What is an offshore fund?
An offshore fund is a term used to describe an investment company organized and resident in one of a number of jurisdictions offering little or no tax liability for the investment company or its shareholders – the investors – in respect of capital gains earned by it. Investors may thus gain substantial tax advantages by avoiding or deferring payments that may otherwise be levied against investment performance within their own jurisdiction. Generally, offshore funds must meet certain criteria, and are offered solely to institutional or high net worth investors who also meet certain criteria.

What is a hedge fund?
A hedge fund is a term loosely applied to a number of categories of alternative investments. Traditionally, a hedge fund was so-called due to its controlled structure, in which certain types of investments were offset by countervailing portfolio positions to protect the portfolio (and therefore the investor) against market downturns, failures in corporate expectations, or other reversals in asset value. The term has over the past decade taken on broadened scope as investment managers pursue different avenues in constructing alternative investment policies.

What makes a hedge fund important?
The purpose of the hedge fund is to act as an integral part of an investor’s overall portfolio. Because hedge funds are – or should be – insulated from the regular investment markets due to their hedged strategies, the investment performance should be decorrelated, or in some manner have a predictable correlation, to a greater asset class (usually represented by such proxies as the MSCI World Index, the S&P 500 Composite Index or the DJIA). Statistical processes can then be used to construct a portfolio maximizing risk-adjusted return, particularly through powerful statistical tools newly available to investors.

What is the role of a fund administrator?
A fund administrator serves a number of integral purposes for managers and investors alike. Although the primary role is to facilitate the relationships between managers and investors, fund administrators also provide marketing, accounting, analysis, back-office and distributions functions for the managers. This includes, but is not limited to, NAV calculations (weekly, monthly, etc.), document preparation, interfaces with data service providers and production of regular marketing reports. Investors, in turn, receive reports on their personal holdings directly from the fund administrator, who is also responsible for executing subscriptions and redemptions. Having a fund administrator assume these responsibilities helps to ensure accuracy and efficiency.

What types of funds does Olympia Capital International administer?
Olympia Capital has extensive experience with a plethora of funds, including: balanced funds, emerging market funds, fixed income funds, funds of funds, futures funds, global equity funds, hedge funds, leveraged funds, multi-advisor funds and US equity funds.

In which non-US domiciles is Olympia Capital International qualified to administer funds?

We have the rights to administer funds domiciled in Ireland, Bermuda, B.V.I., Cayman Islands, and the Bahamas.

Is Olympia Capital associated with a NASD registered broker/dealer?
Yes, Olympia Capital in New York is affiliated with Brooke Securities Inc (“Brooke”). Brooke has a subsidiary in Bermuda, Brooke Securities Bermuda Ltd., which maintains a seat on the Bermuda Stock Exchange.

Is Olympia Capital affiliated with any trust companies?
Yes, Olympia Capital has a close working relationship with Winchester Global Trust Company. Winchester Global Trust Company Limited is a Bermuda-resident, licensed trust company which works with individuals and professional advisors to determine trust objectives and create the most effective trust structures. Fiduciary services include serving as a registrar and transfer agent, along with the incorporation and maintenance of management companies and corporate accounts.

Whom should I contact in order to receive more information on Olympia administered funds?

Alan Franklin
Williams House, 20 Reid Street
Hamilton, HM 11, Bermuda
441-298-5007

What type of information is made available to the eligible investor by the Olympia Capital website?

Once it has been determined the investor is eligible, the relevant funds’ offering documents and a wide variety of marketing materials, including historical fund performance, may be made available.

How do I receive a username and password?

It is anticipated that all “accredited investors” or “qualified eligible persons” in non- US Olympia Capital administered funds (“Olympia Registered Investor”) will be mailed a temporary username and password in first
quarter 2002. Simply put, the party that signs the subscription documentation for an offshore Olympia administered fund, and is deemed to be an eligible investor, is the Olympia Registered Investor. The Olympia Registered Investor may log into the Olympia Capital website for the first time using this temporary information and will be prompted at that time to change the username and password. If a financial institution is the Olympia Registered Investor, it will be issued the username and password, and may pass this information on to any beneficial owners at its own discretion. Please note that if you are a beneficial owner of shares held by an Olympia Registered Investor, and wish to attain the user name and password, you must attain this information from the Olympia Registered Investor, NOT from Olympia Capital. We will only issue user names and passwords to Olympia Registered Investors.

What information will be available to the Olympia Registered Investor after they have entered a user name and password?

The Olympia Registered Investor will be able to access a summary of their holdings as well as the transaction history for the offshore fund or funds in which they have invested. The summary of holdings will include the data they currently receive in their official mailed account statement. Namely, it will show for each fund that the investor owns: the number of shares owned at a defined valuation date, the NAV at that valuation date, and the total account value at that date. Effectively then, the Olympia Registered Investor will be able to view a combined statement for all Olympia Capital administered offshore funds owned. When utilizing this feature, the summary of holdings will default to today’s date. However, the Olympia Registered Investor can enter in the desired date, and holdings will then be summarized for the valuation date closest to that date. In the transaction history portion of the site, they may enter the start and end dates for which they would like to see the transaction history on a fund- by- fund basis. The transaction history would include, if applicable, subscription and redemption information, dividends, equalization debits and credits, and transfers.

How can the Olympia registered investor be certain any information which is transmitted via the website is secure?

There are a number of controls that have been placed on the site to ensure security. First, the username and password of the Olympia Registered Investor are chosen by that party and will be known only by that party. If this information is forgotten, misplaced or lost, Olympia Capital will mail another temporary set to Olympia Registered Investor at their address on file, which must again be changed. Additionally, all information is processed through a secure server. In addition, the account information provided, does not list the Olympia Registered Investor’s address or name, only their account number. In this way if an authorized party for the Olympia Registered Investor accesses the account and walks away from the computer, a third party would not be able to identify the owner of the account.

Also, please note that this is not a transactional website. Subscriptions and redemptions into funds must follow the procedures established in the relevant offering documents and subscription agreements for the funds.

What security measures are taken to protect the Olympia Capital website?

Security is a priority at Olympia Capital. We are committed to protecting the security and confidentiality of your information. We use a combination of state-of-the-art technology and operating procedures to help ensure that your online sessions are secure.

In simple terms, our internet security measures are designed so that any personal information you send us is scrambled. Our site utilizes 128-bit (which is the most powerful available) electronic certificate through VERISIGN (for more information, please visit www.verisign.com). This technology, called Secure Socket Layers (SSL), protects information you submit or receive through this site. Olympia Capital also uses firewalls to help limit entry by anyone without proper authorization. A firewall is a security mechanism that regulates the data going in and out of a network.

What are the plans for the future of the Olympia Capital website?

The present state of the site allows Olympia Registered Investors to access statements for offshore funds in which they have invested. In the near future, we intend to have direct links to investment manager’s sites, and other service providers such as lawyers and auditors when appropriate and permitted by desired by the service provider.