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 28

Sent:

Kevin Barcelona [[e-mail]]
Wednesday, June 25, 2006 2:51 PM

To:

Spiro Stamos; Saul B..Katz; Peter Stamos; David Katz, II; Dunleavy, Kevin (GMI- CD

From:

Cc:
Subject:
Attachments:

Management); Eisenbeis, Will (GMI - Business Development); [e-mail]
Ashok Chachra; Kevin Okimoto; dared Kanover
June 25, 2008 Sterling Stamos Board Meeting materials
June 25, 2008- Board Meeting (Financial Update).pdf; June 25, 2006- Board Meeting (Fund
Raising Update).pdf; June 25, 2008- Board Meeting (Investment Performance Update).pdf;
June 25, 2008- Board Meeting Agenda.doc; June 25, 2003- Board Meeting Attendees.doc

Dear Members,

Please -Find attached an electronic version of todays board meeting materials. A hard copy
of these presentations will be available at todays meeting. We apologize for the delay in
delivering but we wanted to ensure that we provided the most recent investment, fund raising
and financial reporting through last night. We look forward to seeing you soon.
Best regards,
Kevin

Kevin Barcelona
Chief Financial Officer
212 287 2861
kbarcelonaSterlinRStamos. com
http://www.sterlingstamos.com

450 Park Avenue
New York, NY 10022
T 212 287 2800
F 212 287 2900
2498 Sand Hill Road
Menlo Park, CA 94025
T 650 233 5000
F 650 233 5100
This e-mail is intended only for the person or entity to which it is addressed and may
contain in-Formation that is PRIVILEGED and CONFIDENTIAL. No privilege or confidentiality is
waived or lost by any mistransmission. Any review, retransmission, dissemination or other use
of, or taking of any action in reliance upon, the information in this e-mail by persons or
entities other than the intended recipient is prohibited and nay be unlawful. If you are not
the intended recipient, please telephone or email the sender and immediately delete this
message and all copies and attachments from your system.
This communication is for informational purposes only. It is not intended as and does not
constitute an offer or solicitation for the purchase or sale of any financial instrument or
as an official confirmation of any transaction. All market prices, data and other information
are not warranted as to completeness or accuracy and are subject to change without notice.
Any comments or statements made herein do not necessarily reflect those of Sterling Stamos
Capital Management, L.P. or its affiliates.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE 0F FUTURE RESULTS.

/1137I
LEXHIBIT "ÌPJ
CONFIDENTIÎ.L

SF,T6 80415

STERLiNG SIAMOS CAPTAL MANAGEMENT, LP.
Fhianca! Update
June 2008
Confidential Prese;i tation

Ç-__::i

jP

ï'n

": ?i

t

Contents

July 1, 2008 Run Rate EBITUA

Gross Reveime Calculation

AUIVI Re.conciliaflons

Historical Gross Quarterly Return Analysis

F1 JIUrIU!tiiM
tA

July 1, 2008 Run Rate EBITDA

Sterling Stanios Capital Management
EBITDA Run Rate July 1, 2008 - Confirmed Capital
As of June 25, 2008

Projected
July 1, 2008

Fee-Paying AUM - June 1,2008
Net Fee Paying Contributions
Net Fee Paying June P&L
Fee-Paying AUM - July 1, 2008

$

5,856,396,901

$

1,939,577,889
(15,064,310)
7,780,910,480

Management Fee Revenue
Incendve Fee Revenue
Total Revenue
Expected Expenses
Not Profit & Loss

$

60,110,404
45,765,032
105,875,436

43,510,833
62,364,603

EBITIJA

$

3,986,204
66,350,807

Run Rate Net Revenue

$

99,555,436

EBITIJA Adjustments

EBTTDA Margin (to Net Revenue)
EBTTDA Margin (to AUM)

* Average of the lastS quarters excluding the highest and lowest.

(n

N

o
(o

o

66.65%

0.85%

Sterling Starnos Capital Management
EBITDA Run Rate July 1, 2008- Confirmed Capital
Run Rate Management Fee
July 1, 2008 Management Pee

$

15,027,601

$

x4
60,110,404

$

11,441,258

$

x4
45,765,032

Run Rate Incentive Fee
July 1, 2008 Incentive Fee

Expected Expenses:
Cost of Sales
Salary
Operating
Bonus
Deferred Comp (20%). See definition Expected Expense

F-.

o

EBITDA
Interest
Depreciation
Taxes
Illiquids

$

6,320,000 Estimate
10,891,678 From 2008 Expense Budget
9,834,886 From 2008 Expense Budget
7,311,263 From 2008 Expense Budget
9,1153,006 Calculation

$

-

43,510,833

o

o
Ni

211,607 From 2008 Expense Budget
587,416 From 2008 Expense Budget
1,473,902 From 2008 Expense Budget
1,713,279 From 2008 Expense Budget

$

Ni

$

3,986,204

Gross Revenue Calculatjon - Confirmed Capital

Sterling Stamen Capital Management
Cross Revenan, C.sln,talnr . CenArmed
Frnn&Fcc Casses

sIgns! Feo

Incentive Ecc

Effective 70

AUN'

Cross R011
Quartorl

Calculated
Incentive

Fslanogerne,e t

Fee

Fee

Fheslbi,xnnc
tesen', Casis N lanageEnct t
@35 Isatis points
8325 Isatis points
@23 hasts points

280,241.609
0.25%

0.10%
0.10%

0.23%

Slerling Slarnnn Enhanced Fixed neon,,, LI'.
General Partner

0,001%

Internal

Sterling Staanon Uquidity Fund, LP.
General Partner

I. 16%

1183.03%

1.1096

058)2 j

-

103.03%

1,10%

-

133.02a33t

0.03%

118648%

75213,488

103.03%

1.16%

76,401

-

2,823,520

035%

119118311

8.84%

-

10103%

0.84%
0.84%

-

-

-

14231)3

I

03021

0.10%
0.10%

2823,520

103.10%

0.109%

145,077,633
126,331

100,009%

0.007%

101.03%

1.02%
1.61%

Internal
External

0.01101,

0.0391

6,245,251

10101%

2,61%

1.0001

73,920,244

110.10%

.62%

Endowment Partners

1.00%

0.03°1
0.10%

110.03%

1.62%

184,801 J
20,326

Encluwn,cn I Mosler

1,00%

0.1091

103,0311

1,62%

122,462

Enctnwnsenst Select

1.00%

0.03%

8,130,536
48,992,79!
7,212,443

110.10%

1.6291

111,156

30,979,090

100.007's

1,43%

fl,448

0,00%

103,00%

1,43%

1.00%

0.10%
0.10%

103.03%

1.4391

55.309

0,60'?,

(OWl's

103.111%

0.43%

22129

Sterling St ornes Uqenididy 0000slsar,l Feind, Ltd.
Internal
External
tindownoent t'Istlanttarogle

.

'

22427,0.52
8,850,439

-

-

345,765

-

.

-

I
I

F

Absolute Returns
3,936,257

80,69%
80.69%

2.3311

0,203,357

403,308

80.69%
80.69%

2.33%

79,672

2.33%

26,721
5,669

2.3991
2.3391

16.902
394.200
1,571.198

1361,915

80.67%

2.33%

670.038

419,978

121,022,585

100.009%

2.089',

1,022,016

30.9,136

12,7t64Z1
301,194,103

I(11,00t11,

2.11191

10348%

2.0611

752,905

General Partner
Internal
External
Merritt IQ Feeder
Endowment Pm nets

0.00%

0,0371

0,0091

5.03%
5,10%
5.1091

31,865302

1.0071

5.0391

End nwmens s Master
Fselnwnsen t Eetweren't

1.000.0

1.00%

5,01%
1000%

Security Leeered

1.00%

10.00%

6,760.6?3
117,716,014
628.479,394
268,535,516

0.0026.

5.1016,

0.00%

5.10%

1.00%
1.00%

5,0301

0.15%

0.10%

0.0071

0.03%
0.10%
5.0391

21,432,406
185,793,33?

60.69%
80.69%

488,312,325

Sterling Stamss Securit" (OfÇsIsnecl Rund, Ltd
Ititerenl
tent
LeeretI Oílstss're
Endowntenn Pittlostlsropic
Slerling Stmnas Security Unit Trsnst
External

sterling Shunts Security Ftund - Select, LP.
Genernl Partner
Internal Serurity)
Internal
External
External '50 basis points (Class C)

External -no fee (Class 0)
Merrill Q Feeder

2430,192

2,33%
2.35%
2,33%

2,636,861,829

S ledit, g SInnes Secstcitnt Eta's6, LP.

1,00%
1.00%

521,016
61,835,929

.

861.6991,

0169%

.

'

'

0.0091
1.00%

050%
0,00%
1.00%

5.10%
5.10%
0.10%
5.10%

103.03%

2.08%

103.03%

2.0311

165,301
103.330

103.0391

0.03%

110.10%

0.0391

80.16%

2.4491

842,900

08.16%

2.4491

(StIll

2.44%

06.1691

2.4491

06.1691

2.44%

88.16%
88.16%

2.44%
2.44%

88.16%

2.4491

13,229
275,506

3,044

527,108

32,2,0.9

3,614

9,717,421
423,875,080

0.00%

10,120,423
41,192,036

9,717.421

0.10%

58,004

.

93,215,832
10.129.117

17246,682

,

I

.

80,321

399,171

23,070

461,404
116,520

179,302

43267

16,767

95,235

Sterling Stamos Capital Management
Cress Revenue Calnilalor' Con firmed

Calculated
Incentive

Cross lOOR

F,rn,ttFec Casses

Mgmt Fee

Incentive Fee

Effedive %

AUGS

Encire, incisi tetualer
Enclownien I Seled

1.00%
1.00%

5.00%
5,00%

Sterling Suamos Security (Offshore) rernd- Select, Ud
Non-Fee Paying
internal

0.00%

0.10%

030%

External

1.001e

5.10%
5.10%

299,111,929

0.00%

0.101%

0.00%
0.00%

1.0096

5.00%

External

1 00%
1.00%

5.19%
5,10%

Sterling Storno. tevere d (Offshore) Foin d, Ltd.
Esterna]

1.00%

0.10%

Sterling Stajomes Sururlured Fin lince Fund, LI',
G nierai Partner

(1.00%

Interni, I

0.002G

Estenial
End aserien t Master

1.00%

0.00%
5.10%
3.09%

1.00%

5.001%

0.00%

0.0016

0.00%
1.00%

510%
510%

1.00%

.5.00%

Fee

08.16%
68.16%

144%

91,239

2.41%

127.311

35,275
49,234

110.00%

1.71%

747,780

218,903

221,1119

1(01.101%

1,71%

1101.1)1%

1.71%

103201%

1.7l%

110.00%

1.56%

.525,Fe49

1131.00%

.59%

010%

21,143,888

'10,10%

1,56%

0.00%

67,131346

110.10%

1.569G

161.110%

8.52%

183,715

4,241,676

101.10%

0.82%

10,622

2.190.867

1001.181%

0 82%

7.327

66.206,321

219.01%

0.61%

165.766

121,409,307
120,409,207

100.00%

2.811G

110ftt%

2.54%

321,023
321,023

332,953

89,177,545

.

30,495,428
50,936,480

73,405.683

199.00%

1.29%

90,087

34,054

508,193

119.00%

1.29%

34.051

-

-

747,780

-

218,903
-

332,353

'.,

'.

.
33,190

110.101G

80.419's

2.33%

592,094

530,259

88.41%

2.300G

59.927530

88.41%
88.41%

220%

204,879,622

2.301G

512.199

185,349

31,9531156

88.41%

2.301%

7,899

28,958

832,393,155

.,:

l.29%
1.29%
1.29%

297,295,606

Steeling Sutunas ("leOni Oeslit Opportunities Fstnd, LP.
General Partner
Internal
External
Enctnwn,en I (laster
.

Fee

88,801,282

Sterling Stasnes Security (Offshorel Fund- Select Levered, lid
Internal
Eaclownnenl Philanthropic

''.

Ossorterly

299,339,978

SterlingSlanmos Security [tossi- LrverrI5 LP.
Cenerei Partner
Internal
Enema]

EspOlios

tOlanagesnesst

40.631G

3:40%

1,289,1141

931,606

52,633,667
13,272,132
22,762,612

,

S ierI), g Suamos Groselli Eso,.!, LP.

,

119.00%
100.10%

': .'.

516507

.

275,332

60.926

.

548,410

48.6396

3.401G

'

-

0.00%

0.10%
10.10?,

86,229,69,0

48.63%

3.409G

.

42,457

1,00%

10.009G

247,623.264

48.63%

3.40%

619,058

378,987

1.0(3%

10.10%

12,071,772

40.571',

3.4(11e

30,10/

Endowment Partners
Eotdnwn,en t (laster

1,00%

10.109G

48.631G

3.401G

1.00%

10.101G

27,361,697
71,517,352

48.63%

3.40%

69,154
178,795

19,400
42,336
109,458

End owneent Erthmtced

1.001G

10.10%

159,738,761

48.63%

3.40%

391.647

239.868

86,033,508

31.971G

121,509

0.10%

51.079G

4.33%
4.32%

217,054

030%

-

-

1.001G

10.101G

51.97%

.301G

103,473

67,797

1.00%

10.00%
0,10%

51.9796

4.33%

51.97%

4.331G

40,086
72.525

34,013

1.002G

41.389.316
16,034,348
29.409.643
87,013,710

70.799G

2.40G

114,073

198,51111

0.00%

0(0%

0.00%

10.00%

510,473
41,665,018

78.70%
78.79%

2.40'G
2.10%

'

78,652

General FarIner
Inlnroal
ExIerna]

0.0016

Merrill tU I"eecter

Sterling Storno. Groseffi (Offshore) Fund, Ltd.
Internai
Externa]
Leveeed Offshe,re
Endowment F'hiiantiiropir
SterIli, g Suamos Acceleeati,in Fund, l.P.
General Partner
Internai

'

-

'

-

Steeling Simas, Capital Orlanagernen t
Cro.,, Revenne CaIcn,Iatne Caníirn,ent

Fuadlfee Ossnes
Eater,n.,1

CaIrnIoI.d
Mgi's' Fee

Incentive Ecc

Offedive 91

AUSI

3,66%
3.66%

3.400

29,170

61.40%

2.66%

-

26,621

1,340,064

61.40%

3.66%

3,400

42,841,014

85.72%

2.37%

005,749

585,973

85.72%
85.72%

2.37%

-

-

2.3716

-

-

2.37%

236.931

85.72%
85.72%

26,683,727

85,72%

2.40%
2.40%

13,200,143

61.405e

61.40%

11,840,079

Sterling Stame, Acceleralion Offshore) "t'tisi, Ltd.
Non-Fee Paying
Internal

0.00%

0.10%

0.00%

10.00'.l

External

1.00%

10.00%

0.00%

0.00%

0.00%
0.75%

10,00%
10.00%

'
'

Eatemal-Ssbantspotnt,

03.5%

1000%

Paternal-lOO 'acts pantoIs

1.00%
1.00%

10.00%
10.00%

19,414,59,1

Fndnsvnient Mister

Incentive
l'or

Fer

55,447
25,700

76.79%
78.79%

00.00%
10.00%

Steeling Storno, Legacy Estad, LP.
Cenerai Partner
Internal
Extensal - 75 basis points

Slanageenent

38.832

30,428,595
15,200425

2.00%
1.00%

Enclusentent M alster

Cross ROK
Qssaderlv

-

76.070

-

-

503
(6.709

9,9.72%

2.37%
2.37%
2.37%

2,949

40,114

-

85,536

Sterling Siamo, Europe huid, LP.
C,ncral Paran,,'
I, irreal

93,782,113

74.0094

0.97%

0,00%

0,00%

541,442

74,28%

.57%

0.0001,

(0.00%

77,195,024

74.18%.

1,S791

[talernal

1.00%

383,314

74.1816

1.57%

Est,,lusv,n,en I Master

1,00%

10.00%
10,00%

15,663,3.32

74.11%

1,5710

956 I
$9,159

Sterling Slamos Anis Ftutd, LP,
Cenerai l'art,,,,
Internal

43,892,196

16454

06,710

0,10%

550,526

80.53%
83.53%

2.85%

0.00%
0,0011

10.00%

31,090.001

00.5291

10.00%

351,0.18

10.083%

6,279450

00.53%
80.53%

2.8594

Endnwn,ent Master

.00%
1.00%

SlerlitogSlames Eqt4iy Fund - Seleci, LP.
General Partner

945,759,948
0.00%

0,10%

716,594

Internal (Class B)
External (Class A)

0.00%

10,00%

2.00%

10.0016

External '50 basin points (daza Di

050%

Es leni al -no fee (Class E)
Merrill IO ('eerIer
('rd menean t Mast,, (Class C)

0,0071

Esalownent Select (Class Ci

.

2.65%
2,eS%

.

82,772

2,81%

955
15,700

799
15,530

100,00%

5.97%

0,152,223

5429,359

436,578,152

110.83%
100.83%

5.97%
5.97%

-

227,014,698

110.83%

5.97%

567,737

2,608,175
1,799,920

10.00%
0,10%

61,262,135
19.945.073

100,83%

5.97%

76,578

358230

110.83%

1.00%

10.0091

88,743,0.0

1183.11)11

5.97%
5.97%

100%

10 v0%

72.116,1.51

1111181%

997%

224,095
180,390

913.701
417,502

0,0091

10.00%

41,304,536

110.83%

5.97%

103,261

236,431

43,739,000

100.009'.

5.979',

25,830

207435

fOGli,

External

34,739,001

1001.00%

5,97%,

183.8311

5.97%

10,000,0W

100.83%

5.97%

25,100

-

114,766,838

108.00%

0.83%

45445

-

1,749(115
111,017,563

8(81.101%

11,10111,

4,374

1111.103%

0,0294

141,271

Sterling Stame, Equity Offal,,,,) F,snd-Selcct, LId.
Exlennal

2.00%

0.00%
10.00%

Enrlos'an,etot l't'iIaaII'wptr

2,00%

0.82%

In lerna I

1.110%

11,1X111

External

0,50%

0.8291

0,0001

0.00%

0,00%

10,0011
10,00%

S scritti g Slam,, e semInate d Value 000íshnre) rund, ltd.

.

Iliquids
S tnrli,,g Slam,, l'rivale Equity Fund I, lP.
General Partnce
Internal
External

150,090,830

1.0011

1,830,000
26,224,000
122,775,100

I

0.00%
0.00%

306,938

0.00%

0.00%

207,9,15

.

306,938

I

-

Sterling Slannos Capital Management
Crocs lOevep,i,e C.,Ici,lalnr . Cn,ilirnied

Calculated
Cross ROE

Punt/Fee Classes

Mgnt Fee

incentive Fee

Effective '1

AU\-I

Management

Incenlive

Quasteely

Fee

Fee

.

1.00%

0.10%

Clonerai Partner

0.00%

Internal

0.00%

0.10%
10.00%

Erstemal

1.00%

10.00%

External - No Incentive

1.00%

0.00%
40,000,000

0.00%

General Partner

0.00%

0.00%

500,0410

0.00%

Erstemal

1.00%

10.00%

39,500.090

0.00%

98,750

8,250,001

0.00%

20,375

General Partner

0.00%

0.00%

100,000

0.00%

le terraI

0.00%

0.0(1%

Erstemal

1.00%

1000%

000,i,

0.1011.

Ealerital - Nc. lilestittise

S lerliisg Steines Real Assets [tin d, LP,

0,00%

146,050,000

Sterling Stamen Real Assets Fund (Al, LP.

Sterling Stamen Real Estale Fund. LP.

0011%

510,tOJlJ

U.OIJ%

5,000,000

0.00%

t39,S50,FC0

0.00%

0.0011.

0.10%

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(167,9255

15,275,059

25-610,330

(69.211)

25,496,219

10.6816,146.

(11L561)

16.761,569

.

.

-

-

-

140,119,160
,

10.600.6r0

.
.

147,1.10.221

1,154.290

67.042,712

114302

130911.109

90.606,610

,

--1900,11111

I 7.9299.109

52,022,201

20514.00

l'_90406)

25.275280
1549P,919

200,219

20.701555

012,226

'
'

.

1161.67L'.105

131,1001590

1.040,000,000

90,079

-

-

2192615,100'

1,0564081,007

.

l.094,15)9,000

I

101,006073

Absol ele 6,',,m,
Eq'.i o)

-

I'ris,al, 19,3,6
lUcI Ar,,,,.
C,,l,,s',atnnn,,I

-

1461,010

101.004,659

:55027,940

4 )0,760,5IP

111,9'S

419,110,709

277.921,794

2,4073901

(6.900,0611

2,062363,931

Fiend in,,,,,

41, 129,271

1.927,011.01S

100,22562

7.102,960

1,961,919,.°56

255.76,1,991

3170.69-1519

'01,422.039

21640',577

9)1,629,554

20,527106

90,7al9.9(0

2957316.397
1025441,952

124721.7145

1,003,723,208

(274.5171

562595,765

-

76,097,921

-

073,773,106

-

112,773,100

.

5(2,601,0)91

-

102,901715)0

-

.

3,995,000

1.661.600

'

Pn,]aene#ore

771,000,019

16,l9i,920

769,699.401

NIanoend keeui,to

312520.241

4.031,616

316.963,071

5,661.902,049

77,1551.110

5.742.652,011

11,609,590
'

114,344.097

326,180,799

1520,701.997

071,775.107

111,275.108

'02,6(8,0)6
0.1110.600

(19,991.432)

40,1000,000

172275,1110

'-10,501.000

202,0l10.1915

44,1X91,5019

l4iolOP310

-

1.600.000

41.00)91)09

7.56)600

0500e-011

10506,000
09,055,040

(55,067_590

710009,462

(260.16))

716,195.660

.'1, 087,190

052,000_190

310.901.070

2.091,041)

31'i,671.009

(,325579,80

1410,170.900

2.941.666

1345.700.059

5656590,971

119.0043101

5,921571,592

0,959577.069

2,700.916.400

81,006,150

1,053.921.9P6

Sterling Stamen Capital tatiagemeni
A UM necn,te¡Iiatin,n ll'rn,nTri,l Batanees In Ma1 1)'

pam 1/B.c

ApriI 30, 200e
Fund/Fee Classes

riaedrnrome --

Slav 1,2003

AUS!

Aelivilv

'SUM

.

.

-

.

135,300,218

(14,805,036)

170,054,282

g 35 ranis peints

56,9t0,704

l277,t37)

96,633,567

0 25 basis points

2,077,013

(190)

2(77,605

@23 basis pointa

126,761,711

(14.6)8,001)

1)2,143,111'

Rentre,, Casts I'd anagernen t

Sterling Slamos Enhanced Fixed l'moine, LP.

3,958,183

'

3,958,183

3,9)8,183

'

3,958,183

CeneraI Paritmer

IntentaI

Sterling Sla,non Liquidity Feind, LI'.
General Partner
InternaI

Eslernal

153,911.663

522,178
1,731,5%

71671,257

Er,dowmenl l'artnees

5,039,708

Endowment Master

(6,718,84?

Endowannent Sated

Sterling Olamos Liqoidily 10(61,0cc) Fsmnd.Ltd,
Intannal

7,211.193

34335,964

ç)

Esterna!

z

Er,do,vn,etnl Philamnth topic

32,731,854

'1
H

o

'
'
(4,664,668)

.

'

(1,000.000)

178,279.995
522,178
1,731,390

68,006,615

5,089,768
96,718,847

6,211.193

-

34,339,964

-

21.584.110

.

1Z751.854

-

21,514,110

o

(5,661.658)

Absolute-Re................. :
S crIbsg Stamen Security yam,!, LP,

1,5)1,377,241

9,009,0(4)

l,3t0,3sS6,241

5(6,086

-

316,086

liete rital

87,812,697

-

57,842,697

External

426,116,863

Cv'aer,,l Panser

Merrill 1,2 Foclor
Enclowme,nl Partners

-

E0s9,090
990,090

431,305,063
960,000

18,511)06

18,5(7,108

Endossqxnent Manier

197,036,658

100113,X14

158,056,638

Endowment Entinare,!

498,00,5,402

2,000,090

300,095,402

Scettri ly Levered

273,167,429

Slerling Matines Sertir uy l011shnre) [n'id, Ud
Internal

403,143,488

L'sleirma I

295,866,956

Leerte,! 0((sleore
Erdownncnt Philanthropic

14,516,619

-

10,350(00
-

10,350,000

'

273,167,429
413,191,418
14,946,619

306,216,908
45,187,559

46,810,351

-

46,840,353

Sterling Stamen Secttrity Unit Trust

9,833,144

-

9,603,144

Extennal

9,6)3.144

'

9,683,144

Sterling SIamo, Secetrily Fanal -Select. LI'.
General Partner
rtetc,1 t Sola rily)
Internal

293.072,780

Slereir,
.

35,441,051

37,593.230

.
-

-

352.866.038
519.560
-

35,441,051

External

96.632,040

*190,000

134,757,040

External- 50 l'asie points (Clans C)
En etna I ' no fee (Claan D)

81,463,743

662,250

82,071,993

-

16,350,000

16,350,000

'

2,475.0(0

Merrill ID Feeder
Erdonemnsenl Master

$5,890,'4

-

2,475,000
35,090,974

PtO'916'fT

-

'

tCtRO'Ot

23t5C13! IuarnMOpuB

9Z0'916'M
99t206'EC

LC6'l'LStl'

-

Phuja!v3
W011t

3IUIIIL'j l'lotTo D

-

ti!lJ0lS

-

-

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LU5FO'C

-

19'S6UÇL

OL&'SiZ'Oú

¿L9568'iL

310tlSJJo putaIn

09 tOCO

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!doJqiueIi.qd IaiaLuaTol,uS

-

-

-

dl 'PtIltd U0!IUIOIOflVSO1A1U IS

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-

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-

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iíi Il-id

.LL -'tsi UI IiOUCIC'J lepiwbIld) 1IU!IIT!IPt1030I 'Ins
itiowad CUL j S I,I!dL'D towel s SU! liais

S tertio g S tamos Capital

r enagemettl

A UM I leeneettiatinn Irrora Trial Ita ancre lo May l)

PItO Tins
Mat' i, 2009

April 311, 21os0

AUM

Foto diCe, Classes

Sterling SI 'totos Accelera li oto (0000ltocr) Fund, LI st.

Activity

AUM

-

20,013,022

l'Jan-t're Paving
Internal

9,2,14,022

.

Externot

1,340,909

-

-

Stertingstatnos Legacy Food, LI'.

44,605,262

General PatIner
toternat

-

t,340N09

526,810

-

-

-

Externat. 85 basis palais

9,264,022

11,6115,262

526,810

External - 75 basis points

10,613,011

116,688

.

246,680

Externat - loo basis pe'ìnts

27,782,597

-

22,782,597

Endowment Master

16,019,167

.

16,149,167

Strrlingslemot Europe Food, L.P

03,145,987

General panner

12,000,0Cl

549,316

Internat

-

66,317,673

12,000,020

95,145,987
549,316
78.317,673

347,874

.

387,874

Enctownsrnt Master

15.834,124

-

15t891,124

S terti'sg S tamos Mia Fitti d. LI'.
Cenerai Partner

44.259.493

.

44.259.493

542,697

Internat

36907ß56

.

390,259

.

360878.96
390,259

6,48,802

.

6,418,681

Externat

n
o

z

M

Externat

a

Erdotvnsesx t Stossen

H

.4

Slerltog Statnos (quit1' Futtel -Select, LP.

360,800,761

Genese' Partner

65,779,620

-

7138,977

tntrti,aleCtasa 0)

147,900,669
82,917.062

562,697

129,660,382

701,977

1,324,620

53,733,478

8,111,269

Ext,ntstl- Il [tesis ('shits (Class D)
External 'no lee (Class E)

35,035,000

51,408,851

Exteraa I (Class Al

171,960,669
117,952,061

5,406,000

13,561,269

24,000,000

'

Merrill 1t4 Feeder

2,070,000

2,970,020

Endowment Mosler (Class Ct

31,783,663

-

31,783,063

lirtdo,s'rneol Select (Class L)

26,662,265

.

20,982,207

Serti ltg Saínos Concentrated Val,,, 1011ottaret Cutid, Ltd.
tnternot

206,072,652

.

106,071,652

1,519.851

Externat

114,532,801

-

t01,532,OlIt

-

'.

156,660,000

-

26,224.000

-

122,775.100

tttqtaids

.

Sterling Statnos Private Eqoity Fund I, LP.
General Partner

-.-:

'.

250,060(110
1,060,000

lnieotat

26,224,900

Externat

172,775,100

External' No tncmttivr
Sterling Stamm Real Assets Fond, LP.

1.819.951

-

-

-

1,660,000

-

146(50,000

145,090,eoo

-

sonroso

.

900,000

Internat

9,000,000

-

5.900.060

Ex terna t

139,659,000

-

139,650,0030

t Partner

External' No lo'enti s'e
(n
0'l

'4
o'
03

o
w
L'i

.

-

-

Sieri ing S tamos Capital Managerneto I
AUM liecom,c ¡lia tinti (From Trial Balances In Ma9' 1)5

Pitt Till's
-

Mcvi, 2008

ApriI 30, 21118

AUII

Activity

AUM

OendIEce Classes

S erlitt gSlamnos Real Assets Fu,,d (A), LP,
Cette' al Partner

40,020,000

-

910,000

.

5013,030

Feiern,, I

39,501,1t00

-

79,500,030

8,25t3,ttOO

-

0,25(10(05

10(11110

-

lSJ,WL

Externat

8,150,003

-

8,150,003

Stertitsg Statuas Natural Resources v'tn,], IP.

3,900,11)0

-

3,990,003

100,030

-

100,0311

.

-

S torti ng alamos Real Esta te F,m d, LI'.

Getterai 'cerner
Internat

Grnerat Partner

Internat

40,100,030

3,850,003

-

3,850,003

1,750,000

-

1,750,0(01

140,000

-

toe,W0

1,630,003

.

1.650.003

144,650,0)0

-

144,600,003

101,1110

t

139,000.003

'

139,000.0(0

Esterna t

5,030,003

.

5,000.0(0

t

StertirtgStatnos Oprrating Assets FLI,,d, Lt'.

-

G encra] Partner

Internat
External

Sterling Stators Co-Inrestoaro I Frisst I, LP.
General Partner

S Irrting Stain,, Privat, lqrtty FontI lt. LP.

10.000.00)

-

000.1151

10.100.003

Cene,at Partner
External

.

ritornai' Nu t,,crntis-e

.

-

-

Erdc'tsine,mt Solee'

10,0120,000

-

10,030,030

Strrttng Statnos R,at Assets Fs,,ad It, LP.

10,040,000

-

10,030,030

General Partner

Inirmal
External

.

t - No treertive
Erelownient Sleet

-

.
.

-

-

10,tllO,tO

40,971,529

-

40,971,529

84,984

-

84.9)4

40.04(1545

-

40,880.515

318,219,193

-

318.119.193

518.727

-

518,727

Fstrrnat

1177004M

-

317,7tXm.4n0

StretingStamnos E,rtow,nr,,I - £oI,anre,I ForatI, LP.

221,994,029

-

221,594,529

52(1637

.

516,637

121,087,093

-

231,887,802

Endowtaa,nts..,

10,0120,011)

.

Stirling Str,mon Endowrnrol Fmtttd, LP.
Genort,] Panner
External

SeretingStatnus Endrssm,t,t .1-lastres t'u,a,t, LP,
Gene,aI Partner

General Partner
Insten,,, I

mer' 'sg S lamas liad atetaseis (O Ilnttsrrt ' I't,itn,attsea pie rod, L
Getsaratratttsar

.

.

-

89,4a2,"a

-

55,482,178

S serijo g S lamas Capilal Masagemnisl

AUM Reman lia lin', (FrnmTnial Balances In May 19'

PFR T011's

Marl, 2,115

April 30, 21X11

Aclivity

AUM

F,,,s,llnne Classes

Esiernal

59,44ZW8

S brIlli9 Sla,i,os Security FaucI - Friends & Family, t.?.

52,533(56

-

59.483,279

2950go

523720

General Fariner

AUN

52,52Q06(

-

523220

52,051.286

295,090

52,296.284

Serbi big Sismos Iindrw,nnnt - Select Farmers turnI, 0F.
General Fariner

90,707,6W

19,0W

90,726,6(X)

10,293,527

-

10,293,127

ENlomo!

80,1(4,473

'9,050

10,433,473

Mana0e,iAceoanls

'

_:-_

--

VA Q Onshore Fund, L.?,

146,333,931

-

146,333,931

VA IO 011shore Fund. Lid.

04,628,249

-

64,628,249

ML Tailored Molli-Nlanaqer Fund XXVI, L26)

34,233,763

.

34,233,763

ML Tailored MirIli-Menager Fund 2CV11, LP (17)

25,1)4,771

ML Tailored Muliì'Msnn0er Fund XVIII, LP 183
ML Thilored Mulii-Marrager Fund XXIV, LP i24(

25i297,690
16,631,839

Regislered rund
New Mamaged Accounts

GrandTolal--Fiend Incoa,,'

Al,solr,re Returns

.

-.-.
401,777,277

2829,531,684

rqaiiies

918,224,934

Peis'aie F.quiiy

132,775,lW

Real Osacrs

202,800,900

Co-Invcsrrnen I

5.1100480

Endowments

771.537,940

N lanaged Accoua Is

312.330,242

3,573,992,078

All April 33, 2901 thlorraslion X) troni (lie 'sod's thIrd-parry admiarsiralor

25,184,771
-

-

25,297,690

.

16,651,839

-

:

-

(20,5,11,654)

.91,21467?

63,351,250

2,892,883,934

47,804,620916,029,554
.

'
314,0(0

'
90,915,206

132,775,100

212500,909
5,900,900
771,666,848

312,130,242
5,664.902,344

SierI ing Stamni Capi ial Mailagelnen t

Cal

luir lAelivily

ColIfiroled

Per Flln6Ilaining

Pincel Income

-

3,119,537

31)9.537
.

I nlernal

Fnelo'smeals

(2.656,065)

Aelivity

'
.

1876,8941

(876,894)

.

-

.

Iniemal
Exiemal
Meen li Q Feeder

.

35,000,010
20,692.500

.

Endeawnieni Enhanced

Endowment Manier

SIenIii'gS(arnot Security (Offshore) P11116, Lid

'

-

.

4.500.03)
7.903,422

'

48.000,03))

.

7.963472

.

5.000.000

-

3.000.033

.

-

148,6853.600)

148.000,000)

.

.

-

.
,
.
.

.
'

.

17.800,00)

-

.
.

-

04.000.3)0)

14.076.891)

.

'
(4,000,600)

-

.

127.188,254i

.
(27,)86,254i

-

'
-

.

06,659,096

'
'
'

-

-

.

.-

-

-

.
.
.

-

l43,(Ai,CO2)

_

.
.

121,660,086

(076.891)

-

(876.894)

'

-

(4,0(0,0(01

.

(876.0)41
14000,03)1

91.712,056

-

91.712.056

i27,006,2540

16,500,0001

(12,000(00)

(12,lX01.Ú.'il)

700.004

91,0)2,050

-

20,692,500

'

20.692.853

'
'
'

12,000,0)00)

.

(12,nn1001))

.

43.000000)

'

(43.0(0.030)

-

14),iX03,070t

12i4i69.096

-

121,669.09,5

(8,500,0003

.
.

(5,5<52.000)

.

(15,5(10,03))

-

127.104254)

700,10)

39,354724

121,669,086

2,270,2)4

'

2,278,234

-

2,178.234

-

(2,438,4471

.

(2,478,4471

.

.

(9.2833151

(9,283319)

.

20,020,006

-

'
'

(2.438447)

.

-

-

'

'

'
'

-

-

-

'

'

.

-

Iniemal
guenon!
Merrill il) Feeder
lindowreenl Farinons
F,ndnavn,ent lelasier

-

-

'
'
'

-

.

.

'

'
'

-

,

.
.

-

-

.
,

.
.

'

'

'

43,020,000
5,020,000
-

-

(14,605,5221

(14,605,512)

-

-

.

-

.

'

,

'

-

'

.

,

,

-

-

,

14.030,000

.:.

.

,

0.010499
4,4.55,081

.
,

17,553,6451

(7,583,915)

.
.
.

'

,

-

..

'

(6,iilXi3O683)

-

-

-

-

,

i6,W0.000)

'

-

.

62,850,500

,

23,652,500

'

(20,600,107)

,

5,473,499

42,0X.724

-

'

S irrling Stamm G rule Ita Fund. LP.
Generai Fa rifler

(27.106234)
40,096724

(2438,4(7)

Sieri ing Steines S Icor"ty I) pii(Frusi
Exiemal

-.

-

.

17,560,553

'

.

(4.876,8)4)

-

-

..

-

-

-

-

EnsloasnrentSelecl

(4.876.8)41

,

l20,600,000i

.

Merrill IQpcedee
Ondoiement Master

1000.036

-

,

External . no (se iClass D)

2.500.000

14,600,000)

.

'

.

Exlennal
Eslennal- SQlaasislaoinls Class C)

370.03)

-

.

17,500,000

3.0(0.03)

140.0(0.0)0)

500ft)0

.

-

.

-

.

-

-

(8,500,)

11,316,681

-

-

7,9(3.472

3.053(00

Eiadosvmeiil Phiiaarlianupic

livemal isecniniry)
inremal

-

032.526,5280

'1,5(0,030

Levered Cllfs)aore

Cine eat Serine,

-

-

,

,

Sieriing Stannos S eceini'iy Etilici -Seleci, LP.

132,526,506)

4,5(0000

-

11316,681

Internai
Exiernai

-

-

-

.

'

Eedosviirciao Perineos

(32.536,528)

-

-

,
.
,

Security Levered

(15,163,276)

i45,000,0)

-

4.900,

,

120,063,276)

55,692,500

General Panloel

Aelivity

.

-

-

-

Slenhilig Slamon S ecllrhly Pond. LP.

.

Jeils' I. 2008

Activily

Adiri lv

-

.

.

Po enliai

.
-

.

Endowment Philinilaropic

Equiiies-

JIlly 1.2008

High Frei,
Arlivi hr

.

-

.

-

-

7,500,000

.

-

4.300,000

-

Pelnilial

High Feula

July 3.1008

-

-

ExIconai

z
'.3

Internal

-

.

SlerlingSlamon LiqLlidihy lO(ßhorel Feind, IjRi.
Iniemat

a
t'a

l'rani(er

7,503,000

-

Irtiemal
External
Endowrnenl Farinera
Endownienl Masler
F,ridowmentsoleci

o
z
'Il

12,656,065)

.

General Parinel

Absoltihe tollinas

Canil

-

Slerling Seamos Lie]elishilv P111111, LP.

r)

Redemplions

Seibserip hulls

FunI I/Pee Classes

General
Palmer

20,000,070

(6.000.000)

19193.3191

.

'

(6)3)0.0,51

-

'
5.000,000

48,244,470

-

53,244,478

,
,

.

'

(14.605522)

'

5,020000

'

65.744.478

-

43,702000

3,020.030

'
'
'

16,630,000

700,000

433030,

12.500,0(0

-

.

(8670,000

(14,605,527)
43,200,000

04.665,5221

5.020.020

-

14,830.

0,503.

'
'

'
2504.

2,500,020

12500,000

150(5303)

--,

-.

81,064,915

-

-

-

'
'

'
'

'

-

,

,

,

.
.

.

(4)65.146)!

.

(6,565,146)

.

(6,505,146)

.

4,455,5610 I

.

4,455,030

.

4.4.45.03)

-

-

9,953,6W

9,0(0,000

9,0(0,000

.

.

.

31f0']O,COi)

51,020,020

51,0)0,010

'

0,169,03)
51001.06)

-

.

-

03,175,064

01.064,918

-

'
'

-

'

L

'

'

-

81,364,918
-

Cale

S ruling Olamos Capital Management

fuIe I Adieu1

Endowment Eedsanced

AcudIr

Ach vi iv

.

.

-

23.175.164

23.175.064

-

23,175,064

'

23,175.054

-

-

6,029.250

8,129,250

-

0,829,250

-

0,829,250

2.800.000

.

2.8(0.020

.

2.8(0.050

Partner

.

Activity

Sterling Stamos Grossuin (Oflsisuret Fund, Ltd.

3,005000

(200,0001

'

External
Levered Olistiore

3.050.000

(200.000)

-

'

-

-

.
-

-

.

-

.

Endoemssani Plsiiasihropic

.

-

.

-

.

Storlingotarnot Acceleration Fond, LP.

.
.
.

-

-

.

.
.
.
.

.

(4,126.6420

Endossissent Macler

.

.

.

.
.
.
.

Sterling Stanino Acceleration (0(Ishnues Feind, Lid.

.

-

.

.

.

N,sn.Fee Paving

.

.

internai
ternol

,
.

.
.

.

-

.

.

G encra t Partner

internai

.
.
(4.126.012)

Sterling Starnos Equity Feind -Select, LP.
GeseralPariner
Ineensa I Class US

External (Class A)
External . 50 basis points iClass 05

143,531,263

.
.
48,616,261

-

Merrill IO Feeder

-

-

,

Endoset.teeta Select (Class C)

,

S ecli ugO tatuo, Equily lOIlsIsere) Finid -Seterl, LId.
iniernal
Exiereal

-

Esdosesveni Plxilantheepic

.
.

2,500,000

.

'

6.019,250

(4,116.6421

-

(4,116.6011

.

14,116.6021

4.126.6421

-

103.305,000

-

.
-

-

.
.

.

.

2,500.000

-

2.500.000

-

.

-

5.600,

406,301.785

'

5,79005X1

.

5,1X30,0X3

29,739,11150

5..000

29,739,(1

,

.

.

.

.

-

-

-

-

-

-

.

.

-

.

.

-

-

-

-

54.126Ml)

2,550.000

-

2.500.0510

2.550.010

-

1.5(0.050

-

490,951.705

'
.

-

.

10,000.000

501,951.705

0,300.5712

88,626,2t53

23470.001

06.255,0X1

4n,tyneysi

202,810.522

-

262.810522

89,926263

.

81.926,251

2.9i0.010

-

2.910.5030

3,706.010

.

80.595.020

-

5730,051
06535.050

.

43.1155.050

40,0700.020

-

.

-

-

(4.126.0121

.

2.9i0,0Lt0

'
4o,00nrut

-

'

.

262,010.522

-

10(7201110

12.00(3.020

10X150011

2.0110.010

57(72.005

46439,®(

-

46,4393510

34,739.030

-

34,739.012

1.7(0.010

-

0.7000.011)

,

Ixtennai

i2.500.020

,

-

-

5,500,000

-

44,739.000

i0..000

'

-

34,739,00C

-

,

--

10.4J0O,tIOI

1.7003,001

10.000.000

.

111,110.030

'

1.3.000.020

12.500,000

-

12.500.000

-

12.5103100

l2,300.

-

12.500.050

.

12,500.050

-

3.5(0.050

40,500.020

-

40.500.000

433510,enyl

.

43,000,00(1

.

42,0(01.0,11

-

-

5.5(0,500

5,500,000 I

General Faetneu

Sterling Seamos l'cicale EsiLtity Fund ii. LP.

'

'
'
'

-

12,500,000

Internal
External

.

,

.
.

.
.
.

40,000,000

.

-

.

-

.

.

.

103,205.000

.

-

6.029.250

'
.

.

-

-

.

2,1CO3

.

-

'

109.600,522

10,0,00(t

-

.
.
.

155.605,522

'

-

Ach ei lo

6,029,250

6,079.250

-

Sterling Stanino Cencenimiect Value (Oflslsorel Feosd. Lid.
Intentai

Sterling Olamos Co-macn meni Fune) I, LP.

40,000,000
.

5,790.000

Evetosenxen( Master (CIaÇSC)

-

,

04332.0520

External- nn fee (Class R)

.

,

.
.

2.910,000

Potential

july 1,2008

Potential
Ari i ri iv

Jetly 1,2008

Ensiosoinenis

Casi,

.

1-ligO Penh

liii errai

Getterai

Subacripli ens Redemptions

Fund/Fee Classes

3111v 1.1008

Transfer
intern al

Per Feind Raising

liquids:

High 'rot'

Confirmed

'

.
5.500.000

5.500.000

40,500,0(30

40,500.000

40.500000

40,500.

3.5(0.010

I

-10.500.050

Cene ra t t'a riser

Internal
External
Paternal ' Na incenhise
F.s,lnsvrs,eneletece

Steeling Stamme Real Assets Futadfl, IP.

-

.

'

,
-

kJailIUltitlI

3,fiflil,e651

44,8(0,0)0

.50115100

443X10,FeXl

General Faetne.e

Internai
Scremai
10

t.,
os

o,

o
as

w

'D

.
41,l'olO,iIlO

-

I
I

.

41,05X1.010

SterlingSlamas Capilal Management

Cale

July 1 Aclivily

Cunrnd

-

Per Fand Raising

Externat' No Incentive

Casi,

Subscriptions Redemptions

Frnd!Fee Classes

Genera I

Partner

Internat

.

-

-

-

-

'

Activity

-

Polential

-

Potentiel
July 1,2008

Activity

July). 2505
Activity

-ligO ProLo

Aclirity

lnstosvtvents

-

.

Ftigh 'rob

July 1,2000

-

-

Ens closgexeal Select

Transfer
Internal

Actiritc
-

-

-

-

-

.

-

C donnent,
S lerlhsg Slamns Lndssvmenl - Masters t'rrnd, Lt'.
General Partner

-

11,042.788)
-

.

Ils cenai

'

Steeling Slamns Ettdnsvtoent- Lnhancect Entent, LP.

(1,042,7881

-

4.88 4,150

General Partner
Istensel

4.844.150

Sleet ing Starnos littclosenieont (Offshore). Philnt,thropic fund, LId.

4,300.000

.

-

.

(t,(42.788)
.

.

.
.

50.0W,000

-

'

04,844,100

'

Sterling Statnnn Security Futod -Friet,ds & Patnily. LP.
General Partner
Ealernal

'

-

.

.

280,500)

-

-

-

4,009,500

9)2,050

(4,010.331)

.

-

'

-

-

'

.

-

-

.

-

Getseynl Farmen

.

.

.

L'stertsal

'

.

,

.

'
'

9020W

14615.331)

.

'
.

(1.042,758)

'

04,844.150

-

4.019.550

-

3,653,3311

-

5(10.010

54,844.110

.
.

54,844,100

4,019.500

'

-

-

'

(1,042,788)

(3.653.33))

-

'

Sterling Stamm Ettduwn,et,t 'Select Partners Fnnct, Lt'.

'

4,819,500

-

-

1281,500)

'

Externat

-

-

54,844,108

'

4,300,0W

General FacEtten

(1,042.788)

(1.012.780)
-

.

50.501,000

.

'

-

(3,853,3311

.

'

-

.

.

'

4,019080
13.803,3311

-

.

'

(3.653.3311

.

-

-

,
2.11(0,030

5.1110.0)10

Pettnagrd Aecoutits

VA IO Onsl'ore Fund. Lt'

VAl0011cbnrePund,Lld.

-

-

VAcusletnizeed
ML Tailored Mxrllt-Maateger Fund XXVI, LP (26)
ML Tailored MuIli'Naneger Fund XVII. LI' (17)

ML Tailored Multt-Mmager Fund XVIII, LP (IO)
ML Tailored Multi-Manager F11001 XXIV, LP (24)
Recislered Fsmd

New Managed Accounts

'

Real Assets

Co-Ineeslmnit
lzadowunents

Managed Accounts

1'1

s
05
o
o
A
A

o

'

'
'

'-------------------------------------------------'
'
'

.
.

--

,

,

17,500.500

-

.
.

'

'

.

-

'

'
'

'

,

.

.

.

'
'

.
.

209000.0W
1.058.010.0W

':

t--':.

-

7.550,0W

129,859.181

(42.263,276)

17.550,050

128,764,762

(1l,9t0,2e7)

-

-

'
'

-

'

-

--

.'
-

-

-

'

5.550,950

-

-

-

115.050,1100

--

-

200,0W.0W
t,098.0W.0W

-

-

100.IILO

17.5(0.000

-

20.502.002

-

200.5(0.000

'

-

I,090.0W.O10

207000.010
t-0930W-020

-

(41,413,422)

2550.000

105.764.991

5.750.0W

191.464,990

12,500.000

203.964.971

129.284,314

326,058,709

333,338.709

10.500.000

341,358.759

7.000GO

40.500.501

7.510W
'

('0.669.080

.

-

'

500,0W

(41,517.4221

.
.
.

-

-

-

(49,0W,cW)

.

.

-

-

20.000.003

'

00.050(50

'

.

-

(65.645.141)

17,550.000

-

41.020.500

-

'
'

'
'

40,509500

15,930,610)

100X0210

.

10,0W,OW

0,106.150

-

.

17,500,0W

'
'

-

--

10,010,0W

.

(3,532.959)

1,325,510.0W

.

'

2,119.537

1.714.519,650

ce'

-

10.010.0010

GrandTnlal
Fixed Income
Absolute Esloras
Equtt)es
Private Equity

-

175,913,422)

4)5(0.0)0

-

42.550.000

44,000,501

.

44,000.0)0

'

44,050.010

-

5.500.020

'

5.5(0,0)0

-

'
'

1.325.550.0W

153.073.400

54,167,531

1,939.577.889

50W.000
'

18.550.1(0

59,167.531

25,000.000

-

1.325.550.010
1.958,077.889

r

59500,000

5.550.010
S-7,157.531

l.325.SIiO.020

.983.017809

Historical Gross Quarterly Return Analysis

Sterling Stamos Capital Management
Gross Quarterly Returns Analysis
Growth
Offshore

Friends &
Family

Levered

Growth

248Vo

187%
7.57%

1.42%
7.07%

129%

4.35%
3.12%
3.91%

3.85%

4.41%
6.03%

4.31%

3.42%

0.10%
1.37%
-2.87%
1.85%

-290%

1.71%

1.73%

Ql 2008
Q2 2008- ESTIMATED

0.51%
2.02%
-1.41%
2.07%

4.50%

4.53%
-1.74%
2.28%

2.67%
6.02%
-3.22%
4.42%

6 Quarters - Average5

2.33%

2.14%

2.84%

3.40%

Security

Q32006
Q4 2006

Ql 2007
Q22007
Q3 2007
Q4 2007

2.94%
4.46%
3.01%

5.98%

573%

Security
Offshore

liquidity

Acceleration

2.20%
2.23%

186%

2.52%
1.93%

5.17%
6.12%

0.81%

1.28%
-0.76%
1.25%

-2.69%
-1.07%
-4.36%
4.98%

4.33%

1.62%

2.40%

2.08%

6.98%
-1.87%
4.98%

1.70%
0.10%
1.80%

9.93%

8.59%

7.28%

8.10%

9.20%

2.21%
4.52%
2.65%

3.55%
0.88%
1.39%
-1.57%
1.811%

* Excludes Highest and Lowest Month

April - May
June - Gross estimate
Q2 2008 Estimate

s
al
a,

o
A
A
M

2.36%

4.76%

3.60%

6.30%

0.25%

-0.25%
4.50%

-1.27%
2.28%

-1.77%

2,07%

-0.50%
1,85%

4.42%

1.10%
0.15%
1.25%

Annualized Gross for Model

La

1.82%

9.64%

8.83%

11.85%

14.30%

18.48%

6.63%

Sterlthg Stamos Capital Management
Gross Quarterly Returns Analysis
Acceleration
Offshore
Q3 2006
Q4 2006

Ql 2007
Q22007
Q32007

Liquidity
Offshore

Legacy

Select

Select Offshore

RCM

Stntctured

Global Credit

1.95%

1.73%

1.32%

2.97%

2.61%

1.56%

3.35%

2.05%

9.55%

3.18%

8.12%

4.06%

4.18%

1.16%

4.17%

643%

2.117%

6.60%

1.76%

5.16%

Q4 2007
Ql 2008
Q2 2008- ESTIMATED

10.20%
-2.15%
0.90%
-4.88%
5.12%

1.99%
0.83%
1.10%
-0.21%
1.18%

8.96%
-1.04%
1.88%
-8.98%
-1.26%

2.95%
3.84%
1.52%
1.49%
-0.66%
1.87%

3.13%
0.46%
1.04%
-1.24%
0.87%

1.41%
1.26%
1.20%
1.29%
1.04%
0.65%

2.60%
2.38%
0.17%
-0.96%
-4.77%
0.23%

4.88%
3.73%
-0.36%
0.97%
-1.07%
2.52%

óQLIarters- Average*

3.66%

1.43%

2.37%

2.44%

1.71%

1.16%

1.29%

2.30%

1,03%
0.15%
1.18%

4.56%
-5.57%
-1.26%

1.57%
0.30%
1.87%

0.67%
0.20%
0.87%

0.45%
0.20%
0.65%

-0.02%
0.25%
0.23%

1.66%
0.85%
2.52%

5.86%

9.83%

10.13%

7.03%

......

5.28%

* Excludes Highest and Lowest Month

n

April- May
June - Gross estimate

H

Q2 2008 Estimate

8.06%
-2.72%
5.12%

Annualized Gross for Model

15.47%

o
H

(n

N

s

o
o
w

Sieri Ing Stamos Capital Management
Gross Quarterly Returns ¡Thalysis
Select Levered

Endowment

Ltd

Masters

N/A

N/A
N/A
N/A

Enhanced

Endowment

Europe

Asia

Fixed hic

Partners

Q32006

0.64%

2.68%

2.53%

1.31%

N/A

Q4 2006

1256%

5.50%

1.82%

6.85%

15.04%

NIA
N/A

N/A

Ql 2007

3.15%

1.25%

1.56%

3.35%

4.52%

3.92%

2.72%

Q2 2007

6.31%

8.47%

0.95%

4.36%

8.84%

5.36%

4.04%

4.78%

Q32007

-3.34%

4.42%

1.28%

-0.89%

4.90%

-2.70%

-0.43%

-0.74%

Equity Select

Security
Levered LP

Q4 2007

-0.23%

3.62%

-0.91%

1.93%

8.03%

1.55%

0.72%

1.68%

Ql 2008

-11.82%

-7.86%

-4,57%

-4.92%

-1.66%

-8.37%

-2.06%

-4.73%

Q22008 - ESTIMATED

2.90%

-0.38%

0.33%

3.02%

3.58%

3.47%

0.28%

2.84%

GQuarters- Average*

1.57%

2.85%

0.84%

2.18%

5.97%

1.56%

0.82%

1.26%

* Excludes Highest and Lowest Month

o
o
'1
H
o
bi

April - May

5.08%

1.41%

0.33%

3.02%

5.29%

3.80%

0.38%

2.84%

June - Gross estimate

-2.07%

-1.77%

0.00%

0.00%

-1.62%

-0.10%

0.00%

Q2 2008 Estimate

2.90%

-0.38%

0.33%

3.02%

3.58%

-0.32%
3.47%

0.28%

2.84%

Animalized Gross for Model

6.44%

11.89%

3.40%

9.01%

26.12%

6.39%

3.33%

5.13%

z
sa

Sterling Stamos Capital Management
Gross Quarterly Returns Analysis

Endowment
Enhanced
Q32006
Q42006
Q] 2007
Q22007
Q32007

Endowment
Phil anthropic

Concentrated
Value

N/A
N/A
N/i
N/A

N/A
N/A

-1.66%

Ql 2008
Q2 2008- ESTIMATED

3.41%
-7.84%
4.77%

0.12%
1.97%
-4.61%
3.71%

-13.10%
-10.14%

6 Qunrtcr.c - Average*

-0.33%

0.30%

-7.23%

* Excludes 1-lighest and Lowest Month

*straight avg for funds less than 4 quarters.

April - May
June - Gross estimate
Q2 2008 Estimate

4.77%
0.00%
4.77%

3.71%
0.00%
3.71%

6.21%
-5.00%
0.90%

Annualized Gross for Model

-1.32%

1.20%

-25.92%

Q4 2007

N/A
N/A

N/A
N/A
N/A
N/A
-6.56%

0.90%

Sterling Stanios Capital Management
Inception to Date Quarterly Gross Returns
Security

Friends &
Family

Q4 2002

157%

118%

Ql 2003

2.10%

Q2 2003

3.43%
2.13%
3.27%
2.96%
1.08%
1.67%
3.87%

1.64%
3.43%

Q32003
Q4 2003

Ql 2004

Liquidity

Acceleration

Offsho

N/A
N/A
N/A

N/A
N/A
N/A

2.38%

2.33%

3.29%
2.50%

4.72%

N/A
3.40%
3.62%

N/A
N/A
N/A
N/A
N/A
2.74%

0.98%
1.85%
4.56%

1.41%

N/A
N/A
N/A
N/A
N/A
N/A
N/A

0.77%
4.53%

1.12%
1.49%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

6.62%

2.95%

1.57%
1.42%

0.49%
0.95%

2.56%
0.75%

0.51%
0.75%

1.30%
0.85%

0.79%
1.12%

1.74%
0.59%

2,82%
2.49%
3.21%
1.53%

7.35%
4.39%

3.99%
2.65%
5.10%
0.32%

3.21%
2.54%

Q2 2006

2.67%
2.54%
3.16%
1.73%

4.78%
0.00%

1.73%
1.96%
2.19%
1.79%

4.68%
3.26%
7.63%
-2.20%

1.23%
0.81%
2.28%
2.04%
3.06%
1.40%

Q2 2005
Q3 2005
Q4 2005

Ql 2005

11

o

Offshore

4.02%
1.55%
1.83%
5.80%

Ql 2005

H

Security

Growth

1.16%
1.89%
3.82%

Q2 2004
Q3 2004
Q4 2004

o

Growl,
Levered

5.46%
0.37%

Q32006

294%

248/o

1b7/o

142/o

129/e

220%

186/o

221%

Q4 2006

4.45%

7.07%
4.41%
6.03%

2.23%

9.20%

3.01%
3.42%

7.57%
3.85%
5,98%

7.28%

Ql 2007

4.35%
3.12%
3,91%

4.31%
8.10%

2.52%
1.93%

5.17%
6.12%

4.52%
2.65%
3.55%

0.10%
1.37%

-0.90%

1.71%
4.53%
-1.74%

2.67%
6.02%
-3.22%

0.81%

-2.69%

0.88%

1.73%
-6.73%

1.28%
-0.76%

-1.07%
-4.36%

1.39%
-1.57%

4.50%

2.28%

4.42%

1.25%

4.98%

1.80%

2.88%
12.01%

2.81%
11.73%

2.95%
12.31%

1.48%
6.04%

2.77%
11.54%

1.95%
8.02%

1.76%
7.21%

4.1)6%

2.43%

17.26%

10.07%

Q2 2007

Q32007
Q4 2007
Ql 2008
Q2 2008- ESTIMATED

0.51%
2.02%
-1.41%
2.07%

-2.87%
1.85%

Average through June 2008
Annualized ITO through June 2008

2.27%
9.39%

2.05%
8.44%

Average throughJune 2007
Annualized lTD through June 2007

2.58%

2.45%

3.68%

3.11%

3.08%

10.72%

10.18%

15.56%

13.03%

12.90%

Sterling Stamos Capital Management
Inception to Date Quarterly Gross Returns
Acceleration

Liquidity

Offshore

Offshore

Legacy

Select

Select Offshore

RCM

Structured

Global Credit

N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A

Q22003

N/A
N/A
N/A

Q3 2003

N/A

N/A

Q4 2003

N/A

Ql 2004

N/A

Q2 2004

N/A
N/A

N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Q32004
Q42004

1.92%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Ql 2005

1.79%

0.70%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Q2 2005

0.80%

0.64%

0.32%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Q3 2005

4.33%

1.24%

8.05%

2.88%

2.37%

0.62%

Q4 2005

1.75%

1.52%

2.11%

2.62%

2.63%

0.93%

N/A
N/A
N/A
N/A

Ql 2006

6.44%

2.20%

8.93%

3.19%

3.44%

1.00%

3.42%

1.93%

Q2 2006

-1.34%

1.64%

-1.68%

2.63%

1.90%

1.22%

2.69%

3.28%

o

Q3 2006

1.95%

1.73%

1.37%

2.97%

2.61%

1.56%

3.35%

2.05%

z

Q4 2006

9.55%

3.18%

8.12%

4.06%

4.18%

1.16%

4.17%

6.43%

Ql 2007

1.76%

5.16%

2.95%

2.17%

1.41%

2.60%

Q2 2007

6.60%
10.20%

1.99%

8.96%

3.84%

3.13%

1.26%

2.38%

4.88%
3.73%

Q32007

-2.15%

0.83%

-1.04%

1.52%

0.46%

1.20%

0.17%

-0.36%

Q4 2007

0.90%

1.10%

1.88%

1.49%

1.04%

1.29%

-0.96%

0.97%

Ql 2008

-4.88%

-0.21%

-8.98%

-0.66%

-1.24%

1.04%

-4.77%

-1.07%

022008-ESTIMATED

5.12%

1.18%

-1.26%

1.87%

0.87%

0.65%

0.23%

2,52%

Average through June 2008
Armualized lTD through June 2008

2.87%

1.39%

2.46%

2.45%

1.96%

2.44%

5.69%

10.19%

10.16%

8.09%

1.11%
4.52%

1.33% -

11.96%

5.41%

10.11%

Average throughjune 2007
Annuilized lTD through June 2007

4.00%

1.66%

4.59%

3.14%

2.80%

1.15%

3.10%

3.72%

16.98%

6.81%

19.67%

13.17%

11.70%

4.66%

12.99%

15.72%

Q42002
Ql 2003

n
t',
H
t',

to

t',

s
co

o

A
A

-J

N/A
N/A
N/A
N/A
N/A
N/A
N/A

'

N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A

Sterling Stamos Capital Management
Inception to Date Quarterly Gross Returns
Enhanced

Endowment

Security

Select levered

Endowment

Europe

Asia

Fixed Inc

Partners

Equity Select

Levered LP

Ltd

Masters

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

NIA
N/A
NIA
NIA
NIA
NIA
NIA
NIA
NIA
N/A
NIA
NIA
NIA

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

2.77%

11.55%

-&07%

4.44%

1.41%

Q3 2006

0.64%

2.68%

253%

1.31%

N/A
NIA
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

15.53%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Q4 2006

12.36%

5.50%

1.82%

6.85%

15.04%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Ql 2037

3.15%

1.25%

1.55%

4.52%

3.92%

2.72%

Q2 2007

6.31%

8.47%

3.95%

3.35%
4.36%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

8.84%

5.36%

4.04%

4.78%

Q3 2007

-3.34%

4.42%

1.28%

-0.89%

4.90%

-2.70%

043%

-0.74%

Q4 2002

Ql 2003
Q22003
Q32003
Q4 2003

Ql 2034
Q22004
Q32004
Q4 2004

Ql 2005
Q22005
Q32005
Q42005
Ql 2006
Q22006

N/A

.

Q4 2007

-0.23%

3.62%

-0.91%

1.93%

8.03%

1.55%

0.72%

1.68%

Ql 2008
Q2 2008- ESTIMATED

-11.82%

-7.86%

-4.57%

-4.92%

-1.66%

-8.37%

-2.06%

-4.73%

2.90%

-0.38%

0.33%

3.02%

3.58%

3.47%

0.28%

2.84%

2.26%

2.49%

0.50%

1.88%

6.18%

0.54%

0.88%

0.77%

9.36%

10.34%

2.03%

7.73%

27.10%

2.17%

3.56%

3.10%

Average through June 2008
Animalized lTD through June 2008
Average through June 2007

ro

t'i

o'
w

o
w

5.85%

4.19%

1.47%

3.97%

9.47%

4.64%

3.38%

4.78%

Annualized lTD through June 2007

25.55%

17.82%

6.01%

16.85%

43.59%

19.91%

14.24%

20.53%

Sterling Stamos Capital Management
Inception to Date Quarterly Gross Returns
Endow2nen t

Enhanced
Q42002
Ql 2033
Q22003
Q32003

Q42003
Ql 2004
Q22004
Q32004
Q42004
Ql 2005
Q22005
Q32005
Q42035
Ql 2006
Q22006
Q32006

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-166%

Endowment
Philanthropic

Concentrated
Value

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

3.41%

N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
012%
197%

-6.56%
-13.10%

Ql 2008

-7.84%

-4.61%

-10.14%

022008- ESTIMATED

4.77%

3.71%

0.90%

Average through June 2008
Annualized lTD through June 2008

-0.33%
-1.32%

0.30%
1.20%

-7.23%
-25.92%

Average through June 2007
Annualized lTD through June 2007

n/a
n/a

n/a
n/a

n/a
n/a

Q4 2006

Ql 2007
Q22007
Q3 2007
Q4 2007

LO

Le

o
Lo

STERLING STAMOS CAPITAL MANAGEMENT, IMP.

Merrill Lynch I Sterling Starnos Distrfljution Update
June 2003
Confidential Presen ta flou

l'Ti

P'L4 UUifl
'e
at
Q,

o
u'

o

Contents

AIiM Update
Fundraisiug Status
Partnership ResuJis
n

Appendix

ri iIftIfflNUUtrWr
tA
f3

w

o

01
Fa

2008 AUIV! Growth Trajectory
77%

Growth Rate
($ in Billions)

$8.0 -

Sumniary

$7.8

$4.4

From initial point of
purchase, AUM has
increased by $3.4B to
$7.86 (77% growth)

$7.0

From initial LOI date (Ql
2007), AUM has

$6.0 -

i

Initial AUM
Target: $5.96

increased by$5.lBto

$5.4

$7.86 (183% growth)
$5.0 -

r)

z
'-4

z
I.]

$4.8

Sterling Stamos
exceeded its initial AUM
target by si .9B or 32%

o

$4.0 -

$3.2
$3.0

-

$2.7
$2.5

$2.0 -

$1.0 -

s

Q4 2006

Ql 2007

Q2 2007

Q3 2007

Q4 2007

Ql 2008

Q2 2008

July.12007.
ti
R
a,

o
01

M

ci

:July i, 2008

Pòint of:Puràhase1

Second dosé

Target
Exceeded
by $1.96

Eundraising Update
Key Milestones
Throuqh JuNi 1,2008
Capital Closed to date since January 1, 2007: $4.4B

Merrill Lynch-related growth: $2.3B (52%)
Sterling Stamos-related growth: $2.IB (48%)
Acquired nearly 75 relationships with Merrill Lynch Investors
Launched liquid versions of domestic Endowment Building Blocks on May 1; complete Endowment Building
Block offering will be available for July 1
Targeted soft launch for Registered Fund for August 1 with Sterling Stamos marketing launch for January 1
Received commitments for two managed accounts for July 1, with a minimum of $500 million per account
n
o
z
II
H

o

Fundraising Status
July Activity

Closed to Date
11h07 - 6/30/08

% of Total

7/1/2008

Aggregate

% of Total

Total

% of Tota]

Channel
Direct
Merrill Lynch
Total

1,996

72%

138

8%

765

28%

1,594

92%

2.763

100%

1,641

100%

2,133
2,272
4,405

1,996
0

72%

138

8%

2133

0%

1,118

68%

1,118

416
342
0

15%

153

9%

12%

2%
12%
0%

569
375
200

100%

48%
32%
100%

initiative
Direct

Managed Accounts
Endowment Building Blocks
BAI' f customized Accounts
Registered Fund
Asia

Total

L,
L',

H
o'
o,

o
u,
w

Ç

IO

0%
0%

32
200
0

2,763

100%

1,641

10

48%
25%
13%
9%
5%
0%

4,405

100%

Partnersl'.p Results
$ in Millions)

Merrill Lynch / Sterling Stamos Progress-to-Date

Asia

O

$100

Registered Fund

llorad Approach

$2,077
Endowment Buildrng Blocks

$0

$200

$400

Customized Accounts

$1,000

$800

$600

o

£iinaged Accounts

i

Projected al 7/i/2007

$1,200

$1,400

Closed as of

s
n
a
o

u,

fr_A

'ft dflhflhilEifliLJ

51%

115
115

157

7%

145

7%

56
59
55
35

101

35

4%
3%
3%
2%

30
25

30
27

1%
1%

742
768

9 Devin Condron
IO Linda Stephans
Total Top 10 FAs
Total

ri

Closed as of

L

Advisor

% of total

1,155
237

2,036
2,272

90%

0

222

5 Joe Gro.nfcld
6 Jeff Bryan
7 Jeff Schottenstein
8 Garry Bridgeman

a
N

7/112008

$2,200

Key Client Relationships

Closed as of

6/1/2008

$2,000

$1,800

Target as of 12131/2008

Key PBIG Advisor Relationships
Financial Advisor
I Jim Atwood
2 Tim Long
3 Hank Holland
4 Jeff Erdmann

$1,600

74
72

10%

'106%

I Client A

Jim Atwood
Jim Atwood
3 ClientC Tim Long
4 Client D
Hank Holland
5 Client E
loe Grunfeld
6 Client F
Jeff Schottenstein
7 Client G Jeff Bryan
$ Client H Jeff Erdmann
9 Client I
Garry Bridgemari
10 ClicatJ
Jeff Erdmann
Total Top 10 Clients
Total
2 Client B

% oltotal

7/1/2008

618
500

27%

227
153

10%

85
52
49
42
35

4%

22%

7%
2°Á,

2%
2%
2°/.

20

1°A,

1,781
2,272

78%
100%

APPEN DX
t-1

o

z
hi
o

t'i

z

Partnership Global Strategy
I. US Private Client Strategy

A. Tiered Approach
2008 AUM Goal: $1 B

II. Asia Strategy

/7
//

I
/1/I

/

Exclusive with Mizuho Trust for Security Offshore Fund in

pension market (2008-2010)
- Real Assets & Private Equity and Absolute Return Funds
marketed to Fis
Real Assets & Private Equity Funds provided to Private
Banking clients through Mitsubishi UFJ ML PB

Tien

Tier II
:$50_100MM

/
//

n
"i
H
o
t'i

Tier Ill
51 -50MM

¡/

B. Democratized

Solution

Real Assets & Private Equity Funds targeted for Fis and
Pension Funds
Absolute Return Funds marketed to selective Fis and
Pension Funds
May target Private Banking once regulations change in 2009

2008 AUM Goal/' [

Absolute Return and Real Assets & Private Equity Funds
distributed to selected institutional clients
Working to get approval rating to work with major

IQReqlstered Fund
$50K:

$500 mm / /

z
H

consu Ita n oies

Tirneline & Priorities
Fob 1:

I. lis

Begin

Nov 1:
First customized
account translerred

'5

V1]jYi

'

RIhMOP

Apr:
Roadshow
to PBIG
Hubs

transition of
BAP Pipeline

I

May 1:
Launch IQ
Feeder Funds for
Liquid Building
Blocks

Juli:
Aug 1:
Launch Q Feeder Launch IQ
Funds for Illiquid

Legacy

and Offshore
Building Blocks

Fund

Portfolio

Fund

ii8 r ThWI
(A4! rm
ffflÇR?IT11

'i

ri'S a'

I

Oct i:
Target Seit
Marketing for
IO Legacy

nff I

4I3

1i1TÏThT

VP

r'riyn TThtWnJ' ttPt&
$FWiIM

z.-

Il. Asia

Jan31:

Apri:

Apr19:

May 9:

Mizuho Trust puts
Security Offshore
Fund on platform

First
investment
through
Mizuho Trust

Seminars in
Japan

Kckoff RA &
PE

marketing to
Japan &
Korea

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P±4 uThtC*íd)ó

Juli:

Aug 1:

Second
Launch Real
Assets & PE
investment
timing for
Marketing to
Asia-Paciflc Mizuho Trust

Tiered ApproachEndowment Building Blocks
Building Blocks

Tier 1111

Tier lIa

$1 $50 MM Solution

350+ MM Solution

Tier I
3100+ MM Solution

CAPITAL PRESERVATION

Absolute Return

Absolute Return Diversified
Absolute Return Select

- Absolute Return Diversified
Absolute Return Select

Absolute Return Diversified

CAPITAL APPRECIATION

Private Equity.

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GlobalLong i ShortEquity

:Equityselect

Global Long !ShortEquity Diversified

Global Long ¡ Short Equity Dlverslfled

bluetsifled ...;

Equity

EI

Global Private EqUity Composite

i

Equity Select

.

. Global Private EquityComposite
Global Private Equity Composite
intérnatlònal:Prlvaté Equity
.lnternatlònai Private Equity
- Global Clean Ehergyand .Techñology..
- Global Clean:Energyand Technology
-. - Venture
-. Venture
Access to proprietary co-investment
pportunities

-,

lnterntIànal Private Equity
Global Clean Energyand Technology
- Venture.

CAPITAL STABILITY

t_J

o

Real Assets

LEusReauEstatei

lnternatlònal Real Estate
Nitural Resources

- Natural Resouróés

-.

GlobaI.Real:Asset Composite
- U.S. Real Estate

Global Real Asset Composite

Global Real Asset Composite
- U.S. Real Estate

E

- IntemationalReal Estate
- Naturál ResouSes

ADDITIONAL FEATURES
-Sterling Stamos completes weighting

Merrill Lynch and Sterling Stamos
providéthodel alladations
Endowñehtit,I plthform utilizing
terlíng .Stanios buildiñg blocks
Fundlevclhrisk overlay

........ ..:

recomniendation.

.

Accesá to best of breed mahagers
Fund-level rièkoverlay
.

- Mailable onshore and offshore

Avthilable ¿nshore and offshore

E.

.

.

E

..

terlìng Sthmos complete weightings
recommendation based on comprehensive
review of client holdings.
Customized allocation to single managers
across entire Sterling Stanios platform
Single turn'key IÖ entity; Single K-1
- Portfolio-level tisk overlay

' Availableonshoreandoffshore

TERMS
15% and 5% or 10% (fund specific)
50 bps PC
1 year lock up quarterly liquidity3
Tier iii minimum invesimeni of $1 mitihomi per lund.
Tier Il rninirnlum investment of $5 million per fund.
As itliqud ollemings, the Privale Equiiy and Real Assets orreengs have a lock-up of 10 yeats.

r# 5t!Mft,vase
fr_A

1 25% and 5% or 10% (fund specific)
50 bps PC
1 year lock up semi annual liquidity3

1 0% and 5% or 10% (fund specific)

50bps PC
1 year lock up semi annual liquidity3

Tiered ApproachEndowment Building Status Update.

Tier Ill

Building Blocks

Tier Il
$50-$1 00MM Solution

$1 - $5DMM Solution
AbsolûtoRêturri Diversified

Products

- Glob

Lorig/Shbrt Equity Diversified

-.Globd PÑte Eqüitycothposite-

tlobal.RèalMsetscon1osite: ...

Tier I
$50-$1 00MM SoluLion

Absolute Return Divérsifled

-I-bsolUte Return Diversified

HI

- Absolute Return Select

-. Absolute Return Select

- Global Lon/Short Equity Diversiried

- (loba LonglShortEquity Diversified

- Global

- Global LongfShortEquity Select
Global Private Equity Composite

- Global Private Equity Composite

Global Real Adeiöomposite

Date Launched

Domestic

Oils here'

Pricing

Management Fee

Incentive Fee

Fee Sharing (SS /ML)

Management Fee

Incentive Fee

50% / 50%

* Offshore launched Endowment Building Blocks and Illiquid Funds

F'1 f?tt

iI

Mayl, 2008

-JuW F2008

July 1,2008

1250

I

1%

5% or 10% (fund specific)

I 50%
5% ci 10% (fund specific)

Note:

'FA receives 50bps PC

IM ay 1 2008

May 1,2008
July 1,2008

7555175ML

- Global Real Assets composite

i

5% or 10% (fund specific)

:55 $51 s2.s ML
75%125%

.

:.

I

5055/50ML
100%-/0%

STERUNG STAMOS CAPTAL MANAGEMENT,

investment Performance Update

LP.

June 2008
Conjiden tini Prcscntntion

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Contents

Sterling Starnos Select Funds

Sterling SLaÌÌiQS Diversified Funds
Private Equity arid Real Assets
IO Legacy Fund

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SaNni !33138 OLA] VIS )M1H3IS

Security Select Fund (Absolute Return Select-Dornesflc)
Cumulative Performance Since Inception (Jul-05 - Jun-08)
1300-

Security Select Fund
1250

1200

r--. HFRX Absolute
Return

1150

Lehman
Aggregate Bond

lico

HFRX Relative

Value Arbitrage

n
pl

1050

o
ta

z

1000

950
Jun-05

Sep-05

Dec-05

Mar-06

Jun-06

Sep-06

Security Select
Fund

Dec-06

Mar-07

lin-07

Lehman
Agqregate

Sep-07

Dec-07

HFRX Relative
Value Arbitrage

Mar-08

jun-OB

HFRX Absolute
Return

Annualized Return
From Inception - jut-OS

8.54%-

3.83%.

3.16%

2.17%

2.88%

4.82%

:3. 8%

-1.55%

-1.03%

-3.53%

-2.37%

Standard Deviation
From Inceplion - Jul-OS

Worst Montly Loss
From Inception - jut-OS

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U

SecurUy Select Fund (Absolute Return Select-Domestic)Last 13 Months

Monthly Performance (Jun-07 - Jun-08)

Cumulative Performance (Jun-07 - Jun-OS)

4.00%

1080.0

3.00%

2.00%

o

M

r.nl

'in

'1

as

100%

.1

E-

a
ai

h

0.00%
Il:

-1.00%

4
sir

'

'

i

980.0

iN
rs

2.00%

060.0

'

N

040,0

-3.00%

4.00%

020.0

Jan-07

Jul-07

Aug-07 Sup-07 Oct-0? Nos-07 Duc-07 Jan-00

- Security Select Fund

- Lehman Aggregate Bond

Security Select
Fund

Jul-07

Ja -07

Feb-00 Mar-00 Apr-00 Mey-OB Jan-O

Aug-07

Sop-07

oct-07

- HFRX Absolute Return

Lehman
Aqqreqate

Nov07

0cc-07

Jon-CO

l-IFRX Relative

Value Arbitraqe

6.03%

4.52%

HFRX Absolute
Return

2.92%

-

-6.55°/e

-

0.1l%

6.59%

-.3.66%

-3.53%

- -2.37%

Standard Deviation
Since Start of Credit Crisis

3.14%

-

-

Worst Montly Loss

'o
M

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o
w

ri

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Since Start of Credit Crisis

F'ur

-

-

-1.55%-

-

-0.81%

Mar08

- HFRX Relative Value Arbitrage

Total Return
Since Start of Credit Crisis

Fob-OS

Apr 08

May 08

Jun 03

(Cri ¡*j
Equity Select Fund LLLIRy Select)
Cumulative Performance Since Inception (Oct-06 Jun-08)
1450

-.

Equity Select Fund

1350

1250

// /

1150

o
o

z

HFRX Equity
Hedge Index

H

D
bi

z
H

1050

S&P 500 Index
950

Doc-06

Mar-O?

Jan-07

Sep-07

Equity Select
Fund

Dec-0?

S&P 500
Index

Mar-OB

Jun-OB

HFRX Equity
Hedge Index

Annualized Return
From Inception - Oct-06

1

.5.23%.

2307%.:

Standard Deviation

ll.28%

From Inception - oct-06

.7.29%

612%

367%

Worst Montly Loss
From Inception - oct-06

w
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!CL9

145%

Equity Sifiect Fund (Eqifity Sfflect)Last 13 Months

Monthly Performance (Jun-07 - Jun-08)

Cumulative Performance (Jun-07 - Jun-08)

8.00%

6.00%

4.00%

2.00%.

0.00%

r)

o

z

-2.00%

M

b

N
4.00%

-8.00%

-8.00%

860_0

Jun-07

Jul-07

Aug-U?

Sep-U?

Oct-07

NotO?

0go-O?

Jan-OB

Feb-OB

Mer-08

- Equity Select Fond

Apr-88

May-08 Jun-06

Ai -07

- S&P 500 Index

Equity Select
Fund
Total Return
Since Start of Credit Crisis

Jul-07

Aug-07

sep87

NotO7

Oct-07

HFRX Equity Hedge Index

S&P 500
Index

HFRX Equity
Hedge Index

1306%

1406%

448%

7.61%

12 04%

764%

145%

612%

-3_67%

Standard Deviation
Since Start of Credit Crisis

-

-

Worst Montly Loss
Since Start of Credit Crisis

ç-j

III !

iWft

Dec-07

Jan-08

Feb-OB

Mar-08

Apr-OB

May-OS

Jun-OS

STERLRW STAMOS DWERSHED FUNDS
n
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H

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v__4
H
w

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Security Fund (Absolute Return DiversUied-Domestic)
Cumulative Performance Since Inception (Oct-02 Jun-08)
1600
1550

Security Fund

-

1500

1450 1400 1350
Le h ma n

1300 -

Aggregate Bond

1250 1200
'ti
H
o

HFRX Relative
Value Arbitrage

1150

I-IFRX Absolute
Return

1100

1050

-.-- _--N "N-.'' 7\

1000 -c--i
950
Sep-02

r
Mar-03

Sep-03

Mar-04

Sep-O4

Mar-05

Security
Fund

Mer-06

Sep-Os

Lehman
Aggregate

Sep-06

Mar-07

HFRX Relative
Value Arbitrage

Sep-O7

Mar-OS

HFRX Absolute
Return

Annualized Return
From Inception - oct-02

-

-739%-.

Standard Deviation
From Inception - oct-02

419%

356%-

n/a

--

--

n/a

n/a

n/a -

Worst Montly Loss
From Inception - oct-02

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1 50%

3 36%

n/a

-:

n/a

-

Security Fund (Absolute Return WversUied-Dornestic)--Last 13 Months

Monthly Performance (Jun-07 - Jun-08)

Cumulativo Performance (Jun-07 - Jun-OB)

4.00% -

1100-O

300% -

loso-o

1080.0

200°/v -

1040.0 -

1020.0 -

1000-O

988_0 -

960_0 -

940.0 -

-4.00% -

928.0
Jun-U?

Jul-Of Aug-07 Sop-U? Coi-07

Nov-07 Doc-07 Jan-DB Fob-OS Mar-OS Apr-OB May-08 Juin-08

-Security Fund

Ja -07

Jul-Or

Aug-87

Sep-al

Oci-87

- HFRX Absolute Return

- Lehman Aggregate Bond

Lehman
Aggregate

Security
Fund

Non-07

Dec-07

Jan-08

280%

I-IFRX Relative

Value Arbitrage

Standard Deviation
Since Start of Credit Crisis

603/0

t-IFRX Absolute
Return

655%

011%

-

292%

3 54%

Worst Montly Loss
Since Start of Credit Crisis

r-i
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s
0v
00

o
00
io,

--

-

-0.1%

-:

Moi-00

S - HFRX Relative value Arbitrage

Total Return
Since Start of Credit Cnsis

Feb-CO

-3.53%:.-

-

'2;37%

Api-08

M7-0B

Jan-08

Growth hind (Global Long/Short Equity Diversified-Dorneslic)
Cumulative Performance Since Inception (Oct-03 Jun-OS)
1650

Growth Fund
1 550

1450

1350

S&P 500 Index

I

I 250

o
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Il

'\/'

lIso

a

/

r HFRX Equity

,/_____

Hedge Index

1050

950

Sep-03

Mar-04

Sep-04

Mer-05

Sep-05

Mar-06

Growth

Mar-07

Sep-06

Mar-OS

HFRX Equity
Hedge Index

S&P 500
Index

Fund

Sep-07

Annualized Return
From Inception - Oct-03

93%

Standard Deviation
From Inception - Oct-03

47%

4.34%

6.03%

5.96%

Worst Montly Loss
From Inception - Oct-03

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-2.21%

-612%

H

-3.67%

F:'

Growth Fund (GIoha Long/Short Equíty Diversifled-Domestic)Last 13 Months

Monthly Performance (Jun-07 - Jun-08)

Cumulative Performance (Jun-07 - Jun-08)

6.00%
100e-o
1060-o

4.00

1040.0
2.00%

pa 31

1020.0

nil ro

1000.0 -

0.00
980.0

o

ceo_O

N

940.0

o

z'

020.0 -

900.0
880,0
06e-0
Jun-07

Jul-07

Aug-07

Sep-07

Oct-07

Nov-01

Dec-07

Jan-OS

Feb-OS

Mer-OS

Apr-OS

May-08

Jun-OS

- Growth Fund- S&P 500 Index

-It' -07

Aug-01

Jul-01

Sep-07

Nov-07

Dec-07

!- HFRX Equity Hedge Index
S&P 500

Growth
Fund

Oct-07

Index

HFRX Equity
Hedge Index

Total Return
Since Stan of Coedit Crisis

6.12%

-14.06%

Standard Deviation
Since Start of Credit Crisis

5.47%-

1204%-

Worst Montly Loss
Since Start of Credit Crisis

co

M

e
on
co

o
-1

o

Ç_j

1.92%

-3.67%

TCtaac !,nea la;
kUni0 lMbLa IB 8g

a!u

tI

n r an,Ltii.i

Jan-03

Feb-08

Mar-OS

Apr-OS

May-03

Jun-OS

PRIVATE EOUTY AND REAL ASSETS

ci

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Private Equity & Real Asset Fuñds

Transaction Activity

Fund Manages' Stated Transacff011 Performance

Through First Quarter 2008
Private Equity Fund I

Real Assets Fund I

Gross Multiple1

I .7x

Gross Multiple1

2,5x

Gross IRR2

53%

Gross IRR2

104%

1$

Transactions

Number of

Nsun ber of

Transactions

17

lop Transactions3

Top Transactions3

Fund

Transaction

Investment

Gross

Gross

Fund

Transaction

Tnvestnient

Gross

Gross

Profile

Industry

(millions)4

Multiple5

IRR5

Profile

Profile

(millions)4

Multiple5

IRR5

:-43%

Tenaslca 1

4 Peaker Power Pistils

$35

4.8x

128%

$42

4.Ox

68%

$

30'

50/o

$103

2 9x

38/

$23

2.7x

246%

Sentinel III

Mining&Tunneling
Equipment

$13

Sentinel III

DentalCtinics

$95

4.Sx

103%

Tenaska 1

315 MW Power Plant

Haibert 11

US Hospites

$10

38x

53 /

Ensbaicideso II

LA Oflice

Fortress III

UK Apphance RenIai

5111

23'

108/

Tenaska

jC Flo 'vers II

Reinsurusnce

l.$x

Natural Gas
Partners VIII

G2s Fired Power

Pl ints
Wind Farm Assets

These ligares represent a weighted average of the gross IRR and gron ni il tiple reflecting Sterling Sinuses' funds proptirti tilts te ownership or the transo riions a t tise transsrtion level. As such, they are cxc hsive nf en
underlying fund managers and Sterling Stamos fees. fliese figures provide a general sense of tise underlying underwriting discipline, pric'usg astd exit conditions for individual transactions, These figures are h y'no oscene
'usdicahive of how the underlying fund manager may perfonn or how Use Sterling Slantos Real Assets Fwsd, LP., Slerhing Staissos Private Equily Fund, LP. isisy periorni, as capital rent ins lobe called and destoyed al
both levels. The niaricot conditions ui which equity capi tat is being invested going forward may differ significantly than prior conditions which conld impact the fund as s whole pou'ith'ulv omega lise lv. Pas t performance
snot indicative of fntureresLs Its. The targel net IRR for tise Sterling S tamos Real Assets Fund, L.P. is 15%+.
The Projected Weighted Averagr Gross are exrlusive of Sterling Stansos Fees
2, Represent t select subset of trstt,sactintss iii lite r1sreetltitive Sterling Statitos food. 'l'tsese traasartitina were 'unserm as time1' Ire expected to taue Itinve steerage retmtrrss for tise fmimimt. 'I liese ts..'mllmlrstino..s
'riforaastion that wet: (i) provi'dad by the underlying fund nsarxagers suris as fund perfonnsnce. year-end fund value, and target resume; (ii) capital called to date; (iii) lustorical performance; and (ivi internet analysis of
current market renditions, asset prices,availahility of pricing of debt asid fund osanager fees. The ligures are intended to convey underwriting diecipiisse en tise pari of the underlying msnagcr, pricing, and exit conditions
tor individuel transactions, and ere sot gusraastees of future results. Tise rehirns presented aboye were prepared at Ilse specific request of the recipient, relirct the highest perforosing transactions within eadi portfolio
strategy, and are not indicative of the returns of any portfolio manager, the Real Assets Fund i, or Private Equity Puid I. itssiesiurs should be.u' iii sn'usd that past perforossmce is ten guarantee of future results.
Equity investosent by fond manager--the Sterling Stamos fund itsvestmessf in each transaction is a. portion of tite tmdsrlying fund osansges's investment.
Historical tnultiples asid IRRs are based oo a strsight svenga uf multiples and IRRs for prior realized funda or the slated historical performance from tise fund inmiager when available.

ta

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i limsiriti:: ¡:1Ra It ¡'iii.

Illiquid Platform Growth Over Time

2004-2007

Fund Name

Close Date

2008 & Onward
Assets Raised
($IVIM)

Fund Name

Launch Date

Assets Raised
($MM)

$500

Private Equity Fund I

Oct-06

'siso:' '

Private Equity Fund II

Jul-08

Heal Assets Fund I

Apr-07

$200

Small/Mid-Cap North
American Buyout Fund

Jul-08

Global Clean Energy &
Technology Fund

Ju]-08

$250'

International Fund

Jul-08

$200'

Venture Capital Fund

Jul-08

$1001

Real Assets Fund li

Jul-08

International Real Estate
Fund

Jul-08

$200'

:

.

I

,

$500

$250'

U.S. Real Estate Fund

Jul-OS

$250'

Global Natural
Resources Fund

Jul-08

$3001

I. Includes assets from the composite funds.

ra ra...
k__41Lii

.5Th
tasiIiM frs,

iiiL1iii: ii.i__lV Sii

IO LEGACY FUND

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VA

IO Legacy Fund
Cumulative Pro Forma Performance (Oct-02 - May-08)

/

2350
2250

Q Legacy

2150
2050
1950

1850
1750

S&P 500

1650
1550

n

1450

ti
H

1350-

o

,"

1250-

7

/r..".-,

HFRX Absolute
Return

1150

J

1050

950
Sep-02

Mar-03

Sep-03

Mar-04

Sep-04

Mer-05

Sep-05

IO Legacy
Fund

Mer-06

Sep-06

S&P 500
Index

Mar-07

Sep-07

HFRX Equity
Hedge Index

Annualized Return
From Inception - Oct-02

Standard Deviation
From Inception - oct-02

10.02%

5.35%

4.38%

10.19%

6.01%

240%

612/o

367%

Worst Montly Loss
From Inception - oct-02

ri tnr
w.4

rij

t;
lt

Mar-08

IO Legacy FuridLasI 12 Mouths

Monthly Performance (Jun-07 - May-OS)

Cumulative Performance (Jun-07 - May-08)

6.03%

4.00%

2.00%

0.0006

r)
t-1

H

b

N

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Jun-07

Jut-U?

Aug-U?

Sep-Ui

Col-07

Nov-07

Doc-07

Jun-OB

Feb-OS

Mer-06

- IO Legacy Fund

Apr-OS

Je -07

Mey-OB

- S&P 500 Index

O Legacy
Fund

Jul-07

Aug-07

Sep-07

Oct-07

Nov--07

- HFRX Equity Hedge Index

S&P 500
Index

I-IFRX Equity
Hedge Index

Total Return
Since Start of Credit Crisis

1058%

851%

426%

6 60%

11 35/0

7 97%

240%

6 12%

3 67%

Standard Deviation
Since Start of Credit Crisis

Worst Montly Loss
Since Start ol Credit Crisis

ri
t4

jflJ

Dec-0?

Jan-DU

Feb-08

Mar-OS

Apr-OB

ay-OS

Sterling Starnos Capita! Management, L.P.
Board of Director's Meeting

June 25, 2008

AGENDA

1.

Merrill Lynch - Sterling Stamos
Partnership - Oven'iew and Objectives

IL Report of Chairman - Update and Outlook

Kein Dunleavy/
Will Eisenbeis/
Todd Kapl'in

PeterStanios

ifi. Operating Reports
investment Performance and
New Products
Fundraising Results and Pipeline

Kevin Okimoto.

Financial Performance

1V

AshokChachra

Kevin Barcelona

Organizational/Strategic Update

Group Discussion

One-Year Business Plan
Three-to-Five-Year Business Plan

:Bäard Members

V. Executive Session

CONFIDENTIAL

SE_T 60 D 4 7 7

Sterling Stamos Capital Management, L.P.
Board of Director's Meeting

June 25, 2008

ATTENDEES

Board Members
Kevin Dunleavy, Merrill Lynch
Vice Chairman and Member, Executive Client Coverage Group

Will Eisenbeis, Merrill Lynch
Managing Director - Head of Business development, Global Markets & investments
Banking

Todd Kaplan, Merrill Lynch
Senior Vice President, Global Principle investments

Spiro Starnos, Sterling Starnos
FOunding Partner

Saul Katz, Sterling Stamos
Founding Partner

Peter Stamos,. Sterling Stainos
Chairman and Chief Executive Officer, Founding Panner

Additional Participants
David Katz, Sterling Stamos
Founding Partner

Ashok Chachra, Sterling Stamos
Chief Investment Strategist, Founding Partner

Kevin Okinioto, Sterling Stamos
Head of Investment Management Group, Founding Partner
Kevin Barcelona, Sterling Stamos
Chief Financial Officer, Partner

Jared Kanover, Sterling Starnos
General Counsel and Chief Compliance Officer

CONFIDENTIa

SET68047B

ci

CONFIDENTIAL

SE_T 680479