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 1987¹ - 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 evaluate the managers and strategies over time and make portfolio adjustments. Our approach is driven by three core investment objectives:

• Preserve capital, regardless of conditions in the US or global financial markets
• Generate attractive returns and thereby increase investors' wealth
• Produce returns which have low correlation with major market indices

Glenwood is an established fund of hedge funds managers advising approximately US$5.0 billion (as of June 30, 2004). Our investment team has extensive resources in terms of both expertise and manpower. Glenwood 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, located in Chicago, 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.

¹Through a predecessor entity

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.