Hedge Fund Indices May

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Greenwich, CT, USA, June 9, 2009 – Hedge funds as measured by the Greenwich Global Hedge Fund Index (“GGHFI”) surged during the month of May to extend their gains for 2009. The GGHFI returned +4.83% while the Greenwich Composite Investable Index (“GI2”) gained +1.94% during the month, compared to global equity returns in the S&P 500 Total Return +5.59%, MSCI World Equity +8.62%, and FTSE 100 +4.11% equity indices. Year-to-date, the GGHFI and the GI2 have returned +8.65% and -0.79%, respectively, while the S&P 500 Total Return, MSCI World Equity, and FTSE 100 Indices have returned +2.95%, +5.41%, and -0.36%, correspondingly. 85% of constituent funds in the GGHFI ended the month with gains.

Greenwich Hedge Fund Index Performance at a Glance Weight

*

Total Return May09

Apr09

3 Yr Annualized 5 Yr Annualized

YTD 3Month

1Year

CAR

STD

CAR

STD

100%

4.8%

3.2%

8.7%

9.9%

-9.0%

2.3%

7.8%

5.6%

6.8%

23.1%

2.9%

2.0%

6.5%

5.8%

-7.5%

1.9%

5.9%

4.3%

4.9%

Equity Market Neutral

5.9%

0.9%

-0.4%

1.0%

0.9%

-4.1%

2.7%

3.8%

4.8%

3.4%

Event-Driven

8.6%

4.2%

2.7%

8.2%

7.9% -10.3%

1.3%

7.4%

5.5%

6.4%

Distressed Securities

3.0%

4.4%

1.9%

6.0%

5.5% -17.7%

-2.4%

8.2%

4.2%

7.1%

Merger Arbitrage

1.4%

0.8%

0.3%

3.1%

2.0%

0.9%

4.7%

4.6%

5.6%

4.0%

Special Situations

4.2%

6.0%

4.4%

12.3%

12.5%

-7.0%

3.1%

8.5%

6.1%

7.2%

8.6%

3.0%

2.9%

8.7%

6.9%

-6.5%

2.2%

6.8%

3.4%

5.4%

Convertible Arbitrage

1.6%

5.0%

5.2%

21.0%

13.6% -21.0%

-5.5%

15.5%

-2.4%

12.3%

Fixed Income Arbitrage

3.2%

4.0%

2.3%

8.0%

7.3%

-5.5%

2.4%

6.6%

4.0%

5.1%

Other Arbitrage

2.8%

1.2%

2.4%

5.9%

4.6%

-2.7%

4.9%

4.7%

5.6%

4.0%

Statistical Arbitrage

1.1%

1.7%

1.0%

2.4%

2.3%

-0.2%

5.2%

3.8%

5.0%

3.3%

Global Hedge Fund Index Market Neutral Group

Arbitrage

Long/Short Equity Group

39.8%

5.8%

4.6%

10.4%

13.2% -13.1%

0.7%

10.1%

5.2%

8.9%

Growth

8.7%

6.4%

5.1%

12.1%

15.9% -18.1%

-1.0%

12.6%

3.3%

11.4%

Opportunistic

8.3%

4.9%

3.2%

8.0%

9.2% -10.1%

3.8%

8.9%

7.6%

8.3%

Short Selling

0.6%

-2.2%

-6.1%

-7.6% -11.6%

18.8%

7.9%

12.5%

3.0%

11.9%

22.1%

6.2%

5.2%

11.3%

14.5% -12.4%

19.5%

15.9%

21.9%

14.2%

17.8%

3.1%

-0.3%

1.8%

2.0%

4.5%

7.3%

6.1%

7.7%

6.2%

11.8%

2.8%

-1.2%

-0.3%

-0.1%

8.9%

9.2%

8.5%

9.0%

8.7%

5.6%

3.6%

1.4%

5.6%

6.0%

-2.2%

4.6%

5.4%

6.0%

4.8%

9.2%

Value Directional Trading Group

Futures Macro Market Timing Specialty Strategies Group

Emerging Markets Fixed Income Multi-Strategy

0.5%

4.8%

1.6%

9.2%

2.8%

6.3%

6.3%

5.4%

5.4%

19.3%

7.6%

5.2%

15.0%

16.4% -13.3%

2.8%

11.5%

7.4%

9.7%

11.1%

10.4%

7.5%

19.8%

24.3% -20.5%

1.6%

16.3%

8.7%

13.7%

2.4%

4.4%

3.2%

10.7%

1.9%

6.0%

4.5%

4.8%

8.9%

-2.2%

6.3%

5.7%

4.6%

1.5%

8.7%

-5.7%

4.7%

7.4%

6.9%

6.3%

Investable Hedge Fund Index

100%

1.9%

0.5%

-0.9%

-0.8% -19.0%

-3.9%

7.9%

0.3%

6.8%

Market Neutral Group

23.8%

1.6%

0.5%

4.6%

2.6% -16.7%

-1.6%

8.6%

1.4%

6.9%

Long/Short Equity Group

38.4%

2.4%

Directional Trading Group

17.7%

-0.6%

Specialty Strategies Group

20.1%

2.3%

3.7% -16.3%

-1.1%

8.5%

2.9%

8.2%

-1.6% -22.8% -22.6% -14.6%

0.3%

-6.9%

13.9%

-5.5%

11.5%

2.4% -33.4% -11.7%

12.7%

-3.6%

10.4%

0.4%

4.8%

-0.8%

Comparative Benchmark

Index

0.7%

0.5%

1.3%

5.4%

6.3%

4.0%

5.0%

3.6%

S&P 500

5.6%

9.6%

3.0%

25.8% -32.6%

-8.3%

19.0%

-1.9%

15.5%

MSCI World Equity Index

8.6%

10.9%

5.4%

29.2% -36.4%

-9.8%

20.8%

-1.4%

17.2%

FTSE 100

4.1%

8.1%

-0.4%

15.4%

-8.3%

16.5%

-0.1%

13.9%

Barclays Aggregate Bond

2.6%

12.5%

* The table contains estimates. The GGHFI current month return is an estimate which will be finalized on the last day of the month.

MACRO MANAGERS GROW MORE BEARISH ON U.S. DOLLAR GREENWICH, CT, USA, June 1, 2009 - Macro Managers expressed a decidedly bearish view on the prospects for the U.S. Dollar in June, with 78% of managers reporting a bearish sentiment for the month versus 40% in May. Macro Managers were more mixed on U.S. Equities (S&P 500). For the month, 44% of managers reported a bullish view, 11% reported a neutral view, and 44% reported a bearish view. With respect to 10-year U.S. Treasury prices, however, Macro Managers’ outlook grew more bullish. For the month, 44% of managers reported a bullish outlook, 33% of managers reported a neutral outlook, and 22% reported a bearish outlook.

Greenwich Alternative Investments Market Sentiment Indicators Expectation Bullish Neutral Bearish Bullish Neutral Bearish Bullish Neutral Bearish

U.S. Equities (S&P 500) April 45% 36% 18% U.S. Dollar 55% 18% 27% U.S. Treasury 10-year Note (price) 45% 27% 27%

May 50% 10% 40%

June 44% 11% 44%

40% 20% 40%

22% 0% 78%

20% 30% 50%

44% 33% 22%

The Greenwich Alternative Investments Hedge Fund Update is published monthly on or around the 10th business day as a service to institutions, plan sponsors, consultants, individual investors, fund managers and the financial services industry. Our flagship indices, the Greenwich Global Hedge Fund Indices, have been published since 1995 and are among the industry's oldest and most widely utilized composite benchmarks of the entire hedge fund universe. The Greenwich Investable Hedge Fund Indices are an additional series of hedge fund benchmarks designed to represent expected performance of 'investable' hedge funds that are open and considered suitable for institutional investment. Both indices are reported net of manager fees and do not include fund-of-funds. The Greenwich Global Hedge Fund Index returns are finalized on the last business day of the month and published on our website www.greenwichai.com as the Month-End return. Standard deviation and compound annual returns are calculated using monthly return data rather than the quarterly index data reported as the official Greenwich Global Hedge Fund Index return prior to 2003. This material is not intended as an offer or solicitation for the purposes or sale of any financial instrument and is for informational purposes only. Neither statistics nor past results are indicative of future performance. In providing this information, we make every attempt to ensure accuracy of the information; however, we do not audit and cannot guarantee the complete accuracy of such information. Changes in economic conditions will affect returns of the Indices and comparative indices in different ways. Our Index methodology has changed over time. See greenwichai.com for a summary

of changes and complete index construction methodology. Raising the Power of Hedge Funds™ ©2009 Greenwich Alternative Investments, LLC All rights reserved. 4 High Ridge Park Stamford, CT 06905 203.487.6180