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1 February 2012 CONFIDENTIAL Flagship Strategy: Diversified and Concentrated
1
February 2012
CONFIDENTIAL
Flagship Strategy:Diversified and Concentrated
2
Chilton Investment Company
Founded in July 1992 by Richard L. Chilton, Jr. Investment Advisor registered with securities
regulators in the US, UK, and Hong Kong Over 100 employees in New York, Stamford,
London, Hong Kong & Beijing $6.0 billion in AUM across eight strategies:
Beijing
New York
Stamford
London Hong Kong
Chilton StrategiesFlagship Strategy Diversified 14.1% Jul 1992
Concentrated 16.7% Oct 1994European Equities 6.3% Mar 1999Small Cap Equities 10.7% Jan 2002Global Natural Resources 6.9% Aug 2005Asian Equities Pan-Asia Pacific 3.0% Jan 2007
China Opportunities 10.4% Jan 2007Hedged U.S. Equities 7.9% Jan 2011Multi-Strategy 3.2% Jan 2007UCITS Global Fund -- Nov 2011
Net Annualized Performance (CAGR)
Inception Date
Net performance results are since inception of each strategy through January 31, 2012. Figures are estimated for the most recent month in range. Statistics are based on monthly data. Please see "Important Disclosures" for additional information concerning these figures. Please see page 5 for more detailed performance information including certain relevant benchmarks.
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The Chilton Team
Firm Management9 Person Board of Directors Richard L. Chilton, Jr., Chairman, CEO & CIO
Firm Management – 5 Person Executive Committee
Michael Clark, President, COO, CRO and Chairman of Executive Committee
Senior leaders from key departments of the firm with over 40 years of combined experience at Chilton
Trade Execution6 Execution Traders Andrew Burr, Director of Trading
Client Relations10 Professionals Colleen Ferguson, Exec. VP – Client Relations
Legal & Compliance7 Professionals James Steinthal, Exec. VP – General Counsel
Technology11 Professionals Jerry Goersch, Chief Information Officer
Risk Management 6 Person Portfolio Risk Committee Michael Clark, President, COO & CRO2 Person Quantitative Analytics Team
Accounting & Operations20 Professionals Dale Thompson, Sr. VP – Chief Financial Officer
Investment Research 31 Investment Professionals6 Portfolio Managers and 25 Dedicated Analysts Richard L. Chilton, Jr., PM of Flagship Strategies Frederic Gautier, PM of European Equities Daniel Szemis, PM of Small Cap Equities Leigh Goehring, PM of Global Natural Resources Kenneth Chiang, PM of Asian Equities Robert Williamson, PM of Hedged U.S. Equities
4
Chilton Research Platform
Global Investment Team Portfolio Managers have autonomy and discretion
over their individual strategies Analysts are a shared resource – Portfolio Mangers
have dedicated analysts and also draw upon the broader team
Director of Research (D.o.R.) role highlights Chilton’s commitment to managing a cohesive research effort
Collaborative ApproachCentralized Systems
“Red Alerts” is a proprietary research database that captures company analysis across the firm
“Triple Star Recommendation” is a standardized company evaluation template
Consistent Communication Weekly New Idea Recommendation Meeting is a
chance for analysts to present their ideas to the entire research team
Daily morning meeting and Daily Briefings e-mail
Flagship StrategiesRichard L. Chilton, Jr.Inception: July 1992Equities Long/Short
European EquitiesFrederic Gautier
Inception: March 1999Europe Long/Short
Small CapDan Szemis
Inception: January 2002Small Cap Long/Short
Asian EquitiesKen Chiang
Inception: January 2007Pan-Asia & China
Long/Short
Global Natural Resources
Leigh GoehringInception: August 2005
Nat. Resources Long/Short
Chilton Research Platform
D.o.R.Jennifer Foster
Hedged U.S. EquitiesRobert Williamson
Inception: January 2011Equities Long/Short
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Strategy Statistics
Small Cap
Manager WilliamsonInception Jan 2011
$613mm $267mm $28mm $89mm $278mm $49mm
Team
StrategyCAGR 14.1% 16.7% 6.3% 10.7% 3.0% 10.4% 7.9% 3.2%
Volatility* 11.3% 12.9% 10.0% 8.5% 19.4% 18.6% 6.7% 11.2%Sharpe Ratio 0.97 1.05 0.39 1.04 0.09 0.49 1.17 0.18
Best Month 14.3% 15.8% 13.4% 6.4% 16.1% 20.6% 3.3% 10.9%Worst Month -15.6% -14.2% -9.1% -6.3% -9.3% -9.3% -3.3% -9.0%
S&P 500CAGR 8.3% 8.2% 1.5% 6.3% -4.0% 8.0% -0.3% 3.9% 6.2% -0.2%
Volatility* 15.1% 15.8% 16.6% 21.0% 26.4% 26.4% 21.6% 33.1% 15.2% 21.0%Sharpe Ratio 0.34 0.32 (0.05) 0.22 (0.22) 0.23 (0.07) 0.08 0.40 (0.07)
Best Month 10.9% 10.9% 12.8% 15.5% 19.7% 18.3% 12.5% 19.5% 10.9% 11.9%Worst Month -16.8% -16.8% -14.2% -20.8% -28.2% -25.5% -19.7% -22.9% -7.0% -19.8%
MSCI ChinaBenchmark S&P 500 MSCI APS&P 500MSCI
Europe R2000 GSCI
ChiangJan 2007
P erfo rmance figures a re pro vided fo r re fe rence purpo s es o nly and do no t repres ent an o ffe r o r s ic ita tio n with res pec t to the purchas e o r s a le o f any s ecurity. P leas e s ee "Impo rtant Dis c lo s ures ". F igures a re es timated fo r the mo s t recent mo nth. S ta tis tics a re bas ed o n mo nthly da ta .* Repres ents annua lized mo nthly s tandard devia tio n s ince inceptio n. AUM is es timated as o f February 1, 2012 . Net perfo rmance res ults a re s ince inceptio n o f each s tra tegy thro ugh J anuary 31, 2012. As ian Equities perfo rmance is s ince inceptio n o f the funds o n J anuary 4, 2007.
$1.4bn
CommitteeJan 2007$24mm
Jan 2002
AUM
Szemis
$3.2bn
0.22
Asian EquitiesPan-Asia Pacific
Jan 2007
China Opportunities
Shared Research Team of 25 Global Analysts
S&P Nat Res
Multi-Strategy
Hedged US Equities
MSCI World
Goehring
17.0%
6.9%
-21.2%
22.9%
FlagshipChilton
DiversifiedChilton
Concentrated
Jul 1992Chilton
Oct 1994
European Equities
Global Natural Resources
Aug 2005Mar 1999Gautier
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The Chilton Approach
Firm Differentiators 19-year track record of generating superior risk-adjusted returns Defined and repeatable investment process Experienced investment team committed to rigorous fundamental research Mature institutional infrastructure Consistent risk management process applied across the platform
Portfolios constructed to carefully balance risk / return Fundamentally driven portfolios Valuation sensitive Focus on long-term value of portfolio companies
Partnership with our investors Commitment to transparency and communication with investors
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Chilton Flagship Strategy Overview
A Classic Hedge Fund… Since inception, the Chilton Flagship
Strategy (Diversified and Concentrated) has outperformed the benchmark with lower volatility
The Flagship Strategy employs a classic hedge fund style: Aims to consistently produce positive
returns with less risk than that of the overall market
Focuses on identifying the best and worst business models through fundamental bottom-up research
Generally, hedges approximately 30% for every dollar long to preserve capital
11.3%12.9%
15.1% 15.8%
0%
5%
10%
15%
20%
Chilton Diversified S&P 500 Chilton Concentrated S&P 500
Ann
ualiz
ed V
olat
ility
(Sta
ndar
d D
evia
tion)
Annualized Volatility Since Inception
14.1%16.7%
8.3% 8.2%
0%
5%
10%
15%
20%
25%
30%
Chilton Diversified S&P 500 Chilton Concentrated S&P 500
Ann
ualiz
ed R
etur
ns
Annualized Performance Since Inception
Net performance results for Chilton Diversified are since inception on July 1, 1992 through December 31, 2011 and for Chilton Concentrated are since inception on October 1, 1994 through December 31, 2011. Figures are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.
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A Stable and Experienced Management Team…Richard L. Chilton, Jr., Chairman and Chief Investment Officer Richard has over 25 years of industry experience and leads a team of dedicated analysts with
over 50 collective years at Chilton Richard draws upon the intellectual capital of Chilton’s other investment strategies
The entire research team has over two centuries of investment experience Ability to attract talent
Richard L. Chilton, Jr. and the Flagship Strategy Team
The Flagship Strategy team also leverages the resources, contacts, and idea-flow of the broader Chilton research team. Chilton’s philosophy of valuing individual impact and rewarding teamwork has developed a strong culture of collaboration, integrity, and creativity.
Richard and team have acquired extensive knowledge of the securities industry, built over time through: Researching and meeting with companies
globally Developing a deep network of contacts
throughout various industries
Building proprietary analytics Traveling extensively to gain firsthand
knowledge
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Performance Since Inception
Chilton Diversified S&P 500Return Since Inception 1217.9% 373.5%CAGR Since Inception 14.1% 8.3%
Annualized Volatility 11.3% 15.1%Chilton Concentrated S&P 500
Return Since Inception 1338.2% 283.2%CAGR Since Inception 16.6% 8.1%
Annualized Volatility 13.0% 15.8%
Net performance results and volatility for Chilton Diversified are since inception on July 1, 1992 through January 31, 2012 and for Chilton Concentrated are since inception on October 1, 1994 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$13,179
$14,382
$4,735
Chilton Concentrated
Chilton Diversified
S&P 500
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Down-Market Performance Analysis
The Chilton Flagship Strategy team has a proven track record of reducing the impact of the broad market’s most negative performance.
Since inception, Diversified and Concentrated have outperformed the S&P 500, primarily by protecting against down markets.
Avoiding Bear Markets…
Net performance results for Chilton Diversified are since inception on July 31, 1992 through January 31, 2012 and for Chilton Concentrated are since inception on October 1, 1994 through January 31, 2012. Figures are estimated for the most recent month. Statist ics are based on monthly data and only include full quarters. Please see Important Disclosure for additional information concerning these figures.
25.4%
-9.0%
14.1%
28.3%
-28.3%
8.1%
-35%
-25%
-15%
-5%
5%
15%
25%
35%
55 Quarters S&P 500 Up 23 Quarters S&P 500 Down 78 Quarters of Performance
Chilton DiversifiedS&P 500
Chilton Diversified Annualized Quarterly Up and Down vs. S&P 500
-20%
-16%
-12%
-8%
-4%
0%
4%
Chilton DiversifiedS&P 500
Chilton Diversified vs. 10 Worst Months Performance of S&P 500
29.4%
-6.3%
16.7%
31.3%
-28.9%
8.0%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
47 Quarters S&P 500 Up 22 Quarters S&P 500 Down 69 Quarters of Performance
Chilton ConcentratedS&P 500
Chilton Concentrated Annualized Quarterly Up and Down vs. S&P 500
-20%
-16%
-12%
-8%
-4%
0%
4%
Chilton ConcentratedS&P 500
Chilton Concentrated vs. 10 Worst Months Performance of S&P 500
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Investment Strategy and Objectives
Investment Strategy… Chilton Diversified and Concentrated are long-short strategies focused on capital
appreciation by investing in a diversified portfolio, generally equity securities Value Approach: Focus on buying good business models at attractive entry points Focus on selling short business models that have poor fundamentals (e.g., weak
management team, flawed business model, etc.) or whose values are linked toexternal factors which may lead to secular declines and/or weakening prices
Investment Objectives… We seek capital appreciation in rising markets and capital preservation in declining
markets We seek to capitalize on the early identification of changes that take place within
companies and industries We seek to produce consistent returns with controlled volatility We embody a long-term investment philosophy
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Capturing Excess Returns
Two Ways to Capture Alpha… Two ways to capture excess returns –
Longs and Shorts Through bottom-up,
fundamental analysis, Chilton strives to determine the best investment opportunities in the marketplace
Our portfolio managers and analysts seek not only to identify securities whose values are likely to increase, but also securities whose values are likely to decrease
Generally, shorts comprise 30% of gross long position at a minimum
Equity long-short allows Chilton to potentially capture excess returns on both sides of the market and is thus first and foremost a valuable tool for capitalizing on market dislocations.
Long and short exposures are since January 1, 1998 and through January 31, 2012 for Chilton Diversified and from March 1, 1998 through January 31, 2012 for Chilton Concentrated and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for additional information concerning these figures.
0%
20%
40%
60%
80%
100%
120%
140%
160%
Expo
sure
s
Chilton Diversified Strategy Long and Short Exposure
Gross Long Gross Short
0%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Expo
sure
s
Chilton Concentrated Strategy Long and Short Exposure
Gross Long Gross Short
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Shorting Philosophy
Effectively Utilizing Shorts… At Chilton, shorting is a long-term strategy. Richard Chilton and the investment
team have the courage of their convictions to effectively employ shorts within the portfolio
Chilton exploits three advantages of shorting: Source of Excess Return
Chilton aims to create excess return by identifying companies with fundamentally challenged business models or weak management teams as well as other market dislocations to make money using shorts
Natural Hedge Shorts may also provide a natural hedge to the long side of the portfolio by
protecting the portfolio against downward movement in the broader market Long-side Enhancement
In addition to providing downside protection, long-short strategies may increase a manager’s ability to capitalize on favorable pricing after a market dislocation
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Universe of Equity Securities
Bottom-up Company Analysis Focuses On: Identifying company-level catalysts, secular shifts, structural changes, and/or misconceptions in the
market that will drive investment returns
Fundamental Research & Financial Analysis Proprietary financial modeling Identifying companies with:
- High ROA and cash flow - Exogenous positive change- Seasoned management - Strong and consistent - Industry leadership earningspotential - Multiple expansion - Rational business models - Competitive advantages
Triangulated research across the value chain including suppliers, competitors, customers, vendors, and industry experts
Field Work Maintain on-going dialogue with
management teams through onsite and in-house visits
Richard Chilton’s tenure and network provide access to management teams and industry experts
Travel extensively to gain firsthand knowledge of company operations and local markets
Bottom-Up Research Process
Utilizing the Entire Research Platform Both the bull and bear cases are typically presented for peer review in order to thoroughly
understand the upside and downside scenarios prior to making an investment decision
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Target Portfolio Composition – Diversified and Concentrated
Long-short exposure
Long: 100% – 130% (8% max per position)*
Short: Generally expected to be 30% - 60% gross short (3% max per position). Shorts typically represent at least 30% of gross long position*
Long: 100% – 150% (10% max per position)* Short: Generally expected to be 30% - 60% gross
short (6% max per position). Shorts typically represent at least 30% of gross long position at minimum*
SectorAllocation
Diversified across all industries and sectors Generally limited to 20% of NAV*
Diversified across all industries and sectors Generally limited to 20% NAV*
Leverage Controlled use of leverage, generally not to exceed 130% gross long*
Controlled use of leverage, generally not to exceed 150% gross long*
Concentration Top 10 Positions* Top 10 Long positions are generally 40-55% Top 10 Short positions are generally 25-40%Top 25 Positions* Top 25 Long positions are generally 60-80% Top 25 Short positions are generally 45-65%
Top 10 Positions* Top 10 Long positions are generally 50-65% Top 10 Short positions are generally 45-60%Top 25 Positions* Top 25 Long positions are generally 70-90% Top 25 Short positions are generally 65-85%
Liquidity Actively monitored by Portfolio Risk Committee
Actively monitored by Portfolio Risk Committee
Diversified Strategy Concentrated Strategy
*Note: Leverage, concentration, and exposure maximums are subject to exemptions in certain circumstances.
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Diversified Portfolio SnapshotExposure by Product Long Short NetEquities 116% 60% 56%Debt 0% 0% 0%Physical 0% 0% 0% Total 116% 60% 56%
Exposure by IndustryConsumer Discretionary 24% 5% 19%Consumer Staples 14% 3% 11%Energy 5% 1% 4%Financials 2% 7% -6%Health Care 2% 2% 1%Industrials 16% 6% 10%Information Technology 2% 12% -10%Materials 16% 4% 12%Other 0% 12% -12%Retail 32% 8% 25%Telecommunication Services 2% 0% 2%Utilities 0% 0% 0% Total 116% 60% 56%
Exposure by Market CapitalizationLarge Cap ( > $10 billion) 94% 29% 65%Mid Cap ($10 billion - $2.5 billion) 15% 10% 5%Small Cap ( < $2.5 billion) 5% 22% -17%N/A 2% 0% 2% Total 116% 60% 56%
Exposure by RegionUnited States 112% 59% 52%Non-US Americas 0% 0% 0%Europe 5% 1% 4%Asia & Other Emerging Mkts. 0% 0% 0% Total 116% 60% 56%Number of Positions 47 51 98
Represents the portfolio characterist ics of the Diversified Strategy as of January 31, 2012. Exposure figures represent long, short , and net security posit ions as a percentage of strategy assets. All exposure figures are unaudited, approximate and should be used for general reference only. Historical exposure is not indicative of future exposure levels.
Consumer Discret.
19%
Consumer Staples
11%
Energy4%
Financials-6%
Health Care1%Industrials
10%IT-10%
Materials12%
Other-12%
Retailing25%
Utilities0%
Industry Exposure (net)
Large Cap65%
Mid Cap5%
Small Cap-17%
N/A2%
Exposure by Market Capitalization (net)
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Concentrated Portfolio SnapshotExposure by Product Long Short NetEquities 122% 69% 52%Debt 4% 0% 4%Other 0% 0% 0% Total 125% 69% 56%
Exposure by IndustryConsumer Discretionary 27% 6% 21%Consumer Staples 16% 3% 13%Energy 4% 1% 3%Financials 2% 7% -5%Health Care 2% 1% 1%Industrials 16% 6% 10%Information Technology 0% 13% -13%Materials 18% 4% 14%Other 4% 17% -14%Retail 33% 10% 23%Telecommunication Services 3% 0% 3%Utilities 0% 0% 0% Total 125% 69% 56%
Exposure by Market CapitalizationLarge Cap ( > $10 billion) 99% 36% 63%Mid Cap ($10 billion - $2.5 billion) 14% 10% 4%Small Cap ( < $2.5 billion) 5% 23% -18%N/A 6% 0% 6% Total 125% 69% 56%
Exposure by RegionUnited States 118% 68% 50%Non-US Americas 0% 0% 0%Europe 7% 1% 5%Asia & Other Emerging Mkts. 0% 0% 0% Total 125% 69% 56%
Number of Positions 48 51 99
Represents the portfolio characteristics of the Concentrated Strategy as of January 31, 2012. Exposure figures represent long, short , and net security positions as a percentage of strategy assets. All exposure figures are unaudited, approximate and should be used for general reference only. Historical exposure is not indicative of future exposure levels.
Consumer Discret.
21%
Consumer Staples
13%
Energy3%
Financials-5%
Health Care1%
Industrials10%IT
-13%
Materials14%
Retailing23%
Utilities0%
Industry Exposure (net)
Large Cap63%
Mid Cap4%
Small Cap-18%
N/A6%
Exposure by Market Capitalization (net)
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Portfolio and Operational Risk Management
Portfolio risk management overseen by the Risk Committee• Committee consists of six senior professionals who are not portfolio managers• Headed by Michael Clark, President, COO, and Chief Risk Officer
The Risk Committee meets monthly and is designed to provide:
Consistent risk management process applied to each strategy • Prevent unintended risks by combining top-down macro analysis with bottom-up portfolio
construction• Monitor each portfolio for current risk and factor exposures• Analyze consistency of Portfolio Managers’ investment behavior over time• Establish a clear process for monitoring portfolio limits and limiting downside
Commitment to operational integrity• Robust compliance program implemented by Compliance and Legal team• Information Technology team governs all systems and applications, enforces quality control,
and manages data integrity• Clearly defined Business Continuity Plan
Independent oversight Active monitoring of strategy and
firm level risk factors
Open dialogue with each portfolio manager
Accountability to guidelines
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Launch Date July 1, 1992 October 1, 1994
U.S. Vehicles Chilton Investment Partners, L.P. Chilton Opportunity Trust, L.P.Chilton Global Partners, L.P.
Non-U.S. Vehicles Chilton International (BVI) Ltd. Chilton Opportunity International (BVI) Ltd.
Minimum Investment Onshore: $3 million (USD)Offshore: $1 million (USD)
Onshore: $1 million (USD)Offshore: $1 million (USD)
Subscriptions Monthly Monthly
Liquidity / Fee Structure
Option 1 – Annual Liquidity:1.50% Management Fee; 20% Incentive Fee; notice due by noon on Nov 1st; no gateOption 2 – Quarterly Liquidity: 1.75% Management Fee; 20% Incentive Fee; notice due by Mar 1st, June 1st, Sept 1st or Dec 1st at noon; no gate
Option 1 – Annual Liquidity:1.50% Management Fee; 20% Incentive Fee; notice due by noon on Nov 1st; no gateOption 2 – Quarterly Liquidity: 1.75% Management Fee; 20% Incentive Fee; notice due by Mar 1st, June 1st, Sept 1st or Dec 1st at noon; no gate
Hurdle Rate No No
High Water Mark Yes Yes
Redemption Penalty 2.5% of funds redeemed within first 6 months 2.5% of the funds redeemed within first 6 months
Administrator Citco Fund Services (Toronto) Citco Fund Services (Toronto)
Auditor Ernst & Young Ernst & Young
Key Terms
Diversified Strategy Concentrated Strategy
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Contact Information
Chilton Investment Company300 Park Avenue, 19th Floor
New York, NY 10022Phone: 212-751-3596
Fax: 646-443-7705
Colleen Ferguson Executive Vice President – Director of Marketing & Client [email protected]
Jim Henderson Executive Vice President – Client Relations [email protected]
James Duckworth-Chad Senior Vice President – Client Relations (London Office)[email protected]+44-20-7087 6000
Heather Northrop Vice President – Client [email protected]
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Appendix: Historical Performance
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Historical Performance: Diversified Strategy
Annual Performance 1992* 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Chilton Diversified 29.4% 49.3% -2.4% 40.0% 21.3% 19.4% 36.4% 52.9% -0.4% 2.7% -10.8% 16.9% 9.3% 14.7% 1.3% 19.4% -25.1% 15.7% 8.2% 8.2%S&P 500 8.4% 10.1% 1.3% 37.6% 23.0% 33.4% 28.6% 21.0% -9.1% -11.9% -22.1% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1%
Quarterly Performance
3Q1992 5.2% 3.2% 4Q1998 19.9% 21.3% 1Q2005 5.4% -2.2% 2Q2011 0.9% 0.1%4Q1992 23.0% 5.0% 1Q1999 15.9% 5.0% 2Q2005 5.1% 1.4% 3Q2011 -5.4% -13.9%1Q1993 8.4% 4.4% 2Q1999 6.0% 7.0% 3Q2005 -2.0% 3.6% 4Q2011 10.5% 11.8%2Q1993 9.1% 0.5% 3Q1999 0.1% -6.2% 4Q2005 5.7% 2.1%3Q1993 21.1% 2.6% 4Q1999 24.4% 14.9% 1Q2006 1.7% 4.2%4Q1993 4.3% 2.3% 1Q2000 4.7% 2.3% 2Q2006 -8.3% -1.4%1Q1994 -2.2% -3.8% 2Q2000 -3.8% -2.7% 3Q2006 3.6% 5.7%2Q1994 1.4% 0.4% 3Q2000 -1.4% -1.0% 4Q2006 4.8% 6.7%3Q1994 2.1% 4.9% 4Q2000 0.3% -7.8% 1Q2007 2.9% 0.6%4Q1994 -3.6% 0.0% 1Q2001 2.2% -11.9% 2Q2007 8.3% 6.3%1Q1995 4.4% 9.7% 2Q2001 0.6% 5.9% 3Q2007 3.6% 2.0%2Q1995 13.9% 9.6% 3Q2001 -1.2% -14.7% 4Q2007 3.3% -3.3%3Q1995 12.8% 7.9% 4Q2001 1.2% 10.7% 1Q2008 0.9% -9.4%4Q1995 4.5% 6.0% 1Q2002 -4.2% 0.3% 2Q2008 -2.6% -2.7%1Q1996 5.6% 5.4% 2Q2002 -2.6% -13.4% 3Q2008 -22.1% -8.4%2Q1996 1.7% 4.5% 3Q2002 0.3% -17.3% 4Q2008 -2.2% -21.9%3Q1996 4.9% 3.1% 4Q2002 -4.7% 8.4% 1Q2009 -1.3% -11.0%4Q1996 7.7% 8.3% 1Q2003 -0.7% -3.2% 2Q2009 9.0% 15.9%1Q1997 1.2% 2.7% 2Q2003 9.5% 15.4% 3Q2009 0.2% 15.6%2Q1997 6.3% 17.5% 3Q2003 1.8% 2.6% 4Q2009 7.3% 6.0%3Q1997 9.8% 7.5% 4Q2003 5.6% 12.2% 1Q2010 2.2% 5.4%4Q1997 1.2% 2.9% 1Q2004 3.9% 1.7% 2Q2010 -4.9% -11.4%1Q1998 12.0% 14.0% 2Q2004 -3.2% 1.7% 3Q2010 8.1% 11.3%2Q1998 2.1% 3.3% 3Q2004 0.5% -1.9% 4Q2010 2.9% 10.7%3Q1998 -0.6% -10.0% 4Q2004 8.1% 9.2% 1Q2011 2.6% 5.9%
* Annual performance for 1992 and 2012 represent partial period returns.
Net performance results represent Chilton Investment Partners, L.P., Class E since inception on July 1, 1992 through January 31, 2012 and are estimated for the most recent month. Statist ics are based on monthly data. Please see Important Disclosure for addit ional information concerning these figures.
Chilton Diversified
Chilton DiversifiedS&P 500 S&P 500QuarterQuarter Quarter Quarter
Chilton Diversified S&P 500
Chilton Diversified S&P 500
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Historical Performance: Concentrated Strategy
Annual Performance 1994* 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Chilton Concentrated 5.4% 101.3% 35.1% 33.3% 36.9% 59.9% 1.5% 4.8% -9.6% 17.7% 13.7% 13.0% 1.9% 16.9% -23.6% 13.8% 6.0% 7.8%S&P 500 0.0% 37.6% 23.0% 33.4% 28.6% 21.0% -9.1% -11.9% -22.1% 28.7% 10.9% 4.9% 15.8% 5.5% -37.0% 26.5% 15.1% 2.1%
Quarterly Performance
4Q1994 5.4% 0.0% 4Q1999 28.8% 14.9% 4Q2004 10.0% 9.2% 4Q2009 7.3% 6.0%1Q1995 22.1% 9.7% 1Q2000 3.5% 2.3% 1Q2005 4.3% -2.2% 1Q2010 1.3% 5.4%2Q1995 24.6% 9.6% 2Q2000 -1.1% -2.7% 2Q2005 4.7% 1.4% 2Q2010 -4.2% -11.4%3Q1995 18.4% 7.9% 3Q2000 -1.4% -1.0% 3Q2005 -1.8% 3.6% 3Q2010 6.7% 11.3%4Q1995 11.8% 6.0% 4Q2000 0.5% -7.8% 4Q2005 5.4% 2.1% 4Q2010 2.3% 10.7%1Q1996 14.6% 5.4% 1Q2001 2.1% -11.9% 1Q2006 2.8% 4.2% 1Q2011 2.3% 5.9%2Q1996 3.2% 4.5% 2Q2001 1.5% 5.9% 2Q2006 -9.9% -1.4% 2Q2011 1.2% 0.1%3Q1996 3.5% 3.1% 3Q2001 -1.6% -14.7% 3Q2006 4.0% 5.7% 3Q2011 -6.3% -13.9%4Q1996 10.3% 8.3% 4Q2001 2.8% 10.7% 4Q2006 5.8% 6.7% 4Q2011 11.1% 11.8%1Q1997 6.3% 2.7% 1Q2002 -3.4% 0.3% 1Q2007 2.1% 0.6% Jan-002Q1997 10.3% 17.5% 2Q2002 -2.6% -13.4% 2Q2007 9.5% 6.3% Jan-003Q1997 11.3% 7.5% 3Q2002 1.2% -17.3% 3Q2007 1.0% 2.0% Jan-004Q1997 2.1% 2.9% 4Q2002 -5.1% 8.4% 4Q2007 3.5% -3.3% Jan-001Q1998 12.2% 14.0% 1Q2003 -0.1% -3.2% 1Q2008 0.6% -9.4% Jan-002Q1998 2.7% 3.3% 2Q2003 9.0% 15.4% 2Q2008 -3.9% -2.7% Jan-003Q1998 1.8% -10.0% 3Q2003 2.1% 2.6% 3Q2008 -20.6% -8.4% Jan-004Q1998 16.7% 21.3% 4Q2003 5.9% 12.2% 4Q2008 -0.5% -21.9% Jan-001Q1999 13.0% 5.0% 1Q2004 6.4% 1.7% 1Q2009 -1.9% -11.0% Jan-002Q1999 8.4% 7.0% 2Q2004 -4.3% 1.7% 2Q2009 8.2% 15.9% Jan-003Q1999 1.4% -6.2% 3Q2004 1.4% -1.9% 3Q2009 0.0% 15.6% Jan-00
* Annual performance for 1994 and 2012 represent part ial period returns.
Quarter QuarterChilton Concentrated S&P 500
Chilton Concentrated S&P 500
Net performance results represent Chilton Opportunity Trust, L.P., Class A since inception on October 1, 1994 through January 31, 2012 and are estimated for the most recent month. Statistics are based on monthly data. Please see Important Disclosure for addit ional information concerning these figures.
Chilton Concentrated
Chilton ConcentratedS&P 500 S&P 500QuarterQuarter
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This presentation was prepared by Chilton Investment Company LLC (“Chilton”) solely for the benefit and internal use of the client to which it isprovided (together with such client’s affiliates and subsidiaries, the “Investor”) in order to assist the Investor in evaluating, on a preliminary basis, thematters addressed herein. Neither this presentation nor any of its contents may be disclosed to any other party or used for any other purpose without theprior written consent of Chilton Notwithstanding the foregoing, Chilton and the Investor (and each of their employees, representative, or other agents) may disclose to any and all
persons, without limitation of any kind, the tax treatment and tax structure of any transaction described herein and all materials of any kind (includingopinions and other tax analyses) that have been provided to them relating to such tax treatment and structure This presentation has been provided to the Investor for information purposes only and may not be relied upon by the Investor in evaluating the merits of
investing in any securities referred to herein. This presentation is not intended as an offer or solicitation with respect to the purchase or sale of anysecurity, nor does it constitute an offer or solicitation of any person or entity in any jurisdiction in which it is unlawful to do so. Any decision to invest inany of the funds managed by Chilton (each, a “Fund”) should be made solely on upon the information contained in that Fund’s definitive OfferingMemorandum and governing agreements. The offering of interests in a Fund will not be registered under the laws of any jurisdiction. Such limited performance is necessarily representative of the expected trading and performance of a fully committed portfolio. Additionally: An investment in the Fund is speculative and involves a high degree of risk. Past performance is not indicative of future results. There is no
assurance that the Fund’s investment objective will be achieved or that these strategies will be successful The Fund may be leveraged and performance may be volatile. An investor could lose all or a substantial amount of his or her investment The Fund’s manager has total trading authority over the Fund. The use of a single advisor applying generally similar trading programs across a
number of accounts or trading vehicles could mean lack of diversification and, consequently, higher risk There is no secondary market for the interests in the Fund and none is expected to develop. There may be restrictions on transferring interests in the
Fund. The Fund’s fees and expenses may offset the Fund’s profits. A substantial portion of the trades executed for the Fund may be placed onforeign exchanges
Volatility in this presentation is calculated as the standard deviation of monthly returns. Annualized volatility represents monthly standard deviationmultiplied by the square root of time. Unless otherwise noted within this presentation, the Sharpe Ratio is calculated as: (Net annualized performance -Risk free rate)/Annualized volatility. The risk free rate is assumed to be the 3 Month T-Bill rate for the period in question. All actual performance results for Chilton Funds in this presentation are unaudited and net of fees including reallocation of profits and expenses and
reflect an investment in the Fund during the period indicated without additions, withdrawals or redemptions. Performance results also include newissues, and reinvestment of dividends, capital gains and other earnings. CAGR figures for the Funds in this presentation reflect annualized compoundedcumulative returns calculated from the inception of the Funds without additions or withdrawals. CAGR figures for the benchmark indices are calculatedduring the period indicated. All benchmark indices listed herein are provided because Chilton believes they most nearly reflect the securities in the Fundsit is a benchmark against which investors may find it useful to compare fund performance or it is an appropriate measure of the Fund’s investmentobjectives; in any such case the securities holdings of the Funds may comprise only a portion of such index. Index returns include reinvestment ofdividends and capital gains. To calculate exposure levels, the following principles have been applied: (i) derivative positions are converted to their delta-adjusted equity value, (ii)
cash is not treated as a portfolio position for calculating exposure and (iii) long and short positions in the same security are netted against each other forpurposes of calculating the gross long or short exposure.
Important Disclosures
25
Important Disclosures (cont.) No part of this presentation may be redistributed in whole or in part; stored in a retrieval system; transmitted in any form or by any means
electronically or mechanically, or by photocopying, recording or otherwise without the express prior written consent of Chilton This document has not been approved for the purposes of section 21 of the Financial Services and Markets Act 2000 and is being issued in the U.K.
only to persons of a kind described in Article 19(5) (“investment professionals”) or Article 49(2)(a) to (d) (“high net worth companies,unincorporated associations etc”) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 or to whom it may otherwiselawfully be issued or passed on. Recipients of this document are not permitted to transmit it to any other person
Neither the Fund nor these materials have been authorized by the Securities and Futures Commission in Hong Kong. No person may issue or havein his possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to the interestswhich is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under thesecurities laws of Hong Kong) other than with respect to interests which are or are intended to be disposed of only to persons outside Hong Kong oronly to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under thatOrdinance.
When this document is distributed in Australia or New Zealand, it is distributed by Catalyst Capital Management Pty Limited (ACN 116 265 859AFSL 300313) or its authorized representatives. It may only be distributed in Australia to wholesale clients (as defined in section 761G of theCorporations Act 2001) and in New Zealand to wholesale investors whose business is the investment of money or persons who, in the course of andfor the purposes of their business, habitually invest money, or other persons to whom the making of an offer of the shares would not constitute anoffer of securities to the public for the purposes of the Securities Act 1978. Recipients of this document are not permitted to transmit it to any otherperson.
Residents of Switzerland: No units of the Fund will be publicly offered or distributed in Switzerland. Units of the fund will be offered in Switzerlandonly to a select circle of investors without the use of any public marketing or promotion. Accordingly, neither the Fund nor the Fund units beingoffered hereby have been registered with the Swiss Federal Banking Commission under the Swiss Investment Fund Act / Act on CollectiveInvestment Schemes. Therefore the Fund does not benefit from protection under the Swiss Investment Fund / Act on Collective Investment Schemesor supervision by the Swiss Federal Banking Commission.
Residents of France: This Presentation has been remitted at the unsolicited request of the potential investors and no active marketing has been carriedout.
Unless otherwise noted, performance results and volatility for each Chilton strategy in this presentation are based on the following Chilton Funds:
Approved by Legal March 2010
Chilton Strategy Chilton FundDiversified Strategy Chilton Investment Partners, L.P., Class EConcentrated Strategy Chilton Opportunity Trust, L.P., Class AEuropean Equities Chilton QP European Partners, L.P., Class ASmall Cap Equities Chilton Small Cap Partners, L.P., Class AGlobal Natural Resources Chilton Global Natural Resources Partners, L.P., Class AChina Opportunities Chilton China Opportunities, L.P., Class APan-Asia Pacific Chilton Pan-Asia Pacific, L.P., Class AHedged U.S. Equities Chilton Hedged U.S. Equities, L.P., Class A
