ICG Advisors LLC (“ICG”) is a registered investment adviser that provides investment advice to clients on a non-discretionary basis.

The information contained herein is confidential and proprietary and provided for informational purposes only, and is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors. All securities transactions involve substantial risk of loss. Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments.

As with any investment, past performance is not necessarily indicative of future performance.

The information contained herein does not include certain information regarding investments in registered investment funds, alternative investment vehicles or hedge funds (each a “Fund” or collectively, the “Funds”), including important disclosures and risk factors associated with an investment in a Fund, and is subject to change without notice. If any offer is made to invest in a Fund, it shall be pursuant to a definitive Private Placement Memorandum prepared by or on behalf of the Fund which contains detailed information concerning the investment terms and the risks, fees and expenses associated with an investment in the Fund. Neither the Securities and Exchange Commission nor any state securities administrator has approved or disapproved, passed on, or endorsed, the merits of these securities.

Sample Client Reports

This sample client reports (i.e. Manager Due Diligence Questionnaire, Manager Quantitative Analysis, Asset Allocation Study, Monthly Performance Summary, Comprehensive Performance Analysis and Client Alpha Chart and Risk Analysis) described herein have been prepared to serve as an example of the analysis that ICG Advisors LLC conducts for its clients. The client reports described herein are not intended to be, nor should they be construed or used as an offer to sell, or a solicitation of any offer to buy shares or limited partnership interests in any underlying alternative investment vehicle, hedge fund or registered investment fund discussed herein. This presentation and any opinions contained herein are current only as of the date indicated herein.


Performance information shown herein for the Funds is included solely for the purpose of allowing the viewer to review sample reports that ICG may provide and not as a representation of actual performance of any underlying Fund. The performance information for the Funds should not be relied on and is not included for the purpose of assisting the viewer in making a decision to become a client of ICG or making an investment in a Fund. There is no guarantee that such returns are actual or net of management or performance fees.

As with any investment vehicle, past performance cannot assure any level of future results.


Investments in alternative investment vehicles and hedge funds entail substantial risks and are not intended as a complete investment program and generally comprise only a portion of a client portfolio advised by ICG. The profitability and return on Fund investments are dependent upon numerous factors, which may include the active management of securities, both long and short, across global markets, including, but not limited to, equities, foreign exchange, fixed income, commodities, futures, options, swaps and other derivative instruments. Opportunities for redemption and transferability of interests in Funds are generally restricted so investors may not have access to capital when it is needed. There is generally no secondary market for interests in the Funds and none is expected to develop.

The Funds described herein are designed only for sophisticated investors who are able to bear the economic risk of losing all of their investment. Hedge Funds: (1) often engage in leverage and other speculative investment practices that may increase the risk of investment loss; (2) can be highly illiquid; (3) are not required to provide periodic pricing or valuation information to investors; (4) may involve complex tax structures and delays in distributing important tax information; (5) are not subject to the same regulatory requirements as mutual funds; and (6) often charge high fees.

Current Information

Opinions expressed are current opinions only as of the date appearing in this material. While the data contained herein has been prepared from information that ICG believes to be reliable, ICG does not warrant the accuracy or completeness of such information. The underlying managers held in portfolios of ICG clients are subject to change in the future and there will likely be additional managers added to the portfolio.

Use of Indices

Market index information shown herein, including but not limited to the S&P 500 Stock Index, the Russell 1000 Growth Index, the Russell 1000 Value Index, the ML High Yield Index are included to show relative market performance for the periods indicated and not as standards of comparison, since these are unmanaged, broadly based indices which differ in numerous respects from the portfolio composition of the Fund. Market index information was compiled from sources that ICG believes to be reliable. No representation or guarantee is made hereby with respect to the accuracy or completeness of such data.

© 2010 ICG Advisors, LLC