Gator Small Cap Portfolio 4th Quarter Review presentation slides. Reviews the stocks that added or detracted from portfolio performance. Newcastle Investment, First Industrial Realty, Atlas Energy, Oppenheimer Holdings, Akamai Technologies and MedAssets. Portfolio is managed by Derek Pilecki.

1. Gator Small Cap PortfolioYear End Review2010 Derek Pilecki, CFA Portfolio Manager (813) 381-5376 derek.pilecki@gatorcapital.com www.gatorcapital.com 1

2. Disclaimer This summary, which has been furnished on a confidential basis to the recipient, does not constitute an offer of any securities or investment advisory services. This summary is intended exclusively for the use of the person it has been delivered by Gator Capital Management, LLC, and it is nor to be reproduced or redistributed to any other person without the prior consent of Gator Capital Management, LLC. 2

3. Goals for the Webinar Review Small Cap Portfolio Review Strong and Weak Stocks in the Portfolio How and Why to Invest in the Portfolio 3

4. Firm Overview Gator Capital Management, LLC was founded in 2008 by Derek Pilecki. Gator is a registered investment advisor. Based in downtown Tampa, Florida. Gator offers concentrated equity portfolios in separately managed accounts. Blue Chip Portfolio Small Cap Portfolio Micro Cap Portfolio Multi-cap Portfolio Energy Portfolio Gator manages a long/short equity strategy focused on the Financials sector. 4

5. Gator Small Cap Portfolio Managed using the Firm’s Investment Philosophy The portfolio is suitable for investors willing to take higher than average stock market risk and who have a five year time horizon. Holds 25 to 35 small company stocks. Currently, 30 stocks in the portfolio. Small Cap is a market capitalization of less than $3 billion at the time of the initial purchase. Stocks are not sold because they get too large. 5

6. Small Cap Portfolio as of December 31, 2010 Holding% of PortfolioHolding% of Portfolio Brigham Exploration 7.8%Oppenheimer Holdings 2.8% Newcastle Investment 6.8% Raymond James Financial 2.8% Biglari Holdings 6.0% Interoil Corp 2.6% Rex Energy 5.8%Tessera Technologies 2.3% Fossil 5.5% OneOK 2.3% DineEquity 4.2% Aeropostale 1.9% Akamai Technologies 4.0%Wellcare Health Plans 1.9% Atlas America 3.7% MedAssets 1.7% Targa Resources 3.4% Prestige Brands 1.5% Sally Beauty Holdings 3.4% eHealth 1.4% PetsMart 3.4% Wendy's Arby's Group 1.3% First Industrial Realty 3.4% Form Factor 0.8% SBA Communications 3.3%Cash 0.9% Gamestop 3.2% Primerica 3.1% Health Management Associates 3.0% Affiliated Managers 2.9% Teekay Corp 2.8% 6

7. Small Cap Portfolio Characteristics S&P Risk Metrics GSC 500 Concentration 31.4%11.4% % Months Negative 23.1%23.1% Std Dev 23.7%15.4% Downside Std Dev 11.5%9.0% Beta 1.5 1.00 Information Ratio 0.52 0.00 Turnover33.5% NA Sector Composition Financial 27% Consumer Cyclicals 24% Energy 23% Technology 18% Transportation 3% Healthcare 3% Utilities 2% 7

8. Gator Small Cap Performance Since 09Q109Q209Q309Q4200910Q110Q210Q310Q42010Inception* Gator Small Cap Portfolio 1.7% 35.3% 13.1% 16.0% 81.6% 7.6% -14.2% 20.8% 21.4% 35.4%164.9% Russell 2000 -15.4% 20.2% 18.9% 3.5% 25.2% 8.5% -10.2% 10.9% 16.3%26.8%64.4% Relative17.2% 15.1%-5.8%12.5%56.4%-0.9% -4.0%9.9%5.1%8.5%100.5% Note - * through 12/31/2010 Past performance is not indicative of future results. 8

9. 4thQuarter Portfolio Transactions Purchases DateCompanyPrice 10/8 Aeropostale $24.26 12/8 Targa Resources $25.08 Additions None Sales DateCompany PriceReturn 10/6 Equinix $76.45 39% 12/7 Tivo $8.75 34% Trims 12/7Brigham Exploration$27.61 817% 9

10. Stocks Adding and Detracting to 4th Quarter Performance Added to Performance Stock4Q Change Newcastle 116% First Industrial 73% Atlas Energy 54% Detracted from Performance Stock4Q Change Oppenheimer -6% Akamai -6% MedAssets -4% 10

11. Newcastle Investment Purchased in August 2010. Commercial mortgage REIT. Have 7 outstanding CDOs, which are non-recourse to NCT. Still receiving cash flow from the CDOs. Possible the underlying will increase in market value for future recovery to NCT. Management is using dislocation in the credit markets to enhance potential returns: buying back tranches of outstanding CDO’s for discounts and making high yielding new investments. 11

12. First Industrial Realty Owned since portfolio inception. Industrial Property REIT. Benefitting from improving demand for warehouse space. Able to generate cash by selling non-core assets such as vacant land. Making progress on refinancing near-term debt maturities. 12

13. Atlas Energy Owned stock since inception of portfolio. Oil & gas exploration company with significant acreage position in the Marcellus Shale in West Virginia and western Pennsylvania. In November, announced sale of company to Chevron for 30% premium to market price. 13

14. Oppenheimer Owned stock since portfolio inception. Retail brokerage with investment bank. Q3 earnings report released in late October was disappointing. Report covered the slow summer 2010 in the capital markets. Retaining position because of the embedded operating leverage in the company’s operations. 14

15. Akamai Originally purchased stock at portfolio’s inception. Stock underperformed in Q3 due to concerns about competitive threats. If competitive intensity is increasing, it is a double-whammy to both earnings estimates and stock price. 15

16. MedAssets Purchased position at the inception of the portfolio. We like the recurring revenue business model. We are frustrated with recent sales slow down in the revenue cycle management business. Believe the basic business model is a powerful cash generator. 16

17. Why Invest in Gator Small Cap Portfolio Attractive Investment Philosophy Disciplined Investment Process We are Attempting to Significantly Outperform the Market Accessible Portfolio Manager (call me to talk about the portfolio) Opportunity in Small Company stocks We Invest Alongside Our Clients 17

18. How to Invest with Gator There are three ways to invest in the Gator Small Cap Portfolio. Invest directly with Gator Capital. Call us directly (813) 282-7870. Email me directly derek.pilecki@gatorcapital.com. $100,000 account minimum. 2. Invest through the WealthFront.com platform. https://www.wealthfront.com/gator-capital $10,000 account minimum Same fee structure – WealthFront gets paid out of Gator’s fee. 18