NCO

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Qualitative Due Diligence for Hedge Fund Investors

HEDGEWORLD MANAGER
BACKGROUND REPORT
10-YEAR ENHANCED SAMPLE
PRINCIPAL REPORT
Investment Advisor/General Partner
HEDGE FUND FIRM LLC
Key Partner/Principal
THOMAS NO NAME
Date of Search: May 14, 2003

The following report is intended to aid you in your research process and assist you with
your investment decision. We trust that this information will be of assistance in future
decisions regarding the subject corporation.

All research has been compiled by NCO Financial Services. NCO Financial Systems,
Inc. is a leading provider of financial services, including background checks, public
record research, and consumer and commercial accounts receivable management.

The report is made available on HedgeWorld.com

The report is made available on HedgeWorld.com

Requests for additional information can be directed to:

Sales at 914-921-7800 (HedgeWorld)

NCO Financial Systems, Inc. Page 1 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
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NCO
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Qualitative Due Diligence for Hedge Fund Investors
Please familiarize yourself with this disclaimer and terms of service agreement prior to reading this report.

HedgeWorld, Ltd. (“HW”) and NCO Financial Systems, Inc. (“NCO”) have established an international database (“Database”) of public record
information concerning certain administrative, enforcement, civil, and criminal histories, in addition to, education and employment histories of certain
individuals and organizations in the hedge fund, mutual fund, futures, securities, and financial services industries.

Use of this service is bound under the following terms:

1. During the term of this Agreement, subject to the terms and conditions hereof, HW and NCO grants Subscriber a non-exclusive, non-
transferable, limited license to access the Database system and the service available through HW and NCO through compatible equipment at
such times as the systems and the services are generally available to all of HW and NCO’s subscribers.
2. Except for the license granted herein, all right, title, and interest in data, formats, and media, including all copyrights therein, are and shall
continue to be the exclusive property of HW and NCO.
3. Any Subscriber domiciled in the U.S, its territories, protectorates, and/or governed in any other way by U.S. Securities laws represents that it
is an accredited investor as promulgated under Rule 501(a) under the U.S. Securities Act of 1933, as amended.
4. Subscriber represents that he, she, or it has a legitimate interest to access the Database for purposes of making a business decision within the
context of a business association.
5. Information received from HW and NCO may not be used for the purpose of screening prospective employees, borrowers, or insured or for
any purpose other than as specifically contemplated by this Agreement. That is, it is expressly prohibited to use any information from the
Database as a factor in establishing an individual’s eligibility for (i) credit or insurance to be used primarily for personal, family, or
household purposes; (ii) employment; or (iii) licensing. Subscriber shall not use any Database information to engage in any unfair or
deceptive practices or for any other unlawful purpose. Subscriber certifies that the Database will not be used for one of the purposes listed in
§ 604 of the Fair Credit Reporting Act, 15 U.S.C. § 1681 et seq. and its various legislative counterparts at the State level in the U.S.
6. Pursuant to the Data Protection laws of the European Community, this paragraph applies if Subscriber is accessing data on organizations or
individuals using equipment that is located in whole or in part in the European Community. Subscriber agrees to request personal data only
when it has a legitimate interest, and to specify and record the grounds of the legitimate interest. Before Subscriber accesses any personal
data from the Database, Subscriber must specify to HW and NCO the explicit purposes for which personal data is accessed. Subscriber
certifies that the legitimate interest for its inquiries is a “decision within the context of a business association.” Subscriber accepts the
European Community guidelines outlined in European Directive 95/46/EC concerning the protection of privacy and transborder flow of
personal data as binding. Subscriber undertakes to prevent the use of your data processing system by unauthorized persons. Subscriber
agrees that personal data may be used only for the purpose for which they have been transmitted and to comply with European Directive
95/46/EC. Should Subscriber violate these obligations, Subscriber shall indemnify, defend and hold HW and NCO harmless from any and
all liability, claims, damages, costs and expenses arising out of such violation(s).
7. Subscriber further agrees that HW and NCO may deny access to the Database should Subscriber use the Database for purposes covered
under the FCRA and various state counterparts or should Subscriber not comply with European Directive 95/45/EC.
8. Subscriber agrees that it will use information received though Database for its own purposes, will keep the information confidential, and will
not further disseminate such information to other parties without the express written consent of both HW and NCO.
9. Subscriber understands and agrees that Database information provided by and through HW and NCO is solely for the independent use of
Subscriber. Subscriber understands that HW and NCO makes no recommendation whatsoever as to the course of action Subscriber should
take based on any information supplied.
10. HW and NCO make no representation that any individual or organization in its Database is the same person or organization that is the
subject of Subscriber’s inquiry. Subscriber will take all steps necessary to insure that the subject of Subscriber’s inquiry is not confused with
similarly named individuals or organizations.
11. Subscriber understands that the data contained in the Database is only current as of the date of the report.
12. Subscriber understands that if a report is not contained in the Database, HW and NCO shall create a report for the database.
13. THE SYSTEM, SERVICES, AND DATA ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND, EXPRESS OR
IMPLIED. HW AND NCO SHALL HAVE NO LIABILITY WHATSOEVER TO SUBSCRIBER FOR ANY CLAIM(S) RELATING IN
ANY WAY TO THE SYSTEM, ANY OF THE SERVICES, OR DATA.
14. SUBSCRIBER ACKNOWLEDGES THAT HW AND NCO DOES NOT, AND COULD NOT FOR THE FEES CHARGED
HEREUNDER, GUARANTEE OR WARRANT THE CORRECTNESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OF THE INFORMATION IN THE DATABASE. SUBSCRIBER ALSO ACKNOWLEDGES THAT EVERY
BUSINESS DECISION REPRESENTS AN ASSUMPTION OF RISK AND THAT HW AND NCO, IN FURNISHING INFORMATION
HEREUNDER, DO NOT AND CANNOT UNDERWRITE OR ASSUME SUBSCRIBER’S RISK IN ANY MANNER WHATSOEVER.
WHILE HW AND NCO HAVE NO REASON TO BELIEVE THAT ERRORS OR OMISSIONS EXIST IN THE DATA OR SERVICES
FURNISHED AND WHILE HW & NCO EMPLOY REASONABLE EFFORTS TO ENSURE THE ACCURACY OF THE
INFORMATION, HW AND NCO SHALL NOT BE LIABLE, INCLUDING BUT NOT LIMITED TO ANY CONSEQUENTIAL,
INCIDENTAL, OR PUNITIVE DAMAGES, FOR ANY ERRORS, INACCURACIES, OMISSIONS, OR OTHER DEFECTS IN THE
INFORMATION. ANY ADMINISTRATIVE, ENFORCEMENT, CIVIL, CRIMINAL, EDUCATIONAL, AND EMPLOYMENT
HISTORIES ARE NOT BASED ON DIRECT EXPERIENCE OF HW AND NCO PERSONNEL AND DO NOT NECESSARILY
REFLECT THE VIEWS OF HW OR NCO’S OFFICERS, AGENTS, OR CONTRACTORS.
15. HW will not be responsible for delays in service or performance of its duties under this Agreement to the extent that such delays are caused
by acts of God, war, civil unrest or riots, acts of government agencies, fire, power outages, explosions, epidemics, quarantines, strikes,
lockouts, embargoes, weather, transportations delays, subcontractor delays, inability to procure materials or source information from
organizations from where data is gathered in the Database, etc.
16. Subscriber agrees that it will hold harmless and indemnify, HW and NCO, and its contractors (including but not limited to computer service
bureaus and data entry firms), employees, agents and any other contributors of information to the Database from any action, suit or claim
arising out of Subscriber’s use of the information supplied through the database.
17. HW and NCO agree to keep confidential any names provided by Subscriber for Database queries.
18. Subscriber understands and agrees it is contracting only for the right to access the information compiled by HW and NCO. Subscriber
understands that HW and NCO are not obligated to give any refunds for failure to find information on parties, which are the subjects of
Subscriber’s inquiries.
19. Subscriber agrees to these conditions by the use of this report. The parties agree that the laws of the State of Pennsylvania, United States of
America govern this Agreement and any claim, suit or action involving this Agreement will be brought in the appropriate Montgomery
County, PA Court or in the Eastern United States District Court in Philadelphia, Pennsylvania. The parties hereto waive trial by jury of any
action brought concerning this Agreement.

NCO Financial Systems, Inc. Page 2 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
800-755-0435 (US Toll Free) | 504-837-6320 (Louisiana) | 504-835-2872 (Fax)
 NCO
_________________________________________
Qualitative Due Diligence for Hedge Fund Investors

THOMAS NO NAME

FAIRFIELD COUNTY, CONNECTICUT

SUFFOLK COUNTY, MASSACHUSETTS
PALM BEACH COUNTY, FLORIDA
&
NATIONWIDE DATABASE SEARCH
SEARCH PARAMETERS RESULT YEARS SEARCHED

I. Bankruptcy No 10

II. Secretary of State No 10

III. UCC Search No 10

IV. Civil Records Yes 10

V. Judgments No 10

VI. Tax Liens Yes 10

VII. Criminal Records No 10

VIII. Driving Record Search No 10

IX. Edgar Search Yes Not Applicable

X. Newspaper Article Search Yes Not Applicable

XI. Regulatory Agency Search No 10

XII. Education Yes 10

XIII. Employment Yes 10

XIV. Executive Summary Yes Not Applicable

NCO Financial Systems, Inc. Page 3 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
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NCO
_________________________________________
Qualitative Due Diligence for Hedge Fund Investors

I. BANKRUPTCY SEARCH

The search of the Bankruptcy records on a nationwide basis (including a search of the
United States Federal Bankruptcy Court in Connecticut, Massachusetts and Florida)
revealed no record of the subject having sought protection under the Federal Bankruptcy
Act.

II. SECRETARY OF STATE SEARCH

The nationwide database search of the applicable Secretary of States’ Offices revealed
no listings identifiable with the subject.

III. UCC – 1 S E A R C H

A UCC-1 filing represents a creditor’s lien or security interest in a debtor’s moveable

assets. Our search of UCC financing statements filed at the Connecticut, Massachusetts
and Florida Secretary of State’s Offices revealed no filings listing the subject as a debtor.

IV. CIVIL RECORDS

A search for suits filed in the court records of Fairfield County, Connecticut; Suffolk
County, Massachusetts and Palm Beach County, Florida revealed the following filing
involving the subject:

STATE: Massachusetts
COUNTY: Suffolk
DATE FILED: March 3, 19XX
COURT: Superior
DOCKET NUMBER: XXXXXXXX
DEFENDANT: Defendant’s name here
PLAINTIFF: Plaintiff’s name here
TYPE: Contract
STATUS: Settled and closed January 30, 20XX

Our investigator performed a search of the United States Federal District Court in
New Haven, Connecticut; Boston, Massachusetts and Southern District in Miami, Florida
and found no Federal civil litigation involving the subject.

NCO Financial Systems, Inc. Page 4 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
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NCO
_________________________________________
Qualitative Due Diligence for Hedge Fund Investors

V. JUDGMENTS

A nationwide search for judgments (including a search of Fairfield County, Connecticut;

Suffolk County, Massachusetts and Palm Beach County, Florida) revealed no filings
involving the subject.

VI. TAX LIENS

A nationwide search for tax liens (including a search of Fairfield County, Connecticut;
Suffolk County, Massachusetts and Palm Beach County, Florida) revealed the following
filings involving the subject:

STATE: Sample State

COUNTY: Sample County
DATE FILED: date
FILING NUMBER: XXXXXXX
TYPE: State Tax Lien
NAME OF TAXPAYER: Sample name
TAXING AUTHORITY: State of XXXXXXX
TOTAL TAX DUE: $250,000
STATUS: Open

COMMENTS: The above filing was cross-referenced with the subject’s social
security number.

VII. CRIMINAL RECORDS

Our investigator performed a search of the court records in Fairfield County,

Connecticut; Suffolk County, Massachusetts and Palm Beach County, Florida and found
no record of any criminal actions or convictions involving the subject.

Our investigator performed a search of the United States Federal District Court in
New Haven, Connecticut; Boston, Massachusetts and Southern District in Miami, Florida
and found no record of any Federal criminal litigation or convictions involving the
subject.

VIII. DRIVING RECORD SEARCH

An investigation was conducted at the Department of Safety, Division of Motor Vehicles,

for the State of Connecticut, Massachusetts and Florida, but without the subject’s driver’s
license number we could not obtain these records.

NCO Financial Systems, Inc. Page 5 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
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NCO
_________________________________________
Qualitative Due Diligence for Hedge Fund Investors

IX. EDGAR

We conducted an Edgar online search to obtain information on Thomas No Name. A

listing of the information uncovered has been exhibited for your review under letter “A”.

X. NEWSPAPER ARTICLE SEARCH

We conducted a nationwide database investigation to determine if there were any

newspaper articles written with respect to our subject. Through this extensive
investigation, we found several citations which we have copied and exhibited for your
review under letter “B”.

XI. REGULATORY AGENCY SEARCH

1
NAME: The National Association of Securities Dealers
CITY/STATE: Rockville, Maryland
TELEPHONE: (800) 289-9999

COMMENTS: The investigation revealed no registration for Thomas No Name

with the National Association of Securities Dealers. The
investigation confirmed no sanctions are recorded against this
individual.

2
NAME: Securities & Exchange Commission
CITY/STATE: Washington, DC
TELEPHONE: (202) 942-8088

COMMENTS: The investigation revealed no registration for Thomas No Name

with the Securities & Exchange Commission. The investigation
confirmed no sanctions are recorded against this individual.

3
NAME: National Futures Association
CITY/STATE: Chicago, Illinois
TELEPHONE: (800) 621-3570

COMMENTS: The investigation revealed Thomas No Name was issued NFA

ID number XXXXXXX. The subject was registered as an
Associated Principal and Person through XYZ Firm until August
XX, 19XX.

NCO Financial Systems, Inc. Page 6 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
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NCO
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Qualitative Due Diligence for Hedge Fund Investors

4
NAME: Attorney General’s Office, Securities Division
CITY/STATE: New York, New York
TELEPHONE: (212) 416-8192

COMMENTS: The investigation confirmed Thomas No Name was previously

registered under CRD number XXXXXX. The subject’s
registration is currently inactive.

XII. EDUCATION

NAME: MIT
CITY/STATE: Boston, Massachusetts
TELEPHONE: (617) 253-4784

COMMENTS: University officials confirmed the subject obtained a BS degree

in Electrical Engineering in June, 1950; and a MS degree in
Electrical Engineering and Computer Science in September,
1960.

XIII. EMPLOYMENT

1
NAME: Sample Asset Management Company
CITY/STATE: New York, New York
TELEPHONE: (212) 555-1212

COMMENTS: Company officials confirmed that Thomas No Name was

employed at this firm as Chief Investment Officer from August,
19XX to January 19XX.

2
NAME: Sample Bank & Trust
CITY/STATE: Boston, Massachusetts
TELEPHONE: (617) 555-1212

COMMENTS: Company officials confirmed that Thomas No Name was

employed at this firm as Director of Research from November 1,
19XX to September 1, 19XX.

NCO Financial Systems, Inc. Page 7 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
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NCO
_________________________________________
Qualitative Due Diligence for Hedge Fund Investors

XIV. EXECUTIVE SUMMARY

Through the investigation, we identified one (1) state tax lien recorded against Thomas
No Name. The litigation investigation identified a previous suit listing XXXX as
defendant and YYYYY as plaintiff. The above case was subsequently settled and closed.
The media search revealed no derogatory publications focusing on the subject. We
directly contacted the applicable regulatory agencies, as well as utilized database sources
to research licensing information. This search identified no fines, sanctions, disciplinary
actions, etc. levied against the subject.

The investigation identified no discrepancies between the subject’s biographical

information and our investigative findings. We trust this information will be of
assistance to you in your decision making process.

END OF REPORT

Client #Z99991
FILE #XXXXXX

NCO Financial Systems, Inc. Page 8 of 8

3850 North Causeway Boulevard 3rd Floor Metairie, LA 70002 USA
800-755-0435 (US Toll Free) | 504-837-6320 (Louisiana) | 504-835-2872 (Fax)