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March 9, 2006

M. $. F. Student Managed Fund. Performance Report. March 9, 2006. MBA Managers. Rebekah Harnish Marianela Hoz de Vila Atanas Malinov Matthew McNulty Alla Remen. Chirag Bhojani Frank Carmon Royden D’Souza Michael Feeley David Fine Patrick Garvey. Agenda. Portfolio Summary

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March 9, 2006

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  1. M $ F Student Managed Fund Performance Report March 9, 2006

  2. MBA Managers • Rebekah Harnish • Marianela Hoz de Vila • Atanas Malinov • Matthew McNulty • Alla Remen • Chirag Bhojani • Frank Carmon • Royden D’Souza • Michael Feeley • David Fine • Patrick Garvey

  3. Agenda • Portfolio Summary • Investment Philosophy & Strategy • Investment Process • Portfolio Performance • Economic Outlook • Q & A

  4. Portfolio Summary MSFT KO ARJ RSAS TYC JNC SRCL FRK LCAV EXP UNH PG EON PEP XOM XTO AET CBH NKE MDT BDK BEN DOW AH WMFI *rf:4.33% • Positions: 25 • Average Holding: $32,315

  5. Strategy SELECT AN OPTIMAL BLEND OF STOCKS TRADING AT LEAST 15% BELOW THEIR INTRINSIC VALUE Philosophy • LONG-TERM CAPITAL GROWTH • BOTTOM-UP APPROACH • MID TO LARGE CAP (U.S) • RISK MANAGEMENT • STOP-LOSS ORDERS (-15%) • UPSIDE REVIEW (+20%) • GROUP UPDATE (7%) • ACTIVE MONITORING • ATTRIBUTION ANALYSIS Investing Philosophy & Strategy

  6. M $ F Investing Process Identify Opportunities Documentation Fundamental Analysis Portfolio Management Portfolio Design

  7. Identify Oppor. Doc. Fund. Analysis M $ Portfolio Mgmt. Portfolio Design F QUALITATIVE QUANTITATIVE • Superior business model • Market position • Competitors • Leadership/Corporate Governance • Industry life cycle • High free cash flow potential • Financial strength/ historical performance • “Attractive” valuation Fundamental Analysis INTRINSIC VALUE

  8. Identify Oppor. Doc. Fund. Analysis M $ Portfolio Mgmt Portfolio Design F Large Mid Small Value Blend Growth Portfolio Design

  9. Identify Oppor. Doc. Fund. Analysis M $ F Portfolio Mgmt Portfolio Design Portfolio Management

  10. Identify Oppor. Doc. Fund. Analysis M $ F Portfolio Mgmt Portfolio Design 100% 80% 60% Invested Portfolio 40% 20% 0% 1/3/06 11/8/05 12/6/05 1/17/06 1/31/06 10/11/05 10/25/05 11/22/05 12/20/05 Portfolio Management $1,100,000 Portfolio Value $1,000,000 $900,000 8/5/05 9/4/05 1/2/06 2/1/06 8/20/05 9/19/05 10/4/05 11/3/05 12/3/05 1/17/06 10/19/05 11/18/05 12/18/05

  11. Identify Oppor. Doc. Fund. Analysis M $ F Portfolio Mgmt Portfolio Design $50,000 2.1% $45,000 $40,000 3.8% 1.4% 4.0% 2.9% 0.1% $35,000 0.6% 0.1% 25.2% 0.4% $30,000 0.9% 2.3% 49.6% 10.9% 5.7% 2.1% 6.3% $25,000 2.1% 3.8% 3.2% 7.3% 2.4% 1.8% 3.0% $20,000 $15,000 2.1% $10,000 $5,000 $- PG KO AH JNC ARJ PEP AET TYC EXP FRK BDK XTO NKE BEN MDT EON DOW CBH* LCAV UNH* SRCL XOM* WFMI MSFT RSAS Portfolio Management Reevaluation: 20% Stop-loss: 15%

  12. Identify Oppor. Doc. Fund. Analysis M $ F Portfolio Mgmt Portfolio Design 25.0% SMF S&P 500 20.0% 15.0% 10.0% 5.0% 0.0% Energy Utilities Materials Financials Industrials Technology Health Care Discretionary Consumer Consumer Staples Telecommunications Portfolio Management • Continuous research on economic conditions  future trends • Regular monitoring of portfolio’s allocation  diversification

  13. Identify Oppor. Doc. Fund. Analysis M $ F Portfolio Mgmt Portfolio Design Cash -40 Stock Selection 103 Sector Allocation -18 -60 -40 -20 0 20 40 60 80 100 120 Attribution Analysis Portfolio Management Consumer Staples -25bps Energy +70bps Money Market Fund 9.04%

  14. M $ F Identify Oppor. Portfolio Management Doc. Fund. Analysis Portfolio Mgmt Portfolio Design Performance to date • Holdings: 22 • Amount invested: $728,550 • Average holding: $33,116 • Portfolio outperform the S&P 500 by 107 basis points

  15. M $ F Identify Oppor. Experiential Learning Doc. Fund. Analysis Portfolio Mgmt Portfolio Design • ARCHIVES • Meeting Minutes • Contribution Analysis • Attribution Analysis • Reports • Presentations • 7% manager updates • Alumni network

  16. 16.2% 5.6% 18.5% 6.5% 6.4% 4.8% PORTFOLIO UPDATE $50,000 $40,000 $30,000 $20,000 $10,000 $- DOW JNC SRCL FRK AH RSAS

  17. Highlights • GDP Rebound (3.5%) • Interest Rate Increase • Industrial Production Growth • Increased energy demand • “POSITIVE” • GDP (Q4 2005) 1.1% • Slow Consumer spending • Unemployment Rate -4.7% Outlook Economic Outlook

  18. Acknowledgments • University of Connecticut Foundation Inc. • Investment Advisory Board • Dr. Chinmoy Ghosh

  19. Questions Questions Questions Questions ?

  20. M $ F STUDENT MANAGED FUND

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