Investing in Hedge Funds

1. Investing in Hedge Funds Effective Alpha Generation and Risk Control Methods SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

2. Alpha Generation &Risk Control Methods • Hedging Tail Risk • Tactical Allocation • Due Diligence • Risk Management SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

3. Interest in Hedge Funds SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

4. Hedge Fund Performance in 2008 Source: Bloomberg, L.P. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

5. Convergent / Divergent Strategies: Hedging Tail Risk SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

6. Arbitrage / Relative Value Strategiesin 2008 Source: Bloomberg, L.P. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

7. Valuation Driven Strategies in 2008 Source: Bloomberg, L.P. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

8. Divergent Strategies in 2008 Source: Bloomberg, L.P. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

9. Tactical Allocation SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

10. Tactical Allocation SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

11. Tactical Allocation • 2006 Q3 • Change from “Friendly” to “Neutral” on equity markets • Lowered exposure to long biased and concentrated equity strategies • Established short subprime exposure as a hedge • 2007 Q4 • Change from “Neutral” to “Negative” on equity markets • Significant drop in exposure to long short equity strategies • Increased allocation to “opportunistic” strategies • Increased allocation to divergent strategies (trend based strategies in particular) SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

12. 1 Source: SSARIS,please see last page for additional disclosures 2 Source: Bloomberg, L.P. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

13. Due Diligence • Average of over 50 hours of due diligence prior to allocation decision • Organizational audit • Document review • PPM • AIMA Due Diligence Questionnaire • Audit • Form ADV • Background investigations • Audit checks • Regulatory checks • SEC, FINRA, NFA, etc. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

14. Risk Management SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

15. Transparency Platform SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

16. Transparency Platform • Daily transparency at the position level • Minimize fraud risk • Maintain ultimate control over the account • More effective risk management SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

17. For Further Information • Rob Covino • SSARIS Advisors, LLC • Senior Vice President – Product Development • rcovino@ssaris.com SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901

18. Disclosures PAST PERFORMANCE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS This document is being provided per your request. Performance returns, un-audited and reported in USD, reflect a composite of accounts managed using the SSARIS fund of funds strategies described herein. The performance information does not include the deduction of SSARIS’ advisory fees, as applicable, but does include the deduction of the advisory fees, commissions and expenses charged by each underlying manager and includes interest income. Actual client results may vary depending upon different fee arrangements and timing of investments. This document is intended for qualified eligible persons as defined in U.S. Commodity Futures Trading Regulation 4.7. This summary is intended solely to describe certain important elements of the various SSARIS fund of fund strategies described herein (“Strategies”). This summary does not constitute an offer to sell to any person, or a solicitation of an offer to purchase the securities of any pooled investment vehicle. Any such offer may only be made by private placement memorandum or other offering documents issued by such pooled investment vehicles, and the information provided herein is qualified in its entirety by the information contained in such disclosure documents. Any decision to invest should be made solely in reliance upon such documents. No offer of any interest in any product will be made in any jurisdiction in which offer, solicitation or sale is not authorized, or to any person to whom it is unlawful to make such offer, solicitation or sale. This document expresses the views of SSARIS Advisors, LLC only through the last reporting period shown regarding the various Strategies and the views are subject to change based on market or other conditions. The opinions expressed are for general information only and are not intended to provide specific advice or recommendations but rather, a basis from which strategies can be built, taking into account the specific objectives of each portfolio, in terms of return, time horizon, and risk constraints, as well as diverging investment perspectives and assumptions. All material has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. No assurance can be given that the Strategies’ investment objective will be achieved. An investment in any of the Strategies is subject to significant risks and is suitable only for qualified investors of substantial financial means that have no need for immediate liquidity in these investments. References to investment objectives, target returns or other goals sought in employing a particular investment strategy are aspirational only and should not be considered a guarantee that such results will be achieved. Potential investors should clearly understand the significant degree of risk involved with investing in any alternative investment strategies. The Strategies are available only to qualified investors who have reviewed detailed information concerning investment terms and risks. These risks may include the following: The Strategies may use leverage, are speculative, involve a high degree of risk and may not provide diversification; performance can be volatile, and an investor could lose a substantial amount or all of the investor’s investment; the investor does not retain any trading authority over assets placed with us; an investor’s account may not be liquid or transferable; fees and expenses may offset trading profits; SSARIS may be subject to certain conflicts of interest; and the Strategies may involve executing a substantial portion of the trades on foreign exchanges. PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS DOCUMENT. No current or prospective client should assume that future performance will be profitable, or equal to the performance results reflected in any of the following benchmarks or indices. All the historical benchmark and index performance results shown are provided exclusively for comparison purposes only, so as to provide general comparative information to assist an individual client or prospective client in determining whether the performance of a SSARIS Strategy meets, or continues to meet their investment objective(s). It should not be assumed that the SSARIS Strategy holdings will correspond directly, or indirectly, to the comparative benchmarks or indices shown. SSARIS Advisors, LLC 695 East Main Street, Stamford, CT 06901