The HedgeFund Source Expo and Conference

1

The Hedge Fund Service Expo and Conference

June 2008

2

Alpha Equity Management Organizational Structure

Strategic Partnership with RidgeWorth Capital: • $74B asset management subsidiary of

SunTrust Banks Inc., a top 10 US bank• Seeded three 130/30 mutual funds

Joint Venture with The Praedium Group:• $7B private equity firm with 16+ years of

private real estate investment experience• JV includes 130/30 and mkt. neutral U.S.

real estate securities funds and related SMAs

• 75% employee-owned• 25% owned by RidgeWorth Capital

Alpha Equity Management Ownership :

3

Alpha Equity Products

130/30 StyleHedge Funds

Market NeutralHedge Funds

Long/ShortHedge Funds

Alpha PraediumMarket Neutral

GlobalMarket Neutral

GlobalLong/Short*

Alpha Praedium 130/30

U.S.Market Neutral

U.S.200/100

U.S.Equity

InternationalMarket Neutral

International130/30

InternationalEquity

GlobalEquity

Real EstateEquity

130/30Mutual Funds

RidgeWorth International Equity 130/30

RidgeWorth Real Estate

130/30

RidgeWorth U.S. Equity

130/30

4

Fund Performance Summary

*Annualized Fund Net Return

*Annualized Benchmark

Return

*Annualized Alpha

4

International Equities Alpha Equity International “130/30” 19.56% 7.84% 11.72% Inception: June 1, 2001

Benchmark: FTSE All-World ex US**

Alpha Equity International Market Neutral 5.33% Inception: January 1, 2004

U.S. Real Estate Equities Alpha Praedium “130/30” 25.11% 15.85% 9.26% Inception: June 1, 2001

Benchmark: NAREIT Equity Index

Alpha Praedium Market Neutral 7.81% Inception: January 1, 2003

U.S. Equities Alpha Equity Market Plus “200/100” (Tax Efficient) 4.05% 1.24% 2.82% Inception: July 1, 2000

Benchmark: S&P 500

Alpha Equity Leveraged Market Neutral 6.55% Inception: July 1, 2000

Global Equities Alpha Equity Global Long/Short 12.19% Inception: January 1, 2003

Alpha Equity Global Market Neutral 4.91% Inception: July 1, 2004

*Since fund inception through May 2008. May returns are estimated.

**The fund Benchmark changed from the Bank of New York ADR Index to the FTSE All-World ex US Index on 1/1/2007 to reflect the expansion of the portfolio’s composition. Data referring to the “Benchmark” refers to the Benchmark that was in effect at the time in question. 4

5

Investment Process

• Quantitative• Multifactor models for each asset class• Dynamic factor weighting• Daily rebalancing • Dynamic leverage policy

• Fundamental• Factors are fundamentally-based• Final oversight by portfolio managers

• Process• Stable• Systematic • Scalable

6

Alpha Equity International 130/30 Fund

Securities Universe: FTSE All-World ex US

Note on the Benchmark and Universe: The fund Benchmark changed from the Bank of New York ADR Index to the FTSE All-World xUS Index on 1/1/2007 to reflect the expansion of the portfolio’s composition. Through November 2006, our universe consisted of the 650 most liquid ADRs and US GDRs. On December 1, 2006, our universe expanded to include 4,000 of the most liquid common equity shares on local exchanges in the global markets ex-US. Data referring to the “Benchmark” refers to the Benchmark that was in effect at the time in question.Note on Returns: “Net Fund” returns are net of a high watermark until 1/1/2007

Performance Statistics (Jun 01— May 08):

Fund Avg Annlzd Net Rtrn 19.56% Benchmark Avg Annlzd Net Rtrn 7.84% Fund Avg Annlzd Net Alpha 11.72%

PERFORMANCE ATTRIBUTIONALPHA EQUITY INTERNATIONAL 130/30 FUND

Inception Through 4/30/08

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

Avg

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-50%

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Net Fund BenchmarkJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year

NET FUND -2.69% -2.95% -0.49% -10.31% 5.85% -0.31% 4.31% -7.23%Bk of NY ADR -4.90% -3.01% -4.47% -11.05% 3.77% 5.01% 1.57% -13.27%

NET FUND 0.29% 2.11% 8.22% 3.21% 2.25% 1.56% -5.88% 4.63% 0.17% -2.83% -3.44% -3.35% 6.25%Bk of NY ADR -4.37% -0.50% 5.09% -1.83% -0.61% -5.35% -10.19% -0.16% -11.91% 7.03% 5.78% -4.64% -21.24%

NET FUND -1.95% 2.96% -1.20% 8.09% 7.53% 2.15% 1.10% 2.84% 2.21% 8.35% 4.02% 9.94% 55.91%Bk of NY ADR -2.15% -4.75% -1.67% 10.01% 7.01% 0.90% 1.89% 2.70% 1.54% 6.40% 2.92% 8.24% 37.10%

NET FUND 3.38% 1.79% -0.85% -6.71% 2.77% 2.09% -2.76% 0.25% 5.23% 4.53% 8.06% 2.70% 21.52%Bk of NY ADR 1.40% 2.23% -1.81% -3.33% 0.39% 1.93% -3.67% 0.48% 2.81% 3.65% 6.10% 3.90% 14.47%

NET FUND -0.48% 6.97% -3.12% -2.09% 1.63% 2.32% 5.56% 5.10% 7.55% -3.36% 3.94% 4.93% 32.07%Bk of NY ADR -2.37% 4.61% -3.46% -2.32% 0.09% 1.13% 3.60% 2.58% 3.87% -3.19% 1.57% 3.67% 9.69%

NET FUND 11.18% -1.40% 3.65% 5.60% -6.43% -0.56% 1.16% 1.56% -1.68% 3.56% 3.60% 3.59% 25.33%Bk of NY ADR 7.17% -1.63% 3.56% 5.48% -5.14% -0.58% 1.48% 1.87% -0.25% 4.53% 2.87% 3.15% 24.20%

NET FUND 0.33% -0.05% 3.89% 6.57% 4.52% 0.66% 0.74% -2.09% 6.96% 5.68% -6.73% -2.40% 18.55%FTSE All-World xUS 0.35% 0.56% 2.80% 4.86% 2.94% 0.91% -0.22% -1.54% 6.63% 5.78% -4.23% -1.47% 18.17%

NET FUND -9.70% 1.52% -3.42% 5.23% 2.25% -4.72%FTSE All-World xUS -9.70% 2.85% -2.01% 6.20% 1.68% -1.73%

*Estimated May 2008 Returns

2008

2007

2002

2003

2001

2005

2006

2004

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Alpha Equity International Market Neutral Fund

Securities Universe: FTSE All-World ex US

PERFORMANCE ATTRIBUTIONALPHA EQUITY INTERNATIONAL MARKET NEUTRAL FUND


-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

Currency

Country/Region

RiskAlpha

C/R Sector

Stock Resid.

ExpensesTrading

Total Gross

Total Buy-and-Hold

LongsShorts

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Fund Avg Annlzd Net Rtrn 5.33%

Performance Statistics (Jan 04— May 08):

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YearNET FUND 3.81% 1.08% 0.48% -1.59% 2.60% -0.49% 1.37% -1.03% 0.59% 0.23% 0.54% -0.89% 6.77%1 Mo. T-bill Yield 0.07% 0.07% 0.08% 0.08% 0.07% 0.08% 0.09% 0.10% 0.12% 0.12% 0.14% 0.17% 1.20%

NET FUND 0.81% 2.90% -0.27% 0.84% -0.07% 0.34% 1.70% 1.56% 2.89% 0.14% 0.67% 0.75% 12.90%1 Mo. T-bill Yield 0.15% 0.17% 0.21% 0.22% 0.22% 0.23% 0.25% 0.27% 0.28% 0.26% 0.31% 0.33% 2.94%

NET FUND 2.75% 0.02% 0.33% 1.22% -0.75% 1.48% 0.36% -0.31% -1.39% -1.00% 0.51% 0.24% 3.47%1 Mo. T-bill Yield 0.33% 0.35% 0.37% 0.39% 0.38% 0.40% 0.37% 0.42% 0.43% 0.38% 0.43% 0.44% 4.78%

NET FUND -0.09% -1.30% 1.23% 1.79% 1.36% 0.42% 1.33% -0.64% 1.86% 0.33% -1.48% -0.71% 4.10%1 Mo. T-bill Yield 0.39% 0.41% 0.43% 0.42% 0.40% 0.40% 0.35% 0.42% 0.35% 0.28% 0.32% 0.31% 5.00%

NET FUND -1.29% 0.72% -1.83% -0.91% 0.17% -3.12%1 Mo. T-bill Yield 0.22% 0.13% 0.17% 0.10% 0.09% 0.71%


2008

2005

2006

2004

2007

Note on the universe: Through November 2006, our universe consisted of the 650 most liquid ADRs and US GDRs. On December 1, 2006, our universe expanded to include 4,000 of the most liquid common equity shares on local exchanges in the global markets ex-US. Note on Returns: “Net Fund” returns are net of hurdle rate of the 1 Yr. T-bill Yield and 1% management fee until 11/1/05.

0%

5%

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15%

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35%

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Net Fund 1 Mo. T-bill Yield

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Alpha Praedium 130/30 Fund

Securities Universe: Largest 200 US REIT Stocks

Fund Avg Annlzd Net Rtrn 25.11% NAREIT Annlzd Net Rtn 15.85% Fund Avg Annlzd Net Alpha 9.26%

Performance Statistics (Jun 01— May 08):

PERFORMANCE ATTRIBUTIONALPHA PRAEDIUM 130/30 FUND


-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

RiskAlpha

SectorIndustry

Stock Resid.

ExpensesTrading

Total Gross

Total Buy-and-HoldLongs

Shorts

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Net Fund FTSE NAREIT Equity REITs Index

Note on the Benchmark: The fund Benchmark is the FTSE NAREIT Equity REITs IndexNote on Returns: “Net Fund” returns are net of a high watermark until 1/1/2008.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YearNET FUND 5.62% -0.94% -1.49% -0.25% -0.35% 5.01% 3.36% 11.20%NAREIT 5.86% -1.99% 3.66% -4.15% -2.86% 5.50% 2.44% 8.22%

NET FUND 2.70% 2.80% 7.58% 5.35% -0.08% 5.11% -3.67% 2.41% -3.23% -1.46% 2.97% 2.26% 24.48%NAREIT 0.20% 1.93% 6.00% 0.85% 1.35% 2.73% -5.23% -0.20% -3.84% -4.81% 4.71% 0.74% 3.82%

NET FUND -1.23% 4.66% 2.87% 5.22% 5.04% 4.71% 5.20% 1.21% 1.46% 4.27% 6.30% 4.16% 53.47%NAREIT -2.91% 1.65% 2.00% 4.40% 6.04% 2.18% 5.35% 0.54% 3.35% 1.81% 4.40% 3.50% 37.13%

NET FUND 3.72% 5.02% 6.72% -17.94% 8.32% 5.45% 0.74% 7.04% 1.39% 4.54% 5.99% 5.17% 38.82%NAREIT 4.32% 1.75% 5.53% -14.58% 7.13% 2.93% 0.33% 7.94% -0.06% 5.35% 4.31% 4.85% 31.58%

NET FUND -6.21% 0.57% -1.58% 4.70% 2.83% 5.26% 6.95% -3.39% 1.82% -2.49% 4.63% -0.26% 12.66%NAREIT -8.40% 3.07% -1.55% 5.32% 3.47% 5.03% 7.14% -3.66% 0.60% -2.37% 4.21% -0.20% 12.16%

NET FUND 8.31% 3.06% 3.88% -4.15% -2.52% 5.74% 3.40% 3.48% 1.50% 6.57% 4.34% -0.85% 37.18%NAREIT 7.30% 1.79% 5.05% -3.72% -2.85% 5.20% 3.37% 3.78% 1.85% 6.26% 4.65% -1.56% 35.06%

NET FUND 8.59% -2.53% -0.13% -0.53% -1.04% -9.27% -7.46% 5.95% 2.17% 8.27% -1.27% -3.93% -2.90%NAREIT 8.42% -2.24% -2.39% -0.02% 0.05% -9.07% -7.80% 6.57% 4.41% 1.12% -9.07% -5.03% -15.69%

NET FUND -2.53% 0.52% 7.34% 2.64% 0.46% 8.44%NAREIT -1.03% -3.56% 6.23% 5.86% 0.77% 8.17%


2008

2001

2002

2003

2007

2004

2005

2006

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Alpha Praedium Market Neutral Fund

Securities Universe: Largest 200 US REIT Stocks


Performance Statistics (Jan 03— May 08):

PERFORMANCE ATTRIBUTIONALPHA PRAEDIUM MARKET NEUTRAL FUND


-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.1%

RiskAlpha

SectorIndustry

Stock Resid.

ExpensesTrading

Total Gross

Total Buy-and-HoldLongs

Shorts

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YearNET FUND 3.36% 1.33% 0.61% 0.83% -2.73% 2.99% 0.05% -0.94% 0.38% 1.98% 2.78% -0.15% 10.82%1 Mo. T-bill Yield 0.10% 0.10% 0.10% 0.10% 0.09% 0.10% 0.07% 0.07% 0.08% 0.07% 0.08% 0.08% 1.03%

NET FUND -0.18% 4.03% 1.46% -3.07% 0.80% 2.16% 0.34% -0.92% 0.56% -0.09% 0.83% 0.25% 6.19%1 Mo. T-bill Yield 0.07% 0.07% 0.08% 0.08% 0.07% 0.08% 0.09% 0.10% 0.12% 0.12% 0.14% 0.17% 1.20%

NET FUND 1.35% -1.39% -0.19% 0.46% -0.63% 0.31% 0.07% 1.30% 1.35% -0.77% 0.03% -0.35% 1.50%1 Mo. T-bill Yield 0.15% 0.17% 0.21% 0.22% 0.22% 0.23% 0.25% 0.27% 0.28% 0.26% 0.31% 0.33% 2.94%

NET FUND 1.86% 2.34% -0.63% -1.22% 0.47% 1.00% 1.35% 0.02% 0.16% -0.16% 0.86% 1.62% 7.90%1 Mo. T-bill Yield 0.33% 0.35% 0.37% 0.39% 0.38% 0.40% 0.37% 0.42% 0.43% 0.38% 0.43% 0.44% 4.78%

NET FUND 1.54% 0.75% 1.34% -0.73% -0.49% -0.58% 2.84% -0.31% -0.81% 6.43% 5.35% -0.33% 15.73%1 Mo. T-bill Yield 0.39% 0.41% 0.43% 0.42% 0.40% 0.40% 0.35% 0.42% 0.35% 0.28% 0.32% 0.31% 4.78%

NET FUND -1.44% 2.32% 1.99% -0.79% -1.28% 0.73%1 Mo. T-bill Yield 0.22% 0.13% 0.17% 0.10% 0.09% 0.71%


2006

2007

2003

2004

2005

2008

Note on Returns: “Net Fund” returns are net of a hurdle rate of the 1 Yr. T-bill Yield until 1/1/2008.

10

Alpha Equity Leveraged Market Neutral Fund

Securities Universe: Largest 3000 US Stocks

PERFORMANCE ATTRIBUTIONALPHA EQUITY LEVERAGED MARKET NEUTRAL FUND


-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

RiskAlpha

Sector

Industry

Stock Resid.

ExpensesTrading

Total Gross

Total Buy-and-Hold

LongsShorts

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-40%

-20%

0%

20%

40%

60%

80%

100%

Jun-00Dec-00

Jun-01Dec-01

Jun-02Dec-02

Jun-03Dec-03

Jun-04Dec-04

Jun-05Dec-05

Jun-06Dec-06

Jun-07Dec-07

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Performance Statistics (Jul 00— May 08):

Note on Return: “Net Fund” return is net of a hurdle rate of the 1 Yr. T-bill Yield until 1/1/2008.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YearNET FUND 2.33% -0.96% -9.30% -14.06% -8.27% 3.25% -25.18%1 Mo. T-bill Yield 0.48% 0.50% 0.52% 0.51% 0.51% 0.49% 3.05%

NET FUND -5.62% -2.94% 1.24% 3.17% 3.02% 11.55% 16.42% 12.10% 9.80% -14.52% -11.07% -1.36% 18.12%1 Mo. T-bill Yield 0.45% 0.38% 0.37% 0.34% 0.33% 0.30% 0.30% 0.29% 0.28% 0.19% 0.18% 0.16% 3.62%

NET FUND 3.34% 1.04% -1.42% 12.44% 3.81% 15.16% 15.23% 10.25% 8.91% -2.60% -14.28% 8.90% 74.04%1 Mo. T-bill Yield 0.14% 0.14% 0.15% 0.15% 0.15% 0.14% 0.14% 0.14% 0.14% 0.13% 0.12% 0.10% 1.65%

NET FUND 1.90% 0.50% 5.20% 1.43% 5.71% 1.05% -8.78% -4.29% 2.41% 4.10% 0.38% -3.90% 4.82%1 Mo. T-bill Yield 0.10% 0.10% 0.10% 0.10% 0.09% 0.10% 0.07% 0.07% 0.08% 0.07% 0.08% 0.08% 1.03%

NET FUND -0.56% 0.16% 4.11% -11.62% 4.32% -1.79% 0.67% -5.58% 5.19% -6.07% 2.76% 1.80% -7.74%1 Mo. T-bill Yield 0.07% 0.07% 0.08% 0.08% 0.07% 0.08% 0.09% 0.10% 0.12% 0.12% 0.14% 0.17% 1.20%

NET FUND 2.46% -0.45% 0.23% -1.56% 1.48% -0.48% -2.36% -0.53% 3.08% 5.06% 1.82% -0.71% 8.09%1 Mo. T-bill Yield 0.15% 0.17% 0.21% 0.22% 0.22% 0.23% 0.25% 0.27% 0.28% 0.26% 0.31% 0.33% 2.94%

NET FUND -4.42% -2.06% -0.12% 8.29% -3.62% 5.16% 1.87% 2.33% 1.47% 1.52% -2.35% -0.16% 7.42%1 Mo. T-bill Yield 0.33% 0.35% 0.37% 0.39% 0.38% 0.40% 0.37% 0.42% 0.43% 0.38% 0.43% 0.44% 4.78%

NET FUND 2.87% 3.05% -0.84% 0.50% 0.48% -0.51% -6.71% -6.43% 0.20% -6.36% 5.24% -0.26% -9.20%1 Mo. T-bill Yield 0.39% 0.41% 0.43% 0.42% 0.40% 0.40% 0.35% 0.42% 0.35% 0.28% 0.32% 0.31% 4.78%

NET FUND 1.39% 0.53% -0.10% 0.88% 2.57% 5.37%1 Mo. T-bill Yield 0.22% 0.13% 0.17% 0.10% 0.09% 0.71%


2008

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2001

2007

2002

2003

2004

2005

2006

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Current Allocations

U.S. "200/100"15.2%

GlobalMarket Neutral

49.1%

Real Estate"130/30"

5.4%International "130/30"30.3%

Alpha Equity Global Long/Short Fund

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Net Fund


Performance Statistics (Jan 03 — May 08):

PERFORMANCE ATTRIBUTIONALPHA EQUITY GLOBAL LONG/SHORT FUND


0.0%

0.2%

0.4%

0.6%

0.8%

1.1%

1.3%

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

2003 -0.91% 1.40% 1.39% 5.16% 3.21% 2.76% -0.05% 0.56% 1.22% 4.49% 2.62% 4.34% 29.31%

2004 1.49% 1.56% 1.15% -8.84% 4.23% 1.91% -0.86% 0.74% 2.63% 1.73% 4.37% 1.86% 11.89%

2005 -1.44% 3.03% -1.94% 0.10% 1.41% 1.41% 3.03% 0.61% 2.95% -0.57% 2.54% 0.43% 12.02%

2006 3.14% 0.27% 1.10% 2.00% -2.15% 2.22% 1.03% 0.94% 0.48% 1.75% 0.54% 0.79% 12.71%

2007 1.54% 0.16% 0.87% 2.24% 1.51% -1.00% -1.98% -1.30% 2.00% 1.69% -0.71% -1.23% 3.72%

2008 -3.99% 0.66% -0.66% 1.74% 0.78% -1.57%*Estimated May 2008 Returns

Fund Performance Since Inception - Net of All Fees

Note on Return: “Net Fund” return is net of a hurdle rate of a blended benchmark until 4/1/2007.

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Current Allocations6/1/2008

InternationalMkt. Neutral

33.4%

U.S. EquityMkt. Neutral

33.0%

Real EstateMkt. Neutral

33.7%

Alpha Equity Global Market Neutral Fund

PERFORMANCE ATTRIBUTIONALPHA EQUITY GLOBAL MARKET NEUTRAL FUND


-0.10%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

0.70%

0.80%

Total Gross

LMN Return

RMN Return

IMN Return

Rounding

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Jun-04Sep-04

Dec-04Mar-0

5Jun-05

Sep-05Dec-05

Mar-06

Jun-06Sep-06

Dec-06Mar-0

7Jun-07

Sep-07Dec-07

Mar-08

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Alpha Equity Global Market Neutral Fund 1 Mo. T-bill Yield


Performance Statistics (Jul 04— May 08):

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YearNET FUND 0.53% -1.31% 1.30% -0.48% 0.80% -0.04% 0.79%1 Mo. T-bill Yield 0.09% 0.10% 0.12% 0.12% 0.14% 0.17% 0.75%

NET FUND 0.60% 0.59% -0.31% 0.35% -0.55% 0.07% -0.05% 0.90% 2.26% 1.24% 0.79% -0.02% 6.00%1 Mo. T-bill Yield 0.15% 0.17% 0.21% 0.22% 0.22% 0.23% 0.25% 0.27% 0.28% 0.26% 0.31% 0.33% 2.94%

NET FUND 0.59% 0.30% -0.13% 2.33% -1.05% 2.24% 1.17% 0.66% 0.07% 0.14% -0.31% 0.59% 6.76%1 Mo. T-bill Yield 0.33% 0.35% 0.37% 0.39% 0.38% 0.40% 0.37% 0.42% 0.43% 0.38% 0.43% 0.44% 4.78%

NET FUND 1.48% 0.96% 0.51% 0.56% 0.44% -0.18% -0.49% -2.32% 0.41% 0.95% 3.19% -0.36% 5.17%1 Mo. T-bill Yield 0.39% 0.41% 0.43% 0.42% 0.40% 0.40% 0.35% 0.42% 0.35% 0.28% 0.32% 0.31% 5.00%

NET FUND -0.54% 1.12% 0.15% -0.31% 0.15% 0.56%1 Mo. T-bill Yield 0.22% 0.13% 0.17% 0.10% 0.09% 0.71%


2007

2008

2004

2005

2006

Note on Return: “Net Fund” return is net of a hurdle rate of the 1 Yr. T-bill Yield until 1/1/2008.

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Outperforming the Competition

•1st for 36-month compounded annual return

BAID (Barclay Alternative Investment Database) Ranking through Feb 2008.

•1st for 12-month compounded annual return

•10th for 36-month compounded annual return

Alpha Equity Real Estate Securities “130/30”(now known as the Alpha Praedium 130/30)

Alpha Equity Real Estate Securities Market Neutral (now known as the Alpha Praedium Market Neutral)

The Barclay Hedge Alternative Investment Database ranks Alpha Equity Real Estate Securities “130/30” and Real Estate Securities Market Neutral as two of the best real estate hedge funds.

Top 10 Sector – Real Estate Hedge Funds

From Mar-2007 to Feb-2008

Ranked by Compound Annual returnProgram Name or Manager 12-Mo. Comp Ann. Return

1. Alpha Eq R/E Sec Mkt Ntrl Fund 14.19%2. Value Fund II LP 13.28%

3. Marathon Real Estate Opportunity 11.02%

4. Skylight Capital Build-Up GBP 10.17%

5. ING Clarion Mkt Ntrl. LP 4.31%

6. ING Clarion Global LP 2.89%

7. Third Avenue Real Estate Opp LP 8.49%

8. ING Clarion Global Ltd 7.04%

9. CRM Windridge Partners LP 6.29%

10.CRM Windridge Fund Ltd 5.80%

From Mar-2005 to Feb-2008 Ranked by Compound Annual Return

Program Name or Manager 36-Mo. Comp Ann. Return

1. Alpha Equity Real Estate Sec. 16.39%2. Skylight Capital Build-Up GBP 14.62%

3. Marathon Real Estate Opportunity 14.19%

4. Thames River Prop Growth & Inc GBP Dbn 12.80%

5. Thames River Prop Growth & Inc GBP Acc 12.76%

6. Thames River Prop Growth & Inc EUR Dbn 10.98%

7. Thames River Prop Growth & Inc EUR Acc 10.88%

8. LIM Asia Alt Real Estate Fund 9.29%

9. ING Clarion U.S. LP 8.64%

10.Alpha Eq R/E Sec Mkt Ntrl Fund 8.64%

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• Experienced People

• Investment team together since 1994• Managed $22 billion at former employer • Full institutional infrastructure

• Solid Process

• Repeatable: structured and disciplined• Flexible: automatically adjusts to the market

• Outstanding Performance

• Alpha across all products• Alpha from both longs and shorts• Alpha from exposure to return factors, not risk factors

Our Edge - Three “P’s”

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Investment Minimum $1 million

Redemptions Monthly

Lock-up None

Onshore Legal Domicile Delaware

Offshore Legal Domicile British Virgin Islands

Legal Counsel Edwards Angell Palmer & Dodge

Onshore Administrator MadisonGrey

Offshore Administrator MadisonGrey

Prime Broker Morgan Stanley

Auditor KPMG

Fund Terms

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Contact Information

Hartford Office

90 State House SquareSuite 1100

Hartford, CT 06103

Tel. (860) 218-1520

New York Office

405 Park AvenueSuite 803

New York, NY 10022

Tel. (646) 708-9396

[email protected]

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Disclaimer

This document is for informational purposes only, and it does not constitute an offer or solicitation to buy the limited partnership interests described herein. Any such offer or solicitation will only be made to qualified investors solely by means of a private offering memorandum and only where permitted by law.

Before making an investment decision with respect to the partnership, potential investors are advised to carefully read the private offering memorandum, the limited partnership agreement and the related subscription documents and to consult with their tax, legal and financial advisors.

This document contains a preliminary summary of the purpose of the partnership and the principal business terms of the partnership; this summary does not purport to be complete and is qualified in its entirety by reference to the more detailed discussion contained in the private offering memorandum and the actual text of the limited partnership agreement.

This document is being provided to you on a confidential basis solely to assist you in deciding whether or not to proceed with further investigation of the investment vehicles of Alpha Equity Management LLC. Accordingly, this document may not be reproduced in whole or in part and may not be delivered to any person without prior written consent of Alpha Equity Management LLC.

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The HedgeFund Source Expo and Conference

Documents

private offering

limited partnership

net fund returns

net fund return

bill yield

hurdle rate

global markets

high watermark