Palos Income Fund L.P.
		Palos Rendez-Vous Fund
		Palos Majestic Commodity Fund L.P.

Palos Income Fund L.P. The Palos Income Fund L.P. is our flagship investment fund. Fund Inception: September 2001 Primary Objectives Preserve capital Provide an attractive and steady stream of income Deliver trading-enhanced returns The Fund seeks to outperform the TSX (on a total return basis) with less risk than investing in an index fund tracking the TSX Investment Strategy A long-bias, actively managed fund; invests in a core portfolio of select high-grade and undervalued low volatility dividend-paying securities 120/20 fund, leverages 20% of core portfolio for trading strategies that aim to further enhance returns through risk arbitrage, pair trades, statistical pair trades and event driven trades Largely fundamental approach complimented with macro analysis Investment decisions are made by analysing a company’s past performance to understand what a security is intrinsically worth through proprietary free cash flow models Decisions on selling a security are based on a reverse engineering model that shows when its market value has surpassed its sustainable intrinsic value Performance Highlights Morningstar rated this fund in the top 1% in its Category for the last three-year and five-year periods (as of Jan 18, 2010) This fund is included in the Canadian Hedge Fund Performance Index, published by Scotia Capital. Our fund outperformed the equal weighted index since its inception with an annualized return of 7.26% compared to the index at 5.79% for the same period (as of Nov 30, 2010) Fund Performance See an overview of our Historical Performance For daily performance and portfolio analysis, visit globefund.com or morningstar.com

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