Management Report

2009 Samples

Clara Liz Thompson

Outlook for 2009

10.0

-10.6

-30.6-40.0

12.2

24.529.2

40.0

-50.0

-40.0-30.0

-20.0

-10.00.0

10.0

20.0

30.040.0

50.0

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

2008 2009

Asset Management Group

Jen BenAssociate

Joe SmallAssociate

Judith LangeArt Director

Sean WingmenAssociate

William LordCommunication

Wendy SimmsAssociate

Danny BoyAssociate

Janice WingDogma Agent

Tom JamesArt Director

Stimulus vs None

0

10

20

30

40

50

60

70

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Stimulus None

Top Profits

12.0

22.0

30.0

21.0

10.05.0

Future Growth

2009

2008

2006 to 2008 YTD Results

20.515.0

-35.7-40.0

25.020.0

1.5 2.0

11.0

-50.0-44.9

25.0

-20.4

8.510.4

-15.0

-60

-50

-40

-30

-20

-10

0

10

20

30

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Large Cap Core Fixed IncomeReal Estate International Equity

Rating UR Programs Within Business Schools (sampled from AACSB international institution)

13

1 1 1 10

0

2

4

6

8

10

12

14

Number of Schools

0 1 2 3 4 5

UR Program Rating (0 - 5)

North America Attendees for 2009

Event March/09 May/09 July/09 Oct/09Pacific 200 150 300 600

Atlantic 100 200 400 200

Mid WestShore

150 200 599 200

TOTAL 450 550 1299 1000

Industrial/Utilities Sectors

20

27

90

20

31

39

35

32

46

47

45

44

44

55

33

44

0 10 20 30 40 50 60 70 80 90 100

Alternatives

Oil

Gas

Energy

Venuzala Pacific/AsiaJapan India

Distribution Outside of the US %

Pattern and Tones

Yearly Performance

2005 2006 2007 2008*From Illustrator

2008 Data

*From Illustrator

Performance

*From Illustrator

18%

0%

20%

40%

60%

80%

100%

More than $5 billion $1 - $5 billion Less than $1 billion

Mid-sized public plansLarge-sized public plansAll public plans

More than $5 billion More than

$5 billion

$1 - $5 billion

$1 - $5 billion

Less than $1 billion

Less than $1 billion

Less than $1 billion

$1 - $5 billion

Continual Evolution — Potential Areas of Enhancement

• Real Estate

• Diversification

• Emerging Markets

• Dynamic migrations in asset classes

• Monitoring Account Balances

• Maintain

• Inflation Protection

• Innovative Solutions

Enhancement A Enhancement B Enhancement C

Questions?

Fact Sheets andNewsletters

*Net performance is for a typical Day One investor. Individual returns may differ

CONFIDENTIAL

1

R ed b r i c k M o n t h l y Up d a t e :

Decembe r 0 8Monthly performance and commentary

Risk Report Marketing/Business Update

Investment Philosophy Primer

Contact Information DECEMBER SUMMARY

A good end to a tough year: performance was fairly evenly dis-

tributed between E-D, ERV and VOL with no major upsets during

the month. Event-Driven (E-D)Evenly balanced contributions from domestic and international

merger-arb made E-D the best performing quadrant on the

month. An ideal month for this quadrant as we saw the accretive

returns that we expect from E-D trades without suffering any

negative consequences from the scenario risk we were taking.

Equity Relative Value (ERV)

A strong performance from this quadrant as investors sought out

(relative) value names, presumably in an attempt to pre-empt the

January Effect. Volatility Arbitrage (VOL)

Our volatility strategy posted another strong month in December.

This was largely due to good realized volatility in J apan, along

with an increase in implieds. As the Japanese stock market has

been in a raging bull market in the 2nd half of the year, (the Nik-

kei 225 was up over 8% in December, up 39% since the end of

June) J apanese outright investors have been buying convertible

bonds as another way to get long the market. Their increased

demand has been pushing up the levels of implieds.

We are seeing quite a different market in the convertible/volatility

markets at the end of 2005 than we did at the beginning. At the

start of the year, Japanese implieds were averaging high-teens

to low-20s, whereas the US and Europe were averaging high-

20s to low-30s. The first half of the year cheapened the US and

Europe dramatically, and the second half of the year has rich-

ened J apan substantially. At this point, we believe that the US

and Europe offer better values than they did at the beginning of

the year, and Japan, while still offering some attractive names, is

not as good a value as it was at the beginning of the

year. Accordingly, we have been reducing our exposure to

J apan while raising exposure to the US and Europe.

Capital Structure Arbitrage (CSA)

It was another quiet month in credit markets, a situation that we

are getting quite accustomed to. We continue to hold our sen-

ior-subordinated trades, and expect to hold them until the credit

cycle turns, whenever that may be. Our trades based off of our

structural model have been performing well, though in small

size and margin.

MONTH PERFORMANCE

Our current estimate of performance for December is +2.94% net.*

XXXXXXXXXXX Managing Director

&&&& XXXXXXXXXXXX

Boston, MA 02116 (617) 833-3333 Email: XXXXX@

XXXX.com

CONTACT INFORMATION

IN THIS ISSUE

1 month 3 month 12 month

Redbrick Master Fund XXX XXX

XXX

ASSETS UNDER MANAGENENT

Redbrick Master Fund

$ MM

HISTORICAL PERFORMANCE ANALYSIS (%) 2006 2007 2008 2009

Total Q4

Fact Sheets and Newsletters

Sample Cards

Sample of Cards

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