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Geared Hedge Fund Participation Note - page 5 / 14

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5 / 14

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Raising the Power of Hedge Funds

Actual Note Return vs. Benchmarks

Observed outperformance across multiple market environments

$1,250

$1,200

$1,150

$1,100

$1,050

$1,000

$950

Cumulative Return Dec 2005 - Dec 2006

Greenwich-Van Abs Ret Note Lehman Agg Greenwich Global Hedge Fund Index

S&P 500 MSCI WEI

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