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Geared Hedge Fund Participation Note - page 3 / 14

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Pro Forma Note Return vs. Benchmarks

Cumulative Return January 2002 - November 2005

$3,200

$2,700

$2,200

$1,700

$1,200

$700

Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05

Greenwich-Van Absolute Return Fund Note (pro forma) Lehman Brothers Aggregate Bond Index Greenwich Global Hedge Fund Index

S&P 500 MSCI World Equity Index

Consistent performance in numerous market environments

Raising the Power of Hedge Funds

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