Lambay Capital August 2008 Lambay Capital is authorised by the Irish Financial Regulator under the Investment Intermediaries Act Registered as an authorised Commodity Trading Advisor with the CFTC and a member of NFA ID No

Company Information Specialist Foreign Exchange Trading Manager Established by it’s 3 Principals in 2005 Based in the Irish Financial Services Centre in Dublin, Ireland “to provide Clients with a Risk Managed, Regulated and Systematic Approach to the trading of FX”

Regulation Authorised by IFSRA, the Irish Financial Regulator in 2005 Currently supervised under EU wide MiFID, transposed into Irish Legislation on 31 January 2007 Registered as an Authorized Commodity Trading Advisor with the CFTC and a member of the NFA, ID No

Principals Keith Hazley - Managing Director & Chief Investment Officer. 25 years experience in the FX and Futures Markets. Previously worked with Midland Bank, London and Gaiacorp, Ireland. Director of the Hedge Funds of IKOS, Estlander & Ronnlund & Mulvaney Capital. Registered as a Principal with the NFA. Paul Garrigan - Director of Marketing and Compliance. 35 years experience in the FX Market. Previously worked with AIB Bank and Ulster Bank in Dublin and NatWest, New York. Registered as a Principal with the NFA. John Wallace - Director of Trade Execution and Client Relations. 20 years experience in the FX and Futures Market. Member of NYBOT, now ICE Futures US since Previously worked with ED&F Man, Fimat and Toyo Trust in London Registered as a Principal with the NFA.

Trading Methodology Short Term Systematic Momentum The strategy looks to profit from short term trend changes in liquid currency pairs using an expected trade path analysis. It looks to de-leverage position size when unexpected trade patterns emerge. Risk Control Parameters The strategy utilises a fixed amount of risk each month based on current levels of volatility in its instruments. It applies a “Solver Algorithm” to calculate position size and initial risk per trade. Trade Medium. Transactions are executed directly in the OTC Spot FX Market. The manager then uses either Cash or Exchange For Physical’s on FX Futures listed on regulated futures exchanges as its trading medium. Java based R&D Platform The strategy has been robustly tested using a proprietary R&D platform and Spot FX data obtained from multiple sources. The current model has been trading live since Q

Performance Statistics Return since inception13.3% Annualised Return2.56% Annualised Volatility 5.31% Annualised Sharp0.48 Round turns of $100K per $1m Account per annum1,200 Margin to Notional Equity Requirement10% Margin to Notional Equity Average4% Average holding period 4 Days Assets under Management$24m Winning Months25 Losing Months 24 Average Monthly Gain1.4% Average Monthly Loss-0.93%

Currency Pairs Canadian New Zealand Dollar South African Rand Yen Sterling Against Australian Sterling Yen Euro US Dollar Against

STFX V’s BTOP FX Index

Model V’s Currency Index

Trading Cycle Technical Entry Signal generated Position Size and Fixed Initial Risk Calculation Initial Stop placed Dynamic Stop adjustment De Leverage Calculation Rules Based Exit Technical Re-Entry Signal

Trading Example

Investment Structures Managed Accounts Minimum size $1,000,000 notional Required minimum cash $100,000 1% management, 20% incentive Bahamian Multi Class Fund Separate class and trading entity Minimum investment €25,000 2% management, 20% incentive Share equalization

Portfolio Risk

Market Exposure

Why Invest with Lambay? Performance Attributes Principals Experience Scaleable Potential Short Term Strategy Liquidity Multi Regulated Entity

Lambay Capital Ltd Dublin Exchange Facility IFSC Dublin 1 Lambay Capital is authorised by the Irish Financial Regulator under MiFiD. Registered as an authorised Commodity Trading Advisor with the CFTC and a member of NFA ID No t: f: e: