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Explanatory Notes

  • The information contained herein is confidential and should not be distributed beyond its intended recipients.

  • Throughout this presentation, “Greenwich, “Greenwich Alternatives” and “GAI” refer to Greenwich Alternative Asset Management, LLC and its affiliates. The Greenwich Hedge Fund

Indices were released by Van Hedge Fund Advisors International, LLC through the March 2005 results; the Indices have been released by Greenwich Alternative Investment Advisors, LLC thereafter.

  • Throughout this presentation, ”GVARF” and “Greenwich-Van Abs Ret” refer to the Greenwich-Van Absolute Return Fund, Ltd. “GVARF Note”, “Greenwich-Van Abs Ret Note” and

“Note” refer to the Rabobank Medium Term Note issued around the GVARF. Neither statistics nor past results are indicative of future performance.

  • Past results are not indicative of future performance. Any investment involves a risk of a loss.

  • All information herein is from sources believed to be reliable. Data are not necessarily audited or independently verified.

  • In providing the attached information, GAI attempts to ensure the accuracy of the information; however, Greenwich-Van cannot guarantee the complete accuracy of such

information.

  • Changes in economic conditions will affect returns of the GVARF Note, GGHFI, and comparative indices in different ways.

  • Various arithmetic and statistical calculations, such as estimating the effect of fees, may have been performed and would be based on the managers’ reported performance. The

timing of the deductions of such fees and performance allocations may affect the reported performance.

  • The Pro Forma GVARF and GGHFI results are net of underlying manager fees and expenses but are gross of any other expenses.

  • The maximum compound annual return is calculated using geometrically linked monthly returns. All “maximum period” statistics are calculated based on the pro forma’s/funds

performance history since the inception date noted.

  • Some numbers in this presentation may have been adjusted due to the effects of rounding. Different statistics may be based on different numbers of funds, for technical reasons.

  • Sharpe Ratio is calculated using the 3-month US Treasury Bill as proxy for the risk-free rate of return.

  • All benchmarks are from sources believed to be reliable but have not been independently verified. The net results of the GGHFI and GVARF Note also reflect the reinvestment of all

earnings.

  • For additional Explanatory Notes related to the Greenwich Global Hedge Fund Index, please see www.GreenwichAI.com.

  • This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument.

  • INVESTMENTS IN HEDGE FUNDS ARE SPECULATIVE AND INCLUDE A HIGH DEGREE OF RISK. INVESTORS COULD LOSE THEIR ENTIRE INVESTMENT. HEDGE FUNDS ARE SUITABLE

ONLY FOR PERSONS WHO ARE ABLE TO ASSUME THE RISK OF LOSING THEIR ENTIRE INVESTMENT. HEDGE FUNDS OFTEN ENGAGE IN LEVERAGING AND OTHER SPECULATIVE INVESTMENT PRACTICES THAT MAY INCREASE THE RISK OF INVESTMENT LOSS; CAN BE HIGHLY ILLIQUID; MAY HAVE RESTRICTIONS ON TRANSFERRING INTERESTS; MAY HAVE NO SECONDARY MARKET NOR IS ONE EXPECTED TO DEVELOP; ARE NOT REQUIRED TO PROVIDE PERIODIC PRICING OR VALUATION INFORMATION TO INVESTORS; MAY INVOLVE COMPLEX TAX STRUCTURES AND DELAYS IN DISTRIBUTING INPORTANT TAX INFORMATION; ARE NOT SUBJECT TO THE SAME REGULATORY REQUIREMENTS AS MUTUAL FUNDS OR OTHER INVESTMENT VEHICLES; CAN HAVE VOLATILE PERFORMANCE; MAY HAVE HIGHER FEES THAN OTHER INVESTMENT VEHICLES, AND THESE FEES CAN OFFSET PROFITS. HEDGE FUND MANAGERS HAVE TOTAL TRADING AUTHORITY OVER THEIR FUNDS. SOME PORTION OF A HEDGE FUND’S TRADES MAY BE EXECUTED ON FOREIGN EXCHANGES. PROSPECTIVE INVESTORS SHOULD CAREFULLY CONSIDER THESE RISKS BEFORE INVESTING.

  • HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT

REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

Raising the Power of Hedge Funds

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