Epstein Secrets

entary and managers' insights on Structured Credit (ABS, MBS, CDO/CLO), Distressed and Natural Resources related strategies • Regional spotlight on Emerging Markets with a focus on "BRIC" countries and Frontier Markets and how the credit crisis may impact investments going forward • Full review of the Fund of F

e 4th Quarter Data PDF when payment is received for the 2009 Report. NEW This Year: • Commentary and managers' insights on Structured Credit (ABS, MBS, CDO/CLO), Distressed and Natural Resources related strategies • Regional spotlight on Emerging Markets with a focus on "BRIC" countries and Fronti

Current: 60.80 Long Emerging Markets Inflation • Strong demand for natural resources and agricultural goods driven by growing middle classes in Emerging Markets. • Recent weather related supply disruptions adding to upward pressure on commodity prices. • Increased supply of commodities. • Sharp slowdown

onale for Closing Short Agency Mortgages • Mortgage rates are tracing at historically tight levels to US Treasuries. • Fed poised to end agency MBS purchases at the end of March. • Fed continues to buy MBS but ends purchases of Treasuries 6% Fannie Mae 30Y Mortgage Spread • Jan•5.2010: -2

Current: 3607 Long Emerging Markets Inflation • Strong demand for natural resources and agricultural goods driven by growing middle classes in Emerging Markets. • Recent weather related supply disruptions adding to upward pressure on commodity prices. • Increased supply of commodities. • Sharp slowdown

onale for Closing Short Agency Mortgages • Mortgage rates are tracing at historically tight levels to US Treasuries. • Fed poised to end agency MBS purchases at the end of March. • Fed continues to buy MBS but ends purchases of Treasuries 6% Fannie Mae 30Y Mortgage Spread • Jan-5.2010: 4