Leon Cooperman Invest for Kids Chicago

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Omega Advisors, Inc.

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH POOLS WHOSE PARTICIPANTS ARE LIM ITED TO QUALIFIED ELIGIBLE PERSONS, AN OFFERING MEMORANDUM FOR THIS POOL IS NOT REQUIRED TO BE, AND HAS NOTBEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A POOL OR UPON THE ADEQUACY OR ACCURACY OF AN OFFERING MEMORANDUM. CONSEQUENTLY, THE COMMODITY FUTURES

TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS OFFERING ORANY OFFERING MEMORANDUM FOR THIS POOL.

Investment Manager:

Omega Advisors, Inc.Wall Street Plaza

88 Pine Street, 31st Floor

New York, NY 10005

(212) 495-5200

Presentation by

Omega Advisor s, Inc.

Invest For Kid s

Leon G. Cooperman

Chairman and CEO

Omega Advisors, Inc.

November 9, 2011

Click here for full notes from the Invest For Kids Conference featuring investment ideas from

Lasry, Perry, Rosenstein, Zell & more

http://www.marketfolly.com/2011/11/notes-from-invest-for-kids-chicago.html











Omega Advisors, Inc. 111

Exhibit 1

S&P 500 Stock and Sector Correlation

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

D

e c

- 8 9

D

e c

- 9 0

D

e c

- 9 1

D

e c

- 9 2

D

e c

- 9 3

D

e c

- 9 4

D

e c

- 9 5

D

e c

- 9 6

D

e c

- 9 7

D

e c

- 9 8

D

e c

- 9 9

D

e c

- 0 0

D

e c

- 0 1

D

e c

- 0 2

D

e c

- 0 3

D

e c

- 0 4

D

e c

- 0 5

D

e c

- 0 6

D

e c

- 0 7

D

e c

- 0 8

D

e c

- 0 9

D

e c

- 1 0

D

e c

- 1 1

D

e c

- 1 2

A v e r a g e

C o r r e l a t i o n

Average stock correlation

Average sector correlation 0.92

0.74

Data as of October 6, 2011

Source: Goldman Sachs Global ECS Research and Omega Advisors, Inc.

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Exhibit 2

2010 2011E 2012E

Real GDP (qoq % saar) 3.4 1.9 2.2

Real Consumer S pending (qoq % saar) 3.0 1.7 2.0Real Bus ines s Equipment & Software (qoq % saar) 16.6 8.0 7.5

Core PCE Inflation (qoq % saar) 1.0 1.8 1.5

Unemployment Rate (avg %) 9.6 (a) 9.0 (a) 9.0 (a)

Federal Funds Target (%) 0.25 (a) 0.25 (a) 0.25 (a)

S&P 50 0 Operating Earnings (yoy %) 36.6 13.5 5.0

S&P 50 0 Operating EPS ($) 85.5 97.0 102.0

(a) Year-end actual/forecastssource: BEA, Bloomberg, M acroeconomic Advisors, and Omega Advisors, Inc.

Q4 to Q4

U. S. Economic Environment




Exhibit 3

100806040200989694929088868482

14

13

12

11

10

14

12

10

8

6

4

2

0

Saving - Monthly Data from 12/80 to 8/11, Debt - Quarterly Data to 11:q2

Source: Federal Reserve Board, BEA, and Omega Advisors, Inc.

Household Debt Service Ratio and Saving Rate

1110090807060504030201009998

95

90

85

80

75

70

65

60

95

90

85

80

75

70

65

60

Quarterly Data from 97:q4 to 11:q2

Source: Federal Reserve Flow of Funds and Omega Advisors, Inc.

Household Liquid Assets % Liabilities

11100908070605040302010099989796959493929190

4020

0

-20

-40

-60

-80

-100

4020

0

-20

-40

-60

-80

-100


Source: FRB Senior Loan Officers Opinion Survey and Omega Advisors, Inc.

Bank Lending Standards Easing

C&I

Consumer

Debt Service Payments as a % of Disposable Personal Income (left scale) Personal Saving Rate (right scale)

Households Liquid Assets as a % of Household Liabilities

Net % of Banks Easing Standards for C&I Loans, avg of Small, Medium & Large Bus.Net Percent of Banks Indicate More Willing to Make Consumer Loans




Exhibit 4 Why We are Not Likely to Experience Another 2008 Type Decline?

1. Banking system has gone from insolvency to strong capital ratios.

2. No weak/opaque shadow banking system to contend with.

3. The financial condition of Corporate America is excellent.

4. Profit and revenue growth are still good as is growth in dividends and share buybacks.

5. Business inventories are in excellent shape. There is no bubble in housing as in 2008 and

most cyclical sectors of the economy are at a very low percentage of GDP.

6. Household debt/GDP, while still high, has dropped from 95.4% to 85.1%. Debt service

ratio substantially improved.

7. The consumer savings rate has gone from 1% to 5.0%.

8. Lower dollar should be a plus for exports.

9. Oil price decline from $115 to $91 WTI ($130 to $111 Brent) per barrel positive for

consumers and economy generally.

10. FED policy of zero interest rates will ultimately work.

11. Tame wages and decent productivity.

12. Decent M&A activity and large pool of private equity capital.

13. Investors are conservatively postured.

14. Market valuation very appealing – both absolute and particularly relative to alternatives

(financial repression).




Exhibit 6

Euro Zone Will Be Okay ?

We have been very disappointed in the tardiness and substance of policies offered by the euro-

zone governments and the ECB to address the European sovereign-debt issue. This tardinessand lack of substance has taken its toll on risk assets. Nonetheless, we do believe that

governments and the central bank in Europe, for now, will address the sovereign-debt issue.

•EFSF permitted to buy weak peripheral debt in the primary and secondary markets

• EFSF permitted to extend loans to shore up bank balance sheets

• EFSF/IMF likely to fund Greece through mid-2014

• ECB purchasing Italian and Spanish debt

• ECB providing unlimited liquidity to banks

• ECB moderating its tight money policy

•ECB purchasing covered bonds from banks, aiding bank funding

• Asian governments likely to support euro-zone sovereign debt• EFSF lending capacity lifted to !440 billion and likely to increase further

•Euro-zone bank re-capitalizations coming

•Increased dollar swap funding available to euro-zone banks

Note: EFSF – European Financial Stability Fund




Exhibit 7

201120102009200820072006

160

140

120

100

80

60

40

20

160

140

120

100

80

60

40

20

Daily Data from January 2006 to 10/24/11

Source: Bloomberg and Omega Advisors, Inc.

Crude Oil Price

Crude Oil Price ion US $ - WTI Crude Oil Price in US $ - Brent




Exhibit 8

Length of

% Change Peak to P/E Contraction

Peak to Trough Peak to

Date S&P 500 Date S&P 500 Trough (months) Trough

Jun 1948 17.06 Jun 1949 13.55 (20.6)% 12 (38.4)%

Dec 1952 26.59 Aug 1953 22.71 (14.6) 8 (18.3)

Jul 1956 49.74 Dec 1957 39.42 (20.7) 17 (15.3)

Jul 1959 60.62 Oct 1960 52.30 (13.7) 15 (10.3)

Dec 1961 72.64 Jun 1962 52.32 (28.0) 6 (33.8)Jan 1966 94.06 Sep 1966 73.20 (22.2) 8 (26.7)

Nov 1968 108.37 Jun 1970 72.72 (32.9) 19 (31.2)

Dec 1972 119.12 Sep 1974 62.28 (47.7) 21 (63.2)

Dec 1976 107.46 Mar 1978 86.90 (19.1) 15 (26.6)

Nov 1980 140.52 Aug 1982 102.42 (27.1) 21 (24.7)

Aug 1987 336.77 Dec 1987 223.92 (33.5) 4 (41.2)

Jul 1990 368.95 Oct 1990 295.46 (19.9) 3 (20.1)

Jul 1998 1186.75 Aug 1998 957.28 (19.3) 1 (19.3)

Mar 2000 1527.46 Oct 2002 776.77 (49.1) 31 (14.9)Oct 2007 1565.15 Mar 2009 676.53 (56.8) 17 (48.3)*

Average (28.3)% 13.2 (28.8)%

Apr 2011 1363.61 Current(a) 1099.23 (19.4) (21.8)

xc u ng nanc a sector wr te- owns

(a) As of October 3, 2011

Source: Standard & Poor's, UBS Investment Research, and Omega Advisors, Inc.

Peak Trough

Historical Bear Market Cycles




Exhibit 9

Date of Date of Rece ss ion

Economic Economic Duration

Peak Trough (month) Date Months After Recession Started Date Months After Recession End

Nov 1948 Oct 1949 11 May 1949 6 Nov 1949 1 -3.3

Jul 1953 May 1954 10 Aug 1953 1 Nov 1953 -6 -1.6

Aug 1957 Apr 1958 8 Aug 1957 0 Aug 1958 4 -17.0

Apr 1960 Feb 1961 10 Aug 1959 -8 May 1961 3 -11.7

Dec 1969 Nov 1970 11 Aug 1969 -4 Nov 1970 0 -12.9

Nov 1973 Mar 1975 16 Aug 1974 9 Aug 1975 5 -14.8

Jan 1980 Jul 1980 6 Feb 1980 1 Aug 1980 1 -4.3

Jul 1981 Nov 1982 16 Nov 1981 4 Feb 1983 3 -19.1

Jul 1990 Mar 1991 8 May 1989 -14 Nov 1991 8 -14.9

Mar 2001 Nov 2001 8 Aug 2000 5 Feb 2002 3 -22.2

Dec 2007 Jun 2009 18 May 2007 -7 Aug 2009 2 -44.5

Average (months) 11 -1 2 -15.1

Source: NBER, Standard & P oor's, and Om ega Advisors, Inc.

The Economic and Profit Cycles

Peak to Trough

S&P 500 Profit Peak S&P 500 Profit Trough % Change in Profit




Exhibit 10

Date of Date of Expansion Date of Market Peak Economic Economic Duration S&P 500 Prior to Eco Peak

Trough Peak (month) Peak (month)Oct 1949 Jul 1953 45 Dec 1952 7May 1954 Aug 1957 39 Jul 1956 13Apr 1958 Apr 1960 24 Jul 1959 9Feb 1961 Dec 1969 104 Nov 1968 13

Nov 1970 Nov 1973 35 Dec 1972 11Mar 1975 Jan 1980 57 Feb 1980 -1Jul 1980 Jul 1981 11 Nov 1980 8Nov 1982 Jul 1990 91 Jul 1990 0Mar 1991 Mar 2001 120 Mar 2000 12 Nov 2001 Dec 2007 73 Oct 2007 2

Average (months) 60 7.4Average ('49-'81) 45 8.6

Jun 2009 ? ?Source: NBER, Standard and Poor's, and Omega Advisors, Inc.

Market Peaks versus Economic Peaks




Exhibit 11

100806040200989694929088868482807876747270

6

4

2

0

-2

-4

-6

-8

-10

6

4

2

0

-2

-4

-6

-8

-10


% %

Source: CBO, Bloomberg, and Omega Advisors, Inc.

U.S. GDP Gap

100806040200989694929088868482807876747270

4

2

0

-2

-4

-6

4

2

0

-2

-4

-6


Percentage Points Percentage Points

Source: CBO, Bloomberg, and Omega Advisors, Inc.

U.S. Unemployment Rate Gap

(Nominal GDP - CBO Potential GDP) as a % of Potential GDP

CBO NAIRU (Nonaccelerating Inflation Rate of Unemployment) less the Unemployment Rate




Exhibit 12

In this same period 10

year U.S. Government

Bond, yielded an average

of 6.67%

CPI

(Y/Y% change) P/E Ratio

<1% 15.79x

1% to 3% 17.21

3% to 5% 15.595% to 7% 12.81

>7% 8.70

Average (1960 to 2009) 14.98x

S&P 500(b) 12.5x

(a) S&P 500 P/E on 12-mo nth forward operating earnings(b) As of Octo ber 24, 2011. 12-mon th fo rward operat ing earnings of $100 .0

Source: BLS, Standard & P oor 's, T hom son Financial, and Omega Advisors, In c.

S&P 500 P/E and Inflation(a)




Exhibit 13

>8.0%6.0 to 8.04.5 to 6.03.5 to 4.52.5 to 3.52.0 to 2.51.5 to 2.0< 1.5%

22

20

18

16

14

12

10

8

6

22

20

18

16

14

12

10

8

6

Core PCE, Y/Y %change

A v e r a g e P / E

Av er a g eP / E

S&P 500 Forward PE versus Core PCE Inflation

Greater than 86 to 84 to 63 to 42 to 31 to 20 to 1Less than 0

18

16

14

12

10

8

18

16

14

12

10

8

10-Year Treasury Yield less Core PCE Inflation, in percentage points

A v e r a g e P / E

Av er a g eP / E

S&P 500 Forward PE versus Real Rate

Greater than 12%10 to 129 to 108 to 97 to 86 to 75 to 6Less than 5%

20

18

16

14

12

10

8

20

18

16

14

12

10

8

Moody's Long-term Industrial Bond Yield in %

A v e r a g e P / E

Av er a g eP / E

S&P 500 Forward PE versus Corporate Bond Yield

Source: Standard and Poor's, Thomson Reuters, FRB, BEA, Moody's, and Omega Advisors, Inc

Valuation: Attractive versus Core Inflation, Real Bond Rate, and Corporate Bond(Monthly Data from 1960 to 2009)

Current

Current

Current




Exhibit 14

1008060402009896949290888684828078767472

3

2

1

0

-1

-2

-3

3

2

1

0

-1

-2

-3

Monthly Data from 1/71 to 10/24/11

Source: FRB, BLS, Standard & Poor's, Moody's Investors, and Omega Advisors, Inc.

Blended Valuation - S&P 500 with Inv.-Grade Corp. Bond Yield

1008060402009896949290888684828078767472706866646260

20

15

10

5

0

-5

20

15

10

5

0

-5


Source:Standard and Poor's, Bloomberg, FRB, and Omega Advisors, Inc.

Equity Risk Premium - S&P 500

Overvalued

Undervalued

Fair Value

+1 SD

-1 SD

50% Market Valuation to INDUSTRIAL Bond Yields, and 50% to Core Inflation

Earnings Yield on Trend Earnings for the S&P 500 - 10-year Tips Yield




Exhibit 15

11100908070605040302010099989796959493929190

6

4

2

0

-2

-4

-6

-8

6

4

2

0

-2

-4

-6

-8


Source: Standard & Poor's, FRB, Bloomberg, and Omega Advisors, Inc.

Equity Risk Premium (VIX Adjusted) - S&P 500

Average

+1 SD

-1 SD

S&P 500 Forward Earnings Yield less VIX Adjusted 10-year Treasury Yield




Exhibit 16

Date of Date of Rece ss ion

Eco no mic Econo mic Duratio n Lowe s t in the Re ce s sio n 1 0-Ye ar LT C orp.

Pe ak Tro ug h (mo nth) D ate P/E T re as ury Yld B ond Yie ld Tre as ury C orp. B ond Y/Y % ch in C ore C PI

Apr 1960 Feb 1961 10 Apr 1960 16.04 4.28 4.61 1.96 1.63 4.24

Dec 1969 Nov 1970 11 Jun 1970 13.17 7.84 8.55 -0.25 -0.96 1.06

Nov 1973 Mar 1975 16 Sep 1974 6.97 8.04 9.44 6.30 4.90 4.12

Jan 1980 Jul 1980 6 Mar 1980 6.68 12.75 13.11 2.23 1.86 2.37

Jul 1981 Nov 1982 16 Feb 1982 7.36 14.43 15.53 -0.85 -1.95 4.38

Jul 1990 Mar 1991 8 Oct 1990 12.15 8.72 10.10 -0.49 -1.87 2.87

Mar 2001 Nov 2001 8 Mar 2001 21.30 4.89 7.23 -0.19 -2.54 2.08

Dec 2007 Jun 2009 18 Feb 2009 12.15 2.87 6.56 5.36 1.67 6.44

Average 12 12.0 8.0 9.4 1.76 0.34 3.45

Current (10/24/11) 13.2 2.23 4.66 5.33 2.90 5.59

P/E and earnings y ield are based on monthend S&P 500 p rice and 4-quarter trailing operating EPS. Treasuruy and corp. bond are average monthly yield.

Source: NBER, Standard & Poor's, Thomson/Reuters, FRB, Moody's, BLS, Bloomberg, and Omega Advisors, Inc.

At historical average of e arnings yield less investment-grade corp.-bond yield, S&P 50 0 is discounting 2012 EPS of about $63.

At 2009 earnings yield less investment-grade corp.-bond yield, S&P 500 is discounting 2012 EPS of about $79. In recession, earnings decline, on average, 15% ; S&P 500 current discounting an earnings decline of 18% -35% in 2012.

S&P 500 P/E at Its

Bear Market Valuation

Earnings Yield less




Exhibit 17

S&P 500 Index 1254.19 676.53

PE (4Q trailing operating EPS) 13.2 X 12.4 X

Dividend Yield 2.0 % 4.0 %

10-Year T. Bond Yield 2.23 2.89

Long-term Corp. Bond Yield 4.66 6.74

High-yield Bond Yield 8.04 19.35

Earnings Yield - T. Bond Yield 5.33 p.p. 5.15 p.p.

Earnings Yield - Corp. Bond Yield 2.90 1.30

S&P 500 EPS (4Q trailing) 94.80 54.37

S&P 500 DPS 25.18 27.25

Source: Standard and Poor's, FRB, Bloomberg, Moody's, Thomson Reuters, and Omega Advisors, Inc.

10/24/2011 3/9/2009

Current versus March 2009




Exhibit 18

1008060402009896949290888684828078767472706866646260585654

20001503

1005

508

10

20001503

1005

508

10

S&P 500 - Monthly Data from 7/53 to 9/11

Source: Standard and Poor's and Omega Advisors, Inc.

S&P 500

10050095908580757065605550454035

20

15

10

5

0

-5

20

15

10

5

0

-5

Annual Data from 1936 to 9/30/11

Source: Standard and Poor's, and Omega Advisors, Inc.

S&P 500 10-Year Return

S&P 500, shaded areas were recessions S&P 500 Long-term Trend

S&P 500 10-year Rolling Annualized Total Return (%)




Exhibit 19

1110090807060504030201009998979695

4

2

0

-2

-4

-6

-8

4

2

0

-2

-4

-6

-8

Annual Data from 1995 to 9/30/2011

Source: Standard and Poor's, UBS, Moody's, Bloomberg, and Omega Advisors, Inc.

Free Cash Flow Yield over Corporate Bond Yield

S&P 500 Free Cash Flow Yield - Moody's Investment-Grade Corp. Bond Yield




Exhibit 20

12100806040200989694929088868482807876747270

35

30

25

20

15

10

5

35

30

25

20

15

10

5


Source: Standard and Poor's, Thomson Financial, and Omega Advisors, Inc.

S&P 500 PE Ratio

12100806040200989694929088868482807876747270

8

6

4

2

0

-2

-4

-6

8

6

4

2

0

-2

-4

-6

Monthly Data from 1970 to 10/24/11

Source: FRB, Standard & Poor's, Thomson Financial, and Omega Advisors, Inc.

Stock - Bond Spread

Average '70 to '09 #10/24 PE on $85

Avg 70 to 09

#

10/24/30 on EPS $85

S&P 500 P/E on 12-month Forward Operating EPS

S&P 500 Earnings Yield (12M forward operating EPS) less 10-Year Gov't Bond Yield




Exhibit 21

SPX 500 P/E

11/08 = 900/65 = 13.9x

2/09 = 800/62 = 12.9x

Current = 1254/97.0 = 12.9x

1254/102.0 = 12.3x

201120102009200820072006

30

25

20

15

10

5

30

25

20

15

10

5

Weekly Data from Sept. 2005 to 10/24/11

Source: FINRA-Bloomberg, and Omega Advisors, Inc.

Average Yield of High Yield Corporate Bonds

11/21/[email protected]%

3/9/09 @19.3%

@8.04%

The Avg. Yield Weighted by Par, all Bonds in FINRA-Bloomberg US Corp. Bond Index (NBBHYL)




Exhibit 22

2011 (a) 37.6

2010 14.7 1995 4.5

2009 11.4 1994 2.3

2008 45.5 1993 5.0

2007 6.6 1992 0.9

2006 1.7 1991 1.0

2005 4.8 1990 4.02004 5.5 1989 2.0

2003 5.6 1988 3.4

2002 10.1 1987 3.2

2001 3.6 1986 5.4

2000 3.1 1985 3.0

1999 4.7 1984 1.9

1998 3.8 1983 3.5

1997 2.2 1982 7.7

1996 3.6 1981 2.4

(a) As of October 24, 2011

Source: Standard and Poo r's, Factset, Bloomberg, and Omega Advisors, Inc.

% of Companies

Dividend Yield Higher Than 10-Yr T-Note Yield

% of Companies

S&P 500 Co mpanies Excluding Financials




Exhibit 23

10070401989592898683807774716865625956535047444138

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

Dividend Yield - Monthly Data from 1938 to 9/11, Treasury - Monthly Data from 1953 to 9/11

Source: Standard and Poor's, FRB, and Omega Advisors, Inc.

S&P 500 Dividend Yield and 10-Year Treasury Yield

S&P 500 Dividend Yield 10-Year Treasury Yield




Exhibit 24

10070401989592898683807774716865625956535047444138

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

Monthly Data from 1938 to 9/11

Source: Standard and Poor's, Moody's, and Omega Advisors, Inc.

S&P 500 Dividend Yield and Moody's AAA Corporate Bond Yield

10070401989592898683807774716865625956535047444138

18

16

14

12

10

8

6

4

2

0

18

16

14

12

10

8

6

4

2

0

Monthly Data from 1938 to 9/11

Source: Standard and Poor's, Moody's, and Omega Advisors, Inc.

S&P 500 Dividend Yield and Moody's BAA Corporate Bond Yield

S&P 500 Dividend Yield Moody's AAA Corporate Bond Yield

S&P 500 Dividend Yield Moody's BAA Corporate Bond Yield




Exhibit 25

10-year Treasury yield approximates year-over-year %change of nominal GDP growth

10080604020098969492908886848280

20

15

10

5

0

-5

20

15

10

5

0

-5

GDP - Quarterly Data from 79:q4 to 11:q2, Yield - Monthly Data to 9/11

Source: BEA, FRB, and Omega Advisors, Inc.

Nominal GDP Growth and 10-Year G. Bond Yield

Nominal GDP Growth, year-over-year %change

10-year Gov't Bond Yield




Exhibit 26

12100806040200989694929088868482

10

8

6

4

2

0

-2

-4

-6

-8

10

8

6

4

2

0

-2

-4

-6

-8

Daily Data from 1982 to 10/17/11

Source: Credit Suisse Fixed Income Research, Thomson Reuters Datastream, and Omega Advisors, Inc.

Global Risk Appetite

Euphoria

Panic

8/16/'82-5.37

10/9/'02-5.76

11/20/'08-5.54 10/4/'11

-6.61

Credit Suisse Global Risk Appetite Index, incl. Equity and Credit




Risks to Our Equity Market Outlook

The opportunity for a self-sustaining economic expansion is threatened by weak employment

growth and/or the feedback to the economy from lower equity prices/euro-zone sovereign-debt

issues. The result is the possibility of recession

The core euro-zone governments, IMF, and ECB fail to contain the sovereign-debt issue and

instigate further sustained contagion to Italy and Spain, in turn causing a global recession and

weaker than expected corporate profits

A dent to global growth if there is a hard landing in China’s economy

Home prices enter another phase of accelerating decline, denting consumer confidence and

spending

Middle East turmoil intensifies and energy prices spike, constraining real income and spending

Budget deficit issues in the U. S. and the unwillingness of Washington to fully address the deficit

constrain U.S. growth

The uncertain effects in the U.S. surrounding consumer and financial-sector deleveraging and the

collision of this deleveraging with public-sector balance-sheet leveraging

The uncertain economic and capital-market effects of heightened global regulation on financial

markets

A continuing significant reliance of the U.S. on foreign capital, particularly Chinese capital at a

time when there are differences in currency policy between the U.S. and China

Capital controls imposed by emerging economies to stem the rise in their currencies and protect

against asset bubbles

A still not friendly Administration re the corporate sector

Exhibit 27




Exhibit 28Presidential Platform

1. Get out of Iraq and Afghanistan. Provide every returning soldier with a free four

year college education or trade school of their choice.

2. Set up a peace time WPA effort to channel a portion of the saving into rebuilding

US infrastructure.

3. Unleash the domestic energy industry to develop domestic energy supplies and

reserves. This will create employment and reduce our dependency on foreign

suppliers.

4. Government spending should be limited to a growth rate at least 1% below thelevel of nominal GDP growth.

5. Freeze entitlements and raise the social security retirement age to 70 with an

exception of those that work at hard labor.

6. 10% income tax surcharge for three years on those that earn over $500,000 per

year.

7. 5% VAT tax to get at the underground economy and deal with the deficit.

8. Tackle health care in a serious way.

9. Reinstate the “Up-Tick” rule for short sales, ban or curtail High Frequency

trading and limit CDS trading to those that own the underlying bonds. The high

frequency traders are turning the best capital market in the world into a casino

and scaring the public. This is not in the public interest.




Exhibit 29

The Investment Environment

Economic Outlook: Slow growth owing to economy wide deleveraging.

Tame inflation owing to substantial output and labor excess capacity.

Sub-par employment growth owing to regulation/slow growth in final demand.

Slow profit growth owing to elevated profit margins and slow nominal GDP growth.

Economic expansions average in duration and below average in magnitude.

Changing composition of GDP with consumption declining as a percentage of output andcapital spending, residential investment, and exports increasing as a share of output.

1960-2007 Next DecadeReal GDP 3.3% 2%-2.5%GDP Price Deflator 3.7 2-2.5 Nominal GDP 7.2 4.0-5.0Profits 8.2 4-5

Dividend and Buyback Yield 3.4 3-4Total ReturnS&P 500 10.4% 7% - 9%*10 Year T-Bond Negative

*constant P/E




Exhibit 30

11090705030199979593918987858381797775737169676563

14

12

10

8

6

4

14

12

10

8

6

4


Source: BEA, and Omega Advisors, Inc.

Profit Margin

Average

Pretax Corporate Profits as a % of Nominal GDP




Exhibit 31




E xhibit 32

Omega Advisors 7 Long Ideas

!!"#$"!! $#!! $#!$ %&'( )*+,-./01-23&452* %264*&7-&+8 9*&42 :9; 9: :9; 9: <&2=> ?/-+/@/A*6

AAPL !""#$%&'( )*+,-. )/,0. ./,. -1,+0 *,+ 1,12 .0,12

BSX 34564'%5(&$'6&7&(%(48" 9,:* 1,+/ +,* 1,0) :,* 1,12 .:,12

KFN ;;8% 7&'!'(&!#% <4#=&'>5% ##( 0, )1 .,99 9,- .,:9 9,1 0,+2 +,12SLM 5#?%(48" .),+) .,09 +,- /,11 :,* /,*2 9,12

EXXI $'$8>@%AA&%3$8?B=! /*,1- /,91 ..,: ),11 *,+ 1,12 .0,12

ETFC $C68!=$%7&'!'(&!#%(48" .1,)) 1,0) ./,- .,19 *,0 1,12 ):,12 D.E

CHRS (<!8?&'>%5<4""$5 ),99 F ),9 F ),+ 1,12 F D/E

D.E%(GHI%7JKL%

D/E%6$MN$3&6!

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NOTES TO INVESTMENT RESULTS

This material is provided for educational purposes only and should not be construed as investment advice or an offer to sell, or the solicitation of offer to buy

any security.

This material discusses general market activity, industry or sector trends, or other broad- ased economic, market or political conditions and should not be

construed as investment advice. This information may not be current and Omega has no obligation to provide any updates or changes. We have relied upon

and assumed without independent verification, the accuracy and completeness of all information from third party sources.

Any reference to a specific company does not constitute a recommendation to buy, sell or hold securities of such company.

Opinions and views expressed herein are for informational purposes only and should not be construed as investment advice. They involve a number of

assumptions that may not prove to be valid so that actual results could differ significantly.

If any of the assumptions used in the example in this presentation do not prove true, results may vary significantly from the examples shown. These examples

are for illustrative purposes only and do not purport to show actual results.

Alternative Investment such as hedge funds are subject to less regulation than other types of pooled investment vehicles such as mutual funds, may make

speculative investments, may be illiquid and can involve a significant use of leverage, making them substantially visible than other investments.

No part of this material may, without Omega’s prior written consent, be (i) copied, photocopies or duplicated in any form, by any means, or (ii) distributed to

any person that is not an employee, officer, director or authorized agent of the recipient.

Leon Cooperman Invest for Kids Chicago

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