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Presentation on theme: "The following is a series of excerpts from presentations designed by PowerPoint Services. Please call or email to discuss your project."— Presentation transcript:

1 The following is a series of excerpts from presentations designed by PowerPoint Services. Please call or to discuss your project.

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3 Company Name Investor PresentationMarch 2009 THIS IS NOT AN OFFERING OR THE SOLICITATION OF AN OFFER TO PURCHASE AN INTEREST. ANY SUCH OFFER OR SOLICIATATION WILL BE MADE TO QUALIFIED INVESTORS ONLY BY MEANS OF A FINAL OFFERING MEMORANDUM AND ONLY IN THOSE JURISDICTIONS WHERE PERMITTED BY LAW.

4 C O M P A N Y N A M E H E R E Investment Strategy Quality of the Business Durable Competitive Advantage Scale economies Established contractual rights Intellectual property Unique assets Dominant Market Position Extraordinary Return on Invested Capital Quality of Management Already Doing The Right Things Ownership Compensation/ Options Disclosure Accessibility/ Responsiveness Quality of Capital Structure/Allocation Appropriate Level of Debt Free Cash Flow Allocation Investment Share Repurchase Dividend Intelligent Acquisitions Bolt-on New Business Investment Qualification

5 C O M P A N Y N A M E H E R E Historical Performance Gross Annual Returns vs. S&P 500 Index Gross Quarterly Returns vs. S&P 500 Index * Partial year period from April 1 to December 31

6 C O M P A N Y N A M E H E R E Historical Performance Gross Monthly Returns vs. S&P 500 (April 2003December 2005)

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8 AN INTRODUCTION TO PALATINE Strong internal balance sheet with over $100million of liquidity Capitalized by three families Largest backer is the Hurst Family Established relationships Invested with numerous strong equity partners Working from top lenders Ties with all major brokerage firms as well as direct owners/sellers Acquired interests in over $115million in assets since inception Invested over $10.0million Actively overseeing portfolio of 2,000 apartment units and 3 retail assets Implementing capital improvements of over $3.0million in CY09, and $7.0million anticipated in CY10 Team of five professionals in New York, Boston and Florida Diverse backgrounds with over 50 years of experience in real estate Distressed debt, capital fundraising, asset and property management and leasing expertise Operating mentality with private equity analytic standards Bottom up approach to assessing properties Detailed, practical orientation Deep quantitative understanding and modeling capacity Palatine was founded in January 2007 to acquire multi- family and retail assets and distressed real estate debt

9 DISCIPLINED APPROACH TO VOLATILE MARKET EVENTS Boston Housing Rollup Acquired $13 million of assets Implied 8.6% cap rate basis Aekus Portfolio Bought minority interest in 900 units Blended 10.0% cap rate basis January 07 – June 08 AIMCO purchase Durham, NC 345 units Austin, TX debt purchase 9mm UPB Note assumption Nashville, TN 320 units September 09 – Going Forward No deals executed Portfolio/asset management Positioning for new investment paradigm Continued to build team Expanded relationships Developed perspective on debt acquisition business line June 08 – September 09 Dow Jones Industrial Average Contrarian Buying Opp. Market PeakValue Fallout and Bottoming Highly situation investmentsWider acquisition setZero market participation

10 SOURCING Loan Advisors Sealed bid process Limited seller access Limitless comp 60+ day process One-Off Brokers Auction & negotiated Limited seller access Smaller buyer participant pool 30+ day process Special Servicer Quiet competition Direct seller access Proven buyers only 45+ day process Direct Sourcing Limited competition Direct seller access Certainty of close Above market return Relationship building 15 day process Improving Margins Access Exclusivity Palatine Value Add Public AccessBroker RelationshipsProprietary Sourcing

11 MULTI-FAMILY LOANS & BANK COVERAGE BY REGION Southeast Total:$259,335,433 # of Loans:25 Avg. Loan:$10,373,417 Total Units:4,682 Avg. Units/Loan:187 Avg. Loan Basis/Unitxxx Northeast Total:$143,671,982 # of Loans:24 Avg. Loan:$5,986,333 Total Units:2,890 Avg. Units/Loan:120 Avg. Loan Basis/Unitxxx Southwest Total:$168,610,580 # of Loans:22 Avg. Loan:$7,664,117 Total Units:3,748 Avg. Units/Loan:170 Avg. Loan Basis/Unitxxx 12 Banks, 5 Brokers 15 Banks 5 Banks, 1 Broker Brokers Banks

12 INDICATIVES SUBMITTED – MULTIFAMILY PROPERTIES Palatine Indicative Bids Submitted vs. Seller Pricing Target UPB Bid Amount Actual Trade $18.0 $5.0 $24.0 $6.3 $7.5 $7.1 $5.0 $8.5 $8.6 $5.0 GeorgiaFloridaAlabamaLouisianaTexas LocationSandy SpringsJacksonvilleGulf ShoresLincoln ParishCedar Park Units Yr. Built1980/ Bid % of Balance68%53%38%60%56% Bid $/Door$24,03840,90927,17459,48832,051 Trade % of Balance 77%71%47%72%56% Trade $/Door$27,24454,54533,96771,38632,051

13 Athena Capital Research THIS DOCUMENT IS AN OUTLINE ONLY AND IS INCOMPLETE IF NOT ACCOMPANIED BY AN ORAL PRESENTATION. Confidential 1/16/2007 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests of shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. For more information or questions, contact: Athena Capital Research XXX XXXXX xxx-xxx-xxxx Address line 1 Address line 2 Athena Fund

14 Pg 14 Confidential 1/16/2007 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests or shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. About The Investment Manager Martin Lowry: Co-founder, CIO and CEO Extensive experience in operations, personnel and portfolio management, as well as developing quantitative trading strategies, at Flag Research Capital and Athena Capital One of three MDs managing Flag ( ) M.Eng. Degree Computer Science from MIT in 1999 Thesis research was applying statistical and machine learning techniques to extracting patterns from large data sets B.S. Degree Computer Science MIT 1997 Robert Muller: Co-founder, CTO and Risk Manager Extensive experience developing risk management systems and systems handling data, networking, and servers at Flag and Athena Capital B.S. Degree in Computer Science, in 3 years, from UC Berkeley 2000 Member of the HKN, the Engineering Honor Society Lewis Green: Partner and Lead Software Architect Extensive experience in software development and project management M.Eng. Degree Computer Science from MIT in 1997 B.S. Degrees in EECS and Brain and Cognitive Sciences 1996

15 Pg 15 Confidential 1/16/2007 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests or shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. Athena Capital Competitive Advantage ForecastsAutomationCosts Pure Alpha Statistical Arbitrage Strategy Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna Duis autem vel eum iriure dolor in hendrerit in vulputate velit Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna Duis autem vel eum iriure dolor in hendrerit in vulputate velit Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna Duis autem vel eum iriure dolor in hendrerit in vulputate velit

16 Pg 16 Confidential 10/03/09 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests or shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. Executive Summary Strategy Multi-Strategy Focus Quantitative Strategies, Statistical Arbitrage and Discretionary Investing Investment Manager Athena Capital Research LLC. Founded June 2003 as a proprietary trading firm. Converted to investment management firm March 2007 Fund Inception date: January 2010 Initial Funding: $xxmm Portfolio Manager David S. Green, CEO and CIO Ten years experience in hedge fund operations, quantitative trading strategies and portfolio management B.S. & M.Eng. Degrees Computer Science from MIT in 1997, 1999 Edge/ Advantage Proprietary technical signals, low transaction costs and real-time automated execution. Manager experience and value orientation Investment Staff Dedicated investment and research staff of xx (xx people in firm) Athena Fund Track Record Total Return: xx% net Compound Annual Return: xx% Volatility: xx% March 2007 through September 2009 Investors Investors seeking above-average, risk-adjusted returns

17 Pg 17 Confidential 1/16/2007 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests or shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. Summary Passion Lifelong immersion in technology & artificial intelligence by the entire team CIOs thesis research applying statistical & machine-learning techniques; extracting patterns from large data sets CIOs conservative risk taking nature led them to market neutral trading strategies Performance Outstanding ~3 year track record Compound Annual Return: 50%, Volatility: 10% Loss Deviation: 50% Sharpe Ratio (10%): 100 Sortino Ratio (10%): 100 CIO & Chief Software Architect from MIT Best in class strategists & programmers 7 years experience at a highly successful hedge fund Pedigree

18 Pg 18 Confidential 1/16/2007 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests or shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. Proprietary Capital Track Record Athena Capital Research vs. Flag Comparative Performance

19 Pg 19 Confidential 1/16/2007 v1.0 The material presented herein is informational only and is not an offer to sell, or a solicitation of an offer to buy interests or shares in any fund sponsored or advised by Athena Capital Research LLC (the Funds). Please read Important Notes on Page 2. Minimum:US $xx Annual fees:xx% management xx% incentive on 1st 20% return xx% incentive on >20% return Hurdle Rate:No incentive fees until return >x% Subscriptions:Monthly Redemptions:Quarterly, monthly available subject to penalty Administrator:TBA Prime Brokers:Eagle Auditors:TBA Counsel:Steiner, Brown LLP For further information or questions, please contact David Greene at Terms

20 Wolfensohn Capital Partners An Emerging Markets Private Equity Fund This presentation is for discussion purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any interest in the fund. Market data contained herein is based upon information that we consider reliable, however, we do not represent that it is accurate, complete, or up to date and it should not be relied upon as such. This presentation may not copied, reproduced, or disseminated, in whole or in part, without the express written consent of Wolfensohn & Company, L.L.C. © 2007 Wolfensohn & Company, L.L.C. Presentation to Investors February 2007 Private & Confidential Information

21 Investment Highlights Market Opportunity Investment Strategy Investment Team Investment Terms Appendix WCP Fund Differentiators

22 Strong Local Presence Across Key Geographies New York Office of CEO Washington Sao Paulo Mumbai Industry-leading local partner (TBA) Singapore Asia HQ Shanghai Strong local partners (China Investment Club) Moscow London Current Office Planned Office Long term relationships with leaders across emerging markets Building strong local partnerships in key emerging market offices On the ground investment professionals for superior investment monitoring and value add

23 A Number of Sectors Stand to Benefit From Secular Trends in Emerging Market SectorMacro DriversImplications Financial Services Fiscal and monetary reforms Deregulation and privatization Development of securities markets Deeper savings and credit markets Favorable demographic shifts Decreases in consumer price inflation Increased competitiveness and consolidation Rise in liquidity of equity and debt markets Growth in lending to enterprise sector Increased demand for retail financial services Retail Increase in disposable income and favorable consumer demographics Positive attitude towards credit Institutionalization of retail format Increased demand for branded apparel and specialty retail goods Rapid increases in credit card spending Expansion of organized retail sector Alternative Energy Rise in emerging market energy demand Rising investments in alternative energy research and development Increasing consensus regarding destructive impacts of climate change Increased emphasis on energy security Secular increase in fossil fuel costs Decline in relative costs for such alternative energy sources as wind and solar Governmental pressure and incentives for renewable energy

24 Fund Differentiator Unparalleled network of global relationships Strong local market presence across key geographies A demonstrated, long term commitment to development of emerging markets Team represents an extraordinary depth of emerging market and key sector experience Competitive Advantage Proprietary deal flow, strong partners, investment protection, ability to exit On the ground due diligence, market intelligence, and investment monitoring Seen as valued and trusted partner for local investors and corporations, with ability to enter and exit deals at attractive terms Ability to evaluate risks, execute favorable transactions, and add value to portfolio companies Unique Fund Differentiators Generate Competitive Advantage

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26 26 Business Directory sundance green business directory blue egg vivavi apartment therapy Zagats Internet Yellow Pages Internet Yellow Pages business.com e-business directory citysearch greenlinks national green pages green directory General Focused Green +Green -

27 27 Maintain focus on technological advancements Ongoing evaluation of target market needs Continued monitoring of competition and business risk Timeline: Y1Y Web site completed and tested. Initial staff contracted 300 Enlist 300 Green Drink chapters 500 Enlist 500 Green Drink chapters Secure Affiliate Relationships and Strategic Partnerships 3 Launch eNewsletter in 3 cities Raised Seed Funding Launch fee structure for Job Board and Business Pages. Key staff hired. Raised 1 st Round 8 Launch eNewsletter in 8 cities 15 Launch eNewsletter in 15 cities 200 Enlist 200 Green Drink chapters

28 28 Revenue Category

29 Hawk Investment Conference October 3, 2007 North Benson Capital Partners 955 Park Avenue, Ste 115 (212) Dennis Benson

30 North Benson Capital Partners Hawk Investment Conference 30 North Benson Capital Partners Hawk Investment Conference North Benson Capital Partners Hawk Investment Conference Eagle Airways (EAGL) Its not an airline 2007 GAAP EPS$ x 2008 GAAP EPS$ x 2007 cash EPS$ x 2008 cash EPS$ x 2007 EV/EBITDA15.0x 2008 EV/EBITDA16.0x Fully diluted shares outstandingxx.x million EAGL$xx.xx Market capitalization$xxx million Shares repurchased 2007x million Eagle valuation

31 North Benson Capital Partners Hawk Investment Conference Customers as platforms AmericaJet planes Seat capacityPlane type 50ERJ ERJ ERJ

32 North Benson Capital Partners Hawk Investment Conference Long-term nature of contracts Initial contract is typically 1012 years in duration Contracts typically get expanded and extended over their life American Airlines2013 Continental Airlines2012 Delta Airlines Frontier Airlines2019 United Airlines US Airways Customers under contract Profit visibility 70% 2016 of current pre-tax profit contracted to

33 North Benson Capital Partners Hawk Investment Conference Case study: Delta Airlines 55 planes Impact on EAGL: $Xm pre-tax/year EAGL Bankruptcy $xx.xm Warrants $xx.xm $xxm Eliminates 15

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