Greenwich Hedge Fund Index And Sentiment

Greenwich Hedge Fund Index Performance at a Glance Weight

Total Return

Nov-09

Oct-09

3 Yr Annualized

YTD 3 Month

1 Year

CAR

STD

5 Yr Annualized STD CAR

Global Hedge Fund Index Market Neutral Group Index Equity Market Neutral Index Event-Driven Index Distressed Securities Index Merger Arbitrage Index Special Situations Index Arbitrage Index Convertible Arbitrage Index Fixed Income Arbitrage Index Other Arbitrage Index Statistical Arbitrage Index Long-Short Equity Group Index Growth Index Opportunistic Index Short Selling Index Value Index Directional Trading Group Index Futures Index Macro Index Market Timing Index Specialty Strategies Group Index Emerging Markets Index Fixed Income Index Multi-Strategy Index

100.0% 19.9% 5.3% 6.7% 1.9% 1.1% 3.8% 7.8% 1.5% 3.1% 2.3% 1.0% 37.6% 9.2% 7.4% 0.8% 20.3% 22.0% 15.0% 6.5% 0.5% 20.5% 9.6% 3.8% 7.0%

1.7% 0.9% -0.1% 1.6% 2.7% 0.7% 1.6% 0.7% 0.5% 1.0% 1.3% -0.8% 2.0% 2.8% 1.7% -1.0% 1.9% 2.4% 2.8% 1.3% 0.0% 1.0% 0.9% 0.5% 1.2%

-0.2% 0.5% -0.2% 0.8% 1.9% 0.0% 0.5% 0.7% 0.7% 1.6% -0.6% 1.0% -0.9% -1.5% -0.9% 2.3% -0.7% -1.1% -1.4% -0.3% -2.1% 1.2% 1.4% 2.5% 0.1%

18.4% 16.6% 3.0% 23.1% 22.7% 7.4% 28.2% 20.3% 45.2% 21.0% 15.8% 4.5% 21.0% 24.9% 15.1% -14.1% 22.7% 4.4% 1.3% 9.9% 11.9% 29.3% 38.7% 22.6% 17.2%

4.3% 3.6% 0.0% 5.8% 9.2% 1.8% 5.8% 3.9% 5.1% 5.8% 2.0% 0.9% 4.3% 5.9% 3.3% -1.3% 4.2% 2.8% 2.9% 2.5% 1.1% 6.2% 8.5% 4.8% 3.6%

19.2% 16.7% 3.1% 22.5% 18.6% 9.7% 28.9% 21.3% 47.6% 22.5% 15.9% 5.0% 22.1% 26.4% 16.1% -15.0% 24.0% 5.9% 2.9% 11.1% 13.6% 29.7% 39.4% 22.5% 17.6%

3.9% 3.7% 2.4% 4.2% 0.8% 4.5% 6.4% 4.2% -1.0% 5.1% 6.3% 4.0% 2.2% 0.9% 4.6% 6.9% 18.6% 8.4% 10.4% 5.8% 5.7% 4.8% 4.1% 3.7% 6.2%

8.1% 6.2% 3.8% 7.9% 8.9% 4.6% 8.9% 7.2% 16.5% 7.0% 5.2% 3.9% 10.3% 13.1% 8.8% 12.4% 13.6% 6.0% 8.2% 5.5% 6.8% 11.8% 16.7% 6.2% 7.4%

6.5% 5.5% 4.5% 6.8% 5.5% 6.3% 7.7% 5.3% 1.3% 5.9% 7.2% 5.4% 6.0% 4.5% 8.0% 2.5% 20.9% 7.2% 7.7% 6.5% 5.4% 8.4% 9.8% 5.4% 7.6%

5.1% 3.3% 6.6% 7.3% 3.9% 7.4% 5.7% 13.0% 5.4% 4.3% 3.3% 8.9% 11.2% 8.2% 11.6% 14.0% 5.9% 8.1% 4.9% 5.7% 9.8% 13.9% 4.9% 6.3%

Greenwich Investable Index Market Neutral Group Index Long-Short Equity Group Index Directional Trading Group Index Specialty Strategies Group Index

100.0% 23.2% 39.2% 17.0% 20.6%

0.8% 0.0% 1.3% 0.3% 0.6%

-0.5% -0.3% -0.7% -0.7% 0.2%

4.2% 7.1% 10.9% -23.5% 8.5%

2.6% 0.4% 3.0% -0.1% 4.4%

4.6% 6.7% 11.4% -21.2% 6.9%

-3.6% -2.2% -0.8% -7.6% -10.5%

7.9% 8.5% 8.6% 13.8% 13.0%

0.8% 1.6% 3.4% -4.3% -3.3%

6.7% 6.9% 7.9% 11.0% 10.5%

Comparative Benchmarks Barclays Aggregate Bond Index 1.3% 0.5% 7.6% 2.9% 11.6% 6.4% 4.0% 5.5% S&P 500 TR 6.0% -1.9% 24.1% 7.9% 25.4% -5.8% 19.9% 0.7% 24.9% 5.8% 28.7% -7.6% 21.6% 0.4% MSCI WEI 3.9% -1.9% FTSE 100 2.9% -1.7% 17.1% 5.7% 21.0% -5.0% 18.0% 2.0% * This table contains estimates. The GGHFI current month return is an estimate which will be finalized on the last day of the month.

6.9%

3.6% 16.1% 17.6% 14.9%

Hedge Funds Move Higher in November Greenwich, CT, USA, December 10, 2009 – Hedge funds as measured by the Greenwich Global Hedge Fund Index (“GGHFI”) edged higher during the month of November. With the exception of Short Sellers, all Greenwich hedge fund strategy groups are higher on the year. The GGHFI returned +1.68% while the Greenwich Composite Investable Index (“GI2”) gained +0.80% during the month, compared to global equity returns in the S&P 500 Total Return (+6.00%), MSCI World Equity (+3.87%), and FTSE 100 (+2.90%) equity indices. Year-to-date, the GGHFI and the GI2 have returned +18.35% and +4.22%, respectively, while the S&P 500 Total Return, MSCI World Equity, and FTSE 100 Indices have returned +24.05%, +24.85%, and +17.06%, correspondingly. 72% of constituent funds in the GGHFI ended the month with gains. “After the sharp sell-off near the end of October, most Long-Short managers took a cautious stance heading into the month. With virtually all of the November rally in equities coming during the first 7 trading days, managers had to adjust their exposure quickly to capture any upside,” noted Clint Binkley, Senior Vice President. Market Neutral funds posted modest gains on average during November, with Event Driven strategies performing almost a full 100 basis points better on average than Arbitrage funds. Distressed funds were the best performing sub-strategy in this group for the third month in a row with managers gaining +2.72%. Arbitrage funds were led by Fixed Income and Other Arbitrage managers, who gained +0.95% and +1.28%, respectively. Statistical Arbitrage and Equity Market Neutral funds showed slight losses on the month, shedding -0.83% and -0.14%. Directional Trading strategies bounced back strongly in November, gaining +2.36% in what was their second best month of the year. On average, CTA funds gained +2.82% as discretionary managers averaged slightly higher returns that systematic traders. Macro funds also advanced during November, with funds on average gaining +1.25%. Long/Short managers advanced by +1.98% during the month, far less than the move in the S&P 500 and the MSCI WEI. Reduced levels of leverage and net exposure coming into the month are evidence of managers’ skepticism of the market rally and willingness to trade excess return to lock in gains for the year. Growth funds significantly outperformed their Value-based counterparts, returning +2.84% and +1.87%, respectively. Short Sellers lost ground as expected, but only by -1.02%. Opportunistic funds netted +1.68%. The Specialty Strategies group lagged Long/Short and Directional Trading managers during November primarily due to mediocre results from Emerging Market funds. EM managers advanced during the month but far less than equity indices of developed nations. These funds gained +0.92% on average in what was a volatile month of trading. Fixed Income funds edged higher by 53 basis points. Finally, Multi-strategy funds moved higher but trailed the GGHFI on the month, gaining +1.15%. The GGHFI is one of the oldest benchmarks of the hedge fund universe. Final index results for November will be available mid-December, once additional funds have submitted returns. The GI2, comprising 40 constituent funds, adds investability, active management, and liquidity to the diversification and performance benefits of the broad Greenwich Global Hedge Fund Index. It references actual hedge fund vehicles as opposed to separately managed accounts or other methods used in an attempt to replicate the returns of hedge fund vehicles. The Investable Index has a correlation of 0.95 and beta of 0.94 to the GGHFI and is reported semi-monthly net of a 0.02% per period index calculation fee. Past performance and indices construction rules for all Greenwich Hedge Fund Indices may be viewed at www.greenwichai.com.

Strategy Group Summary

Nov Return

YTD Return

Greenwich Global Hedge Fund Index

1.68%

18.35%

Market Neutral Group

0.86%

16.56%

-0.14% 1.61% 2.72% 0.69% 1.57% 0.68% 0.52% 0.95% 1.28% -0.83%

2.96% 23.08% 22.66% 7.39% 28.21% 20.28% 45.24% 21.06% 15.78% 4.49%

Long-Short Equity Group Growth Opportunistic Short Selling Value

1.98% 2.84% 1.68% -1.02% 1.87%

20.96% 24.87% 15.14% -14.06% 22.74%

Directional Trading Group Futures Macro Market Timing

2.36% 2.82% 1.25% -0.04%

4.36% 1.27% 9.92% 11.92%

Specialty Strategies Group Emerging Markets Fixed Income Multi-Strategy

0.95% 0.92% 0.53% 1.15%

29.25% 38.66% 22.56% 17.16%

Equity Market Neutral Event Driven Distressed Securities Merger Arbitrage Special Situations Arbitrage Convertible Arbitrage Fixed Income Arbitrage Other Arbitrage Statistical Arbitrage

About Greenwich Alternative Investments Greenwich Alternative Investments, LLC (and its affiliates) manages one of the world’s largest hedge fund databases and is among the oldest providers of hedge fund indices, asset management services, and research to institutional investors worldwide.

Contact: Clint Binkley, Senior Vice President [email protected] 4 High Ridge Park Stamford, CT 06905 Direct +1 214.696.0020

MACRO MANAGERS SHIFT TOWARDS BULLISH SENTIMENT ON EQUITIES IN DECEMBER STAMFORD, CT, USA, December 4, 2009 ⎯ Greenwich Alternative Investments, LLC released today its market sentiment indicators for U.S. equities, the U.S. Dollar and the U.S. Treasury 10-year Note. After 8 months of mixed to bearish sentiments, a majority of macro managers were bullish on equities for December. For the month, 57% of Macro Managers reported a bullish sentiment on equities while the remaining 43% reported a bearish sentiment. This is a reversal from November, when 43% of respondents were bearish and 57% bullish on equities. At the same time, a majority of macro managers reported bearish sentiments on the US Dollar for December, another response which has been rare in 2009. Finally, fewer managers were either bullish or bearish on U.S. Treasuries for December, with 57% reporting a neutral outlook. The Greenwich Alternative Investments Macro Sentiment Indicators are based on the outlook of hedge fund managers employing a macro view and who manage, in aggregate, in excess of $30 billion in assets. The purpose of the indicators is to reveal how these managers believe the S&P 500, the U.S. Dollar and the U.S. Treasury 10-year Note will perform over the current month. About Greenwich Alternative Investments Greenwich Alternative Investments manages one of the world's largest hedge fund databases and is among the oldest providers of hedge fund indices, asset management services and research to institutional investors worldwide. Further information is available at www.greenwichai.com or Bloomberg GAIN . Greenwich Alternative Investments, LLC attempts to be accurate in providing the Indicator information but does not guarantee its accuracy. The Indicators above are provided solely as information on the thinking of a group of hedge fund managers. They are not intended as guides to investing decisions. Investors invest at their own risk.

Greenwich Macro Sentiment Indicators

Expectation Bullish Neutral Bearish Bullish Neutral Bearish Bullish Neutral Bearish

U.S. Equities (S&P 500) October November 29% 43% 29% 0% 43% 57% U.S. Dollar 57% 43% 14% 29% 29% 29% U.S. Treasury 10-year Note (price) 57% 43% 0% 14% 43% 43%

December 57% 0% 43% 29% 14% 57% 29% 57% 14%