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

The following is a series of excerpts from presentations designed by PowerPoint

Services.

Please call or email to discuss your project.

Company NameInvestor Presentation

March 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.

C O

M P

A N

Y

N A

M E

H

E R

E

Investment Strategy

Quality ofthe Business

Durable Competitive Advantage Scale economies Established

contractual rights Intellectual

property Unique assets

Dominant Market Position

Extraordinary Return on Invested Capital

Quality ofManagement

Already Doing “The Right Things”

Ownership Compensation/

Options Disclosure Accessibility/

Responsiveness

Quality ofCapital Structure/Allocation Appropriate Level of

Debt Free Cash Flow

Allocation Investment Share Repurchase Dividend Intelligent

Acquisitions—Bolt-on—New Business

Investment Qualification

C O

M P

A N

Y

N A

M E

H

E R

E

26.7%

17.8%22.4%

4.9%10.8%

32.8%

0%

10%

20%

30%

40%

2003* 2004 2005

Company S&P 500 index

Historical Performance

Gross Annual Returns vs. S&P 500 Index

Gross Quarterly Returns vs. S&P 500 Index

-5%

0%

5%

10%

15%

20%

Q2’03 Q3’03 Q4’03 Q1’04 Q2’04 Q3’04 Q4’04 Q1’05 Q2’05 Q3’05 Q4’05

Company S&P 500 index

* Partial year period from April 1 to December 31

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 2003—December 2005)

2003 2004 2005 Company S&P 500 Company S&P 500 Company S&P 500

J anuary 2.74% 1.84% -1.76% -2.44%

February 5.01% 1.39% -0.49% 2.10%

March -0.07% -1.51% 0.22% -1.77%

April 1.62% 8.23% -1.19% -1.57% -1.04% -1.90%

May 5.82% 5.26% -0.26% 1.37% 1.10% 3.18%

J une 1.38% 1.28% 2.47% 1.94% 8.18% 0.14%

J uly 0.12% 1.76% 0.19% -3.31% 7.07% 3.72%

August 2.12% 1.95% -1.17% 0.40% 1.88% -0.91%

September -1.52% -1.06% 4.76% 1.08% 2.66% 0.81%

October 5.46% 5.65% 1.61% 1.53% -0.66% -1.67%

November 0.33% 0.88% -0.38% 4.04% 7.37% 3.78%

December 5.40% 5.24% 3.03% 3.40% 0.04% 0.04%

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

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 Peak Value Fallout and Bottoming

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

1/ 07 4/ 07 7/ 07 10/ 07 1/ 08 4/ 08 7/ 08 10/ 08 1/ 09 4/ 09 7/ 09 10/ 09 1/ 10 4/ 10

Highly situation investments Wider acquisition set

Zero market participation

SOURCING

Loan AdvisorsSealed bid process

Limited seller access

Limitless comp

60+ day process

One-Off BrokersAuction & negotiated

Limited seller access

Smaller buyer participant pool

30+ day processSpecial Servicer Quiet competition

Direct seller access

Proven buyers only

45+ day process

Direct SourcingLimited competitionDirect seller accessCertainty of closeAbove market returnRelationship building15 day process

Imp

rovi

ng

Marg

ins

Access Exclusivity

Palatine Value Add

Public Access Broker Relationships Proprietary Sourcing

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 Brokers12 Banks, 5 Brokers

15 Banks15 Banks

5 Banks, 1 Broker5 Banks, 1 Broker

Brokers

Banks

INDICATIVES SUBMITTED – MULTIFAMILY PROPERTIES

$13.2$9.0

$33.9

$11.0$11.9

Asset 1 Asset 2 Asset 3 Asset 4 Asset 5

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

Georgia Florida Alabama Louisiana Texas

Location Sandy Springs Jacksonville Gulf Shores Lincoln Parish Cedar Park

Units 312 440 184 120 156

Yr. Built 1980/2008 2008 2007 2007 1997

Bid % of Balance

68% 53% 38% 60% 56%

Bid $/Door $24,038 40,909 27,174 59,488 32,051

Trade % of Balance

77% 71% 47% 72% 56%

Trade $/Door $27,244 54,545 33,967 71,386 32,051

Athena Capital Research

THIS DOCUMENT IS AN OUTLINE ONLY AND IS INCOMPLETE IF NOT ACCOMPANIED BY AN ORAL PRESENTATION.Confidential

1/16/2007 v1.0The 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 oradvised by Athena Capital Research LLC (the “Funds”). Please read Important Notes on Page 2.

For more information or questions, contact:Athena Capital ResearchXXX XXXXXxxx-xxx-xxxxAddress line 1Address line 2

Athena Fund

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. Pg 14

Confidential1/16/2007 v1.0

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 (1999—2003) 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



Athena Capital Competitive Advantage

Forecasts AutomationCosts

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







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

PortfolioManager

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 FundTrack Record

Total Return: xx% net Compound Annual Return: xx% Volatility: xx% March 2007 through September 2009

Investors Investors seeking above-average, risk-adjusted returns



Summary

Passion

Lifelong immersion in technology & artificial intelligence by the entire team

CIO’s thesis research applying statistical & machine-learning techniques; extracting patterns from large data sets

CIO’s 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



Proprietary Capital Track Record

2004 2005 2006 2007

DATE ACR1 Flag ACR1 Flag ACR1 Flag ACR1 Flag J anuary 8.89% -2.44% 2.36% +2.65% February 9.14% +1.39% 10.00% +2.10% -0.22% +0.27% March -0.56% -1.51% -1.60% -1.77% 3.50% +1.25% April 3.82% -1.57% 2.86% -1.90% 3.04% +1.34% May 7.55% +1.37% 7.12% +3.18% 4.93% -2.88% J une 9.92% +1.94% 6.02% +0.14% 16.22% +0.14% J uly 8.69% -3.31% 1.08% +3.72% 9.66% +0.62% August 8.24% +0.40% 2.00% -0.91% 6.68% +2.38% September 8.09% +1.08% 1.94% +0.81% 4.12% +2.58% October 4.80% +1.53% 2.32% -1.67% 5.80% +3.26% November 13.45% +4.05% 4.66% +3.78% 7.35% +1.90%

December 11.80% +3.40% 2.38% +0.03% 8.26% +1.40%

YTD +125.14% +8.88% +58.65% +4.91% +98.94% +14.20%

Athena Capital Research vs. Flag

2004 2005 2006 CAGR Total

Return Volatility Sharpe Sortino ACR1 100% 100% 100% 100% 100% 100% 10 50 Flag 8.9% 4.9% 14.2% 10.0% 30.5% 7.0% 0.7 1.1 Nasdaq 5.3% 1.4% 10.3% 5.5% 17.8% 13.3% 0.1 0.1 HFRI Stat Arb 2.4% 5.3% 10.1% 7.0% 18.7% 3.1% 0.6 1.0

Comparative Performance



Minimum: US $xx

Annual fees: xx% managementxx% incentive on 1st 20% returnxx% 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 646 435 7396

Terms

Wolfensohn Capital PartnersAn 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 InvestorsFebruary 2007

Private & Confidential Information

Investment Highlights

Market Opportunity

Investment Strategy

Investment Team

Investment Terms

Appendix

WCP Fund Differentiators

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)

MoscowLondon

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

A Number of Sectors Stand to Benefit From Secular Trends in Emerging Market

Sector Macro Drivers Implications

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

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

26

Business DirectoryBusiness Directory

sundance

green business directory

blue egg

vivavi

apartmenttherapy

ZagatsZagats

Internet Yellow Pages

Internet Yellow Pages

business.combusiness.com

e-business directory

citysearchcitysearch

greenlinksnational green pages

greendirectory

General

Focused

Green +Green -

27

Maintain focus on technological advancementsMaintain focus on technological advancements

Ongoing evaluation of target market needsOngoing evaluation of target market needs

Continued monitoring of competition and business riskContinued monitoring of competition and business risk

Timeline: Y1—Y3Timeline: Y1—Y3

20082008 20092009 20102010

Web site completed and

tested. Initial staff contracted

Enlist 300300 Green Drink

chapters


chapters

Secure Affiliate Relationships and

Strategic Partnerships

Launch eNewsletterin 33 cities

Raised Seed Funding

Launch fee structure for

Job Board and Business

Pages. Key staff hired. Raised 1st

Round




chapters

28

Revenue CategoryRevenue Category

0

2,000,000

4,000,000

6,000,000

8,000,000

10,000,000

12,000,000

14,000,000

16,000,000

1 2 3 4 5

Year

Ad Revenue Subscription Revenue J ob Board Revenue

HawkInvestmentConference

HawkInvestmentConference

October 3, 2007

North BensonCapital Partners

955 Park Avenue, Ste 115(212) 684-5927

Dennis Benson

30

North Benson Capital PartnersNorth Benson Capital Partners Hawk Investment ConferenceHawk Investment ConferenceNorth Benson Capital PartnersNorth Benson Capital Partners Hawk Investment ConferenceHawk Investment ConferenceNorth Benson Capital PartnersNorth Benson Capital Partners Hawk Investment ConferenceHawk Investment Conference

Eagle Airways (EAGL)Eagle Airways (EAGL)

It’s not an airline

2007 GAAP EPS $1.00 11.0x2008 GAAP EPS $2.00 12.0x

2007 cash EPS $3.00 13.0x2008 cash EPS $4.00 14.0x

2007 EV/EBITDA 15.0x2008 EV/EBITDA 16.0x

Fully diluted shares outstanding

xx.x million

EAGL $xx.xxMarket capitalization $xxx millionShares repurchased 2007 x millionEagle valuation

North Benson Capital PartnersNorth Benson Capital Partners Hawk Investment ConferenceHawk Investment Conference

Customers as platformsCustomers as platforms

2126

36 36 3630

28

20 20

38 38

10 1010

AmericaJet planes

Seatcapacity

Plane type

50ERJ 145

70ERJ 170

85ERJ 175

10

2126

36 36 36

58

68 68

1999 2000 2001 2002 2003 2004 2005 2006 2007


Long-term nature of contractsLong-term nature of contracts

Initial contract is typically 10—12 years in duration Contracts typically get expanded and extended over

their life

American Airlines 2013

Continental Airlines

2012

Delta Airlines 2016—2019

Frontier Airlines 2019

United Airlines 2015—2017

US Airways 2013—2019

Customers under contract

Profit visibility

70%2016

of current pre-taxprofit contracted to


Case study: Delta AirlinesCase study: Delta Airlines

55 planes

Impact on EAGL:$Xm pre-tax/year

EAGL

Bankruptcy$xx.xm

Warrants$xx.xm

$xxm

Eliminates 15

Thank you!

Jordan YarussPowerPoint Services

Phone: (917) 856-0582Fax: (615) 858-0582

[email protected]

Click to watch again

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

Documents

total units

broker brokers banks

units austin

apartment units

sourcing loan advisors

capital fundraising

capital improvements

retail assets