1. Overview of AllWeather and DebtMaster Funds
Momentum Fund of Funds
Overview of AllWeather and DebtMaster Funds
Nov 2003

2. Pioneer Alternative Investments
The Momentum AllWeather Fund was launched as a private partnership within the Momentum Group on 2 May 1995 and the units converted into shares in the Momentum AllWeather Fund on 30 September Momentum AllWeather Fund and Momentum DebtMaster Fund are Class Funds of Momentum Performance Strategies Limited (the “Company”), a Bermuda based mutual fund company.
The PAI range of single strategy hedge funds are investment companies with variable capital and limited liability or designated unit trusts, each established and existing under the laws of the Republic of Ireland.
Past performance does not guarantee future results. Investments involve certain risks, including political and currency risks. Investment return and principal value may go down as well as up and could result in the loss of all capital invested. Investments employing the strategies described in this document are by nature highly speculative and should only be considered by experienced and sophisticated investors. This material is not a prospectus and does not constitute an offering of investment fund units. For additional information please request a free prospectus. Please read the prospectus carefully before you invest. The Shares of the Momentum AllWeather Fund and Momentum Debt Master Fund may not be offered for sale in the United States of America, or in any of its territories or possessions subject to its jurisdiction or to/for benefit of a United States Person.
Unless otherwise stated, all views expressed are those of Pioneer Alternative Investments. These views are subject to change at any time based on market and other conditions and there can be no assurances that countries, markets or sectors will perform as expected.
This document is approved for distribution by Pioneer Global Funds Distributor, Ltd. In the UK it is approved for distribution by Pioneer Alternative Investments UK Limited, 123 Buckingham Palace Road, London, SW1W 5JD, regulated by the FSA for the provision of Investment Services. The Funds and the Company are unregulated collective investment schemes under the UK Financial Services and Markets Act 2000, and therefore do not carry the protection provided by the UK regulatory system.
Pioneer Alternative Investments is a trading name of the Pioneer Global Asset Management S.p.A. group of companies

3. Agenda
Our Multi-Manager Capability
Momentum AllWeather Fund
Momentum DebtMaster Fund

4. Introduction: Pioneer Alternative Investments
Part of the UniCredito Italiano S.p.A. Group
A top European bank in efficiency and profitability
Strong credit rating: Moody’s Aa2 and S&P AA- (06/03)
Established parentage of Pioneer Investments
$132 billion of assets under management (7/10/03)
A founder of the US mutual fund industry in 1928
A global investment manager with over 75 years’ experience of managing investors’ money

5. Access to a complete range of alternative fund solutions
Single Manager Single Strategy
Multi Manager Single Strategy
Single Manager Multi Strategy
Multi Manager Multi Strategy
The Momentum funds follows a broadly diversified multi-manager, multi-strategy approach.
Pioneer Alternative Investments manages $2.4 bn in hedge funds across 60 multi-manager, single strategy, multi-strategy and structured note products

6. Reducing Dispersion Through Multi-Manager
Single Strategy Funds – The analysis features 250 funds chosen at random
Multi Manager Funds – The analysis features 250 portfolios each containing 25 funds chosen at random
Source: Dr Rosalind Altmann, Adviser to the UK Treasury 2002

7. Dispersion of Returns 1990 – June 2003
Market Neutral / Arbitrage
Event Driven
Directional / Tactical
Funds of Funds & Main Indices
Global
Macro
Dedicated
Short
Bias
Distressed
Securities
Fund of Funds
Fixed Income
Arb
Convertible
Arb
JPM Global Bond
Equity Market
Neutral
Merger
Arb
Long
Short
Equity
MSCI
World
Emerging
Markets
Source: Pioneer Alternative Investments / Bloomberg. Data to end June 2003

8. Our AllWeather Range of Funds
AllWeather Range: Low volatility (less than 5%), absolute returns of LIBOR plus 6% with minimal correlation to the market.
Momentum AllWeather
Momentum DebtMaster
Inception Date
May 1995
May 1996
Volatility
3.42%
2.31%
Return
9.32%
8.25%
Positive Months
92.16%
88.89%
*Source: Pioneer Alternative Investments. Data to end October 2003

9. History of the Momentum Funds
Acquired by Pioneer Global Asset Management S.p.A. November 2002
Over 50 funds with US$1.36 billion (as at 7/10/03) in assets under management
3 different fund groups:
low volatility strategies with limited market correlation (target return: LIBOR +6% p.a.);
active growth strategies using hedged equity strategies looking to produce out-performance over the full market cycle (typically with a regional bias); and
aggressive strategies (target: 20%+ p.a.) usually global macro or sector specific
Advisory on, and distribution of, guaranteed and bond-backed alternative investment funds and diversified futures products
Develop expertise in a wide range of hedge fund strategies
Converted client hedge fund portfolios into Bermuda-based hedge funds
First funds established: AssetMaster and StockMaster
1986
1988
1992
Today

10. The Momentum Funds Management Team
Michael Goldman
Matthew Nurick
Mark Barker
Gregory Knott
Alice Healy
TEAMS BASED IN LONDON AND NEW YORK BACKED BY STAFF WORLDWIDE IN BERMUDA, HONG KONG, AUSTRALIA AND ISRAEL
Marketing
and
Client Services
Administration,
Accounting and Support
Research
and
Portfolio Management
Operations and
Information Technology

11. Momentum Funds Investment Team
Core members have over 15 years of hedge fund experience each, and have
worked together as a single team for more than 10 years
Over 16 years of experience
Chief Investment Officer (Fund of Hedge Funds)
Responsible for manager selection and asset allocation
Michael Goldman
1986
Over 16 years of experience
Co-Chief Investment Officer
Responsible for manager selection and asset allocation
Matthew Nurick
1986
Mark Barker
1986
Over 16 years of experience
Responsible for joint venture product development
Active member portfolio and asset allocation team
Gregory Knott
1989
Over 13 years of experience
Responsible for Structured Product development
Active member portfolio and asset allocation team
Alice Healy
2000
Over 12 years of experience in the industry
Head of research and Momentum’s due diligence in New York
Manages relationships with existing and new managers

12. Investment Philosophy
Fundamental Qualitative Analysis
Identify sources of event risk. Not quant driven
Access to leading players with proven experience
Long-Standing Relationships
Strategic Asset Allocation
Identify long term changes
Low Volatility
Minimise risk by choosing managers with no/moderate leverage

13. Our Investment Process
Manager
Selection
Strategy
Allocation
Portfolio
Construction

14. Our Investment Process
Manager
Selection
Strategy
Allocation
Portfolio
Construction
Bottom Up Analysis:
Idea generation
RFP, manager meetings
Quant screening
In-depth qualitative analysis
Peer group discussion
Watch-list & allocation

15. Our Investment Process
Manager
Selection
Strategy
Allocation
Portfolio
Construction
Bottom Up Analysis:
Idea generation
Exploration
Quant screening
In-depth qualitative analysis
Peer group discussion
Watch-list & allocation
Top down macro view:
Analysis of strategies
Returns
Risks
Correlation analysis
Determine outlook

16. Our Investment Process
Manager
Selection
Strategy
Allocation
Portfolio
Construction
Bottom Up Analysis:
Idea generation
Exploration
Quant screening
In-depth qualitative analysis
Peer group discussion
Watch-list & allocation
Top down macro view:
Analysis of strategies
Returns
Risks
Define allocation
Determine outlook
Portfolio Construction:
Monthly Investment Committee
Strategy allocation
Manager allocation
Withstanding event risk
Constant due diligence

17. Agenda
Our Multi-Manager Capability
Momentum AllWeather Fund
Momentum DebtMaster Fund

18. AllWeather Fund
Risk averse, targeting low volatility (<5%) and returns of LIBOR plus 6%
Combines non-traditional investment strategies to complement one another throughout different phases of market cycles
Uses primarily event driven strategies including merger arbitrage, senior distressed debt, asset backed lending, US equity long/short, split-strike price conversion and global trading

19. AllWeather Fund - Portfolio Results from Inception
S&P 500 Index
SSB GBI $
Annualised Return
9.32%
10.58%
5.51%
Annualised Volatility
3.42%
16.68%
6.64%
Sharpe Ratio (5%)
1.26
0.33
0.08
Lowest Month Return
-6.03%
-14.46%
-3.44%
% of Positive Months
92.16%
61.76%
54.90%
Correlation to Index
0.50
-0.14
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest. .

20. AllWeather – Managing The Economic Cycle.
AllWeather
Asset
Allocation
Merger
Arbitrage
Vol Trading
Convertible Arb
Asset-backed
Distressed debt
Equities
Long/short
Boom
Slowdown
Recovery
Recession

21. AllWeather Strategy Breakdown
Source: Pioneer Alternative Investment Management Ltd. Data as at 30 September 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

22. AllWeather – Diversifying across Strategies
Source: Pioneer Alternative Investment Management Ltd. Data as at 30 July 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

23. Consistent Capital Appreciation
$2,350
$2,133
$1,577
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

24. Negative Correlation with Bonds
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

25. Low Correlation with Equities
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

26. Consistent Monthly Returns
Over 90% Positive Months
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

27. AllWeather Risk Characteristics
Standard Deviation
Annualised %
Down Months Out of 102
Sharpe Ratio
A higher number equals greater possibility of variable performance and risk.
A ratio of risk to return, a higher number indicates better risk-adjusted returns
Number of losing months
since inception of the fund
AllWeather
SSB GBI$
S&P 500
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

28. Risk / Return Profile (May 95 to October 2003)*
S&P 500 Index
AllWeather
MSCI World Index
SSB Govt Bond Index
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

29. AllWeather Complements a Client’s Portfolio
Benefits of adding Hedge Funds to an Equity & Bond portfolio
S&P 500, SSB $ GBI & AW data: May 1995 – Oct 2003
12%
Introducing even a small
100%
10%
hedge fund holding results in
Equities
greater expected return and 8%
lower risk
Annualised Return 6%
60% Equities, 40% Bonds
100% Bonds 4% 2% 0% 0% 2% 4% 6% 8%
10%
12%
14%
16%
18%
Risk (standard deviation)
0% AllWeather
10% AllWeather
20% AllWeather
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

30. Agenda
Our Multi-Manager Capability
Momentum AllWeather Fund
Momentum DebtMaster Fund

31. DebtMaster Fund
Risk averse targeting LIBOR plus 5% annualised returns with low volatility and minimal market correlation
Combines two event driven non-traditional investment strategies: asset backed lending and senior distressed debt.
Asset backed lending in the provision of secured loans to companies in need of liquidity
Distressed debt relates to the steeply discounted acquisition of the debt of companies in financial distress and their subsequent restructuring

32. DebtMaster Fund - Portfolio Results from Inception
S&P 500 Index
SSB GBI $
Annualised Return
8.25%
8.19%
5.85%
Annualised Volatility
2.31%
17.58%
6.78%
Sharpe Ratio (5%)
1.40
0.18
0.13
Lowest Month Return
-2.09%
-14.46%
-3.27%
% of Positive Months
88.89%
57.78%
54.44%
Correlation to Index
0.28
-0.21
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

33. Distressed Securities
Source: Pioneer Alternative Investments / HFRI. Data to end August 2003

34. Distressed Investing
Investment in the senior secured debt or equity of companies experiencing operating difficulties and or liquidity crises
Buying debt or equity of companies at a deep discount compared to book value and realising appreciation after returning company to profitability.
Strategy has very low correlation with the markets and relies on the specialist skills of the managers
Diversified across many distressed positions

35. Asset Backed Lending
Managers effectively assume a banking role, lending at comparatively high rates to companies whose financing needs are urgent
Managers analyse complex collateral assets and predict liquidation value in event of a default
Return is generated by aggressive pricing of the loans (interest rates and fees) or by realising the collateral assets in event of liquidation

36. Consistent Capital Appreciation
$1,812
$1,805
$1,532
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

37. Negative Correlation to Bonds
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

38. No Correlation to Equities
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

39. DebtMaster – Consistent Monthly Returns
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

40. DebtMaster Risk Characteristics
Standard Deviation
Annualised %
Down Months Out of 90
Sharpe Ratio
A higher number equals greater possibility of variable performance and risk.
Number of losing months
since inception of the fund
A ratio of risk to return, a higher number indicates better risk adjusted returns
DebtMaster
SSB GBI$
S&P500
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

41. Risk / Return Profile (May 96 to October 2003)
DebtMaster
S&P 500 Index
SSB Govt Bond Index
MSCI World Index
Risk
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

42. Debtmaster Complements a Portfolio
Benefits of adding Hedge Funds to an Equity & Bond portfolio 9% 8%
Introducing even a small
100% Bonds
hedge fund holding results in 7%
greater expected return and 6%
lower risk
60% Equities, 40% Bonds
100% 5%
Equities
Annualised Return 4% 3% 2% 1% 0% 0% 2% 4% 6% 8%
10%
12%
14%
16%
18%
20%
Risk (standard deviation)
0% DebtMaster
10% DebtMaster
20% DebtMaster
Source: Pioneer Alternative Investment Management Ltd. Data as at 31 October 2003
Past performance does not guarantee future results. Please read the Prospectus carefully before you invest.

43. Dispersion of Returns 1995 – June 2003
Market Neutral / Arbitrage
Event Driven
Directional / Tactical
AllWeather & DebtMaster
Global
Macro
HFR Fund of Funds Index
Dedicated
Short
Bias
Distressed
Securities
Convertible
Arb
Fixed Income
Arb
AllWeather
DebtMaster
Equity Market
Neutral
Merger
Arb
Long
Short
Equity
Emerging
Markets
Source: Pioneer Alternative Investments / Bloomberg. Data to end June 2003

44. Pioneer Alternative Investments ☑
Summary
Pioneer Alternative Investments ☑
Experienced, Tested & Proven, Strong Parentage
Momentum AllWeather Fund ☑
Highly Resilient, Risk Averse, Diversified, Consistent, Low Volatility
Momentum DebtMaster Fund ☑
Distress-Focused, Consistent, Low Volatility, Low Correlation

45. Appendix - Examples

46. Distressed Investing
PRE EARLY MID LATE EMERGENCE
DEFAULT BANKUPTCY BANKRUPTCY BANKRUPTCY
Investment in the senior secured debt or equity of companies experiencing operating difficulties and or liquidity crises
Liquidity / credit events impact company
Company develops business plan
Distressed investor screens bankruptcy lists
Analyse assets and debt value in event of liquidation
Sells the securities at a profit

47. Distressed Investing Regulation Litigation Competition Qwest Corp
PRE EARLY MID LATE EMERGENCE
DEFAULT BANKUPTCY BANKRUPTCY BANKRUPTCY
Kodak
Qwest Corp
Sprint
Armstrong
Edison Int’l
SuperValu
WorldCom
Kmart
Masco
PCG
Calpine
Boeing
Kaiser Aluminium
Petro-Geo Services
AK Steel
USG
NRG
Regulation
Litigation
Competition

48. Global Trading
Opportunistic and highly tactical
Global in nature
Multiple instruments
Benefits from volatility
Often use quantitative models

49. Market Neutral / Long Short Equity Funds
In Bull Markets
In a rising equity market, the long positions should increase in value faster than the shorts
Market Rises
Market Falls
Strategy mitigates market risk
In Bear Markets
In a declining equity market, the short positions should fall more than the longs
Market Rises
Market Falls

50. Merger Arbitrage Bidder Target
Short the bidder
Target
Long the target
Merger
Announced
Merger
Completed
Merger Arbitrage – aim to predict which potential mergers are most likely to succeed based on factors such as competition regulation, the ability of current management to resist a takeover and the attractiveness of the offer to existing shareholders

51. Pioneer Alternative Investments Mitigating Tail Risk
Hedge Funds
Equities
Cash