The principal benefits of investing in private equity include improving the risk and reward characteristics of an investment portfolio and its access to a wide universe of investment prospects that are entirely different from the investments available to most investors in the public market.

• Risk and Return Benefits - Investing in private equity offers the investor the opportunity to potentially achieve higher absolute rates of return while improving portfolio diversification.
  
  As of December 31, 2003, the pooled average benchmark returns for all Private Equity investments have outperformed the S&P 500 returns by an average of 800 basis points for the five year time frame. For longer-term horizons, the pooled average returns for Private Equity have outperformed the S&P 500 by about 400 and 70 basis points for the ten and twenty-year horizons respectively*. The long¬term returns of Private Equity clearly represent a premium to the performance of public equities.**
  
  Private Equity's low correlation to traditional asset classes is the driving element that helps improve portfolio diversification for the investor. This low correlation is achieved by Private Equity's exposure to private and smaller companies as well as its access to different investment styles, industries and geographies.
  ^{* Source: Thomson Financial Venture Economics/NVCA, May 29, 2003.
  ** Source: European Venture Capital Association.}
• Access to the Private Markets - According to Dun & Bradstreets's Zap Database, as of May 2003, there were about 150,000 private companies with revenues of $10 million or more compared to about 5,500 registered public companies in the same revenue range. This wide universe of investment prospects represents a vast market of opportunities for Private Equity investors in a much more diverse environment than the traditional public markets. Access to these opportunities translates into potential higher returns for Private Equity investors.

 It is for these reasons that over the long term, private equity has proven to be an important component of investment institutional portfolios.

Investing in a Private Equity Fund of Funds investment vehicle provides investors with unparalleled access to partnerships, investment selection expertise, diversification benefits and efficient fund administration.

• Access - A Fund of Funds strategy provides investors with access to historically top-performing as well as newly recognized partnerships that would otherwise not be readily available to smaller or newer investors in the asset class.
• Investment selection expertise - A Fund of Funds Manager spends a great deal of its resources in the fund investment selection process and its rigorous due diligence. These resources are leveraged to gain access to knowledge that is non¬public information and therefore difficult to obtain. Without these resources, a Private Equity investor would have to bear the burden of these efforts in order to make a sound investment decision. The Fund of Funds manager leverages its investment selection expertise to benefit all of its investors resulting in a more efficient process than having investors do it for themselves.
• Diversification within the Private Equity asset class - A Fund of Funds approach allows institutional investors to diversify their Private Equity investment through the Fund of Funds portfolio construction process mitigating partnership and company risk.
  
  For example, instead of having to invest a large portion of its total asset allocation in a specific Private Equity segment, industry or time frame, a Fund of Funds vehicle allows the investor to invest across many different Funds in different segments such as Venture Capital, Buyouts and Special Situations as well as investing in different industries and vintage years. In addition, by pooling its investment with other investors, a Fund of Funds investment vehicle allows the Private Equity investor to manage investment styles more efficiently and customize its style preferences more effectively by helping the investor meet minimum investments requirements across partnerships.
• Efficient fund administration - Fund of Funds Managers consolidate and standardize all of the reporting from all the partnerships streamlining the administrative burden of managing the investments for the investor.

Grupo Guayacán, Inc. specializes in private equity fund of funds investment programs. It has successfully raised three Funds of Funds partnerships with well-known Private Equity Funds in the U.S, Europe and Puerto Rico. Since all of Grupo Guayacan's support functions are locally based in Puerto Rico, it is well positioned to provide investors from Puerto Rico with efficient and personalized customer service. Grupo Guayacan's excellent track record with its past two funds has resulted in the development of its expertise in local Private Equity fund management.

Abbott Capital Management, LLC is one of the leading independent investors specializing in private equity investment programs. Abbott currently manages approximately $4.6 billion of investments in over 190 venture capital, buyout and special situations partnerships and co-investments around the world. Abbott has six managing directors who average almost 20 years of private equity experience. Abbott's sole activity is investment in private equity partnerships and companies. The owners of Abbott are its managing directors and it has no outside shareholders. Abbott Capital Management, LLC has been registered with the SEC since its founding.

Abbott was founded in 1986 with the objective of providing long-term continuity and accountability for private equity portfolio management. Abbott's clients benefit from a series of highly complementary competitive advantages embedded in the experience of the firm and its partners. While certain of these advantages might come into play at different times in the course of an investment cycle, they all contribute to Abbott's consistently strong track record over the years.

The stability of its partnership has ensured the continuity of relationships and style that has earned Abbott recognition for its highly attractive track record of a 14.7% internal rate of return net to investors since inception, as of June 30, 2003. Indeed, Abbott's track record is notable since it has been earned over 17 years (i.e., a complete investment cycle in private equity) and over the course of several events (for example, stock market volatility, bank crises and capital markets dislocations) that contributed to uncertainty in the underlying economy and the returns of many types of investments. Since 1987, Abbott's long-term performance has exceeded the target rate of return for the Fund of 500 basis points per annum above the U.S. public equity markets by a significant level.

Abbott credits its strong performance to three important aspects of its business: its continuing access to the top-performing partnerships, its rigorous selection process and its commitment to diversification. Accordingly, an investor with Abbott will benefit from the experience of Abbott's partners and the analytical and due diligence disciplines of its investment process in building a portfolio which is diversified by industry, geography and stage of investment, as well as by style, size of partnership and timing of investments.

For more information, visit Abbott's website at www.abbottcapital.com