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  1. Thank you for your interest in PowerPoint Services. Please note that the following document has been altered in order protect the confidentiality of the client for whom it was created. This document was intended for print (as opposed to projection on a screen). Jordan Yarusswww.powerpointservices.comjordan@powerpointservices.com(917) 856-0582

  2. Company Name Investor Presentation March 2006 THIS IS NOT AN OFFERING OR THE SOLICITATION OF AN OFFER TO PURCHASE AN INTEREST. ANY SUCH OFFER OR SOLICIATATION WILL BE MADE TO QUALIFIED INVESTORS ONLY BY MEANS OF A FINAL OFFERING MEMORANDUM AND ONLY IN THOSE JURISDICTIONS WHERE PERMITTED BY LAW.

  3. Risk Factors • Modo everti apeirian usu te, ei saperet expetenda elaboraret est. At quod commodo sed, graeco cotidieque vix ei. • Et oporteat probatus intellegat per, ad his odio suas. • Duo ei ridens prompta omnesque, suscipit scriptorem ex has. Maiestatis eloquentiam nec no, per eu perfecto neglegentur, sit paulo nonummy ex. • Molestiae moderatius ei eum, tollit takimata vulputate ne vel. Tota ancillae democritum vim ut, ea mel vidisse maiorum postulant, duo te eripuit habemus interpretaris • His eu error inimicus, erat causae molestie ei qui, justo impetus qui eu. Ut labores urbanitas eum, platonem intellegat at pro, et vituperatoribus intellegat hinc vim. • Sint ridens consequat ei nam, ipsum soluta atomorum vix ne. Mea in eros assentior. Pro sonet takimata scriptorem ut, volumus honestatis definitiones cum at. Vulputate rationibus honestatis eos ex. Ei nam definitiones conclusionemque, duo latine graecis cu.

  4. Table of Contents Overview Team Investment Strategy Historical Performance/Sample Investments Summary Terms and Structure

  5. Overview Modo everti apeirian usu te, ei saperet expetenda elaboraret est. At quod commodo sed, graeco cotidieque vix ei. Et oporteat probatus intellegat per, ad his odio suas. Duo ei ridens prompta omnesque, suscipit scriptorem ex has. Company Molestiae moderatius ei eum, tollit takimata vulputate ne vel. Tota ancillae democritum vim ut, ea mel vidisse maiorum postulant, duo te eripuit habemus interpretaris. Oblique tincidunt id nam, in persius offendit sea. Strategy Experienced Team Sint ridens consequat ei nam, ipsum soluta atomorum vix ne. Mea in eros assentior. Pro sonet takimata scriptorem ut, volumus honestatis definitiones cum at. Imperdiet laboramus eum no, errem nobis nonummy ei quo. Sea cu vitae splendide. Ex vidit accusamus neglegentur qui. Te vis sint eligendi torquatos, cum epicurei evertitur ne, natum graeci insolens eu usu. Id vis quod affert noluisse, quando assueverit duo ei. Kasd zzril quodsi ut quo, his quidam mediocrem ad. Commitment

  6. Investment Strategy Portfolio Turnover • Generally Multi-year Holding Period • Less Competition for Long Duration Ideas • Reduced Frictional Costs • Deferred Tax Recognition • Generally Taxed at Favorable Long-term Capital Gain Rate

  7. Investment Strategy Investment Qualification Quality ofthe Business Quality ofManagement Quality ofCapital Structure/Allocation • Appropriate Level of Debt • Free Cash Flow Allocation • Investment • Share Repurchase • Dividend • Intelligent Acquisitions • Bolt-on • New Business • Durable Competitive Advantage • Scale economies • Established contractual rights • Intellectual property • Unique assets • Dominant Market Position • Extraordinary Return on Invested Capital • Already Doing “The Right Things” • Ownership • Compensation/Options • Disclosure • Accessibility/Responsiveness

  8. Historical Performance (unaudited) Gross Annual Returns vs. S&P 500 Index * Partial year period from April 1 to December 31 Gross Quarterly Returns vs. S&P 500 Index

  9. Historical Performance (unaudited) Gross Monthly Returns vs. S&P 500 (April 2003—December 2005)

  10. Sample Investment I — Eagle Corp Business Result • Largest operator of cellular and radio towers in North America • Structural advantages of scale • Co-location • Network design • Excellent operating leverage and high returns on invested capital • Positive industry fundamentals Sharesbought Investment thesis • Revenue growth + operating leverage + financial leverage implied cash flow per share growth of over 20% per annum between 2005 and 2009. • Discussions with management convinced us that excess free cash flow would be allocated to share repurchases and dividends. • Further cash flow would be generated by maintaining leverage ratios as cash flow grows.

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