4 14 Aug 08 - Mar 09 REDWOOD OFFSHORE FUND 31 Jul 00 Y $3'143M 735.39 30 Apr 0.70% 3.58% 17.62% 21.94% -1.98% 15.61% 10.74% (36.28%) Jonathan Kolatch Mar 14 14 May 07 - Dec 08 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSB