This document is an estimated monthly NAV report from Fairfield Greenwich Group for November 2008. It provides the name, investment strategy, net asset value, month-to-date return, and year-to-date return for 39 different funds managed by Fairfield Greenwich Group. The funds cover a wide range of strategies including equity long/short, arbitrage, multi-manager, and macro funds focused on regions including Greater China, Asia, Australia, and Japan. Performance varied significantly among the funds, with month-to-date returns ranging from -9.09% to 5.67% and year-to-date returns from -58.25% to 24.57%.

1. Fairfield Greenwich Group
Estimated November 2008 Monthly NAV Report
55 East 52nd Street, 33rd FL, New York, NY 10055 Tel: (212) 319-6060 Fax: (212) 319-0450 E-mail: mail@fggus.com
Pollen House 10-12 Cork Street, London W1S 3NP Tel: +44 20 7534 9244 Telefax: +44 20 7534 9245
Fund Fund Type NAV MTD YTD
1. Fairfield Apex Greater China Equity Fund, Ltd. Greater China Equity Arbitrage $1,226.71 0.12 (5.79)
2. Fairfield Areca Asian Equity Fund Ltd. Pan-Asian Long/Short Equity $934.55 (3.54) (46.53)
3. Fairfield Areca Asian Equity Fund Ltd. (Euro) Pan-Asian Long/Short Equity €591.84 (3.41) (46.02)
4. Fairfield Baron Absolute Return Fund, Ltd. Greater China Equity-Based Multi-Strategy $949.89 3.80 (29.16)
5. Fairfield Baron Absolute Return Fund, Ltd. (Euro) Greater China Equity-Based Multi-Strategy €765.98 3.69 (29.24)
6. Fairfield Del Mar Fund Ltd. Short-Biased Distressed $1,541.84 5.67 24.57
7. Fairfield Fortitude Australian Absolute Return Fund Ltd. Australian Equity-Based Multi-Strategy $1,230.18 (0.56) 7.71
8. Fairfield Icahn Fund Ltd. Class B Value Oriented Activist $634.86 (7.56) (35.87)
9. Fairfield Icahn Partners LP Value Oriented Activist (9.09) (37.68)
10. Fairfield ICAP Absolute Return Fund Ltd. - Class A Fundamental Long/Short Equity $1,027.21 (2.60) (22.91)
11. Fairfield ICAP Absolute Return Fund Ltd. - Class B Fundamental Long/Short Equity $1,157.96 (2.60) (23.13)
12. Fairfield Investment Fund, Ltd. Series A-1 Multi-Manager $126.59 (0.72) (15.12)
13. Fairfield Investment Fund, Ltd. Series A-2 (SGD) Multi-Manager 199.09 (0.74) (11.51)
14. Fairfield Investment Fund, Ltd. Series A-2 (USD) Multi-Manager $136.56 (0.70) (14.71)
15. Fairfield Investors (Euro) Multi-Manager €116.97 (0.60) (16.01)
16. Fairfield Korean Equity Fund Ltd. Korean Long/Short Equity $1,190.73 1.23 (9.37)
17. Fairfield Lion Investment Fund (Asia) Ltd. Institutional (SGD) Asian Multi-Manager 850.28 0.16 (18.27)
18. Fairfield Lion Investment Fund (Asia) Ltd. Institutional (USD) Asian Multi-Manager $1,060.89 0.19 (16.93)
19. Fairfield Lion Investment Fund (Asia) Ltd. PCS (Euro) Asian Multi-Manager €1,009.32 0.13 (17.12)
20. Fairfield Lion Investment Fund (Asia) Ltd. PCS (SGD) Asian Multi-Manager 803.19 0.08 (19.03)
21. Fairfield Lion Investment Fund (Asia) Ltd. PCS (USD) Asian Multi-Manager $1,029.71 0.11 (17.70)
22. Fairfield Ludgate Hill Asian Arbitrage Fund Ltd. Pan-Asian Multi-Strategy $1,284.00 2.66 (13.71)
23. Fairfield MT Japan Long-Short Fund, Ltd. (USD) Japan Long/Short Equity $773.58 1.32 (22.00)
24. Fairfield Redstone Fund, Ltd. Class A Non Restricted Fundamental Long/Short Equity $1,231.21 (5.86) (31.20)
25. Fairfield Redstone Fund, Ltd. Class A-1 Restricted Fundamental Long/Short Equity $1,383.34 (5.93) (31.31)
26. Fairfield Redstone Fund, Ltd. Class B Euro Non Restricted Fundamental Long/Short Equity €1,192.56 (5.94) (31.05)
27. Fairfield Redstone Fund, Ltd. Class B-1 Euro Restricted Fundamental Long/Short Equity €1,129.74 (6.00) (31.16)
28. Fairfield Renaissance Institutional Equities Fund, L.P. (1) Quantitative Long/Short Equity (2.30) (17.69)
29. Fairfield Renaissance Institutional Equities Fund, Ltd. (1) Quantitative Long/Short Equity $907.89 (2.29) (18.19)
30. Fairfield Renaissance Institutional Equities Fund, Ltd. (EUR) (1) Quantitative Long/Short Equity €875.99 (2.22) (17.61)
31. Fairfield Renaissance Institutional Futures Fund (AUD) Ltd. (2) Quantitative Macro 776.11 1.82 (23.39)
32. Fairfield Renaissance Institutional Futures Fund, LP Quantitative Macro 1.25 (15.36)
33. Fairfield Renaissance Institutional Futures Fund, Ltd. Quantitative Macro $844.18 1.23 (15.74)
34. Fairfield Sentry, Ltd. Split Strike Conversion $1,364.42 1.08 5.64
35. Fairfield Sigma, Ltd. Split Strike Conversion €196.99 1.15 6.25
36. Fairfield Zweig-DiMenna Natural Resources Fund Ltd. Long/Short Equity $1,031.93 (0.80) (10.41)
37. FIF 4x, Ltd. Class A-1 Multi-Manager $417.53 (5.67) (58.25)
38. FIF 4x, Ltd. Class A-2 Multi-Manager $566.87 (4.15) (43.31)
39. FIF 4x, Ltd. Class B-1 Multi-Manager €481.97 (5.68) (51.80)
40. Greenwich Sentry L.P. Split Strike Conversion 1.21 6.59
41. NGA Fairfield Limited (Initial Series) Distressed $161.24 (9.41) (28.94)
42. Zweig-DiMenna International Limited Class A Long/Short Equity $92,966.59 1.40 (3.84)
43. Zweig-DiMenna International Limited Class B Long/Short Equity $92,357.14 1.40 (3.24)
44. Zweig-DiMenna Natural Resources Fund LP Long/Short Equity (0.90) (10.52)
45. Zweig-DiMenna Natural Resources Fund Ltd. Long/Short Equity $45,086.64 (0.75) (9.83)
46. Zweig-DiMenna Partners, L.P. Long/Short Equity 1.04 (3.89)
Index Valuations as of 11/30/2008 (Indices)
Dow Jones Industrial Average (5.32) (33.44)
Lehman Aggregate Bond Index 3.26 1.47
MSCI World Index (6.72) (43.80)
S&P 500 Index (DRI) (7.18) (37.65)
(1) Performance is for an existing investor. Performance for a first month investor will be different as per the offereing memorandum. (2) YTD is based on a 6/30/2008 fiscal year end. All returns presented in this document are net of
advisory fees, expenses and performance fees or allocations. This document is provided for informational purposes only on a confidential basis to the recipient. The information contained in this document is preliminary and subject to
revision. Under no circumstances is it to be construed as a solicitation to buy, hold or sell shares of any of the funds listed on this document. Shares of any fund will only be issued on the basis of a current prospectus. Past performance is
not necessarily indicative of future performance. Investment in any of the Funds is speculative and involves a high degree of risk. There can be no assurance that the Fund's investment objective will be achieved, and investment results
may vary substantially from year to year. Some of the Funds, or the sub-funds in which a Fund invests, may utilize leverage and the Fund's performance may be volatile. An investor could lose all or substantially all of his or her investment.
The fees and expenses of the Fund may offset the Fund's trading profits. Prospective investors should carefully review the risks described in a Fund's Confidential Offering Memorandum. In the U.S., securities are offered through Fairfield
Heathcliff Capital LLC, a broker-dealer and member FINRA and SIPC. Fairfield Greenwich (UK) Limited is authorized and regulated by the Financial Services Authority.