Capital-guaranteed hedge fund
                              Over 430% cumulative investment advisors return since 2000
                                                          Only one losing month since trading inception in 1998

Bel Air Strategy Management Co (Bahamas) - the founder  and manager of Dublin-domiciled active and capital-guaranteed hedge funds. Bel-Air Strategy Management Co. is owned and directed by Mr. Jean-Claude Petter, Swiss private banker with over 20 years of experience in senior management of private banks in Europe and the Caribbean, and Baron Axel von Schubert, seasoned investment banker, international tax & investment consultant.

The Bel-Air Strategy Active Fund (Class B Shares),
The Bel-Air Strategy Capital Protected Fund (Class C +D Shares)

Investment Advisors: Steelsons Bancorp & Trust
Expertise Boursiere Internationale (EBI)

Investment Manager: Bel-Air Strategy Management Company Ltd.
Cash Manager: Horizon Cash Management LLC., Chicago
Custodian: Brown Brothers Harriman (New York)
Broker: Cargill Investor Services Ltd, Uk & France 
Fund Administrator, Registrar & Transfer Agent: Custom House Administration & Corporate Services Ltd (Ireland)
Auditors: KPMG
Fund jurisdiction: Cayman Islands
Structure of Fund: Open-end
Currency: US Dollars
Subscription Price: US$ 100.--
Minimum amount allowed: USD 100,000.-
Minimum additional: USD 50,000.-
Initial one time charge:5%
Annual Management fee 1.5%
Hurdle rate/Benchmark: 12% P.A. Active Fund
Hurdle rate/Benchmark: 8% P.A. Capital  Protected Fund
Fund quotation: Irish Stock Exchange
Clearing Systems: Euroclear & Clearstream
NAV publication: Irish Stock Exchange
Daily Official: Euroclear & Clearstream

Investment Strategies and Policies:
The Bel-Air Fund is a dynamic hedge fund offering a wider variety of  investment approaches and opportunities on the European Bourse Indices,  particularly the German 'Bund' and 'Dax, which allow  to profit from both rising and falling markets. The Fund positions itself  strategically and with patience and caution in these highly rewarding markets and products offering exceptional growth potential coupled with relatively low risk, adequate liquidity and low spreads. Bel-Air embraces both short-term high-yield investments that enable you to maximize your cash flow, as well as long-term high-yield investments that are guaranteed!
BASF offers investors an aggressive, Active Fund as well as a Capital Protected Investment Fund, guaranteeing investors the return of their Capital in full.
The past performance of our Investment Advisors is unique and virtually unmatched with high annual returns. It's trading strategy, developed in 1998 by its Investment Advisors, has not only proven 'to be highly successfull in the past by generating annual steady returns for investors, but has produced these results with virtually no draw-downs and extremely limited volatility, resulting in only one single losing month with a maximum draw down of 8%, and by limiting market exposure by avoiding overnight trading positions

The Fund:
The Bel-Air Fund incorporates three independent sub-funds (of which two are currently
active), allowing high net-worth private and institutional investors to choose between
having their funds managed in an Active Fund with a more aggressive and dynamic
trading pattern, but the accompanying risk elements, or the Capital Protected Fund, whichguarantees investors a full return of their capital, regardless of the Fund’s performance.
The Fund is a fully registered mutual fund, domiciled and registered in the Cayman
Islands. The Funds shares have been approved for trading on the Irish Stock Exchange
and will use Clearstream and Euroclear systems.

The Bel-Air Strategy Active Fund
Investors who choose to invest in the Active Fund will have all their assets invested with
the Investment Advisors trading strategy (see EBI presentation). Funds will be invested in fixed income securities when not used for trading by Investment Advisors. No more than 30% - 40% of the Fund’s capital will be invested at any given time in the markets, with the remainder earning interest in a professionally managed cash account by the Cash Manager.

The Bel-Air Capital Protected Fund
This Fund will have approximately 80% of its assets placed in 5 years AAA zero-coupon
U.S. Government Securities. Being a discounted instrument, the balance of the investor’s funds will be placed into the Cargill brokerage account and subject to the same strategy as the Active Fund, albeit with somewhat less market exposure and return. At maturity of the 5 years, the zero-coupon will be redeemed at 100% and the investor will receive his Initial Capital plus any monies earned by the Active Fund trading strategy.

The Investment Advisors:
Steelsons Bancorp & Trust & Expertise Boursière Internationale (EBI) – the only company  which has access to the entire knowledge and savoir-faire as regards to the trading systems. Steelsons is the American subsidiary of EBI, a Paris, France based trading institutionwhich is the majority shareholder of Steelsons. EBI has a fully paid-up capital of Euros 275'000.-- and was set up after its founders had tested their trading methods successfully since 1998, achieving steady gross performance figures above 100% per annum.
US$ 100.000 invested with EBI in 1998 would have grown to a net of over 450 000 USD in just over 3 years. Prior to the formation of EBI, its principals managed assets in excess of USD 3 Billion for clients such as Caisse de Depots et Consignation, Banque de l'Union Europeen, Shearson Lehmann, AXA Insurance, Credit Industriel et Commercial (Credit Mutuel) and certain US Hedge Funds.

www.belairfund.com