Tudor Investment Corporation is a multi-strategy hedge fund founded in 1980 managing $11.7 billion in assets. It operates funds focused on global equities, currencies, fixed income, and commodities. Lehman Brothers maintains a top-3 counterparty relationship with Tudor, providing prime brokerage, trading, and other services across multiple geographies and asset classes. Recent meetings between Lehman and Tudor senior management have focused on maintaining and expanding the business relationship across products.

1. LEHMAN BROTHERS Equity Account Management
Customer Account Profile Report
TUDOR INVMNT CORP USA M006133
General Information
Client Overview
Client Brief Description Founded in 1980 by Paul Tudor Jones II - 9 Funds investing in Global Equity, Currency, Fixed Income and Commodities
OVERVIEW OF CLIENT
Location US (Greenwich, Boston) and UK (London / Epsom)
AUM - Equities
II Vote / Weight Yes
Key Investment Strategies Multi-Strategy (Global Eq/ Fundamental; EMG / Commodities / Event-Driven)
AUM - Global $11.7 bn - $3.8bn Tudor BVI; $6bn Raptor
Tiering Information
Capital Markets SRM Steve Lessing / Xavier Rolet US SRM -
European SRM Mark Rutherford Execution Services Team John Candillier / Bernie Blaney
Global
Prime
Global Prime
Franchise Futures
Product $ Opportunity
Opportunity Summary
Rational/Investment Required
Connectivity $250K LMX/DTM in the US and Europe
Listed Options TBD Need to re-establish relationship in Europe
Stat Arb $500K Business continues to grow nicely. Opportunity to win EU business
Relative Value $200K Chris Gate has been awarded mandate to increase his capital 2 - 3 times
ETFs TBD Continue to provide information around ETF and Program flows
Cash PB $250K Continue to build balances in the US and Europe
AS Execution Services TBD Tudor pushing into Asia
Volatility $1.0 million We were in the penalty box for two months - goal to still meet initial budget
US Execution Services $250K Small Cap business (Listed and NASDAQ) from Witches Rock
Confidential - For internal use onlyReview Date 17 May 2005

2. TUDOR INVMNT CORP USA M006133
II Vote / Weight Yes
Commission Pool
Key Brokers / Counterparties Morgan Stanley
Client Ranking of Lehman Top 3
CEO Paul Tudor Jones
KEY PERSONNEL + RELATIONSHIP RANKING (1=New, 5=Outstanding)
CIO Paul Tudor Jones (BVI) / Jim Pallotta (Raptor)
Head of Equities Tom Bannatyne (Head of European Equities)
Head of Trading Mark Forziati / Colin Rogers
CFO John Torrell
President Mark Dalton
Head of Research Rob Marsh
Head PM's Paul Tudor Jones II (Founder / Chairman) / Steve Evens (CIO - Head of Quant Strategies) / Jim Palotta (Raptor/Witches Rock) / Chris Gate (Risk Arb)
Head of Technology
5
RANK
5
5
4
5
5
4
5
5
Lehman Ranking of Client Top 3
Other Key Relationships Peter Drittel (Head of EMG Mrkts) / John McFarland (COO) / Harry Nudelman (Raptor) / Bill Flaherty (CFO - Raptor) / Mike Stansky (Raptor) 5
Business Overview
General Comments
1. Founded in 1980 by Paul Tudor Jones II – the firm currently manages $11.7bn (as of May 1st 2005) and is involved in active trading, investing and research in Global Equity, Currency, Fixed Income and
Commodity Markets.
2. Tudor has approx 316 employees in 8 office locations (including trading offices in Greenwich and Boston in the US; Epsom and London in the UK and Singapore in Asia).
3. Tudor continued its Asian expansion with the opening of an office in Singapore and plans for an Australian office in early 2005.
4. Tudor hired Julian Reis and Ian Emmett as Co-Heads of Tudor Capital Singapore. The primary focus for the firms expansion in Asia will be on Fixed Income and Foreign Exchange, but its goal is to build a
multi-strategy and multi-asset platform that will compliment its operations in the US and UK. It has just hired a long-short equity trading specialist from Oaktree, who will be moving to Singapore in June 2005.
Tudor hope to hire 50-75 people in its Singapore office in three years and another 10-25 each in satellite offices in Mumbai, Shanghai and perhaps Hong Kong.
4. Tudor manages 3 funds:
- BVI Global Fund run by Paul Tudor Jones out of Greenwich (inc Global Macro, Equities, EMG, Currency, Indes Futures etc) – Tom Bannatyne runs the European Equities element (Chairman of Tudor
Europe).
- Raptor Global fund run by Jim Pallotta out of Boston (Equities)
- Witches Rock fund (Small-Cap Equities) also run by Palotta and launched at the end of 2004 with $500mn AUM
- We also deal with TPT (Tudor Proprietary Trading) which runs along-side the funds.
5. Since inception in 1985, Tudor’s flagship fund, Tudor BVI, has generated annualised returns of just over 25% and has never had a year of negative return, according to investors. Last year, it generated
more than 10% for its clients.
6. In May 2004 - Lehman won the PB mandate for the Raptor fund after a 2 year effort. Previously MSDW had been Raptors sole PB
7. In general Lehman is well aligned within the Equities Division across Tudor's various businesses and geographies and continues to maintain top 3 counterparty. Steve Lessing and Xavier Rolet also have
solid relationships with Tudor management.
Tudor are likely to move to a cross product commission payout structure. Top 3 brokers are paid approx the same. It is expected they will cut the tail further – which will create further upside.
Confidential - For internal use onlyReview Date 17 May 2005

3. TUDOR INVMNT CORP USA M006133
McLagan
$13,897,553 $637,332 $1,824,990 13.13% 2 $14,526,885 $1,662,912US OTC /NASDAQ TOTAL
$31,894,319 $1,372,912 $3,298,297 10.34% 2 $39,203,148 $3,666,037US LISTED COMMS (SOFT) + OTC/NASDAQ
$0 $0 $3,450 .00% 0 $0 $0US AGENCY PROGRAM TRADING
$17,996,766 $744,865 $1,473,307 8.19% 2 $24,676,263 $1,473,307US LISTED COMMISSIONS (SOFT)
$32,723,203 $1,372,912 $3,301,747 10.09% 3 $39,205,929 $3,666,037US LISTED COMMS(SOFT)+OTC+PROGRAMS
$4,148,768 $396,354 $170,801 4.12% 10 $7,067,042 $450,869NEW ISSUES - ORDS, ADRs/GDRs, CVs
$0 $0 $0 .00% 0 $149,083 $5,000CONVERTIBLES RELATED - SECONDARY
$1,516,488 $138,090 $138,090 9.11% 5 $1,895,269 $77,200
12M04
Total
12M04
Firm #5
12M04
Lehman
12M04
Mkt Shr.
12M04
Rank
12M03
Total
12M03
LehmanPRODUCT
11.45% 1
9.35% 2
0.00% 0
8.12% 2
9.35% 2
6.38% 6
3.35% 6
4.07% 8
12M03
Mkt Shr.
12M03
Rank
ADRs / GDRs - COMMS CREDITS
$0 $0 $0 .0% 0 $0 $0NON-US AGENCY PROGRAM TRADING
$9,325,432 $1,180,956 $64,647 .69% 14 $8,882,942 $56,313NON-US ORDINARY SHARES(SOFT)+PROGRAMS
$1,873,625 $0 $615,088 32.83% 2 $0 $62,733LISTED EQUITY INDEX FUTURES
$9,318,658 $1,180,956 $64,647 .63% 14 $8,881,282 $56,313NON-US ORDINARY SHARES (SOFT)
$2,401,853 $154,924 $103,894 4.3% 6 $6,885,772 $498,042LISTED OPTIONS RELATED
$12,267,113 $1,521,972 $2,251,588 18.35% 2 $6,721,033 $699,850ETFs
$60,111,206 $3,790,605 $6,475,054 10.77% 2 $65,487,551 $5,065,175TOTAL EXCLUDING NEW ISSUES
$64,259,974 $4,200,302 $6,645,855 10.34% 2 $72,554,593 $5,516,044
0.00% 0
0.63% 14
0.00% 0
0.63% 14
7.23% 6
10.41% 5
7.73% 5
7.60% 4TOTAL ABOVE EQUITY BUSINESS
YTD Production as of: Monday, May 16, 2005
Global Equity Production
517YTD
Ann'd
FY04
1,290
2,778
390
973
1,390
0
0
10
218
544
1,485
0
0
2
90
225
1,100
50
124
4
340
848
2,460
3
7
274
909
2,268
2,046
1,032
2,574
648
0
0
0
3,808
9,500
13,151
US Cash Europe
Cash
Asia Cash
Progs
Conver
tibles
Relative
Value Stat Arb ETFs
Listed
Options
Other
Derivs
Prime
Broker
Yield
Enhan't
Second.
Total$
647
1,613
796
NI Total
% Var -54% -30% -63% -80% 3066% -66% -97% 11% 297% -28% 103%
4,454
11,114
13,947
Equities
Total
-20%
228
570
696
Futures
-18%
23%YTD PY Gross-53% Net
US Cash Loss Ratio Margins
31
77
256
Soft $
-70%
Commission Drivers
Research 20 Sales 20 Execution 40Mgmt Contact 20
6,017 13,967 15,106 58 -8%
Total FID Product 2005 YTD Ann Total FID Rank 2005 YTD Ann Total FID Product 2004 YTD Total FID Rank 2004 FY Percentage Change
Global FID Production
Confidential - For internal use onlyReview Date 17 May 2005

4. TUDOR INVMNT CORP USA M006133
Vote Results
Resource Allocation
4 0
0
0 0 125 0 0 0
Analyst Visits
SECTOR
0 0 3 012 0 1
Period Total
Aero +
Defence
Autos Banks Biotech
Pharma
Chemicals
Consumer
Staples
Healthcare
Services
4 1 0 0 1
0 1
1
Analyst Visits
SECTOR
1 0 0 0 0
0
0
3
1
Period
Insurance
Tech
Software
Macro
Media
Medical
Supplies
Oils Retail
Semis +
Hardware
Telecoms
Telecoms
Equipment
OtherUtilities
Business
Services
2004
2005
0
0
Leisure
0
0
Transport
2004
2005
1
1
PLEASE NOTE: ALL Analyst Visits include Conference Calls
0
4
0
0
Basic +
Industrials
Reits
0
1
1
6
0
1
-
-
0 0 0 0 336 0 0 0
Company Contact
2 2 0 022 0 2
0 0
0 1
1
0
2004
2005
7
0 00
1 5 3 3 2 13
Company Contact
2 4 3 3 100
2004
2005
0
1
3
0
0
0
3
0
1
1
-
-
YTD Analyst and Company Contact
Account Contact - US Resources Only
CASH COMMISSION ALLOCATION VOTE
Overall
No Formal Vote
Vote Month Sales Research TradingUS OtherPeriod
Current
Previous
22 0 22 142 57 5 62 126
9 15 24 44 27 55 45
15 0 15 119 34 0 34 79
0 5 5 99 0 1 1 426
Analyst Visists
Company Marketing
Conference 1:1's
Industry Events
1:1's Group Total Rank 1:1's Group Total Rank
Year to Date 2005 Full Year 2004
Total
Meeting Type
426
49 21 70 91 129 44 173 73
3 1 4 0 10 11 21 0Deal Roadshows
Confidential - For internal use onlyReview Date 17 May 2005

5. TUDOR INVMNT CORP USA M006133
Product Matrix
RANK TIER
Global Prime
Global Prime
Global Prime
PRODUCTS TRADED
PROGRAMS
STAT ARB
TRANSITION MGMT
CONVERTIBLES
PAN EUROPE CASH
US CASH
JAPAN CASH
ASIA CASH
LB
OTHER DERIVATIVES
LISTED OPTIONS
ETFs
RELATIVE VALUE
YIELD ENHANCEMENT
EQUITY FINANCE
SYNTHETIC PB
CASH PB
CONNECTIVITY
FID / FX
Tier 3
Tiered
Super League
Prime
SNR COVERAGE
M. Towend / A. Bowden / John Candillier
Tom Kurtz / Jared Demark / Arjan Kraan / Chip Levroni
Keith Page
Ron Gold / Paul Meyer
Chip Leveroni / Adam Toms / Emad Morrar
Chip Leveroni / Bevin Okay / Jeff Zorek
M. Coakley / Dave Sposito
Dave Schlageter / Chip Leveroni / Daniel Goldstein / David
Bromley
Dave Schlageter / Chip Leveroni / John Candillier
Dave Schlageter / Chip Leveroni / Daniel Goldstein / David
Bromley
Ian Davey / Chip Leveroni
Alan Pace / Bevin Okay / Anthony Demonte / Katie Gillham
Alan Pace / Bevin Okay / Jeff Zorek
Alan Pace / Anthony Demonte / Katie Gillham / Brian Bisesi /
Matthew Pinnock
Ari Gellman / Sally Cockett
Canice Hogan / Grant Whiteside
CLIENT CONTACT
T. Bannatyne / G. Boyle / Colin Rogers
Jim Palotta, Harry Nudelman, Mike Stansky, Bill Flaherty,
Mark Forziati, Steve Evans, Alex Zecca, Sofie Kimball, Josh
McInerney
Bruce Bolton
Ashwin Ranganathan / Shayon Chatterdee / Susan Dewhurst
Colin Rogers / Steve Evans
Steve Evans / Ulrike Hoffman / Laurens Leerink
Steve Drew
Mark Forziati, Alex Zecca, Sofie Kimball, Josh McInerney,
Colin Rogers
Colin Rogers / Kevin Cook / Allison Aikman
Mark Forziati, Alex Zecca, Sofie Kimball, Josh McInerney
C. Gate / L. Lynch / M. Ali
C. Otto / G. Thompson / I Colquhoun / S. Easten / D.
McCrossen
Steve Evans / Chris Gate
C. Rogers
Various

FUTURES Tiered Dave Schlageter / Chip Leveroni / Tom Small C. Rogers / P.T. Jones / P. Drittel / Rob Marsh
SOFT $ Jon Giblin Bill Flaherty
PRIVATE EQUITY Michael Carter / Jamie Fagan Robert Forlenza / Rick Ganong
Date Lehman Attendee Client Attendee
Recent Management Meetings
Subject
1/18/2005 Steve Lessing, Dick Fuld Mark Dalton, John MacFarlane - Tudor Senior Management Meeting
12/1/2004 Fitzgerald, McMahon, Lessing, Brill, Canton John Torell, John MacFarlane, Wade Schwartz Senior Management Meeting
9/28/2004 Steve Lessing Mark Dalton Senior Management Meeting
9/13/2004 Jim Rosenthal, Steve Lessing John MacFarlane - Tudor Senior Management Meeting
6/9/2004 Steve Lessing John MacFarlane - Tudor Senior Management Meeting
5/11/2004 Alan Pace, Steve Lessing Tudor Senior Management Meeting
Confidential - For internal use onlyReview Date 17 May 2005

6. TUDOR INVMNT CORP USA M006133
X
Action Items
Product Action Item Owner Due Date
Connectivity Monitor further connectivity opportunities around Execution Services John Lowrey Jun-04
Futures Explore Futures opportunity with Clive Stevens / Mark Hilary / Other PMs Adrian Valenzuela Jun-04
Programs / Quant Monitor Programs / DMA opportunity with Steve Evans Quant Group in the US Morrar Oct-04
Convertibles Monitor Convertibles Opportunity amid rumours they may be starting a CB fund Coakley / Cunningham Nov-04
Confidential - For internal use onlyReview Date 17 May 2005

7. Opportunity Matrix
RELATIONSHIP STATUS OPPORTUNITY ISSUES/ACTIONPRODUCT
TUDOR INVMNT CORP USA M006133
EUR EXECUTION SERVICES
US EXECUTION SERVICES
Europe Research Sales -
Mike Townend is the Account Manager and
covers Tom Bannatyne (Chairman of Tudor
Europe – Partner) and Gavin Boyle.
Lehman ranked as Top 1 or 2 broker with an
excellent relationship – no formal voting
system. Tudor votes in II.
We also have a good ECM relationship with
the account – they have contact with Duncan
Smith and are active in Primary.
Europe PMs are allocated capital to run.
They can employ a lot of leverage. We expect
they are running $1-2bn. The number of PMs
in Europe has grown (Jim Mills and David Ball
are new analysts/PMs that running pools of
money). Alex Bowden has been introduced to
them in order to widen out coverage.
Europe Cash Sales Trading -
John Candillier covers Colin Rogers(Head of
Trading in Europe - Partner).
Risk Usage 20% and Loss Ratio -18% as of
March 2005. They pay 20bps and are Tier 2 for
IOIs.
Tudor is also set up for Auto-fill.
The traders at Tudor have met with our
Consumer traders in London to further solidify
the general consumer sector relationship.
Jim Palotta runs the Raptor Fund and the
Witches Rock Fund out of Boston, and has two
partners under him, Mike Stansky and Harry
Nudelman. They have a team of analysts
working under them, who are sectorized. They
have appx. $5 billion in AUM, and have been
growing organically through performance
gains.
Chip Leveroni and Arjan Kraan cover the
traders in Boston. Mark Forziati is the head
trader along with Alex Zecca, Sofie Kimball,
and Josh McInerney. The traders do not have
any sector or cap responsibility.
They are not as active trading as they have
been in the past. They are up to $5 bn, and
have focused on taking more concentrated,
longer term positions to drive performance
The new ($500m) Witches Rock fund focuses
on mid and small cap names, and has
provided some incremental Small Cap (Listed
& NASDAQ) opportunity.
Tudor are also looking for access to
consultants/proprietary relationships.
They would like to develop relationships with
strategy.
In addition show them cost efficient ways to
execute and model the trade list.
Mainly maintenance strategy.
Oppty is to continue to recover the business
we lost.
The new Witches Rock fund should provide
some incremental Small Cap (Listed &
NASDAQ) opportunity
Lehman was in the penalty box for two months
earlier this year.

8. Opportunity Matrix
RELATIONSHIP STATUS OPPORTUNITY ISSUES/ACTIONPRODUCT
TUDOR INVMNT CORP USA M006133
PROGRAMS
STAT ARB
JAPAN EXECUTION SERV
ASIA EXECUTION SERV
Adam Toms and Emad Morrar covering Colin
Rogers (UK) and Steve Evans (US) – strong
relationship.
Colin Rogers uses Programs for exit
strategies and we appear to be their preferred
partner. They have access to and use
WebBench. All Agency business.
The stat arb team trades programs into LPS in
the US market and recently re-engaged Tudor
in the Japanese market
Introducing them to our Banks traders.
Chip Leveroni, Jeff Zorek and Bevin Okay
cover the quant team under Steve Evans in
Connecticut. They are currently trading US
and Japan from Greenwich via guaranteed
VWAP programs into LPS
Europe – Emad Morrar discussed opportunity
with Steve Evans (US). We re-priced the
European business and pricing proposal was
accepted – these programs orders are from
Tudor US but routed via Tudor Europe. They
Keith Page covers Tudor from Tokyo, and we
currently get very little business. He speaks to
their night trader (Bruce Bolton) who gives
almost all of his business to UBS.
Keith occasionally speas to Rob Marsh who
runs their flow model for Japan
Tudor has recently opened an office in
Singapore and has plans for an office in
Australia
Tudor hired Julian Reis and Ian Emmett as Co-
Heads of Tudor Capital Singapore. The
primary focus for the firms expansion in Asia
will be on Fixed Income and Foreign
Exchange, but its goal is to build a multi-
strategy and multi-asset platform that will
compliment its operations in the US and UK. It
has just hired a long-short equity trading
specialist from Oaktree, who will be moving to
Singapore in June 2005. Tudor hope to hire 50-
75 people in its Singapore office in three years
and another 10-25 each in satellite offices in
Mumbai, Shanghai and perhaps Hong Kong.
We have yet to see any business from Tudor
Asia.
They are growing in size very nicely, and
Lehman is well positioned.
European trading forthcoming in the future
Tudor is pushing heavily into Asia having
recently opened a Singapore office and
planning an Australian office.

9. Opportunity Matrix
RELATIONSHIP STATUS OPPORTUNITY ISSUES/ACTIONPRODUCT
TUDOR INVMNT CORP USA M006133
LISTED OPTIONS
CONVERTIBLES
TRANSITION MGMT
ETFs
OTHER DERIVS
Europe - Adrian Valenzuela and Andrew
Caplan were covering the account – they have
now left and Daniel Goldstein and David
Bromley have taken over coverage (Transition
stage)
Covering Colin Rogers, Paul Tudor Jones,
Peter Drittel (Head of EMG) and Rob Marsh
(Head of Research – Europe).
In 2004 we won their European Sector
trading business out of the US (Flow of Funds
Macro team). Adrian and Andrew had a good
relationship across Greenwich office – PMs
including flow of funds team and Paul Tudor
Jones’s desk.
Trading (mainly listed) Options and Futures
and sector swaps with Colin Rogers – Daniel
Goldstein and David Bromley are planning to
meet Colin to establish their street pools,
frequency of their trading and their
requirements from Lehman. Business currently
has been infrequent and sporadic.
Europe - Mike Coakley’s contact is Steve
Drew. Tudor are not very active in
Convertibles. Occasional NI allocations
are now trading US and Japan regularly (Gtd
VWAP) and will initiate European trading
shortly – they are currently conducting
European research before commencing trading.
Jeff Mann covers Kevin Cook and Allison
Aikman in Greenwich. They trade a lot of
ETF’s, some OTC Swaps ($50K), and a few
futures.
The Boston team covered by Dave Schlageter
trades an occasional ETF
The Boston traders are covered by Dave
Schlageter and the Greenwich team is split
between Chip Leveroni and Jeff Mann
Europe - Need to re-establish relationship.
There have been rumours that they may be
starting a hedge fund.
They utilize intelligence around our flows,
which we send them daily. They have told us
they will pay for this insight. We are still not
quite where they want around the level detail
Opportunity to get more business by building
more personal relationships with the guys in
Boston.
FUTURES US - The Boston team trades a lot of index
futures. The Greenwich team is starting to
trade e-mini's more actively in the US.
Europe - Trade a small amount of listed futures
with Peter Drittel (once every couple of weeks).
Business has been lighter since Adrian’s
departure. (Tom Small at Lehman executing
business).
Want to try and win Futures Execution
business in the UK (Clive Stevens / Mark
Hilary), however they are very loyal to their
current preferred brokers.

10. Opportunity Matrix
RELATIONSHIP STATUS OPPORTUNITY ISSUES/ACTIONPRODUCT
TUDOR INVMNT CORP USA M006133
EQUITY FINANCE
RELATIVE VALUE
SYNTHETIC PB
CASH PB
YIELD ENHANCEMENT
Ian Davey and Chip Leveroni cover
Christopher Gate, Luke Lynch and new hire
Modassir (Mo) Ali. Christopher Gate is based
in the UK and runs a pool of money – Event-
Driven Strategy (BVI and TPT).
Priority account and relationship is good. They
currently trade RV Cash, Options and Sector
Swaps on Special Situations/Risk Arb with us.
Lehman and UBS are Tudor’s number 1 and 2
counterparties for Chris Gate’s execution when
using options, he finds other brokers option
prices are very poor. We need to ensure we
stay as competitive as possible with Option
pricing with a relative value view.
Boston - They trade a lot of OTC options on
Index and single names.
We were in the box for part of Q1 and Q2. We
have them budgeted at $5 million, but due to
the penalty box, need to take $1.5 m off the
budget to $3.5m. Despite that, belief is we can
hit the $5m as we are doing a ton of business
right now.
The majority of their balances are in the BVI
fund ($353m) and the prop fund ($190m), but
they have balances in the employee fund, and
the futures fund as well. The overall total of
balances is roughly $550 million
Lehman is Prime Broker for the Raptor fund as
of September 2004.
Big upside with the PB piece for Raptor if they
move more balances to us from MS. This is
slowly happening, but there is a lot of business
here.
Europe - Katie Gillham covers Sharon Easton
and Don McCrossen.
In Europe Tudor (BVI and TPT) are a priority
account but don’t use us as their main PB.
They mainly use us for Stock Loan business
(put thrus to Bar Cap) and Yield Enhancement.
We have agreed to book trades out as Total
Return Swaps. ISDA’s are already in place.
They are also using LPS product for some high
volume global long/short business.
Don McCrossen has moved over from the US
PB Mandate was necessary to get more trades
put to us rather than give-ups. Similarly with
swap balances, all but exceptionals have
historically been given-up to UBS and BarCap.
Now that we have won PB for the Event-Driven
fund – we should see more execution business
aswell as financing business see notes under
prime broker).
Christopher Gate has been awarded mandate
to increase capital 2 to 3 times.
Continue to accumulate balances in the US
Bar Cap are Tudor’s main PB in Europe.
Matthew Pinnock and Brian Bisesi have been
involved in recent negotiations for Lehman to
be allocated a share of Tudor’s European
Prime Broker business. As a result, Tudor has
recently awarded Lehman Brothers the PB
mandate for their Event Driven business run by
Christopher Gate out of Europe. All of the
Event-Driven Cash balances from Bar Cap and
Synthetic balances from UBS will be moved to
Lehman. Tudor felt it was incumbent for them
to diversify their exposure and allocate their
balances in Europe as BarCap have historically
been their sole PB. Tudor’s decision to
diversify their balances has been made in
preparation of confirmed increases in capital
allocated to European strategies. Specifically
there is an increased allocation of capital to
General Challenge - Tudor are a very admin
orientated account, bureaucratic – sign-off on
documents can get delayed and take time

11. Opportunity Matrix
RELATIONSHIP STATUS OPPORTUNITY ISSUES/ACTIONPRODUCT
TUDOR INVMNT CORP USA M006133
CONNECTIVITY
FID / FX
Use Eze Castle as their OMS
The use MS Passport now for 1 penny per
share.
We had a meeting setup in September for
LMX/DTM for Porcelli and Cushing to present
to Forziatti. However, a bad rain storm in NY
caused the meeting to be cancelled, and then
we were in the penalty box.
Europe - Tudor is now routing worked orders to
us via Bloomberg Order Router (set up for
Cash and Programs with Colin Rogers). Also
sold DTC product – working t get that live.
Discussions around utilising Trading Screen.
Tudor do not have a consolidated approach to
connectivity. We met with them recently to
discuss their plans and suggested that we
showcase them vendors and assist their
technical team in getting a centralised
execution system across the board in Europe.
to work on the Financing desk. Sharon Easton
is now moving to the Sydney office to become
COO of the Tudor operation there. They are
looking to hire someone to replace her in
London.
LMX/DTM remain opportunities with Tudor
Steve Evans (US – Quant) has expressed an
interest in pursuing trading via connectivity in
the future as they plan to introduce new
“faster” trading strategies to compliment
current ones.
Event-Driven and a planned spin-off of Event-
Trading from BVI and TPT.
SOFT $ The majority of the Tudor soft business comes
via Boston, but there is some business from
Greenwich.
Tudor Boston soft budget is ~$750 million in
gross. Their ratio is 1:4
The Greenwich office may start trading a
handfull of ETF's with Jeff Mann as soft.
PRIVATE EQUITY