GLENWOOD CAPITAL INVESTMENTS, L.L.C.

When managing fund of hedge fund portfolios, there is no substitute for experience, expert knowledge and judgment. Glenwood Capital Investments L.L.C has been selecting and combining hedge funds to generate strong risk-adjusted returns since 1987 – making us one of the most practiced managers of hedge fund portfolios.

At Glenwood we employ a multi-manager investment approach to accomplish the objectives of our clients, emphasizing efficient diversification among a large number of advisers and hedge fund styles. We focus on selecting talented hedge fund managers executing strategies that exploit clear market inefficiencies. We believe our investment professionals have an edge in identifying managers expert in the implementation of these strategies and in evaluating their business infrastructures. The managers selected are subjected to a rigorous due diligence process which results in a list of approved managers. Portfolios are constructed using the building blocks of strategies and approved managers with complementary performance characteristics. Finally, we monitor the managers and strategies over time and make portfolio adjustments.

We construct portfolios of hedge funds that target low risk by investing across large numbers of managers that implement diverse investment styles. This approach is driven by three core investment objectives:

• To generate equity-like returns at bond-like levels of volatility;
• To preserve capital over a wide range of market environments;
• To earn returns that have low correlation with major market indices.

Success in achieving our clients’ objectives has led to robust growth in our assets under management, although it should be noted that past performance is not necessarily indicative of future results. Glenwood, now one of the most established fund of hedge funds managers in the world, advising approximately US$4.7 billion, has a substantial investment team. Our team has extensive resources in terms of both expertise and manpower. Glenwood’s founder, Frank Meyer, is one of the early advocates of multi-manager hedge fund investing. Our team is well-regarded in the hedge fund community for our disciplined approach to due diligence, portfolio construction and risk management. Our reputation as a value-added investor enables us to access established and new investment management talent that we believe to be exceptional. Glenwood is located in Chicago and currently employs more than 45 people.

Glenwood also benefits by being a wholly owned subsidiary of Man Group plc, which is one of the world’s largest companies devoted specifically to alternative asset management and service. Man Group plc is listed on the London Stock Exchange and is a constituent of the FTSE 100 index of leading shares. With its strong financial standing and worldwide network of offices and staff, Man can assist Glenwood in meeting the different investment goals and needs of a wide variety of clients.

YORK HEDGE FUND STRATEGIES INC.

York Hedge Fund Strategies was founded in 2000. Each of the four partners has long experience in institutional asset consulting and investment analysis.

The company provides educational, analytical and general consulting services relating to hedge funds, to Canadian–based institutions. York Hedge fund Strategies also represents Glenwood Capital Investments L.L.C. to institutions in Canada.