BBM Long Short Fund

January 2007

Investment Objective Performance and Statistics

The primary investment objective of the fund is to achieve strong and
BBM L.S Fund LIBOR
consistent capital appreciation over the long - term at a moderate risk
by investing in Brazilian related equities through a Long Short strategy, Return for January 2008 -1.47% 0.35%
using the available instruments in the international markets. 2008 -1.47% 0.35%
2007 -0.35% 4.57%
Investment Strategies Return Since Inception -1.81% 4.93%
The investment will be made based on a solid fundamental analysis Average Monthly Return -0.16% 0.44%
of companies. The portfolio manager will seek investment opportunities Annualized Sharpe Ratio -1.95% —
in equities that are trading above or below their intrinsic value. The Annualized Volatility 5.16% —
Investment strategy is supported by a qualified research team through
Highest Month Return 1.58% 0.48%
intensive economic analysis and monitored by a rigorous technology
of risk control. Currency risk is fully hedged. Lowest Month Return -2.57% 0.35%
Positive Months 6 11
Target Investors Negative Months 5 0

Sophisticated investors who do not require immediate liquidity and

are willing to assume the risks involved in the fund´s investment Performance
program.
6%

Fund Structure 4%

BBM Long Short Fund is a newly incorporated Cayman Islands exempted 2%

company that is a registered mutual fund in the Cayman Islands.
0%

Subscription
-2%
Subscriptions can be made on every last Business Day of each calendar
feb-07

mar-07

apr-07

jun-07
may-07

jul-07

aug-07

sep-07

oct-07

nov-07

dec-07

jan-08
month. Subscription agreement form should be received by -4%

Administrator at least two business days before subscription day. BBM L.S Fund 6 Month Libor

Minimum Value for initial subscriptions ............US$ 100,000.00

P&L Attribution - Since Inception
Additional Subscriptions increments .................US$ 50,000.00

Redemption
Equities
Long Short
Redemptions can be made on every last Business Day of each calendar
month. A shareholder must provide the Administrator with a validly
and duly executed Redemption Request Form at least thirty Calendar
Days before the intended Redemption Date.
Equities
Minimum Redemption Amount ........................US$ 50,000.00 Diretional

Minimum Remaining Amount ...........................US$ 100,000.00

-6.0% -4.0% -2.0% 0.0% 2.0%

General Information
Date of Inception 02-28-2007
Net Worth (US$ 000) US$ 37,795
Management Fee 1.5% per year
Performance Fee 20% of the net profits over US Dollar LIBOR factor with High Water Mark
Base Currency US$ Dollars
NAV Frequency Monthly
Lock-up Not Applicable
Investment Manager BBM Investment Management Services
Administrator Goldman Sachs Management (Ireland) Limited
Prime Broker Goldman, Sachs & Co.
Auditors KPMG
Legal Advisors (Cayman) Walkers

According to the laws of the Cayman Islands, shareholders are not allowed to maintain an amount of less than USD 100,000 in shares. Hence, if a partial redemption would cause the value of a shareholder´s Shares to fall
below USD 100,000, the Fund may compel redemption of all Shares held by such shareholder.
This publication is for information purposes and is not intended as an offer, or a solicitation of an offer, to buy or sell any Investment or other specific product or service from any person in any jurisdiction. Certain services
and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis.
Although all information and opinions expressed in this document were obtained from sources believed to be reliable and in good faith, no representation or warranty, express or implied, is made as to ts accuracy or
completeness. All information and opinions as well as any prices indicated are subject to change without previous notice.
The sale of shares in BBM Long Short FUND may be restricted in certain jurisdictions. In particular shares may not be offered or sold, directly or indirectly in the United States or to U.S. Persons, except in transactions exempt
from the Registration Requirements of the 1933 Act, as is more fully described in the Fund´s private placement memorandum. Further details may be obtained from the Fund´s distributor.
The Fund and its redeemable shares have not been and will not be approved or disapproved by or not registered with the Brazilian Securities Commission (CVM)
In relation to investments, it should be noticed that at any time BBM Long Short Fund FUND and other companies within BBM Group (or employees thereof) may have a long or short position, or deal as principal or agent,
in relevant securities or provide advisory or other services to the issuer of relevant securities or to a company connected to one. Some investments may not be readily realized for being illiquid securities and therefore valuing
the investment as well as identifying its risk may be difficult. Some investments may be subject to sudden and large falls in value and upon realization you may receive back less than you invested. Changes in FX rates may
have an adverse effect on the price, value or income of an investment. Alternative investments are unregulated and as such carry their own specific risks.
The investment return and principal value of an investment in the portfolio will vary as the prices of the individual securities vary, meaning that shares, when redeemed, may be worth more or less than their original cost.
Past performance is not a guide to future performance. The indexes listed have not been selected to represent benchmarks for the Funds, but rather allow for comparison of a Fund’s performance to that of a widely known
and recognized index. Further, information in this publication may be derived from simulations and forecasts, in which case actual returns will vary.
This document may not be reproduced or have copies circulated without prior permission from BBM Long Short FUND.