Performance

Currently, Delta Interval is not required yet to become registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Delta Interval, or the "Firm", provides financial advisory services globally to both individual and institutional clients principally located in the United States and is defined as the 'firm' for purposes of complying with the Performance Presentation Standards of the Association for Investment Management and Research (AIMR-PPSTM), the U.S. and Canadian version of the Global Investment Performance Standards (GIPSTM). Delta Interval has prepared and presented this report in compliance with the AIMR-PPSTM. However, AIMR has not been involved with the preparation or review of this report. These total return figures represent past performance and are not indicative of future returns, which may vary.

Results as of: Composite
Benchmark(3) 
Excess
Mgmt Fee
Composite
04/18/2008
Gross %
1-m CD Rate
Gross
30%
Net Return(2) 
Annual:          
2006  35.94  5.07  30.87    19.76
2007  17.54  5.49  12.05     -2.58
2008 YTD  81.21  1.20  80.01    49.04
Since Inception (1)   57.77  5.05  52.72    26.78
Last 12 Monthly:          
05/18/2007  11.69  0.41  11.28  3.38    8.31
06/15/2007 -13.36  0.41 -13.77    - -13.36
07/20/2007  -3.31  0.51   -3.82    -  -3.31
08/17/2007  22.89  0.41  22.48  6.74  16.15
09/21/2007  -0.69  0.53   -1.22    -  -0.69
10/19/2007  12.53  0.42  12.11  3.63    8.90
11/16/2007 -19.08  0.38 -19.46    - -19.08
12/21/2007  16.67  0.46  16.21  4.86  11.81
01/18/2008 -16.17  0.39 -16.56    - -16.17
02/15/2008   0.52  0.29    0.23  0.07   0.45
03/21/2008  72.66  0.30  72.36 21.71  50.95
04/18/2008  24.55  0.22  24.55  7.30  17.25

(1)  Composite inception date is 12/19/05, currency used to express performance is USD.      
(2) 
Net performance is calculated using the maximum fee listed in the ADV schedule for      separately managed accounts under our management.
(3) 
Benchmark data is published monthly by the Federal Reserve Board on its website.          
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