Glenrock July 2009 Lp Update

GLENROCK GLOBAL PARTNERS, L.P. July 2009 Update Fund Information Glenrock Global Partners, L.P. is a long-short global equity fund. Its compound rate of return has been more than 12.4% net annually since 2000, with no down years, 10.6% volatility and a -0.4 beta. Glenrock practices disciplined and opportunistic bottom-up stock-picking, in feedback with evaluation of macro factors. The fund has historically maintained low net exposure and generated strong absolute contributions, as well as high alpha from both the short and long sides of its book. Performance MSCI

S&P 500

Glenrock QP 7.6% -1.5% 11.0% 1.3% -2.3% 12.4%

July 8.5% Year 2009 to date 15.6% Compound annual -3.2% return since 2000 Standard deviation 16.8% (annualized) Beta Current Glenrock AUM Current Firm AUM

16.6%

Glenrock AI -1.5% 1.4% 12.4%

10.6%

10.6%

-0.4% $385m $416m

N/A

Chart 1: Performance 2000-2009

+205.2%

$315 $290 $265

Glenrock QP Annualized Returns: Glenrock QP: +12.4% MSCI World Index: -3.2% S&P 500: -2.3% Volatility/Standard Deviation: Glenrock QP: 10.6% MSCI World Index: 16.8% S&P 500: 16.6%

$240 $215 $190 $165 $140 $115

S&P 500

$90 -20.2% $65

MSCI

-28.4%

D ec -0 8

D ec -0 7

D ec -0 6

D ec -0 5

D ec -0 4

D ec -0 3

D ec -0 2

D ec -0 1

D ec -0 0

D ec -9 9

$40

This is an update intended exclusively for clients, their advisors, and accredited investors, and may under no circumstances be construed in to be an offer to sell or a solicitation to buy a security. Past performance is not indicative of future results. Any offer must be made, if at all, only by the delivery of a Confidential Private Placement Memorandum, as well as various other disclosure materials including especially the monthly update letters to investors.

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Portfolio Notes •

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With many good long and short ideas, Glenrock Global Partners continues in a fully invested (about 140%) gross position, but with only very modest (about 4%) net long exposure, in reflection of our deep concerns about plentiful risks in an overheated market environment. For the month of July, Glenrock lost -1.5%, as a material loss on the short side of the portfolio, combined with a lesser overall loss on our stub positions, narrowly overwhelmed overall gains on our long positions. In terms of geography, we lost money in Japan, Australia, Latin America, North America, and Africa, and made money in Europe and Asia Ex-Japan. Our individual winners included a short in a US medical-device company; and long positions in two US technology companies, US energy stocks, and a US forest-products company. The biggest individual losers included short positions in a US retailer, a European consulting firm, a US auto dealership, and a US medical-device company; and a long position in a Brazilian credit-card processor. For the year to date, the fund has only a very modest gain of 1.3% in GGP QP and 1.4% in GGP AI. Clearly, what has been rewarded so far in 2009 has not been caution, but a reflexive return to the speculative behavior and wishful thinking of the good old days before the burst of the bubble, goaded on by the usual cheerleaders on Wall Street and, even more than usual, by US economic policy makers, in willful ignorance of present facts and probable prospects. We are disappointed with only having made very little money for our clients so far this year, but are also confident that we are protecting our investors from the many booby traps around, and hope to make up for lost time during the rest of the year. Portfolio Structure Exposure by Region as % of Equity Long Short Net Long (Short) Cross-Border "Stub" Positions 7 (9) (3) South Africa 1 0 1 Asia Ex-Japan 3 0 3 Australia 0 (0) (0) Europe 4 (6) (2) Japan 21 (3) 18 Latin America 2 0 2 North America 34 (49) (15) Total 72 (68) 4 Exposure by Market Capitalization as % of Equity Long Short Net Long (Short) Small Cap (<$1 billion) 11 (2) 9 Mid Cap ($1-5 billion) 23 (21) 3 Large Cap (>$5 billion) 37 (45) (8) Total 72 (68) 4

This is an update intended exclusively for clients, their advisors, and accredited investors, and may under no circumstances be construed in to be an offer to sell or a solicitation to buy a security. Past performance is not indicative of future results. Any offer must be made, if at all, only by the delivery of a Confidential Private Placement Memorandum, as well as various other disclosure materials including especially the monthly update letters to investors.

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Exposure by Industry as % of Equity Long Short Net Long (Short) Advertising 2 0 2 Aerospace and Defense 2 0 2 Automobiles/Motorcycles 5 (9) (3) Banks 1 (6) (5) Chemicals 1 0 1 Conglomerates 1 0 1 Construction 2 (2) (0) Consumer Goods and Services 6 (9) (3) Distribution/Wholesale 0 (2) (2) Education 0 (1) (1) Energy 9 (2) 6 Food and Beverage 2 (0) 1 Healthcare 3 (7) (4) Housing 3 (1) 2 Manufacturing 4 (2) 2 Media 2 0 2 Non-Bank Financial Services 3 (2) 1 Pharmaceuticals 2 0 2 Precious Metals 6 0 6 Real Estate 2 (2) (0) Retail/Restaurants 2 (11) (9) Technology 12 (7) 5 Transportation 1 (4) (3) Total 72 (68) 4 •

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There were no other significant new developments. For more information, please refer to our comprehensive Year-End Report of February 23, 2009 and other materials on our website www.glenrockfunds.com with the password A2624.

Contact Information · Administrator:

General Partners: Glenrock Asset Management Associates, L.P. 623 Fifth Avenue, Suite 3101 New York, New York 10022 Jamie Kessler, Client Relations Director 212-808-7373, [email protected]

Northern Trust Fund Admin. Services 801 S. Canal Chicago, IL 60607 Phone: (866) 255-1731; Fax: (312) 849-8440 Email: [email protected]

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Website: www.glenrockfunds.com

This is an update intended exclusively for clients, their advisors, and accredited investors, and may under no circumstances be construed in to be an offer to sell or a solicitation to buy a security. Past performance is not indicative of future results. Any offer must be made, if at all, only by the delivery of a Confidential Private Placement Memorandum, as well as various other disclosure materials including especially the monthly update letters to investors.

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