ASTEI Capital Ltd. ASTEI Funds Investments Feeder Ltd.

MULTI-STRATEGY CREDIT FUND

May NAV: US$ 108.02 / EUR106.39

INVESTMENT TERMS
Current Est. Fund Assets: Inception: Min. Invst: Redemption: Additions: Lock-Up: Domicile: Mgmt. Fee: Performance Fee: USD 380,000,000 December 2006 USD 5,000,000 Quarterly (60 Bus. Days notice) USD 1,000,000 4pct penalty for first 12months Cayman Islands 2% 20% with High Water Mark

8.61% YTD Return (Est. As of End May)

2.54% Est. 12Mnth Rolling Return Volatility

OBJECTIVE AND PHILOSOPHY

Asteri Master Funds Investments Limited (Asteri) is a multi-strategy credit fund that targets 15-20% gross returns across
several relative value and investment strategies.

Core focus on market neutral trading strategies, integrated risk management, and investment in securities requiring both deep
credit analysis and sophisticated credit derivatives capabilities.

PORTFOLIO MANAGER
Asteri Capital Ltd (Asteri) is the successor business to Glencore Finance AG the proprietary credit trading business of
Glencore International AG, investing since 2003.

We invest mainly in obligations of leading U.S. and European corporations, in the form of loans, bonds, and credit derivatives.
We use credit structures to provide maximum income and flexibility to our investors. We hedge against market risk using liquid instruments such as credit indices and options. A small part of our portfolio is devoted to convertible bonds, prime lending, and other assets.

The principals of the business have worked together to build an integrated, multiple strategy, trading and investment business.
The integrated team members have traded together and produced consistent returns since 2005.

PERFORMANCE (MONTHLY RETURNS)

Net Returns History

USD Class Ltd Feeder 2007 2006 * 2005 *

Jan 1.71% 1.95%

Feb 2.22% 1.89%

Mar 0.68% 2.25%

Apr 1.16% 2.75%

May 1.95% 0.96% 0.81%

Jun **0.60% -1.46% 3.82%

Jul -0.02% 7.61%

Aug 2.04% 1.21%

Sep 1.45% 0.54%

Oct 1.62% 0.97%

Nov 2.00% 1.48%

Dec 0.47% 0.71%

CUM.YTD **8.61% 17.04% 18.26%

* Returns relating to previous proprietary trading returns prior to Asteri Fund Launch in December 2006.

** Estimated Numbers, not yet finalised

PERFORMANCE ANALYSIS
AUM and Return Volatility

2007 Opening AUM (US$mm) Annualised 12Mnth Rolling Return Volatility 12 Mnth Rolling Sharpe Ratio

Jan 250 4.03% 2.86

Feb 262 4.09% 2.90

Mar 307 4.01% 2.50

Apr 334 3.63% 2.26

May 347 3.73% 2.49

Jun 377 2.54%** 4.60**

Jul 380**

Aug

Sep

Oct

Nov

Dec

** Estimated Numbers, not yet finalised

CONTRIBUTION TO NET RETURN BY SUB-STRATEGY

Contribution to NAV by Sub Strategy

2007 (Net) Struct. Credit Cash CDOs Relative Value Volatility Convertibles Leverage Loans EM Strategy Total

Jan 0.47% 0.31% 0.33% 0.05% 0.08% 0.47% 0.00% 1.71%

Feb 0.96% 0.19% 0.23% 0.39% 0.15% 0.36% -0.07% 2.22%

Mar 0.32% 0.24% -0.08% 0.09% -0.01% 0.27% -0.15% 0.68%

Apr 0.31% 0.23% 0.12% 0.08% -0.11% 0.45% 0.10% 1.16%

May 0.44% 0.56% 0.10% 0.17% 0.16% 0.43% 0.09% 1.95%

Jun 0.27% 0.18% -0.06% 0.01% 0.02% 0.16% 0.02% 0.60%**

Jul

Aug

Sep

Oct

Nov

Dec

** Estimated Numbers, not yet finalised

Registered Office: 50 Berkeley Street London W1J 8HD England Telephone +44 (0) 20 7629 3800 Fax +44 (0) 20 7499 3569 Email investor.relations@astericapital.com
Registered in England No. 5476483 Authorised and regulated by the Financial Services Authority

ASTEI Capital Ltd.

HOW WE EXTRACT VALUE FROM THE CREDIT MARKET

Today we are in an era of industrial consolidation, in which M&A fosters natural monopolies, efficiency and greater profitability.
The disruptive technologies of the late 1990s have become the profit drivers of today. Leverage is returning to the capital markets, but in a very different way than during 1998-2001. Profits in the U.S. economy have doubled during the past three years and risen strongly world-wide.

Leveraged buyouts are changing the composition of the high yield market. Todays wave of LBOs embodies cautious
application of leverage to established companies with stable and predictable cash flows, in sharp contrast to prior waves of leverage. This year is expected to see $200 billion of issuance of high-yield paper from LBOs, mostly from established firms with very low near-term default probability.

We take long positions where default risk is overcompensated in loans, bonds, and credit derivatives of established and secure
companies that borrow to finance LBOs. We take short positions in overpriced liquid instruments.

We exploit the steep credit spread curve and the low near-term default rate, through structures that pay the five-year credit spread
but are callable in two years. In effect, we put our investors money at risk for only two years, but earn the generous risk compensation for five-year maturities. Innovations such as the hybrid cash-flow synthetic CLO allow us to mine the cheapest parts of the credit market. We choose every credit in the portfolio and control the entire structure. That gives our investors an optimal combination of income and flexibility.

The global carry trade has compressed credit spreads in the liquid traded credit indices. We use liquid indices, credit and equity
options, and other assets to neutralize the market risk in our portfolio.

HOW WE EARN DOUBLE-DIGIT RETURNS WITH MARKET NEUTRALITY

We are co-lenders with commercial banks that finance LBOs, but with important advantages: Unlike banks, we do not have to compete for customers, and can cherry-pick credits that offer very low default probability and
reject names that do not suit our requirements.

We are not locked in to credits. We can employ credit derivatives rather than outright bonds or loans to increase our flexibility.
Our credit structures can be unwound in two years, permitting us to exit investments long before potential credit problems might manifest themselves.

As an offshore fund, we do not have the regulatory constraints that affect bank risk management, and can use a much wider range
of techniques to neutralize portfolio market risk.

We operate with far less overhead than banks and can pay out far higher dividends to our investors.
The Great Value Shift in High Yield
USD B Rated as of: 6 Mar 2007 450 400
Normal downward-sloping

USD B Rated as of: 1 Nov 2005

Spread to LIBOR

350 300 250 200 150 100 50 0

Abnormal upward-sloping

3 Maturity

Source: Credit Suisse

Registered Office: 50 Berkeley Street London W1J 8HD England Telephone +44 (0) 20 7629 3800 Fax +44 (0) 20 7499 3569 Email investor.relations@astericapital.com
Registered in England No. 5476483 Authorised and regulated by the Financial Services Authority

ASTEI Capital Ltd.

RISK MANAGEMENT METHODOLOGY

Market neutral: Beta adjusted market directional DV01 kept close to flat across liquid name books. Most jump risk taken in short dated structures and relative value positions. Limited by name and rating across books. Value at Risk: VaR measurement across entire book takes into account portfolio diversification and overlap risk in the
distribution tail.

Scenario Analysis: Overlap between risks in separate books stress-tested and managed. (For example, rises in volatility are often
correlated with both declines in overall market levels as well as declines in junior tranche prices)

KEY RISK MANAGEMENT METRICS (AS AT END OF MAY)

1 Day Longs Market Value (% NAV) 337.26% Shorts Market Value (% NAV) -237.26% Outright Shorts (% NAV) -0.98% Leverage (% NAV) 127.14% Delta Adjusted Leverage (% NAV) 416.10%* *Adjusts for the embedded leverage in CDOs Expressed as a % Total AUM Total Book VaR as % AUM @ 95% Confidence Interval @ 99% Confidence Interval 1.27% 1.86% 5 Day 2.72% 3.99%

PORTFOLIO BREAKDOWN PER STRATEGY

Allocation % 11.61% 0.16% 11.22% 26.16% 14.84% 26.82% 0.97% 8.14% 0.09%

(AS AT END OF MAY)

Portfolio Market Exposure per Strategy

Convertibles Emerging Markets Structured Credit Cash CDOs Prime Lending Leveraged Loans Rel Val High Yield Volatility

High Yield 8.14% Rel Val 0.97%

Leveraged Loans 26.82%

Volatility Convertibles 0.09% 11.61% Emerging Markets 0.16% Structured Credit 11.22%

Cash CDOs 26.16% Prime Lending 14.84%

HISTORICAL RETURNS BY PERIOD VS. ESTIMATED CUMULATIVE RETURNS

Registered Office: 50 Berkeley Street London W1J 8HD England Telephone +44 (0) 20 7629 3800 Fax +44 (0) 20 7499 3569 Email investor.relations@astericapital.com
Registered in England No. 5476483 Authorised and regulated by the Financial Services Authority

ASTEI Capital Ltd.

DISCLAIMER
This document has been prepared by Asteri Capital Ltd solely for the information of the person to whom it has been delivered. The information contained herein is strictly confidential and is only for the use of the person to whom it is sent. The information contained herein may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Asteri Capital Ltd. Notwithstanding anything to the contrary herein, such person (and each employee, representative or other agent of such person) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) the Fund and (ii) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to the recipient relating to such tax treatment and tax structure. The distribution of this document may be restricted in certain jurisdictions. The information herein is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Glencore Finance AG is the proprietary credit trading business of Glencore International AG. This document relates to Asteri Capital Ltd which manages the investment of the assets of the funds pursuing substantially the same strategies as Glencore Finance AG and which will be seeded by Glencore. At the date of this document, Asteri Capital Ltd is incorporated in England and Wales and is Authorised and Regulated by the UK Financial Services Authority. The summary description of the proposed strategy included herein and any other materials provided to you are intended only for information purposes and convenient reference. This information is not intended to provide and should not be relied upon for accounting, legal or tax advice or investment recommendations. You should consult your tax, legal, accounting or other advisors about the issues discussed herein. The descriptions contained herein are a summary of certain proposed terms and are not intended to be complete. Material terms of the Fund are subject to change. Any prospective investor will be provided with a copy of the Fund's offering memorandum and an opportunity to review the documentation relating to the offering. Prospective investors should review the offering memorandum, including the risk factors in the offering memorandum, before making a decision to invest. In addition, prospective investors should rely only on the offering memorandum in making a decision to invest, although certain descriptions contained herein may be more detailed than those contained in the offering memorandum. This document is not intended as an offer or solicitation with respect to the purchase or sale of any security. This document is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. In particular this document is not intended for distribution in the United States or for the account of U.S. persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) except to persons who are "qualified purchasers" (as defined in the United States Investment Company Act of 1940, as amended) and "accredited investors" (as defined in Rule 501(a) under the Securities Act). Asteri Capital Ltd is not hereby providing advice as to the merits or otherwise of any investment and is not hereby arranging or agreeing to arrange any transaction in any investment whatsoever or otherwise undertaking any regulated activity. Any subscription may only be made on the terms of the offering memorandum and subject to completion of a subscription agreement. The Fund will not be registered under the Securities Act or the securities laws of any of the states of the United States and interests therein may not be offered, sold or delivered directly or indirectly into the United States, or to or for the account or benefit of any US person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of such securities laws. The securities will be subject to restrictions on transferability and resale. The Fund will not be registered under the Company Act. Asteri Capital Ltd is not registered as an investment adviser under the United States Investment Advisers Act of 1940. No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by any of Asteri Capital Ltd, its members, employees or affiliates and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions, and nothing contained herein shall be relied upon as a promise or representation whether as to past or future performance.

HISTORICAL RETURNS ANALYSIS

Glencore International AG funded the investment activities of Glencore Finance AG on a trade-by-basis. For the structured credit returns, a collateral matrix was used to calculate the collateral that would have been required, since Glencore Finance AG worked under credit lines provided by Glencore International AG. Trade performance was evaluated based on the return on equity capital for each investment. Proceeds from the sale of investments (including capital gains) were returned to Glencore's treasury. Unlike an investment fund, realized profits did not serve to increase Glencore Finance AG's funds under management, thus the most meaningful measure of the group's performance is return on average equity capital. Return on average equity capital is computed by dividing gross investment profit by the average equity capital employed during the period (quarterly). Average equity capital equals the average amount of total capital advanced to Glencore Finance AG by its parent during a particular period. In calculating this figure, unrealized investments are marked-to-market on a quarterly basis. The return figures above do not reflect an audited track record. Glencore Finance AG was historically engaged in certain investment strategies which Asteri Capital Ltd (the Fund) will not pursue in the future. These are listed equity investments which do not have typical distressed or event-driven characteristics. The relevant investments in such strategies have been excluded from the returns analysis. All credit investments, distressed, structured and event-driven strategies have been included. Note: In the provided analysis, our investment in Milacron Inc.'s convertible preferred stock has been valued at liquidation preference (plus dividends) until December 31, 2004. Subsequently, we have included a provision in our valuation of the security, which we have applied evenly throughout the period from December 31, 2004 to March 31, 2006.

Registered Office: 50 Berkeley Street London W1J 8HD England Telephone +44 (0) 20 7629 3800 Fax +44 (0) 20 7499 3569 Email investor.relations@astericapital.com
Registered in England No. 5476483 Authorised and regulated by the Financial Services Authority