Meridian Fund Management, Inc

Meridian Multi-Strategy Fund, LLP.

PLEASE NOTE--THE PERFORMANCE FROM THE BEGINNING OF THE TRACK RECORD TO APRIL 2006 IS THE PRO-FORMA COMBINED PERFORMANCE OF EACH OF THE INDIVIDUAL CTAs ACTUAL PERFORMANCE, AND DOES NOT REPRESENT ACTUAL PERFORMANCE OF THE FUND BUT THE PERFORMANCE IF THE CTAs WERE COMBINED TOGETHER---The General Partner will allocate all or a portion of the Fund's assets to one or more registered commodity trading advisors. The Partnership's ability to make a profit will depend largely on the success of the CTAs in anticipating or participating in market trends and price movements and buying or selling accordingly. The General Partner shall have the sole discretion in and responsibility for the selection of the CTAs. In selecting a CTA, the General Partner considers the following factors: • Amount, level and type of trading experience of the CTA and its principals • Correlation of the CTA's performance record with the other CTAs • Trading methodology and orientation of the CTA • Effective risk management • Historical trading results of the CTA A basic aspect of the Partnership's overall investment plan is the General Partner's active management of the asset allocations to the CTAs. These allocations will be made pursuant to the General Partner's sole discretion and not in order to maintain any constant percentage allocation among the different CTAs. As a result, the amount of Partnership assets allocated to each CTA--both on a dollar amount and percentage basis--will vary greatly over the life of the Partnership. In short, there is no restriction on the types of investments that a CTA may make on behalf of the Partnership. Consequently, the overall emphasis and diversity of the Partnership's investing activities may vary substantially from time to time. The number of instruments available for investing has increased substantially during recent years (a process which is expected to continue), and the markets in which a CTA trades, and the techniques that it uses, can be expected to change significantly in the future, perhaps with adverse consequences to the Partnership. There can be no assurance that any investment or investment technique will be profitable or that the Partnership will achieve its investment objective.