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Paulson Funds 2010 Year End Report

Paulson Funds 2010 Year End Report

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Published by: Alan Hsu on Feb 07, 2011
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2010 Year End Firm Report

The table below summarizes the net results for our funds in 2010 in both Dollar and Gold Share Classes.

2010

u.s. Dollar

19.63% 19.81% 19.68%

Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indicative of future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient. Unauthorized reproduction or distribution of all or any of this material is strictly prohibited. Copyright 2011 Paulson & Co. Inc; '. .

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Overview & Portfolio Outlook

Paulson & Co is an investment management firm specializing in event-driven arbitrage, including merger arbitrage, bankrupt and distressed credit, recapitalizations, restructurings, and other corporate events. The flexibility of having long and short exposure across the capital structure allows us to optimize performance across market cycles. Our goals are capital preservation, above average returns over the long term, and low correlation to the markets.

2010 Performance

All our funds did well in 2010. The Paulson Gold Fund, launched at the beginning of January 2010, was our best performing fund, up over 35% net, followed by Paulson Enhanced, up nearly 27% net, Paulson Recovery, up 24% net, Paulson Credit Opportunities, up 20% net, and Paulson Advantage Plus, up over 17% net. The Gold Share Classes for each of our funds performed even better, producing returns ranging from 30% net for Paulson Partners to 46% net for Paulson Enhanced.

In total, our funds produced over $8.4 billion of gross gains (before fees) for our investors, approximately $6 billion in the Dollar Share Class and an additional $2.4 billion in the Gold Share Class.

2010 Extends Positive Performance For All Our Funds

Not only does our performance distinguish us as one of the best performing investment managers in 2010, but our sustained positive performance over our lifetime, particularly over the past three years, makes us unique.

~--------~~~~~~----------~

Source: Bloomberg, S&P 500 C'AGR with dividends reinvested and measured/ram relevant inception dales 0/ respective Paulson Funds.

Performance results described herein are net of fees andexpelisesforthe periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not: fluaranteed: Past performance is not necessarily indicative of future

performance and actual performance may d_. .. .... • .. d.. ..... ..... t. The SSP 500 Index is unmanaged and

considered 10 be representative of the stock m n r on & Co, Inc.

·3"

Early Mover Advantage - Gold Share Class Returns

We initiated Gold Share Classes for each fund on April 1, 2009, shortly after the Federal Reserve announced its initial $1.7 trillion in quantitative easing. We were concerned that the unprecedented printing of U.S. dollars could lead to future currency depreciation and that gold offered the best currency alternative to protect wealth.

In 2010, all Paulson Funds Gold Share Classes significantly outperformed their respective dollar-share classes, ranging from a 30% gain of the Paulson Advantage and Partners Funds to a 46% return on the Paulson Partners Enhanced Fund. Our 2010 performance follows similarly strong gains as in 2009.

From inception on April 1, 2009 through December 31, 2010, an investor in the Paulson Advantage Plus Gold Share Class, for example, has enjoyed an incremental 46% net return over the equivalent Dollar Share Class. These gains demonstrate the early-mover advantage produced by our research capability. Approximately 178 of our investors, representing about 31% of our investors and 38% of our current AUM, have elected to be in our Gold Share Classes.

Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indicative of future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient Unauthorized reproduction or distribution of aU or any of this material is strictly prohibited, Copy~

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Advantage Plus Gold Share Class Net Outperformance (April '09 - December '10, Cumulative)

50

40

30

20

10

- 10

\ April!. 2009 Paulson Launches Gold Share Class

Advantage Plus up 29% net

GSC Advantage Plus up 75% net

~~~~~~~~~~~~~~~~~~~2~~

.... s: <:'"" ",,:">..e;-.'>. v<:'"," "':;"'''>"" ~:">..v'" v

~~~~~~~o~~~~~~~~~~~o~~

Source: Paulson & Co. as of December 31, 2010. December 2010 and cumulative numbers are estimates.

Assets Under Management

46% Net Additional Return

We start 2011 with $35.9 billion of assets under management. While we experienced net redemptions during 2010, portfolio gains have increased our assets from $32.1 billion the prior year. It marks the fourth straight year of managing a similar level of capital. The table below summarizes our assets by event strategy and fund.

Assets Under Management (as of January 1, 2011)

MERGER FUNDS

$35.9

Paulson Partners, International, Enhanced $5.2

EVENrFUNDS

Paulson Advantage, Advantage Plus

$18.6

CREDIT FUNDS

Paulson Credit Opportunities

$8.6

RECOVERY FUNDS

$2.6

GOLD FUNDS

TOTAL

The above is presented for iflustrative purposes only. P~rfQrmance results described herein are net of fees and expenses for the periods indicated. AU material has been obtained from .sources believed to be reliable but its accuracy is not guaranteed. Past performance is not nece!S!r!!y"-i'id$: .. att~iv~e .... Q -. r. f.&W fut.U. r~e .•.•.. ~. er:tr:f~orr~mance and actual performance may differ

depending upon date of investment. VV VV'VVVVVV VV

Paulson Gold Debuts With Over a 35% Net Return

The objective of the Paulson Gold Funds is to outperform gold in a rising gold price environment. We are optimistic about Paulson Gold over the next five years and believe it is an ideal vehicle to hedge against the risk of U.S. dollar depreciation that could result from quantitative easing.

The Paulson Gold Funds gained over 35% net during their first year of operation. The funds benefitted from the steady rise in the price of gold during the year, exposure to production, development, and exploration gold mining shares whose performances are levered to the price of gold, and the rising value of derivatives.

Paulson Enhanced Up Nearly 27% Net As Merger Activity Increases

The Merger Funds are our oldest funds, commencing with Paulson Partners launched in June 1994. Since inception, Paulson Partners has compounded at a 15.9% net return, with only one down year, 1998, when we lost 4%. We launched Paulson Enhanced in 2001 with 2x exposure of the base fund due to investor demand for a higher return product given the base fund's low historic volatility.

The Paulson Enhanced Funds were up approximately 27% in 2010, approximately equal to the life of fund compound annual growth rate. The base funds also did well, returning approximately 12%. The Merger Funds were supported by the global economic recovery, which drove mergers and acquisitions deal volumes up 25% in 2010 over 2009. We believe that we are at the beginning of a cyclical recovery in merger activity and are optimistic about the outlook for the Merger Funds over the next several years.

Paulson Recovery Produces 24% Net Gain With Focus on Restructuring Equities

We launched the Paulson Recovery Funds in the 40 2008 to invest in companies that declined in the recession, but offered substantial upside in an economic recovery. While the focus of the Recovery Funds is on the financial sector, we also trade in securities of other sectors including industrials, hotels, and real estate.

The Paulson Recovery Funds appreciated 24% net in 2010 after appreciating 25% net in 2009. The Recovery Funds benefitted as the economy stabilized, supported by gains in the banking and insurance industries, as well as by the rebound in cyclical hotel shares. We believe the Paulson Recovery Funds are our best positioned funds to benefit from the continued economic recovery in the 2011-2012 timeframe.

Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indicative of future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient. Unauthorized reproduction or distribution of all or any of this material is strictly prohibited. Copyright 2011 Paulson

&Co.lnc. WWWWWW

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Paulson Credit Gains 20% Net and Was Ranked by Barron's as the Top Performing Hedge Fund in the World

The Paulson Credit Opportunities Fund was ranked in 2010 by Barron's magazine as the top performing hedge fund in the world over the past three years. Since inception in June 2006, the Credit Funds have compounded at over an 80% rate. The objective of the Credit Funds is to maximize returns from both a long and short perspective across a wide range of credit instruments. Because of the enormous size of the global credit markets, approximately $50 trillion in the U.S. alone, we believe there are virtually unlimited opportunities to create value in this area.

In 2010, the Paulson Credit Funds rose by 20% net as our long positions in high~yield and distressed securities, levered loans, mortgage-backed securities, convertible and defaulted debt, and post-reorg equities all increased in value. Over the past three years, which does not include short subprime trades, our Credit Funds have outperformed the credit hedge fund benchmark in each year. We have achieved that success by maneuvering our portfolio not only from short to long, but also by actively allocating across credit strategies.

Paulson Advantage Plus Up Over 17% Net and Positioned for Growth

The Paulson Advantage Funds are our largest funds and participate in all our event strategies including merger, distressed, bankruptcy, and restructuring opportunities. We believe, from a historical context, 2010 will be viewed as a transition year where we successfully completed our reposition from a short equity bias/long distressed focus to a long equity event focus. In 2010, the Advantage Funds gained 11 % net, while the Paulson Advantage Plus Funds, which provides 1.5x the exposure of our Advantage Fund, gained more than 17% net. The funds benefited from a focus on restructuring financials, gold miners and development companies, and distressed credit and are now ideally positioned for the current environment.

Investment Strategy

The Paulson Funds specialize in event arbitrage focusing on both debt and equity securities from both a long and short perspective. No one investment focus is right for all periods of time. As is evident in the chart below, we adjust our strategy to protect capital and maximize risk adjusted returns depending on where we are in the economic cycle.

Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. The returns achieved by the funds in 2007 were substantially above targeted returns and should not necessarily be expected to recur. Past performance is not necessarily indicative of future performance and actual performance may differ depending upon date of investment. This materiaJmayriot be distributed to other than the intended recipient. Unauthorized reproduction or distributi6ri6fall or any of this material is strictly prohibited. Copyright 2011 Paulson & Co. Inc. WWWWWW

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Paulson & Co. Inc. Roadmap

19S9 2000 2001 :!CO2 3)Ol 2004 2005 2006 2007 3lO8 2009 2010 20U 2012 20U 2Ol4

~-1IeI:lai0l'l

For example, in the midst of the credit bubble in 2006, we bought protection on corporate and mortgage credit, which drove our returns in 2007. In 2008, we shifted our focus to shorting the equity of financial firms we thought could fail because of their exposure to credit losses, which was the main contributor to our gains in 2008. In late 2008 and early 2009, as credit markets bottomed, we switched to long distressed credit. From 40 2008 through 20 2009, we went from having no long exposure in credit to being $25 billion long. Long credit exposure drove our profitability in 2009.

As high yield bonds now trade at par and yields have plummeted, our focus has shifted to restructuring equities as the driver of future returns. While returns in our current-pay portfolio are still decent, we believe going forward the highest returns will be in restructured equities, mergers and acquisitions, and event arbitrage.

In addition to maneuvering our investment strategy based on where we are in the economic cycle, a large part of our success has been based on anticipating market events before they are generally recognized. For instance, we have established our event arbitrage trades, such as buying credit protection or going long equities of financials, many months ahead of the events taking place that ultimately affected their value.

Similarly, while we know there is very little inflation today, we are concerned about the impact quantitative easing could have on future inflation. Accordingly, we have put in place numerous portfolio strategies that could both protect capital and provide high absolute returns with minimal risk if inflation becomes an issue in the future.

The above is presented for illustrative purposes only. Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performanceis not necessarily indicative of future performance and

actual performance may differ dependi ... . . . material may not be distributed to

other than the intended recipient. ... liz .. r .. . .. io r distribution of all or any of this

material is strictlv Drohibited. CODvriaht 2011 Paulson &Co. Inc.

- 8-

Economic and Market Outlook

We believe the U.S. economy is recovering and we anticipate continued growth. During the past 20 years, the average length of expansion after each of the past two recessions has been 32 quarters. Our expectation is that this will be the likely scenario going forward. The U.S. economy has had 5 consecutive quarters of GOP growth since the most recent recession, and we believe it is likely that growth will accelerate.

US GOP GROWTH Quarter over Quarter Annualized: 1990-Present

Last Point: 3Q2010

-~--~~--------------------~--------------------------~8

i

....

2
0
-2
-4
-6
-8
g
-
~ •

39 Qartem of Growth

25 Qparters of Growth

Source: Bureau of Economic Analysis

As we discussed in our Year End Update, in the current environment, the most relevant market indicator we track is the Equity Risk Premium, as illustrated by JP Morgan. It essentially shows the difference between the yield on equities and the yield on bonds. The Equity Risk Premium is now the highest it has been in over 50 years, indicating to us that equities are due to rise as the current economic environment is by no means the most challenging it has been in 50 years. In fact, corporate earnings and global growth were quite strong in 2010.

The above is presented for illustrative purposes only. Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performanceisnot necessarily indicative of future performance and

actual performance may differ dependi .. ' . ts material may not be distributed to

other than the intended recipient. ui . "r. ,() .ti ,.' or distribution of all or any of this

material is strictly prohibited. Copyright 2()11 paulsoi1&CO. Inc.

·9·

Eguity Yield Relative to Treasuries Highest in over 50 Years

u.s. Equity Risk Premium

1 3 +---~,"",,rr--

~

2

Source: JP Morgan

u.s. Corporate Earnings Strong

Q3/10 Earnings for S&P 500:

Q3/09 Earnings for S&P 500:

Increase:

Source: Paulson & Co. Inc.

Since we displayed the Equity Risk Premium chart at our annual conference in November, economic indicators have improved, the Equity Risk Premium has fallen and the stock market has risen. We expect this trend to continue.

The above is presented for illustrative purposes only. Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indicaliveof future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient. Unauthorized reproduction or distributj~iS strictly prohibited. Copyright 2011

Paulson & Co. Inc. ......• .. . . -.

- 10-

We also believe that the US government's recent decision to extend to the Bush-era tax cuts will be an additional trigger for higher growth in 2011. In addition to extending the tax cuts, the tax bill will also extend unemployment benefits for an additional 13 months, lower the payroll tax by approximately 25% for aU employees, and allow businesses to write-off 100% of new investments immediately rather than depreciating over time. Combined these tax adjustments will provide stimulus to all income levels of some $900 billion over the next two years. This development has led major investment bank economists to boost their GOP growth estimates for 2011 from an average of around 3% to 3.5%.

U.S. 2011 GDP Growth Estimates

Before Tax AfterTax
Change Change
3.3% -+ 4.0%
2.7% -+ 3.5%
3.0% -+ 3.5%
2.0 - 2.5% -+ 3.0 - 3.5% Deutsche Bank Goldman Sachs J.P. Morgan Pimco

Portfolio Positioning

We are very excited about the outlook for our funds. Assuming a continuation of recent positive economic trends, we would expect all our funds to outperform in 2011. We have spent the last year~and~a~half making restructuring investments in high quality assets at deeply distressed prices to maximize gains in an economic recovery. In total, we've invested over $20 billion in more than 40 different transactions. Now that these companies have repaired their capital structures, their equity offers substantial upside appreciation relative to downside risk as we move toward economic normalization. This is the part of the cycle where we want to have long event exposure and do not want to be under-invested.

Size and Returns

Over the past few years, some investors have been concerned about our size and questioned our ability to maintain performance while managing a large asset base. Yet, we have proven our ability to perform at current asset levels. In 2008, 2009, and 2010, our AUM has been approximately $30 billion and our returns were some of the best ever. Throughout these years, in which market conditions varied greatly, we adapted our investment strategy to protect capital and deliver positive, above-average returns with low market correlation.

Moreover, our size complements our skills by allowing us to participate in and structure transactions beyond the reach of smaller investment managers. First, in the bankruptcy area, we participated as the lead or one of the lead investors in 10 of the top 14 bankruptcies. Second, because of our size and expertise, we were invited by numerous corporate management teams to provide capital on favorable terms to repay debt, strengthen equity, and/or restructure their balance sheets. As a result, we made many attractive investments at attractive prices where we are now positioned to realize the returns.

The above is presented for illustrative purposes only. Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indieatlveof future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient. Unauthorized reproduction or distrlbut is strictly prohibited. Copyright 2011 Paulson & Co. Inc.

• 11 •

We are not concerned about our size for additional reasons. First, we are currently fully invested in all our funds so we do not have excess capital to make additional investments although many attractive opportunities exist. Second, the market opportunities are enormous in the areas in which we participate. In the case of our largest and most profitable position, Citigroup, market liquidity would allow us to take a position 6x to 7x our current size. Third, many of our funds are relatively small: the Gold Funds, for instance, are less than $1 billion, the Recovery Funds are only $2.5 billion, and the Merger Funds are only 60% of their former peak size. Based on current opportunities, these funds could be much larger.

It is the manager and the team that affect performance, not the size of the fund or firm. We are not only one of the largest investment firms, but also one of the best performing. Scores of smaller funds have failed or delivered sub-par performance. We think the most important criteria for selecting an investment firm are the manager, team, and track record. We believe that size is almost irrelevant to investment success. Our size has certainly not diminished our enthusiasm for investing in our funds, our ability to find or create opportunities, or our performance outlook.

Citigroup, One of Our Largest Positions, Gains 43%

Citigroup gained 43% in 2010 and was our most profitable bank position. In total, we achieved over $1 billion of gains in our Citigroup position since initiation in mid-2009. As the largest position in our Advantage Funds, Citigroup demonstrates the upside potential of many of the restructuring investments we have added to our portfolio and our ability to generate above average returns in large positions.

Citigroup

$5.0
$4.8
$4.6
$4.4
<V $4.2
.s
...
A. $4.0
.."i
u
B
'" $3.8
$3.6
$3.4
$3.2
$3.0
0- 0 0 0 0 0
0 ..... ..... .... .... .....
Q;; Q;; .__ ...... ...... 0;
00 0- CI\
t:! t:! N N N N
<, <, ....... '<,
N ..... N ['f) "'" .r.
..... 2010 +43%

0 0 0 0
- ..... ..... .....
Q;; <, '<; 0\
CI\ CI\
N N N t:!
0\ 6 '<,
..... N
..... ..... ..... Source: Bloomberg

The above represents a partial list of securities and is. pre!;entedfor illustrative purposes only. There is no guarantee that in the future these securities will be held in the Paulson funds. Ali material has been obtained from sources believed to be reliable but its accuracy is not guarantee P. .. '. t ily indicative of future performance and actual performance may differ depending upon d

Net Gains for Investors Since Inception

LCH Investments NV independently did a study of hedge funds that have produced the greatest net gains for investors since inception. We are proud that we are number three on the list with over $26 billion in net gains, even though we started our funds 12 and 21 years after Renaissance and Quantum, respectively.

Quantwn Endowment Fund (1973)

ESL (1988)

Bridgewater Pure Alpha Fund (1991)

Caxton (1983)

Baupost (1982)

Brevan Howard Fund (2002)

SAC (1992)

Top Ten Managers

Source: LCH Investments NV, as of June 30,2010.

Absolute Return Award for Best LongwTerm Performance and Risk Magazine Award for Hedge Fund of the Year

In 2010, Paulson won the award for Best Long-term Performance (over five years) for our Advantage Fund by Absolute Return and Risk Magazine named Paulson the Hedge Fund of the Year for 2010. We greatly appreciate this recognition of our track record as well as other times over the past few years, when Paulson also won awards based on our firm, performance, and thought leadership. In 2007, we won the Arbitrage Fund of the Year, Best New Fund of the Year and Management Firm of the Year award by Absolute Return. In 2008, Paulson won the Event Driven Fund of the Year, Distressed Securities Fund of the Year and for the second time, Management Firm of the Year, as well as the Hedge Fund Leader Award by Euromoney and the Hedge Fund Leader of the Year by Alternative Investment News. In 2009, Paulson won, for the third time, the Management Firm of the Year award by Absolute Return and the Hedge Fund Manager of the Year award by Foundation & Endowment Money Management.

The above is presented for illustrative purposes only. Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indk:ativeof future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient. Unauthorized reproduction or distributio . . strictly prohibited. Copyright 2011 Paulson & Co. Inc.

- 13 -

Employee Capital Rises to 42% of AUM

While we understand investors' need for liquidity, we encourage our clients to invest for the long term. The key to building wealth is to protect capital in down markets, reinvest gains, and compound at above average rates over the long term. By consistently reinvesting and not redeeming, employee capital has grown to over $14.9 billion representing 42% of all AUM.

John Paulson, as CEO, reinvested all his gains back into the funds this year (after taxes and personal expenses) as he has done every year since inception. We believe the best strategy for our investors is to remain invested in the funds alongside us and realize the benefit of our investing strategy over the long term.

Partnership Structure Best for Our Clients and Our Employees

We believe that the partnership structure is the best organization to insure top continuing long-term performance. By keeping ownership and management of our firm together, our partnership creates close alignment between our interests and those of our investors. Partnership allows key employees to share directly in the success of the firm and enables us to attract and retain the best quality people.

Currently, 30 of our 115 employees participate directly as partners. This year we are pleased to welcome the following individuals to partnership rank:

Michael Barr Real Estate Extended Stay, Tousa West
Victor Flores Global Gold Equities Anglo Gold, Detour Gold, Osisko
Tim Hoffman Merger Arbitrage Rohm & Haas, Wyeth, Shering
Plough
Dan Kamensky BankruptcylDistressed Lehman Bros., Extended Stay
Robert Lacoursiere Financials Fannie Mae, Freddie Mac, Bank of
America
Charles Murphy Insurance Hartford Financial, Conseco, ACAS
Allen Puwalski Financials One West Bank, Citigroup
John Reade Global Gold Strategist Gold Derivatives. Strategy
Brad Rosenberg Global Head. Fixed Income Trading Traded over $100 billion of Fixed
Income Securities
TyWallach Distressed GMAC, Ford Motor Credit, Harrahs All of these individuals have demonstrated exceptional performance over many years and proved their ability to initiate, structure, and manager large complex profitable positions.

The above represents a partial list of securities and is presented for illustrative purposes only. There is no guarantee that in the future these securities will be held in the Paulson funds. Performance results described herein are net of fees and expenses for the periods indicated. All mat~AQ"Qe1~i,ftiJ7stMs believed to be reliable but its accuracy is not guaranteed. Past performance is not ne&~a"y'li1~iv6<JfftJuPe ~~rmance and actual performance may differ depending upon date of investment. This materlalmayfiotbedistrlbuted to other than the intended recipient. Unauthorized reoroduction or distribution of aU or ami of this material is strictlv orohibited.

- 14-

Paulson Edge

We believe our competitive edge derives from our superior expertise in specialized event areas (mergers, bankruptcy, distressed, and corporate restructurings) and in the extraordinary quality of our professionals. From Dr. Alan Greenspan, former U.S. Federal Reserve Chairman for 18 years, who advises us exclusively on monetary policy issues, to Charles Murphy, a graduate of both MIT and Harvard Law School and former co-head of the Financial Institutions Group Europe at Credit Suisse, Deutsche Bank, and Morgan Stanley, to recent hires such as Itzhak Gartenberg, a recent Harvard Business School graduate with a Yale honors undergraduate degree and 4 years prior investment banking and private equity experience, we have exceptionally talented individuals with core expertise that gives us a sustainable competitive advantage.

Fund Specific Conferences

In 2011, we will begin a series of fund specific conferences, where investors will hear our investment team, portfolio company executives, and consultants present reviews of the fund and market outlook. These fund specific conferences will supplement, not replace, our June and November reviews and workshops, and are intended to provide investors an opportunity for greater transparency and granularity into the underlying portfolios.

We will publish separate year end reports for each of our funds with in-depth analysis later in the month.

Performance results described herein are net of fees and expenses for the periods indicated. All material has been obtained from sources believed to be reliable but its accuracy is not guaranteed. Past performance is not necessarily indicative of future performance and actual performance may differ depending upon date of investment. This material may not be distributed to other than the intended recipient·. Unauthorized reproduction or distribution of all or any of this material is strictly prohibited. Copyri ht 2011 PaiJlson&Co;>lnc.

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