Owl Creek Q2 2010 Letter

Owl Creek Asset Management, L.P. • 640 Fifth Avenue, 20 th Floor • New York NY 10019 • T 212 688-2550 • F 212 753-2760 640 Fifth Avenue, 20 t h Floor New York, NY 10019 T 212 688-2550 F 212 753-2760 August 17, 2010 Performance Since Inception S&P 500 Index Owl Creek I, LP* Owl Creek II, LP* Owl Creek Overseas Fund, Ltd* Gross Net Gross Net Gross Net -20.94% Year 2002* 5.14% 4.12% 4.98% 3.98% 5.25% 4.20% 28.67% Year 2003 60.88% 48.70% 61.00% 48.80% 60.69% 47.67% 10.87% Year 2004 32.67% 26.14% 32.77% 26.22% 33.12% 26.50% 4.91% Year 2005 3.95% 3.16% 4.07% 3.25% 4.11% 3.35% 15.78% Year 2006 25.78% 20.63% 26.17% 20.94% 26.94% 21.35% 5.49% Year 2007 39.75% 31.80% 39.93% 31.94% 40.81% 32.42% -36.99% Year 2008 -8.44% -7.53% -8.85% -7.93% -8.91% -10.32% 26.47% Year 2009 20.34% 16.94% 21.91% 18.28% 22.25% 21.75% -3.59% Jan-10 6.67% 5.34% 6.54% 5.23% 6.55% 5.28% 3.10% Feb-10 -0.48% -0.39% -0.50% -0.40% -0.52% -0.42% 6.03% Mar-10 5.29% 4.28% 5.36% 4.34% 5.20% 4.24% 1.58% Apr-10 -1.42% -1.16% -1.43% -1.17% -1.56% -1.28% -7.98% May-10 -3.77% -3.07% -3.57% -2.91% -3.24% -2.66% -5.24% Jun-10 -5.89% -4.81% -5.74% -4.63% -5.74% -4.63% -6.64% YTD through Jun-10 -0.22% -0.22% 0.07% 0.07% 0.12% 0.14% 7.51% Inception to Date 350.82% 245.60% 358.47% 2 50.65% 367.03% 25 3.45% 0.86% Annualized Inception to Date 19.59% 15.88% 19.83% 16.08% 20.10% 16.18% * Inception Date was February 1, 2002 Note: Net performance includes management and incent ive allocation/fee. For onshore funds assumes that unrealized gains (if applicable) on special investments would first be offset by any loss recovery account (LRA) and for offshore funds assumes that unrealized gains (if applicable) on special investments would not be offset by any LRA prior to accruing for incentive. Past performance should not be viewed as indicative of future results. Performance herein is reflected for an investor who was invested in Owl Creek since inception and is eligible to invest in new issues. This includes the appreciation/depreciation of the fair value of any special investment. Investors who invest with Owl Creek funds in the middle of a particular year, including after the establishment of a special investment, will have different monthly and yearly performance numbers. Owl Creek Overseas Fund, Ltd. (the “Fund”) was down 10.2% gross and 8.4% net for the second quarter of 2010 as compared to the S&P 500, which was down 11.4%. As of the date of this letter, the Fund is roughly flat year-to-date versus the S&P 500 which is down 1%, and the Fund is up approximately 252% net inception-to-date versus the S&P 500 up approximately 14% over the same period. In addition, as of the date of this letter, the Fun d’s net annualized performance since inception is approximately +16% per year versus the S&P 500 at around +2% per year over the same period.

Owl Creek Q2 2010 Letter

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