Galleon - September 2009 Exposure
Galleon - September 2009 Exposure
Galleon - September 2009 Exposure
3000%
15%
Performance (net) Galleon S&P 500
Month 5.13% 3.73% 2500%
Cumulative Return - Lines
2000%
YTD 22.27% 19.26%
5%
Since Inception 2879.43% 263.73% 1500%
APR 21.75% 7.77% 0%
1000%
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2009 6.68% 3.24% 0.43% -4.35% 2.56% 1.46% 3.47% 2.09% 5.13% 22.27%
2008 -1.98% 0.54% -1.36% 0.15% 0.22% -0.63% 1.08% -0.97% -7.23% -5.83% -0.65% -1.73% -17.22%
2007 1.31% 1.08% 0.00% 0.53% 1.46% 1.87% -0.09% 1.99% 1.70% 2.57% -1.77% 0.99% 12.20%
2006 6.88% 0.47% 3.09% -0.49% -1.75% -1.46% 3.14% 4.04% 1.60% 2.66% 3.85% 1.39% 25.70%
2005 -0.09% -1.28% -1.02% -2.33% 2.16% 1.18% 2.80% 1.13% 1.39% -2.23% 3.08% 2.26% 7.07%
2004 3.93% 0.02% -1.59% -1.60% 0.25% 0.13% -1.36% -0.24% 0.50% 1.00% 2.20% 2.36% 5.58%
2003 2.40% 0.81% 0.50% 2.78% 3.53% 2.28% 1.20% 1.51% 0.42% 1.98% 0.22% 1.28% 20.57%
2002+ 1.25% -1.97% 1.38% -0.23% 0.88% -2.30% 1.70% 1.08% -1.53% 2.16% 3.18% 0.35% 5.95%
2001 0.13% -0.59% -1.13% 1.95% 0.22% -1.03% 1.08% -1.17% -1.83% 2.47% 5.23% 2.35% 7.73%
2000 3.02% 19.65% -4.51% -5.19% -1.71% 10.73% 5.51% 4.42% -1.50% -1.20% -3.28% 0.04% 25.99%
1999 8.03% -2.03% 10.33% 5.48% 2.38% 8.06% 7.01% 3.00% 2.92% 4.42% 9.71% 9.11% 93.22%
1998 0.60% 2.04% 6.89% 2.15% -2.67% 3.60% 4.62% -3.66% 2.24% 2.49% 1.88% 7.75% 31.01%
1997 10.55% -3.81% -5.34% 2.67% 14.53% 3.27% 11.81% 1.84% 5.46% -8.54% -2.34% -0.80% 30.03%
1996++ 2.00% 3.50% -0.50% 10.30% 1.30% -1.50% 0.60% 1.10% 5.20% 2.20% 2.80% -0.90% 28.79%
1995 1.40% 5.00% 5.10% 7.70% 6.60% -0.80% 1.30% 2.40% 0.20% -4.40% 2.00% 3.20% 33.30%
1994 5.10% 2.00% -2.20% 3.50% 1.70% -0.10% 2.40% 3.50% 7.50% 1.40% -1.90% 2.70% 28.32%
1993 5.00% -4.50% 10.30% -2.90% 10.10% 0.70% -1.00% 3.50% 4.30% -3.50% 0.90% 4.00% 28.86%
1992+++ 0.40% -1.00% -2.70% 5.70% 6.20% 5.00% 13.99%
+ returns from 1997 through 2002 are pro forma. ++ returns from 1992 through 1996 are for a predecessor fund. +++ returns for 1992 are unaudited.
Consumer
Long Cyclicals
Financials
Healthcare
Short
Technology
0% 5% 10% 15% 20% 25% -60% -40% -20% 0% 20% 40% 60%
Consumer Consumer
Cyclicals Cyclicals
Financials Financials
Healthcare Healthcare
Technology Technology
Historical VaR (1 day, 95% confidence) Average Daily Risk Attribution by Sector
0.0% 70%
60%
-0.5%
50%
-1.0% 40%
30%
-1.5%
20%
-2.0%
10%
-2.5% 0%
Jan 06 Sep 06 May 07 Jan 08 Sep 08 May 09 Consumer Cyclicals Financials Healthcare Technology
Page 2 of 3
CONFIDENTIAL
The private investment fund (the "Fund") described herein will not be registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and the interests therein will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state or foreign securities
laws. These interests will be offered and sold only to "qualified purchasers" for purposes of Section 3(c)(7) of the 1940 Act, who also are either
"qualified institutional buyers" (as defined in Rule 144A under the 1933 Act) or "accredited investors" as defined in Regulation D under the 1933 Act,
or non-U.S. persons who purchase outside the United States pursuant to Regulation S under the 1933 Act. References to specific investments are for
illustrative purposes only and are not intended to be and must not be relied upon as recommendations to purchase or sell such investments or
indications of performance of all portfolio investments. References set forth herein are subject to change without notice. There is no representation or
guarantee regarding the reliability, accuracy or completeness of this material, and Galleon Management, L.P. will not be liable for any damages,
including loss of profits, which may result from reliance on this material.
Returns from 1997 through 2002 are pro forma and reflect the combined performance of each of the Galleon funds since their inceptions, including
initial periods of proprietary investments. Inception dates vary by fund. The pro forma calculation weights each fund’s performance equally without
regard to assets under management. One fund was discontinued during this period. Individual fund performance is available upon request.The
Diversified Fund first accepted outside capital in January 2003. Returns from 2003 to present assume investment at the time of the Diversified Fund’s
inception. Returns listed are net of fees and expenses. Results for individual investors will vary. For purposes of calculating the performance fee, all
performance data assumes investment at inception.
Past performance is no guarantee of future results. Investing in the Fund is speculative and involves a high degree of risk, including those discussed
generally in the Fund’s Offering Memorandum as well as the following: 1) the investor could lose all or a substantial amount of the investment; 2) use
of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk; 3) the fund’s
performance can be volatile; 4) there is no secondary market for the investor’s interest and none is expected to develop; 5) there are restrictions on
transferring interests in the fund; 6) the fund’s expenses may offset the fund’s trading profits; and 7) the fund may be leveraged.
The chart and data that reflect the value-at-risk ("VaR") of the portfolio as a whole and of the Incremental VaR of each sector traded are at a 95%
confidence interval. Both are measured as of the last day of each month. VaR measures the change in the value of the portfolio that would be expected
at a specified confidence level over a specified holding period, in this case 95% confidence on a daily basis. Incremental VaR measures the expected
change in portfolio risk given a small change in exposure to an asset. Although both VaR and Incremental VaR are commonly used tools to measure
portfolio risk, both rely on historical information and therefore are inherently limited in their abilities to measure risk. Additionally, VaR is an
incomplete measure of risk since it focuses on "standard" market movements rather than on market behavior in extreme events. There is no
guarantee that Galleon will maintain VaR in the levels reflected above and that significant losses will not be incurred.
The charts and data that reflect Profit Attribution are derived from operating systems maintained by Galleon. The data is based on daily estimates and
excludes full reconciliation. Position and income are not adjusted to actual. Prior months’ data in 2009 is available upon request.
The Galleon Group manages and has managed additional strategies. Performance of other strategies is available upon request.
Page 3 of 3
CONFIDENTIAL
Contact Information
Michael Tobin
mtobin@galleongrp.com
212-829-4021
160% 10%
Performance (net)* Galleon S&P 500
Cumulative Return - Lines
Historical Net Performance* * - The Credit Suisse HFI comparisons are as of the previous month
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
2009 9.34% 3.82% -0.65% -11.96% -0.36% 1.51% 5.93% 2.99% 4.00% 13.87%
2008 1.73% 2.74% -1.62% -1.56% -0.23% 1.28% 0.78% -1.94% -13.82%* -0.99% 5.44% -0.37% -9.40%*
2007 2.11% 0.48% -0.26% -0.77% 1.60% 2.16% -0.40% 2.56% 0.58% 1.66% 1.91% 1.23% 13.57%
2006 5.18% 1.49% 3.71% 1.26% -0.09% 0.78% 3.78% 2.68% 1.39% 1.41% 2.44% 1.63% 28.78%
2005 1.72% -0.96% 0.63% 2.31% -1.65% 1.04% 0.98% 1.04% 0.57% 0.76% -0.04% 0.86% 7.44%
2004 3.39% 2.45% 0.01% -1.65% 3.39% 1.61% 3.75% 4.58% -0.12% -1.03% 2.88% 2.43% 23.71%
2003 5.56% 2.51% 2.82% 1.24% 6.77% 0.94% 1.96% 23.78%
* Performance reflects a full write-down of the assets held at Lehman Brothers International (Europe) ("LBIE") which entered administration proceedings on September 15, 2008. Excluding the full write-
down, trading performance for September 2008 would have been approximately -4.0% and the performance for 2008 would have been approximately +0.27%.
Drawdown Analysis
0%
-20%
-40%
-60%
S&P 500 Buccaneers
Consumer
Long Cyclicals
Financials
Healthcare
Short
Technology
0% 10% 20% 30% 40% 50% -60% -40% -20% 0% 20% 40% 60%
Consumer Consumer
Cyclicals Cyclicals
Financials Financials
Healthcare Healthcare
Technology Technology
Historical VaR (1 day, 95% confidence) Average Daily Risk Attribution by Sector
0.0% 70%
-1.0% 60%
50%
-2.0%
40%
-3.0%
30%
-4.0%
20%
-5.0% 10%
-6.0% 0%
Jan 06 Sep 06 May 07 Jan 08 Sep 08 May 09 Consumer Cyclicals Financials Healthcare Technology
Current Month (avg daily) Trailing 12 Month Average
Page 2 of 3
CONFIDENTIAL
tfernandez@galleongrp.com mtobin@galleongrp.com
The private investment fund (the "Fund") described herein will not be registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and the interests therein will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state or foreign securities
laws. These interests will be offered and sold only to "qualified purchasers" for purposes of Section 3(c)(7) of the 1940 Act, who also are either
"qualified institutional buyers" (as defined in Rule 144A under the 1933 Act) or "accredited investors" as defined in Regulation D under the 1933 Act,
or non-U.S. persons who purchase outside the United States pursuant to Regulation S under the 1933 Act. References to specific investments are for
illustrative purposes only and are not intended to be and must not be relied upon as recommendations to purchase or sell such investments or
indications of performance of all portfolio investments. References set forth herein are subject to change without notice. There is no representation or
guarantee regarding the reliability, accuracy or completeness of this material, and Galleon Management, L.P. will not be liable for any damages,
including loss of profits, which may result from reliance on this material.
Past performance is no guarantee of future results. Investing in the Fund is speculative and involves a high degree of risk, including those discussed
generally in the Fund’s Offering Memorandum as well as the following: 1) the investor could lose all or a substantial amount of the investment; 2) use
of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk; 3) the fund’s
performance can be volatile; 4) there is no secondary market for the investor’s interest and none is expected to develop; 5) there are restrictions on
transferring interests in the fund; 6) the fund’s expenses may offset the fund’s trading profits; and 7) the fund may be leveraged.
The chart and data that reflect the value-at-risk ("VaR") of the portfolio as a whole. VaR measures the change in the value of the portfolio that would
be expected at a specified confidence level over a specified holding period, in this case 95% confidence on a daily basis. Although VaR is a commonly
used tools to measure portfolio risk, is relies on historical information and therefore is inherently limited in its abilities to measure risk. Additionally,
VaR is an incomplete measure of risk since it focuses on "standard" market movements rather than on market behavior in extreme events. There is
no guarantee that Galleon will maintain VaR in the levels reflected above and that significant losses will not be incurred.
The charts and data that reflect Profit Attribution are derived from operating systems maintained by Galleon. The data is based on daily estimates
and excludes full reconciliation. Position and income are not adjusted to actual. Prior months’ data in 2009 is available upon request.
For purposes of calculating the performance fee, all performance data assumes investment at inception. The Galleon Group manages and has
managed additional strategies. Performance of other strategies is available upon request.
Page 3 of 3
CONFIDENTIAL
-20% -9%
Max Drawdown -21.33% -62.83%
Recovery (mos) N/A N/A
-40% -12%
Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 Mar 09 Jun 09 Sep 09
Correlation to MSCI 0.72
Galleon Monthly Return MSCI Asia Total Return Galleon Total Return
"MSCI" is the MSCI AC Asia Ex-Japan Index.
<(5%) (5%) - (4%) (4%) - (3%) (3%) - (2%) (2%) - (1%) (1%) - 0% 0% - 1% 1% - 2% 2% - 3% 3% - 4% 4% - 5% >5%
Page 1 of 3
CONFIDENTIAL
China
Net 24%
India
Sri Lanka
Long 55%
Japan
Korea
Short -31%
Taiwan
Consumer
Long Energy / Cyclicals
Financials
Short Healthcare
Technology
0% 5% 10% 15% 20% -20% -15% -10% -5% 0% 5% 10% 15% 20%
Monthly Asset Class Profit Attribution Year-to-date Asset Class Profit Attribution
Equity Equity
Currency Currency
Rates Rates
Commodity Commodity
Historical VaR (1 day, 95% confidence) Standalone VaR by Asset Class (1 day, 95% confidence)
0.0% 0.75%
-0.5%
0.50%
-1.0%
0.25%
-1.5%
-2.0% 0.00%
Aug07 Dec07 Apr08 Aug08 Dec08 Apr09 Aug09 Total Equity Currency Rates Commodity
Current Month Trailing 12 Month Average
Page 2 of 3
CONFIDENTIAL
The private investment fund (the "Fund") described herein will not be registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and the interests therein will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state or foreign securities
laws. These interests will be offered and sold only to "qualified purchasers" for purposes of Section 3(c)(7) of the 1940 Act, who also are either
"qualified institutional buyers" (as defined in Rule 144A under the 1933 Act) or "accredited investors" as defined in Regulation D under the 1933 Act,
or non-U.S. persons who purchase outside the United States pursuant to Regulation S under the 1933 Act. There is no representation or guarantee
regarding the reliability, accuracy or completeness of this material, and Galleon International Management, L.L.C. will not be liable for any damages,
including loss of profits, which may result from reliance on this material. Galleon International Management, L.L.C. is not registered as an
Investment Advisor with the SEC.
Investing in securities of non-U.S. Governments and companies that are generally denominated in non-U.S. currencies and utilization of options on
non-U.S. securities involves certain considerations comprising both risks and opportunities not typically associated with investing in securities of the
United States Government or United States companies. The Fund’s investments that are denominated in a foreign currency are subject to the risk that
the value of a particular currency will change in relation to one or more other currencies.
Past performance is no guarantee of future results. Investing in the Fund is speculative and involves a high degree of risk, including those discussed
generally in the Fund’s Offering Memorandum as well as the following: 1) the investor could lose all or a substantial amount of the investment; 2) use
of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk; 3) the fund’s
performance can be volatile; 4) there is no secondary market for the investor’s interest and none is expected to develop; 5) there are restrictions on
transferring interests in the fund; 6) the fund’s expenses may offset the fund’s trading profits; and 7) the fund may be leveraged.
The MSCI AC (All Country) Asia ex Japan Index is a free float-adjusted market capitalization index that is designed to measure equity market
performance in Asia, excluding Japan. Comparison to indices have limitations because indices have volatility and other material characteristics that
may differ from a particular fund. For example, the indices are unmanaged and do not take into account the deduction of any fees, commission,
advisory fees, or other expenses of investing. Furthermore, a typical fund invests in substantially fewer securities than the number of securities
comprising any benchmark. Because of these differences, benchmarks should not be relied upon as an accurate measure of comparison.
The chart and data that reflect the value-at-risk ("VaR") of the portfolio as a whole are at a 95% confidence interval, measured as of the last day of
each month. VaR measures the change in the value of the portfolio that would be expected at a specified confidence level over a specified holding
period, in this case 95% confidence on a daily basis. Although VaR is commonly used to measure portfolio risk, it relies on historical information and
therefore is inherently limited in its ability to measure risk. Additionally, VaR is an incomplete measure of risk since it focuses on "standard" market
movements rather than on market behavior in extreme events. There is no guarantee that Galleon will maintain VaR in the levels reflected above and
that significant losses will not be incurred.
The charts and data that reflect Profit Attribution are derived from operating systems maintained by Galleon. The data is based on daily estimates and
excludes full reconciliation. Position and income are not adjusted to actual. Prior months’ data in 2009 is available upon request.
For purposes of calculating the performance fee, all performance data assumes investment at inception. The Galleon Group manages and has
managed additional strategies. Performance of other strategies is available upon request.
Page 3 of 3
CONFIDENTIAL
The Galleon Asia Macro Fund is a Pan-Asia Macro Fund that trades across a range of asset classes, including fixed income and credit,
foreign exchange, equities, and commodities, using both directional and relative value trading strategies. The Fund Manager may use
various instruments to express a macroeconomic view, including taking positions both long and short in a broad range of stocks, bonds
and corporate debt, government debt, currencies, commodity and financial futures, options, forwards, swaps, and other derivative
instruments.
The Fund is managed from Galleon’s Asia headquarters in Singapore. The team has long experience in volatile Asian emerging
markets and strong relationships with the close-knit Asia trading community. The fund is overseen by the global risk management team
in Galleon’s New York headquarters. Traders in New York also provide 24-hour trading capability for round the clock risk
management.
60% 6%
%) (4%
)
(3%
)
(2%
)
(1%
) 0% 1% 2% - 3% - 4% - 5% >5
%
<(5 )- )- )- )- )- 0%
-
1%
-
2% 3% 4%
(5% (4% (3% (2% (1%
Page 1 of 3
CONFIDENTIAL
80%
60%
40%
20%
0%
Rates Equities Currencies Commodities
Current Month Trailing 12 Month Average
Monthly Profit Attribution by Asset Class Year-to-date Profit Attribution by Asset Class
Rates Rates
Equities Equities
Currencies Currencies
Commodities Commodities
-1.0%
-2.0%
-3.0%
-4.0%
Aug08 Sep08 Oct08 Nov08 Dec08 Jan09 Feb09 Mar09 Apr09 May09 Jun09 Jul09 Aug09 Sep09
Page 2 of 3
CONFIDENTIAL
The private investment fund (the "Fund") described herein will not be registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and the interests therein will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state or foreign securities
laws. These interests will be offered and sold only to "qualified purchasers" for purposes of Section 3(c)(7) of the 1940 Act, who also are either
"qualified institutional buyers" (as defined in Rule 144A under the 1933 Act) or "accredited investors" as defined in Regulation D under the 1933 Act,
or non-U.S. persons who purchase outside the United States pursuant to Regulation S under the 1933 Act. There is no representation or guarantee
regarding the reliability, accuracy or completeness of this material, and Galleon International Management, L.L.C. will not be liable for any damages,
including loss of profits, which may result from reliance on this material. Galleon International Management, L.L.C. is not registered as an
Investment Advisor with the SEC.
Investing in securities of non-U.S. Governments and companies that are generally denominated in non-U.S. currencies and utilization of options on
non-U.S. securities involves certain considerations comprising both risks and opportunities not typically associated with investing in securities of the
United States Government or United States companies. The Fund’s investments that are denominated in a foreign currency are subject to the risk that
the value of a particular currency will change in relation to one or more other currencies.
Past performance is no guarantee of future results. Investing in the Fund is speculative and involves a high degree of risk, including those discussed
generally in the Fund’s Offering Memorandum as well as the following: 1) the investor could lose all or a substantial amount of the investment; 2) use
of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk; 3) the fund’s
performance can be volatile; 4) there is no secondary market for the investor’s interest and none is expected to develop; 5) there are restrictions on
transferring interests in the fund; 6) the fund’s expenses may offset the fund’s trading profits; and 7) the fund may be leveraged.
The MSCI AC (All Country) Asia ex Japan Index is a free float-adjusted market capitalization index that is designed to measure equity market
performance in Asia, excluding Japan. Comparison to indices have limitations because indices have volatility and other material characteristics that
may differ from a particular fund. For example, the indices are unmanaged and do not take into account the deduction of any fees, commission,
advisory fees, or other expenses of investing. Furthermore, a typical fund invests in substantially fewer securities than the number of securities
comprising any benchmark. Because of these differences, benchmarks should not be relied upon as an accurate measure of comparison.
The chart and data that reflect the value-at-risk ("VaR") of the portfolio as a whole are at a 95% confidence interval, measured as of the last day of
each month. VaR measures the change in the value of the portfolio that would be expected at a specified confidence level over a specified holding
period, in this case 95% confidence on a daily basis. Although VaR is commonly used to measure portfolio risk, it relies on historical information and
therefore is inherently limited in its ability to measure risk. Additionally, VaR is an incomplete measure of risk since it focuses on "standard" market
movements rather than on market behavior in extreme events. There is no guarantee that Galleon will maintain VaR in the levels reflected above and
that significant losses will not be incurred.
For purposes of calculating the performance fee, all performance data assumes investment at inception. The Galleon Group manages and has
managed additional strategies. Performance of other strategies is available upon request.
Page 3 of 3
CONFIDENTIAL
6%
60%
Performance (net) Galleon MSCI
Month 2.29% 3.29% 4%
40%
Cumulative Return - Lines
-40% -8%
Correlation to MSCI 0.34
Mar Jun 05 Sep 05 Dec Mar Jun 06 Sep 06 Dec Mar Jun 07 Sep 07 Dec Mar Jun 08 Sep 08 Dec Mar Jun 09
Pos MSCI Months 0.55 05 05 06 06 07 07 08 08 09
Neg MSCI Months 0.13
Galleon Monthly Return MSCI G-7 Total Return Galleon Total Return
"MSCI" is the MSCI G-7 Index.
15
10
%) ) ) ) ) 0%
<(5 (4% (3% (2% (1% )- - 1% - 2% - 3% - 4% - 5% >5
%
)- )- )- )- (1% 0% 1% 2% 3% 4%
(5% (4% (3% (2%
Page 1 of 2
CONFIDENTIAL
The private investment fund (the "Fund") described herein will not be registered under the Investment Company Act of 1940, as amended (the "1940
Act"), and the interests therein will not be registered under the Securities Act of 1933, as amended (the "1933 Act"), or any state or foreign securities
laws. These interests will be offered and sold only to "qualified purchasers" for purposes of Section 3(c)(7) of the 1940 Act, who also are either
"qualified institutional buyers" (as defined in Rule 144A under the 1933 Act) or "accredited investors" as defined in Regulation D under the 1933 Act,
or non-U.S. persons who purchase outside the United States pursuant to Regulation S under the 1933 Act. There is no representation or guarantee
regarding the reliability, accuracy or completeness of this material, and Galleon Quantitative Management, L.L.C. will not be liable for any damages,
including loss of profits, which may result from reliance on this material. Galleon Quantitative Management, L.L.C. is not registered as an Investment
Advisor with the SEC.
Investing in securities of non-U.S. Governments and companies that are generally denominated in non-U.S. currencies and utilization of options on
non-U.S. securities involves certain considerations comprising both risks and opportunities not typically associated with investing in securities of the
United States Government or United States companies. The Fund’s investments that are denominated in a foreign currency are subject to the risk that
the value of a particular currency will change in relation to one or more other currencies.
Past performance is no guarantee of future results. Investing in the Fund is speculative and involves a high degree of risk, including those discussed
generally in the Fund’s Offering Memorandum as well as the following: 1) the investor could lose all or a substantial amount of the investment; 2) use
of a single adviser applying generally similar trading programs could mean lack of diversification and, consequently, higher risk; 3) the fund’s
performance can be volatile; 4) there is no secondary market for the investor’s interest and none is expected to develop; 5) there are restrictions on
transferring interests in the fund; 6) the fund’s expenses may offset the fund’s trading profits; and 7) the fund may be leveraged.
The MSCI G-7 Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of the G-7 member
countries, where the Fund has a majority of its geographical exposure. Comparison to indices have limitations because indices have volatility and
other material characteristics that may differ from a particular fund. For example, the indices are unmanaged and do not take into account the
deduction of any fees, commission, advisory fees, or other expenses of investing. Furthermore, a typical fund invests in substantially fewer securities
than the number of securities comprising any benchmark. Because of these differences, benchmarks should not be relied upon as an accurate measure
of comparison.
The Galleon Group manages and has managed additional strategies. Performance of other strategies is available upon request.
For purposes of calculating the performance fee, all performance data assumes investment at inception. The Galleon Group manages and has
managed additional strategies. Performance of other strategies is available upon request.
Page 2 of 2