1. July 2008
Euro Class A-1
10-12 Cork Street 55 East 52nd Street, 33rd Floor
London W1S 3NP New York, New York 10055 MTD: -4.43%
Phone: +44 207 534 9244 Phone: +1 212 319 6060 NAV: 95.08
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 Irongate Global Strategy Fund Limited (quot;Irongatequot;, 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. Irongate enables an investor to gain low volatility exposure to the alternative asset management arena
without relying on one strategy or manager. Irongate invests with experienced managers that 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. Irongate currently invests with managers employing the following strategies: Macro,
Long/Short Equities, Emerging Markets, Fixed Income Arbitrage, Quantitative Equities, Event Driven, Credit and Distressed, Convertible Arbitrage, Multi-Strategy, and Commodities Trading
Advisors. Irongate may leverage the equity of the Fund. Irongate employs constant qualitative, quantitative, and operational monitoring of all managers in the Fund.
*The monthly performance shown below represents the actual historical performance of Irongate Global Strategy Fund Ltd. Class A-2 (“Irongate”) 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 Irongate Global Strategy Fund Ltd. Class A-1. Irongate launched
on July 1, 2004, and Class A-1 shares are offered as of March 1, 2008.
Growth of Initial $1000 Distribution of Returns
12
70%
Cumulative Return
60% 10
Monthly Periods
50%
8
40%
30% 6
20%
4
10%
0% 2
-10%
0
2004 2005 2006 2007 2008
< -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
Irongate Global Strategy Fund Limited (Euro Class-A1)
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 -3.17% 2.57% -4.26% 0.43% 3.25% 0.21% -4.43% -5.57%
2007 1.86% 0.72% 1.75% 1.95% 2.71% 0.91% 0.63% -3.34% 2.47% 4.24% -0.64% 0.99% 14.99%
2006 3.83% 0.14% 1.94% 2.27% -2.94% -0.33% 0.36% 0.59% -1.51% 1.96% 2.17% 2.49% 11.31%
2005 0.06% 2.23% -0.53% -2.73% -0.31% 3.01% 2.84% 1.16% 2.44% -3.08% 2.19% 2.39% 9.84%
2004 0.12% 1.05% 1.31% 3.65% 1.57% 7.91%
MSCI MSCI
Statistical Analysis Fund HFRI FOF Fund HFRI FOF
World World
Returns Annual Returns
Compound ROR 9.41% 7.41% 7.07% 2008-(YTD) -5.57% -13.98% -5.03%
Cumulative Return 43.27% 33.08% 31.42% 2007 14.99% 7.09% 10.25%
Cumulative VAMI $ 1,433 $ 1,331 $ 1,314 2006 11.31% 17.95% 10.39%
Best Month 4.24% 5.09% 3.07% 2005 9.84% 7.56% 7.49%
Worst Month -4.43% -8.10% -2.90% 2004 7.91% 13.86% 5.78%
Percent Profitable 75.00% 62.50% 68.75%
Risk Latest Returns
Standard Deviation 7.46% 10.28% 5.19% Last Month -4.43% -2.53% -2.73%
Sharpe Ratio (4.1%) 0.71 0.36 0.58 Last 3 Months -1.12% -9.43% -1.83%
Sortino Ratio (10.0%) -0.09 -0.29 -0.61 Last Year -2.16% -12.72% -3.23%
Downside Deviation (10.0%) 5.94% 8.32% 4.47% 2-Year 7.17% 1.48% 5.44%
Max Drawdown -5.57% -18.76% -6.04% 3-Year 8.30% 4.78% 6.55%
Months In Maximum Drawdown 7 9 9 4-Year 9.41% 7.41% 7.07%
Months To Recover
Comparison To Benchmarks Drawdown Analysis
Alpha 0.47% -0.03% 1 -5.57% -18.76% -6.04%
Annualized Alpha 5.74% -0.35% 2 -3.82% -4.51% -2.70%
Beta 0.48 1.38 3 -3.54% -3.89% -2.18%
Correlation 0.66 0.96 4 -3.34% -3.42% -1.96%

2. July 2008
Euro Class A-1
Annualized Return Vs. Annualized Standard Deviation Allocation By Strategy
25%
Convertible
Arbitrage, 0.00% Credit and
Distressed,
20% Multi-Strategy, 20.14%
26.05%
Annualized Return
15%
####### Emerging
Markets, 8.21%
Commodities/
10% Managed Futures,
3.25%
Event-Driven,
5% 9.33%
Quantitative
Long/Short
Equities, 3.32%
Equity Hedge,
0% 16.74%
2% 4% 6% 8% 10% 12% Fixed Income
Irongate Global Strategy Fund Limited (Euro Class-A1)
Global Macro, Arbitrage, 6.34%
MSCI World Index (USD) Price Index 6.62%
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 Quantitative Equities 0.13%
0.05%
Convertible Arbitrage 0.00% Convertible Arbitrage 0.02%
Long/Short Equity Hedge 0.01%
Emerging Markets -0.10%
Managed Futures (CTAs) -0.02%
Fixed Income Arbitrage -0.10%
Fixed Income Arbitrage -0.33%
Global Macro -0.25%
Emerging Markets -0.49%
Event Driven -0.47%
Credit and Distressed -0.57%
Commodities/Managed Futures -0.50%
Global Macro -0.86%
Long/Short Equity Hedge -0.64%
Event Driven -1.00%
Multi-Strategy -0.97%
-1.82%
Multi-Strategy
Credit and Distressed -1.45%
-2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0%
-1.7% -1.4% -1.1% -0.8% -0.5% -0.2% 0.1%
Top Ten Holdings
7.00%
6.00%
5.00%
4.00% 3.42% 3.32%
2.83% 2.75% 2.73% 2.58% 2.55% 2.46% 2.45%
3.00% 2.33%
2.00%
1.00%
0.00%
HARBINGER MADOFF MILLENNIUM PAULSON HEALTHCOR TIGER GLOBAL D.E. SHAW KING STREET KENSINGTON III FUND LTD
ADVANTAGE COMPOSITE PTG USD0.01
Fund Information
Fund Name: Irongate Global Strategy Fund Limited Assets Under Management: $2.31 Billion
Manager Name: Fairfield Greenwich Advisors LLC Minimum Initial Investment: 100,000
Investment Manager: Fairfield Greenwich (UK) Limited Currencies: US$, Euro€, GBP₤
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): Stuarts Walker Hersant Notice: 65 Days
Inception Date: 1-Jul-04 Lockup: 6 months Hard/6 months Soft (3% fee)
Structure: Cayman Islands exempted company Reporting: Monthly NAV
ISIN: KYG4948V1014

3. IMPORTANT NOTICE
Fund performance reflects the actual historical performance of Irongate Global Strategy Fund Ltd. Class A-2 (“Irongate”) 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 Irongate Global Strategy Fund Ltd. Class A-1.
Irongate 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 Irongate 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.