The ENR Bullet Portfolio was launched in January 1990. The program seeks to achieve an absolute rate of return in all markets by maintaining a rigorous asset allocation among a dozen top performing money-managers offshore and distressed value-based securities. Our advisors include traditional stock mutual funds, hedge funds, managed futures funds (CTAs), REITs and individual securities. Combined, the securities in our portfolios average approximately 15 open positions. The portfolio managers participating in the ENR Bullet Portfolio are widely considered to be the best money-managers in their respective asset classes and have among the best risk-adjusted returns from a universe of over 50,000 offshore funds.

Since 1990, the ENR Bullet has earned 17.3% per annum with no losing years, net of all mutual fund and sub-advisor fees.

The ENR Bullet has historically earned profits regardless of the global economic cycle, including severe bear market periods. Several advisors employed in this program by Mr. Roseman trade global asset classes long and short, unlike traditional mutual funds, which many be hostage to the economic cycle, depending on the investment strategy employed.

Generally, traditional equity mutual funds require an expanding economy accompanied by rising corporate profits to generate positive returns. This is not the case with the ENR Bullet Portfolio due to the flexibility of strategies employed in the portfolio. Mr. Roseman can raise cash in anticipation of adverse or overvalued market conditions, employ long/short advisors to protect capital and invest in foreign currencies, which tend to rise during severe bear markets. Also, bear market structured products offered by private banks in Europe also provide a measure of downside portfolio protection.

Below is a composite of global strategies traded by our advisors:

• Global Value Investing (long)
• Relative Value (long & short)
• Event-driven (special situations)
• Sector Investing (long & short)
• Mergers and Acquisitions (long & short)
• Macro Trading (long & short, including currencies)
• Commodities Futures & Options (long & short)
• Distressed Securities (long & short)
• Convertible Bond Arbitrage (long & short)
• Currency Trading (long & short)
• Multi-Manager Investing (long & short)
• Real Estate Investment Trusts or REITs
• Bear Market Hedging with Guaranteed Products

Each of these strategies is executed globally on a long and short basis to reduce risk and monthly volatility. Importantly, most of these sectors and strategies provide low-to-negative correlation to one another, and in fact, offer a low degree of portfolio volatility within the ENR Bullet due their diversified mandates.

In addition to the above sectors traded by our core advisors, investors also enjoy diversification benefits across asset classes, including:

• Common Stocks (long & short)
• Real Estate Investment Trusts (long & short)
• Fixed-Income (long & short)
• Commodities (long & short)
• Currencies (long & short)

The minimum investment requirement for this program is $250,000, available at Jyske Bank Private Banking (Denmark), Anglo-Irish Bank (Austria) and UBS Private Banking (Switzerland).

Alternatively, prospective clients can also select their own overseas bank to have the ENR Bullet Portfolio administered provided the respective institution can trade all necessary products.