Why Scottwood

Performance History

 -Alpha generation: high quality, diverse profits
 -Outperformance: in up, down and transitioning markets
 -Low correlation to indices and peers
 -Legacy positions: no side pockets

Alignment Of Interests With Investors

 -Proven record of capital preservation
 -Liquidity of investments matched with liquidity for investors
 -All redemptions paid in cash; never any gates, side pockets, pay-in-kind
 -Transparency: portfolio and business
 -Willingness to hold cash, if opportunities scarce or risks too high
 -Fund expenses: extremely low

Robust Risk Controls For Fund And Firm

 -Portfolio: concentration and exposure hard limits, limited use of leverage
 -Independent risk reports from RiskMetrics, Measure Risk, Risk Resources
 -Counterparties: zealously protect cash, securities, business operations, investors
 -Third party pricing of portfolio and calculation of NAV
 -Best of breed of auditors, legal counsel, administrator