Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008

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1 Monthly Report for Last Atlantis Partners LLC Share Classes November, 2008 Performance Summary Below are summary performance numbers for Last Atlantis Partners, LLC share classes. To download detailed performance information, please log into Listen to Last Atlantis' Irwin Berger on alternate Mondays on Bloomberg Radio. Click here for the schedule. Overview The main feature in November was the continuation of the decline in global equity prices caused by a liquidity crisis in the global credit markets. Institutional investors, hedge funds, and individual investors sold equities to raise cash in a massive liquidation to reduce the exposure to equities. As a result, the S&P 500 had another bad month declining 7.18%, with a total return for the year-to-date of 37.66%. As equities were sold, a flight to safety in U.S. Treasury securities took place which dramatically reduced the yields. The yield on short term Treasury bills fell to almost zero as investors rushed to Treasury bills as a safe haven. The U.S. dollar remained near its low for the year against the Eurocurrency due as investors continued to sell overseas investments and convert the proceeds to U.S. dollars. The price of crude oil fell below $50 as demand declined due to a global reduction in consumer spending. Commodity prices in grains, metals, food continued to fall due to the expectation of declining demand from a global economic slowdown proved to be a difficult year for investment portfolios, as many alternative investments that were thought to provide diversification during a bear market in equities also had negative returns. One alternative investment that was not tied to the bear market in equities and the credit crisis was managed futures. The Barclays Commodity Trading Advisor Index had a return of 13.6% in The LACM Trend Following Diversified Share Class G-2 managed futures program also showed positive performance in 2008 by taking advantage of trends in the global commodity and financial markets. Please contact us by at [email protected] or call us at for more information about this share class. As of December, LACM will no longer be offering the following share classes: LACM Split Strike Conversion Share Class A-2, LACM Legacy Share Class C, LACM Enhanced Multi-Strategy Share Class M, and LACM Total Diversified Share Class T Stig Ostgaard, LACM s managing director of Research and Trading, has written an article on the origins and history of trend following as a trading strategy. Please use the following link and then click on On the Nature of Trend Following to view the entire article. The LACM alternative investment share classes do not have direct exposure in the U.S. subrpime mortgage market. The following is a brief explanation of the performance for each strategy and the estimated performance through November 30. LACM Macro Discretionary Share Class F had an estimated gain of 0.28% in November and a year-to-date return of 10.47% in futures market positions. LACM Trend Following Diversified Share Class G-2 had an estimated gain of 4.17% in November and a year-todate return of 51.16% from commodity and financial futures positions. (Please see the Hypothetical Performance Disclaimer on the G-2 performance sheet) LACM Quantitative Intraday Futures Share Class I-1 had an estimated gain of 2.66% in November and a year-todate return of 3.77% from intraday futures trading. LACM Quantitative Intraday Futures Share Class I-2 had an estimated gain of 2.78% in November and a year-todate return of % from intraday futures trading. 525 Dunham Road, Suite 50, St. Charles, IL Tel.: Fax: [email protected]

2 Fund Information & Investment Philosophy LACM Macro Discretionary Share Class F LACM Macro Discretionary Share Class F is one of LACM s more aggressive Share Classes that focuses on absolute returns. The manager has 25 years experience in the global commodity markets and has the majority of his own assets in the fund and only manages capital for a select group of investors. The underlying strategy involves making multiple large, "theme idea" leveraged investments on anticipated price movements of stock markets, interest rates, foreign currencies, and physical commodities. The manager may invest in any markets using many instruments to participate in expected market movements. These movements may result from forecasted shifts in world economies, political changes, or global supply and demand for resources, in both physical and financial commodities. The underlying strategy provides exposure to the global marketplace. Monthly Performance (net of management and performance fees) Year* Jan Feb Mar Apr Jun Jul Aug Sep Oct Nov Dec YTD % 5.08% -1.13% 1.05% -1.52% 2.05% -1.44% -0.31% 1.61% 3.98% 0.28% 10.47% % 7.79% % 0.91% 1.74% 2.64% -6.83% 1.43% 6.79% 2.33% 1.85% 3.35% 12.33% % 1.36% -2.20% 2.79% 7.13% 0.19% 3.46% -0.79% 2.93% 16.79% 16.47% -2.33% 66.80% % -0.21% 2.98% -0.26% 2.94% 2.53% 3.33% 9.70% -0.50% -2.36% 5.50% 1.68% 24.30% % 31.67% 0.65% -5.47% -5.82% -0.09% 0.13% -1.04% 5.91% -3.00% 9.11% 0.52% 34.54% % 1.21% -2.05% 17.14% 6.27% -2.65% 2.97% -7.25% 9.77% 25.92% % 0.46% 21.48% % -1.51% -0.31% 0.96% 4.32% -2.18% 13.36% 0.13% 0.16% 6.62% -3.11% -4.45% 16.78% % -7.71% 5.98% 0.94% -2.15% % -2.41% 1.22% 11.23% -9.19% 12.80% 7.05% 11.03% % 18.64% -7.71% -5.81% -3.00% -4.98% -4.91% 22.48% -3.00% -1.35% -0.44% 21.25% *November, 2008 is an estimated performance (updated Dec. 18, 2008). Pro-forma performance figures are shown prior to Sep Underlying Investment Assets: $65.00MM (net) Share Class Launch Date: 2005 Minimum Investment: $1,000,000 Withdrawal:Quarterly, 60 Days Notice Fees: 1% Management, 10% Performance Reporting: Monthly Bloomberg: LACMMDF US Benchmarks: S&P 500 Total Return, Barclay Global Macro Index (BGMI) Statistical Analysis Compound ROR Cumulative Return Cumulative VAMI Standard Deviation Sharpe Ratio Semi-Deviation Sortino Ratio Largest Month Gain Largest Month Loss % Positive Months % Negative Months Largest Drawdown Fund S&P 500 BGMI 23.84% -3.21% 7.56% % % 90.36% % 15.20% 5.65% % 11.51% 2.59% % 9.78% 5.56% % % -3.27% 60.38% 56.60% 66.98% 39.62% 43.40% 33.02% % % -6.43% February 2000 VAMI LACM Macro Discretionary Share Class F Barclay Global Macro Index S&P 500 Total Return April November June January 2003 Distribution of Returns Monthly Periods August March October December July February 2007 April November Performance vs. S&P 500 Fund 8 Outperformance - Up Market 53.85% Outperformance - Down Market 52.17% 4 0 Benchmark Analysis S&P 500 BGMI Alpha 2.11% 1.48% Annualized Alpha 28.40% 19.30% Beta Correlation Return Range (%) R-squared <-5% -5% to -4% -4% to -3% -3% to -2% -2% to -1% -1% to 0% 0% to 1% 1% to 2% 2% to 3% 3% to 4% 4% to 5% >5%

3 Fund Information & Investment Philosophy LACM Trend Following Diversified Share Class G-2 LACM Trend Following Diversified Share Class G-2 represents over twenty-five years of research and commodity trading experience of LACM s Director of Research and Trading, Stig Ostgaard, a former Turtle. The research and development is based on new approaches to trading the global futures markets using volatility as the key component. LACM Trend Following Diversified is highly diversified by market sector and trades approximately 25 markets. The program employs a basket of strategies engineered to capture price movements in trending markets. Trading signals are calculated as stops either above some pre-determined level for a buy, or below for a sell. Stop levels are of three independent types: initiation, liquidation, or re-initiation (i.e., resumption of a trade in the direction of the last liquidated trade). Each trading system is a volatility-based system: i.e., trading levels are determined based on an optimal movement away from a reference price. This reference price may be of a structural nature (based on price patterns) or of a statistical or mathematical nature. The margin to equity ratio for the program is expected to range between fifteen and forty percent. The portfolio is approximately evenly weighted between financial and commodity markets. Monthly Performance* (pro-forma net of management and performance fees) Year * Jan Feb Mar Apr Jun Jul Aug Sep Oct Nov Dec YTD % 12.00% -0.47% 2.41% 4.17% 8.72% -7.27% 7.21% 2.85% 16.05% 4.17% 51.16% % 1.02% 1.25% 4.27% -5.36% 4.17% -0.16% -3.86% 11.40% 1.08% 0.23% -0.25% 13.33% % -0.03% 1.28% 9.64% 5.11% -6.19% -4.26% 0.00% 8.68% -3.93% 0.68% 0.35% 21.48% % 0.28% 5.07% -4.06% 3.70% 3.60% -0.67% 13.49% 5.55% % 8.18% -2.08% 14.58% % 2.03% 2.97% -0.64% 1.43% 0.13% 1.64% 0.19% 1.69% 3.19% 3.67% 3.11% 18.47% % 4.48% -3.88% -0.76% 9.38% -1.55% 4.62% 2.73% 4.65% 3.02% -0.77% 3.83% 35.12% % -2.22% 5.87% 0.17% 2.39% 2.63% 1.69% 3.96% 4.90% -3.01% -2.02% 8.28% 24.94% % 2.93% 3.99% -3.33% -1.08% 3.62% -1.24% 1.54% 7.01% 1.14% -0.09% -3.41% 13.56% % 0.60% -0.73% 0.14% 5.59% 1.27% -1.04% 5.17% 0.41% 1.58% 0.95% 6.84% 24.85% % 3.79% 1.39% 0.22% 0.20% 2.06% 1.82% 0.33% -3.07% 0.20% 6.86% -1.99% 12.10% % 2.31% 0.33% -0.69% 2.58% 2.81% 2.60% 7.40% -1.86% 1.48% 4.01% 1.95% 33.30% Withdrawal: Monthly, 30 Days Notice Fees: 1% Management, 10% Performance Reporting: Monthly Benchmarks: S&P 500 Total Return, Barclay Commodity Trading Advisor Index (BCTA) Statistical Analysis Compound ROR Cumulative Return Cumulative VAMI Standard Deviation Sharpe Ratio Semi-Deviation Sortino Ratio Largest Month Gain Largest Month Loss % Positive Months % Negative Months Largest Drawdown Fund Correlation LACM Trend Following Diversified G-2 Barclay Commodity Trading Advisor Index S&P 500 Total Return Updated December 3, 2008 Fund S&P 500 BCTA VAMI 23.60% 0.95% 6.27% % 10.87% 94.19% % 15.85% 7.39% % 12.98% 5.26% % 9.78% 6.45% % % -4.61% 70.99% 58.02% 57.25% 29.01% 41.98% 42.75% % % -6.74% *1998 to 2008 is hypothetical performance (please see the disclaimer) January 1998 January 2000 January 2002 January 2004 January 2006 January 2008 *HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.

4 LACM Quantitative Intraday Futures Share Class I-1 Fund Information & Investment Philosophy LACM Quantitative Intraday Futures, Share Class I-1 trades futures markets intra-session, exiting all positions at the end of the session and initiating new positions at the open of the next session. This Share Class is managed by LACM and was developed by its internal staff of researchers over the course of five (5) years representing an investment in excess of forty thousand (40,000) intellectual man-hours. This program features adaptive technology that selectively employs numerous individual systems from a basket of thousands based on its historical performance relative to current market opportunities. The underlying theory is based on the widely held concept that as most systems perform better under certain market conditions, and knowing when to activate or deactivate systems can benefit overall performance. This system utilizes a proprietary cluster technology that also serves as a backbone for new trading system development, historical testing and execution. Newly developed systems are continuously circulated into the trading basket to maintain and boost overall performance. Forward performance is achieved using a blend of proprietary self-optimization algorithms and system activation technology. Monthly Performance (net of management & performance fees) 2008 Share Class S&P 500 BHFI Jan* 5.33% -6.00% -3.26% Minimum Investment: $1,000,000 Feb 1.30% -3.25% 1.23% Withdrawal: Monthly, 60 Days Notice Mar -1.15% -0.43% -2.38% Fees: 0% Management, 50% Performance Apr -1.73% 4.87% 1.93% Lock-up: None -1.71% 1.30% 1.82% Reporting: Monthly Jun 0.53% -8.43% -1.73% Benchmarks: S&P 500 Total Return, Barclay Hedge Fund Index (BHFI) Jul 9.53% -0.84% -2.10% Aug -0.59% 1.45% -1.21% Sep % -8.91% -6.93% Oct 1.42% % -7.92% Nov 2.66% -7.18% -2.12% Dec YTD 3.77% % % * January, 2008 are pro-forma actual trading in managed account. November, 2008 is estimated (updated Dec. 10, 2008) Alternative investments are suitable only for qualified persons and organizations that have substantial financial means to make a long-term investment, can bear the risk of loss in their investments in the fund and have no need for liquidity in their investment. There is no market for such investments and none is expected to develop. Prior to investing in any alternative investment, each prospective investor should ask questions and receive answers from the Fund Manager or its representative concerning any aspect of the investment and its proposed business, and obtain any additional related information to the extent the Fund Manager possesses such information or can acquire it without unreasonable effort or expense. In making an investment decision, prospective investors must rely on their examination of an alternative investment product, the terms of the offering including the merits and risks involved. Last Atlantis Capital Management, LLC is a hedge fund that offers various alternative investments in a master feeder fund format and individually managed accounts, which may invest in commodity and foreign markets, among others. The company and/or its officers/partners may have a financial interest in such alternative investments.

5 LACM Quantitative Intraday Futures Share Class I-2 Fund Information & Investment Philosophy LACM Quantitative Intraday Futures, Share Class I-2 trades futures markets intra-session, exiting all positions at the end of the session and initiating new positions at the open of the next session. This Share Class is managed by LACM and was developed by its internal staff of researchers over the course of five (5) years representing an investment in excess of forty thousand (40,000) intellectual man-hours. This program features adaptive technology that selectively employs numerous individual systems from a basket of thousands based on its historical performance relative to current market opportunities. The underlying theory is based on the widely held concept that as most systems perform better under certain market conditions, and knowing when to activate or deactivate systems can benefit overall performance. This system utilizes a proprietary cluster technology that also serves as a backbone for new trading system development, historical testing and execution. Newly developed systems are continuously circulated into the trading basket to maintain and boost overall performance. Forward performance is achieved using a blend of proprietary self-optimization algorithms and system activation technology. Monthly Performance Share Class Launch Date: February 2008 (net of management & performance fees) Underlying Investment Assets: $1.00MM (net) 2008 Share Class S&P 500 BHFI Minimum Investment: $100,000 Feb 1.59% -3.25% 1.23% Withdrawal: Monthly, 60 Days Notice Mar -1.80% -0.43% -2.38% Fees*: 0-10% Management, 40-50% Performance Apr -2.57% 4.87% 1.93% Lock-up: 12 months with a 10% Early Redemption Fee -2.56% 1.30% 1.82% Reporting: Monthly Jun -0.34% -8.43% -1.73% * Underlying Investment Asset Management Fee is ten Jul 4.03% -0.84% -2.10% percent (10%) and is waived upon expiration of the Lock-up Aug -1.41% 1.45% -1.21% period. Underlying Investment Performance Fee is forty Sep % -8.91% -6.93% percent (40%) during the initial twelve (12) month period Oct 0.47% % -7.92% and fifty percent (50%) thereafter. Fund Manager reserves Nov 2.78% -7.18% -2.12% the right to permit intra-month investments by new Dec YTD % % % investors. November, 2008 is estimated (updated Dec. 10, 2008). Benchmarks: S&P 500 Total Return, Barclay Hedge Fund Index (BHFI) Alternative investments are suitable only for qualified persons and organizations that have substantial financial means to make a long-term investment, can bear the risk of loss in their investments in the fund and have no need for liquidity in their investment. There is no market for such investments and none is expected to develop. Prior to investing in any alternative investment, each prospective investor should ask questions and receive answers from the Fund Manager or its representative concerning any aspect of the investment and its proposed business, and obtain any additional related information to the extent the Fund Manager possesses such information or can acquire it without unreasonable effort or expense. In making an investment decision, prospective investors must rely on their examination of an alternative investment product, the terms of the offering including the merits and risks involved. Last Atlantis Capital Management, LLC is a hedge fund that offers various alternative investments in a master feeder fund format and individually managed accounts, which may invest in commodity and foreign markets, among others. The company and/or its officers/partners may have a financial interest in such alternative investments.