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HIGH PERFORMANCE CAPITAL PARTNERS

HIGH PERFORMANCE CAPITAL PARTNERS. Providing a natural high to your returns. ALTIN 2008 Hinterberger, Mayer, Nagarajan, Stein-Kaempfe, Ugboma 10 March 2008.

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HIGH PERFORMANCE CAPITAL PARTNERS

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  1. HIGH PERFORMANCE CAPITAL PARTNERS Providing a natural high to your returns ALTIN 2008 Hinterberger, Mayer, Nagarajan, Stein-Kaempfe, Ugboma 10 March 2008

  2. This presentation is intended for information purposes only. It is not an invitation or offer to make an investment in High Performance Capital Partners (the “Fund”) or to purchase any investment product. Any representation to the contrary is not permitted. The complete terms of investment for the Fund, including the investment program, fees and charges, tax consequences, risk factors, conflicts of interest and liquidity are set forth in the Fund’s offering memorandum. The Fund or any investment product made available involve a degree of risk. Potential investors must familiarize themselves with the offering materials related to such investment and must meet certain investment sophistication levels in order to make such investments and must be able to fully absorb the risks associated with such investment. The offering memorandum for the Fund and related subscription agreement will be made available to those persons eligible for participation who demonstrate the capacity to evaluate the risks and merits of such investment. The past performance of the principals of the Fund is no indication of future results that may be achieved by an investment in the Fund. This presentation is produced solely for the specified recipient. This presentation may not be transmitted, reproduced or made available to any other person. LEGAL NOTICES & DISCLOSURES

  3. Executive Summary The Team Investment Style & Process Risk Management & Control Performance Sample Transactions 4 5 11 13 14 15 Appendix – Summary of Investment Proposals 16 AGENDA

  4. Company Information High Performance Capital Partners is a Global Macro fund active in the world’s Foreign Exchange, Commodities and Equities markets. Our superior ability to identify and then exploit trends for absolute returns reflects three key approaches: • A fundamental, top-down approach in order to: • Identify structural changes • Pick disruptive technologies • Barriers to entry • Pricing power • Macroeconomic issues • Demographic changes • Sound bottom-up analysis through: • Balance sheet and other financial data modeling • Business model appraisal • Assessing the quality of Management • Trading and modeling skills to structure investment plays based on: • Intrinsic value analysis • Market sentiments • Technical analysis e.g. when prices break through support/resistance We pride ourselves on our ability to make profitable investments on both sides of the market, whether long or short. Summary of performance & Portfolio mix From inception to date our fund has returned annualized compounded returns of over 30%, outperforming the 5-year S&P 500 compounded annual returns of 11.62%. Portfolio value in $ since inception date EXECUTIVE SUMMARY

  5. OUR PARTNER’S ABILITIES DIFFERENTIATE US FROM OUR PEERS THE TEAM Economic & Political Analysis Trading Risk & Portfolio Management Financial Analysis & Modeling Investment Management

  6. OUR INVESTMENT PHILOSOPHY… INVESTMENT STYLE Theme-Based opportunities identified by (a) reviewing trends within current market environment (b) developing specific themes from which to associate opportunities. These lead to a series of linked positions TopDown Independent Fundamental Research Primary Focus Top down Asset Allocation Early identification of Secular & cyclical trends Active Risk Management Traditional relative value opportunities are identified within distinct asset classes through fundamental and statistical securities analyses Bottom Up • Key Drivers: • Growth – Analyze growth in sector, industry and corporate profits • Valuation – Historical and relativevaluecomparison • Catalysts – Analyzemarketmomentum and otherpossiblecatalyststhatcouldaffectthemarket

  7. WEEKLY INVESTMENT PLANNING PROCESS Weekly investment cycle Strategy Meeting Investment Committee Board Approval Execution

  8. RISK IN OUR PORTFOLIO IS ACTIVELY MANAGED RISK MANAGEMENT & CONTROL • High Performance Capital Partners has put several mechanisms in place to limit risk and market exposure: • Trades are unanimously approved by all partners before implementation • We monitor risk via the calculation of VaR, semi-standard deviation and RAP • Extensive & creative use of Scenario analysis tools • We do not allow losses over : • 10% of nominal for simple transactions and • 5% of long exposure for Long-Short plays • A maximum loss in % and/or USD is defined in every investment proposal • Risk Return Ratio must exceed 1:2 • Every trade has a clear time horizon, all open positions reviewed after 4 weeks • Use of real-time tools to monitor prices • More robust monitoring of execution after initial loss of 7% of portfolio • Appointed risk managers: Iris Hinterberger, Francis Ugboma

  9. RETURN/RISK MEASURES Annualized Standard Deviation 31.53% Annualized Semi-standard deviation 23.96% Skewness -0.79 Kurtosis 8.94 TARGET PERFORMANCE High Performance Objectives : • Annual compounded returns above 15% • Non-volatile return profile • 1 Month VaR < 10% portfolio value Implement advanced risk measures e.g. RAP, Sharpe & Sortino ratios VAR & SCENARIO ANALYSIS MEASURES Positive days 20 Negative days 9 Latest 1 Month VaR (SD) $117,982,95 Latest 1 Month VaR (SSD) -$100,296.33 ACTUAL PERFORMANCE PERFORMANCE CUMULATIVE DISTRIBUTION OF DAILY RETURNS $ 76% between $0-$2500 Annualized arithmetic mean returns 36.64% Annualized compounded returns 31.64% Risk-Adjusted Performance 8.33% Sortino ratio (3%) 1.40 Sharpe ratio 1.07

  10. SAMPLE TRANSACTIONS BEARISH ON THE USD, CONFIDENT ON EUR SHORT US CAR RETAILERS Underlying Idea US – pessimistic outlook EU – optimistic outlook Execution Long EUR/USD @ 1.4548 Exit @ 1.5208 after 7 weeks ROCE: 322% Underlying Idea Decrease in purchases, car credit defaults to squeeze margins, young, highly leveraged companies will increase bearish sentiment Execution Short a basket of US small car retailers Exit After 5 weeks ROI: 9.27% (ex repo profit)

  11. HOW TO FIND US CONTACT DETAILS CONVINCED? TERMS & CONDITIONS CONDITIONS & FEE STRUCTURE CONTACT INFORMATION Minimum Investment: $10,000,000 Subsequent Purchase Minimum: $1,000,000 Lockup: 2 years Subscription Frequency: Annual Notice for Redemption: 12 months Management Fee: 1.5% p.a. Performance Fee: 18.5% High-Water-Mark?: Yes Hurdle rate: 15% Website: Email: highperformancecap@gmail.com High Performance Capital Partners c/o IESE Business School Avda. Pearson, 21 08034 Barcelona

  12. Summary of our investment proposals APPENDIX – INVESTMENT PROPOSALS

  13. WEEK 1 – 18/01/2008 BEARISH ON THE USD, CONFIDENT ON EUR • Rationale: US slowdown worse than currently priced in, possible reserve diversification of oil exporting nations – European economic outlook is stable, dovish interest rate policy • Specs: Long EUR Futures,Entry: 1.4630 - Target: 1.6500 - Stop Loss: 1.4300 • Executed? Yes, held for 7 weeks • Return: 4,54% ROI: 322% (on initial margin) BULLISH ON AGRICULTURAL COMMODITIES VS. ENERGY • Rationale: Crude is not breaking through 100$/bbl, supply squeeze on seeds due to higher demand (biofuels), weakening dollar is followed by increasing commodity prices • Specs: Long GSCI, Short Crude Oil, Heating Oil, Natural Gas, Gasoline • Executed? Yes, held for 1 week • Return: -7.47%

  14. WEEK 2 – 25/01/2008 BULLISH ON JBLU VS. OTHER AIRLINES • Rationale: JBLU has suffered more from oil price rise than competition, spread will narrow due to sound strategy and management, softening crude prices, Lufthansa • Specs: Long JBLU, Short airline stocks – here UAUA (United Airlines) • Executed? No • Return: BULLISH SAMSUNG VS. ASIAN TECHNOLOGY STOCKS • Rationale: Samsung’s low performance indicators are unjustified – handset share and the TFT-LCD margins more than offset memory weakness • Specs: Long Samsung ADR, Short Matthews Asian Technology Fund • Executed? No • Return:

  15. WEEK 3 – 01/02/2008 SHORT US CAR RETAILERS • Rationale: Economic environment leads to decrease in purchase of big-ticket items, manufacturing prices under inflation pressure will push down retail margin, car credit defaults in the wake of the credit crisis will push supply of (used) cars while lowering demand. Choice of young, highly leveraged companies will increase bearish sentiment • Specs: Short KMX, AN, LAD, RUSHB, CRMT (independent US car vendors) • Executed? Yes, held for 5 weeks • Return: 9.27% (pure return on capital employed excluding repo profit) MERGER ARBITRAGE ON BANK OF AMERICA - COUNTRYWIDE • Rationale: Market sentiment is that merger is not 100% certain – we believe it is because BAC has never backed out of a transaction, is already highly exposed to CFC and is facing a high break-up fee. Also, CFC management needs to act to avoid jail and the companies are highly complementary • Specs: Long CFC, short BAC • Executed? No. • Return:

  16. WEEK 4 – 08/02/2008 CHINESE YAHOO - MICROSOFT • Rationale: The deal faces close antitrust scrutiny, Google is very actively lobbying to block the deal and presents a second strategic option, it has been rumored that the deal plan is merely a decoy to divert attention from poor management performance at MSFT and finally MSFT does not have the experience to merge the businesses • Specs: Short YHOO, long MSFT • Executed? Yes, held for 4 weeks • Return: 1.78% BULLISH ON VOLATILITY • Rationale: Recession fears stay unchanged, disappointing home sales, tax stimulus packet is not going to be helpful, emerging monoline insurer issues will be worse than currently expected, Put/Call Ratio (indicating bearish sentiment) is rising • Specs:Long slightly out-of-the-money SPY put and call options • Executed? No • Return:

  17. WEEK 5 – 15/02/2008 CONSTRUCTION: SHORT SPAIN, LONG FULL ORDER BOOKS • Rationale: Sound companies have been caught in the market turmoil, even though their order books are healthy and big orders are likely to come in in the short term. On the other hand Spanish constructors are set to suffer as house prices fall and mortgage applications get stricter. • Specs: Long PCEI, TOSH, short ABG, ANA, ACS, CLEO, FCC, OHL • Executed? Yes, held for 3 weeks • Return: 7.25% (24.20% on net capital employed) LONG AMERICAN COAL MINES • Rationale: US mining companies profit from China’s increased demand in coal and recent export ban, adverse weather conditions in exporting countries, breakdown of price correlation with oil and increase of mining capacity in US • Specs:Long ACI, FCL, BTU • Executed? Yes, held for 3 weeks • Return: 4.55%

  18. WEEK 6 – 22/02/2008 BEARISH GBP, BULLISH JPY • Rationale: Interest rate in Great Britain is set to fall, undermining the attractiveness of the GBP for investors. Falling M&A activity, rising current accounts and high deficit/high taxes add to the problem. In contrast, the Japanese labor and equity markets are sound and the dependence on the US has decreased • Specs: Short USD/GBP, long USD/JPY • Executed? No. • Return: EXPLOIT SEASONAL PATTERN OF SOYBEANS AND CORN • Rationale: Soy and corn mainly come from the Northern Hemisphere where planting starts soon. Weather patterns, US elections and fundamental shifts in agricultural markets influence traders’ sentiment on the supply situations and drive prices up in the short term • Specs:Long CK8, SK8 • Executed? Yes, held for 2 weeks • Return: 10.95% ROI: 269% (on initial margin of contracts)

  19. WEEK 7 – 29/02/2008 CONVERGING VALUATIONS IN AGROCHEMICALS • Rationale: Driven by growing world population and demand for bio-fuels the demand for GM seeds is set to increase dramatically over the next few years. Whereas these possibilities are far overvalued in the shares of Monsanto (P/E 53) we believe that the opportunities for Syngenta (P/E 24) are undervalued by the market • Specs: Short USD/GBP, long USD/JPY • Executed? Yes, held for 1 week • Return: 4.51% ROI: 15.60% (on net capital employed) BEARISH ON BANKING SECRET IN EUROPE • Rationale: After the tax probes into German and British tax evaders in Liechtenstein, the interest of other countries in the subject and the vow of Monaco to work with EU countries to hinder tax evasion, we believe that tax havens in continental Europe will see massive outflows of funds to more opaque legislations (Bahamas, Singapore, Middle East). Overall we believe the Swiss economy is stable • Specs:Short BAER, long EWL Index Fund (Swiss companies) • Executed? No • Return:

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