20120404 wh pitchbook

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Wave Hill Capital Management, LLC. Prepared for accredited and qualified investors only.

March 2012

DISCLAIMER

The information provided herein is confidential and for pre-qualified purchaser use only and may not be distributed to others without the prior written consent of Wave Hill Capital Management, LLC. These materials do not constitute an offer to sell securities or a solicitation of an offer to buy securities. This presentation may not be altered except by Wave Hill. Past performance is no guarantee or indicator of future results. Please see “Important Legal Information” for important disclosures regarding the data and information contained and the views and opinions expressed in this material.


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AGENDA


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Fund Summary Page 4

Why Wave Hill? Our Edge Page 5

Team (Management/Advisory) Page 6

Fund Performance Page 11

Investment Strategy & Process Page 13

Risk Management Page 21

Fund Terms & Share Classes Page 23

Contact Details Page 25

Appendix I – Track record mutual fund Page 26

Appendix II – Important legal information Page 27

FUND SUMMARY


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Quantitative Long/Short Equity hedge fund with global macro views investing in the most liquid US equities.

Target net returns of 15-20% per annum with a volatility of 15-20%*. Focus on capital preservation and liquidity.

Jordan Low, lead Portfolio Manager. 11+ years experience as a Portfolio Manager. Formerly Head of Global Quantitative Equities and Head of Global Quantitative Research at Credit Suisse Asset Management (CSAM).

Experienced manager with a proven track-record: consistent outperformance since 2001 (prop trader at Morgan Stanley, Deutsche Bank and Credit Suisse). Returned +9.24% gross of fees in 2008 for CSAM’s hedge fund.

Outperformance in 2011, Wave Hill’s Class A and B returned +15.47% and +53.30% net, versus S&P 500 returns of -0.02%.

Fund launch in January 2011 / Firm AUM: $40million.

Portfolio Manager Jordan Low – graduated from MIT in 2001 with 5 degrees (B.Sc. in Mathematics, Economics, Finance, Computer Science and M.Eng. in Computer Science).

* This performance, or any return cannot be guaranteed.

WHY WAVE HILL?

Our Edge:

Unique proprietary macro component applied to advanced quantitative investing.

Ability to adapt investment strategy to the current business cycle/economic regime.

Cohesive, experienced, and tested team with trusted advisors.

Alignment of interests > a significant portion of the PM’s net worth is in the Fund.

Emerging manager > independence, no conflicts of interest, and hungry to succeed.

Systematic and disciplined risk management techniques.


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ORGANIZATION

Wave Hill Capital Management, LLC. Prepared for accredited and qualified investors only

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TEAM - MANAGEMENT


Mr. Jordan Low, CFA, Managing Partner, founded Wave Hill Capital Management in 2010. Before May 2010, he was the Global Head of the Quantitative Equities Group in Alternative Investments within Credit Suisse's Asset Management division, and Global Head of Research and Portfolio Management for quantitative equity products. Jordan joined Credit Suisse Group in 2005 and was the US Head of Statistical Arbitrage within the global proprietary trading business of the Investment Bank (Bob Jain’s group), where he ran live portfolios in the US, Canada, and Europe for the Credit Suisse proprietary trading accounts. Prior to Credit Suisse, Jordan was a prop trader at DB Advisors, Deutsche Bank (Soumyo Sarkar’s group) from 2002 to 2005 and for Morgan Stanley from 2001 to 2002 in their respective proprietary trading divisions. He managed portfolios focusing on statistical arbitrage, fundamental and microstructure strategies as well as volatility arbitrage. Jordan holds a B.S. in Computer Science, Management (Finance), Economics, and Mathematics, and a Master of Engineering in Computer Science, all from the Massachusetts Institute of Technology. Mr. Low is a CFA charter holder and a member of the New York Society of Security Analysts as well as the Society of Quantitative Analysts.

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TEAM - MANAGEMENT


Mr. Ji Hoon James Lee, MBA, Director, has a total of nine years investment experience and has spent a total of six years trading equity and equity-related securities in the US and Asian markets. Prior to joining Wave Hill Capital Management, he worked for JPMorgan's Asian equities trading desk in Hong Kong , where he invested the firm’s risk capital to trade equities, equity derivatives, and foreign exchange instruments for the bank’s global portfolio management accounts. His other past experiences include working for the proprietary trading desks at Worldco LLC and Carlin Financial Group. He managed long/short portfolios in their respective proprietary trading desks. Prior to starting his career as a proprietary trader, Mr. Lee also worked for Merrill Lynch & Co. , where he gained valuable wealth management experience.

Mr. Lee graduated with BS degrees in Economics and Finance from the Stern School of Business at New York University. In addition, he holds a Master of International Affairs in International Finance & Policy from Columbia University and a Master of Business Administration from INSEAD.

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TEAM - ADVISORY


Mr. Walter A. Morales, CFA, CFP, is an advisor to Wave Hill Capital Management. Walter Morales founded Commonwealth Advisors, Inc. in 1991 and serves as the firm’s President and Chief Investment Officer. He is a Chartered Financial Analyst and oversees the firm’s active management of balanced, fixed income and distressed asset portfolios. His investment experience encompasses the management of portfolios for individuals, pension plans, non-profit groups, and corporations. Walter has been involved in the restructuring of several companies, including serving as Chairman of the Unsecured Creditor’s Committee in the reorganization of Conseco Finance Corporation. He was lead creditor responsible for recoveries of greater than $1.8 billion of debt of Conseco Finance Corporation and negotiated significantly improved recovery for creditors. Walter is an instructor of finance at Louisiana State University-Ourso College of Business where he teaches fixed income & investment courses. He received his Masters of Business Administration in 1993 and Bachelor of Science degree in 1984 from Louisiana State University. Prior to Commonwealth Advisors, he was the Chief Investment Officer (CIO) of Baton Rouge Bank's Trust division. As the CIO, he was responsible for the investment performance and operations of the Trust department. He is a member of the New York Society of Securities Analysts.

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TEAM - ADVISORY


Mr. Robert Chen, is an advisor to Wave Hill Capital Management. Bob Chen is the founder and managing director of Raffles Capital Group Inc, a mergers, acquisitions, and corporate financial advisory firm focused on advising technology and financial service companies, and in cross-border transactions. Bob founded Raffles Capital Group in 1991. Previously, he was Managing Director and a shareholder of SoundView Technology Group Inc (a technology investment banking firm), Senior Vice President at Dean Witter Reynolds Inc's Mergers & Acquisitions Group, and Vice President & co-founder of Bank of America-Mergers & Acquisitions Group. He was a past Director on the Board of Commissioners of Currency, Republic of Singapore and a past member of Western Association of Venture Capitalists. Bob is currently a member of Association of Corporate Growth and a senior advisor and co-founder of Straits Eastern Partnership. Bob served as Captain in the US Army and was a paratrooper. Bob received his BBA and MBA from the University of Michigan.

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*HFRI Equity Hedge (Total) Index **Fund launched January 24th 2011. Partial month figures shown for Wave Hill USA Fund and S&P 500. ***Figures for April 2012 are preliminary as of 4/4/2012. Since HFRI is not yet available, HFRX is used as a proxy for March 2012, and the Credit Suisse Long Short Equity Index is used as a proxy for April 2012. Net numbers indicated above are net of fund expenses, 2.00% annual management fee charged monthly and 20% performance fee charged quarterly. All performance figures are unaudited, estimated, and may be subject to subsequent adjustment. A limited partner's actual returns may vary from published fund returns based on the timing of capital and fee arrangements. BDO is currently working on our 2011 audit and we expect their results by May 2012. The information contained herein is Confidential and for pre-qualified purchaser use only. No redistribution is allowed. These materials do not constitute an offer to sell or a solicitation of an offer to buy securities.

FUND PERFORMANCE


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2011 Jan* * Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

Class A 3.16% 6.44% 2.14% 2.02% -3.85% -1.72% -0.25% -6.52% 11.04% 5.87% -3.35% 0.82% 15.47%

S&P 500 0.23% 3.43% 0.04% 2.96% -1.13% -1.67% -2.03% -5.43% -7.03% 10.93% -0.22% 1.02% -0.02%

HFRI* 0.42% 1.30% 0.50% 1.34% -1.28% -1.26% -0.33% -4.89% -6.02% 4.88% -1.88% -0.66% -8.03%

2012 Jan Feb Mar*** Apr May Jun Jul Aug Sep Oct Nov Dec YTD

Class A -3.80% -0.43% 4.18% 1.73% 1.52%

S&P 500 4.48% 4.32% 3.29% -0.67% 11.83%

HFRI* 3.84% 2.99% 0.40% -1.19% 6.09%

Class A

FUND PERFORMANCE


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*HFRI Equity Hedge (Total) Index **Fund launched January 24th 2011. Partial month figures shown for Wave Hill USA Fund and S&P 500. ***Figures for April 2012 are preliminary as of 4/4/2012. Since HFRI is not yet available, HFRX is used as a proxy for March 2012, and the Credit Suisse Long Short Equity Index is used as a proxy for April 2012. Net numbers indicated above are net of fund expenses, 2.00% annual management fee charged monthly and 20% performance fee charged quarterly. Class B has up to four times the leverage of Class A, and typically utilizes 4.8x gross leverage. All performance figures are unaudited, estimated, and may be subject to subsequent adjustment. A limited partner's actual returns may vary from published fund returns based on the timing of capital and fee arrangements. BDO is currently working on our 2011 audit and we expect their results by May 2012. The information contained herein is Confidential and for pre-qualified purchaser use only. No redistribution is allowed. These materials do not constitute an offer to sell or a solicitation of an offer to buy securities.

2011 Jan* * Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD

Class B 15.05% 21.56% 11.27% 7.51% -16.69% -10.56% -2.82% -29.07% 50.80% 31.32% -14.33% 5.14% 53.30%

S&P 500 0.23% 3.43% 0.04% 2.96% -1.13% -1.67% -2.03% -5.43% -7.03% 10.93% -0.22% 1.02% -0.02%

HFRI* 0.42% 1.30% 0.50% 1.34% -1.28% -1.26% -0.33% -4.89% -6.02% 4.88% -1.88% -0.66% -8.03%

2012 Jan Feb Mar*** Apr May Jun Jul Aug Sep Oct Nov Dec YTD

Class B -13.57% -3.61% 16.38% 7.09% 3.83%

S&P 500 4.48% 4.32% 3.29% -0.67% 11.83%

HFRI* 3.84% 2.99% 0.40% -1.19% 6.09%

Class B

INVESTMENT STRATEGY

Economic Regime

Investment Styles

Stock Selection

Buy-sell discipline


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Wave Hill uses a Top-down Market Participant-Oriented Strategy.

What economic regime are we in?

What investment style is poised to benefit from the regime?

Quantitative stock selection to implement investment style.

Daily portfolio rebalancing and optimization with robust risk control.

INVESTMENT STRATEGY

Investment Universe : Listed US equities, ADRs and ETFs with a market capitalization of $2billion+ (2000+ names).

Portfolio Concentration : 50-500 positions, with an average of 200-300 positions

Portfolio Limits : Less than 20% of Average Daily Volume in any one position. Max 5% of gross assets in any one stock

Holding Period : 5-30 days over the business cycle.

Maximum Gross Leverage Class A : 1.4x (running on average 1.2x)

Maximum Gross Leverage Class B : 5.6x (running on average 4.8x)


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INVESTMENT PROCESS


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Wave Hill uses a proprietary macro model to determine: • What regime are we in? Where are we in the business cycle?

• What are the predictable actors doing?

Investment strategies do not survive the entire business cycle • Value strategies underperformed in the bubble market of 1999 • Momentum strategies underperformed in the choppy markets of 2002.

Market Crashes occur every five years, but each crash has a different fallacy. • Unwinding in 2008 occurred in highly leveraged financials • Unwinding in 2000 occurred in low profit margin techs • Prediction: Unwinding in 2012 will focus on high cap ex/short dollar beta emerging market companies.

Regime Style Selection Buy-Sell 1) Economic Regime

INVESTMENT PROCESS


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RECOVERY Insiders => Value Look at earnings yields, residual value, capital deployment

Regime Style Selection Buy-Sell 1) Regimes (cont.) : Four Macro Regimes

GROWTH Institutions => GARP Look at profitability, earnings surprises, earnings consistency

BUBBLE Masses => Momentum Look at analyst upgrades, estimates, price momentum

CRASH Distressed => Unwinding Look at profit margin reversal, capital expenditure, deleveraging

INVESTMENT PROCESS


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Economic Factors

(Long-term)

•Rates and Yield Curve •Labor and production •Inflation (Over-heating)

Sentiment

(Short-term)

•Investors •Flows •Main Street •Volatility Index

Technical Factors

(Medium-term)

•Mom/Value •Dispersion •Skew •Risk Appetite •Growth Test

Top-down macro-economic model looks at 3 factors:

Period/Regime Period/Regime

1924 – 1926: Growth 1949 – 1953: Recovery

1926 – 1929: Bubble 1954 – 1960: Growth

1929 – 1932: Crash 1961 – 1961: Bubble

1932 – 1934: Recovery 1962 – 1962: Crash

1934 – 1937: Growth 1963 – 1965: Growth

1937 – 1938: Crash 1966 – 1966: Crash

1938 – 1942: Recovery 1967 – 1968: Bubble

1944 – 1946: Bubble 1969 – 1970: Crash

1946 – 1949: Crash 1971 – 1972: Bubble

Period/Regime Period/Regime

1973 – 1974: Crash 2004 – 2006: Growth

1975 – 1982: Recovery 2007 – 2007: Bubble

1982 – 1987: Growth 2008 – 2009: Crash

1988 – 1990: Bubble* 2009 – 2010: Growth

1990 – 1994: Recovery 2010 – 2011: Bubble

1994 – 1998: Growth** 2011 – 2012: Crash***

1998 – 2000: Bubble**

2000 – 2002: Crash

2002 – 2004: Recovery

Regime Style Selection Buy-Sell 1) Regimes (cont.) : Four Macro Regimes

Split regimes: *US Recovery and Japan Bubble **US Growth and Asian Bubble, followed by US Bubble and Asian Crash ***US Recovery and EM Crash

INVESTMENT PROCESS


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Recovery Growth Bubble Crash

VALUE

-Earnings yields, residual value, capital deployment

GROWTH

-Profitability, earnings surprises, earnings consistency

MOMENTUM

-Analyst upgrades, analyst estimates, price momentum

>OVERWEIGHT

MEAN REVERSION

-Profit margin reversal, capital expenditure, deleveraging

-Net long and short positions change tactically depending on regime and market conditions. -Regime changes typically occur every 1-2 years.

Regime Style Selection Buy-Sell 2) Macro regime dictates investment style.

INVESTMENT PROCESS


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Cloud Computing

• Netflix (NFLX)

• Aruba Networks (ARBA)

Emerging Consumers

• Las Vegas Sands (LVS)

• Sotheby's (BID)

Metals and Mining

• Silvercorp Metals (SVM)

• Cliffs Natural Resources (CLF)

3) Quantitative Stock Selection

Advanced quantitative techniques score stocks to implement the investment style, dictating the optimal weighting based on quantitative factors and the buy/sell discipline. Below example – stock selections based on the bubble regime where a momentum stock selection model is in effect.

Regime Style Selection Buy-Sell

INVESTMENT PROCESS


TURBULENT

SMOOTH

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Regime Style Selection Buy-Sell

Growth, Bubble

Market trends

Trading Style: ride profits, cut losses

Crash, Recovery

Market choppy

Trading Style: bank profits, trim

losses

4) Buy/Sell discipline adjusted for appropriate regime. Daily portfolio optimization, re-balancing, and monitoring.

RISK MANAGEMENT

Our macroeconomic regime model takes in the recent performance of the four investment styles as an input. In the event that the wrong regime is selected, this feedback will bring the model towards an equal style weighing.

Each investment style includes risk management techniques built-in during the R&D phase that is most relevant for that regime. For example, Unwinding and Value investment styles emphasize price-based stops, while GARP and Momentum investment styles emphasize volatility based stops.

In general, the following risk management techniques are utilized in each investment style.

Mean variance optimization (Barra and Barclays risk model)

Position limits (5% of target gross portfolio)

Risk limits (Eliminating erratic stocks compared to the risk model)

Liquidity analysis (Choosing primarily companies above $2bn in market cap with narrow bid-ask spreads)

Dynamic position sizing (calibrated based on regime)

Stop-loss limits or stop-limit orders (calibrated based on regime)

On the overall portfolio, we employ risk management techniques to reduce the probability of rapid drawdowns. For example, we limit net and gross exposures via hard limits and reactive limits to implied volatility.


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RISK MANAGEMENT

Quantitative risk modeling:

• Leading industry fundamental and statistical risk models.

• Mean variance optimization (Barra/Barclays risk models).

Liquidity/Exposure/Diversification position limits:

• Holding less than one day median volume.

• 30 or more issuers, single name limit of 5% of the gross portfolio.

• Barclays pre-trade analytics and risk reporting

Exception reporting and liquidation:

• Automatic alert for unusual volatility, low price or illiquidity > triggers for review and/or liquidation.

• Model implements stops on positions and regimes.

• Hard limits and reactive limits to implied volatility.

Corporate events and news monitoring:

• Monitoring for take-overs, mergers, or fraud for review and potential exit strategy.

• Eliminating erratic stocks compared to the risk model.

Daily Rebalancing and Monitoring.

Quantitative, Structural & Procedural Controls.


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FUND TERMS


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Strategy Quantitative Long/Short Equity with Global Macro Views

Fund Name Wave Hill USA Fund, L.P.

Investment Manager Wave Hill Capital Management, LLC

Fund Domicile Delaware L.P. (offshore fund to be set-up Q1 2012)

Fund Currency USD

Subscriptions Monthly

Redemptions Quarterly (45 days notice)

Lock-Up None

Early Redemption Fees Up to 2.5% payable to Fund (see PPM)

Minimum Initial Investment $250K

Management Fee 2%

Performance Fee 20%

High Water Mark Yes

Fund Administrator Strait Capital Company Ltd.

Fund Auditor BDO USA, LLP

Legal Counsel Pillsbury Winthrop Shaw Pittman LLP

Prime Broker Barclays Capital / Interactive Brokers LLC

SHARE CLASSES


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Class A

• Target return: 15-20%

• Target volatility: 15-20%

• Average gross leverage: 1.2x

• Average net leverage: 0.1 - 0.2x (over business cycle)

Class B

• Target return: 55-70%

• Target volatility: 60-80%

• Average gross leverage: 4.8x

• Average net leverage: 0.4 - 0.8x (over business cycle)

Investors can choose a combination of Class A and B and set up standing orders to rebalance periodically to maintain their risk objectives.

Share class customization based on client’s risk objectives:

EARLY OFFSHORE INVESTOR SHARE CLASS - By agreement with the Fund Manager only. - Incentivizes early investors. - Fee structure of 1% and 15% on a minimum initial investment of $5million. - Capped at first $20 million of offshore seed capital.

CONTACT DETAILS

Mr. Jordan Low, Founder & Managing Partner

Wave Hill Capital Management

One Penn Plaza

36th Floor

New York, NY 10119

Telephone: +1 917 727 0788

E-mail: [email protected]

www.wavehillcapital.com


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APPENDIX - I

Track record – Credit Suisse Group mutual fund - Ranked 4th out of 85 funds for the 2 year period ending 12/31/2009 amongst all S&P 500 enhanced equity funds.


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Source: eASE analytics

Firm 2 Years Excess

Returns Pacific Investment Management 14.61 PanAgora Asset Management, Inc 12.44 GE Asset Management 11.86 Credit Suisse Group 11.70 D. E. Shaw Investment Management 10.84 Barclays Global Investors, N.A. 10.83 Ziegler Capital Management LLC 10.32 Rogerscasey Inc 10.15 MFS Investment Management 10.12 T. Rowe Price Group, Inc. 10.11 Golden Capital Management, LLC 10.09 Johnson Institutional Management 10.07 J.P. Morgan Asset Management 10.04 PineBridge Investments 10.01 ……85 firms total….. ….

APPENDIX - II

Important Legal Information:

This material has been prepared by Wave Hill Capital Management, LLC (“Wave Hill”) on the basis of publicly available information, internally developed data and other third party sources believed to be reliable. Wave Hill has not sought to independently verify information obtained from public and third party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information, and are subject to change at any time without notice and with no obligation to update. This material is for informational and illustrative purposes only and is intended solely for the information of those to whom it is distributed by Wave Hill. No part of this material may be reproduced or retransmitted in any manner without the prior written permission of Wave Hill. Wave Hill does not represent, warrant or guarantee that this information is suitable for any investment purpose and it should not be used as a basis for investment decisions. This material does not purport to contain all of the information that a prospective investor may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment. Past performance does not guarantee or indicate future results.

This material should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or investment products or to adopt any investment strategy. The reader should not assume that any investments in companies, securities, sectors, strategies and/or markets identified or described herein were or will be profitable and no representation is made that any investor will or is likely to achieve results comparable to those shown or will make any profit or will be able to avoid incurring substantial losses. This informational report does not constitute research and may not be used or relied upon in connection with any offer or sale of a security. Performance differences for investors may occur. Investment return will fluctuate and may be volatile, especially over short time horizons. A complete list of investments for the preceding year is available upon request. Current and future portfolio compositions may be significantly different from the information shown herein. Investing entails risks, including possible loss of some or all of the investor’s principal. The investment views and market opinions/analyses expressed herein may not reflect those of Wave Hill Group as a whole and different views may be expressed based on different investment styles, objectives, views or philosophies. To the extent that these materials contain statements about the future, such statements are forward looking and subject to a number of risks and uncertainties.

Before deciding to invest, prospective investors must pay particular attention to risk factors and determine if this investment product suits the investor’s particular circumstances and should independently assess (with the investor’s tax, legal and financial advisers) the specific risks (maximum loss, currency risks, etc.) and the legal, regulatory, credit, tax and accounting consequences. Prospective investors should have the financial ability and willingness to accept the risk characteristics of this investment product. This investment product is intended only for investors who understand and are capable of assuming all risks involved. Wave Hill makes no representation as to the suitability of this investment product for any particular investor or as to the future performance of this investment product.

The asset management business of Wave Hill Group is comprised of a network of entities around the world. Each legal entity is subject to distinct regulatory requirements and certain asset management products and services may not be available in all jurisdictions or to all client types. There is no intention to offer products or services in countries or jurisdictions where such offer would be unlawful under the relevant domestic law.

The charts, tables and graphs contained in this document are not intended to be used to assist the reader in determining which securities to buy or sell or when to buy or sell securities.

The investment strategy described herein relies on proprietary models and predictions with regard to the performance of an asset class or particular investment generated by these models and may not be accurate because of imperfections in the models, their deterioration over time, or other factors, such as the quality of the data input into the model, which involves the exercise of judgment. Even if the model functions as anticipated, it cannot account for all factors that may influence the prices of the investments, such as event risk.

Copyright 2012, Wave Hill Group and/or its affiliates. All rights reserved.


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APPENDIX - II

Important Legal Information (cont.):

Investments in hedge funds are speculative and involve a high degree of risk. Hedge funds may exhibit volatility and investors may lose all or substantially all of their investment. A hedge fund manager typically controls trading of the fund and the use of a single advisor’s trading program may result in a lack of diversification. Hedge funds also may use leverage and trade on foreign markets, which may carry additional risks. Investments in illiquid securities or other illiquid assets and the use of short sales, options, leverage, futures, swaps, and other derivative instruments may create special risks and substantially increase the impact of adverse price movements. Hedge funds typically charge higher fees than many other types of investments, which can offset trading profits, if any. Interests in hedge funds may be subject to limitations on transferability. Hedge funds are illiquid and no secondary market for interests typically exists or is likely to develop. The incentive fee may create an incentive for the hedge fund manager to make investments that are riskier than it would otherwise make.

The only legally binding terms of this investment product including risk considerations, objectives, charges and expenses will be set forth in the private placement memorandum and subscription documents which will be available upon request. This document does not constitute an offer or invitation to enter into any type of financial transaction. The issuer has no obligation to issue this investment product. Where not explicitly otherwise stated, the issuer has no duty to invest in the underlying assets. Before deciding to invest, prospective investors must carefully read the relevant private placement memorandum and subscription documents and pay particular attention to the risk factors contained therein and determine if this investment product suits the investor’s particular circumstances and should independently assess (with the investor’s tax, legal and financial advisers) the specific risks (maximum loss, currency risks, etc.) and the legal, regulatory, credit, tax and accounting consequences. Prospective investors should have the financial ability and willingness to accept the risk characteristics of this investment product. This investment product is intended only for investors who understand and are capable of assuming all risks involved. Wave Hill makes no representation as to the suitability of this investment product for any particular investor or as to the future performance of this investment product.

Backtested, hypothetical or simulated performance results have inherent limitations. Simulated results are achieved by the retroactive application of a backtested model itself designed with the benefit of hindsight. The backtesting of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical backtest results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis.

Copyright 2012, Wave Hill Group and/or its affiliates. All rights reserved.

Wave Hill Capital Management, LLC. Prepared for accredited and qualified investors only

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Economy & Finance

20120404 wh pitchbook