Soeren Mr. Fethke

Marcard Stein is a family office and is a subsidiary of M.M. Warburg & Co. Based in Hamburg Germany; the firm provides innovative financial services and holistic management of large family fortunes. Marcard currently has about $100 million dedicated towards alternative investments which includes hedge funds funds of hedge funds real estate funds and funds of private equity funds.Since the majority of Marcard's clients are German private investors the firm can only work with hedge funds that are declared tax transparent and that have a certificate with a bank that can be bought by the firm. The certificate must be in conjunction with a major bank such as Barclays KPMG or Credit Suisse for example.Marcard Stein is not making new investments in private equity for the forseeable future because it is having liquidity issues due to its current investments in this asset class. The firm is also not investing in true hedge funds but may look to invest in UCITS later in 2010.�