Lynx Fund I, L.P.

Launched July 1997

Managed By: Proprietary Capital LLC
Fund Information Firm Information Contact Information
Min. Invest. 1,000,000 Fund Assets ($MM): $ 218 Mark Robertson
Mgmt. Fee 1.00% Firm Assets ($MM): $ 350 1225 17th Street, Ste. 2500
Incentive Fee 20.00% Denver, CO 80202
Hurdle Rate None Phone: 303-575-9084
High Water Mark Yes Email: mrobertson@prop-cap.com
Lockup Period N/A Website: www.prop-cap.com
Leverage None

Latest Period Returns YTD 1 Year 3 Year 5 Year Inception Drawdown Analysis
Lynx Fund I, L.P. 2.54% 18.51% 10.58% 9.17% 10.23% Depth Length Peak Valley
Barclays Aggregate Bond Index -0.88% 2.59% 5.19% 4.30% 6.08% -3.05% 2 Dec-98 Feb-99
Treasury - 10 Year -4.46% 13.59% 9.35% 6.24% 6.78% -1.71% 1 Jan-98 Feb-98
S&P 500 TR -8.43% -38.63% -11.78% -4.24% 1.08% -1.19% 1 Sep-98 Oct-98
HFRI MBS Index 3.03% -0.47% 3.08% 5.58% 6.21%

Return & Statistical Analysis Consecutive Profitable Periods

Fund Barc. Agg 10 Yr. S&P 500 HFRI Run-up Length Start Date End Date
Compound ROR 10.23% 6.08% 6.78% 1.08% 6.21% 58.91% 38 Feb-00 Mar-03
Standard Deviation 2.83% 3.78% 7.51% 16.08% 4.78% 33.43% 30 Aug-06 Jan-09
Sharpe(5.00%) 1.74 0.29 0.26 -0.16 0.26 21.17% 29 Sep-03 Jan-06
Outperformed in up markets 39.36% 30.68% 12.35% 35.96% 11.64% 10 Mar-99 Dec-99
Outperformed in down markets 93.33% 94.12% 100.00% 100.00%
Percent Profitable Months 91.37%
% 67.63%
% 63.31%
% 58.27%
% 82.01%
%
Average Monthly Gain 0.96% 1.07% 1.79% 3.25% 0.97%
Average Monthly Loss -0.69% -0.70% -1.53% -4.05% -1.58% Consecutive Losing Periods
Best Monthly Return 3.63% 3.73% 6.88% 9.78% 3.27% Run-down Length Start Date End Date
Worst Monthly Return -1.71% -3.36% -6.72% -16.80% -9.24% -3.05% 2 Jan-99 Feb-99
Best 12-Month Return 26.91% 14.56% 23.44% 39.83% 23.23% -1.71% 1 Feb-98 Feb-98
Worst 12-Month Return 3.22% -1.85% -9.63% -38.63% -9.84% -1.19% 1 Oct-98 Oct-98
Monthly Profit/Loss Ratio 14.82 3.21 2.02 1.12 2.80 -0.84% 1 Dec-97 Dec-97

Growth of $1000 (Since Inception)

$3,500 $3,500

$3,000 $3,000

$2,500 $2,500

$2,000 $2,000

$1,500 $1,500

$1,000 $1,000

$500 $500
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Lynx Fund I, L.P. HFRI MBS Index Treasury - 10 Year S&P 500 TR Barclay Agg.
 Lynx Fund I (Master Fund), LP
Monthly Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2009 2.54% 2.54%
2008 2.75% 2.57% 1.21% 1.30% 1.13% 1.38% 1.45% 1.74% 1.18% 1.40% 0.18% 1.06% 18.75%
2007 0.46% 0.31% 0.54% 0.48% 0.29% 0.21% 0.76% 0.47% 0.62% 1.19% 0.91% 1.05% 7.52%
2006 0.44% (0.14%) 0.60% 0.63% 0.21% 0.08% (0.04%) 0.35% 0.46% 0.38% 0.28% 0.43% 3.74%
2005 0.46% 0.95% 0.83% 0.38% 0.49% 0.45% 0.74% 0.20% 0.28% 0.41% 0.16% 0.38% 5.86%
2004 1.11% 0.94% 0.71% 0.63% 0.61% 0.78% 0.71% 0.70% 0.64% 0.60% 0.64% 0.66% 9.08%
2003 0.38% 0.69% 0.56% (0.21%) (0.30%) 0.40% 0.75% (0.17%) 0.59% 1.11% 1.06% 1.65% 6.68%
2002 1.80% 2.01% 1.69% 1.56% 1.84% 2.06% 1.63% 1.20% 0.76% 0.68% 0.41% 0.52% 17.39%
2001 1.16% 1.24% 0.62% 1.08% 1.10% 1.43% 1.47% 2.31% 1.66% 3.34% 1.77% 2.41% 21.41%
2000 (0.41%) 0.31% 0.71% 0.80% 0.95% 0.79% 0.51% 0.46% 0.94% 0.61% 0.66% 2.57% 9.24%
1999 (1.47%) (1.60%) 3.63% 0.37% 0.23% 0.73% 0.13% 1.85% 1.12% 1.03% 1.02% 1.01% 8.24%
1998 1.09% (1.71%) 1.93% 0.05% 1.63% 0.09% 1.42% (0.15%) 0.26% (1.19%) 1.64% 0.97% 6.12%
1997 0.62% 1.21% 0.88% 0.69% 0.66% (0.84%) 3.25%

Capture Ratios vs. Market Benchmarks

125%
100% 100%
91% 93% 89% 92% 93% 94%
81%
72%
75%
33% 39% 36%
31%
25% 6% 9% 12%
5%
12% 12%

-25%

(53%)
-75%
(70)%
(81%)

-125%
Up Capture Ratio Down Capture Ratio Up Months in Up Markets Down Months in Down Up Market Outperformance
Markets
Barclays Aggregate Bond Index Treasury - 10 Year S&P 500 TR HFRI MBS Index

Risk vs. Return Distribution of Monthly Returns

11% 30
Lynx Fund I, L.P. 91.37%
10%
25
Number of Monthly Periods

9% Barclays Agg.
10 Yr Treasury
Annualized Return

8% 20
S&P 500
7% HFRI MBS
6% 15
5% 8.63%
10
4%
3% 5
2%
0
1%
0% 5% 10% 15% 20%
Anualized Standard Deviation

Correlation Matrix Drawdown Analysis

1yr 3yr 5yr Inc. Instruments Drdn Drdn Rcvr Peak Valley
Lynx Fund I -3.05% 2 1 Dec-98 Feb-99
-43.58% -14.68% -10.88% 6.21% Barclays Aggregate Bond Index -3.82% 7 2 Mar-08 Oct-08
-52.96% -1.70% 1.38% 8.90% Treasury - 10 Year -10.30% 16 10 Sep-98 Jan-00
-4.36% -42.28% -40.73% -18.02% S&P 500 TR -45.10% 15 Oct-07 Jan-09
48.74% 5.32% 0.58% 29.09% HFRI MBS Index -13.48% 7 28 Mar-98 Oct-98
Lynx Fund I, LP Returns are Net of All Fees and Expenses..

Net return is indicative of the net return for the entire limited partner class of investors for the month taken as a whole,
whole efffected for the incenctive allocation appropriate for such return.
return Net return is not necessarily indicative of any
single Investor's performance. Additionally, an individual investor's return may vary from that reflected based on different incentive allocation arrangements and the timing of capital transactions. The General Partner believes that the
performance shown was generated with an investment philosophy consistent to that described in the fund’s Offering material. The performance information given for the fund in the results section of this report is historic and should
not be taken as any indication of future performance.