Performance review for investors as of 01/22/2010.

1. Novo Asset Management LLC NOS VOBISCUM Performance Review As of January 22, 2010

2. Legal Disclaimer “This information has been prepared as a summary to describe certain trading strategies developed by Novo Asset Management LLC. This summary does not constitute an offering of limited partnership interest in any fund managed by Novo Asset Management LLC. An offering may only be made by means of a private placement memorandum for the applicable fund. Investors are urged to read the private placement memorandum in its entirety before making an investment decision.” 2 NOS VOBISCUM

3. Roadmap for Performance Presentation 1) Investing strategy 2) Performance analysis 3) Performance explanation 4) Outlook for our value investment strategy 5) Review 6) Contact information 7) Appendix 3 NOS VOBISCUM

4. Investing Strategy Fundamentals of Success (The 3 I’s) Investments with a margin of safety Investors with a long term value orientation Incentives aligned to focus on risks first, rewards second Investment Discipline Bottom Up strategy Focusing on discounts to value Concentrating on Discount to Net Asset Value while looking at DCF skeptically Divestment Discipline Double down on research, evaluate, take appropriate action Going up - 100% return in 2 to 4 years Sell at full value, do not get greedy Going down – 10% down If Cheaper – Buy more If a value trap – Divest 4 NOS VOBISCUM

6. Does the company effectively execute a sustainable strategy?

7. Does the company have a strong brand?

8. Threats to Industry Relevance

9. Regulatory Concerns

10. Capital Intensity

11. How will these questions be answered in 5 years? 10 years?

12. Significant Pricing Anomaly

13. Low Pricing Multiples (e.g., P/E, P/B, P/FCF) Relative to Industry

14. Long-Term Earnings Growth

15. Above Average ROE

16. Significant FCF

17. Above Average Dividend Yield

18. Low Debt

19. Above Average Current Ratio

20. Share RepurchasesQuantitative Analysis Qualitative Analysis NOS VOBISCUM 5

21. Executing our Strategy: Tactical Overview 6 Dig– Week 1 Publicly Traded Companies All public companies Countries of choice Industries in which to focus or eliminate All companies with positive earnings All companies with positive book value Bottom 10% book value Investment Process Sample Screen NOS VOBISCUM

22. Performance Overview - Top Holdings as of 01/22/10 7 NOS VOBISCUM

23. Portfolio Construction Relative to the S&P 500 8 NOS VOBISCUM

24. Risk Adjusted Return as of 01/22/10 Compared to Other Teams 9 NOVO NOS VOBISCUM

25. Performance as of 01/22/10 10 Beginning Balance: $10,000,000 Ending Balance: $10,986,654 ROI: 9.87% NOS VOBISCUM

26. Performance Explanation 11 Returns exceed what could be attributed to either Beta or asset class selection. NOS VOBISCUM

27. Executing our Strategy: Specific Examples Largest percentage gains Amedysis (AMED: Original Price Target = $63.00) Undervalued, misunderstood Great demographics, strong and steady growth Trading with significant margin of safety based on book value and growth prospects Steady increase of earnings for last 10 years (trading at P/E of 8x while comps were 14-17x) Synovus (SNV: Original Price Target = $2.46) The inside story (Total Systems to Synovus) Personal familiarity with the bank and their strategy to aggressively write off loans 12 NOS VOBISCUM

28. Executing our Strategy: Specific Examples Largest percentage losses Pantry (PTRY: Current Price Target = $36.00) Enhancing their equity Market Cap = $290MM Investing in 2009 = $166MM Paydown of Debt = $52MM Strategy of growing business through acquisition of mom & pop convenience stores Borders (BGP: Original Price Target = $2.50) Repositioning to a higher margin strategy Ratcheting down on expenses Discussion with management Ultimately sold > CEO left co. & potential credit concerns 13 NOS VOBISCUM

29. Outlook for Our Value Investment Strategy Near Term Considerable uncertainty in the market, stock selection is even more important Risk premiums appear to have decreased, as such, it may be difficult to find bargains but we’ll keep looking Long Term (there will always be irrationality) Distressed situations, with a specific company, industry or geography, security type Chaotic situations Insider +/- actions 14 NOS VOBISCUM

30. Review Novo Asset Management is a value-focused investment company. Our goals include: Develop long-term, mutually beneficial relationships with investors by maintaining trust and generating sustained excess returns. Position the managers and investors as team members by: Aligning the compensation structure Investing along-side LPs Incentive structure: Management Fee = 1.5% On the Upside = earn a % of all returns over +10YT On the Downside = pay a % of all returns under -10YT Our Guiding Strategy: NosVobiscum. We position ourselves on the same side of the table as our investors, and get paid for taking risks, not for chasing the S&P. 15 NOS VOBISCUM

31. Contact Information Dave Loeffel – dave.loeffel@novomgmt.com Grant Moss – grant.moss@novomgmt.com 16 NOS VOBISCUM

32. Appendix 17 NOS VOBISCUM

33. AMED Valuation 18 NOS VOBISCUM

34. SNV Valuation 19 NOS VOBISCUM

35. PTRY Valuation 20 NOS VOBISCUM

36. 21 NOS VOBISCUM

37. BGP Valuation 22 NOS VOBISCUM

38. 23 NOS VOBISCUM