Master presentation (gtm)updatesinprogress

G LO BA L F U N D E XC H A N G E LT D
E A R T H W I N D & F I R E F U N D LT D

1. Company 5. Due
Overview Diligence

2. Industry 6. Service
Overview Providers

3. Portfolio 7. Contact
Construction Details

4. Performance 8. Download
Key Terms Section

P R E S E N TAT I O N D A S H B O A R D

2 - Portfolio 3 – DD &
1 - Intro
Detail Counterparties
1

MAY 2010 CONFIDENTIAL

I M P O R TA N T D I S C L A I M E R
Use of this presentation is governed by our User Agreement. The content contained in this presentation is believed to be accurate at the time it was made, but is provided to users "AS IS" without any
express or implied warranty as to merchantability, non-infringement, accuracy, completeness, timeliness, sequencing, fitness for a particular purpose or otherwise. Please read this user agreement
carefully before using the presentation. By continuing your use of this presentation and each time you use the presentation, your use indicates your full acceptance of and agreement to abide by this
user agreement in its then current form. If you do not accept the terms and conditions stated in this user agreement, do not use the presentation.

Before making an investment decision with respect to the Earth Wind & Fire Fund Ltd (the “Fund” or “EW&F Fund”) managed by Global Fund Exchange Ltd. (the “Investment Manager”), potential
investors are advised to read carefully the respective offering documents (including any relevant underlying agreements) and the related subscription documents regarding the Fund when they are
available, and to consult with their tax, legal, ERISA and financial advisors. This document contains a preliminary summary of the purpose and principal business terms of the Fund; this summary does
not purport to be complete and is qualified in its entirety by reference to the more detailed discussions to be contained in the Fund’s offering documentation. The Investment Manager has the ability in
its sole discretion to change the strategies described herein. Although this document discusses the Fund’s activities in the present tense, such language should be read as anticipatory as the Fund has not
commenced any trading activities and will not do so until it has been formed and it has raised sufficient assets, in the Investment Manager’s sole discretion, to effectuate its objectives and strategies. This
document is being provided to you on a confidential basis solely to assist you in deciding whether or not to proceed with a further investigation of the Fund. This material is provided for informational
purposes only as of the date hereof and is subject to change without notice. Accordingly, this document may not be reproduced in whole or part, and may not be delivered to any person without the
consent of the Investment Manager. This material may not be suitable for all investors and is not intended to be, nor shall it be construed as legal, tax or investment advice or as an offer, or the
solicitation of any offer, to buy or sell any securities. No offer or solicitation may be made prior to the delivery of the Fund’s respective offering documents to qualified investors. Before making any
investment, you should thoroughly review a Fund’s offering documents with your legal, tax and investment advisors to determine whether an investment is suitable for you in light of your investment
objectives and financial situation.

An investment in any Fund is not suitable for all investors. Although believed to be reliable, the information contained herein, including investment returns, valuations, fund targets and strategies cannot
be guaranteed. Global Fund Exchange makes no representations or warranties as to the accuracy, validity or completeness of such information. This material is not complete and is subject to the more
complete disclosures and terms and conditions contained in a particular Fund’s offering documents, which may be obtained directly from the Fund. No representation or assurance is made that any Fund
will or is likely to achieve its objectives, benchmarks or targeted returns or that any investor will or is likely to achieve a profit or will be able to avoid incurring substantial losses. Past performance is no
guarantee of future results. The Fund is NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and
valuation information to investors. You should note the following: The Fund represents a speculative investment and involves a high degree of risk. An investor could lose all or a substantial portion of
his/her investment. Any investment in the Fund should be discretionary capital set aside strictly for speculative purposes. The Funds may invest outside of the United States, which may involve greater
risk. Strategies intended to hedge risk may be partly or wholly unsuccessful. An investment in the Fund is not suitable for all investors. . The Fund's performance may be volatile. The Fund may use
benchmarks or targets for measurement purposes.

There is no guarantee that the Fund's goals, objectives, benchmarks or targeted returns will be achieved or reached. The Fund's fees and expenses-which may be substantial regardless of any positive
return-will offset the fund’s trading profits. The Fund and its managers/advisors may be subject to various conflicts of interest. This summary is not a complete list of the risks and other important
disclosures involved in investing in the Fund and is subject to the more complete disclosures contained in the Fund’s respective offering documents, which should be read carefully. This document
contains forward-looking statements, including observations about markets and industry and regulatory trends as of the original date of this document. Forward- looking statements may be identified by,
among other things, the use of words such as “expects,” “anticipates,” “believes,” or “estimates,” or the negatives of these terms, and similar expressions. Forward-looking statements reflect the
Investment Manager’s views as of such date with respect to possible future events. Actual results could differ materially from those in the forward-looking statements as a result of factors beyond the
Fund’s control. Investors are cautioned not to place undue reliance on such statements. No party has an obligation to update any of the forward-looking statements in this document. These materials
should only be considered current as of the date of publication without regard to the date on which you may receive or access the information. The Investment Manager maintains the right to delete or
modify information without prior notice. 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 EW&F is newly formed and therefore has no operating or performance history. The Hypothetical Pro Forma performance shown is for illustration purposes, should not be relied
upon, does not reflect actual EW&F Fund performance, and is not indicative of the results which may be achieved by the EW&F Fund in the future. Hypothetical pro forma performance results have many
inherent limitations, some of which are generally described below. They are generally prepared with the benefit of hindsight, do not involve financial risk or reflect actual trading or asset allocations by
the EW&F Fund using such pro forma results and therefore do not reflect the impact that economic and market factors may have had on the manager’s or advisor’s investment decisions for the EW&F
Fund. In fact, there are frequently sharp differences between hypothetical results and the actual record subsequently achieved. No representation is made that the EW&F Fund’s performance would
have been the same as such pro forma results had the EW&F Fund been in existence during such time. Another limitation is that investment decisions reflected in the pro forma results were not made
using the EW&F Fund’s assets or asset allocation strategy under actual market conditions and therefore cannot completely account for the impact of financial risk on the manner in which the EW&F Fund
would have been managed and the assets allocated. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also
adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for
in the preparation of pro forma hypothetical performance results and all of which can adversely affect actual trading results.
No representation is being made that the Fund will or is likely to achieve its objectives or will or will make any profits similar to or will not incur substantial losses.
Past performance is not a guarantee of future results.
The information in this presentation is not intended to constitute legal, tax or accounting advice or investment recommendations and clients should consult their own advisors on such matters.

OVERVIEW

Global Fund Exchange Ltd Portfolio Managers:
• Manager of the Earth Wind & Fire Funds Lauralouise Duffy & Anric Blatt
• Member of Global Fund Exchange Holdings • 30+ yrs. combined investment experience
LLC Group • Strong multi manager track record in
• Established in 2005 as emerging manager energy, commodities, hedge funds and CTA
development platform and independent risk • Extensive operational, qualitative and
monitoring company quantitative track record
• Launched and successfully managed over US $ • Conducted DD on more than 4000 funds
1.8B of multi manager funds • Successful track record in building and
• Moved to the USA in 2007 managing asset management companies
• Specialist in emerging managers • Active, pragmatic, experienced investors

The Earth Wind & Fire Funds Ethics, Principles, Philosophy
• Skin in the game & Integrity
• Global macro, multi strategy, multi manager
• Use only the best of best
fund specializing on energy, commodities and
• Zero grey area tolerance
hedging
• Handshakes still mean something
• Strategy diversification by
• It’s people that make a difference
geography, sector, asset class, style & theme
• We try to add value at every turn
• Strategic allocation to specialist niche
• We remain accessible
managers around the globe
• We take responsibility
• Hybrid fund structure reduces risk and
• We don’t delegate alpha
captures consistent gains, improves liquidity
• Our name is on the door

PEOPLE - PLANET - PROFIT

FOUNDERS
diligence of over 2000 Lauralouise Duffy has worked as the
managers, and actual investments CEO of Global Fund Exchange since 2006.
to more than 400 sub managers
during his career. In September 2007 she acquired The
Global Fund Exchange Group and moved
Prior to joining Global Fund headquarters to New York.
Exchange, Mr. Blatt was the As CEO, Ms. Duffy built a broad-spectrum
founder, CEO and Chairman of the platform service business offering
Infiniti Capital Group where he was independent fund support, structuring
involved in all aspects of building the services and consulting to a wide range of
business including product hedge funds, fund of funds, and
development, branding, portfolio institutional clients. In 2008, she launched
management and research. GFX Alternatives, a company dedicated to
the alternative energy and renewable
During his tenure as CIO and CEO of resources sector.
the firm, he successfully created and
managed 12 public investment Prior to Global Fund Exchange Group Ms.
funds, a capital markets and Duffy spent her career on Wall Street Ms. Duffy has extensive experience
Anric Blatt has been with the Global securitization business and a hedge working in the capacity of CEO, COO and working in the areas of financial and risk
Fund Exchange Group since its fund research organization. He was Managing Director in the Hedge Fund and management, fund launches, legal
inception in 2005 and serves as the responsible for a portfolio of Alternative Investments community. structuring, platform
group’s chairman. His principal areas investments in excess of $ 2 billion development, infrastructure
Ms. Duffy built and ran, as Partner and
of focus at the firm include macro AUM and was the firms building, operations and
COO, FNY Capital, the alternative
based strategy allocation, portfolio energy, commodity and systematic reporting, legal, compliance, manager due
investment arm of First New York
management and modeling, manager trading specialist. diligence and selection, product
Securities.
research & due diligence and new development, and disaster recovery and
product development and Prior to this, Mr. Blatt was the Ms. Duffy has spent 19 years running the business continuity planning.
structuring. regional director in Asia for the operations, administration and
qualitative fund of funds group distribution of eleven hedge
He has been instrumental in the Forsyth Partners and before that he funds, building and running investment
development and management of a built the Asian business for managed fund businesses for Europe, Eastern
number of successful investment futures specialist Kenmar after a Europe, Russia, Asia and South
vehicles both private and period as portfolio manager for America, including equity, global
public, and initiated and supervised Horwath International. macro, emerging markets, venture, and
the creation of the Global Fund private equity businesses.
Exchange Platform, a multi Mr. Blatt has served on the board of
manager, multi strategy fund more than 50 investment focused
platform. He has overseen companies, funds and trusts in
construction of a proprietary virtually all the major money
database of 3500 hedge fund management centers in the world
programs, and during the past and is a member of the International
decade, he has overseen his Association of Financial Engineers.
research team’s on-site due

5

O U R C O M PA N Y
Asset Management Group Dedicated to: Global Reach & Distribution:
Investing In The Future Of Energy Family Offices
Investment strategy with timely focus on Private Banks
People – Planet – Profit Sovereign Wealth Funds
Active investment in energy, commodities, Pension & Endowment Funds
clean-tech, water, carbon
High Net Worth Individual Investors
Global Fund Exchange Group
Bespoke White Label Funds
Established in 2005 as an emerging
manager development platform Specialize in creation and management of
tailor-made white label funds
GFX Alternatives LLC (US operating
company) Since inception in 2005, have partnered with
variety of institutional investors and private
Global Fund Exchange Ltd (Cayman fund banks in Europe and Asia
manager)
Cornerstone Investors
Launched and successfully managed over
US$1.8 billion of multi-manager funds Selected HNW investors with a desire to
improve our planet (profitably)
Significant Team and Director Experience
Particular experience / interest in
Founders have 35+ years combined energy, investment funds, water, carbon
investment experience
Chosen to join our corporate advisory board
Extensive manager selection and due and think tank
diligence experience – over 4000 manager
interviews and counting Fund Distribution Partners
Active, Pragmatic Management Style Which Does Not Special Earth Wind & Fire Fund share classes
Delegate Responsibility or Investment Decisions are available through a select group of high
quality distributors around the world

2

I N D U ST RY OV E RV I E W

MACRO THEMES

ENERGY
WATER
Oil / Gas / Coal
Water Supply
Energy from Waste
Waste Treatment
Nuclear
Desalination
Power Trading
Hydropower
Wind / Solar / Geothermal

CLIMATE IMPLICATIONS
NATURAL RESOURCES
Carbon Tax
Phase II Bio fuel
Cap & Trade
Agriculture
SOX
Scarce Commodities
NOX
Industrial Metals

10

TRADITIONAL ENERGY

Global energy use is projected to
increase nearly 50% from 2006 to
2030.
Total energy demand in non-OECD
countries will increase by 73%,
compared with an increase of 15% in
OECD countries.
Source: World Energy Outlook 2009 (IEA)

OIL DEPENDENCY
9 of 10 Largest Economies are Dependent on Foreign Oil

19,500,000
#1 USA 8,068,000
13,470,000

7,999,000
#2 China 3,790,000
4,393,000

4,785,000
#3 Japan 133,100
5,263,000

2,670,000
#4 India 3,720,000
Economy Size (GDP/PPP)

2,900,000

2,569,000
#5 Germany 150,800
2,777,000
Oil Consumption
1,710,000 Oil Production
#6 UK 1,584,000
1,651,000
Oil Imports
1,986,000
#7 France 70,800
2,346,000

1,639,000
#8 Italy 162,200
2,205,000

2,520,000
#9 Brazil 1,973,000
632,900

2,800,000
#10 Russia 9,920,000
48,000

0 5,000,000 10,000,000 15,000,000 20,000,000

Volume (bbl/day) Source: CIA World Factbook

OIL CONSUMPTION VS. OIL RESERVES
CONSUMPTION RESERVES
Saudi Arabia
Germany 3%
3% Brazil Canada Kuwait Venezuela
Iraq UAE
India 3% 3% 8% 7% Russia
Russia 8% 7%
3% Rest of World Iran 6% Nigeria
3%
44% 10% 3%
Japan Libya
6% 3%
Canada Rest of World
China
13% 16%
9%
USA 23% Saudi Arabia
19%

Source: CIA World Factbook, 2009
Of the top 10 economies in the world, only Russia is not dependent on oil imports

4 of the top 8 economies in the world – Japan, Germany, France and Italy are 100% reliant on oil imports

By 2025 the world’s demand for oil is going to be 60% greater than it is today

China’s annual oil consumption growth rate of 7.5% and India’s of 5.5% are both expected to take a
quantum leap over the next decade

Experts say many of the Middle East oil nations, including Saudi Arabia, are already pumping oil from
known “post peak” fields

Once an oil field has reached “peak oil” – the rate of decline is dramatic and can be as much as 10% per
year

A LT E R N AT I V E E N E R G Y / C L E A N T E C H

Saudi Arabia, Oman, Dubai and Kuwait all
have programs to promote and develop solar
and wind power farms, solar powered
desalination, more efficient use of oil
through fuel cells, carbon sequestration, oil
gasification, and green building.

The city of Masdar in Abu Dhabi aims to be
the first carbon neutral area in the world ….

14

R E N E WA B L E E N E R G Y O LY M P I C S

Gold Silver Bronze

Clean Energy Investments China USA UK

Clean Energy Installed Capacity USA China Germany

Wind USA Germany China

Geothermal USA Philippines Indonesia

Solar PV Germany Japan Spain

Solar Thermal China USA Germany

Ethanol USA Brazil China

Biomass & Waste USA Germany Japan

Hybrid Electric Vehicles USA Japan Canada

Sources: The Pew Charitable Trusts, 2010; Geothermal Energy Association, 2010;
Reuters; hybridCARS.com

CLEAN ENERGY INVESTMENT TRENDS

Source: The Pew Charitable Trusts, 2010

Alternative energy resources will affect all technologies and have an impact on every region of the globe.

INVESTMENT IN CLEAN ENERGY
Global renewable energy capacity is expected to grow to 934,366MW by 2020 – a 10 year
increase of 431%
$590 bn
$94.1bn in U.S. stimulus funding for renewable energy over next decade
$548 bn

As a percentage of GDP, China’s investment in alternative $502 bn
energy is already 10X that of the U.S.

Clean energy sector predicted to increase over 400%
by 2030
$373 bn

IEA predicts low-carbon energy investments will
reach $1.6 trillion by 2050

$200 bn
$173 bn

$110 bn

$46 bn

2004 2006 2008 2010 2015 2020 2025 2030

Global New Investment in Clean Energy (actual) Annual Required Clean Energy Capital (projected)
Source: Bloomberg New Energy Finance, 2010

WAT E R

The British non-profit International Alert released a
study identifying 46 countries - home to 2.7 billion
people where water and climate stresses could ignite
violent conflict by 2025
UN Secretary-General Ban Ki-moon: “The
consequences for humanity are grave. Water scarcity
threatens economic and social gains and is a potent fuel
for wars and conflict.”
"We think there'll be world wars fought about water
in the future," predicts the aptly named Peter Spillett of
RWE/Thames Water, one of the three largest water
companies in the world.

G L O B A L D E M A N D F O R F R E S H WAT E R

WATER STRESS MAP– GLOBAL HOTSPOTS
World Bank reports global demand
for water is doubling every 21 years
– supplies cannot remotely keep up
with demand as population
soars, nations develop and
agriculture expands

Agriculture accounts for more than
2/3 of global water use (up to 90%
in developing countries). Inefficient
practices can waste as much as 60%
of this withdrawn water

Freshwater consumption has
doubled since World War II and is
expected to increase another 25%
by 2030.
Source: B.C. Bates et al. “Climate Change and Water IPCC”, Technical Paper VI of the Intergovernmental Panel on Climate Change.

Humans are extracting freshwater at rates up to 100X the natural replacement rate (World Water Council)

Reservoir, Reservoir Lake Mead Reservoir, Miyun Reservoir Neyyar Reservoir
Southern Spain Queensland, Australia Nevada, USA Beijing, China Trivandrum, India

T H E C A S E F O R I N V E S T I N G I N WAT E R
With 17.5 million gallons used every second…

Energy and water are inextricably linked.
It requires energy to produce and treat water, and
vast water supplies to generate energy
Fossil fuel power plants consume more than 500
billion liters of freshwater every day in the United
States alone

Strain on global infrastructure will catalyze
new investment.
Estimated $1 trillion needed over next 20 years to
meet global demand for clean water
U.S.: $150 billion required to upgrade aging water
infrastructure
China: $125 billion new funding to build new
wastewater treatment plants and expand distribution

Sector poised for tremendous growth.
Global water sector currently valued at $425 billion
Profit opportunities in:
Over next 20 years expected to reach $6 trillion, with
an annual growth rate of 14%. infrastructure smart meters
On average, water costs are less than 1% of water rights desalination
disposable income, making price increases inevitable
purification new technologies
285 publicly traded water stocks globally; $750
billion market cap energy efficiency wastewater reclamation

CARBON & EMISSIONS TRADING

“We are witnessing the birth of the
greatest and most complex commodity
market the world has seen.

Last year alone, permits worth more
than £55 billion were traded on the
world’s carbon markets – but future
trading volumes, if all goes global
according to plan, will dwarf these.”

TIMESONLINE

CARBON MARKET GROWTH
Global Carbon Market Size 2009
Value of transactions in
voluntary market doubled over
past few years, increasing from
$335m in 2007 to $705m in
2008.

Despite uncertainty over global
climate policies, market has
stabilized, and could be worth
$170bn in 2010, up 33% from
2009 levels.

US market scheme could
contribute to world market
Potential Growth in Carbon Market 2004-2020 growth to $408bn in 2012 and
$2.5
$2.1tn by 2020.
$2.0 Bloomberg New Energy Finance
Other
predicts global carbon market
Other
$1.5
North America
may be worth $1.4tn/year by
$ trillion

Australia North America
2020.
Europe
$1.0
Kyoto Compliance Australia

$0.5 Europe

Kyoto Compliance
$0.0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Fig. 1 Source: Bloomberg Fig. 2 Source: New Carbon Finance

EMISSIONS REDUCTION TYPES

Earth Wind & Fire Fund invests
in diverse emission related
opportunities across various
industrial activities throughout
the world Renewable Energy Plant & Agriculture Waste to Energy

Our carbon traders trade a
large variety of carbon and
emissions related equities and
futures
All projects are verified and
monitored by third
party, accredited engineering Energy Efficiency Gas Flaring Reforestation / Afforestation

firms
Carbon and emissions trading
is set to be one of the most
significant growth areas over
the coming decade

Landfill Gas Recovery HFC & N2O Destruction Fuel Switch

CLEAN ENERGY WATER AGRICULTURE ENERGY RESOURCES CARBON SYSTEMATIC HEDGE

EQUITY COMMODITY TREND
STRATEGIES STRATEGIES STRATEGIES

Energy demand to Population growth Diversification of
increase 50% by 2030 79 million people/year energy resources

Economic, political & Significant profit
social catalysts opportunities

Energy security INVESTING IN THE Dramatic increase in
Resources vs.
FUTURE OF ENERGY Stimulusspending
energy Spending
Consumption

Largest global macro
Pollution & climate
Water scarcity &
theme worldwide
change
increased demand
ENERGY – WATER – RESOURCES – CLIMATE
CONUNDRUM

MACRO SNAPSHOT

PEOPLE PROFIT PLANET

Traditional energy becomes cleaner & >>> <<< Clean energy becomes more cost efficient &
THE BRIDGE PERIOD
more energy efficient accessible

EWF INVESTMENT THEMES

CLEAN ENERGY ENERGY CARBON RESOURCES
• Wind • Crude Oil • Carbon Trading • Natural Resources
• Solar • Coal • EU & CERs • Forest & Paper
• Geothermal • Natural Gas • Kyoto Protocol • Metals & Minerals
• Bio fuels • Energy Infrastructure • Weather Derivatives • Chemicals
• Waste-to-Energy • MLPs • Emission Trading • Engineering
• Storage/Smart Grid

WATER AGRICULTURE SYSTEMATIC HEDGE
• Water Technology • Critical Commodities • Energy Traders • Volatility Arbitrage
• Purification • Food Producers • Systematic Traders • Index Futures
• Hydro power • Sustainable Agri • Portfolio Insurance • ETFs
• Treatment & Supply • Irrigation Technology • Bear Market Risk • Currency Swap
• Wastewater Reduction • Non Correlated
Strategy

3

P O RT FO L I O CO N ST R U C T I O N

26

FUND STRUCTURE & SERVICE PROVIDERS

BESPOKE FEEDER BESPOKE FEEDER
EARTH WIND & FIRE FUND LTD.
CAYMAN FEEDER

Earth Wind & Fire Master SPC
EQUITY COMMODITY ALPHA/TREND
SENSITIVE SENSITIVE SENSITIVE

CLEAN ENERGY ENERGY SYSTEMATIC
PORTFOLIO PORTFOLIO PORTFOLIO
Investment Manager Legal Counsel

WATER CARBON HEDGE

AGRI RESOURCES CASH

Directors: R. Hanson L. Duffy A .Blatt

Fund Administration Auditors Custodian

27

C O R R E L AT I O N & C R O S S C O R R E L AT I O N

EQUITY COMMODITY ALPHA/TREND
SENSITIVE SENSITIVE SENSITIVE
1.00 0.30 -0.06 0.42 0.82 1.00 0.00 0.00 0.12 0.83
0.30 1.00 0.15 0.15 0.54 0.00 1.00 0.24 0.06 0.06
-0.06 0.15 1.00 -0.23 -0.15
CLEAN ENERGY ENERGY SYSTEMATIC
PORTFOLIO PORTFOLIO 0.00 0.24 1.00 0.41 -0.22
PORTFOLIO
0.42 0.15 -0.23 1.00 0.48
0.12 0.06 0.41 1.00 -0.19
0.82 0.54 -0.15 0.48 1.00
0.83 0.06 -0.22 -0.19 1.00
1.00 -0.20 -0.43 0.27 -0.24
WATER CARBON HEDGE
PORTFOLIO -0.20 1.00 -0.01 -0.09 0.08
PORTFOLIO PORTFOLIO

Clean Energy vs. Energy Energy vs. Systematic
-0.43 -0.01 1.00 -0.19 -0.08
Clean Energy vs. Systematic
0.27 -0.09 -0.19 1.00 0.27

-0.27 -0.15 -0.34 -0.07 -0.20 AGRI -0.06 RESOURCES 1.00
-0.24 0.08 -0.08 0.27 0.52
-0.02 0.17 0.29 CASH -0.37 0.16 0.20 -0.43 -0.28
0.14 0.30 -0.38 0.05 0.24 0.02 0.16 0.27 -0.05 -0.08
0.13 0.09 0.03 0.29 0.05

-0.15 0.26 -0.13 -0.17 0.75 0.10 0.12 0.18 0.24 0.05
-0.17 -0.30 0.00 0.04 -0.19

0.16 0.04 -0.16 0.00 0.28 -0.10 0.19 -0.11 -0.04 0.07
0.15 0.36 0.00 -0.28 0.18

-0.01 0.02 0.27 0.41 0.02 -0.50 -0.03 0.19 -0.44 -0.46
0.30 0.26 0.39 0.00 0.19

DATA SINCE JAN 2007 28

4

P E R FO R M A N C E & K E Y T E R M S

29

PERFORMANCE
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2007 2.15% 1.06% 1.19% 1.52% 1.57% 1.76% 3.19% 0.63% 3.32% 0.58% 0.18% 0.90% 19.56%
2008 0.73% 2.50% -0.52% 0.64% 2.01% 0.71% 0.09% 0.41% -0.77% -0.12% 1.64% 2.39% 10.08%
2009 0.22% 0.61% 0.25% 1.38% 2.65% -0.39% 0.76% 1.45% 1.40% 0.57% 2.62% 1.01% 13.22%
2010 -0.80% 0.84% 1.11% -0.50% -0.82% -1.10 % -1.29%
8.00%

< Monthly Net Return Cumulative Net Return >80%
7.00%

60%
6.00%

40%
5.00%

Cumulative Earth Wind & Fire Fund Ltd
4.00% Cumulative Dow Jones UBS Energy Index 20%

Cumulative MSCI World Index
3.00% -0%

2.00%
-20%

1.00%
-40%

0.00%
-60%
-1.00%
Mar-07

Mar-08

Mar-09

Mar-10
Sep-07
Oct-07

Sep-08
Oct-08

Sep-09
Oct-09
Aug-07

Aug-08

Aug-09
Feb-07

Apr-07

Jun-07
Jul-07

Nov-07

Feb-08

Apr-08

Jun-08
Jul-08

Nov-08

Feb-09

Apr-09

Jun-09
Jul-09

Nov-09

Feb-10

Apr-10

Jun-10
Jan-07

May-07

Dec-07
Jan-08

May-08

Dec-08
Jan-09

May-09

Dec-09
Jan-10

May-10
ENERGY CLEAN ENERGY SYSTEMATIC HEDGE WATER RESOURCES CARBON AGRI
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO

E W F – K E Y S TAT I S T I C S
A global macro driven multi-strategy portfolio that: KEY STATISTICS

Consistently generates alpha by: Earth Wind &
HFRX Global
MSCI World
Hedge Fund
Fire Fund Index
Manager selection Index

Asset allocation 2010 YTD As of June 31 -0.19% -0.26% 0.00%
2009 Return 13.22% 13.40% 26.96%
Provides access to a highly focused selection of niche and experienced specialists
2008 Return 10.09% -23.25% -42.09%
Provides diversification across:
2007 Return 19.56% 4.24% 7.10%
Asset classes Aggr. AUM / Market Cap $ 2.7B $800M N/A

Geographies Up Months % 81% 50% 45%
Downside Deviation 1.19% 7.49% 17.40%
Styles, sectors and time horizons
Annualized Volatility 3.82% 8.45% 21.04%
Delivers consistently better returns than any of the individual portfolios in isolation Annualized Sharpe Ratio 2.73 -0.51 -0.52
(complementary correlation) Max Drawdown -2.40% -25.21% -55.38%
Correlation to Benchmark 0.48 0.44
*using risk-free rate of 1.25%

MANAGERS BY COUNTRY EWF FUND PORTFOLIO COMPOSITION

Agriculture
Australia, 2 6%

Canada, 2 Asia, 2 Cash
Water Hedge Carbon &
UK, 5 6%
9% 15% Emissions
Systematic 5%
Europe, 4 Traders
14% Clean Energy
Resources 21%
USA, 12 6%
Energy
18%


ENERGY PORTFOLIO
Traditional energy currently satisfies 96% of world demand & will remain a dominant KEY STATISTICS
source of energy, accounting for 77% of the demand increase from 2007-2030 (IEA)
DJ UBS Energy
Total energy demand to increase 50% by 2030: direct result of global population growth EWF –Energy Portfolio
Index
at an unprecedented rate of 79 million people per year combined with dramatic increase
in consumption of developing nations YTD As Of June 31 1.09% -13.98%

What happens when China and India “turn on the lights?” Chinese fossil fuel 2009 Return 14.07% -5.45%
consumption doubled in past decade and after 2025 will likely be the world’s leading 2008 Return 7.13% -48.12%
consumer, India is set to replace Japan as third largest consumer 2007 Return 11.97% 15.34%
World will need 64 mbpd new capacity… equivalent of 6 new Saudi Arabias: $26 trillion in Aggr. AUM / Market Cap $ 418m N/A
new investment will be needed to build, maintain and replace global energy Up Months % 67% 50%
infrastructure by 2030
Downside Deviation 3.44% 26.34%
We believe some of the most significant opportunities are in what we call the “Bridge
Annualized Volatility 7.16% 32.78%
period”, where traditional energy becomes cleaner and more efficient, while alternative
energy becomes more cost efficient and more easily accessible. Annualized Sharpe Ratio 1.2 -0.6
Max Drawdown -4.44% -74.22%
Energy portfolio is delegated to 4 specialist sub-advisors with low directional correlation
to energy prices Correlation to Benchmark 0.25

CUMULATIVE NET RETURN COMPARISON SECTOR FOCUS
100%
Other
80% 4%
60% Crude
Equity
40% Proxy 21%

20% 20%
Gas
Power 26%
-20% Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 29%
-40%
-60%
-80%

Earth Wind & Fire EWF Energy Portfolio DJ UBS Energy Index


CLEAN ENERGY PORTFOLIO
KEY STATISTICS $162 billion global investment in clean energy in 2009. Expected to increase over 400% by
EWF – Clean Energy NEX – WilderHill New 2030
Portfolio Energy Index Global renewable energy capacity (MW) predicted to grow 431% over next 10 years (EIA)
Q1 2010 -1.39% -10.41% $94.1 billion U.S. stimulus funding dedicated for renewable energy over next decade
2009 Return 28.36% 39.73% China rapidly increasing investments in clean energy, with over $11.48 billion last year. As %
2008 Return -23.57% -60.90% of GDP, China’s investment is already 10X that of U.S.
2007 Return 29.21% 57.91% Clean energy portfolio is delegated to 5 geographically diverse specialist sub-advisors with
Aggr. AUM / Market Cap $ 794M $ 217B global watch list of almost 1000 names

Up Months % 72% 56% ASSETS BY SECTOR
Annualized Sharpe Ratio 0.34 -0.24
Max Drawdown -30.52% -67.99%
Correlation to Benchmark 0.92

CUMULATIVE NET RETURN COMPARISON
65%

45%

25%
ASSETS BY GEOGRAPHY
5%
UK
-15% Cash/Tbills North America
7%
14% 29%
-35%
Asia
-55% 24% Europe
South
20%
America
-75% 6%

Earth Wind & Fire Fund EWF Clean Energy Portfolio NEX


S Y S T E M AT I C P O R T F O L I O
KEY STATISTICS
Negative correlation to equity bear markets provides portfolio insurance during
EWF – Systematic Barclay CTA
inevitable equity corrections
Portfolio Index
Q1 2010 -1.31% -0.17% Systematic strategy is an important source of liquidity for the overall portfolio
2009 Return -2.91% 0.16% An effective hedging strategy that has little or no cost of carry
2008 Return 27.91% 13.84%
Adds alpha and flexibility to the portfolio
2007 Return 17.65% 8.23%
Aggr. AUM / Market Cap $ 515M N/A
Systematic portfolio is delegated to 5 sub-advisors

Up Months % 62% 56%
Downside Deviation 4.01% 2.77% ASSETS BY CLASS
Annualized Volatility 9.51% 5.73% Commodity
Other 11%
Annualized Sharpe Ratio 1.12 0.9 Fixed Income 1%
Max Drawdown -6.37% -2.89% 7% FX
11%

CUMULATIVE NET RETURN COMPARISON Equity
60% Indices
70%
50%

40%
ASSETS BY STRATEGY
30%

20%
Counter
trend
10% 43% Trend
based
57%

-10%
Earth Wind & Fire Fund EWF Systematic Portfolio Barclays CTA


HEDGE PORTFOLIO
KEY STATISTICS
Provides significant positive contributions during extreme bear markets and liquidity
stress periods EWF –Hedge HFRX Global Hedge
Portfolio Fund Index
Portfolio must show no or negative bear correlation to other portfolio strategies
Q1 2010 4.51% 1.63%
Not correlated to equity and commodity indices 2009 Return 19.89% 13.40%

Typical allocations to: 2008 Return 28.56% -23.25%
2007 Return 11.71% 4.24%
Volatility arbitrage
Aggr. AUM / Market Cap $ 280M $ 800M
Convertible arbitrage Up Months % 67% 51%

Opportunistic trading Downside Deviation 2.42% 7.60%
Beta reduction strategy
Annualized Sharpe Ratio 1.55 -0.43
Hedge portfolio is delegated to 3 specialist sub-advisors Max Drawdown -3.87% -25.21%
Correlation to Benchmark -0.49

100% CUMULATIVE NET RETURN COMPARISON ASSETS BY STYLE

80%

60% Beta reduction
Volatility
strategies
arbitrage
40% 17%
29%

20%
Convertible
Opportunistic
arbitrage
trading
15%
39%
-20%

-40%

Earth Wind & Fire Fund EWF Hedge Portfolio HFRX Global Hedge Fund Index


WAT E R P O R T F O L I O
World Bank reports global demand for water is doubling every 21 years – water supply cannot remotely
KEY STATISTICS keep up with demand as population soars, countries develop and agriculture expands
EWF – Water Claymore S&P Global water sector currently valued at $425 billion; over next 20 years expected to reach $6 trillion, an
Portfolio Global Water Index annual growth rate of 14%
Water is our most critical resource. Cost of water is <1% of disposable income, increases are inevitable
Q1 2010 3.77% 0.70%
2009 Return 8.51% 30.07%
17.5 million gps (gallons per second) of water are used globally, compared to 41,000 gps of oil. Technologies
for cleaner and more efficient water utilization are imperative for future generations
2008 Return -6.22% -45.28%
Shrinking supply of fresh water resources as a result of weather changes, pollution, over exploited ground
2007 Return 7.02% 4.35% water aquifers and aging and obsolete infrastructure are driving stimulus and incentives worldwide
Aggr. AUM / Market Cap $ 370M $ 124B
Profit opportunities in infrastructure, smart meters, water rights, desalination, purification & energy
Up Months % 62% 57% efficiency
Downside Deviation 4.41% 19.94% Water portfolio is delegated to 2 specialist sub-advisors
Annualized Volatility 6.04% 24.02% 285 public water stocks (globally) ASSETS BY GEOGRAPHY
Annualized Sharpe Ratio 0.43 -0.45 $750 billion market cap
Max Drawdown -8.23% -56.28% Annual revenues of $500 billion Cash
Correlation to Asia 9%
0.41
Benchmark 17%
CUMULATIVE NET RETURN COMPARISON Europe USA
8% 58%
60% Lat AM
8%
40%

20%
ASSETS BY SECTOR

Other Index
10% 16%
-20% Utility
Resources 34%
16%
-40%
Infrastructure
15% Commodity
-60% Treatment 5%
4%
Earth Wind & Fire Fund EWF Water Portfolio Claymore S&P Global Water Index


RESOURCES PORTFOLIO
KEY STATISTICS
Non –systematic allocation to natural resources by specialist niche portfolio advisors EWF –Resources DJ UBS Commodity
Portfolio Index
Industrial growth accelerating resource consumption, especially in developing nations.
Resource demand from developing world to exceed that of developed world by 2015 Q1 2010 18.98% -5.05%
2009 Return 12.53% 18.72%
China now consumes over ¹/3 of world’s aluminum, ¼ of copper & ½ of iron ore and has made
notable resource acquisitions in Africa, the Middle East, Central Asia , South America & 2008 Return 25.97% -36.61%
Australia 2007 Return 1.43% 11.08%

Manufacturing of electric vehicles, advanced batteries and clean energy technologies is Aggr. AUM / Market Cap $ 182M N/A
contributing to rise in demand for lithium and “rare earth” metals Up Months % 69% 54%
Global demand for mined uranium predicted to increase 4X over the next 30 years with
nuclear energy resurgence. China has 20 new nuclear plants under construction and plans for Annualized Volatility 13.08% 22.67%
six-fold increase over next decade. Annualized Sharpe Ratio 1.28 -0.36

Resources portfolio delegated to 3 specialist sub-advisors Max Drawdown -7.72% -54.52%

CUMULATIVE NET RETURN COMPARISON ASSETS BY SECTOR
80%

60%
Equity Proxy
10% Energy
40% Softs
37% 17%

20% Cash/Fixed
Income
6%
Metals
-20% 27%

-40% Hedges Clean Energy
1% 2%
-60%
Earth Wind & Fire Fund EWF Resources Portfolio Dow Jones UBS Commodity Index


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