Investor Presentaiton

Disclaimer This confidential presentation (this "Presentation") is provided for informational and discussion purposes only and is not, and may not, be relied on in any manner as, legal, tax, investment or accounting advice or as an offer to sell or a solicitation of an offer to buy any limited partner interests or other interests in any fund or other investment vehicle including the Portugal Strategic Growth Fund, FCR ("PSGF" or "Fund"). No representation or warranty, express or implied, are made as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the Fund or any other entity. Recipients of this Presentation agree that the sender of this Presentation, its affiliates and their respective partners, members, employees, officers, directors, agents, and representatives shall have no liability for any misstatement or omission of fact, or any opinion expressed herein. The information contained herein must be kept strictly confidential and may not be reproduced or redistributed in any format. Statements in this Presentation are as of the date listed on the cover page unless stated otherwise, and the delivery of this Presentation shall not under any circumstances create an implication that the information contained herein is correct as of any time after such date. The information provided herein will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date of the information set forth herein. Each recipient agrees that it will (i) not copy, reproduce, or distribute this Presentation, in whole or in part, to any person or party; (ii) keep permanently confidential all information contained herein that is not already public; and (iii) use this Presentation solely for the purpose set forth in the first paragraph above. In considering any performance data contained herein, each recipient should bear in mind that past or targeted performance is not indicative of future results, and there can be no assurance that the Fund will achieve comparable results or that target returns will be met. Investors may lose investment capital. Past or targeted portfolio characteristics are not indicative of future portfolio characteristics and there can be no assurance that the Fund will have comparable portfolio characteristics or that any target portfolio characteristics will be achieved. Targets are hypothetical, have been prepared and are set out for illustrative purposes only, and do not constitute a forecast. Actual results may differ, perhaps materially, from those presented herein. Information contained herein relating to market trends are based solely on external sources referenced herein, which are inherently subjective in nature. Other market participants may make different determinations relating to sector characterization and size based on the same underlying data. The information relating to market trends presented herein is for illustrative purposes only and is not necessarily indicative of future results. Statements contained in this Presentation (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs. They are ultimately subjective and as such, any recipient should review with such context in mind. Such statements also involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any projections, estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Certain information contained in this Presentation constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will,", "should," "expect," "anticipate," "target," "project," "estimate," "intend," "continue," or "believe," or the negatives thereof or other variations thereof or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. Any projections or targets stated herein are based on beliefs about what results may be achievable on investments that the Fund's manager, ECS Capital, and the Fund's sub-manager, J.P. Morgan Asset Management, have made in light of ECS Capital's and J.P. Morgan Asset Management's respective experience with similar transactions. Further, any projected or targeted returns stated herein are based on an assumption that economic, market and other conditions will not deteriorate and, in some cases, improve. There are numerous factors related to the markets in general or the implementation of any specific investment that cannot be fully accounted for in the preparation of projected or targeted performance results, all of which can adversely affect actual investment results. Any projected or targeted returns are therefore subject to a number of important risks, qualifications, limitations, and exceptions. Certain information contained in this Presentation has been obtained from published and non-published sources prepared by other parties, which in certain cases have not been updated through the date hereof. While such information is believed to be reliable for the purposes of this Presentation, no responsibility is assumed for the accuracy or completeness of such information and such information has not been independently verified. Except where otherwise indicated herein, the information provided in this Presentation is based on matters as they exist as of the date listed on cover page and not as of any future date and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. With respect to potential investment opportunities mentioned herein, unless otherwise noted, the Fund has not consummated or entered into an exclusive agreement relating to any such potential investments, and there can be no assurance that any such potential future investment (including any such investment with respect to which an exclusive agreement has been signed will ever be acquired, or acquired on favorable terms, by the Fund or related entity). 2

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