Hoja De Vida

Tranen Capital Alternative Investment Fund Ltd.
Ken Landgaard, Arthur L. Bowen 30 De Castro Street, Road Town, Tortola VG 1110 British Virgin Islands ph. +1-284-494-9082 fax

July 2011 Primary Category: Fixed Income: Asset-Backed ANNUAL RETURNS 2007 2008 2009 Advisor N/A 17.36% 39.61% Barclay/GHS HF 10.22% -21.63% 23.74% Funds Managed (Mil.) $ N/A $ 15.70 $ 63.00 ACCOUNT INFORMATION Mgmt. Fee:Incentive Fee: Min. Acc: Fund Assets: 1.00% Open: Open 20.00% High Water: Yes $ 100K Redemptions: Monthly 136M

2010 23.99% 10.88% $ 101.00

2011 YTD 12.32% 1.23% $ 136.00

REWARD/RISK RATIOS 3-Years Cumulative Sharpe Ratio: 8.50 8.21 Sterling Ratio: 3.15 3.15 Barclay Ratio: 23.05 22.61 Efficiency Index: 8.55 8.28 GEO. ALLOCATIONS EXPOSURES North America: 100% Long: 100% Western Europe: 0%Short: 0% Eastern Europe: 0% Net: 100% Pacific Rim: 0% Other: 0%

PERFORMANCE ANALYSIS Start Date: July 2008 Total Return Since Inception: 128.18% Compounded Average Annual ROR: 30.68% Average Monthly ROR: 2.26% Std. Deviation of Monthly ROR: 1.07% Winning Months: 37 Average Gain: 2.26% Losing Months: 0 Average Loss: 0.00% RELATIVE VOLATILITY Loss of 25% or more: Loss of 50% or more: Loss of 75%or more:

0% 0% 0%

CORRELATIONS Barclay/GHS Hedge: -0.09 S&P 500 US Treasury Bonds: -0.05 EAFE World Bonds: -0.07 TIME WINDOWS Length (Mos.) 1 3 6 9 12 18 24 Best 5.60% 11.03% 21.25% 30.57% 41.76% 65.47% 83.81% Worst 0.75% 4.28% 9.27% 15.69% 22.10% 36.87% 60.98%

-0.18 -0.20

Depth

DRAWDOWN REPORT Length Recovery Start Date End Date (Mos.) (Mos.)

Average 2.26% 7.02% 14.55% 22.65%31.34% 50.52% 72.19%

THE BARCLAY INSTITUTIONAL REPORT 641-472-3456
Copyright© 20010 by Barclay Trading Group, Ltd., 2094, 185th St.,Suite 1B, Fairfield, IA 52556. Reproduction in any form without permission is forbidden. Reports are based on information and data supplied by the subjects of each and from other sources, and are believed to be accurate,but must accepted with no guarantee ofcompleteness or accuracy by the publisher.

Tranen Capital Alternative Investment Fund Ltd.
July 2011 V A M I vs B A R C L A Y vs S&P 500 PERFORMANCE HISTORY
DATE VAMI Jun 08 1000 Jul 08 1008 Aug 08 1050 Sep 08 1078 Oct 08 1110 Nov 08 1148 Dec 08 1174 Jan 09 1222 Feb 09 1238 Mar 09 1269 Apr 09 1316 May 09 1348 Jun 09 1389 Jul 09 1417 Aug 09 1440 Sep 09 1521 Oct 09 1574 Nov 09 1593 Dec 09 1639 Jan10 1667 Feb 10 1721 Mar 10 1739 Apr 10 1761 May 10 1800 Jun 10 1832 Jul 10 1852 Aug 10 1900 Sep 10 1923 Oct 10 1957 Nov 10 2012 Dec 10 2032 Jan 11 2070 Feb 11 2108 Mar 11 2139 Apr 11 2166 May 11 2198 Jun 11 2257 Jul 11 2282 ROR 0.75 4.21 2.64 3.02 3.44 2.20 4.09 1.32 2.49 3.70 2.47 3.04 2.05 1.59 5.60 3.50 1.24 2.84 1.75 3.25 1.04 1.25 2.24 1.77 1.07 2.61 1.19 1.80 2.78 0.98 1.90 1.83 1.47 1.241.51 2.66 1.11

RETURNS FOR PRECEDING 12-MO. PERIODS

DISTRIBUTION OF MONTHLY RETURNS

THE BARCLAY INSTITUTIONAL REPORT 641-472-3456
Copyright© 20010 by Barclay Trading Group, Ltd., 2094, 185th St.,Suite 1B, Fairfield, IA 52556. Reproduction in any form without permission is forbidden. Reports are based on information and data supplied by the subjects of each and from other sources, and arebelieved to be accurate,but must accepted with no guarantee of completeness or accuracy by the publisher.

Tranen Capital Alternative Investment Fund Ltd.
July 2011 TRADING METHOD
The Tranen Capital Alternative Investment Fund Ltd. operates as a pooled investment vehicle through which its assets are invested in purchasing a portfolio of life insurance policies in the life settlementafter-market, although it may also invest in other securities from time to time if deemed appropriate by the Investment Manager.

KEY PRINCIPALS - BIO
KEN LANDGAARD The individual primarily responsible for managing the Fund's investment portfolio is Arthur L. Bowen. Arthur is also provided administrative services by Kenneth A. Landgaard. Mr. Landgaard holds a degree from North Dakota State University in...