1. Rye Select Broad Market Portfolio Limited
September 30, 2008
FOR FINANCIAL PROFESSIONAL USE ONLY AND MAY NOT BE USED WITH THE GENERAL PUBLIC 1

2. Disclaimer
THIS IS A CONFIDENTIAL DISCUSSION. THIS DOCUMENT IS AN OUTLINE AND IS INCOMPLETE IF NOT ACCOMPANIED BY A VERBAL PRESENTATION.
THE INFORMATION CONTAINED HEREIN IS NOT INTENDED FOR DISTRIBUTION TO, OR USE BY, ANY PERSON OR ENTITY IN ANY JURISDICTION OR COUNTRY
WHERE SUCH DISTRIBUTION OR USE WOULD BE CONTRARY TO ANY LAW OR REGULATION OR WHICH WOULD SUBJECT RYE SELECT BROAD MARKET PORTFOLIO
LIMITED OR TREMONT GROUP HOLDINGS, INC. OR THEIR AFFILIATES TO ANY REGISTRATION REQUIREMENT WITHIN SUCH JURISDICTION OR COUNTRY. NONE
OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO ACQUIRE, OR ANY RECOMMENDATION
CONCERNING, INTERESTS IN RYE SELECT BROAD MARKET PORTFOLIO LIMITED OR ANY OTHER SECURITY OR INVESTMENT PRODUCT. INTERESTS IN RYE
SELECT BROAD MARKET PORTFOLIO LIMITED ARE MADE ONLY TO QUALIFIED INVESTORS BY THE FUND’S INFORMATION MEMORANDUM, WHICH SHOULD BE
READ IN ITS ENTIRETY.
THIS MATERIAL IS BEING FURNISHED ONLY TO PROSPECTIVE QUALIFIED INVESTORS AND/OR THEIR ADVISORS ON A PRIVATE AND CONFIDENTIAL BASIS TO
PROVIDE CERTAIN SUMMARY INFORMATION REGARDING RYE SELECT BROAD MARKET PORTFOLIO LIMITED. NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, SUCH PROSPECTIVE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE, OR OTHER AGENT OF SUCH PROSPECTIVE INVESTOR) MAY DISCLOSE TO
ANY AND ALL PERSONS, WITHOUT LIMITATION OF ANY KIND, THE U.S. FEDERAL INCOME TAX TREATMENT AND TAX STRUCTURE OF (I) RYE SELECT BROAD
MARKET PORTFOLIO LIMITED, AND (II) ANY TRANSACTIONS DESCRIBED HEREIN, AND ALL MATERIALS OF ANY KIND (INCLUDING OPINIONS AND OTHER TAX
ANALYSES) THAT ARE PROVIDED TO SUCH PROSPECTIVE INVESTOR RELATING TO SUCH TAX TREATMENT OR TAX STRUCTURE, EXCEPT WHERE
CONFIDENTIALITY IS REASONABLY NECESSARY TO COMPLY WITH SECURITIES LAWS.
NONE OF THE CONTENTS OF THIS MATERIAL MAY BE REPRODUCED, STORED IN A DATA RETRIEVAL SYSTEM OR TRANSMITTED IN ANY FORM OR BY ANY MEANS –
ELECTRONIC, MECHANICAL, PHOTOCOPY REPRODUCTION, VIA RECORDING OR OTHERWISE – EITHER IN WHOLE OR IN PART, WITHOUT THE EXPRESS WRITTEN
AUTHORIZATION OF RYE SELECT BROAD MARKET PORTFOLIO LIMITED OR RYE INVESTMENT MANAGEMENT®.
CERTAIN INFORMATION PRESENTED HEREIN HAS BEEN OBTAINED OR DERIVED FROM SOURCES BELIEVED BY RYE INVESTMENT MANAGEMENT® TO BE
RELIABLE, BUT NEITHER THE FUND NOR ANY OF ITS AFFILIATES MAKES ANY REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF SUCH
INFORMATION.
INVESTING IN HEDGE FUNDS MAY BE CONSIDERED SPECULATIVE AND MAY INVOLVE A SIGNIFICANT DEGREE OF RISK. THEY ARE ONLY APPROPRIATE FOR
CONSIDERATION BY QUALIFIED PERSONS WHO, AT A MINIMUM, ARE ACCREDITED INVESTORS AND, IN THE CASE OF RYE SELECT BROAD MARKET PORTFOLIO
LIMITED, QUALIFIED PURCHASERS, AS WELL (AS BOTH TERMS ARE DEFINED IN THE SECURITIES ACT OF 1933, AS AMENDED, AND THE INVESTMENT COMPANY ACT
OF 1940, AS AMENDED, RESPECTIVELY), AND WHO CAN EVALUATE THE RISKS ASSOCIATE WITH AN INVESTMENT IN HEDGE FUNDS AND CAN BEAR THE FINANCIAL
RISKS INVOLVED. PLEASE REFER TO “RISKS RELATING TO HEDGE FUND INVESTING” ON PAGE 3 FOR MORE INFORMATION.
THE STANDARD & POOR’S 500 DRI INDEX (quot;S&P 500 DRIquot;) IS A WIDELY RECOGNIZED, UNMANAGED INDEX OF MARKET ACTIVITY BASED UPON THE AGGREGATE
PERFORMANCE OF A SELECTED PORTFOLIO OF PUBLICLY TRADED COMMON STOCKS INCLUDING MONTHLY ADJUSTMENTS TO REFLECT THE REINVESTMENT OF
DIVIDENDS AND OTHER DISTRIBUTIONS. THE S&P 500 REFLECTS THE TOTAL RETURN OF SECURITIES COMPRISING THE INDEX, INCLUDING CHANGES IN
MARKET PRICES AS WELL AS ACCRUED INVESTMENT INCOME, WHICH IS PRESUMED TO BE REINVESTED. THESE RESULTS ARE SHOWN TO GIVE A PERSPECTIVE OF
THE HISTORICAL PERFORMANCE OF THE U.S. EQUITY MARKET.
T-BILL IS A U.S. GOVERNMENT DEBT SECURITY WITH A MATURITY THAT IS LESS THAN ONE YEAR.
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3. Risks of Hedge Fund Investing
Investors should be aware that an investment in a hedge fund, including a fund of hedge funds (“fund”), may be speculative, illiquid and involve a substantial element of
risk. Such an investment is suitable only for consideration by qualified subscribers who, at a minimum, are Accredited Investors (as defined by SEC) and only for a limited
portion of the risk segment of such subscriber's portfolio. Prospective investors should consider the following risk factors in evaluating the merits and suitability of an
investment in a fund. However, please be aware that this list of risk factors is not exhaustive.
Speculative. No Guaranteed Return of Capital. An investment in a fund is generally considered speculative and involve a substantial degree of risk. No assurance can be
given that a fund will achieve its overall investment objective of seeking substantial capital appreciation. Investors are at risk of losing all or a substantial amount of their
investments in a fund.
Limited Operating History. A fund could have limited operating history and the underlying managers may have limited or no operating histories.
Limited Access to Information on Investments. The investment manager may only have limited information with regard to the actual underlying investments made by the
managers and may have little or no means of verifying information provided by managers.
Limited Rights. Investors in a fund may have limited rights with respect to their investment interest, including limited voting rights and limited participation in
management of the Alternative Investments.
Illiquid Investment. Interests in a fund generally are subject to substantial restrictions on transfer and have limited liquidity.
Use of Non-Traditional Investment Techniques. Various risks are associated with the securities and other investments in which managers may invest and the specialized
investment techniques which they may use.
Potential for Lack of Diversification. Although a fund sometimes intends to invest with several managers, managers may, inadvertently, hold the same investments thereby
making a fund's investments more concentrated than anticipated.
Use of Leverage. Investment managers may use leverage, including borrowing to buy securities on margin. A fund will indirectly bear this financial risk to the extent it
invests with managers which may choose to employ leverage.
Fees and Expenses. Investors in the Fund will bear fees, expenses and performance-based allocations at the Fund level and also at the manager level. The fees and
performance-based allocations payable by the Fund and its investors are higher than the fees typically charged by registered mutual funds.
Conflicts of Interest. Investors in a fund will rely on the experience and judgment of the investment manager and sponsor, who may be subject to certain conflicts of
interests.
Country of Citizenship or Domicile. Investors in a fund are urged to seek appropriate advice regarding any applicable legal requirements and any applicable taxation and
exchange control regulations in the county of their citizenship, residence or domicile, which may be relevant to the subscription, purchase, holding, exchange, redemption or
disposal of any fund.
Lack of Management Control by Investors. Investors cannot take part in the management or control of a fund’s business. The investment manager will have wide latitude in
making investment decisions.
Certain Tax Risks. An investment in a fund may involve certain tax risks. In addition, potential delays in manager reporting may require limited partners to seek extensions
of the deadline to file their tax returns.
Tax Structure. Certain funds may have complex tax structures and may not distribute annual tax information prior to April 15 of each year, thereby requiring investors in
funds to obtain extensions for filing tax returns each year.
Regulatory Oversight. Many funds are not, nor, generally, are their underlying portfolio funds, registered as investment companies under the U.S. Investment Company Act of
1940, as amended.
The foregoing does not purport to be a complete enumeration or explanation of the risks involved in an investment in a fund including the Rye Select Broad Market Portfolio
Limited. Prospective investors are urged to read the entire offering memorandum of any fund in which such investor may seek to invest.
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4. Contents
Rye Investment Management® 5
Rye Select Funds 6
Rye Select Broad Market Portfolio Limited
Key Terms 8
Investment Strategy 9
Administration 11
Value-Added Services 12
Performance 13
Contacts 22
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5. Rye Investment Management®
A division of Tremont Group Holdings, Inc.
Origins within the firm dating back to 1994
Provides exclusive access to select hedge fund managers
Dedicated product, marketing and investor services
Shared legal, compliance, administration, sales and technology resources
Develops, manages and promotes the Rye Select Funds
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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6. Rye Select Funds
Select group of the industry’s most experienced and proven investment talent
Generally unavailable hedge fund managers
Offered to Accredited Investors and Qualified Purchasers
4 investment strategies
13 funds (onshore and offshore)
Over 650 investor accounts
Over $5 billion in assets
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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7. Product Offerings
Activist Nelson Peltz Rye Select Activist Segregated Portfolio*
(Event Driven) Over 30 year record of value creation
“Operational Activism” with public companies
Broad Market Over 14 years of consistent positive returns Rye Select Broad Market Portfolio Limited*
(Equity Market Neutral) A hedged option trading strategy Rye Select Broad Market XL Portfolio Limited*
Defined risk and return parameters Rye Select Broad Market Insurance Portfolio, LDC*
Equities Renaissance Technologies LLC Rye Select Equities Segregated Portfolio*
(Long/Short Equity) Long-biased U.S. equities fund
Strict adherence to mathematical & statistical methods
Futures Renaissance Technologies LLC Rye Select Futures Segregated Portfolio*
(Global Macro) Leveraged, slow-trading, global futures & forwards fund
Strict adherence to mathematical & statistical methods
* U.S. funds available
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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8. Rye Select Broad Market Portfolio Limited
Investment Objective
Long term capital appreciation
Positive returns irrespective of stock market volatility or direction
Key Terms
Inception September 1, 2001
Minimum Subscription $500,000
Management Fee 1.75% (Class B)
Administration Fee 0.20%
Subscriptions Monthly
Redemptions (Notice Period) Monthly (36 Days)
Administration The Bank of New York Mellon
Auditor KPMG
Legal Counsel Walkers
Assets (09/30/08) U.S. $1,207,103,222
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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9. Investment Strategy
“ Split Strike Conversion”
a hedged, market timing strategy with defined risk and return parameters
designed to profit from short periods of growth in U.S. equities
the ‘position’ generally consists of:
the purchase of a basket of U.S. large cap stocks
the purchase of equity index put options (value approx. equal to stocks)
the sale of equity index call options (value approx. equal to stocks)
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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10. Investment Strategy (cont.)
Return Expectations
The purchase of a basket of large
cap U.S. equities establishes the
position
Buying index put options
establishes a floor that limits the
value of a decline in the basket of
equities (see above) as it is offset
Profitability
by gains on the long puts
Writing out-of-the-money index
call options establishes a ceiling in
which further gains on the basket
of equities (see below) are offset
by liabilities to these short calls
Market exposure has historically
been between 1% - 2%
590 600 610
Index Level
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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11. Administration
The Bank of New York Mellon (“BNY”)
Founded in 1784 by Alexander Hamilton
Oldest bank in the United States
Principal subsidiary of The Bank of New York Mellon Corporation (NYSE:BK)
Established leader in global fund administration with over $23.1 trillion in assets
under custody and administration
Alternative Investment Services
A division of BNY
Offices in Hamilton, Bermuda; New York, New York; Somerset, New Jersey;
Dublin, Ireland; Orlando, Florida and San Francisco, California
Specialize in providing administration and related services to alternative investment
entities
Servicing more than 2,000 funds with more than $550 billion in assets
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12. Value-Added Services
Rye Investment Management® maintains a private website at www.ryeselectfunds.com.
News
Letters
Fact Sheets
Presentations
Weekly Performance Estimates
Monthly Performance Estimates
Monthly Performance Reports
Monthly Account Statements
Audited Financial Statements
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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13. Performance – Historical Monthly Returns
Class A (closed to new investors December 31, 2002)
Class B
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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14. Performance
Statistical Analysis (Class B)
Rye Select Broad Market Portfolio Limited S&P 500 DRI
Annualized Return 7.96% 7.00%
Volatility 1.96% 10.54%
Sharpe Ratio (U.S. T-bills) 2.68 0.4
Maximum Drawdown -0.53% -23.20%
Recovery Period 1 Month ongoing
Positive Months 85% 63%
Average Down Month -0.14% -2.72%
Alpha (S&P 500 DRI) 0.63% 0.00%
Beta (S&P 500 DRI) 0.04 1.00
Correlation (S&P 500 DRI) 0.20 1.00
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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15. Performance
Distribution of Monthly Returns (Class B)
35%
30%
25%
20%
15%
10%
5%
0%
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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16. Performance
Growth of $1,000,000 (Class B)
$2,000,000
$1,750,000
$1,553,503
$1,500,000
$1,475,764
$1,250,000
$1,172,059
$1,000,000
$750,000
$500,000
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08
RSBMPL S&P 500 DRI 90 Day T-Bill
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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17. Performance
Risk vs. Reward (Class B)
9%
1.96%, 7.96%
8%
10.54%, 7.00%
7%
Average Annualized Return
6%
5%
4%
3%
0.44%, 2.80%
2%
1%
0%
0% 2% 4% 6% 8% 10% 12%
Annualized Standard Deviation
S&P 500 DRI Rye Select Broad Market Portfolio Limited 90 Day T-Bill
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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18. Performance
Equity Market Correlation (Class B)
10%
Rye Select Broad Market Portfolio Limited
8%
6%
4%
2%
(Class B)
0%
-10% -5% -2% 0% 5% 10%
-4%
-6%
-8%
-10%
S&P 500
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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19. Performance
Performance in Hostile Markets (Negative S&P 500 Months Ranked from Worst)
Class B
10%
8%
6%
4%
RSBMPL
Monthly Return
2% S&P 500
0%
-2%
-4%
-6%
-8%
-10%
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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20. Performance
Rolling 1-Year Alpha (Class B)
12%
10%
8%
6%
4%
2%
0%
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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21. Performance
Rolling 1-Year Beta (Class B)
1.0
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
-0.8
-1.0
Past performance is not an indication of future results.
Confidential. The material presented herein is informational only and none of such information constitutes an offer to sell, or a solicitation of an offer to acquire, or any recommendation involving interests in any of the Rye Select Funds. Such an offer, if made, is made only to
qualified investors by the relevant fund’s information memorandum, which should be read in its entirety. Please read disclaimer on Page 2 and Risks of Hedge Fund Investing on Page 3.
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22. Definitions
• Alpha
– A measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a
mutual fund and compares its risk-adjusted performance to a benchmark index. The excess
return of the fund relative to the return of the benchmark index is a fund's alpha.
• Beta
– A measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the
market as a whole.
• Sharpe Ratio
– A ratio developed by Nobel laureate William F. Sharpe to measure risk-adjusted
performance. The Sharpe ratio is calculated by subtracting the risk-free rate - such as that of
the 10-year U.S. Treasury bond - from the rate of return for a portfolio and dividing the result
by the standard deviation of the portfolio returns.
• Correlation
– In the world of finance, a statistical measure of how two securities move in relation to each
other. Correlations are used in advanced portfolio management.
• Volatility
– A statistical measure of the dispersion of returns for a given security or market index. Volatility
can either be measured by using the standard deviation or variance between returns from that
same security or market index. Commonly, the higher the volatility, the riskier the security.
• S&P 500 DRI Index
– The S&P 500 is one of the most commonly used benchmarks for the overall U.S. stock market.
The benchmark is an index of 500 stocks chosen for market size, liquidity and industry
grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S.
equities and is meant to reflect the risk/return characteristics of the large cap universe.
Companies included in the index are selected by the S&P Index Committee, a team of analysts
and economists at Standard & Poor's. The S&P 500 is a market value weighted index - each
stock's weight in the index is proportionate to its market value.
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23. Contact Information
Rye Investment Management®
Corporate Center at Rye
555 Theodore Fremd Avenue
Rye, NY 10580
Phone: 914-925-1725
Fax: 914-925-4090
Email: sales@ryeinvestmentmanagement.com
Website: www.ryeselectfunds.com
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