FUND INFORMATION SERVICES

Palmer Investment Fund - Multi Strategy NAV 29.04.2005 € 119.84

Palmer Investment Fund - Multi Strategy is a Luxembourg based open-ended investment company which operates as a multi-manager fund.

The Fund's investment objective is to provide positive annual returns with low volatility in all market environments.

Assets are allocated by the Fund's Investment Manager, Anglo Irish Bank (Suisse) SA, with the objective of allocating assets to managers that seek to achieve positive returns
showing a low correlation with movements in the financial markets.

GENERAL INFORMATION
Update 24-mai-2005 Currency EUR Subscription Monthly
Manager Anglo Irish Bank (Suisse) SA Management Fee 1.00% Redemption Monthly Fund Assets (mln) 47.11
Inception Oct. 1, 2001 (Statistics since lauinch) Incentive Fee 10.00% Redemption Notice 35 days 12 months perform. 2.49%
Lockup None Hurdle Rate None Reporting Monthly 36 months perform. 16.02%

HISTORICAL PERFORMANCE
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year Cumulative
2005 (0.48)% 0.96% (0.68)% (1.04)% (1.24)% 19.84%
2004 1.47% 1.01% 0.20% (1.24)% (0.67)% 0.51% (1.19)% 0.29% 0.68% 0.73% 2.16% 1.25% 5.26% 21.35%
2003 0.24% 0.45% 0.15% 0.29% 2.01% 0.59% 0.92% 1.23% 1.20% 2.34% 0.37% 1.41% 11.77% 15.29%
2002 0.36% 0.79% 0.90% 1.46% 0.64% (0.51)% (1.07)% 0.42% (0.02)% (0.84)% 0.65% 0.61% 3.42% 3.15%
2001 (0.50)% (0.33)% 0.57% (0.26)% -0.26%

RISK / RETURN ANALYSIS DRAWDOWN ANALYSIS LATEST COMMENTS

Month Annualized Drawdown Length Recovery Peak Valley Global equity markets fell during the month, with the MSCI World down 2.1%. Europe (-2.4%) and the
Compound ROR 0.42% 5.18% -2.58% 4 4 31.03.2004 31.07.2004 US (-1.8%) performed in line while Emerging Markets (-2.7%) showed some weakness. Japan equities
Standard Deviation 0.89% 3.08% -2.01% 5 5 31.05.2002 31.10.2002 (-4.5%), after a strong month in March, underperformed. As equity markets fell, implied volatilities
Gain Deviation 0.58% 2.00% -1.71% 2 0 28.02.2005 30.04.2005 rose, with the VIX closing at 15.4%. In the US short term rates rose while long term rates fell. In
Europe, short term rates remained unchanged while long term rates fell.
Loss Deviation 0.37% 1.29% -0.83% 2 2 30.09.2001 30.11.2001
For the month of April, Palmer Mutlistrategy was down 1.04%.The gross performances of the different
Sharpe Ratio (3.0%) 0.20 0.79 -0.48% 1 1 31.12.2004 31.01.2005
strategies held by the fund ranged from +0.1% for CTA to -2.8% for Emerging Markets. Among the
MONTHLY CORRELATION ANALYSIS other strategies Event Driven, -0.3%, was the best performing followed by Arbitrage -0.9%, Global
Index Beta R R2 Macro -1.1% and Equity Hedge -1.2%. The performances of the underlying managers ranged from
+1.7% for Philadelphia, a short term CTA manager, to -2.8% for Sloane Robinson funds, an Emerging
MSCI The World Index 0.08 0.35 0.12 Market and Asia focused equity manager. A new position was initiated in Galtere a Commodity
oriented Global Macro.

1300 Strategy Allocation

1250 Global Marco

9%
1200 Cash US
Event Driven 1% 18%
1150 15%
1100
Emerging Markets Japan
1050 5%
6%
Equity Hedge
1000 36.56%
950 CTA Sector
16% 6%
900
Arbitrage Europe
850 15% 8%

800
750
700
Top 5 positions at 4/29/05:
sept-2001

30.11.2001

31.01.2002

31.03.2002

31.05.2002

31.07.2002

30.09.2002

30.11.2002

31.01.2003

31.03.2003

31.05.2003

31.07.2003

30.09.2003

30.11.2003

31.01.2004

31.03.2004

31.05.2004

31.07.2004

30.09.2004

30.11.2004

31.01.2005

31.03.2005

1) Trotanoy Euro 11%

2) Paulson 8.1%
3) Philadelphia 7.9%
Palmer Investment Fund - Multi Strategy
4) QDRF 6.4%
MSCI The World Index
5) SR Asia & Emerging 6.3%
SSB World Government Bond Index, all maturities, in local currency terms

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Disclaimer for alternative investments

Information contained herein does not constitute a solicitation or offer or recommendation to buy or sell any investment instruments, to effect transactions or to conclude any legal transaction of any kind whatsoever. It is for information
purposes only. The information contained and the opinions expressed herein are subject to change without notice. No guarantee or undertaking is offered regarding completeness, reliability or accuracy of the information given. Financial
instruments and securities or any other investments mentioned in this document may involve significant risks including the possible loss of principal. No assurance is given that the investment objective of any product will be achieved.
Potential investors should carefully study each Fund’s prospectus and obtain advice from their professional advisors as necessary, before making an investment. Past performance should not be taken as an indicator or guarantee of
future performance. Access to the information may be restricted by laws or regulations to which the individual user is subject. As a consequence, this document is not directed at, or intended for distribution to or access by any person or
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