arbitrage.htm

AETOS CAPITAL

Absolute return investing involves substantial risks, including the risk of loss of invested capital. Absolute return investments are typically made through investments in illiquid,
unregulated investment funds that employ sophisticated investment techniques, often involving derivatives and leverage, in a wide range of financial instruments and markets.
These investments entail a wide variety of risks, which remain substantial notwithstanding the risk management practices we employ in selecting and monitoring the funds in
which we invest. Potential investors in absolute return vehicles are urged to familiarize themselves with these risks before investing.

Hedge Fund Strategies

Confidential Discussion Materials

General Presentation

October 2010

AETOS CAPITAL

TABLE OF CONTENTS

Section I Overview of Aetos Capital, LP

Section II Investment Philosophy and Process

Portfolio Construction and Monitoring

Section III Aetos Capital Portfolio

Appendix A Overview of the Aetos Capital Funds

Appendix B Aetos Capital Fees & Terms

Appendix C Biographies

AETOS CAPITAL

Experience

• Fiduciary perspective and capital markets experience

• Best practices from the highest quality institutions

• Broad and deep team of specialists focusing on investment research and operational due diligence

• Senior professionals average over 20 years of market experience

Expertise

• Specializing exclusively in alternative investment strategies for institutional clients

• Independent firm - registered investment advisor with SEC-registered 1940 Act investment vehicles*

• Research driven process

• Historic emphasis on operational risk management

• Focus on client education and knowledge transfer

Judgment

• Demonstrable record of success:

– Manager identification

– Tactical strategy allocation

– Portfolio construction and risk management

– Insightful and comprehensive monitoring

• Customized approach

• Extension of staff

* Aetos Alternatives Management, LLC, a wholly-owned subsidiary of Aetos Capital, LP, is a registered investment advisor. Such
registration does not imply in any manner whatsoever that Aetos has been sponsored, recommended, or approved, or that its abilities or
qualifications have in any respect been passed upon by the United States or any agency or any office thereof. You should consider the
investment objectives, risks and charges and expenses of the Aetos Funds carefully before investing. The prospectus contains this and
other information. Please call 212-201-2540 to request a prospectus and read it carefully before investing.

AETOS CAPITAL, LP - ALTERNATIVES MANAGEMENT

AETOS CAPITAL

INVESTMENT OFFERINGS

Flexibility to accommodate tailored solutions across the spectrum of absolute return strategies incorporating a
high degree of knowledge transfer

Separate Accounts & Strategic Relationships

• Direct investments with underlying managers

• Combination of direct investments and commingled hedge fund
of funds

Multi-Strategy Hedge Fund of Funds Portfolios

• Available through commingled hedge fund of funds and/or direct
investments

• Managed to specific return and volatility targets

• Custom allocations available

• Onshore and offshore funds

Single-Strategy Hedge Fund of Funds

• Available through commingled hedge fund of funds and/or direct
investments

• Implementation of tactical allocations

Aetos Alternatives Management

• $5 billion assets under management*

• 99% institutional investors

* Includes invested assets as of December 31, 2009, plus assets awarded but not yet funded.

Aetos Capital

Prime Portfolio

Aetos Capital

Balanced Portfolio

Long/Short

Strategies

Fund

Multi-

Strategy

Arbitrage

Fund

Distressed

Investment

Strategies

Fund

AETOS CAPITAL

ORGANIZATIONAL OVERVIEW

*Independent Board of Directors of the Aetos Capital SEC-Registered 1940 Act Commingled Hedge Funds of Funds

Rose Renner

Bernadette McHugh-Torres

Lindsey Kramer

Rebecca Ashe

Dawn Griffin

Business Management

Administration

Joan Hopkins

Lauren Buchmann

Kari Devine

Rita Stemberga

Keaisha Miller

Inara Koshkarli

Operations

Independent Board of Directors of Aetos Capital Funds of Hedge Funds*

Anne Casscells
Chief Investment Officer

Portfolio Management and Research

Daniel Fagan
Research Analyst

Julie Yen
Research Analyst

Adam Durity
Risk Systems Analyst

Operational, Business and Legal Due Diligence

Dana A. Troetel
Vice President

Legal

Scott Sawyer
Director

Chief Financial Officer

Reid Conway
Vice President

Chief Compliance Officer

Harold J. Schaaff
Managing Director

General Counsel

Joseph J. McDonald
Director

Operational Risk

Susan S. Liu

Associate

Operational Risk

Michael F. Klein
Chief Risk Officer

Anne Casscells
Co-President & Chief Investment Officer

James T. Gibbons

Managing Director &

Senior Portfolio Manager

Investment Committee

Michael F. Klein
Co-President & Chief Risk Officer

Bradley C. Rudner
Vice President

Elizabeth A. Leung

Assistant Vice President

Client Relations and Business Development Team

Andrea M. Bollyky

Managing Director
Head of Business Development

Susan E. Little

Associate

Andrew M. Poffel

Assistant Vice President

Accounting / Tax Services

Deepak Wadhwa

Nicole Ispass

David Marcato

Zaniffa Hosein

Niki Rees

Information Technology

Mohammad Idrees

Salah Siraj

Marie McHugh

A.J. Chen
Research Analyst

Filbert Cua
Research Associate

Jonathan Bishop
Director

Research

James T. Gibbons
Managing Director

Senior Portfolio Manager

Andrew Walling
Director

Research

Michael Spath
Director
Portfolio Manager

AETOS CAPITAL

INVESTMENT PHILOSOPHY

• We partner with clients to provide tailored solutions across the spectrum of hedge fund strategies

• We integrate risk management into all aspects of the investment process focusing on manager, operational, portfolio,
and strategy/investment risk

• We follow an investment process which combines excellence in research, risk management, manager due
diligence, and portfolio construction to increase the probability of consistent and uncorrelated investment results

• We maintain a bias towards fundamentally oriented managers and complement experienced and established firms
with emerging talent

• We focus on managers with demonstrated investment and business skill, deep organizations, sustainable
performance, and consistent risk profiles

• We determine the allocation to hedge fund strategies and managers merging quantitative and qualitative factors,
using mean-variance optimization tools, reviewing correlations among managers and incorporating position limits,
ranges and liquidity constraints

• We invest with managers who provide portfolio transparency and access to principals affording a clear
understanding of each manager’s investment strategy, competitive advantage, and underlying drivers of returns

AETOS CAPITAL

INVESTMENT PROCESS

With institutional standards in mind, we follow a disciplined and repeatable investment process which
incorporates client specific inputs and guidelines with significant knowledge transfer

Fundamental &
Macroeconomic Research

Manager Evaluation &

Selection

Portfolio Construction

Monitoring & Reporting

Process

Integrated Risk
Management

Establish Client

Specific Risk & Return

Objectives

Determine

AETOS CAPITAL

INTEGRATED RISK MANAGEMENT

Control Environment

Pricing & Valuations

Transparency & Reporting

External Service Providers

Systems & Disaster Recovery

Trading, Settlement &

Reconciliation

Accounting & Audit

Operational

Risk

Correlations

Performance Attribution

Liquidity

Scenario Analysis & Stress Tests

Strategy & Manager Diversification
Exposure Profiles

Quantitative

Risk

Value at Risk

Factor Risks & Exposures

- Equity

- Fixed Income

- Credit

- Volatility

- Liquidity

- Concentrations

- Derivatives

- Leverage

Strategy /

Investment Risk

Management

Risk

Quality of Franchise

Alignment of Interests

Organizational Stability

Investment Discipline

Integrity & Ethics

Client Mix

Legal

Risk management is integrated in every step of the investment process. We evaluate risk in each of its four
constituent parts and focus on the key variables in each

AETOS CAPITAL

FUNDAMENTAL AND MACROECONOMIC RESEARCH

We classify investment strategies, determine the key drivers of performance, develop forward-looking views,
set risk and return expectations, and undertake fundamental macroeconomic research

Multi-
Strategy

Liquidity-Driven
Strategies

Skill-Driven
Strategies

Global Growth

Equity Markets

Interest Rates

Shape of Yield Curve

Credit Spreads

Volatility

Macroeconomic Environment

Distressed

Long-Bias Credit

Short-Bias Credit

Variable-Bias Credit

Arbitrage

Merger Arbitrage
Convertible Arbitrage
Statistical Arbitrage
Event-Driven Arbitrage
Capital Structure Arbitrage
Fixed Income Arbitrage

Relative Value Arbitrage

Long/Short Equity

Short-Bias Equity
Directional-Equity

Market Neutral
Sector Funds

Quantitative Strategies

Tactical Trading

Global TAA

Fundamental Macro

Commodity

Currency

Systematic Macro

CTAs

AETOS CAPITAL

MANAGER EVALUATION & SELECTION PROCESS

Meticulous process reflecting nearly three decades of collective hedge fund experience is critical to
discovering top investment talent

Universe

Evaluate

• Extensive universe of established and
emerging managers
- Proprietary Network
- Prime Brokers -
Conferences -
Databases

• Sorted by strategy and sub-strategy

• Qualitative assessment of manager’s “edge”
- Philosophy & Process
- Pedigree
- Risk Management
- Organizational Structure

• Quantitative analysis of track record
- Exposure to Market Factors
- Style Drift
- Leverage
- Issue Concentration

Focus

• Meetings with multiple levels of investment professionals

• Site visits and meetings with CFO and other compliance and operations personnel to assess systems, control
environment, disaster recovery and evaluation processes

• Confirm peer, counterparty and client references through proprietary network to gain insight on investment skill,
integrity, ethics and coherence of team

• Conduct background checks for regulatory, civil and criminal violations, verify education and experience

• Evaluate correlation to existing managers and contribution to risk of portfolio

• Negotiate capacity and liquidity terms, side letters, fees and transparency requirements

• Construct portfolios which are concentrated by manager and diversified by strategy

Invest

AETOS CAPITAL

ELEMENTS OF MANAGER EVALUATION & ANALYSIS

We employ a team-based approach where senior investment professionals lead the manager research,
operational due diligence and legal review processes, assisted by strategy specific analysts.

Hedge Fund

Transparency

Investment Strategy

Access to Principals

Investment Record

Leverage

Professional Background
& Experience

Concentration

Organizational

Stability & Depth

Legal Terms

Operational Controls

Pricing Policies

Scale & Growth of
Assets

Business Strategy

Operational, Business &

Legal Due Diligence

Investment
Research

Investment Memo: Assessment of investment team, strategy, risk controls, track record and
strategic rationale

Due Diligence Worksheet: Assessment of business infrastructure, fund terms, portfolio composition, pricing
policies, trading procedures, back office, valuation and oversight

Legal Review Worksheet: Review of subscription documents, articles of association and private offering
memorandum

Risk Scorecard: Summary evaluation to rate manager’s profile, quality of controls, oversight and
diligence processes

AETOS CAPITAL

PORTFOLIO CONSTRUCTION

Qualitative & Quantitative
Assessment

Expected Risk and Return

Leverage

Capacity

Manager & Sector

Allocation

Investment Trends

Investment Forecast &
Outlook

Under & Over-Weight
Concentrations

Strategy &

Sub-Strategy Allocation

Mean-Variance Optimization Position Limits

Capacity Liquidity

Optimization

Scenario Simulation & Stress Testing

Simulate Historical Performance

Factor Analysis

Evaluate Conditional Outcomes

Investment Committee constructs portfolios that are diversified by manager, sub-strategy and strategy
using a blend of qualitative assessments and quantitative tools

AETOS CAPITAL

MANAGER AND PORTFOLIO MONITORING

Continually evaluate the market environment, opportunity set and risk profile of each strategy and perform
ongoing due diligence on individual managers

Hedge Fund

Organization
Leverage
Concentration
Exposures
Risk Controls

Environment

Volatility
Liquidity
Market

Strategy

Risk/Return
Funds Flow
Correlation
s

Market Environment
Review

Portfolio Level

Analysis & Review

Hedge Fund Level

Quantitative & Qualitative
Review

Performance, Valuation &
Pricing Confirmation

• Market returns, volatilities,
correlations, mean reversion

• Drivers of risks & returns

• Flow of funds

• Strategy outlooks

• Portfolio return, volatility, Sharpe
ratio, return distribution, skew,
kurtosis, drawdowns

• Exposure aggregations,
concentrations

• Contribution to return

• Manager correlations

• Market correlations & betas

• Factor analysis

• Scenario simulations & stress testing

Qualitative:

• Organizational stability

• Scheduled operational reviews

• Pricing procedure report per manager

Historical return

Volatility

Reporting behavior

Regression analysis

Peer group analysis

Exposure report review

• Review by Aetos Pricing Committee

• Independent board oversight

Quantitative:

• Performance

• Exposures

• Concentrations

• Attribution
analysis

• Factor analysis

• Leverage

• Asset allocation

• Peer group

analysis

• Customized

exposure reports

• Market

comparisons

AETOS CAPITAL

WHY INVEST WITH AETOS?

Experience

• Our senior investment professionals each have at least ten years of institutional experience investing in hedge fund
strategies as fiduciaries

• Our professionals have extensive investment, capital markets, and trading experience across equities, fixed income,
derivatives, arbitrage and distressed investments

Philosophy

• Our goal is to preserve capital and maximize alpha - we believe in a fundamentally based process and disciplined
approach to strategy allocation, manager selection, and monitoring

• We invest with the highest quality hedge fund managers, including both established and emerging talents, where we
have conviction in both their investment process and operational structure

• We require access to principals and portfolio information from our managers

Process

• We integrate risk management into our investment process and construct portfolios which are diversified by strategy
and manager using a blend of qualitative assessments and quantitative tools

Partnership

• As fiduciaries by background and perspective, we recognize our responsibility to clients and offer the highest level of
service by providing thoughtful research, market insights, tailored solutions, and customized reporting

AETOS CAPITAL

AETOS CAPITAL PORTFOLIO

As of October 1, 2010

1 Allocations are subject to change over time.

Historical Strategy Allocation

Strategy Allocations

Number of Managers =

Number of Strategies =

Median Position Size = %

Average Position Size = %

Maximum Position Size = %

Aetos Capital Fund: %

AETOS CAPITAL

Betas: Since Inception (September 1, 2002) through September 30, 2010 (net of fees in US$ terms)

AETOS CAPITAL PORTFOLIO

	Beta: Barclays Capital Aggregate Index	Beta: S&P 500 DRI	Beta: MSCI World Index
Aetos Capital Portfolio
Aetos Capital Fund
Aetos Capital Fund
Aetos Capital Fund

Historical Exposure

AETOS CAPITAL

Since Inception (September 1, 2002) through September 30, 2010 (net of fees in US$ terms)

AETOS CAPITAL PORTFOLIO

As of 9/30/10:	Aetos Capital Portfolio	90-Day Treasury Bills	Barclays Capital Aggregate Index	S&P 500 DRI Index	MSCI World Index
Average Net Annualized Return
Annualized Standard Deviation
Sharpe Ratio		-
Largest Calendar Qtr. Drawdown		-

Performance Footnote:

Standard Deviation

Sharpe Ratio

AETOS CAPITAL

Since Inception (September 1, 2002) through September 30, 2010 (net of fees in US$ terms)

AETOS CAPITAL PORTFOLIO

Annualized Return As of 9/30/10:	Aetos Capital Portfolio	90-Day Treasury Bills	Barclays Capital Agg. Index	S&P 500 DRI Index	MSCI World Index
1 Year
2 Years
3 Years
4 Years
5 Years
Since Inception (9/1/2002)

Performance Footnote:

Investment Performance

AETOS CAPITAL

AETOS CAPITAL: UNDERLYING HEDGE FUND MANAGERS

Subject to change over time. Excludes managers under redemption.

Aetos Capital Portfolio

Underlying Hedge Fund Manager List

October 1, 2010

AETOS CAPITAL

AETOS CAPITAL FUND

As of 9/30/10:	Aetos Capital Fund	90-Day Treasury Bills	Barclays Capital Aggregate Index	S&P 500 DRI Index	MSCI World Index
1 Year Annualized Return
3 Years Annualized Return
5 Years Annualized Return
Since inception through 9/30/10:
Average Annualized Return
Annualized Standard Deviation
Sharpe Ratio		-
Largest Calendar Qtr. Drawdown		-
Beta: Barclays Capital Aggregate Index		-	-	-	-
Beta: S&P 500 DRI Index		-	-	-	-
Beta: MSCI World Index		-	-	-	-

Performance (net of fees in US$ terms)1

Strategy Allocation as of October 1, 2010

Number of Managers = Average Position Size = %

Number of Strategies = Maximum Position Size = %

Median Position Size = %

Performance Footnote:

AETOS CAPITAL

AETOS CAPITAL FEES & TERMS

Management Fee*
Incentive Fee*
Hurdle Rate
High Water Mark
Contribution Frequency / Notice Period	Monthly / 30 Days
Lock-Up Period for the portion of assets invested in	1 Year
Redemption Frequency / Notice Period	Quarterly / 90 Days
Minimum Investment	$1 million
Auditor	PricewaterhouseCoopers, LLC
Administrator	HedgeServ Limited

FEES & TERMS

*Structure negotiable

AETOS CAPITAL

Anne Casscells, Co-President and Chief Investment Officer

Ms. Casscells is a Managing Director of Aetos Capital and the Co-President and Chief Investment Officer of Aetos Capital’s absolute return strategies. Prior
to joining Aetos in 2001, Ms. Casscells was Chief Investment Officer of the Stanford Management Company, where she was responsible for the investment of
over $10 billion in endowment funds and other assets of Stanford University, including absolute return investments and a portable alpha program she
developed while there. Prior to joining Stanford, Ms. Casscells was a Vice President in Goldman Sachs’ Fixed Income Division and an analyst at Morgan
Stanley & Company. Ms. Casscells earned her Masters of Business Administration from the Stanford Graduate School of Business, where she was an Arjay
Miller Scholar, and Bachelor of Arts in British Studies, cum laude, from Yale University. She is a member of the Asset Managers Committee convened by the
President’s Working Group on Financial Markets which authored Best Practices for the Hedge Fund Industry, April 15, 2008. She has also served as a trustee
of the Stanford Business School Trust, she was a member of the Board of Directors of Northern California Public Broadcasting (formerly KQED), where she
was Treasurer and head of the Finance Committee. Currently, Ms. Casscells serves as an off-board member of the finance and investment committees. She
also was an Advisor to the Finance Committee of the David & Lucile Packard Foundation. She is the co-author with Robert Arnott of two articles titled
Demographics and Capital Markets Returns and Will We Retire Later and Poorer? She also co-authored with Clifford S. Asness an unpublished monograph
titled Comparing Apples-to-Apples the Stock Market is Expensive, April 2004.

Michael F. Klein, Co-President and Chief Risk Officer

Mr. Klein is a Managing Director of Aetos Capital and the Co-President and Chief Risk Officer of Aetos Capital’s absolute return strategies. Prior to joining
Aetos Capital in 2000, Mr. Klein was a Managing Director of Morgan Stanley & Co. and was President and a Director of the Morgan Stanley Institutional
Open and Closed-End Funds. Mr. Klein joined Morgan Stanley in 1995 and was involved in both the firm’s institutional asset management and retail funds
businesses. Prior to joining Morgan Stanley, he practiced law at the international law firm of Rogers & Wells in New York. Mr. Klein is a magna cum laude
graduate of Colgate University where he was elected to Phi Beta Kappa, and received his Juris Doctor degree from Boston College Law School where he was
graduated cum laude. Mr. Klein currently serves as an independent trustee of the Morgan Stanley family of mutual funds.

Andrea M. Bollyky, Managing Director, Head of Business Development

Ms. Bollyky is a Managing Director of Aetos Capital and leads the business development and client relations activities for Aetos Capital’s absolute return
strategies. Prior to joining Aetos Capital in 2004, Ms. Bollyky was a Principal with Clay Finlay Inc., a specialist global equity management firm with $8
billion under management and offices in New York, Tokyo and London where she was responsible for managing the firm's global business development and
marketing activities. Prior to joining Clay Finlay in 1995, Ms. Bollyky was an Account Executive with Gartmore Capital Management, a global asset
manager headquartered in London where she was responsible for managing the firm’s North American consultant relations and client service activities.
Earlier in her career, Ms. Bollyky was a Manager with SEI Corporation and a member of the International Investment Group, which created multi-manager
investment products offered to the pension, endowment and foundation markets. Ms. Bollyky was also involved in the evaluation and analysis of investment
managers for use in the firm's multi-manager investment strategies and for recommendations to the firm's consulting clients. She began her career as a
Research Analyst affiliated with the Hungarian Ministry of Finance in Budapest Hungary. Ms. Bollyky was educated at Lehigh University, where she
received a Bachelor of Arts in International Business with a concentration in Economics and Eastern European Studies, and the Economic University of
Budapest.

BIOGRAPHIES

AETOS CAPITAL

James T. Gibbons, Managing Director, Senior Portfolio Manager

Mr. Gibbons is a Managing Director of Aetos Capital and is a senior portfolio manager and member of Aetos Capital’s absolute return strategies investment
team. Prior to joining Aetos Capital in 2002, Mr. Gibbons served as a Senior Vice President at Evaluation Associates Capital Markets, where he was
responsible for research and due diligence on a large group of relative value and event driven hedge fund managers. During his career at Evaluation Associates
Mr. Gibbons and team managed up to $2.6 billion in assets. Before joining Evaluation Associates, Mr. Gibbons spent ten years with AIG in New York,
London and Tokyo. He served as chief investment officer for various AIG insurance entities and Managing Director for AIG Global Investment Corp. His
responsibilities included asset allocation as well as the management of fixed income, equity and non-traditional investment teams that invested $13 billion.
Earlier in his career, Mr. Gibbons worked for Unilever in their treasury units in the U.S. and London. Mr. Gibbons received his Bachelor of Science degree in
Finance from Georgetown University.

Harold J. Schaaff, Managing Director, General Counsel

Mr. Schaaff is a Managing Director and General Counsel of Aetos Capital. Prior to joining Aetos Capital in 2001, Mr. Schaaff was a Managing Director of
Morgan Stanley and the President and a Director of the Morgan Stanley Institutional Open and Closed-End Funds. Prior to 2000, Mr. Schaaff was a Managing
Director and General Counsel for Morgan Stanley Investment Management. Mr. Schaaff joined Morgan Stanley in 1989. Prior to 1989, Mr. Schaaff practiced
securities law for Sullivan & Cromwell in New York. Mr. Schaaff received his Bachelor of Arts degree from Brown University and his Juris Doctor degree
from the University of California at Los Angeles where he was a member of the Order of the Coif and a John M. Olin Law and Economics Scholar.

Jonathan Bishop, Director, Research

Mr. Bishop is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2004, Mr. Bishop worked at SG Barr
Devlin, where he focused on mergers, acquisitions and restructuring advisory assignments in the energy and power sectors. Mr. Bishop's assignments included
advising Pacific Gas & Electric Company on its restructuring under Chapter 11 of the U.S. Bankruptcy Code. Mr. Bishop graduated from the University of
Virginia where he received a Bachelor of Science in Commerce with a concentration in Finance from the McIntire School. Additionally, Mr. Bishop is a CFA
Charterholder.

Joseph J. McDonald, Director, Manager of Operational Risk

Mr. McDonald is a Director and Manager of Operational Risk of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in
2006, Mr. McDonald was Director of Risk Management in the Alternative Investment Group at Morgan Stanley. During this time he was responsible for the
initial and ongoing operational due diligence of third party alternative investment managers sourced through the firm’s Graystone Research advisory platform.
He also served as the Risk Manager for the Alternative Investment Group, with oversight responsibilities for the Graystone Research and Morgan Stanley
Managed Futures businesses. Prior to 2005, Mr. McDonald was a Vice President in the Credit Risk Management and Advisory Group at Goldman Sachs in
New York. In this role he was responsible for assessing and monitoring the firm’s counterparty risk to hedge funds and other alternative investment vehicles.
Mr. McDonald received a B.A. in History from Cornell University and an M.B.A from Columbia University.

BIOGRAPHIES

AETOS CAPITAL

Scott D. Sawyer, Director, Chief Financial Officer

Mr. Sawyer is a Director and Chief Financial Officer of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2004,
Mr. Sawyer was a Client Portfolio Manager at General Electric Asset Management where he was responsible for the daily investment and operational
oversight of third party accounts investing in various U.S. and international equity strategies. Prior to 2002, Mr. Sawyer was Manager of Fund Operations at
General Electric Asset Management where he was responsible for the budgetary, control and reporting requirements for numerous families of mutual funds.
Prior to joining General Electric Asset Management, Mr. Sawyer was an Audit Manager at PricewaterhouseCoopers, LLP. Mr. Sawyer graduated from
Bucknell University where he received his Bachelor of Science in Accounting.

Michael Spath, Director, Portfolio Manager

Mr. Spath is a Director of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2007, Mr. Spath developed a
quantitative credit-equity trading strategy with Creedon Keller & Partners. Mr. Spath previously had a 13 year career at Goldman Sachs, where he was a
Vice President in the Fixed Income Division. From 2000-2002, Mr. Spath was Co-Business Manager of Goldman Sachs’ Credit Derivatives Department.
Prior to that arrangement, he was a Senior Deal Captain in the Collateralized Debt Obligation Group, a Vice President in Fixed Income Research and an
Associate in the Mortgage Department. Mr. Spath has a B.A. in Economics and Computer Science from Brown University and is also the author of
Dangerous Delusions: America on the Brink; A Critical Solution to America’s Political and Economic Dilemma, 1995.

Andrew Walling, Director, Research

Mr. Walling is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2005, Mr. Walling worked in the
Investment Banking Division of Lehman Brothers. As a member of the Global Technology Group, Mr. Walling was responsible for providing both corporate
finance and M&A expertise as well as deal execution to firm clients in the enterprise software and semiconductor industries. Mr. Walling graduated from
Princeton University magna cum laude with a B.A. from the Woodrow Wilson School of Public and International Affairs, where he was elected to Phi Beta
Kappa. He also earned a Masters of Business Administration from the Stanford Graduate School of Business. Mr. Walling is a CFA Charterholder.

Reid Conway, Vice President, Chief Compliance Officer

Mr. Conway is a member of the Aetos Capital’s legal team. Prior to joining Aetos Capital in 2004, Mr. Conway was an Assistant Vice President at Alliance
Capital, where he was responsible for mutual fund sales literature compliance with NASD rules and regulations and assisted with issues relating to mutual
fund regulation. Prior to joining Alliance Capital, Mr. Conway was an Associate at J.P. Morgan Investment Management, where he provided legal support in
connection with new product development and general mutual fund matters. Prior to joining J.P. Morgan Investment Management, Mr. Conway worked at
Seward & Kissel LLP as a mutual fund paralegal. Mr. Conway graduated from Stanford University where he received a Bachelor of Arts degree in
Developmental Psychology and earned his Masters in Business Administration from New York University.

BIOGRAPHIES

AETOS CAPITAL

BIOGRAPHIES

Bradley C. Rudner, Vice President, Business Development

Mr. Rudner is a Vice President of Aetos Capital and is involved in the business development and client relations activities of Aetos Capital’s absolute return
strategies. Prior to joining Aetos Capital in 2007, Mr. Rudner was a Vice President in the institutional marketing group at Lazard Asset Management LLC. Mr.
Rudner has been working in the investment field since 2000, when he joined Lazard Asset Management. He received his B.A. in Economics from Duke
University.

Dana A. Troetel, Vice President, Legal

Ms. Troetel is a member of Aetos Capital’s legal team. Prior to joining Aetos Capital in 2006, Ms. Troetel was an Associate in the Investment Management
Group of the law firm of Davis Polk & Wardwell, where she was responsible for the structuring and registration of private equity and hedge funds. Ms.
Troetel is a magna cum laude graduate of the University of Rochester and received her Juris Doctor degree from Columbia University where she was a Harlan
Fiske Stone Scholar.

Elizabeth A. Leung, Assistant Vice President, Business Development

Ms. Leung is a member of Aetos Capital’s absolute return business development and client relations team. Prior to joining Aetos Capital in 2008, Ms. Leung
was an Assistant Vice President at Credit Suisse Asset Management and at David J. Greene and Company, where she was responsible for product marketing
and client servicing. Earlier in her career, Ms. Leung was an institutional marketing and sales associate at Lazard Asset Management and AllianceBernstein
Institutional Investment Management. Ms. Leung is a cum laude graduate of Wellesley College and is currently attending New York University’s Stern
School of Business.

Andrew M. Poffel, Assistant Vice President, Business Development

Mr. Poffel is a member of Aetos Capital’s absolute return business development and client relations team. Prior to joining Aetos Capital in 2010, Mr. Poffel
worked in institutional marketing and client service at Legg Mason Capital Management. Mr. Poffel previously worked in Legg Mason, Inc.’s Wealth
Management division and began his career in the Real Estate Investment Banking Group at Legg Mason Wood Walker. Mr. Poffel received his B.S. in
Business Administration from the University of Richmond. Additionally, Mr. Poffel is a CFA Charterholder.

Filbert Cua, Research Associate

Mr. Cua is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2010, Mr. Cua worked as an analyst for
Citigroup Global Markets in Hong Kong, and as an analyst for Perry Capital in both their Hong Kong and New York offices. Mr. Cua graduated from the
University of Pennsylvania summa cum laude with a B.S. in Economics from the Wharton School (concentration in Finance) and a B.A.S. in Computer
Science from the School of Engineering and Applied Science. He also earned his Masters of Business Administration from the Stanford Graduate School of
Business, where he was an Arjay Miller Scholar.

AETOS CAPITAL

Susan E. Little, Business Development Associate

Ms. Little is a member of Aetos Capital’s absolute return business development and client relations team. Prior to joining Aetos Capital in 2007, Ms. Little
graduated from Lehigh University where she received a Bachelor of Arts in Classics and History.

Susan S. Liu, Operational Due Diligence Associate

Ms. Liu is a member of Aetos Capital’s absolute return operational due diligence team. Prior to joining Aetos Capital in 2008, Ms. Liu was an Associate at
Lehman Brothers in the Credit Risk Management Group. Ms. Liu began her career as a Corporate Actions Analyst and Trading Assistant at Shenkman Capital
Management. Ms. Liu graduated from Lehigh University where she received a Bachelor of Science.

A.J. Chen, Research Analyst

Mr. Chen is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2006, Mr. Chen graduated from the
University of California, Berkeley where he received a Bachelor of Arts degree in Molecular Cell Biology and Chinese Language and Literature.

Adam Durity, Risk Systems Analyst

Mr. Durity is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2009, Mr. Durity worked as a
Technology Analyst in the Computing Platform Engineering group at Goldman Sachs. Mr. Durity graduated from Duke University where he received a
Bachelor of Science in Engineering as well as a Bachelor in Science of Computer Science.

Daniel Fagan, Research Analyst

Mr. Fagan is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2010, Mr. Fagan worked as a corporate
finance analyst in the Private Placements group at RBC Capital Markets. Mr. Fagan graduated from Stanford University where he received a Bachelor of Arts
in Economics and Philosophy, graduating with Distinction in both fields.

Julie J. Yen, Research Analyst

Ms. Yen is a member of Aetos Capital’s absolute return strategies investment team. Prior to joining Aetos Capital in 2008, Ms. Yen worked as the Business
Manager and Chief Operating Officer of The Stanford Daily Publishing Corp., and served as the Treasurer for the Organization’s endowment. Ms. Yen
graduated from Stanford University where she received a Bachelor of Arts with Honors.

BIOGRAPHIES

AETOS CAPITAL

AETOS CAPITAL, LP

Aetos Capital, LP

Offices: New York, Menlo Park, Tokyo, Hong Kong, Beijing, Shanghai

* Includes invested assets as of December 31, 2009, plus assets awarded but not yet funded.

Hedge Funds Of Funds

Custom Absolute Return Portfolios

Portable Alpha

Aetos Alternatives Management

• $5 billion*

• 99% institutional capital

Aetos Capital Asia

Opportunistic Real Estate

• $4 billion

• 95% institutional capital