Oak Tree Capital Management L P.

Howard marks: Would you rather allocate more money to the aggressive set classes via risk controlling managers, or less money with free wheeling managers? I hope this memo won't come across as preache. The things discussed here are challenging, and i don't claim to be much better at them than anyone else. All we can do is our best. Oak tree believes that the sources from which such information has been obtained are reliable. However it cannot guarantee the accuracy of such information and has not, in endently verify the accuracy or completeness of such information. This memorandum is being made available for educational purposes only, and should not be used for any other purpose.