1. July 2008
US Dollar Class A-1
10-12 Cork Street 55 East 52nd Street, 33rd Floor
London W1S 3NP New York, New York 10055 MTD: -4.77%
Phone: +44 207 534 9244 Phone: +1 212 319 6060 NAV: 94.32
Fax: +44 207 534 9245 Fax: +1 212 319 0450
Contact: Andres Piedrahita Email: andres@fgguk.com Benchmark 1: MSCI World Index (USD) Price Index
Contact: Andrew Smith Email: andrews@fgguk.com Benchmark 2: HFRI Fund of Funds Composite Index
The Chester Global Strategy Fund Limited (quot;Chesterquot;, or the quot;Fundquot;) is a fund of hedge funds that seeks to achieve capital preservation, long-term capital appreciation, and
superior risk-adjusted returns with low correlation to traditional equity and fixed income markets. Chester enables an investor to gain low volatility exposure to the
alternative asset management arena without relying on one strategy or manager. Chester invests with experienced managers who have long term track records, that employ
strict risk guidelines, and that have delivered strong returns over time. These managers have exceptional reputations and are typically leaders in their sector. Chester
currently invests with managers employing the following strategies: Macro, Long/Short Equities, Emerging Markets, Fixed Income Arbitrage, Quantitative Equities, Event-
Driven, Credit and Distressed, Multi-Strategy, Convertible Arbitrage, and Commodities Trading Advisors. Chester may leverage the equity of the Fund. Chester employs
constant qualitative, quantitative, and operational monitoring of all managers in the Fund.
*The monthly performance shown below represents the actual historical performance of Chester Global Strategy Fund Ltd. Class A-2 (“Chester”) after being adjusted to reflect
the deduction of all fees and expenses, including but not limited to the 1.15% annual management fee and 10% performance fee charged by Chester Global Strategy Fund Ltd.
Class A-1. Chester launched on March 1, 2003, and Class A-1 shares are offered as of March 1, 2008.
Growth of Initial $1000 Distribution of Returns
18
140%
16
120%
14
Cumulative Return
Monthly Periods
100% 12
80% 10
60% 8
40% 6
20% 4
0% 2
-20% 0 < -10%
-9 to -8
-7 to -6
-5 to -4
-3 to -2
-1 to 0
1 to 2
3 to 4
5 to 6
7 to 8
9 to 10
2003 2004 2005 2006 2007 2008
Chester Global Strategy Fund Limited (USD Class A-1)
MSCI World Index (USD) Price Index
HFRI Fund of Funds Composite Index Return Range (%)
Monthly Performance (%) Net of Fees and Expenses
Year Jan Feb Mar* Apr May Jun Jul Aug Sep Oct Nov Dec Year
2008 -3.32% 2.32% -4.30% 0.25% 3.37% -0.14% -4.77% -6.70%
2007 1.69% 0.63% 1.81% 2.22% 3.11% 0.67% 0.36% -3.54% 2.85% 4.11% -1.42% 0.76% 13.81%
2006 4.41% 0.53% 2.34% 2.78% -3.30% 0.00% 0.53% 1.09% -2.40% 2.18% 2.07% 2.66% 13.35%
2005 -0.06% 1.78% -0.54% -2.25% 0.77% 2.30% 2.77% 1.14% 3.51% -3.09% 2.65% 2.74% 12.11%
2004 1.95% 2.07% 1.06% -1.06% -1.34% 0.16% -0.13% -0.02% 0.68% 1.13% 3.42% 2.11% 10.37%
2003 0.60% 1.73% 2.76% 0.75% -0.63% -0.08% 0.46% 2.13% 0.74% 2.06% 10.97%
MSCI HFRI MSCI HFRI
Statistical Analysis Fund Fund
World FOF World FOF
Returns Annual Returns
Compound ROR 9.72% 11.64% 7.30% 2008-(YTD) -6.70% -13.98% -5.04%
Cumulative Return 65.28% 81.53% 46.49% 2007 13.81% 7.09% 10.26%
Cumulative VAMI $ 1,653 $ 1,815 $ 1,465 2006 13.35% 17.95% 10.39%
Best Month 4.41% 8.64% 3.07% 2005 12.11% 7.56% 7.50%
Worst Month -4.77% -8.10% -2.90% 2004 10.37% 12.84% 6.87%
Percent Profitable 70.77% 66.15% 72.31% 2003 10.97% 37.65% 10.31%
Risk Latest Returns
Standard Deviation 7.09% 10.50% 4.70% Last Month -4.77% -2.53% -2.73%
Sharpe Ratio (3.3%) 0.89 0.80 0.83 Last 3 Months -1.70% -9.43% -1.82%
Sortino Ratio (10.0%) -0.05 0.20 -0.62 Last Year -4.29% -12.72% -3.22%
Downside Deviation (10.0%) 5.55% 7.54% 4.05% 2-Year 5.90% 1.48% 5.45%
Max Drawdown -7.33% -18.76% -6.04% 3-Year 8.80% 4.78% 6.55%
Months In Maximum Drawdown 9 9 9 4-Year 9.74% 7.41% 7.07%
Months To Recover 5-Year 9.44% 9.01% 7.04%
Comparison To Benchmarks Drawdown Analysis
Alpha 0.37% -0.06% 1 -7.33% -18.76% -6.04%
Annualized Alpha 4.54% -0.77% 2 -4.09% -4.51% -2.70%
Beta 0.44 1.44 3 -3.54% -3.90% -2.18%
Correlation 0.65 0.96 4 -3.09% -3.89% -2.09%

2. July 2008
US Dollar Class A-1
Annualized Return Vs. Annualized Standard Deviation Allocation By Strategy
Commodities/
Commodities/
25% Managed Macro,
Global Futures,
Managed Futures,
6.44% Quantitative
3.43%
3.43% Quantitative Equities, 3.52%
Global Macro, Equities, 3.52%
20% 6.44% Multi-Strategy,
Fixed Income 26.18%
Multi-Strategy,
Arbitrage, 6.14% 26.18%
Annualized Return
15% Fixed Income
Arbitrage, 6.14%
Emerging Markets,
10% Emerging Markets,
8.56%
8.56%
5% Event-Driven, Credit and and
Credit
9.07%Event-Driven, Distressed, 21.11%
Distressed, 21.11%
9.07%
0%
Long/Short Equity
2% 4% 6% 8% 10% 12%
Long/Short Equity
Hedge, 15.54%
Hedge, 15.54%
Chester Global Strategy Fund Limited (USD Class A-1)
MSCI World Index (USD) Price Index
HFRI Fund of Funds Composite Index
Monthly Performance Attribution By Strategy YTD Performance Attribution By Strategy
(contribution to monthly net performance) (contribution to YTD net performance)
Quantitative Equities 0.06% Quantitative Equities 0.07%
Fixed Income Convertible Arbitrage 0.03%
-0.10%
Arbitrage
Managed Futures (CTAs) -0.06%
Emerging Markets -0.19%
Long/Short Equity Hedge -0.24%
Global Macro -0.29%
Fixed Income Arbitrage -0.36%
Event-Driven -0.53%
Emerging Markets -0.71%
Commodities/Managed
-0.57%
Futures
Credit and Distressed -0.88%
Long/Short Equity
-0.59%
Hedge Event Driven -0.90%
Multi-Strategy -1.02%
Global Macro -0.97%
Credit and Distressed -1.54% Multi-Strategy -1.67%
-2.00% -1.50% -1.00% -0.50% 0.00% 0.50% 1.00% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0%
Top Ten Holdings
5.00%
4.00% 3.52% 3.46% 3.38%
2.76% 2.72% 2.68% 2.56%
3.00% 2.50% 2.45% 2.33%
2.00%
1.00%
0.00%
MADOFF HARBINGER PAULSON HEALTHCOR D.E. SHAW MILLENNIUM TPG AXON BREVAN SHEPHERD D.B. ZWIRN
ADVANTAGE COMPOSITE HOWARD
Fund Information
Fund Name: Chester Global Strategy Fund Assets Under Management: $2.36 Billion
Manager Name: Chester Management (Cayman) Ltd. Minimum Initial Investment: 100,000
Investment Manager: Fairfield Greenwich UK Ltd. Currencies: US$, Euro€
Investment Advisor: Union Bancaire Privée Management Fee 1.15%
Administrator: Citco Fund Services (Europe) B.V. Performance Fee 10.00%
Auditor: KPMG LLP High Water Mark: Yes
Custodian: Union Bancaire Privée Redemptions Quarterly
Legal Advisor (UK): Schulte Roth and Zabel Subscriptions Monthly
Legal Advisor (Cayman): Stuart Walker Hersant Notice: 65 Days
Inception Date: 1-Mar-03 Lockup: 6 month Hard/6 month Soft (3% fee)
Structure: Cayman Islands Corporation IBC Reporting: Monthly NAV
ISIN: KYG209451049

3. IMPORTANT NOTICE
Fund performance reflects the actual historical performance of Chester Global Strategy Fund Ltd. Class A-2 (“Chester”) after being adjusted to reflect the deduction of all fees and expenses, including but
not limited to the 1.15% annual management fee and 10% performance fee charged by Chester Global Strategy Fund Ltd. Class A-1. Chester launched on March 1, 2003, and Class A-1 shares are offered
as of March 1, 2008.
This document does not constitute an offering of any security, product, service or fund, including interests in the Chester Global Strategy Fund Limited (the “Fund”), which can only be made to qualified
investors by the Fund’s Prospectus. This document is for informational purposes only and may not be relied upon by you in evaluating the merits of investing in the Fund. It is qualified in its entirety by
the Prospectus and no offering of interests in the Fund may be made by any literature, advertising, or document in whatever form other than the Prospectus, which supersedes and may qualify, and differ
from, the information and opinions contained herein.
The Prospectus contains important information regarding the Fund's investment objectives, risks, fees, liquidity, and other matters of interest and should be carefully read prior to an investment in the
Fund. There are no assurances that the stated investment objectives of the Fund will be met. The purchase of interests in the Fund is suitable only for qualified investors for whom an investment in the
Fund does not constitute a complete investment program and who fully understand and are willing to assume the risks involved in the Fund’s investment program. The interests described herein will not
be registered under the laws of any jurisdiction including the United States Securities Act of 1933 or the United States Investment Company Act of 1940, the laws of any state of the United States or the
laws of any foreign jurisdiction and may not be offered or sold without compliance to applicable securities laws.
Hedge funds (or funds of hedge funds): Often engage in leveraging and other speculative investment practices that may increase the risk of investment loss; Can be highly illiquid; Are not required to
provide periodic pricing or valuation information to investors; May involve complex tax structures and delays in distributing important tax information; Are not subject to the same regulatory
requirements as registered investment companies; and Often charge high fees. An investor could lose all or substantially all of his or her investment. Where securities are issued in a currency other than
the investors’ currency of reference, changes in exchange rates may have an adverse effect on the value of the investment. Further, any number of conflicts of interest may exist in the context of the
management and/or operation of any hedge fund.
Securities are distributed by Fairfield Greenwich Limited, the Fund’s placement agent, and its subsidiaries: In the United States securities are offered through Fairfield Heathcliff Capital LLC (“FHC”), a
broker-dealer and member FINRA and SIPC. FHC is an affiliate of the Fund's Investment Manager and Manager. Investment management services are offered by Fairfield Greenwich Advisors LLC. The
Fund and the underlying managers of the Fund may employ leverage and the Fund's performance may be volatile. There is no secondary market for the investor’s interest in the Fund and none is
expected to develop. There may be restrictions on transferring interests in the Fund. The Fund's fees and expenses may offset its trading profits. Unaffiliated placement agents may also place limited
partnership interests of the Fund. Assets under management represent the leveraged amount, which is approximately 1.5x, although Fund guidelines permit leverage up to 100% of equity.
The summary/prices/quotes/statistics in this document have been obtained from sources deemed to be reliable, but we do not guarantee their accuracy or completeness. Information contained herein is
subject to change without notice. Past performance is not a guarantee of future results. This document is confidential and may not be reproduced or distributed without the prior written consent of
Fairfield Greenwich Group. Fairfield Greenwich Group is the marketing name for the securities and investment advisory businesses of Fairfield Greenwich Limited and its subsidiaries worldwide.
Additional information is available upon request.
The index information is included merely to show the general trend in applicable markets in the periods indicated and is not intended to imply that the Fund was similar to the index either in
composition or element of risk. It is not possible to invest in an index. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market
equity performance. As of June 2006 it consisted of 23 developed market country indices. Hedge Fund Research Inc. (HFRI) Fund of Funds index is an equally-weighted, unmanaged index comprised of
domestic and offshore hedge fund of funds. HFRI Indices are based on information self-reported by hedge fund managers that decide, on their own, at any time, whether or not they want to provide, or
continue to provide, information to HFR Asset Management, L.L.C. Results for funds that go out of business are included in the index until the date that they cease operations. Therefore, these indices
may not be complete or accurate representations of the hedge fund universe, and may be biased in several ways. YTD Performance Attribution By Strategy and Monthly Performance Attribution By
Strategy is calculated on a net basis. The attribution of cash and cash equivalents, are allocated on a prorata basis to the nine strategies. The managers to whom the Fund allocates, some of which may be
affiliated with the Fund's Investment Manager, generally charge a 2% management fee and a 20% performance fee, though this can vary.