Lynx Fund Performance Summary

Lynx Fund I, L.P. Launched July 1997

Managed By: Proprietary Capital LLC Fund Information

Firm Information

Min. Invest.

Contact Information

1,000,000

Fund Assets ($MM):

$

218 Mark Robertson

Mgmt. Fee

1.00%

Firm Assets ($MM):

$

350 1225 17th Street, Ste. 2500

Incentive Fee

20.00%

Denver, CO 80202

Hurdle Rate

None

Phone:

High Water Mark

Yes

Email:

303-575-9084 [email protected]

Lockup Period

N/A

Website:

www.prop-cap.com

Leverage

None

Drawdown Analysis

Latest Period Returns

YTD

1 Year

3 Year

Lynx Fund I, L.P.

2.54%

18.51%

10.58%

9.17%

10.23%

Depth

Length

Peak

Barclays Aggregate Bond Index

-0.88%

2.59%

5.19%

4.30%

6.08%

-3.05%

2

Dec-98

Feb-99

Treasury - 10 Year

-4.46%

13.59%

9.35%

6.24%

6.78%

-1.71%

1

Jan-98

Feb-98

S&P 500 TR

-8.43%

-38.63%

-11.78%

-4.24%

1.08%

-1.19%

1

Sep-98

Oct-98

HFRI MBS Index

3.03%

-0.47%

3.08%

5.58%

6.21%

S&P 500

HFRI

Return & Statistical Analysis Fund Barc. Agg 10 Yr.

5 Year Inception

Consecutive Profitable Periods Run-up Length Start Date End Date

Compound ROR

10.23%

6.08%

6.78%

1.08%

6.21%

Standard Deviation

2.83%

3.78%

7.51%

16.08%

4.78%

1.74

0.29

0.26

-0.16

0.26

Outperformed in up markets

39.36%

30.68%

12.35%

35.96%

11.64%

Outperformed in down markets

93.33%

94.12%

100.00%

100.00% 82.01% %

Sharpe(5.00%)

Valley

58.91%

38

Feb-00

Mar-03

33.43%

30

Aug-06

Jan-09

21.17%

29

Sep-03

Jan-06

10

Mar-99

Dec-99

Percent Profitable Months

91.37% %

67.63% %

63.31% %

58.27% %

Average Monthly Gain

0.96%

1.07%

1.79%

3.25%

0.97%

Average Monthly Loss

-0.69%

-0.70%

-1.53%

-4.05%

-1.58%

Consecutive Losing Periods

Best Monthly Return

3.63%

3.73%

6.88%

9.78%

3.27%

Run-down Length Start Date End Date

Worst Monthly Return

-1.71%

-3.36%

-6.72%

-16.80%

-9.24%

-3.05%

Best 12-Month Return

26.91%

14.56%

23.44%

39.83%

23.23%

Worst 12-Month Return

3.22%

-1.85%

-9.63%

-38.63%

-9.84%

Monthly Profit/Loss Ratio

14.82

3.21

2.02

1.12

2.80

2

Jan-99

Feb-99

-1.71%

1

Feb-98

Feb-98

-1.19%

1

Oct-98

Oct-98

-0.84%

1

Dec-97

Dec-97

Growth of $1000 (Since Inception) $3,500

$3,500

$3,000

$3,000

$2,500

$2,500

$2,000

$2,000

$1,500

$1,500

$1,000

$1,000

$500 1997

$500 1998

1999

Lynx Fund I, L.P.

2000

2001 HFRI MBS Index

2002

2003

2004

Treasury - 10 Year

2005

2006

S&P 500 TR

2007

2008

Barclay Agg.

Lynx Fund I (Master Fund), LP Monthly Performance Year

Jan

Feb

Mar

Apr

May

2009

2.54%

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Year

2008

2.75%

2.57%

1.21%

1.30%

1.13%

1.38%

1.45%

1.74%

1.18%

1.40%

0.18%

1.06%

18.75%

2007

0.46%

0.31%

0.54%

0.48%

0.29%

0.21%

0.76%

0.47%

0.62%

1.19%

0.91%

1.05%

7.52%

2006

0.44%

(0.14%)

0.60%

0.63%

0.21%

0.08%

(0.04%)

0.35%

0.46%

0.38%

0.28%

0.43%

3.74%

2005

0.46%

0.95%

0.83%

0.38%

0.49%

0.45%

0.74%

0.20%

0.28%

0.41%

0.16%

0.38%

5.86%

2004

1.11%

0.94%

0.71%

0.63%

0.61%

0.78%

0.71%

0.70%

0.64%

0.60%

0.64%

0.66%

9.08%

2003

0.38%

0.69%

0.56%

(0.21%)

(0.30%)

0.40%

0.75%

(0.17%)

0.59%

1.11%

1.06%

1.65%

6.68%

2002

1.80%

2.01%

1.69%

1.56%

1.84%

2.06%

1.63%

1.20%

0.76%

0.68%

0.41%

0.52%

17.39%

2001

1.16%

1.24%

0.62%

1.08%

1.10%

1.43%

1.47%

2.31%

1.66%

3.34%

1.77%

2.41%

21.41%

2000

(0.41%)

0.31%

0.71%

0.80%

0.95%

0.79%

0.51%

0.46%

0.94%

0.61%

0.66%

2.57%

9.24%

1999

(1.47%)

(1.60%)

3.63%

0.37%

0.23%

0.73%

0.13%

1.85%

1.12%

1.03%

1.02%

1.01%

8.24%

1998

1.09%

(1.71%)

1.93%

0.05%

1.63%

0.09%

1.42%

(0.15%)

0.26%

(1.19%)

1.64%

0.97%

6.12%

0.62%

1.21%

0.88%

0.69%

0.66%

(0.84%)

3.25%

2.54%

1997

Capture Ratios vs. Market Benchmarks 125%

75%

91%

81%

72%

93%

89%

93%

92%

39%

33%

25%

9%

6%

12%

5%

94%

100% 100%

36%

31% 12%

12%

-25% (53%)

-75%

(70)% (81%)

-125% Up Capture Ratio

Down Capture Ratio

Up Months in Up Markets

Barclays Aggregate Bond Index

Down Months in Down Markets

Treasury - 10 Year

S&P 500 TR

Risk vs. Return

HFRI MBS Index

Distribution of Monthly Returns

11%

30

91.37%

9% 8% 7%

Number of Monthly Periods

Lynx Fund I, L.P. Barclays Agg. 10 Yr Treasury S&P 500 HFRI MBS

10% Annualized Return

Up Market Outperformance

6% 5% 4% 3% 2%

25 20 15 10

8.63%

5 0

1% 0%

5%

10% 15% Anualized Standard Deviation

20%

Correlation Matrix 1yr -43.58% -52.96% -4.36% 48.74%

3yr -14.68% -1.70% -42.28% 5.32%

5yr -10.88% 1.38% -40.73% 0.58%

Drawdown Analysis Inc.

Instruments

Drdn

Drdn

Rcvr

Peak

Valley

6.21% 8.90% -18.02% 29.09%

Lynx Fund I Barclays Aggregate Bond Index Treasury - 10 Year S&P 500 TR HFRI MBS Index

-3.05% -3.82% -10.30% -45.10% -13.48%

2 7 16 15 7

1 2 10

Dec-98 Mar-08 Sep-98 Oct-07 Mar-98

Feb-99 Oct-08 Jan-00 Jan-09 Oct-98

28

Lynx Fund I, LP Returns are Net of All Fees and Expenses..

Net return is indicative of the net return for the entire limited partner class of investors for the month taken as a whole, whole efffected for the incenctive allocation appropriate for such return. return Net return is not necessarily indicative of any single Investor's performance. Additionally, an individual investor's return may vary from that reflected based on different incentive allocation arrangements and the timing of capital transactions. The General Partner believes that the performance shown was generated with an investment philosophy consistent to that described in the fund’s Offering material. The performance information given for the fund in the results section of this report is historic and should not be taken as any indication of future performance.