The document provides an investment outlook presentation by Omega Advisors, Inc. It includes: 1) An economic outlook for the US with forecasts for GDP growth, consumer spending, business investment and other indicators through 2012. 2) Analysis of the US household and banking sectors showing improvements in debt levels, savings rates and bank lending standards. 3) Discussion of reasons why another major decline like 2008 is unlikely, including stronger banks and corporate balance sheets. 4) Charts and exhibits on topics like commodity prices, historical bear markets, economic and profit cycles. The presentation provides an overview of the economic and market environment along with Omega's positive investment outlook.

1. The Investment Outlook and Some
Attractive Values
Presentation by
Omega Advisors, Inc.
Investment Manager:
Leon G. Cooperman Omega Advisors, Inc.
Chairman and CEO Wall Street Plaza
Omega Advisors, Inc. 88 Pine Street, 31st Floor
New York, NY 10005
(212) 495-5200
October 18, 2011
PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIMITED TO QUALIFIED ELIGIBLE PERSONS, AN OFFERING MEMORANDUM FOR THIS POOL IS NOT REQUIRED TO BE, AND HAS NOT
BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES
Omega Advisors, Inc.
TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS OFFERING OR ANY OFFERING MEMORANDUM FOR THIS POOL.

2. Exhibit 1
U. S. Economic Environment
Q4 to Q4
2010 2011 2012
Real GDP (qoq % saar) 3.4 1.9 2.2
Real Consumer Spending (qoq % saar) 3.0 1.7 2.0
Real Business Equipment & Software (qoq % saar) 16.6 8.0 7.5
Core PCE Inflation ( qoq % saar) 1.0 1.8 1.5
Unemployment Rate (avg %) 9.6 (a) 9.0 (a) 9.0 (a)
Federal Funds Target (%) 0.25 (a) 0.25 (a) 0.25 (a)
S&P 500 Operating Earnings (yoy %) 36.6 13.5 5.0
S&P 500 Operating EPS ($) 85.5 97.0 102.0
(a) Year-end actual/forecasts
source: BEA, Bloomberg, Macroeconomic Advisors, and Omega Advisors, Inc.
Omega Advisors, Inc.

3. Exhibit 2
Household Debt Service Ratio and Saving Rate
14 14
12
13 10
8
12
6
11 4
2
10 0
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Saving - Monthly Data from 12/80 to 8/11, Debt - Quarterly Data to 11:q2
Debt Service Payments as a % of Disposable Personal Income (left scale) Personal Saving Rate (right scale)
Source:Federal ReserveBoard,BEA,andOmegaAdvisors,Inc.
Household Liquid Assets % Liabilities
95 95
90 90
85 85
80 80
75 75
70 70
65 65
60 60
98 99 00 01 02 03 04 05 06 07 08 09 10 11
Quarterly Data from 97:q4 to 11:q2
Households Liquid Assets as a % of Household Liabilities
Source: Federal Reserve Flow of Funds and Omega Advisors, Inc.
Bank Lending Standards Easing
40 40
20 Consumer 20
0 0
-20 -20
-40 -40
-60 C&I -60
-80 -80
-100 -100
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Quarterly Data from 90:q3 to 11:q3
Net % of Banks Easing Standards for C&I Loans, avg of Small, Medium & Large Bus.
Net Percent of Banks Indicate More Willing to Make Consumer Loans
Source: FRB Senior Loan Officers Opinion Survey and Omega Advisors, Inc.
Omega Advisors, Inc.

4. Exhibit 3
Why We are Not Likely to Experience Another 2008 Type Decline?
1. Banking system has gone from insolvency to strong capital ratios.
2. No weak/opaque shadow banking system to contend with.
3. The financial condition of Corporate America is excellent.
4. Profit and revenue growth are still good as is growth in dividends and share buybacks.
5. Business inventories are in excellent shape. There is no bubble in housing as in 2008 and
most cyclical sectors of the economy are at a very low percentage of GDP.
6. Household debt/GDP, while still high, has dropped from 95.4% to 85.1%. Debt service
ratio substantially improved.
7. The consumer savings rate has gone from 1% to 5.0%.
8. Lower dollar should be a plus for exports.
9. Oil price decline from $115 to $77 WTI ($130 to $102 Brent) per barrel positive for
consumers and economy generally.
10. FED policy of zero interest rates will ultimately work.
11. Tame wages and decent productivity.
12. Decent M&A activity and large pool of private equity capital.
13. Investors are conservatively postured.
14. Market valuation very appealing – both absolute and particularly relative to alternatives
(financial repression).
Omega Advisors, Inc.

5. Exhibit 4
Euro Zone Will Be Okay ?
We have been very disappointed in the tardiness and substance of policies offered by the euro-
zone governments and the ECB to address the European sovereign-debt issue. This tardiness
and lack of substance has taken its toll on risk assets. Nonetheless, we do believe that
governments and the central bank in Europe, for now, will address the sovereign-debt issue.
•EFSF permitted to buy weak peripheral debt in the primary and secondary markets
• EFSF permitted to extend loans to shore up bank balance sheets
• EFSF/IMF likely to fund Greece through mid-2014
• ECB purchasing Italian and Spanish debt
• ECB providing unlimited liquidity to banks
• ECB moderating its tight money policy
•ECB purchasing covered bonds from banks, aiding bank funding
• Asian governments likely to support euro-zone sovereign debt
• EFSF lending capacity lifted to 440 billion and likely to increase further
•Euro-zone bank re-capitalizations coming
•Increased dollar swap funding available to euro-zone banks
Note: EFSF – European Financial Stability Fund
Omega Advisors, Inc.

6. Exhibit 5
Crude Oil Price
160 160
140 140
120 120
100 100
80 80
60 60
40 40
20 20
2006 2007 2008 2009 2010 2011
Daily Data from January 2006 to 10/14/11
Crude Oil Price ion US $ - WTI Crude Oil Price in US $ - Brent
Source: Bloomberg and Omega Advisors, Inc.
Omega Advisors, Inc.

7. Exhibit 6
Historical Bear Market Cycles
Length of
% Change Peak to P/E Contraction
Peak Trough Peak to Trough Peak to
Date S&P 500 Date S&P 500 Trough (months) Trough
Jun 1948 17.06 Jun 1949 13.55 (20.6)% 12 (38.4)%
Dec 1952 26.59 Aug 1953 22.71 (14.6) 8 (18.3)
Jul 1956 49.74 Dec 1957 39.42 (20.7) 17 (15.3)
Jul 1959 60.62 Oct 1960 52.30 (13.7) 15 (10.3)
Dec 1961 72.64 Jun 1962 52.32 (28.0) 6 (33.8)
Jan 1966 94.06 Sep 1966 73.20 (22.2) 8 (26.7)
Nov 1968 108.37 Jun 1970 72.72 (32.9) 19 (31.2)
Dec 1972 119.12 Sep 1974 62.28 (47.7) 21 (63.2)
Dec 1976 107.46 Mar 1978 86.90 (19.1) 15 (26.6)
Nov 1980 140.52 Aug 1982 102.42 (27.1) 21 (24.7)
Aug 1987 336.77 Dec 1987 223.92 (33.5) 4 (41.2)
Jul 1990 368.95 Oct 1990 295.46 (19.9) 3 (20.1)
Jul 1998 1186.75 Aug 1998 957.28 (19.3) 1 (19.3)
Mar 2000 1527.46 Oct 2002 776.77 (49.1) 31 (14.9)
Oct 2007 1565.15 Mar 2009 676.53 (56.8) 17 (48.3)*
Average (28.3)% 13.2 (28.8)%
Apr 2011 1363.61 Current(a) 1099.23 (19.4) (21.8)
*Excluding financial sector write-downs
(a) As of October 3, 2011
Source: Standard & Poor's, UBS Investment Research, and Omega Advisors, Inc.
Omega Advisors, Inc.

8. Exhibit 7
The Economic and Profit Cycles
Date of Date of Re ce ssion
Economic Economic Duration S&P 500 Profit Pe ak S&P 500 Profit Trough % Change in Profit
Pe ak Trough (month) Date Months Afte r Re ce ssion Starte d Date Months Afte r Re ce ssion End Pe ak to Trough
Nov 1948 Oct 1949 11 May 1949 6 Nov 1949 1 -3.3
Jul 1953 May 1954 10 Aug 1953 1 Nov 1953 -6 -1.6
Aug 1957 Apr 1958 8 Aug 1957 0 Aug 1958 4 -17.0
Apr 1960 Feb 1961 10 Aug 1959 -8 May 1961 3 -11.7
Dec 1969 Nov 1970 11 Aug 1969 -4 Nov 1970 0 -12.9
Nov 1973 Mar 1975 16 Aug 1974 9 Aug 1975 5 -14.8
Jan 1980 Jul 1980 6 Feb 1980 1 Aug 1980 1 -4.3
Jul 1981 Nov 1982 16 Nov 1981 4 Feb 1983 3 -19.1
Jul 1990 Mar 1991 8 May 1989 -14 Nov 1991 8 -14.9
Mar 2001 Nov 2001 8 Aug 2000 5 Feb 2002 3 -22.2
Dec 2007 Jun 2009 18 May 2007 -7 Aug 2009 2 -44.5
Ave rage (months) 11 -1 2 -15.1
Source: NBER, St andard & Poor's, and Omega Advisors, Inc.
Omega Advisors, Inc.

9. Exhibit 8
Market Peaks versus Economic Peaks
Date of Date of Expansion Date of Market Peak
Economic Economic Duration S&P 500 Prior to Eco Peak
Trough Peak (month) Peak (month)
Oct 1949 Jul 1953 45 Dec 1952 7
May 1954 Aug 1957 39 Jul 1956 13
Apr 1958 Apr 1960 24 Jul 1959 9
Feb 1961 Dec 1969 104 Nov 1968 13
Nov 1970 Nov 1973 35 Dec 1972 11
Mar 1975 Jan 1980 57 Feb 1980 -1
Jul 1980 Jul 1981 11 Nov 1980 8
Nov 1982 Jul 1990 91 Jul 1990 0
Mar 1991 Mar 2001 120 Mar 2000 12
Nov 2001 Dec 2007 73 Oct 2007 2
Average (months) 60 7.4
Average ('49-'81) 45 8.6
Jun 2009 ? ?
Source: NBER, Standard and Poor's, and Omega Advisors, Inc.
Omega Advisors, Inc.

10. Exhibit 9
U.S. GDP Gap
% %
6 6
4 4
2 2
0 0
-2 -2
-4 -4
-6 -6
-8 -8
-10 -10
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Quarterly Data from 69:q4 to 11:q2
(Nominal GDP - CBO Potential GDP) as a % of Potential GDP
Source: CBO, Bloomberg, and Omega Advisors, Inc.
U.S. Unemployment Rate Gap
PercentagePoints PercentagePoints
4 4
2 2
0 0
-2 -2
-4 -4
-6 -6
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Quarterly Data from 69:q4 to 11:q2
CBO NAIRU (Nonaccelerating Inflation Rate of Unemployment) less the Unemployment Rate
Source: CBO, Bloomberg, and Omega Advisors, Inc.
Omega Advisors, Inc.

11. Exhibit 10
S&P 500 P/E and Inflation(a)
CPI
(Y/Y% change) P/E Ratio
<1% 15.79x
1% to 3% 17.21
3% to 5% 15.59
5% to 7% 12.81 In this same period 10
>7% 8.70 year U.S. Government
Bond, yielded an average
of 6.67%
Average (1960 to 2009) 14.98x
S&P 500(b) 11.6x
(a) S&P 500 P/E on 12-month forward operating earnings
(b) As of October 6, 2011. 12-month forward operating earnings of $100.0
Source: BLS, Standard & Poor's, T homson Financial, and Omega Advisors, Inc.
Omega Advisors, Inc.

12. Exhibit 11
Valuation: Attractive versus Core Inflation, Real Bond Rate, and Corporate Bond
(Monthly Data from 1960 to 2009)
S&P 500Forward PE versusCorePCE Inflation
22 22
Current
20 20
Average P/E
Average P/E
18 18
16 16
14 14
12 12
10 10
8 8
6 6
< 1.5% 1.5 to 2.0 2.0 to 2.5 2.5 to 3.5 3.5 to 4.5 4.5 to 6.0 6.0 to 8.0 >8.0%
Core PCE, Y/Y %change
S&P 500Forward PE versusReal Rate
18 18
16 16
Average P/E
Average P/E
14 14
Current
12 12
10 10
8 8
Less than 0 0 to 1 1 to 2 2 to 3 3 to 4 4 to 6 6 to 8 Greater than 8
10-Year Treasury Yield less Core PCE Inflation, in percentage points
S&P 500 Forward PE versus Corporate Bond Yield
20 20
Current
18 18
Average P/E
Average P/E
16 16
14 14
12 12
10 10
8 8
Less than 5% 5 to 6 6 to 7 7 to 8 8 to 9 9 to 10 10 to 12 Greater than 12%
Moody's Long-termIndustrial Bond Yield in %
Source: Standard and Poor's, Thomson Reuters, FRB, BEA, Moody's, and Omega Advisors, Inc
Omega Advisors, Inc.

13. Exhibit 12
Blended Valuation - S&P 500 with Inv.-Grade Corp. Bond Yield
3 3
2 Overvalued 2
1 +1 SD 1
Fair Value
0 0
-1 -1 SD -1
Undervalued
-2 -2
-3 -3
72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Monthly Data from 1/71 to 10/6/11
50%Market Valuation to INDUSTRIAL Bond Yields, and 50%to Core Inflation
Source: FRB, BLS, Standard & Poor's, Moody's Investors, and Omega Advisors, Inc.
Equity Risk Premium - S&P 500
20 20
15 15
10 10
5 5
0 0
-5 -5
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
Monthly Data from 1/60 to 10/6/11
Earnings Yield on Trend Earnings for the S&P 500 - 10-year Tips Yield
Source:Standard and Poor's, Bloomberg, FRB, and Omega Advisors, Inc.
Omega Advisors, Inc.

14. Exhibit 13
Equity Risk Premium (VIX Adjusted) - S&P 500
6 6
4 +1 SD 4
2 2
Average
0 0
-2 -1 SD -2
-4 -4
-6 -6
-8 -8
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Monthly Data from 1/90 to 10/6/11
S&P 500 Forward Earnings Yield less VIX Adjusted 10-year Treasury Yield
Source: Standard & Poor's, Moody's, Bloomberg, and Omega Advisors, Inc.
Omega Advisors, Inc.

15. Exhibit 14
Bear Market Valuation
Date of Date of Re ce ssion S&P 500 P/E at Its
Economic Economic Duration Lowe st in the Re ce ssion 10-Ye ar LT Corp. Earnings Yie ld le ss
Pe ak Trough (month) Date P/E Tre asury Yld Bond Yie ld Tre asury Corp. Bond Y/Y %ch in Core CPI
Apr 1960 Feb 1961 10 Apr 1960 16.04 4.28 4.61 1.96 1.63 4.24
Dec 1969 Nov 1970 11 Jun 1970 13.17 7.84 8.55 -0.25 -0.96 1.06
Nov 1973 Mar 1975 16 Sep 1974 6.97 8.04 9.44 6.30 4.90 4.12
Jan 1980 Jul 1980 6 Mar 1980 6.68 12.75 13.11 2.23 1.86 2.37
Jul 1981 Nov 1982 16 Feb 1982 7.36 14.43 15.53 -0.85 -1.95 4.38
Jul 1990 Mar 1991 8 Oct 1990 12.15 8.72 10.10 -0.49 -1.87 2.87
Mar 2001 Nov 2001 8 Mar 2001 21.30 4.89 7.23 -0.19 -2.54 2.08
Dec 2007 Jun 2009 18 Feb 2009 12.15 2.87 6.56 5.36 1.67 6.44
Ave rage 12 12.0 8.0 9.4 1.76 0.34 3.45
Curre nt (10/6/11) 12.3 1.99 4.56 6.15 3.58 6.19
P/E and earnings yield are based on monthend S&P 500 price and 4-quarter trailingoperatingEPS. Treasuruy and corp. bond are average monthly yield.
Source: NBER, St andard & Poor's, T homson/Reut ers, FRB, M oody's, BLS, Bloomberg, and Omega Advisors, Inc.
At historical average of earnings yield less investment-grade corp.-bond yield, S&P 500 is discounting 2012 EPS of about $60.
At 2009 earnings yield less investment-grade corp.-bond yield, S&P 500 is discounting 2012 EPS of about $72.
Omega Advisors, Inc.

16. Exhibit 15
Current versus March 2009
10/6/2011 3/9/2009
S&P 500 Index 1164.97 676.53
PE (4Q trailing operating EPS) 12.3 X 12.4 X
Dividend Yield 2.2 % 4.0 %
10-Year T. Bond Yield 1.99 2.89
Long-term Corp. Bond Yield 4.56 6.74
High-yield Bond Yield 8.85 19.35
Earnings Yield - T. Bond Yield 6.15 p.p. 5.15 p.p.
Earnings Yield - Corp. Bond Yield 3.58 1.30
S&P 500 EPS 94.80 54.37
S&P 500 DPS 25.18 27.25
Source: Standard and Poor's, FRB, Bloomberg, Moody's, Thomson Reuters, and Omega Advisors, Inc.
Omega Advisors, Inc.

17. Exhibit 16
S&P 500
2000 2000
1503 1503
1005 1005
508 508
10 10
54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
S&P 500 - Monthly Data from 7/53 to 9/11
S&P 500, shaded areas were recessions S&P 500 Long-term Trend
Source: Standard and Poor's and Omega Advisors, Inc.
S&P 500 10-Year Return
20 20
15 15
10 10
5 5
0 0
-5 -5
35 40 45 50 55 60 65 70 75 80 85 90 95 00 05 10
Annual Data from 1936 to 9/30/11
S&P 500 10-year Rolling Annualized Total Return (%)
Source: Standard and Poor's, and Omega Advisors, Inc.
Omega Advisors, Inc.

18. Exhibit 17
Free Cash Flow Yield over Corporate Bond Yield
4 4
2 2
0 0
-2 -2
-4 -4
-6 -6
-8 -8
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11
Annual Data from 1995 to 9/30/2011
S&P 500 Free Cash Flow Yield - Moody's Investment-Grade Corp. Bond Yield
Source: Standard and Poor's, UBS, Moody's, Bloomberg, and Omega Advisors, Inc.
Omega Advisors, Inc.

19. Exhibit 18
S&P 500 PE Ratio
35 35
30 30
25 25
20 20
10/6 on $82
15 Average '70 to '09 15
#
10 10
5 5
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Monthly Data from 12/84 to 10/6/11
S&P 500 P/E on 12-month Forward Operating EPS
Source: Standard and Poor's, Thomson Financial, and Omega Advisors, Inc.
Stock - Bond Spread
8 8
6 6
#
4 4
10/6/30 on EPS $82
2 2
0 Avg 70 to 09 0
-2 -2
-4 -4
-6 -6
70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Monthly Data from 1970 to 10/6/11
S&P 500 Earnings Yield (12M forward operating EPS) less 10-Year Gov't Bond Yield
Source: FRB, Standard & Poor's, Thomson Financial, and Omega Advisors, Inc.
Omega Advisors, Inc.

20. Exhibit 19
Average Yield of High Yield Corporate Bonds
30 30
11/21/08
@25.0%
25 25
20 3/9/09 @19.3%
20
15 15
@8.85%
10 10
5 5
2006 2007 2008 2009 2010 2011
Weekly Data from Sept. 2005 to 10/6/11
The Avg. Yield Weighted by Par, all Bonds in FINRA-Bloomberg US Corp. Bond Index (NBBHYL)
Source: FINRA-Bloomberg, and Omega Advisors, Inc.
SPX 500 P/E
11/08 = 900/65 = 13.9x
2/09 = 800/62 = 12.9x
Current = 1165/97.0 = 12.0x
1165/102.0 = 11.4x
Omega Advisors, Inc.

21. Exhibit 20
S&P 500 Companies Excluding Financials
Dividend Yield Higher Than 10-Yr T-Note Yield
% of Companies % of Companies
2011 (a) 45.3
2010 14.7 1995 4.5
2009 11.4 1994 2.3
2008 45.5 1993 5.0
2007 6.6 1992 0.9
2006 1.7 1991 1.0
2005 4.8 1990 4.0
2004 5.5 1989 2.0
2003 5.6 1988 3.4
2002 10.1 1987 3.2
2001 3.6 1986 5.4
2000 3.1 1985 3.0
1999 4.7 1984 1.9
1998 3.8 1983 3.5
1997 2.2 1982 7.7
1996 3.6 1981 2.4
(a) As of October 6, 2011
Source: Standard and Poor's, Factset, Bloomberg, and Omega Advisors, Inc.
Omega Advisors, Inc.

22. Exhibit 21
S&P 500 Dividend Yield and 10-Year Treasury Yield
18 18
16 16
14 14
12 12
10 10
8 8
6 6
4 4
2 2
0 0
38 41 44 47 50 53 56 59 62 65 68 71 74 77 80 83 86 89 92 95 98 01 04 07 10
Dividend Yield - Monthly Data from 1938 to 9/11, Treasury - Monthly Data from 1953 to 9/11
S&P 500 Dividend Yield 10-Year Treasury Yield
Source: Standard and Poor's, FRB, and Omega Advisors, Inc.
Omega Advisors, Inc.

23. Exhibit 22
S&P 500 Dividend Yield and Moody's AAA Corporate Bond Yield
18 18
16 16
14 14
12 12
10 10
8 8
6 6
4 4
2 2
0 0
38 41 44 47 50 53 56 59 62 65 68 71 74 77 80 83 86 89 92 95 98 01 04 07 10
Monthly Data from 1938 to 9/11
S&P 500 Dividend Yield Moody's AAA Corporate Bond Yield
Source:StandardandPoor's,Moody's,andOmegaAdvisors,Inc.
S&P 500 Dividend Yield and Moody's BAA Corporate Bond Yield
18 18
16 16
14 14
12 12
10 10
8 8
6 6
4 4
2 2
0 0
38 41 44 47 50 53 56 59 62 65 68 71 74 77 80 83 86 89 92 95 98 01 04 07 10
Monthly Data from 1938 to 9/11
S&P 500 Dividend Yield Moody's BAA Corporate Bond Yield
Source:StandardandPoor's,Moody's,andOmegaAdvisors,Inc.
Omega Advisors, Inc.

24. Exhibit 23
Nominal GDP Growth and 10-Year G. Bond Yield
20 20
15 15
10 10
5 5
0 0
-5 -5
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10
GDP - Quarterly Data from 79:q4 to 11:q2, Yield - Monthly Data to 9/11
Nominal GDP Growth, year-over-year %change
10-year Gov't Bond Yield
Source: BEA, FRB, and Omega Advisors, Inc.
10-year Treasury yield approximates year-over-year %change of nominal GDP growth
Omega Advisors, Inc.

25. Exhibit 24
Global Risk Appetite
10 10
8 8
6 Euphoria 6
4 4
2 2
0 0
-2 -2
-4 Panic -4
-6 8/16/'82 10/9/'02 11/20/'08 -6
-5.37 -5.76 -5.54 10/4/'11
-6.61
-8 -8
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12
Daily Data from 1982 to 10/6/11
Credit Suisse Global Risk Appetite Index, incl. Equity and Credit
Source: Credit Suisse Fixed Income Research, Thomson Reuters Datastream, and Omega Advisors, Inc.
Omega Advisors, Inc.

26. Exhibit 25
Risks to Our Equity Market Outlook
• The opportunity for a self-sustaining economic expansion is threatened by weak employment
growth and/or the feedback to the economy from lower equity prices/euro-zone sovereign-debt
issues. The result is the possibility of recession
• The core euro-zone governments, IMF, and ECB fail to contain the sovereign-debt issue and
instigate further sustained contagion to Italy and Spain, in turn causing a global recession and
weaker than expected corporate profits
• A dent to global growth if there is a hard landing in China’s economy
• Home prices enter another phase of accelerating decline, denting consumer confidence and
spending
• Middle East turmoil intensifies and energy prices spike, constraining real income and spending
• Budget deficit issues in the U. S. and the unwillingness of Washington to fully address the deficit
constrain U.S. growth
• The uncertain effects in the U.S. surrounding consumer and financial-sector deleveraging and the
collision of this deleveraging with public-sector balance-sheet leveraging
• The uncertain economic and capital-market effects of heightened global regulation on financial
markets
• A continuing significant reliance of the U.S. on foreign capital, particularly Chinese capital at a
time when there are differences in currency policy between the U.S. and China
• Capital controls imposed by emerging economies to stem the rise in their currencies and protect
against asset bubbles
• A still not friendly Administration, re the corporate sector
Omega Advisors, Inc.

27. Exhibit 26
Presidential Platform
1. Get out of Iraq and Afghanistan. Provide every returning soldier with a free four
year college education or trade school of their choice.
2. Set up a peace time WPA effort to channel a portion of the saving into rebuilding
US infrastructure.
3. Unleash the domestic energy industry to develop domestic energy supplies and
reserves. This will create employment and reduce our dependency on foreign
suppliers.
4. Government spending should be limited to a growth rate at least 1% below the
level of nominal GDP growth.
5. Freeze entitlements and raise the social security retirement age to 70 with an
exception of those that work at hard labor.
6. 10% income tax surcharge for three years on those that earn over $500,000 per
year.
7. 5% VAT tax to get at the underground economy and deal with the deficit.
8. Tackle health care in a serious way.
9. Reinstate the “Up-Tick” rule for short sales, ban or curtail High Frequency
trading and limit CDS trading to those that own the underlying bonds. The high
frequency traders are turning the best capital market in the world into a casino
and scaring the public. This is not in the public interest.
Omega Advisors, Inc.

28. Exhibit 27
The Investment Environment
Economic Outlook: • Slow growth owing to economy wide deleveraging .
• Tame inflation owing to substantial output and labor excess capacity .
• Sub -par employment growth owing to regulation/slow growth in final demand.
• Slow profit g rowth owing to elevated profit margins and slow nominal GDP growth .
• Economic expansions average in duration and below average in magnitude.
• Changing composition of GDP with consumption declining as a percentage of output and
capital spending, residential i nvestment, and exports increasing as a share of output.
1960 -2007 Next Decade
Real GDP 3.3% 2%-2.5%
GDP Price Deflator 3.7 2-2.5
Nominal GDP 7.2 4.0 -5.0
Profits 8.2 4-5
Dividend and Buyback Yield 3.4 3-4
Total Return
S&P 500 10.4 7-9*
10 Year T -Bond Negative
*constant P/E
Omega Advisors, Inc.

29. Exhibit 28
Profit Margin
14 14
12 12
10 10
Average
8 8
6 6
4 4
63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11
Quarterly Data from 62:q4 to 11:q2
Pretax Corporate Profits as a % of Nominal GDP
Source: BEA, and Omega Advisors, Inc.
Omega Advisors, Inc.

30. Exhibit 29
Omega Advisors, Inc.

31. Exhibit 30
Omega Advisors 10 Long Ideas
10/14/11 2011 2012 Div. Growth Rate
Ticker Description Price EPS PE EPS PE Yield 3 to 5 yrs
AAPL APPLE INC 422.00 29.00 14.6 40.00 10.6 0.0% 18.0%
BSX BOSTON SCIENTIFIC CORP 5.69 0.72 7.9 0.83 6.9 0.0% 16.0%
KFN KKR FINANCIAL HOLDINGS LLC 7.92 1.55 5.1 1.65 4.8 9.1% 7.0%
QCOM QUALCOMM INC 54.98 3.28 16.8 4.16 13.2 1.6% 16.0%
SLM SLM CORP 13.54 1.85 7.3 1.90 7.1 3.0% 5.0%
ACE ACE LTD 63.15 6.40 9.9 7.40 8.5 2.2% 7.0%
RIG TRANSOCEAN LTD 50.42 3.40 14.8 5.85 8.6 6.3% 12.0%
EXXI ENERGY XXI BERMUDA 26.87 2.50 10.7 3.00 9.0 0.0% 18.0%
ETFC E*TRADE FINANCIAL CORP 9.80 0.83 11.8 1.05 9.3 0.0% 36.0%
SUN SUNOCO INC 35.33 0.75 47.1 2.75 12.8 1.7% 5.0%
(1) Cash Flow
Source: Omega Advisors, Inc.
Omega Advisors, Inc.

32. NOTES TO INVESTMENT RESULTS
This material is provided for educational purposes only and should not be construed as investment advice or an offer to sell, or the solicitation of offer to buy
any securit y.
This material discusses general market activity, industry or sector trends, or other broad -based economic, market or political conditions and should not be
construed as investment advice. This information may not be current and Omega has no obligation to provide any updates or changes. We have relied u pon
and assumed without independent verification, the accuracy and completeness of all information from third party sources.
Any reference to a specific company does not constitute a recommendation to buy, sell or hold securities of such company.
Opinion s and views expressed herein are for informational purposes only and should not be construed as investment advice. They involve a number of
assumptions that may not prove to be valid so that actual results could differ significantly.
If any of the assump tions used in the example in this presentation do not prove true, results may vary significantly from the examples shown. These examples
are for illustrative purposes only and do not purport to show actual results.
Alternative Investment such as hedge f unds are subject to less regulation than other types of pooled investment vehicles such as mutual funds, may make
speculative investments, may be illiquid and can involve a significant use of leverage, making them substantially visible than other investmen ts.
No part of this material may, without Omega’s prior written consent, be (i) copied, photocopies or duplicated in any form, by any means, or (ii) distributed to
any person that is not an employee, officer, director or authorized agent of the recipien t.
Omega Advisors, Inc.