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GPR Hedge Fund Notes (the "Notes")

Capitalized terms used but not defined herein have the meanings ascribed to them in the Information Statements dated October 19, 2001 and March 13, 2002.

  1. The Swap Provider for the Notes will be changed. Citibank Canada will assume all the duties of the Swap Provider.
  2. The Investment Management Agreement between the Swap Provider and Mesirow Advanced Strategies, Inc. (the "Investment Manager"), which provided for the management of the Hedge Fund Portfolio by the Investment Manager will be terminated. Rather, Citibank Canada and/or one of its affiliates (the "Citibank Investor") will purchase Class AU Shares of Mesirow Absolute Return Fund, Ltd. ("MARF"), a Cayman Islands exempted company managed by the Investment Manager, which pursues a multi-manager, multi-strategy diversified investment approach substantially similar to the investment objectives of the Notes. Under the terms of the Investment Management Agreement, the Investment Manager was subject to certain investment restrictions and other limits on its ability to manage the Hedge Fund Portfolio. However, most of these restrictions cease to apply to the Citibank Investor's investment in MARF.

This notice is being provided pursuant to the terms of the Notes.

Please contact Triax Capital at (416) 362-2929 if you have any questions about these changes.