Welcome
Hello, I'm Mark Rosenberg, Chairman and Chief Investment Officer of SSARIS Advisors, LLC. In the next few minutes, I would like to introduce you to SSARIS and its work in the hedge fund and fund-of-funds investment area.

SSARIS' mission is to design, structure and implement absolute return investments for the institutional investor. Our hybrid business model features proprietary hedge funds and fund-of-funds investments with portfolio transparency and daily risk monitoring. These attributes, coupled with our role as an ERISA fiduciary, make SSARIS highly qualified to provide quality institutional hedge fund services. Let's take a closer look at this value proposition:

• As a hedge fund manager, SSARIS has a depth of industry knowledge that translates into a thorough due diligence process for outside managers;
• Our daily risk management platform leaves little or no room for manager style drift, seeks to ensure that managers adhere to strict leverage limits, and analyzes portfolio VaR on a real time basis, just to name a few distinct advantages;
• And we believe that SSARIS' asset allocation philosophy, which combines convergent strategies that perform well during efficient times, with divergent strategies that do well in irrational market environments, offer a greater strategic diversification which translates into reduced portfolio "event risk".

Background
In February 2001, State Street Global Advisors and the Dutch pension fund ABP, one of the world's largest pension managers, came together to form State Street Global Alliance, LLC. It is this joint venture that owns a majority interest in SSARIS. Our investors derive great value from our partnership with these two world-renowned investment firms and receive exceptional service from SSgA offices worldwide.

Products and Clients
SSARIS offers both a multi-style and equity fund-of-funds, as well as proprietary hedge fund strategies. SSARIS' individual strategies include a systematic global macro program, an "alpha" enhanced equity index, and a multi-strategy absolute return program.

Industry Overview
The uncertain economic environment of the early 21st century has led to interest in absolute return investment strategies due to their potential ability to increase expected return and reduce risk. SSARIS believes that the growth in hedge fund investing marks a major shift in investor thinking that rivals the financial revolution of the early 20th century when equity markets were being introduced as the next best "investment alternative". SSARIS is in the business of creating efficient portfolios that utilize hedge fund strategies to complement and compete with traditional capital market benchmarks.

Summary
In summary, SSARIS' senior management team, which has worked together for the past 20 years, is highly qualified to deliver absolute returns to its investors. SSARIS is proud of its professionalism in conducting manager due diligence and in structuring hedge fund portfolios within the fund-of-funds marketplace.

We invite you to contact us and look forward to providing you with any additional information that addresses your specific investment needs.

Thank you very much.

This material is for your private information. The views expressed are the views of Mark Rosenberg only through the period ended October 22, 2003 and are subject to change based on market and other conditions. The opinions expressed may differ from those with different investment philosophies. The information we provide does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. We encourage you to consult your tax or financial advisor. All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is no guarantee of future results.