Executive Summary

Founded in 1981, Indices-Pac Research Corp. ("IPR") is a leading manager of highly developed, objective data- and mathematically-driven long/short strategies, which focus on statistical arbitrage and seek to achieve preservation of capital and absolute returns through all market conditions and economic cycles.

Founder, Richard M. Morano, has over 40 years of investment expertise which has provided him with a unique blend of quantitative skills and qualitative judgment. Mr. Morano leads a seasoned team of analysts and traders, each with a mathematical orientation and investment experience in U.S. and foreign markets.

IPR's investment objective is to generate consistent risk-adjusted returns with low correlation to market indices.

The team has developed a unique proprietary risk management system and screening tools which leverage mathematical and engineering techniques to pursue client investment objectives.