8550 United Plaza, Ste 720 | Baton Rouge, LA 70809 | 225.341.5565 | www.presciencefunds.

com

Monthly Report December 2011

Short Summary
Prescience Investment Group is a research-driven, performance-oriented investment firm. Prescience manages a private investment fund on behalf of its clients and principals with the objective of generating superior absolute investment returns over the full cycle of market and economic conditions. We specialize in extensive, investigative research on difficult-to-analyze or obscure public companies in order to develop unique insights and identify singular investment opportunities. We seek out abnormally large disparities between what businesses are intrinsically worth and what they sell for and invest accordingly, long and short. Our core long investments span a broadly defined, concentrated set of small-cap equities, which offer prospects for substantial fundamental growth. In addition, we maintain short positions in unattractive special situation equities and other overvalued securities with identifiable negative catalysts, both for profit and portfolio balance. All investment decisions are based on the firms original and independent research.

Manager Profile
Eiad Asbahi, CFA - Portfolio Manager/Managing Partner Prior to founding Prescience, Asbahi worked as an investment analyst with several hedge fund managers in Manhattan, New York. He began as a generalist with Sand Spring Capital, analyzing debt and equity instruments across the capital structures of over-levered companies and special situations. He went on to work in a similar capacity as a consultant with Cohanzick Management and later Kinderhook Partners. At Cohanzick Eiad analyzed companies across the capital structure, with a focus on high yield and distressed debt, capital arbitrage, and special situation equities. At Kinderhook he focused exclusively on analyzing small-cap equities, identifying undervalued companies with exceptional growth prospects or impending catalysts to unlock intrinsic value. Asbahi graduated from Louisiana State University in 2001 with a B.S., Microbiology, summa cum laude. He later graduated at the top of his MBA class from LSUs Flores MBA program and achieved the Chartered Financial Analyst (CFA) designation. He currently sits on the boards of nonprofits Boys and Girls Club, Forum 35, SeNSE and OBrien House.

Monthly Net Performance

Year 2011 2010 2009 Jan 6.37% 1.60% Feb -2.68% -1.13% Mar 14.09% 6.31% Apr 13.73% -4.71% May 15.36% -6.66% Jun 6.21% 1.22% Jul 9.49% 1.03% Aug 2.05% 7.89% -2.72% Sep -2.86% 2.29% 1.99% Oct -0.26% -6.89% -1.29% Nov -6.45% -2.28% 1.90% Dec 1.36% 2.89% 4.49% YTD 68.93% 0.35% 4.28%

Note: Returns are net of a 1.25% management fee and 25% incentive fee over a 5% hurdle rate (no incentive fee for 2009 or 2010).

Statistical Analysis

(August 2009 - Present)

Growth of Initial Investment, After Fees

Fund Information
Minimum Investment: Management Fee: Incentive Fee Subscriptions: Redemptions: High Water Mark: $200,000 1.25% annually 25% over 5% hurdle rate Monthly Monthly Notice, No Lock-up Yes Administrator: Fund Auditors: Prime Broker Custodians: Legal Counsel: CFO:

Service Providers
Michael J Liccar & Co RSM McGladrey Morgan Stanley Morgan Stanley & Interactive Brokers

Disclaimer
This Confidential Monthly Report is intended only for the person to whom it has been distributed and may not be reproduced or redistributed in whole or in part, nor may its contents be disclosed to any person under any circumstances other than the recipients financial and legal advisors. This does not constitute an offer to sell or a solicitation of an offer to buy any security. Any decision with respect to an investment in Prescience Partners, LP should be made based upon information contained in the Private Placement Memorandum, available upon request. This investment is intended only for sophisticated investors. An investment in Prescience Partners, LP is speculative and involves a high degree of risk, could involve possible loss of your entire principal, and may have volatile performance. This Summary is for informational purposes only and is qualified by the information in the Private Placement Memorandum. Opinions expressed herein are subject to change without notice. The products mentioned in this document may not be eligible for offer or sale in some states or countries, nor are they suitable for all investors. The above performance returns are provided by the Fund Administrator and subject to revision based on subsequent reporting.