whose goal is the return of their legacy fund investments, while offering investors whoare interested in remaining invested with Tontine the opportunity to contribute theirlegacy fund interests in a newly-formed, ongoing Tontine fund with a focus onthematic, long term investing.Before we discuss our vision for Tontine going forward and the fund restructuring indetail, it is important to review our activity in the legacy funds this year. After ourconference call late last year, we embarked on a program to monetize the legacyfunds’ holdings in an orderly fashion. For those securities that were held across funds,we allocated sales pro rata across the relevant funds, and we distributed the proceedsperiodically to investors.unlevered vehicle that is less concentrated, more liquid and less focused on taxefficiency. The portfolio consists primarily of mid-capitalization equities and ishighly liquid. TTR’s

The restructuring of the legacy funds will be seamless for most of you. As illustratedin the chart below, the economic interests of legacy fund investors seeking the returnof their capital pursuant to the wind-down process (the “Redeeming Investors”) willbe separated from the economic interests of legacy fund investors who would like tocontinue investing with Tontine by contributing their interests into the new TCP2strategy (the “Contributing Investors”).To facilitate the restructuring, we will create a new entity, TCP Overseas Master FundII, which will execute the TCP2 strategy described above. Contributing Investors willcontribute

Addition, TCP2 can use newly raised capital along with other cash proceeds to offerto acquire, via tender offer, the interests of the Redeeming Investors in the legacyfunds. Any such tender offers would further accelerate the redemption process forparticipating Redeeming Investors, while also allowing TCP2 to increase its economicinterests in the legacy fund holdings. Furthermore, we plan to have discussions withintermediaries in the secondary market for partnership interests who may know of potential purchasers of Tontine legacy fund interests. For legacy investors who are inneed of immediate liquidity and wish to explore selling their interests in thesecondary market we intend to allow the transfer of part of their valuable high watermarks along with their interests, which may act as an incentive to secondary marketpurchasers. While we would be happy to put these legacy investors in touch with theappropriate people we can not gewe can not gewe can not gewe can not get involved in price negotiations.t involved in price negotiations.t involved in price negotiations.t involved in price negotiations.It is important to point out that all Contributing Investors into TCP2 will retain theirIt is important to point out that all Contributing Investors into TCP2 will retain theirIt is important to point out that all Contributing Investors into TCP2 will retain theirIt is important to point out that all Contributing Investors into TCP2 will retain theirhigh water marks from the legacy funds.high water marks from the legacy funds.high water marks from the legacy funds.high water marks from the legacy funds. We have already allowed investors to usetheir