The document provides an overview of Gargoyle Investment Advisor L.L.C., an investment firm that offers options overlay and other added-value services. It summarizes the firm's three major lines of business: options market making, asset management, and added-value services. It also describes Gargoyle's options overlay process and year-by-year performance attribution from 2000-2007, showing the options account outperformed stocks and indexes over that period.

1. 11
YEARS
Serving Investors
Since 1997
Gargoyle Investment Advisor L.L.C.
285 Grand Avenue, Building 1
Englewood, NJ 07631
201-227-2200 Main; 201-894-5884 FAX
www.gargoyletrading.com
Joshua B. Parker, Principal Alan L. Salzbank, Principal H. Jay Easterling, Principal
jparker@gargoylestrategic.com asalzbank@gargoylestrategic.com jeasterling@gargoylestrategic.com
201-227-2205 201-227-2208 201-227-2244
May 2008
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May, 2008

2. OVERVIEW
This presentation is for informational purposes only and is subject to updating, revision, and amendment. It is not an offer to sell, or a solicitation of an offer to buy, any
security. Any such offering may be made only by an offering memorandum and the information contained herein will be superseded in its entirety by such offering
memorandum.
Prospective subscribers to any Gargoyle service should consult their own financial advisors, legal counsel, and accountants as to financial, tax, legal, and related matters
concerning their subscription to a Gargoyle service. No part of this presentation constitutes financial, tax, or legal advice to any prospective investor.
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May, 2008

3. Table of Contents
Firm Overview – Gargoyle’s 3 Major Lines of Business

Options Overlay Objectives [from Added-Value Services?]

Options Overlay Processrformance Attribution–2000-2007

Gargoyle’s Year-By-Year Performance Attribution–2000-2007

Gargoyle’s Options Overlay Experience – 2000-2007

Gargoyle overlay vs. BXM overlay - Comparison of Added Value

Attachments:
• Buy-Write (Covered Call) Illustration
• Gargoyle Principals – Management Overview
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May, 2008

4. Firm Overview – Gargoyle’s 3 Major Lines of Business
Options Market Making - making

- Gargoyle Strategic
markets in publicly traded options
Investments L.L.C.
Asset Management – equity hedge fund mid-

cap, quant value with options overlay - Gargoyle Asset
Management L.L.C.
Added-Value Services – options overlay,

‘portable alpha’ - Gargoyle Investment Advisor L.L.C.
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May, 2008

5. Options Overlay Process
STEP 1:
Collect and review
subscriber’s stock
portfolio
STEP 2:
STEP 5:
Identify proper mix of
Report results to
equity indexes that
subscriber
correlate to subscriber’s
Gargoyle Portable Alpha Services
stock portfolio
Overview of Options Overlay Process
STEP 4: STEP 3:
Monitor change to overall Sell calls against the
market exposure against selected equity indexes
subscriber-determined using the proper
limits and adjust as needed weightings and strike
prices
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May, 2008

6. Gargoyle’s Custom Offering To Trillium Asset Management
Custom Hedge:
Equity indexes will be blended to create an optimal hedge for Trillium’s stock holdings.
Tax Implications
It is expected that a substantial portion of income derived from options premium will be
taxed at the following rates: 60% long term, 40% short term (under Section 1256 of the
IRS tax code) Managed Accounts:
A separate omnibus account can be created to handle all options overlay trading and
from which dollars of P&L can be exported to individual managed accounts if needed
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May, 2008

7. Options Account (gross)
Gargoyle’s Year-By-Year Performance Attribution–2000-2007 Stock Account (gross)
Gargoyle Fund (net)
S&P 500 (with dividends)
10.01% 3.40%
2000
2001
- 1.87% 4.18%
5.77% 6.40%
- 9.10% - 11.88%
10% 10%
0 20% 30% 40% 0 20% 30% 40%
-30% -10% 50% -30% -10% 50%
-20% -20%
- 0.76%
16.06%
2002
2003
- 14.05% 44.58%
31.04%
- 0.48%
28.69%
- 22.10%
10% 10%
0 20% 30% 40% 0 20% 30% 40%
-30% -10% 50% -30% -10% 50%
-20% -20%
1.73% 6.03%
2004
2005
16.68% 9.72%
11.97%
14.40%
10.88% 4.91%
10% 10%
0 20% 30% 40% 0 20% 30% 40%
-30% -10% 50% -30% -10% 50%
-20% -20%
0.61% 2.79%
2006
2007
22.80% - 4.32%
- 0.89%
17.02%
15.79% 5.50%
10% 10%
0 20% 30% 40% 0 20% 30% 40%
-30% -10% 50% -30% -10% 50%
-20% -20%
The results above are for the Gargoyle Hedged Value (Master) Fund L.L.C., a hedge fund managed by Gargoyle Investment Advisor L.L.C.
There can be no guarantee that the market conditions during this period or that the historic performance by this Fund will be repeated.
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May, 2008

8. Gargoyle’s Options Overlay Experience – 2000-2007
Average annual contribution from the options overlay
during years 2000-2007:
4.98%
Average annual contribution from the options overlay
during years in which the S&P 500 was negative:
9.82%
Average annual contribution from the options overlay
during years in which the S&P 500 was positive:
2.08%
The results above are for the Gargoyle Hedged Value (Master) Fund L.L.C., a hedge fund managed by Gargoyle Investment Advisor L.L.C.
There can be no guarantee that the market conditions during this period or that the historic performance by this Fund will be repeated.
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May, 2008

9. Options Overlay relevant benchmark – the CBOE’s BXM
The Chicago Board of Options Exchange (CBOE) together with Ibbotson
Associates financial research firm created the BXM index based on the S&P500.
 The BXM js a buy – write version of the S&P500 index using a passive ‘writing’ strategy
 Every month, a near term call options based on the S&P500 (the SPX) is sold and returns
are calculated including that P&L
Differences between Gargoyle and BXM
 Gargoyle’s method is customized and actively managed
 The BXM is not customized and is passive; the call is sold and the position is ignored until
option expiration the following month
 Gargoyle yield’s 90% more than BXM on the options overlay component
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May, 2008

10. Gargoyle overlay vs. BXM overlay
COMPARISON OF ADDED VALUE
GARGOYLE BXM
2000 10.01% 16.86%
2001 3.40% 0.03%
2002 16.06% 17.10%
2003 - 0.76% - 7.76%
2004 1.73% - 2.62%
2005 6.03% -0.93%
2006 0.61% - 2.31%
2007 2.79% 0.55%
AVERAGE 4.98% 2.62%
The above data shows the contributions made by the options overlay for both the Gargoyle Hedged Value (Master) Fund L.L.C. and the BXM
index. Stock performance has been subtracted from each to create a fair comparison of the two. There is no guarantee that either the market
conditions or the historic performance by the Gargoyle Hedged Value (Master) Fund L.L.C. will be repeated.
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May, 2008

11. ATTACHMENTS
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May, 2008

12. Buy-Write (Covered Call) Illustration
Equity Index
ProfIt & Loss
$1530
Profit
Sell Call Option
(Write Call Option)
Loss
Strike Price = $1525
(Exercise Price = $1525)
Buy-Write Buy Index for
$1500
Break Even
Long Index
$ 1470
$ 1450 $ 1500 $1525 $1550
Index Price
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May, 2008

13. THE GARGOYLE PRINCIPALS
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May, 2008

14. Manager Overview – Joshua B. Parker
Joshua B. Parker
Chief Investment Officer
–
January 1997 – Present
Managing Member, the Gargoyle group of companies
–
November 1998 - present
Executive Vice President, Kenmar Advisory Corp.
–
October 1988 – October 1998
Member, Government Relations Committee, Managed Funds Association
–
1996 – 1999
Member, American Stock Exchange
–
April 1986 – October 1988
Bridge Gold Life Master
–
Former North American Bridge Champion
Represented the United States in international Bridge competition
New York University School of Law, JD, 1981
–
Yale University, BA, 1978
–
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May, 2008

15. Manager Overview – Alan L. Salzbank
Alan L. Salzbank
Fund Manager, Gargoyle Hedged Value family of funds
–
January 1997 – Present
Managing Member, the Gargoyle group of companies
–
November 1999 - present
Member, American Stock Exchange
–
April 1987 – October 1998
Director, Gruntal & Co.
–
1985 – 1987
Director, Futures Department, Herzfeld & Stern
–
1980-1985
Vice President, Merrill Lynch
–
1975-1980
New York University, Stern Business School, MBA, 1984
–
Wharton School of the University of Pennsylvania, BA, 1975
–
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May, 2008

16. Other Gargoyle Principals
Although Messrs Parker and Salzbank run the day-to-day operations of Gargoyle Portable Alpha Services
L.L.C., the Gargoyle group of companies includes four additional principals. Collectively, the Gargoyle
team of six principals has over 50 years of combined on-floor trading experience, over 40 years of
combined off-floor trading experience, 3 MBA’s, and 1 JD.
H. Jay Easterling joined Gargoyle in September 2002 as Marketing and Business Development Director.
During years 1999-2002, he was a managing member of investment partnership James River Partners in
Charlottesville, Virginia. It was during his years as a member of the American Stock Exchange
(1993-1997) that he met each of the Gargoyle principals. And prior to his leap into the securities industry,
Mr. Easterling held posts in both marketing and finance organizations during a twelve year career
(1981-1993) inside the IBM Company. He is a graduate of the University of Mississippi where he was a
member of the 1976-1979 football teams.
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May, 2008

17. Other Gargoyle Principals continued
Charles Goodgal is the co-founder and CEO of the Gargoyle group of companies. Mr. Goodgal was a
member of the American Stock Exchange from 1986 to 1998. From 1992 to 1998, Mr. Goodgal served as a
Floor Official or Exchange Official of the American Stock Exchange. He trained and supervised over 40
options market-makers on the trading floors of major U.S. options exchanges. Mr. Goodgal’s career in the
financial industry started as a registered representative where he became a Vice President of Sales for
Cowen & Co. He is a graduate of the University of Pennsylvania and the Wharton Graduate School of
Business.
Phillip S. Martin has been the Chief Technology Officer of the Gargoyle group of companies since November
1999. He was a member of the American Stock Exchange from 1985 to 1999, during which time he developed the
Ovid Software Trading Program, a handheld computer program used by members of the American Stock Exchange
and Philadelphia Stock Exchange to monitor their options positions and assist in the management of those positions.
Before becoming a member of the American Stock Exchange, Mr. Martin was an independent computer consultant
(1980-1985) and a systems programmer with IBM (1974-1980). He attended the University of Michigan School of
Music, and received an MBA from Herriot-Watt University. Mr. Martin is a Bridge Diamond Life Master and
former national Bridge champion.
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May, 2008

18. Other Gargoyle Principals continued
Bruce T. Rogoff is the co-founder and COO of the Gargoyle group of companies. He was a member of the
American Stock Exchange from 1986 to 1999, first as an options market-maker on the floor of the American Stock
Exchange and then as the partner in charge of the day-to-day management of Gargoyle Specialists L.P., a specialist
member firm of the American Stock Exchange. From 1993 to 1998, Mr. Rogoff served as a Floor Official of the
American Stock Exchange. Mr. Rogoff has trained and supervised over 30 options market-makers on the trading
floors of major U.S. options exchanges. He is a 4-time winner of the prestigious Reisinger Knock-Out Teams, the
oldest bridge event in the United States. While attending the University of North Carolina, Mr. Rogoff was a
member of UNC’s nationally-ranked college tennis team.
Andrew Bellak – selling agent
Andrew Bellak was the founder and managing partner of Renata Trading LLC, a market making firm based at the
American Stock Exchange. He was a member of the American Stock Exchange from 1993 to 2002 as the partner in
charge of the day-to-day management of his 10 person trading firm. From 1997 to 2000, Mr. Bellak served as a
Floor Official and then an Exchange Official of the American Stock Exchange, led the Exchange’s new member
orientation program from 1998 to 2000, and helped negotiate a new health insurance plan for its members. Mr.
Bellak negotiated a succession of his team to Speer, Leeds & Kellogg to man their customer facilitation desk.
A merger with Goldman Sachs led the team to be part of one of the largest on-floor market making firms in the US,
Spear-Hull Derivatives unit of Goldman.
Mr. Bellak holds a Masters in Education from the University of Massachusetts, 2005 and a BA/BS double major in
Pre-Med (Chemistry)/French Language from the University of Virginia, 1988. He holds a Series 65 and is the chair
of the Town of Amherst’s Energy Committee.
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May, 2008

19. OFFERING TERMS
For more details, prospective investors should review the applicable offering memorandum (including the
information therein as to conflicts and risks) prior to making an investment decision.
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May, 2008