I es's

17f54

1,01%

046%

597%

009'.

142%

t$n'A

114%

n 2SI.

067%

071%

742'4

O 51%

5.49%

IlS

096%

-445%

150f.
few

807%
1126%
1523%
1643%

-*44%

070%

051%

128%

939%

41754

026%

4511%

065%

4526%

028v

115%

074%

0,84%

065.4

q17'4.

-040%

7 1415$

010%

1X1434

054%

15154

107%

08444.

'79%

12,74%

1086%
791%
1252%
1105%
626%

Sep

4,80%

DlSTRlB7I0N 0F MONTHLY RE'URNS
no
70
na
00

'n
64-

ORADOWN GRAPH

9-59%
9.88%
0.77%
2.83%
0.96%
-0.60%

Largest Drawdown
Longest Recoven' Period
Average of S Largest Drawdowns

Y7

Annuattzed Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Posilive Return Monthly
Average Negative Return Monthly

-5.37% # PositIve Months
6 # Negative Months
-1.63% % Positive Months

123
17
87.85%

MARKET WEUTRAL 122

CONFIDENTIAL

SSMT0002BOO6

SSMSAAOO26006

Multi-Strategy Manager B

The Manager is a multi-strategy global arbifrage fund. The Fund utilizes
hedging strategies including convertible arbitrage, merger arbitrage, and
private placement convertidas to produce high returns with limited risic The
portlollo la diveraified across approximately 400-600 postions with a targeted
annua! nel return b investors of 15%.

One of the Founding Partners of the Manager has over 25 years of experience
with arbitrage strategies, in both domestic and international markets end has
written a bcokon the subject. Special Situation Investing: Hedging. Arbitrage

Assets Under Management
Fund Status
Mininiurn Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

and LiquidatIon (w Jones - Irwin, 1983). The eond Founding Partner of
the Fund has been trading arbitrage strategies for oler 13 years alongside the
Founding Partner mentioned above. Priorto this, ht practiced law st
Covington s Burling in Washington D.C. where he spenietized in antihust end
regulatory litigation.

$3.2 Billion
Open
$1,080,000

1.25%+20%

1 Year
Yea
Annual Dec 31
90 Days

&

Year

Jan

Feb

2004

164%

ee

Mar

Apr

090%

tt4

May

-Jun

Jut

049%

&97%

-044%

424%

6fl

026%

't$s%

I 56'A

1770'

.445%

097%

t10.

1120

2001

2.1218

46%

110%

121541,

2000
155$
1998
1997

215"
26m'

4220,

524%

.402%

1 1*a

I 66%

1520'

2.57%

145%

147%

115%

117%

175%

187%

t5$5

3 141

»6%

Aug

Sep

Oct

Nov

Dec

VTO

028%

'o1

-ds

186%

iae'4

946%

127% t%

1637%

107%

886%

247%

14sq

518%

067% 47r4

1280%
28 74%
2565%

379%

020%

CTh O 51% 1 70%
2.25% 428% 44414
.02% 088% 20t84

123%

18184

2 38%

t 81%

179%

I7OO4

228%

132%

t sti

242%

1 97%

2.07%

117%

2 14',

161

2.67%

1650

014%

460%

807%

ats%

4 27%

129844

7 88%

218%

$S%
2ste

037%

t8O%

328%

7Jtira4

127%

1 lOIs

2.37%

i SII4

250%

18%

203%

217%

127%

Zlh

093%

084%

151%

23%

259%

2.78%

161%

208%

761%
045%

134%

353%

3 66%

65%

1935%
27 30%
4117%

8

7554

422%

4 96%

5 26%

DI5TRIBuITON 0F MONTHLY ReTuRNS

GROWTH OFA uNIT FROM INCEPTION

eno

frRE

5w-rn

nw-er s.r0, s,nce sw-ni

ORAWD0WN GRAPN

ere-sr

5w-an

nw-a4

Annualized Average Geometric
Rotting 12m Average
Monthly Average Geometric
Standard Deviation
Avarage Positive Return Monthly
Average Negative Return Monthly

Largest Drawdown
Longest Recovery Period
Average of S Largest Drawdowns

v-4 4mo

ta2 sta-i .11v: nEri

liv: .2!,:

be

rial

17.18%
17.45%
1.33%
6.61%
1.92%
-1.96%

-18.39% # Positive Months
10 # Negative Months
-6.13% 44 Positive Months

805
18
85.37%

MARKET NEUTRAL 123

CONFIDENTIAL

SS MT00026007

SSMSAAOO26007

Multi-Strategy Manager C.

The Partnerships investment objective is to achieve superior risk adjusted
returns, while minimizing volatility arnd potential capital depreciation through
risk management. The Partnership vAil engage in various strategies including
capital slncture arbitraga, convertible arbitrage, catalyst driven trading, relative
value volatility trading, and statistical volatility arbitrage lrading strategies.

The Managing Member is primarily responsible for rirm-wide maragement as
well as managing the catalyst driven trading and relative valse volatility trading
strategies, He was the Managing Director of HOK Japan, Ltd. During his tenure
at WOK, he held several postions, Including sole Porifolio Manager 0f the
Asian Equities business unit as well as Founder and Head cf HOK's Tolwo
operations. Prior to joining WOK, he was a U.S. equity derivatives traderfor
O'connor & Associates.
Ri

.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$350 MiRion
Closed
$5,000,000
2% + 20%

Jan

Mar

Apy

May

22Q4

113%

50%

t9'%

1.12%

*09

Sep
I 50%

Nov
019i-

bec

-O.RitG

VTO
2 29%

a62%

I 14%

76tl.

392%

Juii

.S&.
'4 t4 -0.3%'
007k

GROWTH OF A UNIT FROM wccwnoN

SarG

als-na

altea

ORAWDOWN GRAPH

M,u4

.O4

Yes
Quarterly
65 Days

1Wft':. ..9'ii99tk

11" r ¿".:.Th
Year

3% within Ist Year

DlSTRlBU'llON OF MONTHLY RETURNS

5,0%

aIs-54

,Oa,4

.lIa4

-201-2

.211.1

0.0-04

.1010

0er

le

2es

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

1.02%
1.34%
0.00%
3.65%
0.70%
-1.13%

Largest Drawdown
Longest Recovery Penad
Average of S Largest Drawdowns

-6.59% # Positive Months
0 # Negative Months
-6.59% % Posits's Months

2re44a1'0%

12

6,

66.67%

MARKET NEUTRAL 124

CONFIDENTIAL

-

SSMT00026008

SSMSAAOO26008

F Multi-Strategy Manager D

The Managers invaabncent objective s to achieve ab ve-martoet rates of return
without the risk to prtndpat or the volatility usually aesodeted with equity
returns, In making lnvssthients, the Manager seeks out inefficiencies in
markets and investment arenas in which there Is a shortage of traditional
institutiorel capitat. The Manage has broad and flexible investment
parameters end seeks investment opportunities pursuant to a wide variety of
investment strategies.

Since 1985, the Managing Member has also been e managing director of
1-lelinian & Friedman, LLC, a San Francisco-based privato equityfirm. Pricrto
the foundation of the Partnership, he founded and was a general partner of
I-IFS Partners I, Vie predeasasor Io the Partnership, since its inception In
February 1966. Beforejoining Heilman & Friedman and HFS Partners I, the
Managing Merriberworked in the risk arbitrage department of Goldman Sechs
&C

Assets Under Managemtnt
Fund Status
Minimum Investment
Fees

Lockup
High Weter Mark
Redemption Frequency
Redemption Notice Period

$9.9 Billion
Closed

$5,000000

I%+20%

e'

e

Apr

JU

Jul

tilJp

Sep

qct

Nov

Lee

22h14

I 28'S

JP4

250%

019%

266%

259%

354%

22114

075%

%41f4

093%

'COlS

2,48%

925W

005%

293%
093%

116% '092%

090%

159%

'fl9395

74%

991'4

264% f74

0,50%

02%

YMr

Jan

2°4

163%

£45h3

129% 4*4 021%

2003

073%

51i%

026%

103%

2ct2

oasIs

a44%

175%

11414

145%

094%

052%

Ø4°4

135%

flllt

Mar

None
Yes
Annual Dec31
45 Days

May

2000
1698

064%

511%.

2.34%

053%

093%

$6014

71%

01951

263%

%1O%

033%

'cull

02714

Ö693%

258%

1 MSS

117%

544%

77%

0.5%

212%

Ô0%

114%

2.01.4

'59$

066%

158%

336%

Q,99%

052%

V5%

51%

3U'4

032%

097%

078%

Z23%

I 997

123%

OtZ9

133%

9,95%

170'S

294%

47%

OS%

338%

9G't*

205%

98%

'VID
1602%
2083%
496%
617%
1569%
1660%
1086%
1968%

146%

1.60%

335%

90%

023%

23%

1'90'.1

226%

929%

21 04%

154%

142%

4.141*

188%

9414

f8514

221%

98354
18284

115%

077%

293%
55*1*

128%

245%

I 68%

1W%

019%

31854

063%

Iet54

01%

0t934

130%

S8S

050%

1.141%

298%

309%

277%

8754

128%

250%

41'4

14551

094%

9,50%

1625,

34744

152%

123%

264%

04%

024%

066to

99%

093M

133%

9,6114

088%

2,$94

077%

59%

260%

549%

211%

24554

1%

0,58%

118%

23554

180%

¶1e'4

.085%

559,4

241%

153w

145%

554%

41%

0.23%

012%

02358

047%

202%

2013%
1252%
2609%
1469%
2591%
1316%

21

1993
1991

GROWTh or A UNIT FROM INCEPTION

-

DISTRIBuTION OF MONTHLY RE1VRNS

r

no

ro
no
00

S
30
no
30

lu

00040

Ono-Sr

DorSO

D.r'aI

0e-07

2..,-rO

o,'sr

ir &
-lroO

D.r-n

Der

--

.-....

roonuorn 3e41e5'O%

PW4ANI.E

DR.AWOOWN ORAPH

cl
CONFIDENTIAL

íFT

16.13%
16.28%
1.25%
3.68%
1.40%

Largest DraY/down
Longest Recovery Pericd
Average of 5 Largest Drawdowns

r

Annualized Avornga Geometric
Rolling 12m Average
Monthly Average Geomatric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

.337% # Poaitive Months
5 # Negative Months
.2.25% % Positive Months

.138%

171

9

95.00%

MARKET NEUTRAL 125

36MT00026009
SSIV1SAAOO26009

Equity Market Neutral Manager A

-

The Manager Is a longlshort equity fund that focuses on highly liquid, large-cap
U.S. equities, equty indexes, and optiona. The CID of the Manager irrveata in
approximately 150 stocks and uses a flexible strategy characterized by strict
risk parameters, Few, if any, positions ere held overnight and, due to its
stratagy. ha Fund does not tend to be corrslated to the equity market.

ia.::.::ta::.

«
Assets Under Management
Fund Status
Minimum Investment
Fees

The Manager opened to Investors in January 011997. The Founder arid CID
of the lMsnagsr hae been actively involved in equity trading on behalf of hedge
funds for nearly 20 yearm. He was Head Trader for Omega Advisors from 1992
to 1996 and was made a General Partner cf the Fund in 1994, where he was
responsible for all equity and financial executions and for hedging the portfolio.
Previously, he was responsible for short-term trading with HMR Investors, LP.

Lockup
High Water Mark
Redemption Frequency
Redemption Nodoe Period

$300 Million
Open
$250.000
0% + 20%

-

a

None
Yes
Monthly (max3 times per year)
15 Business Days

s-c

Jan

PS

Mar

Apr

May

J4n

Jul

AU

Sep

Ott

Nov

04t

004
2003
2002

105%

'if 2t14

113%

I 2514

t 50%

Oifl'.o

133%

14252

071%

t$2%

223t

4W2

108%

00G'4

122%

103%

113%

'045%

185%

143%

1e3'.v

175%

I 1101

2.33%

10414

265%

laSt.
1V%

291%

oe3%

002%

4.94%

14754

150%

044%

*25%

23D1

270',4

if4214

-048%

1,2*14

13%

s2%

-064V-

055%

-391%

2he5.

aes'.v

15154

2C00
1999
1505
tUB?

3.28%

110%

344%

fl114

0001.

121%

232%

14912

064V-

sidIt

le1t

055'5

OtO%

144%

272%

49644

200%

et4%

fl6%

1655.

.412%

zesw

541%

2.66%

ns50t

037%

4*dIc

155%
oSi4s

2.tstS

.635%

044%

052%

0a4%

.j444

307%

¿25%

014%

-0.22%

2035% -1035% -094%

548%

-404%

425%

306%

460%

444'S

GROWTH OF A UNIT FROM tNcEwnoN

YTD
1269%
1546%
1123%
708%
1960%
2606%
1755°h
3252%

DI5TRIBUI1ON OF MONI)4LV RETURNS

lui
sì
ai
Oo+aT

0,+1,

0,+1,

0,+05

00+01

Oo+02

0,+1,

00+04

0,

r

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Saandard Deviation
Average Positive Return Monthly
Average Negatve Return Monthly

Largest DreWdown
Longest Recovery Period
Average of 5 Largest Drav,downs

,.
-0104 -41g-3 41g-o -214-1 -ligO

.

5101

II,

17.53%
16.88%
I .35%
11 COIS

2.15%
-2.3 2%

-11.39% # Positive Months
5 # Negative Months
-5.61% IS Positiva Months

.

80
16
83.33%

MAPOKET NEUTRAL 2

CONFIDENTIAL

SSMT00026OI O

SSMSAAOO26OIO

Capital Structure Arbitrage Manager A

The Managing Directorvas with the Fixed Income Division of Drexel Burnham
Lsrrbert from 1986 to 1990. In 1992, he co-founded Hamilton Psrtners, a
hedge fund primarily devoted to convertible bond arbitrage. In 1096, he joined
Morgan Stanley & C. as Heed or Domestic convertible Prcprielery Nbitrage.
In 1997. he rounded Kenilworth Parthers, a new convertible arbitrage fund. In
2098, he joined KEC Financial Products es an Execulivt Vice President and

The Manager is e capital sùucture arbitrage manager that takes risk in the
balance sheet of a company. The fund mensgers look for opportunities in the
mispricing or different types of securities from the same company by
determining whether the converlible is under or overvalued.

the Direor cf Corporate Finence.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$857 Million
Closed
$250.000
1.5% + 20%

1 Year

Yes
Quarterly
45 Days

e

Year

Jan

Feb

Mar

Apr

May

-JIm

Jul

AUg

sep

Oct

Nov

Oec

VTO

2024

140%

2Ot%

105%

t405

-420%

249%

031%

202%

284%

.C42%

0 65%

'3 l%

2Ø

295%

it.St%

I 20%

2 OMI

225%

4'%

062%

t2Ifl

394%

202%

378%

%49%

887%
1940%

2.'4%

ee%

fr9ij

636%

179%

300%

fl1

22 86%

2002

DISTRIBUTION Of MONTHLY RETURNS

OROWTH OF A UNIT FROM INCEPTION

0.4 -41<4 -31<-2 .01<-1 .11<0 sIal

DRAWOOWN GRAPH

t,
is

I

<?t

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drewdown
Longest Recovery Period
Average of 5 Largest flawdowns

rica

2113

31<4

41e

19.87%
18.98%
1.52%
7.64%
2.28%

.228%

-5.20% # Positive Months
3 # Negative Months
-2.86% % Positive Months

26
5
83.87%

MARKET NEUTRAL 27

CONFIDENTIAL

SSMT00026O1 i

SSMSAAOO26OI I

Distressed Manager A

I

.

7 7II T: :7 : rn.::

::

.

.

The Managing and General Partner cf the Manager Is involved In managing
awoeral Wshore Funda. The Partherwae formerly the Managing and General

The Manager invests in secondary market dish-eased securities and the debt of
bankrupt companlea. The Manager also participates in originating lesna to
distressed companies as one of many tenders. The Managing Partner has a
background in evaluating credit and formerly worked as a bankruptcy attorney.

Panbierof Ariel Capitalfrcml989through 1991. Priortothal, he aerved as
Managing Partner of Gotham Capital. an investhient partnership tram 1985 to
1908. The Partner was associated wit, Halcyon Investments from 1902 to
1905, and with the law trm of Mitbank. Tvoed, Hadley & McCloy from 1979 to

I 92.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Merk
Redemption Frequency
Redemption Notice Period

$500 Million
Closed

s-I .o,000
1% +20%

None
Yes

Semi-Annuaijun 30 and Dec31
45 Days

e

May

dort

Jul

049%

*5h

088%

Aoo

Sep
060%

063%

0t2%
asl%

-035%

441

-093%

2001
2Óû0

.26f%

t33%

159%

-030%

I 50%

OfOV

990°-v

70%

075%

11004,

109%

o0t4

-060%

.olo°A

150%

1»914
49004

Jan

Feb

Mar

a too,

O e4%

e 69%

515%

0 02%

e 70%

i 15%

106%

131%

t 40V

Year
2004
2003

-e 0%,

t 2044

O f0%

040%

flP%

ß%

e 30%

80%

060%

o gosh

-0 40%

130%

1 30%

0 50V

-

Apr

lia

1995
1994
1993

1 80%

17Q%

110%

1,40%

-080%

060%

3 10%

*09%

.03004

.10444,

350t.

O 10%

e2o%

OhO6

1 90%

2000*

120V

¶09e
¶998
¶997

010%

e9014

2.20%

Z 10%

100%

.49t

110%

I 76194

130%

100°'

.4tWt44

e 6004

220%

42$

e 20%

I 00%

139%

Nov
140%

0602%

049
0744

YTD
12 81%

016%

009%

oso'

099

tff%

914%
368%
604%
730%
1893%

Q00%

170%

Q 9 0%

240%

070% -løh4

52004

2.10"

200%

0004

109%

*94%
*09%

3-40%

050%

150%

150%

174%

090%

109%

I 400.

104%

093%

'10%
42ó0s

250%

1.2049

-090%

-508%

0 70%

'40%

243%

OQ00h

050%

1 10%

030%

2p$%

12 36%

9%

2120%

200%

tiGli

22 01%

10* -100%

290$

1168%
650%
2088%

-090%

clsTRl0U1or4 OF MONTHLY RETURNS
no

00

no

40

30

a
10

'-0% .000-4 410-3 -31°-0 -Ole-1

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negadve Retu:n Monthly

Largeat Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

ci
CONFIDENTiAL

neo alo

roo

l's

3004

4ron

ena

10.2 3%

9.76%
0.81%
5.31%
1.24%

-1.33%

-1 6.82% ¿0 Positive Months
15 ¿0 Negative Months
-4.74% % Positive Months

121

23
84.03%

EVENT DRWEN Z

SSMT00026U12
SSMSAAOO26O1 2

Distressed Manager B

The Manegerfocusee on special situation investing defined by three specific
etrategies. Merger end event arbitrage strategy seeks to rapture the diecount
thet usuelly exists between the price of e security and its ultimate value once e
major event has culminated Distressed credt Investing focuses on securities
of companies likely to be subject to reorganization irr or out of banleuptoy.
Other special situation arbitage exploits the inefficiencIes in pricing of related
securities.

The Principal hes bese with the Firm since inception. Previously, he was s
Managing Director and Heed of the Arbitrage, High Yield and Distressed
Securities Department at Soros Fund Management front 1988 through 1999.
Prlorto Joining Soros, the Principal was a General Partner at Plaza Securities
Company and previously a Senior vice President in the RiskArbitrege
Department at Lehman Brothers

Assets Under Manegement
Fund Status
Minimum Investment
Fees

Lockup
High Water Merk
Redemption Frequency
Redemption Notice Period

$4 Billion
Closed
$1.000.000
1% + 18%
a

3 Years
Yes
3 Year Anniversary
93 Days

e--

Ye4r
2004

Jan

Fe

Mar

Apr

May

4u

159%

tibdi

035%

ttOI

077%

ttl%

Jul
.Ofl%

2DU

183%

s,ta%

1 61%

275%

255°s

a6e

078%

132%

7%

086%

P44%

086%

.4g7% 2%

2C01

1 52,

10714

047%

'462%

1 64%

66%

2O

193%

4264

140%

149k

113%

I.4%

Nov

Dite

YTD

oem

478%

15l%

54%

147%

194%

17cv,

21%
lzns

tnfl%

004%

4A

188%

118%

077%

1 14%

056%

1 07%

e71%

e44%

167%

181%

14a%

1,144

115%

04t5

143%

Ißt%

867%
2393%
124%
894%
2069%
253%

Ats

Sep

Q

r

DI5TRI5UIION OF MONTHLY RETURNS

GRowTH or AUn4T FROM INcEp11ON
16

16

In

00_so

wee.

o

ea-e

er4l Ca-S AstsI

00840 Awm le-02

DRAWDOWIJ GRAPH

p0r43

0*103

a4

00104

56

005'

Ita

1 2 .50%

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

U

Annuelized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

-7.22% # Positive Months
7 # Negative Months
-2.36% % Positive Months

11.79%
0.99%

431%
1 .29%

-1.36%

55
7

88.71%

EVENT ORVEN 129

CONFIDENTIAL

SSMT00026O1 3

SSIVISAAOO26OI 3

Distressed Manager C

:..

The Fund is a global long/short distressed debt & captai shuotura arbitrage
fund. Tha inveatrrent objective is to aohieve superior long-term absoluts
investment returns by Investing worldwide in US Dollar and non-Dollar
denominated fixed income securites. The fund utilizes a disciplined, valueoriented, end resmrotn-driven bottom-up approach in selecting its investments
in order to seek substantial capital appredation commensurate with
reasoneble risk

Prior to Ibunding fia Fund, one of the co-founders managed five billion ddlara
of asaete as Vice Preaident and Portfolio Managerai Peyden & Rygel. He
began his Investment career at Citibank and later servad as Vice President 0f
[bred income group for Salomon Brothers, Inc. He holds a BA. from Havand
College. The other co-foundervias adviser to Soros Group Funda from 1992 to
1996. During the same time period, hn was also the founder and co-manager
of Roaenwald, Rodit S Co. Ht received his MBA from New York Univaraity
and his BA. trom yasser College.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$142 Million
Open
$1 .000.000
1% t 20%

2% within Ist year, 1% wthin 2nd year
Yes
Monthly
30 Days

Nov

0e-0

'f10

003%

cM

172%

601%
37

Jan

Mar

May

I 70%

038%

055%

Jun
flP%

115%

408%

801%

1.17%

Iti?w

25t%

2 Sb%

440%

I 2%

020%

1 t8%

-3.82%

'1 5%t

0 30%

B 05

610%

1 84%

092%

'-U1*

i:?0

2.30%

145%

114%

1.35%

26a%

O Qj%

1.30%

0 1$f

241%

209%

12&%

083%
n 30%

I 8-1%

Jul

Au9

Sep

0% 4% -020%

0%

tas

-025 5
-2 $in4

2.13 G

IS 17%
5 48%
6 95%
1276%

1 4214

$7,4

381%

n

a

OISTRISUTION 0E MONThLY RETURNS

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

i
CONFIDENTIAL

14.79%
15.52%
1.16%
6.57%
2.02%
-1.27%

-5.31% /f Positive Months
5 # Negative Months
-3.69% 14 Positiva Months

-49

17
74.24%

EVENT DR VEN

5SMT00026014
SSMSAAOO26OI4

Distressed Manager D

One of the Senior Prtncipals has been a pioneer in the distressed debtnieiket
since the baos, holdim sector investimenti positions stth ths Robert asee
Group, Amroc, Cowen & Co, and Smith Vssiliou Managemenl Company. Prior
eojclntng the Fund! anetber Senior Principal was s Pordo!io Manager rath
Moore, managing approximately $1 billion of U.S. and European dietitesed
and high yield securities. Prior to Moore, he was a Managing Director and
Head of lAS. Spedul Otuuticne Trading for eenc of America.

The Fund will make princtpatly non.control investments in debt, equity or other
securities or irdebtedness primarily of Europeen oompanìee (i) that are in
financtal distress or undergoing a turn-around: (ti) that are n bankruptcy.
reorganization or liquidation: (lii) that ere undeNalued because Of discrete
e,draordirery events; or iv) whose securities the General Partner deems to be
undervalued. In addition, the Fund may fus on securities of companies that
ura engaging, or have recently been engaged, in extraordinary trsnsections
und in other special situations.

Assets Under Management
Fund Statua
Minimum Investment
Fees

Lockup
High Water MarIa
Redemption Frequency
Redemption Notice Period

5220 Million
Open
$500.000
2% + 20%

1 Year
Yes
Quarterly
60 Days

a

Jan

Feb

Mar

Apr

May

Jivó

Jul

efltit

As

Sep

Cet

Nov

izh1h4

2225,

I fits

190%

Ø*c

YTD

flfl

791%

DI5TRIBUtON OF MONThLY RETURNS

GRowrH OFAUNIT FROM INOEP11ON

ai e
sinn

asan
sans

Ñ.04

DRAWOOWN GRAPH

aspe4

eas4

je-04

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Retum Monthly

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

ç1
CONFIDENTIAL

16.44%
Nl/A
1 .28%

2.2 1%

1.28%
NI/A

'1/A # Positive Months
hUA # Negative Months
hUA % Positive Months

6
o

100.00%

EVENT DRIVEN ai

SSMT00026O1 5

SSMSAAOO26OI 5

Distressed Manager E

The principal objective of (lie Fund is to achieve abave-áverage returns
(through both capital appreciation end current income) primarily horn passive
investments in the debtor equily securities or other indebtedness cf
companies in Asia (predominantly outside or Japan) that are: (i) fl financial
distress; (ii) in banknjptcy, reorganization or liquidation; Or liti) undervalued
because of discrete extraordinary events.

The Manager is orne Of the pioneers of the distressed debl markel, which has
been the exclusive focus or hts professional career. He ¡s a founder of each of
the Avenue Asia Funds and esoh of the Avenue liS. Funds and is also the
founder of,Amroc Invesemeats and Amroo Asia. Prior to Operating Amroc
Investments asan independent enlity, the Manager and Amroc Inveshnents,

LP. were affiliated with Acadia Partners LP., an investment partherstip whose
general partners include Keystone, Inc. (an In-vestraent parthership firm that
was associated willi the Robert M. Basa Group, nc), American Express
Company and the Equitable Life Assuranca Society of America. The Manager
previouslywas Co-Director of the Bankruptcy and Corporate Reorganization
Depsrtment at Cowen & Company. Priorto that time, the Manager served as
Director ofthe Private Debt Depertment et Smith Veslliou Menugement
Company.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
SIgh Water Mark
Redemption Frequency
Redemption Nofice Period

$1.5 Billion
Closed
$500,003
2% + 20%

Anniversary
Yes
Anniversary
60 Days

s-i
Feb

Mar

I 57%

4t4

061%

Yeat

Jan

2004

Apr

bd.

1s'.

May

Juil

Jul

013%

2 t%

0 74%

AtI
t$t%

2fel,

Sep

Dd
U21t

Nov
132"

YTD
13 89%
22 47%

DeO

242%

180%

2 26%

I 14'A,

I 59%

1 5'

I 07%

'8%

2,10%

74714

O 10%

01Ç4

060,'

-7tIPi

110%

485%

1®%

%fiO
1%

1.20%

I $314

1 70%

105%

020%

$3%

140%

240%

160%

ttÒ»

110%

t 03%

I

%

2034

2.30%

ttt%

170v

b7'A

000%

&4Ote

I 10%

1,5°'

190%

2.20%

laOt

20Û3

1 38%

tst%

114%

2Q02

I 20%

ZfO%

2q31

050%

I0%
fl0t4

230%

Sdk

;a

1612%
1548%
2408%
1049%

Dls'rnlBuinoN OF MONTHLY ReTuRNs

im«....'nec
n

DRAWDOWN GRAPH

nan

"2

Sirs

Y

.240% # Positive Months
2 ii Negative Months
.121% 14 Positive Months

'na

18.37%
19.19%
I .42%
3.52%
1.54%
-1.21%

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowrrs

-v

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negafive Return Monthly

54,41,,,

64
3
95.52%

EVENT [}RWEN 32

CONFIDENTIAL

SSMT00026O1 6

SSMSAAOO26OI6

Distressed Manager F

t

The investment objectnne of the Partiershtp is to maximize total return on
capital by seeking both current income and capital appreciation through the
development and management or a diversified porifollo of distressed
Investments. The Partnership seeks ID achieve these objectives primarily
through investment directly. or Through special purpose vehicles formed to hold
the investment, in distressed seourites acquired in secondary market
purchases and pcettiona in selected etaseea of distressed secunitiea.

The Managing Member founded orco4oundad related general
partners/management companies and Inveslment ftnnda, some of which mey
pumua the same Cr similar investment strategies as the Parthership, and is tha
Chief Beeceitive officer otan affiliated loan origination conipany. The Managing
Member began his careerat atoél Buroham Lainbert lnoorponatedwhere tie
was actvely involved in trading terge pools of frrn capital. From 1985 to 1992.
after leaving Dreael, tie Managing Member managed money in separate
accounts, moat of which was firm capital of Grunlal & Co. The Managing
Memberia 61982 graduata of Princeton University.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$5 Billion
Closed
$3.000.000
1% + 20%

Year

Jan
120%

131

111%

94l

z00
200g

022%
1.19%

112%

1999

Join

Jul

460%

051%

9.latt

2q0% a 238%

161%

042%

Q0P

Apr

260% 9- 092%

Feb

2004
2003

Mar

None
Yes

Jun30 and Dec31
90 Days

Od

-

aec

1 65%

I 43,94

I 59% am 113%

141%

123%

G 61,%

055% .04% -096%

210%

-0 46%

aIa%

3_04%

YTD
10 34%
20 75%
9 34%

24t

eee%

O 04%

220%

f9194

120%

460%

.059%

129%

073%

004%

1302%

lasse

e64%

O 02%

005%

't'02%

05655

iwIe

o 40%

.42

49%

-062%

-072%

4 38%

042%

94494

005%

1 37%

4594

242%

i 52*

075%

09294

231%

1I'%

1400%

037%

066%

165%

13a%

-2-30%

-1 76%

054%

150%

096%

136%

t44%

132%

123%

'l-44%

1Z%

090%

128%

176%

104%

5 09%
1868%
1978%
20 00%
7 94%
36 29%

Sep

Nov

1 20%

ISSt

120%

190%

'92

"'

120%

060%

120%

420%

140%

°?9.'

144%

I 50%

1001G

200%

200%
140%

150%

o%

066%

4006-v

9S4%

230%

036%

-4,1/It

000%

i 4064

0 40%

û

010%

6210%

320%

'1994

3.40%

140%

tsd4

I 66%

001%

9997

42%

270%

030%

4405e

200%

116%

70116

4 8444

û of2t

250%

GROWTH CPA UNIT FROM INCEPTiON

DISTRIBUTION 0F MONThLY ReTURNS
en

na

'n
us 3u

501e

s

'e
04.

O-l4

00e-n'

DRAWDOWN GRAPH

0.0-a

D'e-vo

oa.4

Creo 4e-3

.0,0.1

-neo

eel

lao

lieu leni

ç]
CONFIDENTIAL

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Retarn Monthly

15.00%
14.30%
1.17%
3.57%
I .38%
-0.71%

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns

4

C'en-5%

o.e-42

-4.35% # Positive Months
6 # Negativo Months
-1.79% % Posifive Months

127

14
90.07%

EVENT DR

SSMT00026O1 7

SSMSAAOO2SOI 7

LIS Credit Manager A

The Manager invests in below irwestmerrt grade corporate credit The CEO
v'essa below investment grade securities as a hybrid asset crass between
investment debt and common equity, focusing on the crossover market and
investment grade companies with the highest yields. The Investment process

Prior to forming in 2001, The CEO cf the Menegereses the Co-Risk Manager for
the Global Leveraged Credit portfolio for Morgan sloriley Dean Witter a Co.
l-le joined Morgan Stanley in 1964, and, at the time of his retrement in October
20, served as co-bead of the Global High Yield Saies, Trading, and
Research group and as a rnembsr ofthe firm's Risk Practicra Committee.

is top-down and research-driven, wit hees being sitter other parts of the
ospitai stnjcture or equity-based index hedges.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$600 Million
Closed
$1,000,000
1.75% + 20%

i Year
Yes
End of Ist or 2nd Quarter
90 Days

Year
2004

Jan

Feb

Mar

4pr

May

lUn

J!

AiJ

Sep

Oct

Nov

tec

1 65%

e sew

33%

O 55%

-033%

152%

150%

191%

1a2%

2¼t4

I 70%

12l4

YTD
I 7 83%

200S

203%

14th

1 37%

t 7Th

303%

ZISI'

051%

Øe54

155%

h*lv

I 76%

I46M

25%

siso,'

eGOS

dgRt4

ioas t% 3 2%

6446

2303%
1635%

2OO

452% se

GROWTH OF A tOIlT PROM lucepnoN

,s.or

wi-so

.ssG

DRAWOOWN GRAPH

Ji-ra

.5554

DlsTRlBtrnoNoP MOHTSSLYREI'lJRNS

ijiOl

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drewdown
Longest Recovery Period
Average of 5 Largest Drawdowns

cl
CONFIDENTIAL

:'sc
19.63%

2 1,29%

l_50%
6.56%
1.62%
-2.77%

-6.50% # Positive Months
2 S Negative Months
-2.77% % Positive Months

*65
32
3

91.43%

EVENT DRWEN (34

SSMT0002SO1 8

SSMSAAOO26OI 8

LIS Credit Manager B

S....'.:'

The Fund Invests primarily in the non-investment grade corporate debt
markets. The Fund utilizes the General Partners credit-Focused investment
strategy to Identify attractive investment opportunities on both a tong and short
basis, The Fund pursues oapttat structure arbitrage oppdrturtities ta take
advantage cf pricisg inefficiencies among the securities of the Same or simitar
issuers. In addition, it may invest in event-oriented situations of companies
invotved in refinancings, restructurings, exchange offers, and
othereximordinary transactions.

Assets Under Management
Fund Status
Minimum Investment
Fees

Prier to co-founding the Firm, the President was responsible for the $1 billion
securities portfolio of Acedia fron 1990 to 1996. From 1992 to ¶997, he wam a
senior officer of Keystcne, tie primary investment vehicle controlled by Mr.
Bass. Tte President formerly v,orked in the mergers end ecquisisons
department at Morgan Stanley in New York and London. Hs earned an M.B.A.
from Harvard Business School, ediere he was s Baker Scholar, and e B.S.
degree from Cornell University.

Lockup
High Water Merk
Redemption Frequency
Redemption Notice Period

$3.7 Billion
Closed

$2,000000
1.5% + 20%

e,
Jan
2004

Feb

Mar

111%

tiStint

O43ti

Apr
q%

3% within 1 year
Yes
Quertenly
60 Deys

5e
May

.1140

Jul

Ug

Sep

Oct

Nov

Peo

lTD

DIOS

O ti/nt

O 55%

ballt

057%

041%

135%

04%

9 55%

GROWTH OF A UNIT FROM INCEFflON

OtSTRtSuTlON OF MONTHLY RETURNS
'n

.5%

Annualized Average Geometric
Rolling 12m Average
Monthly Averegé Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drewdown
Longest Recovery Period
Average of 5 Largest Dawdowne

ci
CONFIDENTIAL

55.4 .4,54 -nie-2

2e.

u

eel

lier

Srio

254 lenes

9.55%
9.55%
0.76%
1.18%
0.76%
NI/A

N//A tt Positive Months
NI/A # Negative Months
1%/A % Positive Months

12
o
100.00%

EVENT ORVEN

S3MT00026019
SSMSAAOC26OI 9

Merger Arbitrage Manager A

The Manager employs arbitrage strategies to reaïze the spread between
securities or the market price of s security and ils expected Thture value.
Invoetnients are generally based on anticipated outcomes of announced
corporate transactions or other events and are not correlated to the
performance of either the equity or fxed income markets. The Manager
Invests primarily irr North Americs and Weatern Europe. The Manage utilizes
extensive risk management processea which include, but ere not limited to!
restricted poritton sizes end strict osa limits.

The Managing Directorjoined the Manager in 1g72, where he established the
arbitrage business. In addition to the Fund, the Managing Director has been
involved in the Managers merger and acquisition advisory practice, vd1ere he
bas served es a linancial advisor to Fortune 500 corporstions. He ourrenolly
serves on ire Board of Directors of Liberty Media Corporatim, AmpcoPittsburg Corporation, and On.Command Corp. l-te also serves on the Board
of Trustees of Comell uniu'ereity ea the Vice-Chairman of ita investment
committee,

Assets Under Management
Fund Statua
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$325 Million
Open
$1 000,000

1%+20%

Jan

Year
2004

1 09',l

None
Yea

Quarterly
45 Days

Feb
a tas

Mar

Apr

May

Jun

Jul

Atl

Sep

ct

Nov

Dec

YTD

021",

-625%

035%

634%

-069%

1521%

097'S

154%

t 49%

1 21'rt

512%

2Û0

008%

46'4

-0t%

017% '025%

0,04%

024%

081%

021%

0,40%

2 24%

072t4

0rt7%

051%

$%
$%

e23%

2002

ele'.

00446

02s%

*itatrt

.001%

048%

04054

333%

2001

a 56%

- 5431

127%

0S4%

1 08%

'1 28%

069%

OEe%

013%

084%
063%

020%

011%

3 38%

155%

.Z7ti

t42%

075%

179'A

oem

177%

077%

04%

160%

050%

I 94%

101%

061%

041%

14044

112%

G%%

1419%
1350%

011%

i4,

3 1%

.7e%

093%

2,0514

149%

131%

183%

0,74%

19

It4

155%

1.$54

097%

136%

oet4

O 35V

4*%

191%

423%

1 27%

1 40%

¶ SIt,

027%

064%

itOh

114%

066%

106%

15,'1446

¶95%

rt97%

010%

105%

133%

0,10%

¶35%

19B
I 8S

088%

t,2M4

eee%

I91

101%

eeo%

004%

113%

ltSlO

246%

100%

9 10h
847%
1147%
842%

DI5TRIBu'noN OF elorl'rHLv ReTuRNS

GROWTH OF A UNIT FROM lylcevnou

rl
45

sa

a

5

neun

Is
10.75

'5r.90

5,1.54

Ms-IO

','II

'u's-SI

DRAWDOWN GRAPH

,reco

essor

'M'-02

u.s-a

s,
45504

''4
narrIas

"0% 61,

300

CONFIDENTIAL

-5.89% # Positive Months
3 # Negative Months
-2.44% % Positive Months

'5%

8.30%
8.02%
0.67%
3.49%
0.92%
-0.86%

Largest Drawdovin
Longest Recovery Period
Average ots Largest awdowns

ci

Annualized Average Geometrio
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

31,441,0

98
16
85.96%

EVEFTDRVEN 3&

3SMT00026020

SSMSA.A0026020

Event Manager A

The Fund seeks to earn superior risk-adjusted returns that are not correlated to
the equity market The Manager is a long-biased heid that exploits valuebased, event-driven investment opportunities iii debt and equty Interests rl
companies undergoing helenos sheet eveite. Balance cheat events Include:
bankruptcies, recapitabtations, exchange offers, spin-offal, mergers and
acquisitions, liquiattions, and stock buybacks.

Prior to founding the Fund, the Managing Partner was head of research for the
rink arbitrage/special situations portfolio 01 TO securities from 1997 until 2000.
The Managing Partner began hei- career asan attorney and leteriolned LF.
Rothchlid & Co., Inc.'s risk arbivage department From 1986 to 1997, She
worked in Dillon Read & Ct, lnc'a risk arbitrage group and then Oppenheimer
& Cc., moJe distreased debt department, The Managing Partier received her
9,A magne cum leude from Amherst college and her J.D, at the University of
Michigan Law School.

Assets Under Management
Fund Status
Minh,ium investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$120 Million
Opon
$1.003,030

I.5%+20%
's'

1 Year
Yes

Mnuai Dec31
45 Days

5'

.1.

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

430v

0930%

203%

006%

121%

Z9%

055%

e 40%

150%

310%

VTO
15 27%

U5%

151%

ril6
11e

4 10%

080%

290%

43 93%

1 81%

1415e

seas

015%

-4 as"

5ns,

244%

9444

Year

657%

22 93%
3 65%

tam

Z003

303V

00"

2001
2039

.2tt
055!,

214%
000%

516%

571%

2$Z%

sto!,

ttt%

oies 45S

esas

e,st%

482%

125%

498%

ti%

o5%x

GROWTH Or A uNIT fROM tNP.11ON

otsTpiou'noN Or MONTHLY RETURNS

ru

SC0Mw'0ÌSp5I

0.-02

O,p.eulAe('Ou

Sjp-OS

Mw-04

no

- FORPßANPE'
Annuahzed Average Geometric
Roiling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Retu-n Monthly

Largest Drawdown
Longest Recover Period
Average ois Largest Drawdowns

cl
CONFIDENIRL

19.31%
20.91 %

I .48%
9.38%
2.32%
-2.78%

-12.72% /Positive Months
6 # Negative Months
-4.37% 54 Positive Months

43
8
84.31%

EVENT DRPJEN

SSMT0002SO21

SS IVI SAAO0 26021

Event Manager B

As an event-driven Investment firm, the Fund uses mulstple analytical
techniques to evaluate investuneet opportunities. When an avent is announced,
the Manager conducts extassive research regarding the prcbabitìey that the
event will actually occur and the impact that venosa outcomes are tikety to
have on the prices of the underlying secundes. Target eventa inctude U.S. and
European conpomle reaaructuning, distressed and bankruptcy, mengana, special
situations and relative value opportunities.

The Senior Managing DIrector Is responsible for the eversit portfolIo Investment
strategy. Prior to joining the Fund, he was Principal cf Harvard Management,
v-here he managed a special situations portfolio. The Senior Managing Director
han also served as chairman of s'versi bankruptcy creditor comniipnea and is
cunmntiy chairman or the board of Nomas Corporation, Prior te founding the
Fund, the President developed and implemented investment strategies In tIle
equity trading area of Goldman, Sechs g Co. I-fe was alasen adjunct associate
profesasr at the Stem School of Business at NewYork University.

Assets.Under Management
Fund Statua
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$6.2 Billion
Cloaed
$25,000,000
i % + 20%

2 Years
Yes
Annual Anniversary
90 Days

Ve

Jan

Feb

Mar

May

Jul

Atte

Sep

Oct

Nov

2004
2Ó33

2s3%
2a5%

155%

046%

0 14'S

'-.!2'

245%

*34%

433%

3,i37o4

d°28%

164%

202

t73%

VTO

1950%
2221%

*04%

2 17'.

1,46%

*32%
*45%

116%

1541*

264'.

114%-

123%

046%

4,51151,61%

103%

-0354,

0164%

219%

100%

543%

I 41%

964%

3.40',

14%

I 17%

17P4

029%

105%
023%

1370%
2091%
1643%
893%
27 77%
20 65%
17 68%

104%

277%

9t%

108%

111%

2000

213%

j47%

365%

9-62%

1 32%

041%

2.62',

*05%

223%

065%

-025%

t999
logs

e49%

0.78%

11634

126%

341%

45%

3.33%

*1%

007%

*05%

1 13%

1 53%

4 Vtt

724%

U41t

o 35%

dShe '&72%

5.51%

-456%

o14%

357%

4-sell

l97

240%

07254

e54%

061%

278%

3-61%

2.46%

226%

3 25%

t 38%

1 17%

373%

19p

141%

p7256

216%

'I'A

1 06%

894%

'000%

08814

259%

3,4114

333%

3 1236

395%

8,71%

3es%

-0-tfl

o 37%

2.32%

1633e

240%

1Øt5

2.04%

i 3514

1994

103%

_flbhi5

e7% 404

fll%

o 96%

*50%

113%

'021%

'4-61%

204%

342%

*01%

2 40%

4t5%

4,11%

556%

258%

Sa»

ie5

179%

*81%
*60%

103%

195'3

260%
115%

169%

*04%

317%

'Ot34.

e 27%

bs5%

315%

*46%

1a7%

*54%

111%

8.34%

191

e7a%

177%

247%

*91%

1 30%

lt'545

394%

461%

115%

161%

055%

0-4*14

1Q

-1 28%

2,4%

3 65%

5%3%

1 02%

1 4111

1.23%

25%

1,

£5334

030%

1e3'4

673%

18es

312%

630%

310%

113%

2 36',

324%

3.60%

144%

t12%

40334

079%

067%

I 7 26%

1 44%

3,0514

453%

'4

t986

6 30%
29 23%
1403%
1703%

0%rRlnffnoN OF MONTHLY RE'IlJRIIS

GROWTH OF A UNIT FROM INCEPTION
es

en

alo na

lo

ILse
no

asse
un
14.00

ro

sLoe

sa-nl

es-W

toi-53

ta-sa

su-

seal

eu-en

essen

eu-0e

0,514

Annuall2ed Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard DevIeffon
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drawdown
Longest Recovery Period
Average ors LangeaI Drawdowns

'otn'l-eLa'a-nta-n

16 .42%

16.14%
1.28%
5.91% 1.76%
.1.51%

.1448% # Posidve Months
9 # Negative Months

.5,68% % Poshive Months

168
28
85.57%

EVNTDRftEP

CONFIDENTIAL

28

SSMT00026022
SSMSAAOO26O22

LIS Multi Manager A

Ss S. I flS H
. .. ..

The Manager is a rund of funds that employs a longishort value approach with
an emphasis on equitian and aometmee also opportunistic diatressed debt
managers, Inclusion cf fund managars is basad on in-depth. tisa-intensive
due diligence that begins with the screening or written malenals tha Fund
receives on hundreds of funds, which are than followed up with on-sight due
diligence, New managers are started off with e relatively small weighting which
is insreaaed es underlying managers perform to expectations.

Prior to founding, the President' worked as an Investment Associate at Siegler,
Cotle' and Co., en Investment firm involved in both public and private
Investments. The President was also a Generalist in the Investment Banking
Group of Donaldson, t,ufkin & Jenrete. He graduated sull'ma Gum /aude with
distinction from Cornell University in 1991.

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$200 Million
Closed
Sl .000,000

l.5%+10%

*

i,

I Year
Yes
Annual Dec 31
105 Days

-

es°

Apr

Ma

Jun

Jul

AU

Sep

Oct

Nov

Dec

YTD

i40%

Mar
050'.

05054

-050%

140%

020%

050%

120%

*20%

410'S

100%

1484%

120% %%

0805,

050%

250%

flOh.

150%

Z0%4

20 25%

$%

130%

V0t5
'4%

2,52%

160%

M4%
*tehl,

080%

ntit%

020%

OtO'4

070%

0055

Year

Jan

Feb

004

250%

QQ3

200

250%

GROWtH OFAIJNIT FROM INcEPTION

714'S

DISTRI5UII0N OF MONTHLY RETURNS

sien

ni in

r, in

clin
sino

Floe

,sson

winO

Juico

Jul53

DRAWDOWN GRAPH

,er,Ci

wies

54'

5% 'SIi,4 'lilO '200,3 -210-1 -jas noir

lois

21i3

CONFIDENTIAL

-2.60% # Positive Months
5 # Negative Months
-1 .60% % Positive Months

4lia

io%

14.37%
15.08%

Largest Drawdnwn
Longest Recovery Period
Average of S Largest awdowns

'u

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

nIes

1.l3%
4.02%
1.30%
-1 .60%

33
2

94.29%

3SMT00026023

SSMSA.A0028023

LIS Multi Manager B

The Fund is a muti-manager purtfolto nf hedge furth, crested with the
objective of generating consistent, high absolute returns with moderate
volatility, As en alternative to the equity markets, the Fund invests
substantially sil of ita assets in long/short and market neutre! strategies that
generate retums by identifying pricing inefficiencies in various martels.

The Meneging Penner was sta CEO of SPI, e healthoere and teohnntngy
company that was acquired by Perot Systems, Inc. where he headed the
merger end soquiaitions prsctioe. In addition, ha was the Senior Vice
President of Channelpoint, Inc. Prior to founding SAI, ha wee the Chief ofStalf
and Chief Economist for U.S. Seneter Bill Bradley. He was also s Principsl
with Soez Allen & t-taniflton, s Senior Management Consultant v,ith McKlnaey
&
mpsny, and the Managing Partner of Dobltn Group. In addition to his
private and publio sector work, ha taught Economics st Hsrvard Univtrsity
where he received theAllen Young Award for Teaching Excellence.

$93 Million

Assets Under Management
Fund Status
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

Limited
$5,000,000
1% + 10%

-'

-

No

Yes
Jun30 and Dec31
90 Days

Jan

2009

132%

114%

Is

OCt14

lun

Jul

Au

Sep

Oct

Nov

Dec

YTD
0 14%

O Ist>

Apr

BIlis

028%

54%

072%

-I4'

180%

t4%

054%

tSC14

937%
253%

O 14%

2004
2003

Mar

May

1441*

Yeor

Feb

DisTRiBunoN OF CONnU,? ReTURNS

GROWTH OFA UNIT FROM INCCP!ION
11.14

r,."
s'is
.55
site
si-ne

Cias

11.5
m.ss
eses
nu-54

Issu

sip-e

sisal

Mis-es

sip-el

Oie-54

5-sl>

.5554455.3 .315.2

-2

si

4545

>0%

oeAwsoWI4 eRflH

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Orawdown
Longest kecovery Period
Average of 5 Largest Drawdowns
# Positive Months
# Negative Months
% Positive Months

cl
CONFIDENTIAL

9.33%

835%
0,75%
2.04%
0.83%
-0.48%

-0.45%

-0.48%

IS
93-75%.

EQtflT( HEDGED 40

SSMT00026024
SSMSAAOO26O24

IS Multi Manager C

.': ï..

'
The Acceleration Fund serves as an alternative to long-only equity and private
equity investments, The muffel allocations in the Fund focus on long-terni
activist and vatue-driven equity managers, These managers heve
demonstrated consietent high annual returns wtth reletiveiy lcw annual
volatility. The Fund has also placed investments with managers that focus on
privately heid businesses that ars based on undervalued assets. These
managers have demonstrated a superb ability to take an active rote in
distressed or undervaiued businesses In ordeno achieve exesordinary (ates of
return.

The Managing Perkier was the CEO cf SAI. a heatthcsre snd technology
company that was acquired by Perot Systems, Inc., where he headed the
nergen arai acquisItIons practce. In addition, he 'vas the SenIor Vice
President of Channeipoint, Inc. Priorto founding SAI, he wras the Chief of Staff
and Chief Ecoromiat for U.S. Senator Biti Brsdiey. He was also a Principal
with Booz Allen 5 Hamilton. a Senor Management Consultant vAth McKinsey
& Company, ard the Managing Partner of Coblin Group. In addition to his
privale and public sector v,orlç helaugho Economica at Harvard university
where he received the Alien Young Award for Teaching Excellence.

Assets Under Management
Fund Statua
Minimum Investment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

.

$59 Million
Limited
$1,0 00, 000

1% + 10%

Yflr

Jan

2%5

3 Years
Yes
Rolling 3 Years
180 Days

a 18%

Mar

Apr

MY

,Jtl

Jul

Aug

to4
GROWTH OF A uÑlTçRoMINcnpnoN

Sep

t

Nov

D

t&4

?eb

2.al',

3S2',4

VTO
0 16%
5 66%

DISTRIBUTION OFMONTHLY RETURNS
2-s

nI.nr

sloe
ai os 3

ses
SI-03 i

Oto, i

sl0,.
0,_un t.-"
e-ar
son, 3

04

nava

va

,I!505

'-0%

-nlr4'llu-3 nra-s -sr,-,

lora O,.,

Iras

oras

nia

rs 'na

Annualized Average Geometric
Rolling 12m Average
Monthly Average Gaamefric
Standard Deviation
Averaga Posh Ive Return Monthly
Average Negative Return Monthly

Largest Drawdown
Longest Recoveny Period
Average of 5 Largest Drawdowns
Positive Months
Negative Months
% Positive Months

a
CONFIDENTIAL

18.54%

#NJA

#fWA

1,43%
4.07%
1.43%
#N/A

o
#NJA

4
o

100.00%

acturn( HWG

SSMT00026025
SSMSAAOO26O25

Cash Manager A
The Fund is a muti-manager portfolio of hedge funds, created with the
objective of generating consistent absolute returns with low volatitity. As an
atternative to traditional Money Market cash management, the Fund is a
composite of short-term fixed income and market-neutral hedge funds that
seeks to achieve annual relurn or 3-5% above the risk trss mta end low
volatility of 1-2%.

The Managing Partner was the CEO of SAI, a hnathcare and technology
company that was acquired by Perot Systems, Inc., where he hended the
merger and acquisitions pi'aotioe. In addtion. he was the Senicr Vice
President of Channelpoint. Inc. Prior to founding SAI, he wae the Chief of Staff
und Chief Economiet for U.S. Senator Bill Bradley. He was also a Principal
with Booz Allen & Hamilton, a Senior Management Consultant with McKinsey
& Company, and the Managing Partnerof Doblin Group. In addition to bis
privata end public sector work, he taught Economics at Harvard University
where he received the Allen Young Award for Teschirg Excellence,

Assets Under Management
Fund Status
Minimum Investiment
Fees

Lockup
High Water Mark
Redemption Frequency
Redemption Notice Period

$84 Million
Open
$500,000

1% +0%

None
None
Monthly
5 Days

e

NM

Jan

20es

Jul

023%

Feb

Mar

w04

Apr

May

.fuÒ

019%

GROW1'H OF A UNIT

OM INCEPTION

Au

Sep

04t

Nov

Vec

YTD
0 23%

0S%

029%

Z%

Bests

tht,

211%

olsTRleuTloN OF MONThLY RETURNS

'as'.re,3 .35,2

'35.1 -lIes

olor

iax

Oren

354

CloD

'SR

DRAWS omm OPAFH

Annualized Average Geometric
Rolling 12m Average
Monthly Average Geometric
Standard Deviation
Average Positive Return Monthly
Average Negative Return Monthly

Largest Drawdown
Longest Recovery Period
Average of 5 Largest Drawdowns
# Positive Months
# Negative Months
% Positive Months

ci
CONFIDENTIAL

4.05%
#N(A
0.33%
0.53%
0.33%
#N/A

#N(A
o

#N/A
7
o

100.00%

CASH 42

SSMT00026026
SSMSAAOO26O26

STERLING STAMOS

Security Fund, LP.
February 2005

ci

CONFIDENTIAL

Confidential

3SMT00026027
SSMSAAOO26O27

TabLe Contents
iti

Overview of Sterling Stamos

ta

Overview of the Security Fynd, L.P.

Investment Performance
Investment Process

a Professionak
a Summary of Principal Terms
Underlying Portfolio Manager Performance

i Sample Portfolio Manager Tracking Report
This document does no tconstitute an offer to Sel], ora solicitation of an offer to buy the limited partnership interests described hetein. No such
offer or solicitation will be made prior to the delivery of a definitive ofïenngmeanoumdum and other naarena]a telatsng ro the matters heeesn. Before
making an investment deeis,on with respect to the partnership, potential investors ate advised to read carefully the offering memorandum, the limited
partnership agreement and the related subscoptaon dooansezats, and to consult wadi linear tax, lega], and Enanos] advisors.

This document does not purport to be compiere and is qualified in its entirety by reference to the more detailed discuasion contained in the privtte
offering memorandum and the actual text oS the limited partnership agreement The GeneS Partner has the ability in its sole discretion to diange
the srraecgy descdbtd herrin.
Al] pecfonnance information in this document is based on information provided by undedying Potofolio Managera, and al] 2C04 inforinatitn is based

on estimates provided by the underlying Portfolio Managers. No representation or warranty is given as to the accuracy or completeness of the
performance information contained an this docuenent.

This document is being prodded to you on a confidential basis solely to assise you in deciding whether or nor to proceed with a furtherinvestigaeion
of an inveternent in Sterling Srsmos. Accordingly, this document rosy nor be reproduced in whole or in part, and may not be delivered ro any person
thoutpdorwdtten coneent ofSrerling Sananos.

tEø wt'

CONFIDENTIAL

33MT00026028
SSMSAAOO26O2B

Sterfing Stamós
Overview

CONFIDENTIAL

S5MT00026029
SSMSAAOC26O29

Sterling Stamos
Overview The Firm and Its Philosophy
The Sterling Partnership
- Sterlthg Equides ....reni estate

nt and pdncipal ùavestme
- Steding Aneican Properties - real estate nads
- American .cudties c;pt Partner s private eq
- Serììrg Spans and Enlereainnxeru - New \'otkMes and Brooklyn Cyclones
- Sterling Stanios isrçrated invesbx3ent arn o the Steriix,rr Partnership

ta The Sterling Stamos Partnership
- llegan as an investment partnership on behalf of thc Katz, Wih'on, and Stame

lies

The Value of Partnership
- 'Fnn,t-tarcd relet-ionships built on trenspnrenc'ç and conlmunication
- Access; Closed rnaimgers, sowting, due diligeice, nacre jerspe-ctives
- thiqae network; a '<coilective itnxdligence"

ai Philosophy
- Treat investors as partners and always put their interests flrst
- Ensote staving power in the market
- Protect capital and seek con s st en t, osi ive return s (absolu te vet,nxt ni
- Follies' die charge of our fouxtdersz "Do well by doing good"

ci

CONFIDENTIAL

tina)

NI

SSMT0002SO3O

SSMSAAOO26OSO

Sterling Stamos Security Fund, L.P.
Overview

ci

CONFIDENTIAL

33MT00026031
SSMSAAOO26O3I

Security Fund
Overview - Attractive Asset C/ass I Attractive Structure
i Why The Hedge Fund Asset Class?
- Skil{hased pe >nuance (versus tx,arkec based)
- Operate in lass efficient market space

- Unconstrained

Leverage
- :hueresN aligned (Portío.Ho Manager is invested abugside their Limited Partners)
- RekAtivelv liquid (qu-arterly

- ilistorically have generated alpha (invearntent value add)
a Why The Hedge Fund ni Funds Structure?
- Reduce fund evei risk through diversification (low correlated sub-strategies)
- Mitigate risk of single hedae find manager
- Leverage additional level of professional due diligence, portfolio conamiction, sud mothtoring
- Access to hedge funds tìni: are closed to ncc' investors
- Access to multiple hedge funds «t rdativey low iuvcBtmenI: n
- Consolidated perbrmaxtce and tas. reporting

CON Ft D E NTIAL

SS MT00026032

SSMSAAOC26O32

Security Fund
OvervieW - Attractive Attributes of the Security Fund
s

Highlights:
- Thversified; n%3:-sutegv,
- Low corrdation ro equity end flired intome markets
- Prùnar-ilv "non-directionai'- vey little unhedged cc.
n
- ractic;j asset ìLocaton; aethe; oppozt;mistfr
- i'on-direi io
trut<tgk: include r Lthve vh e, cv,nt Idven, and eq

s Investment Objective:
- Fresen-e capital -and enthmce wealth by achieving long-term absolute returns
- Modere:e sb$olt8te retm-os of 8% - 10% arumafly
- ?ItIintart low -volatility i:f 2% _10X; adl5

Actual Investment Performance (10/01102 1131105);
- Annualized return of 8.7%

- Maualized nsndard devia.tiou of
- Anaoalizd Shexpe ratio of 3-5 (using a risk t e rate o:

)

s Alternative I Complement to Traditional Fixed Income Investments
- Historical equityAilce returns with less tizoi fixed income-like risk
- Opportc3thy to reth:ce overeli in'restxneat ;c;rtiblio risk WuhOUE Sacritic

ci

CONFIDENTIAL

SSMT00026033
SSMSAAOO26O33

Security Fund
Overview - DiffererìtiatThg Characteristics of the Security Fund
a Unique Macro Economic Perspective
- Feier Stamos' ixwtdve.mtnt asan advisor to elli« ademic, political, and orivare inadtixtions

a Access to Sterling Equities' Experience and Unique Proprietary Sourcing
- Sterling Stanxos is able to leverage Sterling Eqoides' 40 years of alternative investment experienc
a Access to Closed Funds
- Fund enrendy insested in 16 clos

access to addiii.)na{ if desired

a Alignment of GP and LP Interests
- Sterling Suoxos is committed to invest alongside invesnxeat panne

(2

4.

a Higher Level of Transparency

-

S«triing Staaxos is commcted. V) p.tovidixsg undef{yiu Portoiio Manager litibn.nai

a Higher Level of Liquidity

- Quarterly iiquicW

after initial 013« yeSt ICC

a No Preferential Terms
- All limited pxxnuers are subject to identical Fund renns (kes, liquidity)

S

CONFIDENTIAL

SSMT00026034
SSMSAAOO26O34

Sterling Stamos Security Fund, L.P.
Investment Performance

ç-1

CONFIDENTIAL

SSMT00026035
SSMSAAOO26O35

Security Fund
Summaty Statistics (10/O 1/02 - 1/31/05)

UMMARV STAT$TCS

Fund Inception

October 2302'

Firm Assets Under Management

1,217MM

Fund Assets Under Management

358MM

Average Annualized Return

8.7%

Standard Deviation

1.9%

Sharpe Ratio

352

Number uf Managers

34

Number of Positive Months

24

Number of Negative MOnths

3

Largest Drawdown

-0.44%

Source: Sccrling Sumos analysis.

ci r

October 2002 mañu the oES! launch lo the public
Sharpe ratio is based on 225% 5k free race.

CONFIDENTIAL

n

S6MT00026036

SSMSAAOO26O36

Security Fund
Comparison of Results (10/O 1/02 - 1/3 1/0 5)
Annual Return

Standard Dey

Sharps Ratio

Sceurity Fund

RETURN! RISK COMPARISON

SECURITY FUND PERFORMANCE

10%

Security4,
Fund V

9%.
8%
7%

6%.
Lehman Aggregat

Bondindex,

Lehman
5%

Aggregate
Bond Index

4%

3%.

MerriilLch

2%.

Merrill Lynch
3-Month 1-Bili

3-Manille 1-Bili

$950
Sep-02

,

c-02 Mar-03 Jun-OS Sep-03

-

-

o-03 Mar-04 Jun-04 Sep-04 Ceo-04

0%
0%

1%

2%
Standard

3%

4%

5%

vIahon

Source: Bonding Stomos snnJyt

10

CONFIDENTIAL

SSMT00026OS7

SSMSAAOO26O37

Security Fund
Monthly Performance (net of a/I fees and eKpenses)
Uneuditod not returns
2003

2004

2005

January

0.70%

129%

0.4831

February

0.59%

Ma roh

0.46%

April

1.19%

May

1.28%

2002

04L%

0.52%
July

-0.44%

Û24%

August

0.46%'

O43

September

1.77%

Dola be r

1.23%

04fl

November

0.75%

12 te

Decambor

0.8 8%

127%

?TD

9.79%

0.48%

Source: Sterling Srrmoe areaiysia,

October 2002 marks ehe offithi ottern5 date ro outside livesrots.
Based ore estimate as of 2/10/05.

'11

CONFIDENTIAL.

SSMT00026038
SSMSAAOO26O38

Security Fund
Strategy A/location (As Of January 2005)

Cash
5%

Equity Hedged
20%

Event Driven

Market Neual
56%

Source: &ediog$tnmos analysis.

12

CONFIDENTIAL

SSMT00026039
SSMSAAOO26O39

Security Fund
Sub-Strategy Allocation (As Of January 2005)

Options Arbitrage

Convertible Arbilrsge
Cash

Cash
1

Equity
Hedge

3%

Asset Sacked Securities
L/S Mutti

7%

20%

Loan Origination
13%

Event
6%

Event
Driven

Fixed Income Arbitrage
2%

Msrt<et Neutral

Merger Arbit rage
6%

Mortgage Backed Securities
US Credit
2%
Distressed Debt
10%

1%

Statistical Arbitrage
7%
Multi-Strategy
10%

Equity Martet Neutral
4%

I

Captai Structure Arbitrage
3%
Source: Sterling Sumos soslysis.

fr_A

CONFIDENTIAL

13

SSMT00026O4O

SSMSAAOO26O4O

Sterfing Stamos Securfty Fund, LP.
Investment Process

14

CONFIDENTIAL

3SMT00026041
SSNISAAOO26O4I

Investment Process
Macrn Economic Analysis

SECTOR
NALYSIS

MANAGER

DUE

SOURCING

DILIGENCE

RrSKJ

PORTFOLIO

MANAGEMENT

ONGOING
MONITORING

Identify key macro economic trends based upon:

LiqádEty

a Determine potential investment opportunities and risks among:

-

Asset csses

-

c'i

CONFIDENTIAL

36MT00026042
SSMSAAOO26O42

hvestment Process
Sector Analysis

MANAGER
SOURCINO

MAÇRO ÇQNOMIQ
ANALYSIS

DUE

/

DILJENCE

R LS K/

ONGOING
MONITORING

PORTFOLIO

MANAGMNT

Determine directional portfolio concentrations to specific hedge fund
strategies based on:

-

crrc,Laic ()p1)orít&a-ty SCt

- R5.k inaysi

cl

CONFIDENTIAL

SSMT00026O43

SSMSAAOO26O43

Investment Process
Manager Sourcing

N

MACFW ÇQNOMIO
ANALYSIS

SECTOR
NALYSI$

DUE
DiLIGENCE

RIS Kl

ONGOING
MONITORING

PORTFOLIO
MANAGEMENT

Leverage network and relationships of Sterling Stemos to:
- identi" emergirg tmncger
- ObE:aia cqaciry with "closed rnanages"

Leverage relationships with investment banks, thirdparty marketers.
consultants, and research firms to identify Portfolio Managers
Utilize industryspecific interna] network, databases, newspapers, and
magazines to idenfify prospective Portfolio Managers

cl

CONFtDENTIAL

17

S6MT00026044

SSMSAA0026044

kivestment Process
Due Diligence

MAcRO ÇONQMIG
ANALYSIS

SECTOR
ÇNALYSI$

MANAGER
SOURCING

t

RISK!
PORTFOLIO

MANAGMEN1

ONGOING
MONITORING

/
Obtain information on fund-specific strategy, monthly returns,
performance attribution, and references
Analyze performance, liquidity, and correlations between proposed
Portfolio Manager and existing Portfolio Managers in portfolio

Conduct interviews and on-site visits to gain understanding of:
- Stntcgy (posiipu levS detúA)
Ct8Ofl. ix;.d íîrstnctre)
- C)peruìore; (ikx:iion x;xnlc ig nxks.
- 1.isk rxgeflXeui Bock office ifrs1ruc:ure
- Other procedures (eg, portfolio pridng)
C

rlU*;
:4 Ot

CONFIDENTIAL

-fl

SSMT00026045

SSMSAAOO26045

Investment Process
Po;tfo(io & Risk Management

MACRO ECONOMIC
ANALYSIS

r

SECTOR
ANALYSIS

MANAGEF
SOURCINC

"a

t t

DUE

DILIGENCE

t

a

ONGOING
MONITORING

"

Maintain portfolio exposure limits by:

-

Strategy

- Perl±hiio Mamge
- 1«:i:ixr (credit, ;xt

E

vie. etc.)

a Monitor each asset class and strategy associated with underlying Portfolio Managers
to determini market opportunities and key events

r Compare weekly NAVs from Portfolio Managers with performance of associated
market/asset class

19

CONFIDENTIAL

SSMT00026046

SSMSAAOO26O46

investment Process
Portfolio & Risk Management
'N
SECTOR
ANALYSIS

MACRO ECONOMIC
ANALYSIS

DUE

MANAGER
SOURÇIN

Time Series Analysis

//

ANALYSIS

RISK TOOLS

Portrolla Optimization

QNGQIN
MONFIORiNG

oIueENoe

s i%tna s:'. rias,e

Opti

h

i%,odcaI nsonthv r
s

c::.v :u1 s;u: 'r / co;" rIa ion

r,tn

dat
n alysis by Fmv.I Msa agosto-Fu od Mactiger, to-

strategy, sad tft'tht-LaMket

s i)istsih;atiou Qat, s spp;c:: (s s:., Skrxncss susd Kiss-to
ts

PorLfoIlo Value-at-RIsk

Sfress/Scenario Testing

s)

I):av.dç,vsçi s, ttyil thin sad do wsssid s J s: dation ,';ocovcsy s,,alyti t

s Allocation rasage lirr,itì st by str,stsgy sad

sind Msaager given s 23 standard

saisiis,, s itecsss sic-st: (sssuscsning oca-ossi scarkot o aditions,
i',?rsbiiisy ol r: sr, dtas,oains:st through bi:st sinai 'rim eis rio,, as s'niI sas
oasssnflts?ic rrssshoi3rs suds atti Mosse Cario imolsurioc
s W'osst casss sçosar,, ss:aiys: s uts doped ths,,,satia strsdru.ag she
tin s, ida casi assaalvsis o tid ,ts:ri casi roti.snaa an ii uìsctnr oh srrvssissn s osss.Un,s

s Q salita tise cast, s:idie,a of high yohasibty pet ods asad asIcaran sac vs: is;
assist visasses (ng, Rua siso dssfrs uit, WosrídCosa) str build "tdaat 1" suoosisio
osting ssspalsd dr'.s

Style Analysis

s Stsle drift sso rl asurrt siliooatios, starIsais to a1sis,sstifs' litrI Msusagat's

f:

:,s-sfr:.rsssaoceat rrihas ion t': tI,, starred istrar.0sy ,u J sass: s. class

fls.ldi5k- u;d Steter dIt r:ihsis to dotes-saint underlybag si

ape fis: fund ro assags-r 's porfi'rss'.0 s,,,, at di Iie,s,r,t points

ci

CONFIDENTIAL

S3MT00026047
SSN1SA.A0026047

fflvestmerìt Process
Ongoing Monitoring

MACRO EÇQNOM1C
ANALYSIS

SECTOR
ANALYSIS

MANAGER
SOURCING

DUE

DILIGENCE

RtSK/
PORTFOUO
MANAGEMENT

e

e

e

e"

e Monthly / quarterly conference calls to discuss market conditions and
fund performance with each underlying Portfolio Manager
Review portfolio to assess performance, risk, and aflocation on:
- Weekly basis by i'otolio Teem end Princ.ipels

- Quanedy bsi by Steiìrg Stejno J vestment Cennnfttee

21

CONFIDENTIAL

SS MT00026048

SSMSAAOO26O48

Sterling Stamos Security Fund, Li'.
Professionals

c'i

CONFIDENTIAL

n

SSMT00026049
SSMSAAOO26O49

Professionals
Senior Investment Team

iNvEsrMinT

ÎFrLE

EXPERiENCE

EDUCkTION

PRCalljssioN.,L

crThgil4s

Chfcusd Offices.

as inc<SA4)
oc thU

codky

& Gcreran,

lird Usteaso. flEbsi
annd Unvcrthy Jt

Dobhn

roua
Narased Uoscsss,Dept of Econemack

Teums,s Scbo[ar

McKinsey & Company
Morgan Stanley
Chase Secueities

Caccge Mellon Unheaity SS

Mghgtte Parenas.
GehtS Co

Columbia

Was,. ec)e & Giace

Locidoss. Sthaa$ ofEceanora-acs

President ofSeerlieig Equities

Sterling Equities

Brooklyn College, BS

General Partner

New Yod' Mets and Brooklyn Cyclones
Chaietnan of the Board NS-LlJ

CPA

EnanvaYPcSes4mg&ç*s.e

Sthn

f fataUnsvsrdty M

Athok Chacha

Senior Pcrtfbllo Manager
Partner

LIjan t Honn

eaorDos.o AdvLeoa

Saul B. [Cara

tavadM ICes,

Qercçal Parlrstç

q]1lJee

jnessty.MBA

Coletet tntvarsrȧS

/ta,1si techn)og5es

o

CONFIDENTIAL

SSMT00026O5O

SSMSAAOO2GO5O

Professiona's
In vestment Professionals

IN\C&STN.tENT

TITLE

EXPERIENCE

EDUCÀT10N

PROFESSIONAL
NYU. Leonard Sent Sd,osl o Bts,oiae, ES

Cathy Tie

IúrS Lqncl & Co
qoldraro at*4 & Co
Catherine Lee

Private Equity Manager

The Aarron S410d MBk

Stadium Capital Managemert LLC

University of Kansas, ES
Massachusetta Instituta of Technology. MS
Harvard Graduate School of Business
AdminiatraUor,, MBA

Bain Le Company
Dalla Air Lines

Booz Auen and Hamilton
Q

aeThauq $al wacSolsspçn, Isie
SJthA5BI1 Ccrnres Co

Leer Beak, timsted

b\$afl osrt» ot TsçMooy, S
etC
WtiJ, Larararfitern &torst o(Bu esa,

Ernst Ic Youn PAsare Lazato
AngeUa Rainford

Ön Lee

Associate

MrlCin,ey & Conpany

Harvard Univcrcity, BA
University of Cambridge, MS

Staiiod UneverryM

o

con,

ChaAeaS.frwb&Ca
Catherine Lin

Senior Aaaiyat

Merrill Lynch & Co.

Nanjing University, ES
Remain University, MS
UCLA, Anderson School of Management, MS

0

CONFIDENTIAL

SSMT00026OE1

SSMSAAOO2SO5I

Professionals
Other In vestment Professionals
INVEST MENT
PROFESSIONAL

EXPERIENCE

TITLE

asnnanoFStcdsn llqwiscs

Gnp

Oacvcrcy of alach1an, BS

tadaesc Z9tntsc

INto 1o4

artaer

EDUCATION

ndBothnCyelonee

5cn$taweçÇn

ar4

Lecwteonmo, Dteard
Spiro Seamos

ChiefAdrninistrave Officer
General Partner

Chas

OferMing Queer
Ptn er

4n1aF

Seamos Associates, Inc (SAI)
WHtsker Cnspnratinn
Adantic Richfield
Hughes Aircraft

dc Saa;h,

Stwn» Ceegssn
CS nswonsatnlal tcocentsonAaay

McGill University, BA

S1aofrt l,lazvait>5U

QsroMUeecry MA
tntctnxiorcal UnsvcrctyoJapan MA
Ncw!ne, Tsrei Scholer

qnbsta Sl*r
Chief Financial Officer
Partner

RK Consulting
Drtyfln Corporafion

Seton Hall University, MS

Kasus Qionocto

Front Oea Manager

EobertaónStepbessa

£an Cara Costares7, US

Georgette Wong

Investor Ralationc Manager

ICG Ysnancial

UCLA, Anderson School o(Managcmcnt, MBA

USBancorp Piperjaffray

Amherst College, BA

Kevin Barcelona

Çjfìta4 F?

Hofctra Univecsity SBA
CPA

s4?

L

CONFIDENTIAL

SSMT00026052
SSMSAAOO26O52

Sterting Stamos Security Fund, LP.
Summaryof Principal Terms

n

CONFIDENTIAL

38MT00026053
SSMSAAOO26O53

Security Fund
Summary of Principal Terms

Legal Structure:

í.)onwstie 3(:X7)

Investor Eligibility:
Minimum Investment

US 5Sfl3O,000

Management Fee:

1% per

Performance Fee:

5%

Threshold Rate:

5%

High Water Mark:

Yes

Lock-up:

Redemptions:

Qudctedy

Notice Period:

90 cLvcs pthn wri

ci

CONFIDENTIAL

SSMT00026054

SSMSAAOO26O54

Sterling Stamos Security Fund, LP.
Underlying Portfolio Manager Results

ci

CONFIDENTIAL

SSMT00026055
SSMSAAOO26O55

Security Fund
Urìclerlying Portfolio Manager Results (through 1/31/05,)1
MINUPUZ

RETURN

PUNO PA4NAGER

FUND STATUS

NCEP11ON DATE

£rket Neutral Options Arb

A

Ctceed

399e,

Convert Aib

Open

19$

102%

3

Clceed

10

A

Limited

W97

3

Open

0I01

STANDARD DEVIATION

SHARPS RATIO

13.5%

¿I

STRATEGY

SUB-STRATEGY

Asset Backed

-

/34

12

19.9%

n%

3.6

12.9%

4 9%

4.1

16.0%

4/3%

23
N/A

C

4,0%

$96.

11.76

26%

2.9

Ctceed

29306

133%

G6

10.5

Limitad

29303

122%

tti'%

23

A

Clased

700'

2,6%

13

B
MSS Arb

29U

Ciceed

C

H Arb

Open

A

3

Loan Origiratton

93%

Cleated

: 3997

A

open

3955

10.6%

92%

0,6

23
1.6

Statisticit Arb

A

Ctosed

1023

16.6%

6%

Multi.Stnttegy

A

Open

4993

9,6%

z3%

Open

191

172%

01113e

1.6

Ç

Ciceed

29119

1.0%

BI9,

NIA

D

Clased

3990

16.1%

9.5%

2.9

EquityMlN

A

Limited

19P

175%

013%

Ii

Cap Steuci Arb

A

Ciceed

2901

193%

7 0V,

23

Sonate: SteaJingStamos naJpII.

I.

Since iaaep6on ebene Poetbolio M.at%n.

2,

Shaopeeadoiabnedoos%dskfteeaate.

29

CONFIDENTIAL

SSMT00026056
SS M SAAOO 26056

Security Fund
Underlying Portfolio Manager Results Continued (through 1/31/05)1
INCEPTION DATE ANNUALIZED RETURN STANO

A

Limited

g091

Closed

3954

125%

limited
Limited

e

Closed

8

Cosed

DEVIATION SHARPS RATIO2

101%

D

Event Driven

FUND STATUS

C

SUO.STRATEOY

FUND MN4ACER

U

STRATEOY

Distressed

LO

4t6.

1.7

148%
21198

13

164%

51

184%
1952

33%

3.8

180%

3 8%

2.8

21

LIS Credit

A

Cosed

10111

19.611

.68%

V

Cooed

I4

9.6%

ia

Merger Art,

A

03%

aS

1.0

Event

A

Open

193%

9454

13

Closed

S6

16.4%

59%

1.9

Limited

2095

14.4%

23

3

Limited

2t612

93%

2.1

Ç

Limited

3;9

18.6%

41%

A

Limited

1919e

4.1%

fl%

N/A

S

N/A

N/A

1.4%

01%

N/A

Equity Hedged LIS Mutti

Cototo

Cesh

Open

Sousce: Sterling Sotmos onrl)ain

r

Since inception of each Portfolio Mone5er.
Sheep ericen os bosed on 5% chIc fees rara.

ci

CONFIDENTIAL

SO

SSMT0002SO57

SSMSAAOC26O57

SterLing Stamos Security Fund, L.P.
Sample Portfolio Manager Tracking Report

o

CONFIDENTIAL

SSMT00026058
SSMSAAOO26O58

Portfollo Manager Tracking Report
Sample Options Arbitrage Manager
mC 40120201.5432% 101240011102

.002a 242225 20020

Sol

O2LEAPS Th,M,2,290525%129

l00 410023173002244. 0400

T0.02102122%42520.007004001h202029m2%292213100 0505020

MS C50 frso,1*2 2,2.1021291 3158,20,102 ..10,4 05

241102907

008,522 00012m 03111.0.50 lm25010,m12510010110l1250 02000120.731.

3125501500310002w 57552% 5045020

*101.2,2 020000010 509220042 00001 45.1021519 Imom 11007,
1990.2100010.2,lml5C 002122,Iç70004.0942y0%20311040 20122

c000y 2002525120091020200420554531022110.

si Billas
Cos.d

11101p

FO2591 02.1140

Htb Oh's 141,0

N2 I000r*o4PB.

1411017w, Isis..lonoO

$202.000

l.0071pIE,, Poqoo,7

Ml2*7 03.0 Ill

9.2.ss.pII,,N,I12. P05004

400071

Aonio 024.7 Mar,i.mo4

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top

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po

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150%

7574

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oto

lIlt

292%

4,14.

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202% it014

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2000

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145*

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3144.

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1.04.1000522%

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2552*
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,_%2*2ll14*524222%550$C0v00915200IPO.022221950%

7,331

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1531231

I

0721

210%

542%

7420%
1020%
1102%
1040%

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005%

110% 2110k 400%

150*

7417%

Izo 001 202% -0.4*1.20050'

ars

021%

3124k

0900

0004

141031

32%
500%

49-15

20% 700%

10,1 220
202%

0%

i7
0110*

212204*115%
100% 4310'

100%

2030

190%

05.0*

205%

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0*2%

151%

04l55

02%

5021

252%

102%

55747¼

211%

0*2%
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51%

00272

222%

24475

200%

l90%4s04.I*I%2c0t12% 50*27201400
202%

0*5500

0000

12112%

2111540200*2900314.502155Ml

A1024510000091191 G. moloc
925100 11100120020

Monl0502.o2. 0.22 4*
21000.r0 2,47.122
AsIno. P2412,. R.5w0
2*011005 0.1.10. 9.luim 22m1*Iy
0101

L± sI 505 0 202 020231

L.s...1 booby Pollo
Ao.r.c. 070 1.II.00 07,3420010

W. :.

r .:01041010*75o:
.1.404.0 PossO. 031410%

9*N.2.l*a BOrIC,
-0.24% 3131200*554.05312

fl

CONFIDENTIAL

SSMT00026059
SSMSAAOO26O59