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Slide 1: Proprietary and Confidential JULY 2010
Slide 2:   Introduction (Page 3) Strategy Discussion (Pages 4 - 10)    Investment Strategy and Rebalancing Process Investment and Implementation Edge Risk Management  Performance Discussion – Monthly and Weekly Strategies (Pages 11 - 23)   Monthly Strategy – Performance & Risk Attributes Weekly Strategy – Performance & Risk Attributes  Future Directions (Page 24)    Management Biographies (Page 25) Advisory Board (Page 26) Fund Structure (Page 27) Angle Light Partners : Quasar Investment Strategy July 4, 2010 2
Slide 3: Angle Light Partners presents an innovative, process driven, long short sector strategy (“Quasar”) that is uncorrelated with the broad market.  Background ▪ ▪ Principals bring diverse , best-in-class experience ▪ Covered all touch points of investment value chain ▪ Directly led USD 30 Billion of investments in multiple strategies Team spent years researching and updating this alpha strategy  Investment Philosophy ▪ ▪ ▪ Disciplined, process driven and consistent use of sophisticated, but robust quantitative tools Dynamic , factor driven strategy generates relative value signals between economic sectors Implementation uses low frequency rebalancing and highly liquid instruments  Advantages ▪ ▪ ▪ Consistent and high risk adjusted returns; very low correlation to other asset classes Instantaneous price discovery and full transparency Scalable up and down July 4, 2010 Angle Light Partners : Quasar Investment Strategy 3
Slide 4: Quasar implements a comprehensive and novel dynamic modeling approach  Dynamic Modeling ▪ Considers a comprehensive, global universe of factors for possible inclusion. Screens each factor for explanatory power using a proprietary process, rigorously replicated at each rebalancing. ▪ Top ranked factors are then employed to generate sector signals ▪ Sector signals used to allocate capital with proprietary smoothing technique  Rebalancing ▪ At every rebalancing, the ‘model’ gets rebuilt from scratch, potentially using different set of top factors  Implementation ▪ Rebalancing at discrete frequency intervals ▪ For every $1 capital, investments capped at maximum of $1 long and $1 short ▪ Weighted sector exposures achieved via unlevered Select Sector SPDR ETFs July 4, 2010 Angle Light Partners: Quasar Investment Strategy 4
Slide 5: Fundamental Macro Relative Value Momentum Risk Factors Universe of Factors Consistency Profitability PCA 3 Reliability PCA 2 Symmetry PCA 1 Principal Component Analysis Top Factors July 4, 2010 Angle Light Partners : Quasar Investment Strategy 5
Slide 6: Quasar utilizes proprietary screening techniques to filter the factor universe, and then employs principal components analysis to generate signals  Step 1: Identify the universe of factors. Assess relevance of each variable individually  Outcome: 300 explanatory factors Outcome: Top explanatory factors Process: Score each factor on four metrics and combine for a composite score      Step 2: Use Scoring Mechanism to rank explanatory factors at each rebalancing   Profitability Breadth Reliability Symmetry  Step 3: Generate sector specific return signals  Outcome: Sector signals that are a proxy for sector returns Outcome: Long and Short, Dollar Neutral ETF portfolio that is marked continuously Process: Variance smoothing mechanism for asset allocation  Step 4: Convert signals into allocation recommendations   July 4, 2010 Angle Light Partners: Quasar Investment Strategy 6
Slide 7: Quasar takes a deliberate and comprehensive approach in search for explanatory factors, based on public information only  Public Information   All variables are publicly available. Strategy does not require first call of any data  Five Pillars of Explanatory Power   Economic / Macro ▪ ▪ ▪ Economic fundamentals Against history Utilize forward looking estimates as well as trailing data Company/Industry/Sector/Country value drivers, including growth and profitability metrics Changes in price process and/or market sentiment Price volatility, liquidity and fundamental risks Relative Valuation    Fundamentals ▪ ▪ ▪ Technical/Momentum Risk Factors July 4, 2010 Angle Light Partners : Quasar Investment Strategy 7
Slide 8: Quasar has several investment innovations  Source of Alpha: Sector beta arbitrage   Source of alpha cannot be arbitraged away completely Capacity constrained only by availability of liquid instruments and stock borrow to execute strategy  Model recalibration by design, not as an afterthought    Model gets rebuilt from scratch with new optimal factors chosen at each rebalancing Capital reallocated at every rebalancing with a fresh, new set of optimal factors Recalibration uses the same identical process every single time, ensuring consistency  Screening mechanism   Reduces a large data management problem into a coherent and intuitive process Marries hard economic principles with robust statistical tools  Very comprehensive variable universe   Utilizes the broadest aggregation of variables Agnostic as to which sub-universe of variables might impact sector performance July 4, 2010 Angle Light Partners : Quasar Investment Strategy 8
Slide 9: Quasar has distinctive implementation strengths  Instrument Choice: No shorting restrictions and no hidden leverage    All instruments are exchange traded and marked to market continuously Shorting allowed on downticks Deliberate choice of instruments to avoid hidden leverage  Capacity and Market Liquidity: Highly favorable       ETF providers have no explicit cap on size ETF market size exceeds USD 1 trillion Expense ratios average 21bps annualized. Estimated average bid offer spread 38 bps annualized. Financing costs contained by self-imposed, explicit cap on leverage Premium / Discount effects minimal due to dollar neutrality Much lower borrow risk than single stocks, though episodic squeezes are possible  Strategy Unwind: Performance drag built into back-test data   VWAP based rebalancing Performance edge not dependent on execution platform or low latency Angle Light Partners: Quasar Investment Strategy 9 July 4, 2010
Slide 10: We take a comprehensive approach to risk  Risk Philosophy   Risk and return are two sides of the same coin Risk management built in at the level of portfolio construction ▪ ▪ Requires thorough understanding of risk return trade-off at factor level Assumes no idiosyncratic risk through security selection. Concentrated positions are source of risk and return  Portfolio Risk      Leverage: Exposure capped at +1/-1 units for 1 unit of capital Liquidity: Trade only the most liquid, unlevered, exchange traded ETFs Concentration: No single stock risk, though we will take concentrated long/short sector positions Model: Models and data continually undergo scrutiny/sanity checks Factors: Can easily constrain exposure to certain risk factors, if deemed necessary  Operational Risk   Madoff: Third Party Fund Administrator independently verifies prices and reconciles trades Galleon: Process explicitly depends only on publicly available information, with no first call July 4, 2010 Angle Light Partners: Quasar Investment Strategy 10
Slide 11: Quasar Series 1 Outperformed S&P 500 by 9.72% since inception July 4, 2010 Angle Light Partners : Quasar Investment Strategy 11
Slide 12: Quasar has performed very well in back-tests going back more than a decade  Covers diverse market cycles  Pro-forma from July, 1998 to November, 2009  Partner Capital traded from December, 2009 onwards  Fund launched April, 2010  Monthly Strategy Performance Long Short Monthly Rebalanced Strategy Return (EOM July, 1998 to EOM June 2010) Date YTD Return Sharpe 6/2/2010 0.00% 2.45 Drawdown Analysis 1 Day Return 1 Week Return 1 Month Return Trailing 3 Month Return Trailing 12 Month Return Average Rtrn (Annl.) Average Beta (ex-post) % times with negative return 43.03% 35.21% 22.38% 7.09% 2.04% 34.05% 2.53% Average Drawdown -0.69% -1.44% -2.67% -5.00% -1.65% STDEV (annualized) Info Ratio vs. S&P 500 Max Drawdown -5.83% -10.66% -8.56% -13.67% -4.48% 13.92% 1.30 Max Drawdown Occurred in 3/23/2009 3/13/2009 1/31/2000 11/30/2000 5/23/2001 July 4, 2010 Angle Light Partners : Quasar Investment Strategy 12
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Slide 14: Monthly Net Return Quasar Monthly Return All returns net of all fees and expenses. Proforma numbers prior to April, 2010. Fund return numbers from April 2010. Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 January February March 5.02% -8.56% 4.83% 1.64% 1.56% 1.20% 6.63% 8.16% -0.96% 2.58% 9.72% -2.64% April May June 6.22% 3.75% 0.08% 5.84% 0.78% 3.31% 3.95% 2.49% 0.44% 9.82% 6.00% -2.38% -2.42% 1.77% -5.23% 4.76% 9.09% 7.13% -1.37% 4.21% -3.34% 4.18% 1.21% 2.81% 5.55% -0.96% 4.82% 2.01% 3.76% 2.27% 7.26% -2.81% 3.88% 1.22% 4.10% -0.24% 8.95% 0.18% 2.41% 2.63% 3.25% 2.59% 0.61% -0.42% 1.86% 2.24% 0.54% 2.84% 11.12% 1.76% 7.13% 6.72% 4.18% -7.02% 10.16% -0.15% 0.99% 3.96% 1.78% -2.50% July 4.32% 1.92% 0.74% 2.58% 8.65% 7.36% 0.48% 0.11% 3.36% 0.95% -3.16% -2.95% August September October November December CY Return 7.90% 8.19% 5.67% -0.13% 4.19% 33.91% 1.74% 2.34% 7.86% 4.26% 13.98% 49.61% 9.82% -4.24% -3.64% -6.44% -3.22% 5.35% 6.97% 5.43% -6.07% 12.27% 2.76% 37.81% 0.86% 4.45% -0.77% 3.72% -0.56% 40.86% 0.19% 0.75% 2.76% 1.02% 0.12% 27.52% 2.09% 6.14% 4.00% 2.86% -0.33% 32.50% 4.20% 3.07% 4.73% 0.15% 1.92% 46.15% -4.49% 1.78% 1.01% 4.43% 0.41% 25.22% -0.22% 2.10% 2.72% 3.41% 10.72% 29.57% -0.55% 5.10% 4.12% 10.68% -3.36% 64.17% 2.65% -1.40% 2.15% -2.92% 2.92% 24.22% Quarterly Return Quarterly Return 1998 Q1 Q2 Q3 Q4 All returns net of all fees and expenses. Proforma numbers prior to April, 2010. Fund return numbers from April 2010. 21.78% 9.96% 1999 2000 2001 2002 2003 2004 4.30% 6.87% 5.56% 6.24% 7.77% 6.41% 5.45% 6.64% 4.14% 13.17% 5.06% 7.28% 6.12% 5.93% 15.67% 14.47% 8.37% 8.87% 28.18% -12.74% 8.38% 2.35% 3.93% 6.61% 2005 16.39% 9.25% 7.52% 6.89% 2006 2007 14.57% 3.14% 2.69% 3.86% 0.48% 2.84% 5.92% 17.61% 2008 16.00% 25.55% 1.22% 11.37% 2009 6.27% 16.60% -1.78% 2.06% 2010 2.22% -3.48% July 4, 2010 Angle Light Partners : Quasar Investment Strategy 14
Slide 15: Trailing 12 Month Return 12 Month Return All returns net of all fees and expenses. Proforma numbers prior to April, 2010. Fund return numbers from April 2010. Year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 January February March 30.27% 20.77% 33.61% 40.75% 27.07% 39.62% 48.24% 14.66% 34.20% 75.59% 10.23% 45.63% 7.00% 45.90% 38.37% 27.22% 46.43% 40.48% 13.11% 46.40% 64.62% 6.86% 53.30% 4.06% 38.70% 42.88% 25.91% 44.93% 43.86% 12.72% 45.72% 50.40% 19.48% April 59.55% 6.77% 43.64% 46.21% 22.20% 42.58% 41.34% 12.64% 55.27% 54.66% 10.39% May 58.72% 5.34% 42.53% 39.29% 25.43% 46.67% 37.15% 16.33% 61.11% 44.71% 7.79% June 55.03% 1.61% 50.73% 32.64% 28.58% 47.58% 35.22% 14.00% 76.16% 39.68% -1.10% July 43.90% 53.23% 3.46% 59.66% 31.06% 20.33% 47.05% 39.62% 11.35% 68.99% 39.97% August September 35.68% 28.35% 65.40% 54.76% 0.77% 10.95% 50.55% 49.16% 30.19% 25.57% 22.61% 29.17% 50.10% 45.76% 27.97% 26.37% 16.32% 16.68% 68.44% 73.38% 44.48% 35.54% October November December 31.01% 36.76% 49.61% 38.25% 24.07% 5.35% 8.16% 29.79% 37.81% 57.58% 45.56% 40.86% 30.04% 26.65% 27.52% 30.72% 33.10% 32.50% 46.78% 42.92% 46.15% 21.89% 27.09% 25.22% 18.66% 17.51% 29.57% 75.74% 88.09% 64.17% 32.97% 16.63% 24.22% Quarterly ex-post Beta to S&P 500 Average Ex post Beta Year Q1 Q2 Q3 Q4 1998 -13.33% -2.14% 1999 2000 2001 2002 2003 2004 2005 -3.07% 5.44% 1.08% -13.15% 8.31% -8.81% 6.57% -4.89% 9.59% 0.84% -1.11% 12.54% -4.84% 16.38% 3.17% 19.97% -11.71% 2.16% 4.14% -0.63% 5.02% 14.39% 9.97% 5.13% 7.36% 4.53% 3.19% 4.32% 2006 13.32% 2.67% 8.56% 4.81% 2007 8.52% 1.89% -1.62% -9.05% 2008 2.10% 2.14% -12.52% -0.61% 2009 5.62% -4.60% 4.73% -10.22% 2010 -22.61% 5.90% July 4, 2010 Angle Light Partners : Quasar Investment Strategy 15
Slide 16: Conviction bets are 65% likely to contribute to positive performance next month, avg. contribution = 1.25% Perf attrib. to biggest abs. position All returns net of all fees and expenses. Proforma numbers prior to April, 2010. Fund return numbers from April 2010. Year 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 January -1.34% -0.62% 3.57% -0.45% -1.39% -1.14% 2.41% 6.79% -0.48% 2.46% -1.30% 2.05% February March -0.31% 5.10% -0.27% 1.20% 3.39% 2.90% -1.58% -0.34% -1.30% 5.45% 5.28% -0.29% -1.39% -3.07% -0.21% 1.28% 2.03% -1.59% 1.14% 2.01% -0.21% 0.72% 1.93% 2.97% April -5.63% -1.20% 1.81% 1.81% 6.20% 0.57% -0.40% -0.28% 2.10% 5.53% 7.40% 1.01% May 0.15% 2.97% 1.51% 0.34% 2.72% -0.36% -0.94% 2.33% 3.83% 0.89% 4.73% 3.55% June 6.93% 2.53% 0.24% -0.38% 1.09% -0.25% 3.08% 2.10% 1.86% 1.51% 5.47% -0.87% July August September ctober NovemberDecember O 4.63% 9.00% 0.25% 4.45% -3.97% 1.76% -1.04% -0.45% 3.94% 0.60% 3.61% 7.10% 1.50% 2.14% -2.11% -3.44% -0.25% -1.76% 0.70% 3.72% -6.16% -2.31% 3.60% 0.55% 6.24% 2.90% -3.10% 1.68% -0.92% -2.54% 0.40% 1.70% 1.14% 1.76% 0.18% 2.95% 2.15% 0.83% 5.59% 2.89% -0.98% -0.48% 0.77% 0.63% 1.44% 3.62% 0.88% -0.02% 1.01% -2.86% 0.21% 2.19% 3.87% 2.24% -0.35% 0.32% 3.98% 1.20% 2.17% 6.99% 1.88% -0.54% -1.36% 10.84% 0.52% -4.09% -4.60% 1.57% -2.60% 1.22% 1.41% -0.07% Long positions typically contributed more in an overall up market, shorts did more in overall down market Average Perf due to biggest long position Average Perf due to biggest short position 1998 2.86% 1.38% 1999 2.35% 0.14% 2000 0.40% 0.39% 2001 -0.44% 1.43% 2002 0.36% 0.79% 2003 1.44% -0.10% 2004 0.98% 0.39% 2005 1.67% 0.40% 2006 1.63% -0.23% 2007 1.33% 0.57% 2008 0.57% 2.14% 2009 1.43% -0.47% 2010 0.46% 0.99% Total 1.09% 0.56% July 4, 2010 Angle Light Partners : Quasar Investment Strategy 16
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Slide 23: Weekly version maintains integrity of the monthly process while capturing certain benefits from faster rebalancing.  Identical Process, done more frequently    Screening based on latest available information Top factors used in allocation mechanism to create dollar neutral portfolio Higher transactions costs relative to monthly model  Benefits accumulate from faster rebalancing    Especially good at volatile market environments Momentum factors tend to dominate Significantly better drawdown numbers, successful bets work better too  Separate strategy or a risk management overlay    Live Trading already under way with partner capital Weekly rebalanced version possible as a separate Series offering to potential investors Weekly Strategy can be used as a parallel risk management overlay to the Monthly Strategy July 4, 2010 Angle Light Partners : Quasar Investment Strategy 23
Slide 24: Weekly Strategy Outperformed S&P 500 by 16.77% since April 6, 2010 July 4, 2010 Angle Light Partners : Quasar Investment Strategy 24
Slide 25: Quasar as a relative performance strategy can be easily extended to other markets and implemented using a range of liquid instruments  Instrument Extension   Eligible Instruments should have low “Tracking Error” to the sub-universe Examples includes debt, credit derivatives, baskets and sub-sectors within a broad sector  Market Extension   Can be applied to any liquid market universe with liquid tradable sub-universes Euro STOXX, TSE are obvious next steps  On-going Research  Research under way on stop-loss management, liquidity, microstructure, and optimization issues July 4, 2010 Angle Light Partners : Quasar Investment Strategy 25
Slide 26:  Kumar Doraiswami Kumar Doraiswami most recently served as Managing Director and Member of the Executive Management Committee at Natixis Capital Markets, where he was responsible for building the non-proprietary client activities in the interest rate, credit and equity markets. Prior to Natixis, Kumar launched the U.S. capital markets activities for Commerzbank, where he was a member of the Management Committee. Kumar spent ten years in senior structuring and marketing roles at Bankers Trust/Deutsche Bank, where he was variously recognized for bringing innovative thought processes and solutions to complex, cross product client problems. Kumar began his finance career in 1989 at Salomon Brothers as a member of one the earliest and most respected research teams on the street. Kumar has an M.B.A. from The Wharton School of Business, University of Pennsylvania; an M.S. in Mechanical and Aerospace Science from the University of Rochester; and a B.Tech. in Mechanical Engineering from the Indian Institute of Technology (I.I.T.), Chennai.  Partha Chakraborty Dr. Parthapratim (“Partha”) Chakraborty has over a decade of investment experience covering all parts of investment value chain, across multiple asset classes, geographies and client bases. Most recently Partha was a senior investment risk professional at Western Asset Management Company in Pasadena, CA. Previously Partha headed investments for a Bermuda based hedge fund turned NYSE listed reinsurance company Flagstone Reinsurance; was a Director of Asset Allocation at Bank of America; led US Financials equity research and investments for institutional accounts at Nomura Asset Management and researched balance sheet restructuring deals for global life insurance companies at Lehman Brothers. Partha has a Ph.D. in Economics from Cornell University as well as degrees in Statistics and Economics from the Indian Statistical Institute, Kolkata, India. During graduate school at Cornell, Partha co-founded an Internet startup called Bookwormbooks.com. Partha is a CFA Charterholder. Partha has lived and worked in six different countries and currently resides in Pasadena, CA.  Vikram Kuriyan Dr. Vikram Kuriyan most recently was the Head of Quantitative Strategies and Chairman of the Global Asset Allocation Committee at Columbia Management Group, the asset management arm of Bank of America. He oversaw the investment of $30 billion in quantitative equity, asset allocation and absolute return strategies. Vikram previously served as Managing Director of a Fixed-income arbitrage, Principal investing and Credit trading fund in Tokyo and as the global head of complex derivatives in the commodities group at Merrill Lynch. He has been a member of the investment community since 1988. Vikram has a Ph.D. from Harvard University, where he specialized in capital markets in a joint program offered by the Departments of Economics, Engineering Sciences and the Harvard Business School. He spent a year in the M.B.A. program at the Harvard Business School and received a Masters degree in Applied Mathematics from Harvard. Vikram has a B.S. in Electrical Engineering from M.I.T, where he was elected to Tau Beta Pi and Eta Kappa Nu. He is also a Charted Financial Analyst. July 4, 2010 Angle Light Partners : Quasar Investment Strategy 26
Slide 27: The Advisory Board will leverage the best minds in industry and academia for guidance on strategic issues and for help in research and development. Professor Robert A. Jarrow, Johnson Graduate School of Management, Cornell University Prof. Jarrow is the Ronald P. and Susan E. Lynch Professor of Investment Management at the Johnson Graduate School of Management, Cornell University. Through a 30 year career spanning both academia and the practice of finance, his numerous contributions to cutting edge theory and practice have resonated through the finance community. His research has brought together latest thoughts in mathematics, finance and economics and spawned advanced valuation and risk frameworks that have become industry standards. Included in the list are the Heath Jarrow Morton (HJM) framework for valuation of Interest Rate Derivatives, Reduced form credit risk models and Forward price martingale measures, among others. He is recipient of numerous awards including Risk Magazine’s Lifetime Achievement Award (2009), IAFE/SunGard Financial Engineer of the Year Award (1997) and Graham and Dodd Scroll. He is author of over 135 papers in leading Finance and Economics Journals and serves on the editorial or advisory board of numerous publications including Mathematical Finance. He has published 5 books. Prof. Jarrow is currently Senior Fellow of IAFE and FDIC and on the boards of several firms and professional societies. He graduated magna cum laude from Duke University in 1974 with a major in mathematics, received an MBA from Dartmouth College in 1976 with highest distinction, and in 1979 obtained a PhD in finance from the Massachusetts Institute of Technology under Nobel laureate Prof. Robert Merton. July 4, 2010 Angle Light Partners : Quasar Investment Strategies 27
Slide 28:          Incentive Structure:  Management Fee: 2%  Incentive Fee: 20% Lock Up: None Liquidity: Monthly with 30 days Notice Fund Structure: Series Fund LP Legal Counsel: Tannenbaum, Helpern, Syracuse & Hirschtritt LLP Auditor: Rothstein Kass & Company, P.C Fund Administrator: Apex Fund Services (US), Inc. IT Service Provider: Credit Capital Research, LLC (India) Contact:    Kumar Doraiswami: KDoraiswami@Anglelightpartners.com; 917-280-5994 Partha Chakraborty: PChakraborty@Anglelightpartners.com; 917-655-9263 Vikram Kuriyan: VKuriyan@Anglelightpartners.com; 973-309-6844 July 4, 2010 Angle Light Partners - Quasar Investment Strategies 28
Slide 29: The Fund’s investment program is speculative and entails substantial risks. The Shares may be subject to sudden and large falls in price or value and there could be a large loss on realization which could equal the current amount invested. As there is no recognized market for the Shares, it may be difficult for an Investor to sell or realize the Shares or obtain reliable information about their value or the extent of the risks to which they are exposed. Changes in rates of exchange may have an adverse effect on the value, price or income of the Shares. References to future returns are not promises or even estimates of actual returns that an investor may achieve. The forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The information herein reflects prevailing conditions and the Investment Manager’s judgment as of this date, all of which are subject to change. Past performance or experience does not necessarily give a guide for the future. The information or opinions contained in this document are for background purposes only and do not purport to be full or complete. July 4, 2010 Angle Light Partners : Quasar Investment Strategy 29