| Results as of: | Composite | Benchmark (4) | Gross | Mgmt Fee | Composite | # of | Composite | % of | ||
| April 18, 2008 | Gross % | 1-m CD Rate | Excess | 30% | Net Return (2) | Accounts | Gross EMV | Assets (3) | ||
| Since Inception (1) | ||||||||||
| Cumulative | 189.55% | 12.17% | 177.38% | 73.90% | 5 | 115,317 | 100% | |||
| Annualized | 57.77% | 5.05% | 52.72% | 26.78% | 5 | 115,317 | 100% | |||
| Years | ||||||||||
| 2006 | 35.94% | 5.07% | 30.87% | 19.76% | 3 | 20,897 | 100% | |||
| 2007 | 17.54% | 5.49% | 12.05% | -2.58% | 6 | 59,060 | 100% | |||
| 2008 YTD | 81.21% | 1.20% | 80.01% | 49.04% | 5 | 115,317 | 100% | |||
| Quarters | ||||||||||
| 1Q06 | 3.52% | 1.11% | 2.41% | 1.51% | 1 | 5,073 | 100% | |||
| 2Q06 | 10.04% | 1.22% | 8.82% | 4.79% | 1 | 5,312 | 100% | |||
| 3Q06 | 0.95% | 1.32% | -0.37% | -0.38% | 1 | 5,289 | 100% | |||
| 4Q06 | 18.22% | 1.32% | 16.89% | 13.02% | 3 | 20,897 | 100% | |||
| 1Q07 | -4.25% | 1.33% | -5.58% | -6.44% | 3 | 21,141 | 100% | |||
| 2Q07 | -2.08% | 1.34% | -3.42% | -5.24% | 3 | 24,740 | 100% | |||
| 3Q07 | 18.00% | 1.46% | 16.55% | 11.53% | 5 | 39,074 | 100% | |||
| 4Q07 | 6.24% | 1.27% | 4.97% | -1.48% | 6 | 59,060 | 100% | |||
| 1Q08 | 45.49% | 0.98% | 44.51% | 27.11% | 7 | 100,379 | 100% | |||
| 2Q08 QTD | 24.55% | 0.22% | 24.33% | 17.25% | 5 | 115,317 | 100% | |||
| Months | 12/19/05 | 5,000 | 100% | |||||||
| January 20, 2006 | 1/20/06 | 3.25 | 0.41 | 2.84 | 0.85 | 2.40 | 1 | 5,119 | 100% | |
| February 17 | 2/17/06 | 4.24 | 0.34 | 3.90 | 1.17 | 3.07 | 1 | 5,275 | 100% | |
| March 17 | 3/17/06 | (3.82) | 0.35 | (4.17) | - | (3.82) | 1 | 5,073 | 100% | |
| April 21 | 4/21/06 | (7.67) | 0.45 | (8.12) | - | (7.67) | 1 | 4,683 | 100% | |
| May 19 | 5/19/06 | 10.25 | 0.37 | 9.88 | 2.96 | 7.29 | 1 | 5,023 | 100% | |
| June 16 | 6/16/06 | 8.10 | 0.39 | 7.71 | 2.31 | 5.79 | 1 | 5,312 | 100% | |
| July 21 | 7/21/06 | (4.25) | 0.50 | (4.75) | - | (4.25) | 1 | 5,086 | 100% | |
| August 18 | 8/18/06 | 2.71 | 0.41 | 2.30 | 0.69 | 2.02 | 1 | 5,187 | 100% | |
| September 15 | 9/15/06 | 2.65 | 0.41 | 2.24 | 0.67 | 1.98 | 1 | 5,289 | 100% | |
| October 20 | 10/20/06 | 11.45 | 0.51 | 10.94 | 3.28 | 8.17 | 2 | 10,720 | 100% | |
| November 17 | 11/17/06 | 0.39 | 0.41 | (0.02) | - | 0.39 | 3 | 20,897 | 100% | |
| December 15 | 12/15/06 | 5.66 | 0.41 | 5.25 | 1.58 | 4.08 | 3 | 22,080 | 100% | |
| January 19, 2007 | 1/19/07 | (9.74) | 0.51 | (10.25) | - | (9.74) | 3 | 19,929 | 100% | |
| February 16 | 2/16/07 | (2.39) | 0.41 | (2.80) | - | (2.39) | 3 | 19,453 | 100% | |
| March 16 | 3/16/07 | 8.68 | 0.41 | 8.27 | 2.48 | 6.20 | 3 | 21,141 | 100% | |
| April 20 | 4/20/07 | 1.19 | 0.51 | 0.68 | 0.20 | 0.99 | 3 | 26,393 | 100% | |
| May 18 | 5/18/07 | 11.69 | 0.41 | 11.28 | 3.38 | 8.31 | 3 | 29,794 | 100% | |
| June 15 | 6/15/07 | (13.36) | 0.41 | (13.77) | - | (13.36) | 3 | 24,740 | 100% | |
| July 20 | 7/20/07 | (3.31) | 0.51 | (3.82) | - | (3.31) | 3 | 28,757 | 100% | |
| August 17 | 8/17/07 | 22.89 | 0.41 | 22.48 | 6.74 | 16.15 | 4 | 35,338 | 100% | |
| September 21 | 9/21/07 | (0.69) | 0.53 | (1.22) | - | (0.69) | 5 | 39,074 | 100% | |
| October 19 | 10/19/07 | 12.53 | 0.42 | 12.11 | 3.63 | 8.90 | 5 | 51,911 | 100% | |
| November 16 | 11/16/07 | (19.08) | 0.38 | (19.46) | - | (19.08) | 5 | 40,621 | 100% | |
| December 21 | 12/21/07 | 16.67 | 0.46 | 16.21 | 4.86 | 11.81 | 6 | 59,060 | 100% | |
| January 18, 2008 | 1/18/08 | (16.17) | 0.39 | (16.56) | - | (16.17) | 6 | 54,511 | 100% | |
| February 15 | 2/15/08 | 0.52 | 0.29 | 0.23 | 0.07 | 0.45 | 6 | 54,793 | 100% | |
| March 21 | 3/21/08 | 72.66 | 0.30 | 72.36 | 21.71 | 50.95 | 7 | 100,379 | 100% | |
| April 18 | 4/18/08 | 24.55 | 0.22 | 24.33 | 7.30 | 17.25 | 5 | 115,317 | 100% | |
| (1) Composite inception date - 12/19/05, calendar used - options expiration, currency used to express performance - USD. | ||||||||||
| (2) Net returns are based on the max fee (30% of excess return) listed in the ADV schedule for our separately managed accounts. | ||||||||||
| (3) Percentage represents the market value of all accounts in this composite relative to the total assets under management of the firm. | ||||||||||
| (4) Benchmark published by the Federal Reserve Board on its website: http://www.federalreserve.gov/releases/h15/data/Monthly/H15_CD_M1.txt | ||||||||||
| These total return figures represent past performance and are not indicative of future returns which may vary. Performance results for all periods are time-weighted | ||||||||||
| based on monthly account valuations, and include the reinvestment of earnings. Gross performance results are presented before management fees but after all | ||||||||||
| trading commissions and net performance results are net of transaction costs and investment management fees. The Index results do not include fees or expenses. | ||||||||||
| Delta Interval is currently in the process of becoming 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 | ||||||||||
| and Research (AIMR-PPSTM), the U.S. and Canadian version of the Global Investment Performance Standards (GIPSTM). For purposes of defining the firm please be | ||||||||||
| advised that Delta Interval, Inc. was established on May 20, 2004. Delta Interval has prepared and presented this report in compliance with the Performance | ||||||||||
| Presentation Standards of the Association for Investment Management and Research (AIMR-PPSTM). However, AIMR has not been involved with the preparation or | ||||||||||
| review of this report. | ||||||||||
| Assets in the composite represent all discretionary separate accounts over $5,000 managed by Delta Interval, Inc. under the Interval Shift Strategy. The accounts | ||||||||||
| included in the composite are actively managed to exceed the performance of an appropriate benchmark - the 1-m CD rate. A 1-month CD (Certificate of | ||||||||||
| Deposit) is a time deposit, FDIC-insured to $100,000 per person, with a fixed maturity date of one month. The Federal Reserve Board publishes 1-month CD rate | ||||||||||
| data in an annualized format. The actual 1-month CD rate is calculated by dividing the published annual rate by 12 (as there are twelve months per annum). The | ||||||||||
| benchmark return will be calculated by multiplying the Account value at the end of the previous period by 1-month CD rate. Maximum Fees on separately managed | ||||||||||
| accounts are: 30% of excess return on accounts under $50,000; 25% on accounts from $50,000 to $100,000, and 20% on accounts over $100,000 in MV. | ||||||||||
| Fees on accounts in excess of $1 million are negotiable. Our performance based fees are calculated in accordance with our Form ADV Part I. Additional information | ||||||||||
| regarding management fees for separate accounts investment services is provided in our Form ADV Part II. All accounts within this composite use derivatives | ||||||||||
| to implement the investment strategy. However, margin leverage has not been used. Exchange traded options are used to generate excess return targeting a | ||||||||||
| defined level of risk. The power and risk of the derivatives are well indicated by the historical tracking errors which will be provided for upon request. | ||||||||||
| Published Prelim on: 04/20/2008 | ||||||||||
| Delta Interval, Inc. © 2004-2008. All rights reserved. | ||||||||||
| Visit: 420 Ovington Ave, Suite 2-C, Brooklyn, NY, 11230, Call: 718.833.2352, E-mail: admin@deltainterval.com, Web: www.deltainterval.com | ||||||||||
