This document provides an overview of the Petrarca Capital Management Global Financials Sector Fund. It introduces the fund's investment strategy, which focuses on global financial securities, and its investment process of idea generation, portfolio construction, and risk management. It also profiles the fund's two managing partners, Robert Lacoursière and James Fotheringham, who have decades of experience in analyzing financials and previously managed $10 billion together at Paulson & Co.

1. INVESTOR PRESENTATION
Q2 2012
Petrarca Capital Management, LLC
Global Financials Sector Fund
Strictly Confidential. | Not For Distribution to the General Public.

2. PETRARCA OVERVIEW

3. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
INTRODUCTION TO PETRARCA CAPITAL
Strategy
STRATEGY
Managing Partners
financials sector
Investment Process
Portfolio Characteristics
Alignment of Interests
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4. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
INTRODUCTION TO PETRARCA CAPITAL
Strategy
MANAGING PARTNERS
Managing Partners
Investment Process
Portfolio Characteristics
Alignment of Interests
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Robert Lacoursière, former Partner and Head of Global
Banks at Paulson & Co. and James Fotheringham,
former Senior Vice President at Paulson & Co.
Managing Partners have four decades of aggregate experience analyzing financial securities up and down the
capital structure, across countries and continents, over
economic cycles and during financial crises
Managing partners were responsible for ~$10bn in as
many as 70 financials sector positions in each of their
four years at Paulson & Co. (2008-2012)

5. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
INTRODUCTION TO PETRARCA CAPITAL
Strategy
INVESTMENT PROCESS
Managing Partners
Investment Process
Portfolio Characteristics
Alignment of Interests
Page #
idea generation, portfolio construction, risk management and ongoing portfolio rebalancing

6. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
INTRODUCTION TO PETRARCA CAPITAL
Strategy
PORTFOLIO CHARACTERISTICS
Managing Partners
Investment Process
Asian, as well as North American financials securities
invest higher in the capital structure
Portfolio Characteristics
gross exposure)
Alignment of Interests
ealthy mix of investment themes (macro, sector,
months)
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7. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
INTRODUCTION TO PETRARCA CAPITAL
Strategy
ALIGNMENT OF INTERESTS
Managing Partners
Investment Process
Portfolio Characteristics
Alignment of Interests
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net worth invested in the fund

8. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
MANAGING PARTNER BIOGRAPHIES
Placeholder
ROBERT
LACOURSIÈRE
Managing Partner,
Chief Investment
Officer and Coportfolio Manager
Prior to co-founding Petrarca, Robert was a partner at Paul
son & Company where he was Head of the Global Banks Team.
Robert has over
years experience in the global financials
sector.
Prior to joining Paulson in 2008, Robert covered US Mortgage
and Specialty Finance as a widely-respected sell-side
research analyst at Banc of America Securities.
Prior to that Robert was Head of Financial Strategy at Capital
One, and covered US mid-cap banks at Lehman Brothers
where he had also been the Director of Latin American uity
Research.
Robert headed the Latin American Financial Institutions
Research Group at Bear Stearns from New York as well
as at Santander Securities from Mexico City.
Before his time on the sell side, Robert worked at the Bank of
Nova Scotia in Toronto as a Manager of Latin American Investments.
Robert has an M.B.A. from I.E.S.E. in Spain and a B.A. from
the University of Western Ontario in Canada.
Robert has been married 21 years and has two
daughters, aged
and
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9. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
MANAGING PARTNER BIOGRAPHIES
dent at Paulson & Company covering the global financials
sector from 2008 to 2012.
Placeholder
JAMES
FOTHERINGHAM
Managing Partner
and Co-Portfolio
Manager
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gage and Specialty Finance from New York and European
banks from London.
Kingdom, as well as M.Sc. and B.Sc.H. degrees from Queen’s
University in Canada
nine and seven.

10. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
MANAGING PARTNER BIOGRAPHIES
EXPERIENCE
Paulson & Company
2008-2012
The global financials sector
Placeholder
JAMES
FOTHERINGHAM
Managing Partner
and Co-Portfolio
Manager
Goldman Sachs
US Mortgage and Specialty Finance
Oxford University in the United Kingdom
Queen’s University in Canada
FAMILY LIFE
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FUND INFORMATION

11. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
MANAGING PARTNER EXPERIENCE
Placeholder
FINANCIALS SECTOR
GLOBAL EVENTS
TIMELINE
Placeholder
ROBERT LACOURSIÈRE
JAMES FOTHERINGHAM
Managing Partner,
Chief Investment Officer
& Co-Portfolio Manager
Managing Partner,
Co-Portfolio Manager
Canada
Europe
1988
1990
1992
1994
BRADY BOND PLAN
MEXICAN BANK PRIVATIZATIONS
IESE
MBA
TEQUILA CRISIS
BANK OF NOVA SCOTIA
Manager, Latin America Invesments
SANTAN
1996
1998
2000
BANK OF NOVA SCOTIA
Manager
RUSSIAN DEFAULT
BEAR STEARNS
D Phil
ASIAN CRISIS
LEHMAN BROTHER
2002
2004
EMERGING MARKET FINANCIALLIBERALIZATION
2006 US SUBPRIME BUBBLE
CAPITAL ONE
Head Financial Strategy
BANK OF AMERICA SECURITIES
Principal, U.S. Mortgage, Consumer &
2008 GREAT FINANCIAL CRISIS
2010
2012
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BANK BAILOUTS
PIIGS SOVEREIGN CRISIS
Partner, Head of Global Banks
SVP, Global Banks
Latin America
U.S.
Global

12. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
PROPOSED ORGANIZATION
Robert Lacoursière
James Fotheringham
Managing Partner2
Chief Investment Officer (CIO)
Manager
Chief Operating Officer
(COO)
Managing Partner2
Manager
Trader
Analyst
Service Providers
PRIME BROKERS
Financial Controller
1 Organizational structure will broaden to support anticipated growth in assets under management
2 Managing partners share portfolio responsibility; CIO has ultimate portfolio discretion
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Office Manager
Goldman, Sachs & Co.
Credit Suisse
LEGAL COUNSEL Seward & Kissel LLP (U.S.)
Ogier (Cayman)
AUDITOR
TBD
ADMINISTRATOR TBD
BANK
TBD

13. IDEA GENERATION

14. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
GEOGRAPHICAL MONITOR (illustrative, from Q4’11)
Thailand
Financials are a levered play on
economic cycles
We focus on countries levered to
changes in global growth,
and financials securities most
sensitive to their domestic
economies
We time investments according to
macro inflection signals and
expected policy responses
HIGH OPPORTUNITY
MODERATE OPPORTUNITY LOCAL
MACRO CONVICTION REQUIRED
Financials Price Relationship to Domestic Economy2
80
Australia
Philippines
South Korea
USA
Canada
Chile
Singapore
Spain
Sweden
Hong Kong
China
60
Turkey
Netherlands
Peru
Germany
France
India
Argentina
Poland
UK
Italy
Russia
Colombia
Mexico
Hungary
Czech Republic
Norway
Japan
40
Switzerland
Denmark
-1x
0x
1x
2x
x
Bubbles sized in proportion to market capitalization
4x
x
Country Sensitivity to Global Economic Growth1
1. Conse uent change in each country’s annual growth in nominal GDP in USD from a 100bps change in annual growth in nominal GDP in USD of the G7 countries plus China.
Bloomberg.
2. Relationship (R2) between uarterly share price performance of financials stocks versus annual growth in nominal domestic GDP. Sour
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Brazil
70
MODERATE OPPORTUNITY GLOBAL
MACRO CONVICTION REQUIRED
LOW OPPORTUNITY
Malaysia
Taiwan
6x
7x
8x

15. PETRARCA OVERVIEW
INVESTMENT PROCESS
IDEA GENERATION
PORTFOLIO CONSTRUCTION
RISK MANAGEMENT
SUMMARY
FUND INFORMATION
CAPITAL ADEQUACY MONITOR (illustrative, from Q4’11)
x
28x
Capital
is an
important input into our sector
analysis framework
We gauge capital
by
gross tangible assets (US GAAP)
to tangible common
Relative leverage allows
us to contextualize
existing and potential
regulatory forbearance
Leverage differs among regions,
as well as among companies
within regions
Financial Companies’ Leverage1
TA (US GAAP) TCE
x
SHORT ABOVE THE LINE
Risk of share dilution
or weaker growth
26x
LEVERAGE THRESHOLD
20x
18x
x
BUY BELOW THE LINE
Expectation for capital return
or stronger growth
14x
12x
10x
x
0x
Canada
Europe
1. Leverage calculated as tangible assets under US GAAP over tangible common e uity; tangible assets are estimated wherever US GAAP e uivalents are not disclosed.
Sour
Company reports, Petrarca estimates.
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Asia
LatAm
USA