Green&Gold Fund

1. Recommendation: Buy Och-Ziff (OZM) Green&Gold Fund

2. Key Investment Points • Stellar risk adjusted performance of their funds • Good dividend • Unfairly discounted valuation • Opportune entry point

3. Industry Overview • Focus on operational excellence, growth, performance, risk management, and compliance • Asset Management CEOs most optimistic out of any industry • Very capable of adaptation and reinvention • Asset allocation shift towards Alternative Assets

4. Industry Overview (Asset allocation shift)

5. Company Profile (Business Model)

6. Company Profile (Investment Strategy) • Merger arbitrage • Convertible arbitrage • Equity Restructuring • Credit and distressed debt • Private Equity (to a lesser extent) • Real Estate (to a lesser extent)

7. Company Profile (Allocation Strategy)

8. Investment Information 3 Year Price Graph (Morningstar)

9. SWOT Analysis

10. Investment Thesis • We should own this stock to take advantage of performance fees not yet priced in. Management fees make up most of the current valuation and 3 year money is scheduled to boost management fees significantly in 2012 and 2013.

11. Valuation (multiples based) • Historical average industry P/E 12-13 • OZM earnings • Earnings (ttm) 1.11 • Value 13.32 – 14.43 • Earnings (2011 forecast) .50 • Value 6.00-6.5 • Earnings (2012 forecast) 1.19 • Value 14.28 – 15.47 Average 2011/2012 forecast Current Value 10.14 – 10.98 Stock currently undervalued

12. Portfolio Placement / Recommendation • Sector : Alternatives • Industry Group: Asset Management • Current Holdings: ODMAX, PRPFX, MOO, GXG • Target Sector Allocation: 10%, $47,641 • Current Sector Allocation: 7.5% , $35,696 • Remaining Allocation: 2.5%, $11,945 • BUY 800 shares of OZM at Limit Price of 9.48 (approx. $7,584 1.5% of portfolio) • Holding Period/Exit Strategy: 12 months, Consider selling if stock price rises above $15.

13. Recommendation: Buy iShares MSCI Canada Etf (ECW) Green&Gold Fund

14. Key Investment Points • Second largest oil reserve behind Saudi Arabia • Financially stable country • Resource rich • Chemicals, Energy, Minerals

15. Industry Overview • Better GDP growth than US 2.7% vs. 1.8% yet the index has lagged the S&P 500 -15% vs. 2.11% • More expansion potential in terms of agriculture due to growth in arable land • Low fiscal public debt to GDP ratio 34% • Less exposure to European crisis than US or emerging markets • Currently trading at about par with the dollar despite the dollar’s rise

16. Sector Breakdown • Financials 31.98% • Energy 26.66% • Materials 21.32% • Industrials 5.79% • Consumer D 3.47% • Telecom 3.28% • Consumer S 3.01% • Utilities 1.29% • Information T 1.22% • Health Care 1.18% • Other .81%

17. Top 10 Holdings • Royal Bank of Canada 6.14% • TD Bank 5.67% • Bank of Nova Scotia 4.64% • Suncor Energy 4.22% • Barrick Gold 4.06% • Canadian Natural Res 3.41% • Potash of Sask 3.22% • Goldcorp 3.08% • Bank of Montreal 3.04% • Canadian Natural Rail 2.89%

18. Investment Information 3 Year Price Graph (Morningstar)

19. SWOT Analysis

20. Investment Thesis • We should own this security to diversify out of dollar denominated assets as a result of potential QE3 and gain exposure to Canada's rich resources and financial stability. This is an opportune time to take advantage of the divergence in the index's performance and the country's fundamentals.

21. Portfolio Placement / Recommendation • Sector : Alternatives • Industry Group: Asset Management • Current Holdings: ODMAX, PRPFX, MOO, GXG • Target Sector Allocation: 10%, $47,641 • Current Sector Allocation: 7.5% , $35,696 • Remaining Allocation: 2.5%, $11,945 • BUY 400 shares of EWC at Limit Price of 27.63 (approx. $11,052 2.32% of portfolio) • Holding Period/Exit Strategy: 12 months, Consider selling if stock price rises above $34.