Investor Presentation

The following presentation is a brief summary of information contained in the Private Offering Memorandum of Triton Capital Fund, L.P. This
presentation is not to be construed as an offer to sell securities of or any interest in Triton Capital Fund, L.P. or as an invitation or solicitation for
offers to buy securities of or any interest in Triton Capital Fund, L.P. Nothing to the contrary withstanding contained herein, potential investors
are cautioned that they may rely only upon information contained in the Private Offering Memorandum and related documents.
 Contents

Page
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Market Risks Facing Investors Today . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
The Triton Solution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Hedging Strategy Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Investment Strategy - Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
Triton Capital Pilot Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Fund Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Investor Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Fee Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Partnership Advantages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Executive Resume . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
How to Invest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

2
 Executive Summary

The principal purpose of the Triton Capital Fund, L.P. is to grow investors capital using a variety of
proprietary trading methodologies that are designed to deliver superior returns while simultaneously
insulating the investor from an increasingly volatile and hostile investing environment.

The Triton Capital Fund, L.P. seeks to provide investors with strong performance without the danger
inherent in long-only investment strategies such as a standard mutual fund buy and hold or dollar cost
averaging which rely solely on purchasing stocks.

The Triton Capital Fund, L.P. can be defined as a Global/Macro Long/Short hybrid hedge fund that
seeks to provide investors with a better alternative than traditional buy and hold investment strategies.

The Triton Capital Fund, L.P.s Investment Advisor, Triton Capital Investment Advisors, Inc. tends to
employ an opportunistic strategy, nimble enough to navigate volatile markets, in order to make profits,
regardless of the direction of the global markets.

The success of the Triton Capital, LLC pilot fund, which returned investors 125.02% over 29 months (vs.
23.4% for the Dow Industrials), prompted the creation of the Triton Capital Fund, L.P. in August of 2005.

Bowen C. Farrell is the President and CEO of the Triton Capital Fund L.P.s Investment Advisor. Mr.
Farrell has been trading securities since 1978, and is a career investment banker schooled at the Harvard
Business School. Mr. Farrell researched, developed, and made all decisions for the Triton Capital pilot fund.

3
 Executive Summary

Objective
The objective of the Triton Capital Fund, L.P is to seek capital appreciation for its investors by
applying its understanding of micro-economic factors affecting individual securities amidst the
global macro-economic environment.
Each security has valuation metrics, which include discounted and free cash flow analysis,
GAAP earnings, price multiples (price/sales, price/earnings, price/book, price/EBITDA,
etc.), volatility, and technical trading factors that may be considered and compared.
Global macroeconomic factors such as industrial and demographic trends, interest rates,
currency rates, governmental monetary policy, and pricing anomalies may also be
simultaneously considered to determine if they will benefit or detract from the value of an
individual security.

Investment Strategy
The strategy of the Partnership is to optimize asset allocation, investing in securities (long
positions) with improving prospects and risk adjusted returns, and divesting securities the
Partnership holds (or taking short positions) with lesser expected returns or higher risks. The
General Partner intends to employ a flexible investment approach to asset allocation that will
allow rapid adjustments to changing market circumstances.

4
 Market Risks Facing Investors Today

Recent Changes in Market Dynamics

For many individuals and institutions, timing the market has been increasingly difficult, as the
markets have become more volatile due to more rapid information flow, computerized buy
and sell programs (program trading), portfolio insurance strategies, and trend trading.

Increased Volatility
Rising markets have been followed by quick downturns, often caused by factors that have
little impact on a specific security. Investors now face new and extraordinary economic and
geo-political risks such as terrorism, nuclear proliferation, massive trade and budget deficits,
increasing leverage, asset bubbles, and more. These extraordinary factors can make investing
even more dangerous, as globalization and information flow has caused even distant markets
to often trade in the same direction, rendering few safe harbors for investors.

Buy and Hold Strategies Disappoint Investors

Investors who have chosen the buy and hold strategy used by most mutual funds have found
themselves euphoric at times, and depressed shortly after, as the markets swing up and down
more quickly than they have historically.

5
 Summary of Economic Risks Facing US Investors
Today

Market Decline in 2000 N A SD A Q 10 0 Ind ex - QQQQ

W eekly C lo sing Pr ices
In the late 1990s, the technology-heavy
NASDAQ 100 Index (QQQQ) increased
120.00
substantially as global industries
reconfigured themselves to take
advantage of the internet. After March 100.00
2000, the index suffered a severe
downturn as investors realized that these 80.00
economic changes were not sustainable.
60.00
Government Reaction
The U.S. Congress passed tax cuts and
the Federal reserve lowered the Fed 40.00
Funds rate in response. These actions, in
turn, flooded the markets with liquidity 20.00
and fueled asset prices, and allowed for
substantially increased household 0.00
leverage. 3/99 3/00 3/01 3/02 3/03 3/04 3/05

6
Traditional Domestic and International Economic Risks

Lower Interest
Rates

Risk Factors
Given the economic situation facing US investors today, it is Higher Asset
Prices

easy to see the need to be aware of a variety and inter-

relationship of events that could, without an obvious warning, Inflation
Increases

affect the securities markets. The illustration to the right

depicts a brief, and by no means comprehensive, list of these Less Demand for
US Bonds
types events and their likely subsequent effects.
Higher Interest
Rates

Economic and Budgetary Factors

Housing Bubble
Compounding these typical macro-economic factors for the Bursting

US investor is the global dependence upon increasingly high

oil prices, the war in Iraq, the declining ability for our Drop in
Consumption

government to finance (defer) the costs of Social Security,

Medicaid, Medicare, and our ever growing budget and trade Decrease in
Corporate Profits

deficits.
Volatility in
Securities
Markets

7
 Additional Event Risks Facing Investors Today

Geo-Political Risks
Even though investors may understand the classic
macro-economic risks facing investors today and
apply that knowledge to investing strategies, geo-
political risks such as terrorist attacks like 9/11 also
can cause markets to collapse without notice.

Risk of Unpredictability
Terrorism has injected a new element into the
investment landscape, which is impossible to
dimension, impossible to predict, and impossible to
prepare for using standard buy and hold investment
strategies.

All these factors have given US investors an equity market exposed to above-normal
external risks, which render a buy and hold investment strategy obsolete.

8
 Triton Capital Funds Solution to
Obsolete Buy and Hold Strategies

The Triton Solution

The Triton Capital Fund, L.P. seeks high returns in the global securities marketplace without
exposing investors to the full force of unpredictable event risks like a terrorist attack.

Investors in the Triton Capital Fund, L.P. would hold simultaneous long and short
positions in different securities in an attempt to mitigate event risk exposure.

This investment strategy seeks to profit from the increasing spread between the value of
securities owned, which the fund believes to be undervalued, and the slower growth or
decline in securities sold short by the fund.

Thus, the Triton Capital Fund, L.P. is considered to be a Global/Macro Long/Short

hybrid hedge fund, as our changing global landscape now appears to mandate.

9
 Long/Short Hedging

Defined by Example First Day

Below is a theoretical example of the performance of a hedged investment given a devastating
overall market decline of 50%, declines of both ABC Corp. and XYZ Corp. stocks, but with
XYZ Corp. declining greater.

In this example, the investor is net neutral, having taken a position where his long and short
positions are equal on the first day. Assume a market index is trading at 100 on this day.

Index Value - 100

Purchase 2000 Shares of ABC Corp. at $25/share $50,000 (cash out)

Sell Short 1000 Shares of XYZ Corp. at $50/share + $50,000 (cash in)
Net Cash Used (1) $0

(1)An obligation to deliver shares of XYZ Corp. that were borrowed, then sold, is established at the time the short position
is established. This obligation is then eliminated when the shares are later purchased and delivered to the lender.

10
 Long/Short Hedging

Defined by Example Subsequent Day(s)

At a subsequent time, assume the market index declines by 50% (from an index value of 100 to
50) after a calamitous event. The investor then unwinds his short position (he needs to
purchase XYZ Corp. stock to repay the XYZ Corp. stock borrowed and sold on the First Day),
and sells his stock in ABC Corp.
Even though ABC Corp. stock lost 20% of its value, the value of the short position in XYZ
Corp. offset the loss, and even yielded a $20,000 gain for the combined trade. In this example,
the investor profits even after a 50% decline in the market index.

Index Value - 50

Sell 2000 Shares of ABC Corp. at $20/share + $40,000 (cash in)

Purchase 1000 shares XYZ Corp. at $20/share $20,000 (cash out)
Net Gain (2) + $20,000 (profit)

(2)
This simple example was designed to illustrate how an investor can make money using a hedged strategy even in a severely
declining market. In reality, the Triton Capital Fund, L.P.s Global/Macro Long/Short Hedge Fund will not be perfectly net
neutral, but will seek to be net long in periods of stock price appreciation and net short in periods of stock price depreciation,
while at the same time offering investors more protection from unforeseen economic or geo-political events than most un-hedged
portfolios.

11
 Simple Examples of Hedging Strategies

Primary Goal
The primary goal in the Triton Capital Fund, L.P. is to capitalize on the relative price
performance of securities chosen to buy vs. those chosen to sell short.
The matching of securities for long and short positions can also take many different forms,
some more closely hedged than others. Below are some simple examples of hedging
strategies.

Long Position vs. Short Position Description of Hedge

IBM Corp. Microsoft Hardware vs. Software

Dow Index Russell 2000 Large Cap vs. Small Cap

Exxon/Mobil BP/Amoco Company vs. Company

Altria Cisco Dividend vs. Growth

US Dollar Euro Currency vs. Currency

Above are some examples used for illustrative purposes only, and do not necessarily reflect the current opinion of
the Triton Capital Fund, L.P. management.

12
 Securities Used by the Triton Capital Fund

Investment Strategy
The Triton Capital Fund, L.P. does not limit itself to domestic equity investments as shown in
the simple example of long/short hedging. In fact, the securities utilized in its investment
strategy may also include certain non-equity asset classes such as:

Bonds Real Estate

Options Foreign Currencies
Commodities Exchange Traded Funds
Mutual Funds

This may be especially true in times when the equity markets appear to have diminished
volatility or when these investments are more appropriate.

Although the Triton Capital Fund, L.P. seeks to offer event risk protection by hedging, it is
intended that the Fund will be net long in markets it considers undervalued, and net short in
markets it considers overvalued, in an effort to enhance portfolio performance.

13
 Investment Analysis Techniques

Analysis Techniques
Within the structure of a Global/Macro Long/Short Hybrid fund, the Triton Capital Fund, L.P.
utilizes a proprietary investment strategy which may include, but is not limited to, the following
types of securities analysis:
Global Macroeconomic Analysis Company Specific Financial Analysis
Industrial and Demographic trends DCF and Free Cash Flow analysis
Currency Exchange Rates Financial Statement and Leverage Analysis
Governmental Monetary Policy Price/Sales, Price/Earnings, Price/EBITDA
Pricing Anomalies including Labor Costs Earnings Volatility and Stability Analysis
Growth, GDP, Trade Policy, Legal Climate Technical Analysis
Interest Rates and Interest Rate Differentials
Competitive Strategy
Legal Exposure Analysis Rivalry
Potential for Legal Attack Supplier Power
Value of Current Litigation Barriers to Entry
Buyer Power
Threat of Substitutes
The Triton Capital Fund, L.P. may utilize any or all of the above investment analysis disciplines in considering
its portfolio strategies, long and short.

14
 Triton Capital, LLC Pilot Fund Performance

Pilot Fund Performance

Triton Capital, LLC operated a pilot account, in real-time trading, of its proprietary
account to research and develop the trading strategies for the Triton Capital Fund, L.P.

Bowen C. Farrell was solely responsible for all trades, management, and execution of the
Triton Capital, LLC pilot account.

Performance for the Triton Capital, LLC pilot account was measured from August 1,
2002 through December 31, 2004, a 29 month period.

The financial performance of the Triton Capital, LLC pilot account was audited by
Kaplan & Co., Certified Public Accountants, which specializes in hedge fund accounting.

15
 Triton Capital, LLC Pilot Fund Performance

Investment Performance
If a $1,000,000 investment
was made in the Triton
Capital, LLC pilot fund on
Triton Pilot
August 1, 2002, it would $2,250,094

have risen to $2,250,094 on

December 31, 2004. This 29
month period produced a
S&P
return of 125.02%. $1,329,414

During that same period, the Dow

$1,234,236
S&P index increased 32.9%
and the Dow increased
23.4%.

16
 Triton Capital, LLC Pilot Fund Performance

TRITON CAPITAL, LLC PILOT ACCOUNT

PERFORMANCE COMPARISONS
Investors Starting with $1 Million
Performance Comparison
Audited Dow Jones

The chart at the right shows what would Date

July 31, 2002
Triton Pilot
$1,000,000
Industrials
$1,000,000
S&P 500
$1,000,000
have happened to a theoretical investor with August 31, 2002 $985,800 $991,634 $1,004,881
September 30, 2002 $1,037,160 $868,981 $894,320
a $1 million dollar investment in either the October 31, 2002 $1,084,351 $961,134 $971,633
November 30, 2002 $1,457,259 $1,018,257 $1,027,084
Triton Capital, LLC pilot fund, the Dow December 31, 2002 $1,426,948 $954,792 $965,117
January 31, 2003 $1,415,390 $909,409 $926,493
Jones Industrial Average, or the S&P 500 February 28, 2003 $1,393,027 $903,222 $922,698
March 31, 2003 $1,421,723 $914,788 $930,410
Index. Note that the Triton Capital, LLC April 30, 2003 $1,533,328 $970,641 $1,005,814

pilot fund easily beat both other indexes and May 31, 2003
June 30, 2003
$1,711,808
$1,858,852
$1,013,011
$1,028,484
$1,057,008
$1,068,976

turned a $1 million dollar investment into July 31, 2003

August 31, 2003
$1,848,628
$1,853,805
$1,056,911
$1,077,745
$1,086,319
$1,105,735

$2.25 million dollars in 29 months. September 30, 2003

October 31, 2003
$1,916,278
$2,107,714
$1,061,634
$1,121,847
$1,092,528
$1,152,575
November 30, 2003 $2,147,761 $1,119,711 $1,160,791
December 31, 2003 $2,209,831 $1,193,262 $1,217,218

Performance Qualification January 31, 2004

February 29, 2004
$2,190,605
$2,217,769
$1,200,476
$1,211,447
$1,240,791
$1,255,940
March 31, 2004 $2,200,692 $1,185,554 $1,235,394
This investment return of the Triton Capital, April 30, 2004 $2,159,539 $1,170,430 $1,214,651
May 31, 2004 $2,148,741 $1,166,182 $1,229,328
LLC pilot fund, though outstanding, cannot June 30, 2004 $2,194,724 $1,194,457 $1,251,442
July 31, 2004 $2,060,188 $1,160,603 $1,208,530
be guaranteed in the future. August 31, 2004 $2,145,068 $1,164,518 $1,211,294
September 30, 2004 $2,044,464 $1,153,799 $1,222,637
October 31, 2004 $2,105,798 $1,147,756 $1,239,771
November 30, 2004 $2,169,393 $1,193,603 $1,287,620
December 31, 2004 $2,250,094 $1,234,236 $1,329,414

17
 Risk-Return Performance Analysis

Risk-Adjusted Performance Measure

The Sharpe Ratio quantifies the return of an investment portfolio in excess of a risk free rate
(the 90-day Treasury-bill), relative to the risk taken in achieving those returns. The higher the
Sharpe Ratio, the better performance relative to the risk taken.
Sharpe Ratio
(29 m onth com parison)

Standard Deviation as Proxy for Risk

The risk an investor takes is commonly
calculated by using the portfolios standard
1.40 Triton Pilot
1.45
deviation, measured monthly and annualized 1.20

(M/A). 1.00

0.80
S&P 500
0.81
Sharpe Ratio Formula 0.60
Dow Jones
In simple form, the Sharpe Ratio is the quotient. 0.40
0.51

0.20
M/A Portfolio Performance M/A Risk Free Rate
0.00
M/A Standard Deviation of Portfolio

The Triton Capital pilot fund has a Sharpe Ratio of 1.45.

18
 Management of the Triton Capital Fund, L.P.

Management
Triton Capital Investment Advisors, Inc. is the General Partner of the Triton Capital
Fund, L.P.

Triton Capital Investment Advisors, Inc., the funds General Partner, is also the
Investment Advisor to the Fund, responsible for implementing the investment
objectives of the Partnership.

The General Partner of the Triton Capital Fund, L.P. will also manage the preparation
of tax returns, financial statements, and other special financial reports and statements to
Limited Partners.

Bowen C. Farrell is the President and Chief Executive Officer of Triton Capital
Investment Advisors, Inc., the Triton Capital Fund, L.P.s Investment Advisor and
General Partner.

19
 Legal Structure of the Triton Capital Fund, L.P.

The Legal Structure, shown in this diagram allows for investors to become Limited Partners
and share in the performance of the Triton Capital Fund, L.P.

Triton Capital Triton Capital

Investment Advisors, Inc. Fund, L.P.
Bowen C. Farrell Triton Capital
President and CEO Investment Advisors, Inc
(General Partner)

Limited Limited Limited Limited

Partners Partners Partners Partners

20
 Summary of Investor Requirements

Accredited Investors
Limited Partners must be Accredited Investors, defined as individuals, who, (individually
or together with their spouse), have a minimum net worth of $1.5 million, or who make an
investment in the Triton Capital Fund, L.P. of not less than $750,000.

Minimum Investment
Approved Limited Partners are subject to a minimum investment of $250,000 in the Triton
Capital Fund, L.P. This minimum may be waived in the General Partners sole discretion.

Withdrawal Limitation
Approved Limited Partners are subject to a minimum investment period of 90 days, after
which Limited Partners can withdraw capital at the closing of each calendar quarter, with a
one month notice. This restriction may be waived in the General Partners sole discretion.

21
 Investment Management Fee Structure

Fee Structure
Investors in the Fund will be subject to the following fee and incentive allocation, payable to
Triton Capital Investment Advisors, Inc., the Triton Capital Fund, L.P.s investment advisor.

Management Fee
A .5% management fee is charged on a quarterly basis (2% annually) for research, legal
and financial administration, auditing, and disclosure costs.

Incentive Allocation
A 20% incentive allocation on new profits will be assessed quarterly on the increase in
the funds value. The General Partners incentive allocation will be subject to a high
water mark, meaning that no additional performance is allocated to the General Partner
without new profits.

22
 Advantages of Investment Through Partnership

Partnership Advantages
The General Partner believes that certain features of the Partnership make it advantageous for
investors who wish to trade and invest in securities. The advantages include:
Experience
As an experienced trader and investor, the General Partner is in a position to respond appropriately to
marketplace developments as they occur.

Limited Liability
Limited Partners losses are limited to the amount of their investment and any undistributed net profits
of the partnership and will not personally be subject to margin calls.

Economies of Scale Lower Transaction Costs

The anticipated trade size and volume of trading by the Partnership may enable the Partnership to obtain
lower commission rates than would otherwise be available to smaller portfolios invested independently
in the strategies applied by the Partnership.

Administrative Convenience
The Partnership provides investors with numerous services designed to alleviate the administrative
details involved in engaging directly in securities transactions, including maintenance of the books and
accounts of trading activities.

23
 Resume Bowen C. Farrell

Experience
1997-2004
TRITON CAPITAL, LLC Managing Partner Santa Barbara, CA
Founded company in 1997 as a vehicle for securities trading, private equity transactions, and venture capital. Successful
investment performance prompted the creation of the Triton Capital, LLC pilot fund in August of 2002.

1988-1997
CITICORP Vice President/Senior Banker New York, NY
Structured leveraged buyout/mergers & acquisition financing in the Leveraged Capital Department. Negotiated restructurings,
divestitures, and liquidations of distressed and bankrupt companies in the Institutional Recovery Management Department.

1985-1986
THE COOPER COMPANIES INC. Mergers & Acquisitions Consultant New York, NY
Consulted on M&A strategies for company with brands that included CooperVision, Permalens, Oral-B, Revo Sunglasses.

1982-1985
L.F. ROTHSCHILD, INC. Financial Analyst New York, NY
Corporate Finance/M&A Department. Participated in Initial Public Offerings for technology companies and advised clients
in mergers and acquisitions, leveraged buyouts, and other investment banking activities. Wrote firms computer programs.

Education
1986-1988 Harvard Business School Boston, MA
1978-1986 UC Berkeley Berkeley, CA
1975-1977 Santa Barbara High School Santa Barbara, CA
1973-1975 Phillips Academy (Andover) Andover, MA

24
 Investment Banking Experience Bowen C. Farrell

Initial Public Offerings / Secondary Offerings / Subordinated Debt Offerings

Lotus Development Corporation Software Publishing Corp. Compaq Computer
Ashton-Tate Corporation Intel Corporation Seagate Technology
Cooper Laboratories Daisy Systems Tandon Corporation
Centocor AST Research Dysan Corporation
St. Jude Medical Medtronics Many others

Mergers / Acquisitions / Divestitures

Black & Decker Emhart KP Holdings KP/Kelly-Brinkmann Corporation
CareerCom Corporation Shepherd Oil Penrod Drilling
Harsco Corporation Fingerhut Corporation Sylvan Learning Centers

Restructurings / Bankruptcy Workouts

Olympia & York Marks Bros. Jewelers Gulf Canada Resources
Federated - Ralphs Groceries Kinder-Care Tex-Trac Corporation
Quality Plus Corporation Henley Group MC Industries
Houston Rockets Sverdrup Corporation Club Corporation of America
Six Flags Corporation Fingerhut Corporation Varig Airlines
US Air Presidio Oil S & L Metal Products

Asset Recovery
CareerCom Columbia House Records BMG Music
Random House Publishing Bantam, Doubleday, Dell

25
 Reporting, Auditing, and Legal Administration
Procedures

Annual Statements
Investors in the Triton Capital Fund, L.P. are provided with audited annual financial
statements prepared by certified public accountants who specialize in accounting for hedge
funds. The Triton Capital Fund, L.P. is audited by Kaplan & Company, C.P.A.,
Northbrook, IL (847) 272-0001.

Monthly Reports
Investors in the Triton Capital Fund, L.P. will receive monthly, unaudited progress reports
and certain other reports from the General Partner as the General Partner may deem
appropriate.

Legal Administration
The General Partner of the Triton Capital Fund, L.P. is provided with legal administration
services to insure that the Triton Capital Fund, L.P. complies with all state and federal
laws, all Securities and Exchange Commission regulations, and all other governing
regulatory entities. The legal administrator is TK Fund Advisors, LLC, Fort Lauderdale, FL
(954) 345-6442.

26
 Limited Partnership Process

Provide Investor: Finalize Process:

Private Offering Memorandum Receive required signatures

Accredited Investor and Qualified Transfer funds to the Triton Capital

Client Subscription Fund, L.P.

Limited Partnership Signature Re-allocate the Funds ownership

Documents percentage to reflect new Limited
Partner
PowerPoint Presentation
Invest new capital

27
For additional information on the
Triton Capital Fund, L.P.
contact the General Partner at:

1666 East Valley Road

Santa Barbara, CA 93108
(805) 969-3993