Materials for Greycourt’s Q1 2013 Quarterly GPF Call April 24, 2013

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DISCLOSURE

The Greycourt Partners Fund is not suitable for all investors and is only available to qualified

eligible investors. This document does not constitute an offer to sell securities or a solicitation

of an offer to buy securities. Any such offer would only be made by means of formal offering

documents.

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The Greycourt Partners Fund, LPFor the month ending March 31, 2013

Fund OverviewThe Greycourt Partners Fund (the “Fund”) seeks to achieve equity-like returns with significantly lower than equity pricevolatility. The Fund incorporates Greycourt’s ideas on portfolio construction, manager selection and tactical weightings, andincludes a diversified combination of liquid and semi-liquid asset classes such as active and passive equity, opportunisticfixed income, hedge funds, commodities, and other real asset funds.

Portfolio CommentaryThe Greycourt Partners Fund, LP gained 1.6% in March. Global equities added 1.9% over the same period but returns byregion were mixed. Domestic large cap equities gained 3.8%, developed international equities were up 0.9% while emergingmarket equities fell by 1 7% In aggregate the Fund’s long only equity managers posted results that were in line with theirmarket equities fell by 1.7%. In aggregate, the Fund’s long-only equity managers posted results that were in-line with theirrespective benchmarks. Our emerging market-oriented macro hedge strategy has continued to post impressive results thisyear (up 5.0% this month and nearly 15% year-to-date). While we don’t expect performance like this to persist, it isencouraging to see outsized returns from one of our satellite strategies, particularly as long-only investments in emergingmarkets have struggled this year. The Fund’s core, lower-volatility strategies combined to slightly underperform the hedgefund benchmark this month but are in-line with the benchmark for the year. Our tactical overweight to US large cap aidedperformance as did our underweight to non-US developed stocks. On the other hand, our allocations to defensive sectors likehedge and high yield failed to keep up with torrid equity returns.

Estimated PerformanceNet of Fees1 - Onshore Fund

g g y p p q y

Jan Feb Mar Q1 Apr May Jun Q2 Jul Aug Sep Q3 Oct Nov Dec Q4 Year*

2013 3.2% 0.0% 1.6% 4.8% 4.8%

2012 3 5% 3 2% 0 6% 7 5% 0 5% 4 9% 2 6% 2 9% 1 3% 1 6% 2 2% 5 3% 0 4% 1 0% 2 0% 2 7% 12 8%

Fund Information

2012 3.5% 3.2% 0.6% 7.5% -0.5% -4.9% 2.6% -2.9% 1.3% 1.6% 2.2% 5.3% -0.4% 1.0% 2.0% 2.7% 12.8%

2011 0.8% 1.8% 0.5% 3.1% 3.3% -1.3% -1.7% 0.3% -0.5% -4.2% -6.3% -10.7% 5.6% -1.0% -0.5% 4.0% -4.2%

2010 0.4% -2.6% -0.3% -2.5% 3.7% -1.7% 4.5% 6.5% 2.1% -1.3% 4.0% 4.8% 8.3%

*The return in the “Year” column for the current calendar year is the YTD return of the Fund.

Fund Performance Statistics(Absolute and Risk-Adjusted)

Annualized Return

Since Inception1-Year Return 3-Year Return Sharpe Ratio

Since Inception

Greycourt Partners Fund, LP (GPF) 7.3% 9.9% 7.3% 0.79

MSCI All-Country World Index2 8.0% 10.9% 8.0% 0.47

Fund Risk StatisticsStandard Deviation

Since Inception

1-Year Standard Deviation

Max Drawdown

AverageUp Month

AverageDown Month

Greycourt Partners Fund, LP (GPF) 9.1% 7.4% -13.4% 2.4% -1.8%

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MSCI All-Country World Index2 16.9% 12.5% -20.4% 3.9% -3.6%

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The Greycourt Partners Fund, LPFor the month ending March 31, 2013

Contact Information

Thomas Moore, Director,GPF Investor RelationsPhone: 412.665.1104Email: info@greycourt.com

Disclosure1 “Net of Fees” refers to net of investment manager fees only and does not include Greycourt’s feeNet of Fees refers to net of investment manager fees only, and does not include Greycourt s fee.

2 The return for the MSCI All Country World Index has been adjusted to reflect our estimated cost to invest in this benchmarkindex (34 basis points per annum).

This communication contains information regarding the Greycourt Partners Fund (the “Fund”). Solicitation of interests in theFund may only be made by its offering memorandum (the “PPM”) and nothing herein constitutes an offer to sell, or thesolicitation of an offer to buy, interests in the Fund. The PPM, which contains information about the investment objectives,risks, and charges and expenses of investing in the Fund, should be reviewed carefully before investing. Information in thiscommunication is confidential, estimated, preliminary, unaudited, and subject to amendment and modification at any time,and may not be reproduced without the Fund’s consent. The statistical information presented in this report has beenobtained from independent sources. While Greycourt believes these sources to be reliable, Greycourt has not independentlyverified this information.

The performance data quoted represents past performance. Past performance does not guarantee future results. The Fund’scurrent performance may be lower or higher than the performance data quoted The investment return and principal value ofcurrent performance may be lower or higher than the performance data quoted. The investment return and principal value ofinvestment will fluctuate, so an investor's ownership interest, when redeemed, may be worth more or less than the originalcost. In addition, the underlying investment in which the Fund invests, as well as the proportions of the Fund’s assets invested,will change from time to time, and there can be no assurance that the Fund continues to be invested in the mannerrepresented on this document after the date of the information provided.

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STRATEGIC ASSET ALLOCATION

Understand Client Needs and Circumstances

Monitor portfolio and

rebalance on a regular basis

Create series of optimal after-tax portfolios

-10 -8 -6 -4 -2 0 2 4 6 8 10

US Large Cap

US Small/Mid Cap

Intl Equity

Emerging Markets

Less Directional Hedge

Directional Hedge

High Yield

Real Estate

Commodities

Cash

change in percentage points

New Allocation versus Prior Allocation

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TACTICAL POSITIONING

Understand Client Needs and Circumstances

Monitor portfolio and

rebalance on a regular basis

Create series of optimal after-tax portfolios

Asset Class/Strategy Prior

AllocationNew

AllocationCurrent

Positioning

US Large Cap 20% 25% 23%

US Small/Mid Cap 5% 5% 5%

Intl Equity 15% 15% 15%

Emerging Markets 10% 15% 12%

Less Directional Hedge 15% 17% 16%

Directional Hedge 15% 17% 17%

High Yield 10% 2% 6%

Real Estate 5% 2% 3%

Commodities 5% 2% 4%

Cash 0% 0% 0%

Total 100% 100% 100%

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