Crystal Fund, Ltd.

Crystal Fund, Ltd. is a closed-ended fund with an initial par amount of $96 million.

Crystal Fund distributes to its investors on a quarterly basis all the interest received from its assets minus the expenses.

Indicative Terms

Investment Manager - Oristan Ltd.
Structuring Agent - Bear, Stearns & Co.
Offering - Shares and Capital Protected Shares
Initial par amount - $96 million
Initial Closing Date - June, 2004
Final Closing Date - December, 2005
Distribution Frequency - Quarterly
Management Fees - 1% per annum
Incentive Fees - 20% of the distributions after capital contribution returned to the investors plus a hurdle rate
Reinvestment Period - 5 years, during which proceeds from the sale or redemption of a CDO may be reinvested
Bloomberg Page: CRYSTAF KY <Eqty>

Portfolio Guidelines