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Visium Asset Management
November 2011
Overview 2
Integrated Investment Management Organization 3
Organizational Experience 5
Visium Structure 6
Investment Strategies 7
Infrastructure and Risk Management 8
Investor Interface 10
Business Model and Fund Overviews 11
Investment Team Bios 19
Operations Team Bios 33
Contact Information 36
Disclosures 37
Contents
Visium Asset Management Overview
Firm Info
▪ Visium Asset Management LP (“Visium”) is an investment firm dedicated to generating high-quality,
non-correlated returns in a variety of market environments.
▪ Visium identifies and partners with investment managers and teams capable of generating returns which
exhibit a low correlation to market indices and other Visium strategies.
▪ Visium provides investors a solution oriented approach including complete risk transparency across a
range of investment strategies
▪ Visium supports its portfolio teams through a central infrastructure which has continuously scaled with
the growing business. Our team of experienced professionals provides trading, risk management,
marketing, compliance, legal, accounting, administration services and back office functions. The firm
has implemented the industry’s leading technology platforms to ensure optimal operational
performance. Visium is committed to enhancing the operations infrastructure to meet all future needs of
the business.
▪ Jacob Gottlieb, MD founded Visium Asset Management in November 2005 and is the Chief Investment
Officer of the firm. Jacob Gottlieb has been a Portfolio Manager since March 2000 and has built a team
of experienced and highly specialized investment professionals. Visium’s investment process has been
developed and continuously enhanced over the course of 10 years.
2
Inception Date
Total Firm Assets Managed
Number of Investment Strategies
Total Number of Employees
2005
~$3.5 Billion
7 (Equity, Credit, Event, Multi-Strategy Funds)
76 (45 Investment Professionals, 31 Back Office)
Integrated Investment Management Organization
3
▪ Visium Balanced Fund – long/short equity healthcare fund
▪ Visium Global Fund – multi-strategy diversified fund
▪ Visium Credit Opportunities Fund – long/short credit healthcare fund
▪ Visium Institutional Partners Fund – mid- and large-cap long/short equity healthcare fund
▪ Visium Tax Alpha Fund – multi-strategy fund with an active tax optimization approach
▪ Visium Catalyst Event Driven Fund – multi-strategy event driven fund
▪ Visium Catalyst Credit Fund – event driven credit and distressed fund
4
Macro (fx)
L/S
Financials
CB Arb
Quant
Distressed
L/S
Energy
L/S
Industrials
L/S
TMT
L/S
Generalist
L/S
Utilities
Credit
Specialty
Pharma
International
Pharma
Medical
Technology
Biotech
Services
Distressed
High
Yield
Deloitte &
Touche
Merger
Arbitrage
Event
Driven
Hedged
Equity
International
Pharma
Biotech
Specialty
PharmaMedical
Technology
Services
Credit
Integrated Investment Management Organization
US
Long/Short
Equity
Healthcare
Credit
Healthcare
L/S
Visium Asset Management
5
KEY	MEMBERS	OF	VISIUM	ASSET	MANAGEMENT
Jacob Gottlieb, PRM, CFA, MD
Chief Investment Officer, Managing Partner (2001)
Jason	Huemer
President
Balyasny Asset Management – Portfolio Manager
Merlin Biomed – Pharmaceuticals, Biotech and Devices
Sanford C. Bernstein – Pharmaceuticals, Biotech and Devices
MD – NYU Medical School
BA, Economics – Brown University
Atlas Capital Management- CEO
SAC Capital Management – Managing Director
Merrill Lynch – Managing Director
York Capital Management – COO
MBA – New York University
BA, Economics and Philosophy – Columbia University
CFO Legal/Compliance Organization	Infrastructure Risk	Management
Steven	Ku,	CPA,	CTP
Chief Financial Officer, Partner (2003)
David	Keily,	JD
General Counsel, Chief Compliance Officer
Mark	Gottlieb,	CAIA
Business Operations, Partner (2004)
Amol	Sahasrabudhe,	CFA,	FRM
Chief Risk Officer
Balyasny Asset Management – Controller
Caxton Associates – Asst Controller/FinOp Principal
Moore Capital Management – Accounting Manager
Ernst & Young – Audit/Consulting
BS, Accounting – Pace University
Catalyst Investment Management - COO, Head of Marketing &
Investor Relations
KBC Alternative Investment Management - SVP, Marketing &
Investment Relations
KBC Financial Holding - VP, Convertible Bond Underwriting
Wasserstein, Perella & Co. - Associate
D.E. Shaw & Co. - Associate
Mellon Post-Doctoral Fellow - Northwestern University
Ph.D, Slavic Languages & Literatures - Harvard J.D., Law -
Stanford University
A.B., Slavic Languages & Literatures - Harvard College
Balyasny Asset Management – Business Operations
UBS – Corporate Finance Analyst
MBA – Cornell University
BA, Economics – Vassar College
Hapoalim Securities USA, Inc. – SVP, Risk Management
Sandell Asset Management – VP, Risk Monitoring &
Development
Caxton Associates – Risk Specialist
Goldman Sachs & Co - Senior Analyst
MBA – New York University
MS – New Jersey Institute of Technology
BE, Mechanical Engineering – Maharaja Sayajirao
University
Operations Trading Accounting Research	Infrastructure Communications
Steven	Gilson
Director	of	Operations
Lesley	Kelly
Trader
Kim	Tong,	CPA
Controller
Robert Kim
Director of Research
Robert Stockton
Director of Investor Relations
Balyasny Asset Management – Associate
Euroclear Bank – Analyst – Client
Support
HSBC Securities – Euroclear Operations
BS, Finance – Lehigh University
Citigroup – Trader
U.S. Army – Intelligence Officer
MBA, Finance/Accounting – Vanderbilt
University
BA, Biological Anthropology – University of
Michigan
Morgan Stanley Fund Service – Vice President
Spectrum Global Fund Administration –
Supervisor
GE Commercial Finance – Project Manager
Deloitte and Touche – Senior Consultant
MS – Southern Illinois University
BS, International Business – Sichuan University
Millennium/RDK Capital – Portfolio Manager
RBC Capital Markets – Portfolio Manager/
Director of Equity Long/Short Group
GLG Partners – Portfolio Manager
Soros Fund Management – Portfolio Manager
SAC Capital – Portfolio Manager
BS, Chemistry – Georgia Institute of
Technology
FrontPoint Partners – Executive Director
Tiger Management – COO & Director of
Marketing & IR
Taylor Advisors – Managing Director
Goldman Sachs – Vice President
MBA – The University of Chicago
BA, Philosophy – Trinity College
Executive	Committee
Jacob Gottlieb (CIO)
Jason Huemer (President)
Steven Ku (CFO)
Mark Gottlieb (Business Operations)
Risk	and	Allocation	Committee
Amol Sahasrabudhe (CRO)
Jason Huemer (President)
Jacob Gottlieb (CIO)
Steven Ku (CFO)
Organizational Experience
6
Visium Structure
Investment Strategies
7
Investment Management
•Strategies uncorrelated to a benchmark or one another
•Strategies selected to be scalable and sustainable
•Specialized knowledge of an industry sector, geography and investment process
Manager Selection and Team Building
•Establish teams migrating from other organizations – a “Buyers Market”
•New teams formed from multiple platforms (ex. Citadel, DE Shaw, Balyasny, Cedar Hill, SAC, Satellite, etc.)
Investment Process and Development
•Refinement of processes applied to anomalous pricing opportunities or return dispersion
•Defined boundary conditions within strategies to allow clarity in investment methodologies
Infrastructure
8
Trading
• Benefits of a composite footprint with counterparties allowing improved information flow and execution
Operations
• Trade settlement and reconciliation with Prime Brokers and Administrator
Investment Management
• Real-time availability of positions permits superior risk controls and exposure discipline
Tax, Legal and Accounting
• Accounting team seasoned in Limited Partnership issues
• Deloitte and Touche along with Seward & Kissel
• Experienced CCO with experience….
Risk Management – 360 Degree Real-Time Process
MONITOR
6
▪ Visium has adopted an Enterprise Risk
Management (ERM) approach to managing
risk that is deeply rooted in all key decisions
and review processes. Our 360-degree, real-
time model of risk management is a
foundation of portfolio oversight, review
and maintenance.
▪ Portfolio Risk Management
▪ Operational Risk
▪ Legal and Compliance
▪ Counterparty Risk and Liquidity
▪ Performance Evaluation
▪ Recruiting, Model Review, Qualitative
Assessment
Visium’s Risk Management Team:
▪ Amol Sahasrabudhe (CRO)
▪ David Keily (Chief Compliance
Officer)
▪ Whit Penski (Sr. Quantitative
Analyst)
▪ Raj Ayyagari (Senior Architect
Developer)
Investor Interface
9
Client Communication
• Business Development based on direct relationships with Domestic and International Public and Corporate
Pensions, Insurance Companies, Endowments and Foundations, Family Offices and Fund of Funds.
• Investment Relationships underscore an understanding of our clients’ portfolio structure and return objectives.
• Timely Investor reporting which features standardization of content to allow multiple manager review and
transparency into portfolio selection and construction.
Visium Asset Management – Business Model and Fund Overview
10
Visium Asset Management is an integrated management company focused on providing single strategy and multi-strategy
investments to investors and their advisors. Visium integrates and supports its portfolio teams through a central infrastructure
managed by experienced business professionals who provide marketing, trading, risk management, administrative services,
compliance, accounting, and back office functions. This structure allows the portfolio teams to spend the majority of their time
on investing, similar to the structure of a traditional investment management organization. The Visium funds are designed to
have low correlation to benchmarks. Visium Asset Management offers 7 funds:
▪ Visium Balanced Fund – long/short equity healthcare fund (Page 11)
▪ Visium Global Fund – multi-strategy diversified fund (Page 12)
▪ Visium Credit Opportunities Fund – long/short credit healthcare fund (Page 13)
▪ Visium Institutional Partners Fund – mid- and large-cap long/short equity healthcare fund (Page 14)
▪ Visium Tax Alpha Fund – multi-strategy fund with an active tax optimization approach (Page 15)
▪ Visium Catalyst Event Driven Fund – multi-strategy event driven fund (Page 16)
▪ Visium Catalyst Credit Fund – event driven credit and distressed fund (Page 17)
The Visium structure allows the investment teams the autonomy of their operating teams. Our belief is that the
alignment of incentives combined with the Visium infrastructure will prove critical to achieving product
sustainability, promoting team collaboration, retaining quality personnel, and building long-term franchise value. The
revenue split to the managers is focused on delivering higher marginal incentives based on returns to clients. The
capacity of funds is limited to not accept more assets than the manager can effectively utilize.
Jacob Gottlieb controls the General Partnership. Each of the strategies and has real-time capability to monitor trading,
risk, cash and securities movements. The safeguards and alignments allow for a strong inspection of investment
methodologies through both quantitative and qualitative analysis of the factor risks.
Visium Balanced Fund
11
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2001 (1.27)% +2.01% +5.52% +1.65% +2.36% +0.73% (2.16)% +1.37% +1.23% +11.82%
2002 (0.16)% (4.01)% +1.01% (1.76)% (3.84)% +2.23% +14.16% +2.15% +0.89% +2.86% (2.50)% +0.83% +11.25%
2003 +2.11% (0.21)% +0.69% +6.44% (0.08)% +3.28% +5.10% +4.61% +5.02% +0.93% +4.17% +8.60% +48.57%
2004 +4.95% +6.92% +5.86% +3.23% (0.77)% (0.33)% (3.80)% (1.63)% +0.02% (0.34)% +2.05% +2.07% +19.16%
2005 +2.24% +0.62% +2.08% (4.44)% +3.50% +0.47% +4.70% +5.99% (1.33)% +0.09% +3.38% +3.64% +22.53%
2006 +5.84% +4.13% +0.20% (1.41)% (2.67)% +1.92% +0.94% +0.29% +0.95% +2.08% +0.25% +1.09% +14.19%
2007 +1.34% +4.97% +0.80% (0.52)% +1.06% +3.02% (1.84)% +0.57% +1.25% +0.05% +0.47% +4.91% +17.05%
2008 +1.50% +0.41% (6.20)% +3.20% +0.93% +2.00% (0.08)% +0.69% (3.81)% (6.53)% (0.28)% (6.08)% (13.95)%
2009 +3.72% +4.13% +0.42% +3.17% (1.50)% +3.77% (1.83)% +4.74% +2.93% (0.34)% +0.27% +0.86% +22.02%
2010 +4.75% +0.32% +4.54% +6.25% (2.44)% (3.40)% +1.29% +2.68% +2.87% (1.12)% (1.86)% +9.02% +24.50%
2011 +2.39% (0.56)% +1.41% +2.95% (0.99)% +0.31% (1.92)% (3.27)% (1.86)% +1.33%* (0.38)%
The Visium Balanced Fund is a long/short equity fund that invests in the healthcare sector and maintains targeted net exposure of +10% to -
10%. The team of over 25 investment professionals performs deep fundamental research within all of the major healthcare sectors and has a
proven track record of having a thorough understanding the global healthcare sector. The team employs a combination of financial and
scientific/medical knowledge to fully analyze ideas from all angles. This investment research process is consistently applied to both long and
short positions. The team performs deep fundamental research to generate unique risk-taking edge and looks to create trading strategies around
complex and misunderstood stories. Each investment is rigorously evaluated, with a view to determining accurate risk-reward profiles and high
conviction levels. We rigorously track catalysts, presentations, meetings, conferences, corporate actions, earnings calendars and clinical/
scientific development schedules to enhance the investing process.
Portfolio Managers of the Visium Balanced Fund:
Sanjay Valvani – Specialty Pharma
Ryan Ogg – Biotech
Jerry Wu – Biotech
Anthony Sterling – Services
Doug Nigen – International Pharma
Shalabh Gupta – International Pharma
Chris Plaford, CFA - Credit
Visium Institutional Partners Fund
12
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2005 +2.16% +3.56% +5.80%
2006 +2.34% +3.38% (1.41)% (1.03)% (0.44)% +1.98% +1.69% (2.06)% +2.60% +0.78% (0.45)% (2.15)% +5.15%
2007 +1.94% +1.97% +1.43% +0.10% +0.31% +1.84% +1.10% +1.95% +1.57% +2.67% +0.64% +4.87% +22.32%
2008 +1.51% +0.63% (0.65)% +1.09% (1.70)% +2.84% (0.57)% +0.01% (1.95)% +1.79% (0.18)% (5.22)% (2.62)%
2009 +5.63% +9.04% +2.13% +3.27% (2.29)% +0.49% (0.17)% +2.51% +3.19% +0.29% (0.46)% +0.17% +25.97%
2010 +3.73% +0.56% +2.25% +3.57% (1.53)% (2.24)% +0.19% +1.95% +0.49% (0.79)% (4.00)% +2.95% +7.03%
2011 +2.80% (0.79)% +0.16% +1.45% (0.80)% +0.48% (2.20)% (2.24)% (1.22)% +1.19%* (1.28)%
Visium Institutional Partners Fund is a long/short equity fund focused on the healthcare industry. A sister fund to Visium’s Balanced Fund, Visium
Institutional Partners Fund harnesses the firm’s healthcare equity ideas involving mid- and large-cap companies in the sector, investing globally based
on edge derived from a uniquely rigorous investment process. The process entails in-depth fundamental research for individual security selection that
generates returns on both long and short positions. The team digs deep to create trading strategies around complex and misunderstood stories.
The fund seeks to generate attractive risk-adjusted returns with low correlation to traditional equity investments. The fund will maintain targeted net
exposure of +30% to -30%. Each investment is rigorously evaluated, with a view to determining accurate risk-reward profiles and high conviction
levels. The Investment Manager will rigorously track catalysts, presentations, meetings, conferences, corporate actions, earnings calendars and
clinical/scientific development schedules to enhance the investing process.
Portfolio Managers of the Visium Institutional Partners Fund:
Sanjay Valvani – Specialty Pharma
Ryan Ogg – Biotech
Jerry Wu – Biotech
Anthony Sterling – Services
Doug Nigen – International Pharma
Shalabh Gupta – International Pharma
Chris Plaford, CFA - Credit
Visium Credit Opportunities Fund
13
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2009 Inception May 1, 2009 >>> +1.72% +2.90% +3.89% +2.09% +4.11% +1.86% +0.74% +1.11% +19.92%
2010 +1.48% +3.15% +7.06% +3.47% +2.38% +1.70% +1.19% +1.42% +1.80% +1.33% +0.93% +2.07% +31.66%
2011 +1.09% +2.81% +0.27% +0.34% +0.56% +0.28% (1.04)% (2.72)% (1.42)% (0.95)% (0.87)%
The Visium Credit Opportunities Fund was established to express Visium’s healthcare ideas in the credit portion of the capital
structure while applying the same rigorous fundamental investment research process employed in its long/short equity strategy. The
Fund seeks to take advantage of mispricings within the capital structure of healthcare companies and build a portfolio of fixed
income investments that generate an attractive risk/reward profile. We are more interested in opportunities where there is a catalyst
that will unleash value and look for opportunities on both the long and short side. The fund invests primarily in the US and
international healthcare. Financial instruments will include investment grade and high-yield bonds, bank loans, convertible bonds,
common and preferred stocks, credit default swaps and other derivatives.
Portfolio Manager of the Visium Credit Opportunities Fund:
Chris Plaford, CFA
.
Visium Global Fund
14
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 +2.11% +4.72% +1.66% +8.71%
2008 (3.65)% +1.68% +0.92% +5.30% +5.57% (1.58)% +3.27% +2.84% (3.23)% (5.22)% (0.06)% (0.73)% +4.54%
2009 +5.17% +7.59% +3.62% +2.80% +8.53% +5.65% +8.83% +3.31% +9.76% +3.90% +10.52% +8.93% +113.34%
2010 (2.01)% +3.08% +3.26% +4.50% (0.51)% (7.33)% +1.67% +2.26% +3.36% +3.44% +2.18% +5.18% +20.05%
2011 +0.81% +0.04% +0.51% (0.39)% +0.71% (0.74)% (0.84)% (1.22)% +0.57% +0.35%* (0.23)%
Visium Global Fund LP is a multi-strategy fund that seeks to aggregate alpha across a range of individually managed autonomous
portfolios in a variety of strategies, including: sector specific long/short equity (consumer, retail, TMT, utilities, financials,
industrials, energy); distressed and special situations; credit; convertible bond arbitrage; global macro; volatility and quantitative
strategies.. Visium Global emphasizes value-added through active risk management, effective asset allocation, talent acquisition
and development, and business and operational excellence.
Portfolio Managers of the Visium Global Fund:
Tim Egan – TMT
Ashar Kahn – Utilities
David Ferrara – Industrials
Cyrus Sadiq – Financials
Bart Wyand – Convertible Arbitrage
Rahul Mepani - Value Long/Short
Vivian Wang – Quantitative Strategies
Stayton Creech – TMT
Fauzia Rashid – Energy
Dita Bhargava – FX/Macro
Stefan Lumiere - Distressed
Visium Tax Alpha
Fund
15
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2011 +0.21% (0.76)% +2.66% +0.39% +2.29% +1.33% +0.60% (2.30)% (2.63)% +3.14% +4.88%
Visium Tax Alpha Fund LP is structured as an opportunistic multi-strategy, multi-asset hedge fund with an emphasis on fundamental
equity long-short and an active tax optimization approach.
Portfolio Manager of the Visium Tax Alpha Fund:
Robert Kim
Visium Catalyst Event Driven Fund
16
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
1995 Inception May 1995 >>> +1.90% +4.08% +2.20% +2.51% +3.20% +0.69% +3.31% +2.53% +22.30%
1996 +3.39% +3.41% +2.04% +6.41% +2.56% +0.49% (1.69)% +3.37% +3.09% +1.64% +3.85% +3.80% +37.33%
1997 +4.94% +0.27% +0.54% (2.51)% +5.39% +2.04% +2.37% +3.21% +4.20% (0.59)% (2.04)% +1.33% +20.49%
1998 +0.46% +3.52% +3.44% (0.06)% (0.03)% (1.05)% (5.84)% (9.72)% +0.43% +0.97% +2.30% +3.52% (2.92)%
1999 +2.45% (0.80)% +7.67% +8.05% +3.76% +3.89% +1.72% (1.21)% +0.16% +0.13% +6.21% +5.33% +43.70%
2000 +1.89% +4.12% +2.87% +1.93% +0.76% +1.13% (0.14)% +4.61% +0.34% (1.21)% (0.79)% +1.98% +18.75%
2001 +2.72% +0.86% +0.71% +3.26% +2.89% (3.14)% (0.18)% (1.07)% (2.40)% +2.59% +0.73% +2.53% +9.65%
2002 (5.63)% (1.15)% +4.60% (1.94)% (1.76)% (1.97)% (5.09)% (0.75)% (1.42)% (2.70)% +0.48% (2.19)% (18.17)%
2003 +0.09% (0.37)% (0.44)% +2.81% +8.15% +2.06% +1.94% +2.55% +0.92% +2.92% +1.48% +3.28% +28.22%
2004 +3.53% +1.38% (0.32)% (0.13)% (0.10)% +1.95% (2.63)% (0.12)% +0.92% +1.65% +5.83% +3.26% +16.02%
2005 (3.28)% +3.78% (1.63)% (3.64)% +1.40% +3.81% +3.11% +2.14% +1.26% (3.93)% +1.64% +3.31% +7.74%
2006 +5.57% +0.04% +0.29% +1.98% (2.78)% (1.57)% (0.68)% +0.91% (4.71)% +2.78% +1.20% +1.43% +4.15%
2007 +0.82% +2.77% +1.35% +4.64% +2.39% (1.09)% (2.49)% (1.99)% +1.33% +1.82% (3.96)% +0.20% +5.59%
2008 (3.37)% +2.79% (0.74)% +2.68% +3.96% (2.04)% (2.89)% +0.50% (14.68)% (8.62)% (3.69)% (2.45)% (26.30)%
2009 +2.21% (0.97)% +0.91% +3.76% +5.62% +0.62% +2.15% +1.88% +3.17% (2.19)% +1.42% +5.30% +26.32%
2010 (0.26)% +1.91% +3.01% +1.82% (4.08)% (4.25)% +1.45% (3.78)% +1.63% +2.95% +1.03% +4.56% +5.64%
2011 +1.67% +2.08% +1.31% +0.22% (0.94)% (0.86)% (1.21)% (2.92)% (6.31)% +2.85%* (4.36)%
The Visium Catalyst Event Driven Fund employs a multi-strategy, event-driven investment approach, targeting the equity and debt
securities of companies that we believe will be impacted by pending or anticipated corporate events. We employ both qualitative
and quantitative analysis to identify and evaluate companies that might become involved in acquisitions, spin-offs, bankruptcy
restructurings, stock buybacks, industry consolidations, large capital expenditure programs, significant management changes, self-
liquidations or similar events. The goal is to invest early in the transaction life cycle to capture a large portion of the transaction
premium.
Portfolio Managers of the Visium Catalyst Event Driven Fund:
Frank Gallagher and Peter Drippé
Visium Catalyst Credit Fund
17
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2003 Inception December 2003 >>> +3.06% +3.06%
2004 +9.01% +0.48% (0.21)% +3.03% (0.27)% +3.72% (2.01)% +1.15% (1.23)% (0.81)% +3.99% +4.41% +22.82%
2005 (1.90)% +1.91% (1.13)% (0.99)% (3.21)% +2.31% +2.51% +3.02% +0.04% (1.57)% +1.76% (0.07)% +2.48%
2006 +3.86% +0.59% +2.86% +1.60% +0.42% (2.06)% (0.46)% (1.33)% (0.65)% +2.15% +2.66% +1.78% +11.83%
2007 +1.26% +4.33% +2.56% +0.26% +1.71% +1.89% +2.79% (1.31)% +0.61% +3.62% (3.15)% +0.05% +15.37%
2008 (2.56)% +2.35% +0.43% +0.21% +0.58% (0.71)% (1.01)% +0.37% (6.11)% (4.71)% (5.86)% (3.38)% (18.96)%
2009 +1.04% +2.27% (0.84)% +3.61% +7.39% +3.70% +1.88% +2.97% +5.27% (0.38)% +1.61% +5.24% +39.09%
2010 +3.47% +0.59% +3.72% +3.90% (2.21)% (3.30)% +0.28% (1.98)% +1.73% +2.57% +3.70% +3.70% +16.98%
2011 +1.21% +2.31% +1.12% +0.10% (1.91)% (1.66)% (0.28)% (5.31)% (3.65)% +1.31%* (6.81)%
The Visium Catalyst Credit Fund’s investment objective is to achieve a superior return on invested capital by successfully
implementing its investment strategies in a wide range of equity and debt securities, derivatives and other financial instruments. In
general, the investment team seeks to identify securities that are mispriced and that will experience a change in their valuation as a
result of corporate events. The events that typically impact securities valuations include the processing of bankruptcy
reorganizations; restructurings involving a change in a company’s asset mix or balance sheet; mergers; and meaningful changes in
the business prospects and financial performance of a company. Through its research and analysis, the investment team works to
identify timely investment opportunities in these areas.
Portfolio Manager of the Visium Catalyst Credit Fund:
Brad Levie
Visium Credit Opportunities Fund
Jacob Gottlieb, MD, CFA, PRM
Chief Investment Officer
▪ Jacob Gottlieb is the Managing Partner and Chief Investment
Officer of Visium Asset Management, LP (“Visium”) an
alternative investment advisor dedicated to generating high-
quality, non-correlated returns in a variety of market
environments.
▪ Jacob founded Visium in November of 2005 with his team of
20 investment professionals from Balyasny Asset
Management (“BAM”). Prior to joining BAM in 2001, Jacob
was a Portfolio Manager at Merlin and was previously a buy-
side analyst at Sanford C. Bernstein.
▪ Jacob graduated magna cum laude from Brown University
with a BA in Economics and earned an MD from New York
University Medical School. He obtained his CFA charter
from AIMR in 2001, and his P.R.M. designation from the
Professional Risk Managers’ International Association in
2010.
Investment Team | Bios
18
Visium Credit Opportunities Fund
Paul Adams
Services
Managing Director
Morgan Stanley – Managing Director, Healthcare Services
Citigroup – Managing Director, Global Healthcare
Dresdner Kleinwort Wasserstein – Healthcare Banking
Kidder, Peabody – Mergers & Acquisitions
MBA – University of Chicago
BS – University of Illinois
Ron Belldegrun
Specialty Pharmaceuticals
Analyst
Visium Asset Management - Specialty Pharmaceuticals Intern BA, Biological Basis of Behavior, Healthcare
Management – University of
Pennsylvania/Wharton
Josh Brown
Specialty Pharmaceuticals
Analyst
UBS – Assoc. Director, Healthcare Investment Banking
Chase H&Q – Analyst, Healthcare Investment Banking
MBA – MIT Sloan School of Management
BS, Finance and Accounting – Indiana
University
Lee Brown
Credit
Analyst
Highland Capital Management – Senior Portfolio Analyst
Merrill Lynch – Vice President, Global Economics & Research
MBA – Harvard Business School
BS – United States Naval Academy
Anne Daub
Biotech
Analyst
Bear Stearns – Biotech Equity Research
Integrated Finance Ltd. – Investment Banking
JPMorgan – Investment Banking
Ecole des Hautes Etudes Commerciales
(HEC),
Graduate School of Management
Neetu Dhaliwal
Specialty Pharmaceuticals
Analyst
J.P. Morgan – Healthcare Investment Banking Analyst BS, Economics – University of
Pennsylvania/Wharton
Healthcare Investment Team | Bios
20
Visium Credit Opportunities Fund
Rutwik Ghodadra
Med-Tech
Analyst
Oracle Partners – Senior Analyst, Medical Devices and Diagnostics
Lehman Brothers – Principal Trading, Medtech, Biotech, Services
Lehman Brothers – Equity Research, Large Cap Medtech
CSFB – Equity Research, Small cap Medtech/Diagnostics
MBA – Indiana University
MSE, Biomedical Engineering – Johns Hopkins
University
Shalabh Gupta
International
Portfolio Manager
Federated Global Investments – Senior Analyst – Healthcare
Credit Suisse – Senior Analyst – Healthcare
Deutsche Bank – Associate
Merck & Company – Research Engineer/Senior Engineer
MBA – The Wharton School
MSc – University of Maryland
BSc – Indian Institute of Technology
Kevin Han
Med-Tech
Analyst
Goldman Sachs - Global Investment Research - Medical Technology
Morgan Stanley - Equity Research - Medical Technology
BS, Business Administration – UNC at Chapel
Hill
Andrew Han
Credit
Analyst
Credit Suisse – Analyst, Investment Banking
Bank of America Merrill Lynch – Analyst, Alternative Investments
AB, Economics – University of Chicago
Lesley Kelly
Trader
Citigroup – Healthcare Block Trader MBA – Vanderbilt University
BS, Biological Anthropology – University of
Michigan
Justin Lee
Trader
Balyasny Asset Management – Derivatives/Credit Trader
Citigroup – Equity Derivatives Trader
BA, Economics – St. Lawrence University
Paul Lee
Trader
Mission Global Advisors LLC - Trader
BNY Mellon - Trader
BSM, Finance & Accounting - The Tulane
University
Healthcare Investment Team | Bios
21
Visium Credit Opportunities Fund
Stefan Lumiere, CFA
Credit
Analyst
Brencourt Advisors – Head Trader/Senior Analyst, Distressed/HY
Oscar Gruss & Son – Senior Analyst, Special Situations
Carlin Financial Group – Senior Analyst, Cap Structure Arbitrage
Goldman, Sachs – Analyst, Distressed/Special Situations
MBA – INCAE Business School, Costa Rica
BA, Sociology & Pre-Med – Tulane
University
Mark McInerney
Biotech
Analyst
Balyasny Asset Management – Research Associate
Deerfield Management – Healthcare
BA, Economics – Hunter College
BA, Music – SUNY Buffalo
Doug Nigen
International
Portfolio Manager
Balyasny Asset Management – Senior Analyst, Pharmaceuticals
Fidelity Investment – Portfolio Manager, Healthcare
Fidelity Investments – Equity Research Analyst
MBA – University of Chicago
BIM, Bachelor Industrial Management –
Carnegie Mellon University
Pierre-Antoine Papillon
Trader
Sansar Capital Management - Trader MSc, Management, Finance - ESCP Europe
Business School
Whit Penski, CFA
Quant
Analyst
Bear Stearns Asset Management – Associate Director/Senior Analyst
FactSet Research Systems – Senior Consultant/Account Executive
AB – Princeton University
Jarod Seah
Services
Analyst
UBS – Investment Banking – Financial Institutions Group – Leveraged
Finance
MS, Financial Engineering – Columbia
University
BS, Mechanical Engineering – Cornell
University
Ameesh Shah
Credit
Analyst
Tennenbaum Capital Partners – Principal/Sector Head, Healthcare
Ziff Brothers Investments – Equities Analyst, Healthcare
Lazard – Analyst, Healthcare Investment Banking
BS, Economics – University of Pennsylvania
Healthcare Investment Team | Bios
22
Visium Credit Opportunities Fund
John Shoemaker
Credit
Analyst
HAP Capital Advisors – Analyst
GFI Group – Healthcare Derivative Manager
Sequitur Investment Management – Senior Analyst
Argenis Capital Advisors – Analyst
PhD, Immunology– National Institute for
Medical Research
MS, Chemical Engineering – San Jose State
University
BS, Chemical Engineering – University of
California at Davis
Hartaj Singh
International
Analyst
Lehman Brothers – Equity Research, Biotech
Navigant Consulting – Life Sciences Practice
ClinTrials Research – Oncology/Central Nervous System
MBA – Duke University
BA – Case Western Reserve University
Anthony Sterling
Services
Portfolio Manager
Balyasny Asset Management – Senior Analyst, Healthcare Services
Amaranth Advisors – Sector Head/Analyst, Healthcare Services
Merrill Lynch – Investment Banking Associate, Global Healthcare
Banc of America Securities – Equity Research Associate, Medical Devices
MBA – Columbia Business School
BS, Accounting – Lehigh University
Jason Thorell
Credit
Trader
Black Diamond Capital Management - Distressed Credit Trader
Mizuho Securities – Leveraged Loan & LCDS Trader
Fidelity Investments – High Income Group, Assistant Trader
Fidelity Investments – Bank Loan Specialist
Fidelity Investments – Accounting Analyst
BS, Finance – Providence College
Healthcare Investment Team | Bios
23
Visium Credit Opportunities Fund
Andrew Han
Analyst
Visium Credit Opportunities Fund
Credit Suisse – Analyst, Investment Banking
Bank of America Merrill Lynch – Analyst, Alternative Investments
AB, Economics – University of Chicago
John Shoemaker
Analyst
Visium Credit Opportunities Fund
HAP Capital Advisors – Analyst
GFI Group – Healthcare Derivative Manager
Sequitur Investment Management – Senior Analyst
Argenis Capital Advisors – Analyst
PhD, Immunology– National Institute for
Medical Research
MS, Chemical Engineering – San Jose State
University
BS, Chemical Engineering – University of
California at Davis
Jason Thorell
Trader
Visium Credit Opportunities Fund
Black Diamond Capital Management - Distressed Credit Trader
Mizuho Securities – Leveraged Loan & LCDS Trader
Fidelity Investments – High Income Group, Assistant Trader
BS, Finance – Providence College
Credit Team /
Bios
25
Tim Egan
Portfolio Manager
Satellite Asset Management – Portfolio Manager, Technology,
Media, Telecom
BNP – Portfolio Manager, Technology, Media, Telecom
Nomura Securities – Analyst/PM
MBA – University of Rochester
BS, International Relations – LeMoyne College
David Ferrara
Portfolio Manager
Hunter Global Investors – Senior Analyst – Industrials
Stratix Asset Management – Portfolio Manager
Searock Capital Management – Analyst/Junior PM
Cramer, Berkowitz & Co. LLC – Vice President/Industrials
Analyst
AB, Economics – Princeton University
Cyrus Sadiq
Portfolio Manager
Cedar Hill Capital – Senior Analyst – Financials
Goldman Sachs – Analyst, FICC
Wachovia – Portfolio Risk Management
BS, Systems & Information Engineering –
University of Virginia
Bart Wyand
Portfolio Manager
Polygon Investment Partners – Portfolio Manager
Goldman Sachs – Executive Director
Cantor Fitzgerald – Institutional Broker
BA, Economics – Bucknell University
Vivian Wang
Portfolio Manager
Graham Capital – Portfolio Manager
Diamondback Capital – Portfolio Manager
Penn State University – Assistant Professor of Finance
MS, Statistics - Yale University
MA, Economics - Brown University
BA, Economics - Wuhan University
Stayton Creech
Portfolio Manager
FrontPoint Partners – Portfolio Manager
Unicom Capital – Analyst
SAC Capital – Analyst
Bowman Capital - Analyst
Goldman Sachs - Analyst/Associate
BA., American Studies - Yale University
Investment Team | Bios
27
Fauzia Rashid
Portfolio Manager
De Shaw & CO., L.P. – Portfolio Manager, Energy
Fred Alger Management – Portfolio Manager, Energy
BNY Asset Management – Senior Analyst, Energy and Utilities
Bear, Stearns & CO. – Equity Research Analyst
MBA – Columbia University
MIA, Middle East and International Policy
Analysis – Columbia University
BS, English and Political Science – State
University of New York at Stony Brook
Mudita Bhargava
Portfolio Manager
Citadel Investment Group. – Portfolio Manager
Millennium Partners – Portfolio Manager
Bear Sterns – Managing Director
Dillon Reade Capital Management – EVP, Foreign Exchange
Credit Suisse First Boston – VP, Foreign Exchange
Citigroup – VP, Foreign Exchange
Royal Bank of Canada. – VP, Foreign Exchange
BEE – McMaster University
Gordon Chan, CPA
Analyst
Satellite Asset Management –Senior Analyst, Technology
JAT Capital – Senior Analyst, Technology
Cumberland Associates – Senior Analyst, Technology
MBA – University of California
BS, Accounting – University of Southern
California
Whit Penski, CFA
Quant/Risk Analyst
Bear Stearns Asset Management – Associate Director/Senior
Analyst
FactSet Research Systems – Senior Consultant
AB – Princeton University
Global Investment Team | Bios
28
Bob Kim
Portfolio Manager
Millennium/RDK Capital – Portfolio Manager
RBC Capital Markets – Portfolio Manager/ Head of Equity
Long/Short Group
GLG Partners – Portfolio Manager
Soros Fund Management – Portfolio Manager
SAC Capital – Portfolio Manager
BS, Chemistry – Georgia Institute of Technology
James Yoo, Partner
Visium Tax Alpha Fund
Balyasny Asset Management – Trader
SAC Capital – Head Healthcare Trader
Carlin Equities –Trader
BA – Lewis & Clark College
Visium Tax Alpha Fund Investment Team |
Bios
29
Catalyst Event Driven Investment Team | Bios
Francis X. Gallagher, Portfolio Manager
Francis X. Gallagher, Director and Portfolio Manager of the Fund, has over 24 years of market experience, focusing primarily on securities
affected or potentially affected by major corporate events, including mergers, acquisitions, restructurings, and Chapter 11 reorganizations.
From 1990 through May 1995, Mr. Gallagher was the Director of Research at Oscar Gruss & Son Incorporated, a New York Stock Exchange
member organization that specializes in the research and trading of event-driven equity securities. Prior to joining Oscar Gruss & Son,
Mr. Gallagher was the Director of Research at Phoenix Capital Markets and Gallagher Equities, two equity investment boutiques that
specialized in the research and analysis of companies involved in mergers and restructurings. He joined the Catalyst team in May 1995 in
connection with the launch of the U.S. Fund. Mr. Gallagher holds a B.S. from Florida International University
Peter A. Drippé, Portfolio Manager
Peter Drippé began his career at PaineWebber in 1985, completing the equity sales and trading program before working as an equity block
trader. In 1986, he joined the proprietary trading desk in the convertible arbitrage department, where he served as Vice President. From
1991-92, he managed the family office for the owners of ICD Shipping, Inc., a New York-based transportation company. He then moved to
Highbridge Capital Management, focusing on convertible arbitrage, merger arbitrage, and high yield debt strategies. He helped to launch
The Catalyst Fund (renamed to Visium Catalyst Event Driven Fund) in 1995. Mr. Drippé earned an Honors B.S. in Finance with
Distinction from Indiana University.
30
Bradley Levie, CPA, Portfolio Manager
Bradley Levie is Portfolio Manager of the Fund. After earning a B.A. in Economics from the University of California, Los Angeles in
1977, he started work as a Certified Public Accountant at Peat Marwick Mitchell & Co., later moving to equity sales at Oppenheimer &
Co., First Boston Corporation, and Bear Stearns. In 1991, Mr. Levie joined the distressed debt boutique Dabney, Resnick, Wagner & Co.,
where he became a Managing Director. In 1997, Mr. Levie founded Trading Edge, Inc., and served as its President & COO until its sale to
a consortium of investment banks in 2001. Mr. Levie joined the Investment Manager in April 2002 and launched the Fund in December
2003.
William J. Goldman, Senior Credit Analyst
Mr. Goldman is a Senior Credit Analyst who joined the team in July 2005. From 2004 to 2005, he was a Senior Analyst at Harbert
Management Corp., where he focused on event-driven investment opportunities in merger arbitrage, special situations and distressed
securities. From 2001 to 2004, he worked as an Associate at Banc of America Securities, LLC, where he participated in a broad range of
transactions, including mergers and acquisitions advisory, convertible, high yield, and bank debt offerings. From 1995 to 1999, he worked
at Bear, Stearns & Co., primarily as an analyst in whole loan securitization underwriting mortgage-backed securities. He holds an M.B.A.
in Finance from New York University and a B.S., Honors in Industrial Economics from Union College.
Mitch Wolf, Senior Credit Analyst
Mr. Wolf is a Senior Credit Analyst who joined the team in February 2009 from York Capital Management, where from 2006 to 2009 he
was a Vice President/Senior Credit Analyst responsible for private lending and analyzing opportunities in credit and distressed securities.
From 2001 to 2006, he was an Assistant Vice President at Oaktree Capital Management, where he was a founding member of the
mezzanine group that underwrote over $1 billion in subordinated debt and equity financing. From 1998 to 2001, he worked at J.P. Morgan
& Co., first as an Analyst in corporate finance/M&A and later as an Associate in private equity placements. Mr. Wolf holds a B.S. in
Finance with honors from Yeshiva University.
Catalyst Credit Investment Team | Bios
31
Visium Credit Opportunities Fund
Jason Huemer
President
Atlas Capital Management – CEO
SAC Capital – Managing Director, COO of Sigma
Merrill Lynch – Managing Director
Synthesis Funds – President and Founder
York Capital Management – COO
MBA – New York University
BA, Philosophy and Economics – Columbia
University
Steven Ku, CPA, Partner
Chief Financial Officer
Balyasny Asset Management – Controller
Caxton Associates – Assistant Controller, FinOp Principal
Moore Capital Management – Accounting Manager
Ernst & Young – Audit/Consulting
BS, Accounting – Pace University
Mark Gottlieb, CAIA,
Partner
Business Operations
Balyasny Asset Management – Business Operations
UBS – Corporate Finance
MBA – Cornell University
BA, Economics – Vassar College
Amol Sahasrabudhe, CFA,
FRM
Chief Risk Officer
Hapoalim Securities USA, Inc. – SVP, Risk Management
Sandell Asset Management – VP, Risk Monitoring & Development
Caxton Associates – Risk Specialist
MBA – New York University
MS – New Jersey Institute of Technology
BA, Mechanical Engineering – Maharaja
Sayajirao University
David Keily
Chief Compliance Officer
Catalyst Investment Management – COO
KBC Alternative Investment Management – SVP
KBC Financial Holding - VP, Convertible Bond Underwriting
Wasserstein, Perella & Co. - Associate
D.E. Shaw & Co. - Associate
Ph.D,/A.M., Slavic Languages & Literatures –
Harvard University
J.D., Law – Stanford University
A.B., Slavic Languages & Literatures – Harvard
College
Steve Gilson
Trading Operations
Balyasny Asset Management – Operations
Euroclear – Client Services
HSBC – Trade Settlements
BS, Finance – Lehigh University
Kim Tong, CPA
Controller
Morgan Stanley Fund Services – Vice President
Spectrum Global Fund Administration – Supervisor
GE Commercial Finance – Project Manager
Deloitte and Touche – Senior Consultant
MS – Southern Illinois University
BS, International Business – Sichuan University
Business Team |
Bios
32
Visium Credit Opportunities Fund
Marketing Team | Bios
33
Tom Cahill
Director, Marketing - Europe
Bloomberg News – Reporter
MacNeil-Lehrer Newshour – Desk Assistant
Anaconda Leader – Reporter
BA, American Studies – Colby College
Kelly Demeester
Director, Marketing – North
America
Fortress Investment Group - Associate
RSM McGladrey - Director of Marketing
Falconhead Capital - Director of Marketing
Wit Soundview - Investment Banking Analyst
MBA - Duke University
BA, Economics - University of Virginia
Ryan Holland
Associate, Marketing – Asia
Battle Creek Enquirer – Reporter, Editor
UBS Financial Services – Client Service Associate
MS, Journalism – Northwestern University
BA, Economics – University of Virginia
Stevenson Jacobs
Director of Marketing– North
America
The Associated Press – Reporter BA, Radio-Television-Film – University of
Texas
Visium Credit Opportunities Fund
Marketing Team | Bios
34
Robert Stockton
Director, Investor Relations
FrontPoint Partners – Executive Director
Tiger Management – COO & Director of Marketing & IR
Taylor Advisors – Managing Director
Goldman Sachs – Vice President
MBA, Finance and Strategy – The
University of Chicago Booth School of
Business
BA, Philosophy – Trinity College
Sarah Klein
Associate, Investor Relations
Johns Hopkins, School of Medicine – Research Coordinator BA, Psychology – Elon University
Vinny Natarajan
Business Development
Highbridge Capital Management – Hedge Fund Strategist
Ares Management – Private Equity Associate
Banc of America Securities – Investment Banking Analyst
BS, Systems Engineering and Economics
– University of Pennsylvania
Visium Credit Opportunities Fund
Jason Huemer President (646) 840-5844 jhuemer@visiumfunds.com
Tom Cahill Director of Marketing – Europe (646) 840-3679 tcahill@visiumfunds.com
Kelly Demeester Director of Marketing – US (646) 840-3609 kdemeester@visiumfunds.com
Ryan Holland Marketing Associate – Asia (646) 840-3608 rholland@visiumfunds.com
Stevenson Jacobs Director of Marketing – US (646) 840-5856 sjacobs@visiumfunds.com
Robert Stockton Director of Investor Relations (646) 521-3616 rstockton@visiumfunds.com
Sarah Klein Investor Relations Associate (646) 840-5801 sklein@visiumfunds.com
VISIUM ASSET MANAGEMENT, LP
950 Third Avenue, 29th
FloorNew York, NY
10022Main (646)840-5800 | Fax (646)840-5808
info@visiumfunds.com
Contacts
35
Visium Credit Opportunities Fund
Disclosure
GENERAL DISCLOSURES: All information contained herein is preliminary and subject to revision and completion. This summary is intended only for the person or entity to which it has been delivered.
This summary is not an offer or solicitation with respect to the purchase or sale of any security. An offering of interests in pooled investment vehicles (the "Funds") managed or advised by Visium Asset
Management, LP (“Visium”) will be made only by means of a confidential private offering memorandum or confidential explanatory memorandum and in such jurisdictions where permitted by law. Any
investment decision in connection with the Funds should be made only on the information contained in the confidential private offering memorandum or confidential explanatory memorandum that will be
provided to prospective investors. This summary is not intended to constitute legal, tax or accounting advice, or investment recommendations. This summary, the information contained herein, and any oral or
other written information disclosed or provided is strictly confidential and may not be reproduced or redistributed, in whole or in part, nor may its contents be disclosed to any other person under any
circumstances. Past performance is not indicative of future results. There can be no assurances that investors will have returns on invested capital similar to the returns presented because of, among other reasons,
differences in economic conditions, regulatory climate, portfolio size, leverage, expenses and structure, as well as investment policies and techniques. An investment in the Funds is speculative and involves a
high degree of risk. The Funds will employ certain trading techniques, such as short selling and the use of leverage, which may increase the risk of investment loss. As a result, performance may be volatile, and
an investor could lose all or a substantial amount of its investment. Furthermore, the Funds have substantial limitations on an investor’s ability to redeem or transfer its shares, and there is no secondary market
for an interest in the Funds and none is expected to develop. Finally, the Funds’ fees and expenses may offset trading profits. These risks and other important risks are described in detail in a confidential private
offering memorandum or confidential explanatory memorandum available for each of the Funds. Prospective investors are strongly urged to review the relevant confidential private offering memorandum or
confidential explanatory memorandum carefully, and consult with their own financial, legal and tax advisors before making an investment in the Funds.
Unless noted otherwise below, Funds' returns include income from new issues and the reinvestment of earnings and are presented net of all fees and expenses. Returns for the current year are estimated,
unaudited, and subject to revision without notice.
The indices referenced herein have not been selected to represent appropriate benchmarks, and the volatility of the indices may be materially different from that of an investor's investment. Investors cannot
invest directly in indices, and securities that track indices may charge fees.
VISIUM BALANCED FUND: The information presented in the summary is a hypothetical composite summary of performance of the Visium Balanced Fund, LP and Visium Balanced Offshore Fund, Ltd.
(from November 1, 2005 to present) and pro forma performance from accounts managed by Jacob Gottlieb for Balyasny Asset Management, LP (from January 1, 2002 to October 31, 2005) and Schonfeld
Securities LLC (from April 16, 2001 to December 31, 2001).
For the period November 1, 2005 to present, the information presented is based on the actual result of a Series A, new issue eligible investor in the Visium Balanced Fund, LP and a Class A, Subclass 1, new
issue eligible investor in the Visium Balanced Offshore Fund, Ltd. For the period April 16, 2001 to October 31, 2005, all composite return data regarding Mr. Gottlieb’s investment performance presented here
is hypothetical although the information is based on the actual dollar profit and loss (the “Gross Profit and Loss”) of Mr. Gottlieb’s accounts that he managed for Balyasny Asset Management, LP (“BAM”) and
that he managed while employed at Schonfeld Securities LLC (“Schonfeld”). The Gross Profit and Loss has been obtained from the brokerage account statements for the BAM accounts from January 1, 2002 –
May 31, 2005 and from Schonfeld’s internal records for the Schonfeld account from April 16, 2001 – December 31, 2001. The Schonfeld account was a proprietary trading account; the BAM accounts were
proprietary trading accounts until January 21, 2004, at which time they became a portfolio in a master-feeder hedge fund.
The pro forma net performance presented in the summary is calculated by applying a model fee to the Gross Profit and Loss. The model fee includes those fees that are charged to investors in the Visium
Balanced Fund, LP including a 2% management fee, an operating expense assumption of 0.15% to 0.30% per annum and a 20% performance fee. These fees were not the actual fees charged to the investors in
the BAM accounts or the Schonfeld account. The BAM accounts were charged an average annual implied fee of 57% of gross profits, consisting of a direct allocation of operating expenses, traders’
compensation and a performance fee from January 1, 2002 to January 20, 2004. The BAM accounts had their expenses passed through including portfolio manager compensation and an incentive fee of 0% to
30% from January 21, 2004 to December 31, 2004 and 20% in 2005. For the period from January 1, 2002 to October 31, 2005 the pro forma net performance was calculated using Mr. Gottlieb’s estimated
notional capital base that was allocated to the BAM accounts (the “Capital Base”). There are limited records in respect to the Capital Base in 2002 and for that time frame a good faith estimate of capital
allocation was used. The Capital Base represents the notional or leverage capital that Mr. Gottlieb was allocated to manage the BAM accounts and this Capital Base exceeded the actual equity of the BAM
accounts. For the period from April 16, 2001 to December 31, 2001, pro forma net performance was calculated using the monthly average gross market value of the Schonfeld account (the “Gross Market
Value”). The Gross Market Value represents the value of all long and all short positions in the Schonfeld account and this Gross Market Value exceeded the actual equity of the Schonfeld account. Since the
performance was being calculated using the Capital Base or Gross Market Value, as if it were equity, the interest charges associated with the BAM accounts and Schonfeld account have been reversed where that
information is available. Furthermore, by utilizing the Gross Market Value or Capital Base rather than the equity base for calculating returns, the performance results may be underrepresented; positive
performance would have been better and negative performance would have been worse. The year to date returns are presented using compounding which assumes the reinvestment of earnings and dividends
whereas for these accounts the gross profit and loss was not reinvested and the Capital Base remained fixed excepting for changes in the allocation of the Capital Base.
36
Visium Credit Opportunities Fund
Disclosures
VISIUM INSTITUTIONAL PARTNERS FUND: Visium Institutional Partners Master Fund, Ltd., Visium Institutional Partners Fund, Ltd. and Visium Institutional Partners, LP commenced operations in June
2010. Performance presented beginning June 2010 reflects the performance of a Class A investment in Visium Institutional Partners Fund, Ltd. Pro forma performance presented in the summary prior to June 2010
is hypothetical information based on profits and losses attributable to securities of underlying issuers with market capitalization in excess of USD $1 billion (the “VIP Gross Profit and Loss”), held or traded in the
primary long/short equities strategy of Visium Balanced Offshore Fund, Ltd. from November 1, 2005 to December 31, 2008 and Visium Balanced Master Fund, Ltd. from January 1, 2009 onwards (the “Balanced
Funds”). The VIP Gross Profit and Loss amounts have been obtained from the records of the Balanced Funds’ administrator. “Gross Exposure” represents the sum of the values of all long and all short positions in
the Balances Funds of issuers with market capitalization in excess of USD $1 billion and may have at times exceeded the net asset value of the Balanced Funds. Pro forma performance was calculated based on the
Gross Exposure of the Balanced Funds. By utilizing the Gross Exposure rather than net asset value for calculating returns, the performance results may be underrepresented (i.e. positive performance would have
been better and negative performance would have been worse). Hypothetical performance presented does not include management fees, incentive fees and customary expenses paid by the Balanced Funds. The
performance of these portfolios reflect the assumptions, views, and analytical methods of Visium. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance
record, simulated results do not represent actual trading. Also, since the portfolios represented do not represent actual portfolios, the results may have under- or over-compensated for the impact, if any, of certain
market factors, such as market disruptions, lack of liquidity and the effect of interest rates. Simulated trading programs are subject to the fact that they are designed with the benefit of hindsight. There can be no
assurance that Visium would have taken or will take positions similar to those taken in the results presented. No representation is being made that any account will or is likely to achieve profits or losses similar to
those shown above. There are frequently sharp differences between the hypothetical performance results and the results subsequently achieved by any particular trading or investment program.
VISIUM GLOBAL FUND: The information presented above for the period October 1, 2007 to March 31, 2009 is a composite summary of the historical performance of portfolios managed by Visium. The
Visium Global Fund, LP commenced operations on April 1, 2009 and the Visium Global Offshore Fund, Ltd. commenced operations on May 1, 2010. The returns are presented with an implied management fee of
2% of net assets and incentive fees of 20% of net profits.
VISIUM TAX ALPHA FUND, LP: Visium Tax Alpha Fund, LP commenced operations on January 1, 2011. The information presented is based on the actual result of a Class A limited partner.
VISIUM CREDIT OPPORTUNITIES FUND: Visium Credit Opportunities Fund, LP ("Credit Onshore") commenced operations on May 1, 2009 and the Visium Credit Opportunities Fund, Ltd. commenced
operations on April 1, 2010. For the period September 1, 2009 to present, the information presented is based on the actual result of a Class A investor in Credit Onshore. For the period May 1, 2009 to August 31,
2009, the information presented is based on the result of a special limited partner in Credit Onshore with implied management and incentive fees equivalent to those of a Series A investor.
VISIUM CATALYST EVENT DRIVEN FUND: Visium Catalyst Event Driven Fund, LP ("VC Event Driven Onshore"), formerly known as The Catalyst Fund, L.P., commenced operations on May 1, 1995.
Visium Catalyst Event Driven Offshore Fund, Ltd. ("VC Event Driven Offshore," together with VC Event Driven Onshore, the "VC Event Driven Funds"), formerly known as The Catalyst Fund Offshore, Ltd.,
commenced operations on January 1, 1997. The information presented is a summary of the historical performance of a hypothetical investor whose initial investment in VC Event Driven Onshore occurred on the
date of commencement of operations, paying a management fee of 1% per annum and an annual performance fee of 20% subject to a high water mark. Francis X. Gallagher and Peter A. Drippé became portfolio
managers of the VC Event Driven Funds on January 1, 2001, having previously served as equity analysts since the inception of VC Event Driven Onshore.
VISIUM CATALYST CREDIT FUND: Visium Catalyst Credit Fund, LP ("VC Credit Onshore"), formerly known as The Catalyst Credit Opportunity Fund, L.P., commenced operations on January 1, 2004.
Visium Catalyst Credit Offshore Fund, Ltd. ("VC Credit Offshore"), formerly known as The Catalyst Credit Opportunity Fund Offshore, Ltd., commenced operations on December 1, 2003. The information
presented is a summary of the historical performance of a hypothetical investor whose initial investment in VC Credit Offshore occurred on the date of commencement of operations, paying a management fee of
1.5% per annum and an annual performance fee of 20% subject to a high water mark.
37

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Visium Asset Management Overview

  • 2. Overview 2 Integrated Investment Management Organization 3 Organizational Experience 5 Visium Structure 6 Investment Strategies 7 Infrastructure and Risk Management 8 Investor Interface 10 Business Model and Fund Overviews 11 Investment Team Bios 19 Operations Team Bios 33 Contact Information 36 Disclosures 37 Contents
  • 3. Visium Asset Management Overview Firm Info ▪ Visium Asset Management LP (“Visium”) is an investment firm dedicated to generating high-quality, non-correlated returns in a variety of market environments. ▪ Visium identifies and partners with investment managers and teams capable of generating returns which exhibit a low correlation to market indices and other Visium strategies. ▪ Visium provides investors a solution oriented approach including complete risk transparency across a range of investment strategies ▪ Visium supports its portfolio teams through a central infrastructure which has continuously scaled with the growing business. Our team of experienced professionals provides trading, risk management, marketing, compliance, legal, accounting, administration services and back office functions. The firm has implemented the industry’s leading technology platforms to ensure optimal operational performance. Visium is committed to enhancing the operations infrastructure to meet all future needs of the business. ▪ Jacob Gottlieb, MD founded Visium Asset Management in November 2005 and is the Chief Investment Officer of the firm. Jacob Gottlieb has been a Portfolio Manager since March 2000 and has built a team of experienced and highly specialized investment professionals. Visium’s investment process has been developed and continuously enhanced over the course of 10 years. 2 Inception Date Total Firm Assets Managed Number of Investment Strategies Total Number of Employees 2005 ~$3.5 Billion 7 (Equity, Credit, Event, Multi-Strategy Funds) 76 (45 Investment Professionals, 31 Back Office)
  • 4. Integrated Investment Management Organization 3 ▪ Visium Balanced Fund – long/short equity healthcare fund ▪ Visium Global Fund – multi-strategy diversified fund ▪ Visium Credit Opportunities Fund – long/short credit healthcare fund ▪ Visium Institutional Partners Fund – mid- and large-cap long/short equity healthcare fund ▪ Visium Tax Alpha Fund – multi-strategy fund with an active tax optimization approach ▪ Visium Catalyst Event Driven Fund – multi-strategy event driven fund ▪ Visium Catalyst Credit Fund – event driven credit and distressed fund
  • 5. 4 Macro (fx) L/S Financials CB Arb Quant Distressed L/S Energy L/S Industrials L/S TMT L/S Generalist L/S Utilities Credit Specialty Pharma International Pharma Medical Technology Biotech Services Distressed High Yield Deloitte & Touche Merger Arbitrage Event Driven Hedged Equity International Pharma Biotech Specialty PharmaMedical Technology Services Credit Integrated Investment Management Organization US Long/Short Equity Healthcare Credit Healthcare L/S Visium Asset Management
  • 6. 5 KEY MEMBERS OF VISIUM ASSET MANAGEMENT Jacob Gottlieb, PRM, CFA, MD Chief Investment Officer, Managing Partner (2001) Jason Huemer President Balyasny Asset Management – Portfolio Manager Merlin Biomed – Pharmaceuticals, Biotech and Devices Sanford C. Bernstein – Pharmaceuticals, Biotech and Devices MD – NYU Medical School BA, Economics – Brown University Atlas Capital Management- CEO SAC Capital Management – Managing Director Merrill Lynch – Managing Director York Capital Management – COO MBA – New York University BA, Economics and Philosophy – Columbia University CFO Legal/Compliance Organization Infrastructure Risk Management Steven Ku, CPA, CTP Chief Financial Officer, Partner (2003) David Keily, JD General Counsel, Chief Compliance Officer Mark Gottlieb, CAIA Business Operations, Partner (2004) Amol Sahasrabudhe, CFA, FRM Chief Risk Officer Balyasny Asset Management – Controller Caxton Associates – Asst Controller/FinOp Principal Moore Capital Management – Accounting Manager Ernst & Young – Audit/Consulting BS, Accounting – Pace University Catalyst Investment Management - COO, Head of Marketing & Investor Relations KBC Alternative Investment Management - SVP, Marketing & Investment Relations KBC Financial Holding - VP, Convertible Bond Underwriting Wasserstein, Perella & Co. - Associate D.E. Shaw & Co. - Associate Mellon Post-Doctoral Fellow - Northwestern University Ph.D, Slavic Languages & Literatures - Harvard J.D., Law - Stanford University A.B., Slavic Languages & Literatures - Harvard College Balyasny Asset Management – Business Operations UBS – Corporate Finance Analyst MBA – Cornell University BA, Economics – Vassar College Hapoalim Securities USA, Inc. – SVP, Risk Management Sandell Asset Management – VP, Risk Monitoring & Development Caxton Associates – Risk Specialist Goldman Sachs & Co - Senior Analyst MBA – New York University MS – New Jersey Institute of Technology BE, Mechanical Engineering – Maharaja Sayajirao University Operations Trading Accounting Research Infrastructure Communications Steven Gilson Director of Operations Lesley Kelly Trader Kim Tong, CPA Controller Robert Kim Director of Research Robert Stockton Director of Investor Relations Balyasny Asset Management – Associate Euroclear Bank – Analyst – Client Support HSBC Securities – Euroclear Operations BS, Finance – Lehigh University Citigroup – Trader U.S. Army – Intelligence Officer MBA, Finance/Accounting – Vanderbilt University BA, Biological Anthropology – University of Michigan Morgan Stanley Fund Service – Vice President Spectrum Global Fund Administration – Supervisor GE Commercial Finance – Project Manager Deloitte and Touche – Senior Consultant MS – Southern Illinois University BS, International Business – Sichuan University Millennium/RDK Capital – Portfolio Manager RBC Capital Markets – Portfolio Manager/ Director of Equity Long/Short Group GLG Partners – Portfolio Manager Soros Fund Management – Portfolio Manager SAC Capital – Portfolio Manager BS, Chemistry – Georgia Institute of Technology FrontPoint Partners – Executive Director Tiger Management – COO & Director of Marketing & IR Taylor Advisors – Managing Director Goldman Sachs – Vice President MBA – The University of Chicago BA, Philosophy – Trinity College Executive Committee Jacob Gottlieb (CIO) Jason Huemer (President) Steven Ku (CFO) Mark Gottlieb (Business Operations) Risk and Allocation Committee Amol Sahasrabudhe (CRO) Jason Huemer (President) Jacob Gottlieb (CIO) Steven Ku (CFO) Organizational Experience
  • 8. Investment Strategies 7 Investment Management •Strategies uncorrelated to a benchmark or one another •Strategies selected to be scalable and sustainable •Specialized knowledge of an industry sector, geography and investment process Manager Selection and Team Building •Establish teams migrating from other organizations – a “Buyers Market” •New teams formed from multiple platforms (ex. Citadel, DE Shaw, Balyasny, Cedar Hill, SAC, Satellite, etc.) Investment Process and Development •Refinement of processes applied to anomalous pricing opportunities or return dispersion •Defined boundary conditions within strategies to allow clarity in investment methodologies
  • 9. Infrastructure 8 Trading • Benefits of a composite footprint with counterparties allowing improved information flow and execution Operations • Trade settlement and reconciliation with Prime Brokers and Administrator Investment Management • Real-time availability of positions permits superior risk controls and exposure discipline Tax, Legal and Accounting • Accounting team seasoned in Limited Partnership issues • Deloitte and Touche along with Seward & Kissel • Experienced CCO with experience….
  • 10. Risk Management – 360 Degree Real-Time Process MONITOR 6 ▪ Visium has adopted an Enterprise Risk Management (ERM) approach to managing risk that is deeply rooted in all key decisions and review processes. Our 360-degree, real- time model of risk management is a foundation of portfolio oversight, review and maintenance. ▪ Portfolio Risk Management ▪ Operational Risk ▪ Legal and Compliance ▪ Counterparty Risk and Liquidity ▪ Performance Evaluation ▪ Recruiting, Model Review, Qualitative Assessment Visium’s Risk Management Team: ▪ Amol Sahasrabudhe (CRO) ▪ David Keily (Chief Compliance Officer) ▪ Whit Penski (Sr. Quantitative Analyst) ▪ Raj Ayyagari (Senior Architect Developer)
  • 11. Investor Interface 9 Client Communication • Business Development based on direct relationships with Domestic and International Public and Corporate Pensions, Insurance Companies, Endowments and Foundations, Family Offices and Fund of Funds. • Investment Relationships underscore an understanding of our clients’ portfolio structure and return objectives. • Timely Investor reporting which features standardization of content to allow multiple manager review and transparency into portfolio selection and construction.
  • 12. Visium Asset Management – Business Model and Fund Overview 10 Visium Asset Management is an integrated management company focused on providing single strategy and multi-strategy investments to investors and their advisors. Visium integrates and supports its portfolio teams through a central infrastructure managed by experienced business professionals who provide marketing, trading, risk management, administrative services, compliance, accounting, and back office functions. This structure allows the portfolio teams to spend the majority of their time on investing, similar to the structure of a traditional investment management organization. The Visium funds are designed to have low correlation to benchmarks. Visium Asset Management offers 7 funds: ▪ Visium Balanced Fund – long/short equity healthcare fund (Page 11) ▪ Visium Global Fund – multi-strategy diversified fund (Page 12) ▪ Visium Credit Opportunities Fund – long/short credit healthcare fund (Page 13) ▪ Visium Institutional Partners Fund – mid- and large-cap long/short equity healthcare fund (Page 14) ▪ Visium Tax Alpha Fund – multi-strategy fund with an active tax optimization approach (Page 15) ▪ Visium Catalyst Event Driven Fund – multi-strategy event driven fund (Page 16) ▪ Visium Catalyst Credit Fund – event driven credit and distressed fund (Page 17) The Visium structure allows the investment teams the autonomy of their operating teams. Our belief is that the alignment of incentives combined with the Visium infrastructure will prove critical to achieving product sustainability, promoting team collaboration, retaining quality personnel, and building long-term franchise value. The revenue split to the managers is focused on delivering higher marginal incentives based on returns to clients. The capacity of funds is limited to not accept more assets than the manager can effectively utilize. Jacob Gottlieb controls the General Partnership. Each of the strategies and has real-time capability to monitor trading, risk, cash and securities movements. The safeguards and alignments allow for a strong inspection of investment methodologies through both quantitative and qualitative analysis of the factor risks.
  • 13. Visium Balanced Fund 11 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2001 (1.27)% +2.01% +5.52% +1.65% +2.36% +0.73% (2.16)% +1.37% +1.23% +11.82% 2002 (0.16)% (4.01)% +1.01% (1.76)% (3.84)% +2.23% +14.16% +2.15% +0.89% +2.86% (2.50)% +0.83% +11.25% 2003 +2.11% (0.21)% +0.69% +6.44% (0.08)% +3.28% +5.10% +4.61% +5.02% +0.93% +4.17% +8.60% +48.57% 2004 +4.95% +6.92% +5.86% +3.23% (0.77)% (0.33)% (3.80)% (1.63)% +0.02% (0.34)% +2.05% +2.07% +19.16% 2005 +2.24% +0.62% +2.08% (4.44)% +3.50% +0.47% +4.70% +5.99% (1.33)% +0.09% +3.38% +3.64% +22.53% 2006 +5.84% +4.13% +0.20% (1.41)% (2.67)% +1.92% +0.94% +0.29% +0.95% +2.08% +0.25% +1.09% +14.19% 2007 +1.34% +4.97% +0.80% (0.52)% +1.06% +3.02% (1.84)% +0.57% +1.25% +0.05% +0.47% +4.91% +17.05% 2008 +1.50% +0.41% (6.20)% +3.20% +0.93% +2.00% (0.08)% +0.69% (3.81)% (6.53)% (0.28)% (6.08)% (13.95)% 2009 +3.72% +4.13% +0.42% +3.17% (1.50)% +3.77% (1.83)% +4.74% +2.93% (0.34)% +0.27% +0.86% +22.02% 2010 +4.75% +0.32% +4.54% +6.25% (2.44)% (3.40)% +1.29% +2.68% +2.87% (1.12)% (1.86)% +9.02% +24.50% 2011 +2.39% (0.56)% +1.41% +2.95% (0.99)% +0.31% (1.92)% (3.27)% (1.86)% +1.33%* (0.38)% The Visium Balanced Fund is a long/short equity fund that invests in the healthcare sector and maintains targeted net exposure of +10% to - 10%. The team of over 25 investment professionals performs deep fundamental research within all of the major healthcare sectors and has a proven track record of having a thorough understanding the global healthcare sector. The team employs a combination of financial and scientific/medical knowledge to fully analyze ideas from all angles. This investment research process is consistently applied to both long and short positions. The team performs deep fundamental research to generate unique risk-taking edge and looks to create trading strategies around complex and misunderstood stories. Each investment is rigorously evaluated, with a view to determining accurate risk-reward profiles and high conviction levels. We rigorously track catalysts, presentations, meetings, conferences, corporate actions, earnings calendars and clinical/ scientific development schedules to enhance the investing process. Portfolio Managers of the Visium Balanced Fund: Sanjay Valvani – Specialty Pharma Ryan Ogg – Biotech Jerry Wu – Biotech Anthony Sterling – Services Doug Nigen – International Pharma Shalabh Gupta – International Pharma Chris Plaford, CFA - Credit
  • 14. Visium Institutional Partners Fund 12 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2005 +2.16% +3.56% +5.80% 2006 +2.34% +3.38% (1.41)% (1.03)% (0.44)% +1.98% +1.69% (2.06)% +2.60% +0.78% (0.45)% (2.15)% +5.15% 2007 +1.94% +1.97% +1.43% +0.10% +0.31% +1.84% +1.10% +1.95% +1.57% +2.67% +0.64% +4.87% +22.32% 2008 +1.51% +0.63% (0.65)% +1.09% (1.70)% +2.84% (0.57)% +0.01% (1.95)% +1.79% (0.18)% (5.22)% (2.62)% 2009 +5.63% +9.04% +2.13% +3.27% (2.29)% +0.49% (0.17)% +2.51% +3.19% +0.29% (0.46)% +0.17% +25.97% 2010 +3.73% +0.56% +2.25% +3.57% (1.53)% (2.24)% +0.19% +1.95% +0.49% (0.79)% (4.00)% +2.95% +7.03% 2011 +2.80% (0.79)% +0.16% +1.45% (0.80)% +0.48% (2.20)% (2.24)% (1.22)% +1.19%* (1.28)% Visium Institutional Partners Fund is a long/short equity fund focused on the healthcare industry. A sister fund to Visium’s Balanced Fund, Visium Institutional Partners Fund harnesses the firm’s healthcare equity ideas involving mid- and large-cap companies in the sector, investing globally based on edge derived from a uniquely rigorous investment process. The process entails in-depth fundamental research for individual security selection that generates returns on both long and short positions. The team digs deep to create trading strategies around complex and misunderstood stories. The fund seeks to generate attractive risk-adjusted returns with low correlation to traditional equity investments. The fund will maintain targeted net exposure of +30% to -30%. Each investment is rigorously evaluated, with a view to determining accurate risk-reward profiles and high conviction levels. The Investment Manager will rigorously track catalysts, presentations, meetings, conferences, corporate actions, earnings calendars and clinical/scientific development schedules to enhance the investing process. Portfolio Managers of the Visium Institutional Partners Fund: Sanjay Valvani – Specialty Pharma Ryan Ogg – Biotech Jerry Wu – Biotech Anthony Sterling – Services Doug Nigen – International Pharma Shalabh Gupta – International Pharma Chris Plaford, CFA - Credit
  • 15. Visium Credit Opportunities Fund 13 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2009 Inception May 1, 2009 >>> +1.72% +2.90% +3.89% +2.09% +4.11% +1.86% +0.74% +1.11% +19.92% 2010 +1.48% +3.15% +7.06% +3.47% +2.38% +1.70% +1.19% +1.42% +1.80% +1.33% +0.93% +2.07% +31.66% 2011 +1.09% +2.81% +0.27% +0.34% +0.56% +0.28% (1.04)% (2.72)% (1.42)% (0.95)% (0.87)% The Visium Credit Opportunities Fund was established to express Visium’s healthcare ideas in the credit portion of the capital structure while applying the same rigorous fundamental investment research process employed in its long/short equity strategy. The Fund seeks to take advantage of mispricings within the capital structure of healthcare companies and build a portfolio of fixed income investments that generate an attractive risk/reward profile. We are more interested in opportunities where there is a catalyst that will unleash value and look for opportunities on both the long and short side. The fund invests primarily in the US and international healthcare. Financial instruments will include investment grade and high-yield bonds, bank loans, convertible bonds, common and preferred stocks, credit default swaps and other derivatives. Portfolio Manager of the Visium Credit Opportunities Fund: Chris Plaford, CFA .
  • 16. Visium Global Fund 14 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2007 +2.11% +4.72% +1.66% +8.71% 2008 (3.65)% +1.68% +0.92% +5.30% +5.57% (1.58)% +3.27% +2.84% (3.23)% (5.22)% (0.06)% (0.73)% +4.54% 2009 +5.17% +7.59% +3.62% +2.80% +8.53% +5.65% +8.83% +3.31% +9.76% +3.90% +10.52% +8.93% +113.34% 2010 (2.01)% +3.08% +3.26% +4.50% (0.51)% (7.33)% +1.67% +2.26% +3.36% +3.44% +2.18% +5.18% +20.05% 2011 +0.81% +0.04% +0.51% (0.39)% +0.71% (0.74)% (0.84)% (1.22)% +0.57% +0.35%* (0.23)% Visium Global Fund LP is a multi-strategy fund that seeks to aggregate alpha across a range of individually managed autonomous portfolios in a variety of strategies, including: sector specific long/short equity (consumer, retail, TMT, utilities, financials, industrials, energy); distressed and special situations; credit; convertible bond arbitrage; global macro; volatility and quantitative strategies.. Visium Global emphasizes value-added through active risk management, effective asset allocation, talent acquisition and development, and business and operational excellence. Portfolio Managers of the Visium Global Fund: Tim Egan – TMT Ashar Kahn – Utilities David Ferrara – Industrials Cyrus Sadiq – Financials Bart Wyand – Convertible Arbitrage Rahul Mepani - Value Long/Short Vivian Wang – Quantitative Strategies Stayton Creech – TMT Fauzia Rashid – Energy Dita Bhargava – FX/Macro Stefan Lumiere - Distressed
  • 17. Visium Tax Alpha Fund 15 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2011 +0.21% (0.76)% +2.66% +0.39% +2.29% +1.33% +0.60% (2.30)% (2.63)% +3.14% +4.88% Visium Tax Alpha Fund LP is structured as an opportunistic multi-strategy, multi-asset hedge fund with an emphasis on fundamental equity long-short and an active tax optimization approach. Portfolio Manager of the Visium Tax Alpha Fund: Robert Kim
  • 18. Visium Catalyst Event Driven Fund 16 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 1995 Inception May 1995 >>> +1.90% +4.08% +2.20% +2.51% +3.20% +0.69% +3.31% +2.53% +22.30% 1996 +3.39% +3.41% +2.04% +6.41% +2.56% +0.49% (1.69)% +3.37% +3.09% +1.64% +3.85% +3.80% +37.33% 1997 +4.94% +0.27% +0.54% (2.51)% +5.39% +2.04% +2.37% +3.21% +4.20% (0.59)% (2.04)% +1.33% +20.49% 1998 +0.46% +3.52% +3.44% (0.06)% (0.03)% (1.05)% (5.84)% (9.72)% +0.43% +0.97% +2.30% +3.52% (2.92)% 1999 +2.45% (0.80)% +7.67% +8.05% +3.76% +3.89% +1.72% (1.21)% +0.16% +0.13% +6.21% +5.33% +43.70% 2000 +1.89% +4.12% +2.87% +1.93% +0.76% +1.13% (0.14)% +4.61% +0.34% (1.21)% (0.79)% +1.98% +18.75% 2001 +2.72% +0.86% +0.71% +3.26% +2.89% (3.14)% (0.18)% (1.07)% (2.40)% +2.59% +0.73% +2.53% +9.65% 2002 (5.63)% (1.15)% +4.60% (1.94)% (1.76)% (1.97)% (5.09)% (0.75)% (1.42)% (2.70)% +0.48% (2.19)% (18.17)% 2003 +0.09% (0.37)% (0.44)% +2.81% +8.15% +2.06% +1.94% +2.55% +0.92% +2.92% +1.48% +3.28% +28.22% 2004 +3.53% +1.38% (0.32)% (0.13)% (0.10)% +1.95% (2.63)% (0.12)% +0.92% +1.65% +5.83% +3.26% +16.02% 2005 (3.28)% +3.78% (1.63)% (3.64)% +1.40% +3.81% +3.11% +2.14% +1.26% (3.93)% +1.64% +3.31% +7.74% 2006 +5.57% +0.04% +0.29% +1.98% (2.78)% (1.57)% (0.68)% +0.91% (4.71)% +2.78% +1.20% +1.43% +4.15% 2007 +0.82% +2.77% +1.35% +4.64% +2.39% (1.09)% (2.49)% (1.99)% +1.33% +1.82% (3.96)% +0.20% +5.59% 2008 (3.37)% +2.79% (0.74)% +2.68% +3.96% (2.04)% (2.89)% +0.50% (14.68)% (8.62)% (3.69)% (2.45)% (26.30)% 2009 +2.21% (0.97)% +0.91% +3.76% +5.62% +0.62% +2.15% +1.88% +3.17% (2.19)% +1.42% +5.30% +26.32% 2010 (0.26)% +1.91% +3.01% +1.82% (4.08)% (4.25)% +1.45% (3.78)% +1.63% +2.95% +1.03% +4.56% +5.64% 2011 +1.67% +2.08% +1.31% +0.22% (0.94)% (0.86)% (1.21)% (2.92)% (6.31)% +2.85%* (4.36)% The Visium Catalyst Event Driven Fund employs a multi-strategy, event-driven investment approach, targeting the equity and debt securities of companies that we believe will be impacted by pending or anticipated corporate events. We employ both qualitative and quantitative analysis to identify and evaluate companies that might become involved in acquisitions, spin-offs, bankruptcy restructurings, stock buybacks, industry consolidations, large capital expenditure programs, significant management changes, self- liquidations or similar events. The goal is to invest early in the transaction life cycle to capture a large portion of the transaction premium. Portfolio Managers of the Visium Catalyst Event Driven Fund: Frank Gallagher and Peter Drippé
  • 19. Visium Catalyst Credit Fund 17 Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD 2003 Inception December 2003 >>> +3.06% +3.06% 2004 +9.01% +0.48% (0.21)% +3.03% (0.27)% +3.72% (2.01)% +1.15% (1.23)% (0.81)% +3.99% +4.41% +22.82% 2005 (1.90)% +1.91% (1.13)% (0.99)% (3.21)% +2.31% +2.51% +3.02% +0.04% (1.57)% +1.76% (0.07)% +2.48% 2006 +3.86% +0.59% +2.86% +1.60% +0.42% (2.06)% (0.46)% (1.33)% (0.65)% +2.15% +2.66% +1.78% +11.83% 2007 +1.26% +4.33% +2.56% +0.26% +1.71% +1.89% +2.79% (1.31)% +0.61% +3.62% (3.15)% +0.05% +15.37% 2008 (2.56)% +2.35% +0.43% +0.21% +0.58% (0.71)% (1.01)% +0.37% (6.11)% (4.71)% (5.86)% (3.38)% (18.96)% 2009 +1.04% +2.27% (0.84)% +3.61% +7.39% +3.70% +1.88% +2.97% +5.27% (0.38)% +1.61% +5.24% +39.09% 2010 +3.47% +0.59% +3.72% +3.90% (2.21)% (3.30)% +0.28% (1.98)% +1.73% +2.57% +3.70% +3.70% +16.98% 2011 +1.21% +2.31% +1.12% +0.10% (1.91)% (1.66)% (0.28)% (5.31)% (3.65)% +1.31%* (6.81)% The Visium Catalyst Credit Fund’s investment objective is to achieve a superior return on invested capital by successfully implementing its investment strategies in a wide range of equity and debt securities, derivatives and other financial instruments. In general, the investment team seeks to identify securities that are mispriced and that will experience a change in their valuation as a result of corporate events. The events that typically impact securities valuations include the processing of bankruptcy reorganizations; restructurings involving a change in a company’s asset mix or balance sheet; mergers; and meaningful changes in the business prospects and financial performance of a company. Through its research and analysis, the investment team works to identify timely investment opportunities in these areas. Portfolio Manager of the Visium Catalyst Credit Fund: Brad Levie
  • 20. Visium Credit Opportunities Fund Jacob Gottlieb, MD, CFA, PRM Chief Investment Officer ▪ Jacob Gottlieb is the Managing Partner and Chief Investment Officer of Visium Asset Management, LP (“Visium”) an alternative investment advisor dedicated to generating high- quality, non-correlated returns in a variety of market environments. ▪ Jacob founded Visium in November of 2005 with his team of 20 investment professionals from Balyasny Asset Management (“BAM”). Prior to joining BAM in 2001, Jacob was a Portfolio Manager at Merlin and was previously a buy- side analyst at Sanford C. Bernstein. ▪ Jacob graduated magna cum laude from Brown University with a BA in Economics and earned an MD from New York University Medical School. He obtained his CFA charter from AIMR in 2001, and his P.R.M. designation from the Professional Risk Managers’ International Association in 2010. Investment Team | Bios 18
  • 21. Visium Credit Opportunities Fund Paul Adams Services Managing Director Morgan Stanley – Managing Director, Healthcare Services Citigroup – Managing Director, Global Healthcare Dresdner Kleinwort Wasserstein – Healthcare Banking Kidder, Peabody – Mergers & Acquisitions MBA – University of Chicago BS – University of Illinois Ron Belldegrun Specialty Pharmaceuticals Analyst Visium Asset Management - Specialty Pharmaceuticals Intern BA, Biological Basis of Behavior, Healthcare Management – University of Pennsylvania/Wharton Josh Brown Specialty Pharmaceuticals Analyst UBS – Assoc. Director, Healthcare Investment Banking Chase H&Q – Analyst, Healthcare Investment Banking MBA – MIT Sloan School of Management BS, Finance and Accounting – Indiana University Lee Brown Credit Analyst Highland Capital Management – Senior Portfolio Analyst Merrill Lynch – Vice President, Global Economics & Research MBA – Harvard Business School BS – United States Naval Academy Anne Daub Biotech Analyst Bear Stearns – Biotech Equity Research Integrated Finance Ltd. – Investment Banking JPMorgan – Investment Banking Ecole des Hautes Etudes Commerciales (HEC), Graduate School of Management Neetu Dhaliwal Specialty Pharmaceuticals Analyst J.P. Morgan – Healthcare Investment Banking Analyst BS, Economics – University of Pennsylvania/Wharton Healthcare Investment Team | Bios 20
  • 22. Visium Credit Opportunities Fund Rutwik Ghodadra Med-Tech Analyst Oracle Partners – Senior Analyst, Medical Devices and Diagnostics Lehman Brothers – Principal Trading, Medtech, Biotech, Services Lehman Brothers – Equity Research, Large Cap Medtech CSFB – Equity Research, Small cap Medtech/Diagnostics MBA – Indiana University MSE, Biomedical Engineering – Johns Hopkins University Shalabh Gupta International Portfolio Manager Federated Global Investments – Senior Analyst – Healthcare Credit Suisse – Senior Analyst – Healthcare Deutsche Bank – Associate Merck & Company – Research Engineer/Senior Engineer MBA – The Wharton School MSc – University of Maryland BSc – Indian Institute of Technology Kevin Han Med-Tech Analyst Goldman Sachs - Global Investment Research - Medical Technology Morgan Stanley - Equity Research - Medical Technology BS, Business Administration – UNC at Chapel Hill Andrew Han Credit Analyst Credit Suisse – Analyst, Investment Banking Bank of America Merrill Lynch – Analyst, Alternative Investments AB, Economics – University of Chicago Lesley Kelly Trader Citigroup – Healthcare Block Trader MBA – Vanderbilt University BS, Biological Anthropology – University of Michigan Justin Lee Trader Balyasny Asset Management – Derivatives/Credit Trader Citigroup – Equity Derivatives Trader BA, Economics – St. Lawrence University Paul Lee Trader Mission Global Advisors LLC - Trader BNY Mellon - Trader BSM, Finance & Accounting - The Tulane University Healthcare Investment Team | Bios 21
  • 23. Visium Credit Opportunities Fund Stefan Lumiere, CFA Credit Analyst Brencourt Advisors – Head Trader/Senior Analyst, Distressed/HY Oscar Gruss & Son – Senior Analyst, Special Situations Carlin Financial Group – Senior Analyst, Cap Structure Arbitrage Goldman, Sachs – Analyst, Distressed/Special Situations MBA – INCAE Business School, Costa Rica BA, Sociology & Pre-Med – Tulane University Mark McInerney Biotech Analyst Balyasny Asset Management – Research Associate Deerfield Management – Healthcare BA, Economics – Hunter College BA, Music – SUNY Buffalo Doug Nigen International Portfolio Manager Balyasny Asset Management – Senior Analyst, Pharmaceuticals Fidelity Investment – Portfolio Manager, Healthcare Fidelity Investments – Equity Research Analyst MBA – University of Chicago BIM, Bachelor Industrial Management – Carnegie Mellon University Pierre-Antoine Papillon Trader Sansar Capital Management - Trader MSc, Management, Finance - ESCP Europe Business School Whit Penski, CFA Quant Analyst Bear Stearns Asset Management – Associate Director/Senior Analyst FactSet Research Systems – Senior Consultant/Account Executive AB – Princeton University Jarod Seah Services Analyst UBS – Investment Banking – Financial Institutions Group – Leveraged Finance MS, Financial Engineering – Columbia University BS, Mechanical Engineering – Cornell University Ameesh Shah Credit Analyst Tennenbaum Capital Partners – Principal/Sector Head, Healthcare Ziff Brothers Investments – Equities Analyst, Healthcare Lazard – Analyst, Healthcare Investment Banking BS, Economics – University of Pennsylvania Healthcare Investment Team | Bios 22
  • 24. Visium Credit Opportunities Fund John Shoemaker Credit Analyst HAP Capital Advisors – Analyst GFI Group – Healthcare Derivative Manager Sequitur Investment Management – Senior Analyst Argenis Capital Advisors – Analyst PhD, Immunology– National Institute for Medical Research MS, Chemical Engineering – San Jose State University BS, Chemical Engineering – University of California at Davis Hartaj Singh International Analyst Lehman Brothers – Equity Research, Biotech Navigant Consulting – Life Sciences Practice ClinTrials Research – Oncology/Central Nervous System MBA – Duke University BA – Case Western Reserve University Anthony Sterling Services Portfolio Manager Balyasny Asset Management – Senior Analyst, Healthcare Services Amaranth Advisors – Sector Head/Analyst, Healthcare Services Merrill Lynch – Investment Banking Associate, Global Healthcare Banc of America Securities – Equity Research Associate, Medical Devices MBA – Columbia Business School BS, Accounting – Lehigh University Jason Thorell Credit Trader Black Diamond Capital Management - Distressed Credit Trader Mizuho Securities – Leveraged Loan & LCDS Trader Fidelity Investments – High Income Group, Assistant Trader Fidelity Investments – Bank Loan Specialist Fidelity Investments – Accounting Analyst BS, Finance – Providence College Healthcare Investment Team | Bios 23
  • 25. Visium Credit Opportunities Fund Andrew Han Analyst Visium Credit Opportunities Fund Credit Suisse – Analyst, Investment Banking Bank of America Merrill Lynch – Analyst, Alternative Investments AB, Economics – University of Chicago John Shoemaker Analyst Visium Credit Opportunities Fund HAP Capital Advisors – Analyst GFI Group – Healthcare Derivative Manager Sequitur Investment Management – Senior Analyst Argenis Capital Advisors – Analyst PhD, Immunology– National Institute for Medical Research MS, Chemical Engineering – San Jose State University BS, Chemical Engineering – University of California at Davis Jason Thorell Trader Visium Credit Opportunities Fund Black Diamond Capital Management - Distressed Credit Trader Mizuho Securities – Leveraged Loan & LCDS Trader Fidelity Investments – High Income Group, Assistant Trader BS, Finance – Providence College Credit Team / Bios 25
  • 26. Tim Egan Portfolio Manager Satellite Asset Management – Portfolio Manager, Technology, Media, Telecom BNP – Portfolio Manager, Technology, Media, Telecom Nomura Securities – Analyst/PM MBA – University of Rochester BS, International Relations – LeMoyne College David Ferrara Portfolio Manager Hunter Global Investors – Senior Analyst – Industrials Stratix Asset Management – Portfolio Manager Searock Capital Management – Analyst/Junior PM Cramer, Berkowitz & Co. LLC – Vice President/Industrials Analyst AB, Economics – Princeton University Cyrus Sadiq Portfolio Manager Cedar Hill Capital – Senior Analyst – Financials Goldman Sachs – Analyst, FICC Wachovia – Portfolio Risk Management BS, Systems & Information Engineering – University of Virginia Bart Wyand Portfolio Manager Polygon Investment Partners – Portfolio Manager Goldman Sachs – Executive Director Cantor Fitzgerald – Institutional Broker BA, Economics – Bucknell University Vivian Wang Portfolio Manager Graham Capital – Portfolio Manager Diamondback Capital – Portfolio Manager Penn State University – Assistant Professor of Finance MS, Statistics - Yale University MA, Economics - Brown University BA, Economics - Wuhan University Stayton Creech Portfolio Manager FrontPoint Partners – Portfolio Manager Unicom Capital – Analyst SAC Capital – Analyst Bowman Capital - Analyst Goldman Sachs - Analyst/Associate BA., American Studies - Yale University Investment Team | Bios 27
  • 27. Fauzia Rashid Portfolio Manager De Shaw & CO., L.P. – Portfolio Manager, Energy Fred Alger Management – Portfolio Manager, Energy BNY Asset Management – Senior Analyst, Energy and Utilities Bear, Stearns & CO. – Equity Research Analyst MBA – Columbia University MIA, Middle East and International Policy Analysis – Columbia University BS, English and Political Science – State University of New York at Stony Brook Mudita Bhargava Portfolio Manager Citadel Investment Group. – Portfolio Manager Millennium Partners – Portfolio Manager Bear Sterns – Managing Director Dillon Reade Capital Management – EVP, Foreign Exchange Credit Suisse First Boston – VP, Foreign Exchange Citigroup – VP, Foreign Exchange Royal Bank of Canada. – VP, Foreign Exchange BEE – McMaster University Gordon Chan, CPA Analyst Satellite Asset Management –Senior Analyst, Technology JAT Capital – Senior Analyst, Technology Cumberland Associates – Senior Analyst, Technology MBA – University of California BS, Accounting – University of Southern California Whit Penski, CFA Quant/Risk Analyst Bear Stearns Asset Management – Associate Director/Senior Analyst FactSet Research Systems – Senior Consultant AB – Princeton University Global Investment Team | Bios 28
  • 28. Bob Kim Portfolio Manager Millennium/RDK Capital – Portfolio Manager RBC Capital Markets – Portfolio Manager/ Head of Equity Long/Short Group GLG Partners – Portfolio Manager Soros Fund Management – Portfolio Manager SAC Capital – Portfolio Manager BS, Chemistry – Georgia Institute of Technology James Yoo, Partner Visium Tax Alpha Fund Balyasny Asset Management – Trader SAC Capital – Head Healthcare Trader Carlin Equities –Trader BA – Lewis & Clark College Visium Tax Alpha Fund Investment Team | Bios 29
  • 29. Catalyst Event Driven Investment Team | Bios Francis X. Gallagher, Portfolio Manager Francis X. Gallagher, Director and Portfolio Manager of the Fund, has over 24 years of market experience, focusing primarily on securities affected or potentially affected by major corporate events, including mergers, acquisitions, restructurings, and Chapter 11 reorganizations. From 1990 through May 1995, Mr. Gallagher was the Director of Research at Oscar Gruss & Son Incorporated, a New York Stock Exchange member organization that specializes in the research and trading of event-driven equity securities. Prior to joining Oscar Gruss & Son, Mr. Gallagher was the Director of Research at Phoenix Capital Markets and Gallagher Equities, two equity investment boutiques that specialized in the research and analysis of companies involved in mergers and restructurings. He joined the Catalyst team in May 1995 in connection with the launch of the U.S. Fund. Mr. Gallagher holds a B.S. from Florida International University Peter A. Drippé, Portfolio Manager Peter Drippé began his career at PaineWebber in 1985, completing the equity sales and trading program before working as an equity block trader. In 1986, he joined the proprietary trading desk in the convertible arbitrage department, where he served as Vice President. From 1991-92, he managed the family office for the owners of ICD Shipping, Inc., a New York-based transportation company. He then moved to Highbridge Capital Management, focusing on convertible arbitrage, merger arbitrage, and high yield debt strategies. He helped to launch The Catalyst Fund (renamed to Visium Catalyst Event Driven Fund) in 1995. Mr. Drippé earned an Honors B.S. in Finance with Distinction from Indiana University. 30
  • 30. Bradley Levie, CPA, Portfolio Manager Bradley Levie is Portfolio Manager of the Fund. After earning a B.A. in Economics from the University of California, Los Angeles in 1977, he started work as a Certified Public Accountant at Peat Marwick Mitchell & Co., later moving to equity sales at Oppenheimer & Co., First Boston Corporation, and Bear Stearns. In 1991, Mr. Levie joined the distressed debt boutique Dabney, Resnick, Wagner & Co., where he became a Managing Director. In 1997, Mr. Levie founded Trading Edge, Inc., and served as its President & COO until its sale to a consortium of investment banks in 2001. Mr. Levie joined the Investment Manager in April 2002 and launched the Fund in December 2003. William J. Goldman, Senior Credit Analyst Mr. Goldman is a Senior Credit Analyst who joined the team in July 2005. From 2004 to 2005, he was a Senior Analyst at Harbert Management Corp., where he focused on event-driven investment opportunities in merger arbitrage, special situations and distressed securities. From 2001 to 2004, he worked as an Associate at Banc of America Securities, LLC, where he participated in a broad range of transactions, including mergers and acquisitions advisory, convertible, high yield, and bank debt offerings. From 1995 to 1999, he worked at Bear, Stearns & Co., primarily as an analyst in whole loan securitization underwriting mortgage-backed securities. He holds an M.B.A. in Finance from New York University and a B.S., Honors in Industrial Economics from Union College. Mitch Wolf, Senior Credit Analyst Mr. Wolf is a Senior Credit Analyst who joined the team in February 2009 from York Capital Management, where from 2006 to 2009 he was a Vice President/Senior Credit Analyst responsible for private lending and analyzing opportunities in credit and distressed securities. From 2001 to 2006, he was an Assistant Vice President at Oaktree Capital Management, where he was a founding member of the mezzanine group that underwrote over $1 billion in subordinated debt and equity financing. From 1998 to 2001, he worked at J.P. Morgan & Co., first as an Analyst in corporate finance/M&A and later as an Associate in private equity placements. Mr. Wolf holds a B.S. in Finance with honors from Yeshiva University. Catalyst Credit Investment Team | Bios 31
  • 31. Visium Credit Opportunities Fund Jason Huemer President Atlas Capital Management – CEO SAC Capital – Managing Director, COO of Sigma Merrill Lynch – Managing Director Synthesis Funds – President and Founder York Capital Management – COO MBA – New York University BA, Philosophy and Economics – Columbia University Steven Ku, CPA, Partner Chief Financial Officer Balyasny Asset Management – Controller Caxton Associates – Assistant Controller, FinOp Principal Moore Capital Management – Accounting Manager Ernst & Young – Audit/Consulting BS, Accounting – Pace University Mark Gottlieb, CAIA, Partner Business Operations Balyasny Asset Management – Business Operations UBS – Corporate Finance MBA – Cornell University BA, Economics – Vassar College Amol Sahasrabudhe, CFA, FRM Chief Risk Officer Hapoalim Securities USA, Inc. – SVP, Risk Management Sandell Asset Management – VP, Risk Monitoring & Development Caxton Associates – Risk Specialist MBA – New York University MS – New Jersey Institute of Technology BA, Mechanical Engineering – Maharaja Sayajirao University David Keily Chief Compliance Officer Catalyst Investment Management – COO KBC Alternative Investment Management – SVP KBC Financial Holding - VP, Convertible Bond Underwriting Wasserstein, Perella & Co. - Associate D.E. Shaw & Co. - Associate Ph.D,/A.M., Slavic Languages & Literatures – Harvard University J.D., Law – Stanford University A.B., Slavic Languages & Literatures – Harvard College Steve Gilson Trading Operations Balyasny Asset Management – Operations Euroclear – Client Services HSBC – Trade Settlements BS, Finance – Lehigh University Kim Tong, CPA Controller Morgan Stanley Fund Services – Vice President Spectrum Global Fund Administration – Supervisor GE Commercial Finance – Project Manager Deloitte and Touche – Senior Consultant MS – Southern Illinois University BS, International Business – Sichuan University Business Team | Bios 32
  • 32. Visium Credit Opportunities Fund Marketing Team | Bios 33 Tom Cahill Director, Marketing - Europe Bloomberg News – Reporter MacNeil-Lehrer Newshour – Desk Assistant Anaconda Leader – Reporter BA, American Studies – Colby College Kelly Demeester Director, Marketing – North America Fortress Investment Group - Associate RSM McGladrey - Director of Marketing Falconhead Capital - Director of Marketing Wit Soundview - Investment Banking Analyst MBA - Duke University BA, Economics - University of Virginia Ryan Holland Associate, Marketing – Asia Battle Creek Enquirer – Reporter, Editor UBS Financial Services – Client Service Associate MS, Journalism – Northwestern University BA, Economics – University of Virginia Stevenson Jacobs Director of Marketing– North America The Associated Press – Reporter BA, Radio-Television-Film – University of Texas
  • 33. Visium Credit Opportunities Fund Marketing Team | Bios 34 Robert Stockton Director, Investor Relations FrontPoint Partners – Executive Director Tiger Management – COO & Director of Marketing & IR Taylor Advisors – Managing Director Goldman Sachs – Vice President MBA, Finance and Strategy – The University of Chicago Booth School of Business BA, Philosophy – Trinity College Sarah Klein Associate, Investor Relations Johns Hopkins, School of Medicine – Research Coordinator BA, Psychology – Elon University Vinny Natarajan Business Development Highbridge Capital Management – Hedge Fund Strategist Ares Management – Private Equity Associate Banc of America Securities – Investment Banking Analyst BS, Systems Engineering and Economics – University of Pennsylvania
  • 34. Visium Credit Opportunities Fund Jason Huemer President (646) 840-5844 jhuemer@visiumfunds.com Tom Cahill Director of Marketing – Europe (646) 840-3679 tcahill@visiumfunds.com Kelly Demeester Director of Marketing – US (646) 840-3609 kdemeester@visiumfunds.com Ryan Holland Marketing Associate – Asia (646) 840-3608 rholland@visiumfunds.com Stevenson Jacobs Director of Marketing – US (646) 840-5856 sjacobs@visiumfunds.com Robert Stockton Director of Investor Relations (646) 521-3616 rstockton@visiumfunds.com Sarah Klein Investor Relations Associate (646) 840-5801 sklein@visiumfunds.com VISIUM ASSET MANAGEMENT, LP 950 Third Avenue, 29th FloorNew York, NY 10022Main (646)840-5800 | Fax (646)840-5808 info@visiumfunds.com Contacts 35
  • 35. Visium Credit Opportunities Fund Disclosure GENERAL DISCLOSURES: All information contained herein is preliminary and subject to revision and completion. This summary is intended only for the person or entity to which it has been delivered. This summary is not an offer or solicitation with respect to the purchase or sale of any security. An offering of interests in pooled investment vehicles (the "Funds") managed or advised by Visium Asset Management, LP (“Visium”) will be made only by means of a confidential private offering memorandum or confidential explanatory memorandum and in such jurisdictions where permitted by law. Any investment decision in connection with the Funds should be made only on the information contained in the confidential private offering memorandum or confidential explanatory memorandum that will be provided to prospective investors. This summary is not intended to constitute legal, tax or accounting advice, or investment recommendations. This summary, the information contained herein, and any oral or other written information disclosed or provided is strictly confidential and may not be reproduced or redistributed, in whole or in part, nor may its contents be disclosed to any other person under any circumstances. Past performance is not indicative of future results. There can be no assurances that investors will have returns on invested capital similar to the returns presented because of, among other reasons, differences in economic conditions, regulatory climate, portfolio size, leverage, expenses and structure, as well as investment policies and techniques. An investment in the Funds is speculative and involves a high degree of risk. The Funds will employ certain trading techniques, such as short selling and the use of leverage, which may increase the risk of investment loss. As a result, performance may be volatile, and an investor could lose all or a substantial amount of its investment. Furthermore, the Funds have substantial limitations on an investor’s ability to redeem or transfer its shares, and there is no secondary market for an interest in the Funds and none is expected to develop. Finally, the Funds’ fees and expenses may offset trading profits. These risks and other important risks are described in detail in a confidential private offering memorandum or confidential explanatory memorandum available for each of the Funds. Prospective investors are strongly urged to review the relevant confidential private offering memorandum or confidential explanatory memorandum carefully, and consult with their own financial, legal and tax advisors before making an investment in the Funds. Unless noted otherwise below, Funds' returns include income from new issues and the reinvestment of earnings and are presented net of all fees and expenses. Returns for the current year are estimated, unaudited, and subject to revision without notice. The indices referenced herein have not been selected to represent appropriate benchmarks, and the volatility of the indices may be materially different from that of an investor's investment. Investors cannot invest directly in indices, and securities that track indices may charge fees. VISIUM BALANCED FUND: The information presented in the summary is a hypothetical composite summary of performance of the Visium Balanced Fund, LP and Visium Balanced Offshore Fund, Ltd. (from November 1, 2005 to present) and pro forma performance from accounts managed by Jacob Gottlieb for Balyasny Asset Management, LP (from January 1, 2002 to October 31, 2005) and Schonfeld Securities LLC (from April 16, 2001 to December 31, 2001). For the period November 1, 2005 to present, the information presented is based on the actual result of a Series A, new issue eligible investor in the Visium Balanced Fund, LP and a Class A, Subclass 1, new issue eligible investor in the Visium Balanced Offshore Fund, Ltd. For the period April 16, 2001 to October 31, 2005, all composite return data regarding Mr. Gottlieb’s investment performance presented here is hypothetical although the information is based on the actual dollar profit and loss (the “Gross Profit and Loss”) of Mr. Gottlieb’s accounts that he managed for Balyasny Asset Management, LP (“BAM”) and that he managed while employed at Schonfeld Securities LLC (“Schonfeld”). The Gross Profit and Loss has been obtained from the brokerage account statements for the BAM accounts from January 1, 2002 – May 31, 2005 and from Schonfeld’s internal records for the Schonfeld account from April 16, 2001 – December 31, 2001. The Schonfeld account was a proprietary trading account; the BAM accounts were proprietary trading accounts until January 21, 2004, at which time they became a portfolio in a master-feeder hedge fund. The pro forma net performance presented in the summary is calculated by applying a model fee to the Gross Profit and Loss. The model fee includes those fees that are charged to investors in the Visium Balanced Fund, LP including a 2% management fee, an operating expense assumption of 0.15% to 0.30% per annum and a 20% performance fee. These fees were not the actual fees charged to the investors in the BAM accounts or the Schonfeld account. The BAM accounts were charged an average annual implied fee of 57% of gross profits, consisting of a direct allocation of operating expenses, traders’ compensation and a performance fee from January 1, 2002 to January 20, 2004. The BAM accounts had their expenses passed through including portfolio manager compensation and an incentive fee of 0% to 30% from January 21, 2004 to December 31, 2004 and 20% in 2005. For the period from January 1, 2002 to October 31, 2005 the pro forma net performance was calculated using Mr. Gottlieb’s estimated notional capital base that was allocated to the BAM accounts (the “Capital Base”). There are limited records in respect to the Capital Base in 2002 and for that time frame a good faith estimate of capital allocation was used. The Capital Base represents the notional or leverage capital that Mr. Gottlieb was allocated to manage the BAM accounts and this Capital Base exceeded the actual equity of the BAM accounts. For the period from April 16, 2001 to December 31, 2001, pro forma net performance was calculated using the monthly average gross market value of the Schonfeld account (the “Gross Market Value”). The Gross Market Value represents the value of all long and all short positions in the Schonfeld account and this Gross Market Value exceeded the actual equity of the Schonfeld account. Since the performance was being calculated using the Capital Base or Gross Market Value, as if it were equity, the interest charges associated with the BAM accounts and Schonfeld account have been reversed where that information is available. Furthermore, by utilizing the Gross Market Value or Capital Base rather than the equity base for calculating returns, the performance results may be underrepresented; positive performance would have been better and negative performance would have been worse. The year to date returns are presented using compounding which assumes the reinvestment of earnings and dividends whereas for these accounts the gross profit and loss was not reinvested and the Capital Base remained fixed excepting for changes in the allocation of the Capital Base. 36
  • 36. Visium Credit Opportunities Fund Disclosures VISIUM INSTITUTIONAL PARTNERS FUND: Visium Institutional Partners Master Fund, Ltd., Visium Institutional Partners Fund, Ltd. and Visium Institutional Partners, LP commenced operations in June 2010. Performance presented beginning June 2010 reflects the performance of a Class A investment in Visium Institutional Partners Fund, Ltd. Pro forma performance presented in the summary prior to June 2010 is hypothetical information based on profits and losses attributable to securities of underlying issuers with market capitalization in excess of USD $1 billion (the “VIP Gross Profit and Loss”), held or traded in the primary long/short equities strategy of Visium Balanced Offshore Fund, Ltd. from November 1, 2005 to December 31, 2008 and Visium Balanced Master Fund, Ltd. from January 1, 2009 onwards (the “Balanced Funds”). The VIP Gross Profit and Loss amounts have been obtained from the records of the Balanced Funds’ administrator. “Gross Exposure” represents the sum of the values of all long and all short positions in the Balances Funds of issuers with market capitalization in excess of USD $1 billion and may have at times exceeded the net asset value of the Balanced Funds. Pro forma performance was calculated based on the Gross Exposure of the Balanced Funds. By utilizing the Gross Exposure rather than net asset value for calculating returns, the performance results may be underrepresented (i.e. positive performance would have been better and negative performance would have been worse). Hypothetical performance presented does not include management fees, incentive fees and customary expenses paid by the Balanced Funds. The performance of these portfolios reflect the assumptions, views, and analytical methods of Visium. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the portfolios represented do not represent actual portfolios, the results may have under- or over-compensated for the impact, if any, of certain market factors, such as market disruptions, lack of liquidity and the effect of interest rates. Simulated trading programs are subject to the fact that they are designed with the benefit of hindsight. There can be no assurance that Visium would have taken or will take positions similar to those taken in the results presented. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown above. There are frequently sharp differences between the hypothetical performance results and the results subsequently achieved by any particular trading or investment program. VISIUM GLOBAL FUND: The information presented above for the period October 1, 2007 to March 31, 2009 is a composite summary of the historical performance of portfolios managed by Visium. The Visium Global Fund, LP commenced operations on April 1, 2009 and the Visium Global Offshore Fund, Ltd. commenced operations on May 1, 2010. The returns are presented with an implied management fee of 2% of net assets and incentive fees of 20% of net profits. VISIUM TAX ALPHA FUND, LP: Visium Tax Alpha Fund, LP commenced operations on January 1, 2011. The information presented is based on the actual result of a Class A limited partner. VISIUM CREDIT OPPORTUNITIES FUND: Visium Credit Opportunities Fund, LP ("Credit Onshore") commenced operations on May 1, 2009 and the Visium Credit Opportunities Fund, Ltd. commenced operations on April 1, 2010. For the period September 1, 2009 to present, the information presented is based on the actual result of a Class A investor in Credit Onshore. For the period May 1, 2009 to August 31, 2009, the information presented is based on the result of a special limited partner in Credit Onshore with implied management and incentive fees equivalent to those of a Series A investor. VISIUM CATALYST EVENT DRIVEN FUND: Visium Catalyst Event Driven Fund, LP ("VC Event Driven Onshore"), formerly known as The Catalyst Fund, L.P., commenced operations on May 1, 1995. Visium Catalyst Event Driven Offshore Fund, Ltd. ("VC Event Driven Offshore," together with VC Event Driven Onshore, the "VC Event Driven Funds"), formerly known as The Catalyst Fund Offshore, Ltd., commenced operations on January 1, 1997. The information presented is a summary of the historical performance of a hypothetical investor whose initial investment in VC Event Driven Onshore occurred on the date of commencement of operations, paying a management fee of 1% per annum and an annual performance fee of 20% subject to a high water mark. Francis X. Gallagher and Peter A. Drippé became portfolio managers of the VC Event Driven Funds on January 1, 2001, having previously served as equity analysts since the inception of VC Event Driven Onshore. VISIUM CATALYST CREDIT FUND: Visium Catalyst Credit Fund, LP ("VC Credit Onshore"), formerly known as The Catalyst Credit Opportunity Fund, L.P., commenced operations on January 1, 2004. Visium Catalyst Credit Offshore Fund, Ltd. ("VC Credit Offshore"), formerly known as The Catalyst Credit Opportunity Fund Offshore, Ltd., commenced operations on December 1, 2003. The information presented is a summary of the historical performance of a hypothetical investor whose initial investment in VC Credit Offshore occurred on the date of commencement of operations, paying a management fee of 1.5% per annum and an annual performance fee of 20% subject to a high water mark. 37