The Rama Fund, LLC Performance Results July 2, 2012

The Rama Fund, LLC
Performance Results
July 2, 2012
Please find enclosed the updated performance results for The Rama Fund, LLC (the “Fund”).
We will forward this information to you on a monthly basis as performance for the Fund is
updated. This information is being provided to you if you are an investor in The Rama Fund or
if you have expressed an interest in receiving performance information on the Fund.
If you are an interested party or if you wish to stop receiving this information, please inform us
and we will accommodate your request.
If you have any questions regarding this communication or the Fund in general, please contact:
Alim Kassam
Chief Executive Officer
(818) 914-3000 ext. 204
alim@ramacapital.com
Brian O’Shaughnessy
President
(818) 914-3000 ext. 555
brian@athascapital.com
Note: This material incorporates The Rama Fund’s Private Placement Memorandum and other related documents.
Potential investors should read the Private Placement Memorandum and related documents and not invest based
only on this material. There is no assurance the Fund will achieve its objectives. This is not an offer of interests in
the Fund. Such an offer can be made only through the Fund’s confidential Private Placement Memorandum and
related documents. There are numerous risks associated with an investment in the Fund. Please review these
materials carefully, particularly the information contained in the memorandum under the heading “Business Risks.”
This material constitutes part of an investor kit and must be read in conjunction with the Private Placement
Memorandum and related documents in order to understand more fully all of the implications and risks of the
offering securities to which it relates. This material is not authorized for distribution unless accompanied by the
Private Placement Memorandum.
26901 Agoura Road Suite 250 Calabasas Hills, CA 91301
RamaCapitalPartners.com
818.914.3000

As of June 30, 2012
Fund Objective
The Rama Fund offers the benefits of trust deed/mortgage investing without the barriers to entry
traditionally inherent in this asset class, including real estate experience and personal time
commitment. Our Fund combines low volatility, preservation of capital, investment
transparency, and diversification, while offering attractive returns traditionally associated with
higher risk investments.
The Fund is a California Limited Liability Company that allows investors to pool their financial
investments through the acquisition of membership interests. The Fund’s pooled resources are
loaned to real estate owners and secured by deeds of trust/mortgages encumbering the underlying
real estate. The Fund invests in first trust deeds and requires substantial equity cushion to protect
the capital invested. The maximum loan-to-value will not exceed 70%.
Performance Results 1
The Fund’s net return for the month of June 2012 was 0.79%. Since the Fund’s inception in
October 2008 through the most recent month ended June 2012, the Fund has generated an
annualized net yield of 10.19% and a cumulative net return of 43.88%.
The Rama Fund's Historical Results, NET of Fees (%)
Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 Year
2012 0.82 0.78 0.80 2.43 0.78 0.80 0.79 2.39 4.88
2011A 0.80 0.70 0.82 2.34 0.76 0.79 0.79 2.36 0.80 0.79 0.81 2.42 0.84 0.84 0.84 2.53 10.01
2010A 0.85 0.69 0.79 2.35 0.80 0.79 0.76 2.37 0.81 0.83 0.81 2.47 0.84 0.81 0.83 2.51 10.05
2009A 0.88 0.80 0.89 2.59 0.81 0.83 0.81 2.48 0.86 0.86 0.80 2.54 0.89 0.83 0.82 2.57 10.57
2008A 0.80 0.78 0.88 2.48 10.31
Performance Statistics
Historical Returns, NET of Fees
Oct 2008 – June 2012 %
Average Monthly Net Return 0.81
Highest Month 0.89
Lowest Month 0.69
Monthly Standard Deviation 0.04
Positive Months 45
Negative Months 0
Monthly Net Returns (%)
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
50.00
45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
Cumulative Net Return (%)
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Monthly Net Returns
Cumulative Net Returns
1 Net of fees. Years denoted with an “A” reflect audited results. Current year return figure reflects our YTD performance. Full year return figure
for 2008 reflects annualized historical performance. Individual returns may vary based on the date on which an investment was made and the
election to reinvest monthly distributions.
Note: This material constitutes part of an investor kit and must be read in conjunction with the Private Placement Memorandum and related
documents in order to understand more fully all of the implications and risks of the offering securities to which it relates. This material is not
authorized for distribution unless accompanied by the Private Placement Memorandum.

As of June 30, 2012
The Rama Fund Overview
• Commenced September 26, 2008
• $50.7 million assets under management 2
• 24 month rolling lock-up with 90 days redemption notice
• Management fee: 1.0% annualized rate based on AUM, paid monthly
• Investors’ preferred return: 9.0% annualized rate, distributed monthly
• Performance fee: 50% of excess annualized return above 9.0%, paid monthly
Portfolio Metrics
• Weighted Average Loan-to-Value: 46.0%
• Weighted Average Coupon: 11.3%
Portfolio Composition By Asset Class
Portfolio Composition By Geography
Administration
• Auditor: Armanino McKenna LLP – CA
• Counsel: Geraci Law – CA
• Loan Sub-Servicer: FCI Lender Services – CA
2 Assets under management include The Rama Fund, LLC and Separately Managed Accounts for which Rama Capital Partners, LLC or its
affiliates are the Master Servicer.
Note: This material constitutes part of an investor kit and must be read in conjunction with the Private Placement Memorandum and related
documents in order to understand more fully all of the implications and risks of the offering securities to which it relates. This material is not
authorized for distribution unless accompanied by the Private Placement Memorandum.