HedgeWeekly2011_No45

Hedge Weekly N°45

Investment Funds Performance Review







Alternative Investment Group









Week of Monday 31 Oct to Friday 04 Nov 2011







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According to the disclaimer stated on last page, this document belongs to HSBC Private Bank (Suisse) SA and its copyright protected. If

someone publishes or disseminates it without HSBC Private Bank (Suisse) SA’s approval or authorization, the latter reserves the right to

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seek all monetary damages to which it may be entitled.

Index by Strategies iii

Index by Funds iv

Top/Bottom 20 1

Newsletter 4

Disclamer 38









Past performance is not a guide to future performance Alternative ii

Investment Group

Convertible Arbitrage Long Only

Convertible 4 Equity-Diversified 25

Credit Long/Short Equity-Energy 25

Macro

Credit 5

Multi-Strategy 6 Commodity 26

Distressed Currency 26

Diversified 26

Distressed Security 7

Managed Futures

Multi-Strategy 8

Equity Long/Short Currency 29

Discretionary 29

Equity-Commodity 9 Systematic 30

Equity-Diversified 10

Market Neutral

Equity-Energy 17

Equity-Financial 17 Discretionary 31

Equity-Healthcare 17 Multi-Strategy 32

Equity-Mid-Small Cap 18 Statistical Arbitrage 32

Equity-Pharma-Biotech 19 Systematic 33

Equity-Technology 19 Merger Arbitrage

Equity-Utility 19

Merger-Arbitrage 34

Event Driven

Multi-Strategy

Multi-Strategy 20

Diversified 35

Fixed Income Arbitrage

Multi-Strategy 37

Fixed Income 22 Systematic 37

Fund of Funds

Arbitrage 23

Event Driven 23

Leveraged Multi-Strategy 23

Long/Short 23

Multi-Strategy 23

Trading 24







Past performance is not a guide to future performance Alternative iii

Investment Group

BREVAN HOWARD FUND, LTD - USD C 27 CQS ABS FEEDER FUND - CLASS -B- 5

A B BREVAN HOWARD M/S FUND, LTD – C 35 CQS ASIA FEEDER FUND LTD- CLAS 4

BRIGADE LEVERAGED CAPITAL STRUC 6 CQS CONV & QUANT STRATS FEED FD 4

A.R.T. INTERNATIONAL INVESTOR ( 32 BASSO INVESTORS LTD 4

BRUCE NELSON GLOBAL FD LTD - A 13 CQS DIRECTIONAL OPP. FUND. Ltd 35

ABSOLUTE INSIGHT UK EQUITY MKT 31 BAY RESOURCES PARTNERS OFFSHORE 16

BRUMMER MULTISTRATEGY 2XL, LTD 35 CQS DIVERSIFIED FUND (SPC) LTD 35

ADELPHI EMERGING EUROPE. FUND 10 BEACH POINT TOTAL RETURN OFFSHO 7

BRYN MAWR OFFSHORE LTD 17 CRABEL FUND SPC LTD CLASS A 29

ADELPHI EUR. FUND $ (A) 11 BENNELONG ASIA PACIFIC MULTI ST 35

BTG PACTUAL DISTRESSED MORTGAGE 8

AETOS CORPORATION - CLASS A 34 BLACK DIAMOND RELATIVE VALUE LT 31

BTG PACTUAL GLOBAL EMERGING MAR 27 D

AG SUPER FUND INTERNATIONAL, LT 36 BLACK DIAMOND, LTD - CLASS B (U 36

AJR INTERNATIONAL (BVI), INC. - 15 BLACK RIVER DYNAMIC STRATEGIES 35 DAVIDSON KEMPNER DIST. OPP. INT 7

C

ALLBLUE LIMITED 35 BLACKROCK EOS CLASS B USD COMP 32 DAVIDSON KEMPNER INTL, LTD - CL 20

ALLIANCE BERNSTEIN SELECT US EQ 25 BLACKROCK MULTI-STRATEGY FUND 36 CANYON BALANCED FUND LTD - CLAS 7 DB EQUILIBRIA JAPAN FUND 31

ALLIANCE BERNSTEIN SELECT US EQ 15 BLACKROCK 32 CAPITAL MASTER FUN 33 CANYON VALUE REALIZATION FD, LT 7 DB EQUILIBRIA JAPAN FUND LTD 2X 31

ALPHADYNE INVESTMENT STRATEGIES 26 BLACKROCK FIXED INCOME GLOBAL A 22 CAPITAL FUND, LTD (THE) 27 DISCUS FEEDER LTD CL. B USD STA 29

ALPHAGEN CAPELLA FUND-A- 11 BLACKROCK OBSIDIAN FUND 22 CAPULA GLOBAL RELATIVE VALUE FU 22 DKR QUANTITATIVE STRATS FUND, L 29

ALPHAGEN HOKUTO FUND LTD - CLAS 14 BLUE SKY JAPAN LTD - CLASS A 14 CASTLEROCK FUND LTD 16 DORSET ENERGY FUND, LTD - CLASS 17

ALPHAGEN OCTANIS CLASS A 15 BLUECREST CAPL INTL LTD A USD 36 CAXTON GLOBAL INVESTMENT LTD 27 DOUBLE BLACK DIAMOND LTD - SERI 36

ALPHAGEN TUCANA 11 BLUECREST EMERGING MARKETS FUND 26 CAZENOVE EURO EQ ABS RETURN FUN 11 DRAKE ABSOLUTE RETURN FUND, LTD 27

ALPHAGEN VOLANTIS FUND, LTD - A 18 BLUECREST MULTI STRATEGY CREDIT 5 CAZENOVE UK ABSOLUTE TARGET FUN 32 DRAKE GLOBAL OPPORTUNITIES FUND 22

ALYDAR FUND LTD 15 BLUEMATRIX FUND CLASS -A- USD 32 CAZENOVE UK EQUITY ABSOLUTE RET 15

ALYSHEBA FUND LIMITED 15 BLUEMOUNTAIN CREDIT ALTERNATIVE 5 CENTAUR COMMERCIAL MATERIALS FU 4 E

AMAZON MARKET NEUTRAL FUND CLAS 31 BLUEMOUNTAIN EQUITY ALTERNATIVE 36 CENTAURUS INTERNATIONAL RISK AR 34

EAGLE GLOBAL FUND 30

ANTARES EUROPEAN FUNDS, LTD - U 11 BLUETREND FUND, LTD - CLASS A 29 CERBERUS INTL. LTD 7

ECOFIN GLOBAL LONG/SHORT FUND 19

ARCUS JAPAN FUND -JPY- 14 BORONIA DIVERSIFIED FUND 29 CHILTON CHINA OPPORTUNITIES FUN 9

EEA EUROPE LONG SHORT FUND -USD 11

ARROWGRASS INT FUND LTD 35 BOUSSARD & GAVAUDAN HOLDING., L 36 CIPHER DIVERSIFIED FUND-A- 29

EGERTON EUROPEAN DOLLAR CLASS - 11

ASCEND PARTNERS FUND II LTD - A 15 BOYER ALLAN GREATER CHINA FUND 9 CLIVE FUND (The ) Class - A - 26

ELEMENT CAPITAL FUND 27

ASPECT DIVERSIFIED FUND - CLASS 29 BOYER ALLAN PACIFIC FUND INC-A- 9 COBALT OFFSHORE LTD 16

ELLERSTON ASIA PACIFIC FUND 9

AVESTA FUND LTD A/1 15 BREVAN HOWARD ASIA FUND LIMITED 26 COMAC GLOBAL MACRO FUND 27

ELLERSTON GEMS - CLASS A 13

BREVAN HOWARD CREDIT CATALYSTS 5 CONQUEST MACRO FUND, LTD (COMP) 29

ELM RIDGE VALUE PARTNERS OFFSHO 16

BREVAN HOWARD EM. MKT STRATEGIE 26 COREVEST PARTNERS LTD 9

EMF FIXED INCOME FUND, LTD 22







Past performance is not a guide to future performance Alternative iv

Investment Group

EMINENCE FUND LTD A 16 GLC GESTALT EUROPE FUND, LTD A/ 32 HSBC EUROPEAN ALPHA FUND -EUR 12 KINETICS FUND, INC - A/A 16

EMSO LTD (Emerging Markets Spec 26 GLENROCK GLOBAL PARTNERS (BVI) 13 HSBC GH FUND USD 24 KING STREET CAPITAL, LTD 8

ENNISMORE EUROPEAN SMALLER COMP 18 GRACIE CREDIT OPPORTUNITIES L.P 5 HSBC GIF GEM EQUITY ABSOLUTE RE 10 KING STREET EUROPE LTD CLASS A 7

EPISODE INC. CLASS A 27 GRADIENT EUROPE FUND (THE) 12 HSBC HEDGE INVESTMENTS FUND 24 KROM RIVER COMMODITY FUND 29

EVEREST CAPITAL ASIA 9 GRAHAM GIF II PROPRIETARY MATRI 30 HSBC INDIA ALPHA FUND 10

EVEREST CAPITAL FRONTIER MARKET 10 GRAHAM GLOBAL INVESTMENT FUND I 30 HSBC LEVERAGED GH FUND 23 L

EXANE ARCHIMEDES FUND CLASS A C 19 GRAHAM GLOBAL INVESTMENT FUND I 30 HSBC MAA FUND USD 23

LANSDOWNE EURO EQTY FD, LTD - A 12

EXANE MICROMEGAS FUND LTD- CLAS 31 GREEN II FUND-S/ 01.06 COMPOSIT 27 HSBC TRADING ADVANTEDGE FUND 24

LANSDOWNE EUROPEAN LONG ONLY FU 25

EXANE TEMPLIERS FUND 13 GREEN T G2 FUND 5 HT ASIAN CATALYST FUND LLC 9

LANSDOWNE GLOBAL FINANCIALS FUN 17

GREENLIGHT CAPITAL OFFSHORE, LT 18 HUTCHIN HILL CAPITAL OFFSHORE F 35

LANSDOWNE UK EQUITY FUND, LTD ( 15

F GROWTH MANAGEMENT LTD 10

LAZARD RATHMORE FUND - CLASS A- 4

GRT TOPAZ OFFSHORE PARTNERS, LT 18 I

FEINGOLD OKEEFFE CAPITAL I OFFS 5 LC CAPITAL OFFSHORE FUND, LTD 7

GSA CAPITAL INTERNATIONAL FUND, 32

FINISTERRE SOVEREIGN DEBT FUND 5 III FUND LTD 22 LIM ASIA MULTI-STRATEGY FUND CL 32

FIREBIRD NEW RUSSIA FUND, LTD - 10 III RELATIVE VALUE CREDIT STRAT 22 LIM JAPAN FUND 36

H

FIREBIRD REPUBLICS FUND, LTD 10 INVESTCORP STONEWORKS GLOBAL MA 28 LINDEN INTERNATIONAL LTD 37

FIRST EAGLE GOOD HOPE INTERNATI 20 HABROK LTD 12 IRONSHIELD SPECIAL SITUATIONS F 7 LION FUND, LTD (THE) 34

FIRST EAGLE N.V. (A) 36 HALCYON OFF. ASSET-BACKED VALUE 8 IVORY CAPITAL FLAGSHIP STRATEGY 16 LONDON DIVERSIFIED FUND, LTD - 22

FORE MULTI STRATEGY FUND LTD 20 HARMONIC ALPHA PLUS MACRO FUND 27

FORTRESS MACRO FUND LTD. CLASS 27 HENDERSON EUROPEAN ABS RETURN F 12 J M

HENDERSON JAPAN ABS RETURN FD, 14

JABCAP GLOBAL BALANCED FUND LTD 35 M. KINGDON OFFSHORE NV - A/1 13

G HENDERSON UK EQUITY L/S FUND LI 15

JABCAP MULTI STRATEGY FUND LTD 35 MACQUARIE ASIAN ALPHA FUND 31

HIGHBRIDGE CAPITAL CORPORATION 36

GABELLI ASSOCIATES LIMITED - CL 34 JCAM GLOBAL FUND LIMITED CLASS 5 MAN AHL DIVERSIFIED PLC 30

HIGHBRIDGE LONG/SHORT EQUITY FU 16

GAM GLOBAL RATES HEDGE FUND 27 JOHO FUND, LTD-A- 9 MARATHON OVERSEAS FUND, LTD - A 22

HIGHBRIDGE STATISTICAL OPP. LTD 32

GAM JAPAN EQUITY HEDGE FUND 14 JPMORGAN PORT. STRAT. FUNDS-EUR 12 MARATHON VERTEX JAPAN FD, LTD C 14

HORSEMAN GLOBAL FUND USD 13

GAMUT INVESTMENTS 27 MARINER-TRICADIA CREDIT STRATEG 5

HSBC ALPHA FUND LTD - HSBC EURO 12

GAVEA FUND LTD . CLASS A S/1 26 K MARSHALL WACE - MW CORE A USD 12

HSBC ASIAN ADVANTEDGE FUND 23

GEOSPHERE DIRECTIONAL FUND LTD 9 MARSHALL WACE - MW EUREKA A1 EU 13

HSBC DISTRESSED MARKETS FUND US 23 KALTCHUGA FUND - RUSSIA EQ. SUB 10

GEOSPHERE FUND, LTD 9 MARSHALL WACE - MW EUROPEAN TOP 12

HSBC EMERGING ADVANTEDGE FUND 23 KEYNES LEVERAGED QUANTITATIVE S 30

GLC DIVERSIFIED FUND LTD -A- 35 MARSHALL WACE - MW GLOBAL FINAN 17







Past performance is not a guide to future performance Alternative v

Investment Group

MARSHALL WACE - MW GLOBAL OPPOR 14 OCCO EASTERN EUROPEAN FUND 11 PLATINUM PARTNERS VALUE ARBITRA 35

MARSHALL WACE - MW MARKET NEUTR 31 OCEANIC HEDGE FUND - CLASS A 9 PMA CREDIT OPPORTUNITIES 04/04 6 S

MARTIN CURRIE ARF - GLOBAL RESO 9 OCTAGON PAN ASIA FUND 10 POLAR CAPITAL EUROP CONVICTION 13

SAB OVERSEAS FUND LTD 16

MARTIN CURRIE ARF - JAPAN FUND 15 ODEY EUROPEAN, INC (EUR) 12 POLAR CAPITAL EUROPEAN FORAGER 18

SABA CAPITAL OFFSHORE FUND LTD 5

MARTIN CURRIE EUROPEAN HEDGE FU 12 OMEGA OVERSEAS PARTNERS, LTD C 16 POLAR CAPITAL UK ABSOLUTE RETUR 15

SELIGMAN TECH SPECTRUM FUND CLA 19

MAVERICK FUND, LTD - CLASS A/1 14 ORTUS FUND (CAYMAN) LTD 29 POLLUX BRAZILIAN EQUITIES FUND 11

SEMINOLE OFFSHORE FUND 16

MBAM ACTIVE LONG SHORT 12 OWL CREEK OVERSEAS FUND, LTD 20 PROLOGUE FEEDER FUND, LTD. CLAS 22

SENVEST PARTNERS, LTD - CLASS A 18

MELLON OFF GLOB OPP FUND LTD - 28 PSAM MERGER FUND LTD 34

SHEPHERD INVEST LTD CLASS -A -C 37

MELLON OFF. ALPHAACCESS FUND LT 28 P

SIERRA EUROPE OFFSHORE, LTD - U 13

MERCHANT COMMODITY FUND (THE) - 26 Q

PALOMINO FUND LTD CLASS B ORIGI 5 SILVER POINT CAPITAL OFFSHORE L 7

MILLENNIUM INTL LTD 37

PARA INTERNATIONAL FUND -A- 20 QFS CURRENCY FUND, LTD CLASS B 26 SINOPIA L/S GL. BOND MK NEUT.FU 22

MKP CREDIT OFFSHORE FUND 6

PARS IV OFFSHORE FUND II , CL. 22 QFS GLOBAL MACRO FUND, LTD CLAS 28 SINOPIA L/S GL. BOND MK NEUT.FU 22

MKP OPPORTUNITY OFFSHORE, LTD 28

PAULSON ADVANTAGE LTD -A- 20 QVT OVERSEAS, LTD - B - Serie 1 37 SOFAER CAPL ASIAN HEDGE FD (Net 10

MLIS - CCI HEALTHCARE LONG SHOR 17

PAULSON ADVANTAGE PLUS LTD 20 SOMERSET SPECIAL OPPORTUNITIES 8

MLM MACRO PEAK PARTNERS OFFSH F 28

PAULSON CREDIT OPPORTUNITIES LT 7 R SPINNER GLOBAL TECHNOLOGY FUND, 19

MONARCH DEBT RECOVERY FUND LTD 7

PAULSON ENHANCED LTD 34 SR GLOBAL FUND - B - ASIA (Real 10

MONEDA ABSOLUTE RETURN LTD 20 RAB ENERGY CLASS F 25

PAULSON INTERNATIONAL, LTD 34 SR GLOBAL FUND C - INTERNATIONA 14

MOORE EMERGING EQUITY L/S FUND 11 RAB GL. MINING & RESOURCES FUND 14

PAULSON RECOVERY FUND LTD 20 SR GLOBAL FUND F - EUROPE (€) ( 13

MOORE EMERGING FX . INC & CRY F 27 RAB SPECIAL SITUATION FD LTD 18

PELHAM LONG/SHORT FUND LTD CLAS 12 SR GLOBAL FUND G - EMERGING MKT 11

MOORE GLOBAL INV FD, LTD - A $ 28 REAL RETURN ASIAN FUND LTD (THE 10

PENSATO EUROPA FUND LTD EURO CL 13 SR GLOBAL FUND H - JAPAN (Real 15

MOORE MACRO MANAGERS FUND, LTD 28 RENAISSANCE INSTITUTIONAL EQUIT 16

PERCEPTIVE LIFE SCIENCES OFFSH 18 SR PHOENICIA INC CLASS -A- SERI 11

RENAISSANCE INSTITUTIONAL FUTUR 30

PERRY PARTNERS INTERNATIONAL IN 20 STANDARD PACIFIC CAPITAL -B- 14

N REVELATION SPECIAL SITUATIONS F 20

PERSHING SQUARE INTL.LTD 20 STONE LION FUND LTD CLASS A 7

RIDLEY PARK PARAGON FUND LTD - 14

NEVSKY FUND PLC (COMPOSITE) 14 PHARO MACRO FUND LTD 28 STRATEGIC VALUE RESTRUCTURING F 7

RUBICON GLOBAL FUND, LTD 28

NEZU CYCLICALS FUND LTD 9 PHARO TRADING FUND 27 STRATUS FUND LIMITED CLASS B 35

RUSSIAN PROSPERITY FUND - A 25

NORDIC ALPHA CLASS B - NOK 12 PIA MACRO FUND LTD 28 SWORDFISH FUND LTD 28

RWC BILTMORE FUND - E -DOLLAR 16

PICTET-EASTERN EUROPE-P CAP 11

O PINPOINT CHINA FUND CLASS A USD 10 T

PLATINUM FUND LTD 14

OCCAM GLOBAL EMERGING MARKETS F 11 TALENTUM ACTIVEDGE FUND LIMITED 31







Past performance is not a guide to future performance Alternative vi

Investment Group

TALENTUM ENHANCED FUND LIMITED 31 WINTON FUTURES FUND - CLASS B 30

TANTALLON FUND (THE) 10

TEMUJIN INTERNATIONAL FUND LTD 31 Y

TEWKSBURY INVESTMENT FUND, LTD 30

YORK INVESTMENT LTD -CLASS A/1 21

THEOREMA EUROPE FUND LTD A/1 EU 13

THEOREMA EUROPE FUND PLUS LTD B 13

Z

THIRD POINT OFFSHORE 20

THIRD POINT ULTRA 20 ZADIG FUND CLASS A1 13



TOSCA CLASS A - USD 17 ZAXIS OFFSHORE LTD - CLASS A/1 18



TRADELINK INTEGRATED PROGRAM LT 30 ZWEIG-DIMENNA INTL LIMITED - CL 16



TRAXIS FUND LP (OFFSHORE) 28

TRAXIS SIVIK GLOBAL HEALTHCARE 19

TUDOR B.V.I GLOBAL FUND LTD -A- 28

TUDOR TENSOR FUND LIMITED CLASS 30

TULIP TREND FUND, LTD - A 30

TWO SIGMA COMPASS CAYMAN FUND 30

TWO SIGMA HORIZON CAYMAN LTD 36

TYRUS CAPITAL EVENT FUND LTD 21





V

VIKING GLOBAL EQUITIES III LTD- 14

VISIUM BALANCE OFFSHORE FUND CL 19

VISIUM CREDIT OPPORTUNITIES FUN 5

VISIUM INSTITUTIONAL PARTNERS F 17





W

WATERSTONE MKT NEUT OS FUND, LT 4

WF ASIA FUND LTD S/1 10

WINTON EVOLUTION FUND (THE) 37







Past performance is not a guide to future performance Alternative vii

Investment Group

TOP BOTTOM

Investment Funds Return Date Investment Funds Return Date

RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 29.89 31 Oct 11 PAULSON ADVANTAGE PLUS LTD -46.92 30 Sep 11

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD 24.86 01 Nov 11 SENVEST PARTNERS, LTD - CLASS A -41.71 30 Sep 11

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE 20.96 28 Oct 11 HENDERSON EUROPEAN ABS RETURN FD, LTD USD -41.02 31 Oct 11

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) 20.14 31 Oct 11 MERCHANT COMMODITY FUND (THE) - COMPOSITE -36.99 31 Oct 11

- A/1

PAULSON ADVANTAGE LTD -A- -32.56 30 Sep 11

PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 19.58 21 Oct 11

PAULSON RECOVERY FUND LTD -31.43 30 Sep 11

LTD

HENDERSON UK EQUITY L/S FUND LIMITED -30.73 31 Oct 11

STRATUS FUND LIMITED CLASS B 16.56 28 Oct 11

CIPHER DIVERSIFIED FUND-A- -30.19 31 Oct 11

BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 13.75 26 Oct 11

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -29.77 28 Oct 11

ENNISMORE EUROPEAN SMALLER COMPANIES 13.33 28 Oct 11

RAB ENERGY CLASS F -27.55 27 Oct 11

GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 12.96 31 Oct 11

TULIP TREND FUND, LTD - A -25.91 31 Oct 11

ALYSHEBA FUND LIMITED 11.40 31 Oct 11

BLUE SKY JAPAN LTD - CLASS A -23.39 30 Sep 11

MKP OPPORTUNITY OFFSHORE, LTD 10.63 28 Oct 11

PAULSON ENHANCED LTD -22.46 30 Sep 11

EAGLE GLOBAL FUND 10.55 31 Oct 11

RIDLEY PARK PARAGON FUND LTD - CLASS A1 -21.51 31 Oct 11

BREVAN HOWARD FUND, LTD - USD CLASS A 10.24 14 Oct 11

TRADELINK INTEGRATED PROGRAM LTD -20.44 31 Oct 11

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 9.46 02 Nov 11

JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 9.12 31 Oct 11 CASTLEROCK FUND LTD -20.29 31 Oct 11

L/S FUND- EUR NORDIC ALPHA CLASS B - NOK -20.26 30 Sep 11

MARSHALL WACE - MW EUREKA A1 EUR 9.01 01 Nov 11 JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -20.16 14 Oct 11

III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 8.96 21 Oct 11 CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI -19.65 30 Sep 11

AMAZON MARKET NEUTRAL FUND CLASS A USD 8.95 28 Oct 11 RAB GL. MINING & RESOURCES FUND LTD -B- -19.44 27 Oct 11

III FUND LTD 8.85 21 Oct 11 Source - HSBC Private Bank

FORE MULTI STRATEGY FUND LTD 8.83 30 Sep 11



Source - HSBC Private Bank









This ranking is for information only and should not be considered as exhaustive.





Past performance is not a guide to future performance Alternative 1

Investment Group

TOP BOTTOM

Investment Funds Return Date Investment Funds Return Date

RAB ENERGY CLASS F 46.24 31 Dec 10 GLC GESTALT EUROPE FUND, LTD A/1 -13.42 31 Dec 10

HENDERSON EUROPEAN ABS RETURN FD, LTD USD 41.65 31 Dec 10 CAZENOVE EURO EQ ABS RETURN FUND LIMITED -12.05 31 Dec 10

CLASS B

SENVEST PARTNERS, LTD - CLASS A 39.59 31 Dec 10

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -11.82 31 Dec 10

TULIP TREND FUND, LTD - A 38.39 31 Dec 10

GLC DIVERSIFIED FUND LTD -A- -11.56 31 Dec 10

THIRD POINT ULTRA 37.91 31 Dec 10

SOFAER CAPL ASIAN HEDGE FD (Net Index) -10.14 31 Dec 10

HENDERSON UK EQUITY L/S FUND LIMITED 35.91 31 Dec 10

INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD -9.08 31 Dec 10

THIRD POINT OFFSHORE 33.75 31 Dec 10

CAZENOVE UK EQUITY ABSOLUTE RETURN FUND -8.62 31 Dec 10

MOORE EMERGING EQUITY L/S FUND LTD -A- 32.18 31 Dec 10

PMA CREDIT OPPORTUNITIES 04/04 -8.53 31 Dec 10

VISIUM CREDIT OPPORTUNITIES FUND 31.67 31 Dec 10

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP -7.62 31 Dec 10

CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI 31.45 31 Dec 10

RAB SPECIAL SITUATION FD LTD -7.59 31 Dec 10

KINETICS FUND, INC - A/A 30.80 31 Dec 10

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -6.67 31 Dec 10

EVEREST CAPITAL FRONTIER MARKETS 30.64 31 Dec 10

BOYER ALLAN GREATER CHINA FUND -6.31 31 Dec 10

JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 28.88 31 Dec 10

L/S FUND- EUR OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -5.93 31 Dec 10

QFS CURRENCY FUND, LTD CLASS B SHARES (INDEX) 28.78 31 Dec 10 RWC BILTMORE FUND - E -DOLLAR -5.19 31 Dec 10

BLACKROCK OBSIDIAN FUND 28.71 31 Dec 10 SR GLOBAL FUND H - JAPAN (Real Perf) -4.22 31 Dec 10

ANTARES EUROPEAN FUNDS, LTD - USD 28.25 31 Dec 10 TANTALLON FUND (THE) -3.54 31 Dec 10

ORTUS FUND (CAYMAN) LTD 27.89 31 Dec 10 SIERRA EUROPE OFFSHORE, LTD - USD/A -3.08 31 Dec 10

PALOMINO FUND LTD CLASS B ORIGINAL SERIES 27.86 31 Dec 10 OCTAGON PAN ASIA FUND -2.68 31 Dec 10

ELEMENT CAPITAL FUND 27.60 31 Dec 10 POLLUX BRAZILIAN EQUITIES FUND -2.62 31 Dec 10

MERCHANT COMMODITY FUND (THE) - COMPOSITE 27.40 31 Dec 10 HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A -2.39 31 Dec 10



Source - HSBC Private Bank Source - HSBC Private Bank









This ranking is for information only and should not be considered as exhaustive.





Past performance is not a guide to future performance Alternative 2

Investment Group

TOP BOTTOM

Investment Funds Return Date Investment Funds Return Date

SENVEST PARTNERS, LTD - CLASS A 229.09 31 Dec 09 HORSEMAN GLOBAL FUND USD -24.73 31 Dec 09

PALOMINO FUND LTD CLASS B ORIGINAL SERIES 129.54 31 Dec 09 TULIP TREND FUND, LTD - A -24.68 31 Dec 09

HENDERSON EUROPEAN ABS RETURN FD, LTD USD 110.93 31 Dec 09 BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND -20.16 31 Dec 09

LTD

RAB ENERGY CLASS F 85.97 31 Dec 09

SR GLOBAL FUND H - JAPAN (Real Perf) -18.52 31 Dec 09

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 85.11 31 Dec 09

MAN AHL DIVERSIFIED PLC -16.89 31 Dec 09

PHARO TRADING FUND 81.79 31 Dec 09

CONQUEST MACRO FUND, LTD (COMP) -14.12 31 Dec 09

GREEN II FUND-S/ 01.06 COMPOSITE 79.57 31 Dec 09

CAPITAL FUND, LTD (THE) -13.02 31 Dec 09

ELEMENT CAPITAL FUND 78.82 31 Dec 09

ASPECT DIVERSIFIED FUND - CLASS A -11.24 31 Dec 09

RAB GL. MINING & RESOURCES FUND LTD -B- 76.76 31 Dec 09

GROWTH MANAGEMENT LTD -8.34 31 Dec 09

CANYON BALANCED FUND LTD - CLASS A 75.67 31 Dec 09

KROM RIVER COMMODITY FUND -8.08 31 Dec 09

EVEREST CAPITAL ASIA 72.88 31 Dec 09

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) -7.66 31 Dec 09

LINDEN INTERNATIONAL LTD 72.86 31 Dec 09 - A/1

HABROK LTD 67.07 31 Dec 09 HSBC TRADING ADVANTEDGE FUND -7.51 31 Dec 09

LAZARD RATHMORE FUND - CLASS A-2 64.10 31 Dec 09 RENAISSANCE INSTITUTIONAL EQUITIES LP (B) -6.09 31 Dec 09

STONE LION FUND LTD CLASS A 63.71 31 Dec 09 BORONIA DIVERSIFIED FUND -5.99 31 Dec 09

PARS IV OFFSHORE FUND II , CL. A/1 63.30 31 Dec 09 WINTON EVOLUTION FUND (THE) -5.36 31 Dec 09

PINPOINT CHINA FUND CLASS A USD 62.34 31 Dec 09 WINTON FUTURES FUND - CLASS B -4.63 31 Dec 09

HENDERSON UK EQUITY L/S FUND LIMITED 61.47 31 Dec 09 MARATHON VERTEX JAPAN FD, LTD CLASS B -4.12 31 Dec 09

BAY RESOURCES PARTNERS OFFSHORE FUND 59.98 31 Dec 09 ELLERSTON GEMS - CLASS A -3.53 31 Dec 09

KINETICS FUND, INC - A/A 59.18 31 Dec 09 ZWEIG-DIMENNA INTL LIMITED - CLASS A -3.35 31 Dec 09

Source - HSBC Private Bank MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -2.95 31 Dec 09



Source - HSBC Private Bank









This ranking is for information only and should not be considered as exhaustive.





Past performance is not a guide to future performance Alternative 3

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Convertible

YTD Avg. 2011 (0.29%)

Ytd Avg. 2011

Convertible / Asia (5.75%)

CQS ASIA FEEDER FUND LTD- CLASS -B- 30 Apr 07 Q $180 M 1,162.95 27 Oct 11 1.91% (5.75%) 1,141.19 3.41% 9.28% (24.55%)

Michael Hintze, Jean-Christophe Blanc Aug 11 30 Sep 11 Oct 07 - Oct 08

Ytd Avg. 2011

Convertible / Global 1.37%

BASSO INVESTORS LTD 30 Sep 95 Q $373 M 5,818.29 28 Oct 11 0.81% 2.97% 5,771.54 11.57% 6.29% (25.00%)

Howard Fischer Dec 10 30 Sep 11 Dec 07 - Oct 08



CENTAUR COMMERCIAL MATERIALS FUND LTD 28 Feb 98 M $154 M 256.94 30 Sep 11 0.49% 4.69% 255.69 7.19% 5.61% (24.49%)

Carrigaholt Holdings Ltd Jun 11 31 Aug 11 May 07 - Nov 08



CQS CONV & QUANT STRATS FEED FD, LTD CLASS 29 Feb 00 M $686 M 2,703.05 27 Oct 11 1.29% (1.13%) 2,668.71 8.90% 8.77% (34.03%)

-A-N/R Sep 11 30 Sep 11 Oct 07 - Dec 08

Michael Hintze/ Oliver Dobbs

LAZARD RATHMORE FUND - CLASS A-2 31 May 07 Q/M $ 1'158 M 185.10 31 Oct 11 0.88% (1.06%) 183.48 14.94% 10.13% (16.23%)

Sean Reynolds, Christopher Sferruzzo Sep 11 30 Sep 11 Aug 08 - Nov 08

Ytd Avg. 2011

Convertible / USA (1.47%)

WATERSTONE MKT NEUT OS FUND, LTD 31 Jul 03 Q $1'619 M 214.84 30 Sep 11 (1.55%) (1.47%) 218.22 9.81% 11.08% (17.56%)

Shawn Bergerson Sep 11 31 Aug 11 Aug 08 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 4

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Credit

YTD Avg. 2011 0.54%

Ytd Avg. 2011

Credit / Emerging 8.19%

FINISTERRE SOVEREIGN DEBT FUND 31 Mar 03 Q $464 M 235.90 30 Sep 11 1.43% 8.19% 232.57 10.61% 7.58% (21.00%)

Paul Crean and Xavier Corin-Mick Sep 11 31 Aug 11 Jun 08 - Oct 08

Ytd Avg. 2011

Credit / Global 0.16%

BLUECREST MULTI STRATEGY CREDIT FUND 30 Nov 07 Q $1'204 M 144.44 07 Oct 11 (1.07%) 3.12% 146.00 7.72% 5.91% (4.46%)

Bluecrest Capital Management LLP Mar 11 30 Sep 11 Apr 11 - Jul 11



BLUEMOUNTAIN CREDIT ALTERNATIVES FUND 31 Oct 03 Q $3'379 M 206.66 21 Oct 11 0.73% 3.03% 205.16 9.52% 6.92% (11.82%)

Andrew T. Feldstein Aug 11 30 Sep 11 Aug 08 - Dec 08



BREVAN HOWARD CREDIT CATALYSTS FUND LTD 31 Jul 09 M $ 1'928 M 136.13 14 Oct 11 (0.79%) 2.83% 137.21 15.01% 5.48% (3.53%)

CLASS A USD Sep 11 30 Sep 11 May 11 - Oct 11

DW Investment Management ,LP

CQS ABS FEEDER FUND - CLASS -B- 30 Sep 06 Q $1'839 M 4,092.71 30 Sep 11 0.52% 4.64% 4,071.35 32.54% 13.51% (3.86%)

Alistair Lumsden, Sep 11 31 Aug 11 Apr 07 - Jun 07



FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD 31 Jul 02 Q $120 M 219.83 31 Oct 11 1.10% (7.43%) 217.44 8.88% 8.53% (29.83%)

Andrea S. Feingold & R. Ian O’Keeffe Dec 10 30 Sep 11 Jun 07 - Dec 08



GRACIE CREDIT OPPORTUNITIES L.P. 30 Jun 04 Q $2'053 M 215.15 30 Sep 11 0.72% 1.55% 213.61 11.14% 5.22% (4.17%)

James Palmisciano Mar 11 31 Aug 11 Mar 08 - Sep 08



GREEN T G2 FUND 28 Feb 99 Q $1'552 M 248.52 31 Oct 11 0.78% 1.18% 246.60 7.44% 3.76% (4.26%)

Darryl Green, Geoffrey Sherry Dec 10 30 Sep 11 Dec 03 - Jul 04



JCAM GLOBAL FUND LIMITED CLASS A 31 Dec 03 M $2'500M 1,900.55 21 Oct 11 (0.26%) (6.06%) 1,905.49 8.57% 7.22% (14.85%)

Tim Leslie Nov 10 30 Sep 11 Feb 08 - Dec 08



MARINER-TRICADIA CREDIT STRATEGIES, LTD 31 Mar 05 Q $ 1'608 M 275.20 30 Sep 11 (2.38%) (1.43%) 281.91 16.84% 8.55% (10.77%)

Arif Inayatullah & Michael Barnes May 11 31 Aug 11 Jun 08 - Nov 08



PALOMINO FUND LTD CLASS B ORIGINAL SERIES 31 Dec 94 Y $4'912 M 4,906.23 30 Sep 11 (3.29%) (6.43%) 5,073.13 26.15% 21.12% (49.05%)

David Tepper Sep 11 31 Aug 11 Feb 98 - Sep 98



SABA CAPITAL OFFSHORE FUND LTD 31 Jul 09 Q $1'633 M 129.11 21 Oct 11 0.76% 7.89% 128.13 12.17% 2.56% (0.25%)

Saba Capital mgmt Jan 11 30 Sep 11 Apr 11 - May 11



VISIUM CREDIT OPPORTUNITIES FUND 30 Apr 09 Q $ 265 M 156.34 31 Oct 11 (0.95%) (0.98%) 157.84 19.54% 6.48% (6.07%)

Visium Asset Management Mar 11 30 Sep 11 Jun 11 - Oct 11









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 5

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Credit

YTD Avg. 2011 0.54%

Ytd Avg. 2011

Credit / USA (1.02%)

BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 Q $4'973 M 1,418.10 28 Oct 11 0.50% 3.49% 1,411.05 7.50% 7.75% (19.42%)

Don Morgan Sep 11 30 Sep 11 Jun 08 - Dec 08



MKP CREDIT OFFSHORE FUND 28 Feb 99 Y/ Q $2'738 M 389.63 28 Oct 11 (0.89%) (5.52%) 393.13 11.33% 5.50% (8.99%)

Patrick McMahon and Anthony Lembke Sep 11 30 Sep 11 Feb 11 - Oct 11





Multi-Strategy

YTD Avg. 2011 (2.32%)

Ytd Avg. 2011

Multi-Strategy / Asia (2.32%)

PMA CREDIT OPPORTUNITIES 04/04 31 Mar 04 Y/Q $435 M 1,248.85 28 Oct 11 (0.04%) (2.32%) 1,249.34 2.97% 5.55% (20.71%)

Darryl Flint Aug 08 30 Sep 11 Aug 08 - Oct 11









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 6

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Distressed Security

YTD Avg. 2011 (3.11%)

Ytd Avg. 2011

Distressed Security / Europe (4.11%)

IRONSHIELD SPECIAL SITUATIONS FUND 31 Jul 07 Q $ 130 M 143.74 30 Sep 11 (1.35%) (3.83%) 145.71 9.09% 12.62% (16.83%)

Ironshield Capital Management LLP Jul 11 31 Aug 11 Oct 07 - Apr 09



KING STREET EUROPE LTD CLASS A 30 Jun 07 Q $ 559 M 137.69 21 Oct 11 0.33% (4.39%) 137.23 7.70% 7.69% (8.12%)

O. Francis Biondi, Jr., Brian J. Higgins Sep 11 30 Sep 11 May 11 - Sep 11

Ytd Avg. 2011

Distressed Security / Global (3.85%)

CANYON BALANCED FUND LTD - CLASS A 31 May 04 Q $1'500 M 2,262.86 30 Sep 11 (4.79%) (7.39%) 2,376.70 11.77% 11.62% (30.14%)

M.R. Julis & J.S. Friedman May 11 31 Aug 11 Oct 07 - Nov 08



CANYON VALUE REALIZATION FD, LTD - CLASS A 31 Dec 94 Q $6'410 M 5,378.64 30 Sep 11 (3.94%) (6.65%) 5,599.25 10.56% 8.85% (28.82%)

M.R. Julis & J.S. Friedman Apr 11 31 Aug 11 Oct 07 - Nov 08



CERBERUS INTL. LTD 31 May 93 Q $1'878 M 658,570.66 30 Sep 11 (1.54%) 4.95% 668,871.28 10.82% 5.33% (22.26%)

Steve Feinberg Sep 11 31 Aug 11 May 08 - Feb 09



DAVIDSON KEMPNER DIST. OPP. INT. LTD - CLASS C 31 Mar 05 Y $820 M 1,906.94 31 Oct 11 2.11% (2.50%) 1,867.53 10.29% 11.37% (25.73%)

TRN 1 - Dec 10 30 Sep 11 Oct 07 - Nov 08

Anthony A. Yoseloff, Avi Z. Friedman and Conor Bastable

LC CAPITAL OFFSHORE FUND, LTD 30 Sep 99 Y/Q $211 M 341.47 31 Oct 11 2.20% 0.85% 334.12 10.69% 9.12% (34.48%)

Steven G Lampe & Richard F Conway Aug 11 30 Sep 11 Jun 07 - Feb 09



MONARCH DEBT RECOVERY FUND LTD 31 Mar 02 Y $ 946 M 2,932.53 30 Sep 11 (2.31%) 0.53% 3,001.87 11.98% 8.80% (33.02%)

Michael Weinstock, Andrew Herenstein Dec 10 31 Aug 11 Oct 07 - Dec 08



PAULSON CREDIT OPPORTUNITIES LTD 30 Jun 06 Y $4'971 M 1,261.65 30 Sep 11 (12.82%) (18.97%) 1,447.18 62.00% 49.18% (24.80%)

John Paulson Sep 11 31 Aug 11 Apr 11 - Sep 11



SILVER POINT CAPITAL OFFSHORE LTD 31 Dec 01 Q $4'438 M 3,046.06 14 Oct 11 (1.18%) 0.88% 3,082.43 12.05% 9.17% (35.48%)

Silver Point Capital Offshore Ltd Sep 10 30 Sep 11 Jun 07 - Dec 08



STONE LION FUND LTD CLASS A 31 Oct 08 Q $ 743 M 1,745.07 31 Oct 11 2.02% (0.78%) 1,710.51 20.39% 10.87% (8.74%)

Greg Hanley and Alan Mintz Aug 11 30 Sep 11 Apr 11 - Sep 11



STRATEGIC VALUE RESTRUCTURING FUND 31 Aug 02 Q/Y $1'622 M 260.38 21 Oct 11 (3.25%) (9.39%) 269.12 11.03% 8.32% (24.47%)

Victor Khosla Mar 11 30 Sep 11 May 07 - Jan 09

Ytd Avg. 2011

Distressed Security / USA (0.76%)

BEACH POINT TOTAL RETURN OFFSHORE FUND II, 30 Jun 96 Q $ 496 M 486.79 20 Oct 11 1.10% (1.72%) 481.51 10.89% 8.65% (24.04%)

LTD Jan 10 30 Sep 11 Oct 07 - Dec 08

Carl Goldsmith, Scott Klein,







* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 7

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Distressed Security

YTD Avg. 2011 (3.11%)

Ytd Avg. 2011

Distressed Security / USA (0.76%)

BTG PACTUAL DISTRESSED MORTGAGE FUND 28 Feb 10 Q $ 180M 117.53 30 Sep 11 (3.02%) (0.03%) 121.19 10.71% 8.47% (9.00%)

BTG Pactual Global Asset Management Sep 11 31 Aug 11 Apr 11 - Sep 11



HALCYON OFF. ASSET-BACKED VALUE FUND LTD 30 Nov 05 Q $1'705 M 2,229.56 17 Oct 11 0.33% 5.29% 2,222.22 14.60% 6.10% (13.32%)

Joseph Wolnick ,Joseph Godley and Jim Coppola Sep 11 30 Sep 11 Aug 08 - Mar 09



SOMERSET SPECIAL OPPORTUNITIES FUND LP 31 Jul 07 Q $ 200 M 142.95 30 Sep 11 (6.90%) (6.57%) 153.55 8.95% 13.09% (25.61%)

Robert Feingold Aug 11 31 Aug 11 Aug 08 - Mar 09





Multi-Strategy

YTD Avg. 2011 (1.94%)

Ytd Avg. 2011

Multi-Strategy / Global (1.94%)

KING STREET CAPITAL, LTD 31 Dec 96 Q $12'200 M 476.56 21 Oct 11 (0.04%) (1.94%) 476.75 11.12% 4.23% (5.20%)

O. Francis Biondi Jr & Brian J. Higgins Jul 11 30 Sep 11 May 11 - Oct 11









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 8

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Commodity

YTD Avg. 2011 (0.65%)

Ytd Avg. 2011

Equity-Commodity / Global (0.65%)

GEOSPHERE DIRECTIONAL FUND LTD 31 Dec 09 Q $ 208 M 107.51 31 Oct 11 6.75% (1.74%) 100.71 4.03% 11.12% (11.80%)

Arvind Sanger and Prashant Kothari Aug 11 30 Sep 11 Jul 11 - Sep 11



GEOSPHERE FUND, LTD 30 Jun 07 Q $ 343 M 125.56 31 Oct 11 2.94% 1.63% 121.98 5.38% 7.93% (15.83%)

Arvind Sanger and Prashant Kothari Aug 11 30 Sep 11 Jun 08 - Oct 08



MARTIN CURRIE ARF - GLOBAL RESOURCES 30 Sep 03 M $160 M 17.71 28 Oct 11 1.93% (9.14%) 17.37 7.33% 10.26% (18.97%)

Chris Butler / Duncan Goodwin Aug 11 30 Sep 11 Jun 08 - Sep 11



OCEANIC HEDGE FUND - CLASS A 31 Jul 02 M $1'453 M 3,185.07 31 Oct 11 1.21% 6.66% 3,147.00 13.33% 8.33% (8.26%)

Cato Brahde, Andreas Vergottis, Bjorn Rise Sep 11 30 Sep 11 Jan 10 - Jun 10





Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Asia (6.25%)

BOYER ALLAN GREATER CHINA FUND 31 Oct 06 M $ 15 M 197.98 31 Oct 11 8.42% (2.95%) 182.60 14.63% 18.29% (24.83%)

Boyer Allan Investment Management LLP Oct 11 30 Sep 11 Oct 07 - Oct 08



BOYER ALLAN PACIFIC FUND INC-A- 16 Nov 98 M $ 249 M 683.05 31 Oct 11 4.50% (12.68%) 653.63 15.98% 21.72% (44.65%)

J. Boyer & N. Allan Oct 11 30 Sep 11 Oct 07 - Nov 08



CHILTON CHINA OPPORTUNITIES FUND LTD 31 Dec 06 Q $ 216 M 176.29 31 Oct 11 (3.23%) (18.35%) 182.17 12.44% 19.00% (20.92%)

Chilton Investments Co., Inc. Feb 11 30 Sep 11 Oct 10 - Oct 11



COREVEST PARTNERS LTD 31 Dec 98 Y/Q $72 M 8,092.07 30 Sep 11 (10.63%) (5.62%) 9,055.07 17.81% 24.94% (26.57%)

Kyung Hwa Paik May 11 31 Aug 11 Mar 02 - Feb 03



ELLERSTON ASIA PACIFIC FUND 31 Aug 07 Q $1'664 M 101.27 14 Oct 11 (0.28%) (7.80%) 101.56 0.31% 9.14% (17.60%)

Ashok Jacob Aug 11 30 Sep 11 Oct 07 - Feb 09



EVEREST CAPITAL ASIA 31 Dec 05 Q $ 215 M 216.74 31 Oct 11 5.40% (1.08%) 205.64 14.17% 20.65% (43.59%)

Everest Capital Limited Sep 11 30 Sep 11 Oct 07 - Feb 09



HT ASIAN CATALYST FUND LLC 31 Dec 98 M $467 M 16.90 30 Sep 11 (6.94%) (12.62%) 18.16 10.99% 12.17% (23.93%)

Ms. Ophelia Tong Aug 11 31 Aug 11 Mar 00 - Mar 01



JOHO FUND, LTD-A- 31 Oct 96 S $1'951 M 1,281.64 31 Oct 11 3.76% (2.70%) 1,235.20 20.30% 16.71% (19.38%)

Robert Karr Sep 11 30 Sep 11 Nov 07 - Nov 08



NEZU CYCLICALS FUND LTD 31 Jul 05 Q $425 M 209.36 28 Oct 11 (1.72%) 1.70% 213.02 12.56% 13.45% (25.06%)

Fuyuki Fujiwara Aug 11 30 Sep 11 Oct 07 - Feb 09









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 9

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Asia (6.25%)

OCTAGON PAN ASIA FUND 30 Sep 04 M $138 M 189.93 30 Sep 11 (1.80%) (4.44%) 193.40 9.59% 9.60% (10.69%)

Poh Min Lam & Nelson Chia Sep 11 31 Aug 11 Oct 07 - Jan 09



PINPOINT CHINA FUND CLASS A USD 31 May 05 M $584 M 633.78 14 Oct 11 2.80% 1.45% 616.50 33.59% 23.23% (42.16%)

Qiang Wang Aug 11 30 Sep 11 Oct 07 - Nov 08



REAL RETURN ASIAN FUND LTD (THE) 30 Sep 04 M $882 M 236.33 31 Oct 11 (1.49%) (6.35%) 239.90 12.90% 10.70% (14.81%)

Ezra Sun Sep 11 30 Sep 11 Oct 07 - Oct 08



SOFAER CAPL ASIAN HEDGE FD (Net Index) 31 Mar 89 M $120 M 1,103.13 31 Oct 11 (5.75%) (5.85%) 1,170.43 11.21% 15.96% (35.36%)

Terence Khoo / Terence Lim Jun 07 30 Sep 11 Mar 00 - Mar 03



SR GLOBAL FUND - B - ASIA (Real Perf) 31 Dec 93 M $1'400 M 662.46 31 Oct 11 2.00% (15.99%) 649.47 15.41% 19.07% (36.50%)

Richard Chenevix-Trench Mar 11 30 Sep 11 Feb 98 - Nov 98



TANTALLON FUND (THE) 31 Oct 03 M $61 M 18.78 31 Oct 11 (6.29%) (1.58%) 20.04 8.19% 13.82% (36.61%)

Nicholas Harbinson / Alex Hill Sep 11 30 Sep 11 Oct 07 - Jan 09



WF ASIA FUND LTD S/1 31 Jan 01 M $215 M 287.93 31 Oct 11 4.56% (5.06%) 275.36 10.33% 14.08% (37.65%)

Scobie Ward Sep 11 30 Sep 11 Oct 07 - Nov 08

Ytd Avg. 2011

Equity-Diversified / Emerging (9.61%)

ADELPHI EMERGING EUROPE. FUND USD SHARES 31 Mar 07 Q $221 M 140.11 28 Oct 11 3.59% (12.33%) 135.26 7.64% 14.59% (28.62%)

Lars Dollmann Jan 11 30 Sep 11 May 08 - Jan 09



EVEREST CAPITAL FRONTIER MARKETS 31 Jul 08 Q $ 155 M 118.01 31 Oct 11 1.30% (13.61%) 116.50 5.22% 16.05% (25.56%)

Everest Capital Limited Sep 11 30 Sep 11 Jul 08 - Feb 09



FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 30 Jun 96 Q $174 M 2,364.94 28 Oct 11 13.18% (5.00%) 2,089.50 22.91% 41.59% (81.79%)

Harvey Sawikin & Ian Hague Sep 11 30 Sep 11 Mar 98 - Sep 98



FIREBIRD REPUBLICS FUND, LTD 30 Apr 97 Q $210 M 866.51 21 Oct 11 3.07% (14.81%) 840.70 16.08% 32.07% (73.20%)

Harvey Sawikin & Ian Hague Jul 11 30 Sep 11 Sep 97 - Jan 99



GROWTH MANAGEMENT LTD 31 May 98 M $203 M 372.52 30 Sep 11 (0.05%) (5.24%) 372.71 10.36% 7.14% (27.48%)

Stephan Pinter jul 11 31 Aug 11 Jun 08 - Sep 11



HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT. 31 Mar 10 D $30 M 10.32 02 Nov 11 0.44% (0.62%) 10.28 2.00% 8.74% (9.31%)

SHS Apr 11 31 Oct 11 Mar 11 - Sep 11

Nick Timberlake & Omar Negyal

HSBC INDIA ALPHA FUND 31 Mar 07 M $168 M 119.50 31 Oct 11 (0.24%) (12.97%) 119.78 3.96% 16.69% (34.72%)

Sanjiv Duggal, Nilang Mehta , Viresh Mehta May 11 30 Sep 11 Dec 07 - Nov 08



KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$- 15 Nov 00 BM $49 M 8,070.32 28 Oct 11 22.62% (9.49%) 6,581.33 21.00% 35.84% (81.80%)

J-L. Tauvy jun 10 30 Sep 11 Dec 07 - Jan 09





* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 10

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Emerging (9.61%)

MOORE EMERGING EQUITY L/S FUND LTD -A- 31 Mar 09 M $582 M 1,503.67 27 Oct 11 3.72% (3.77%) 1,449.73 17.16% 13.12% (9.72%)

Greg Coffey Mar 11 30 Sep 11 Apr 11 - Sep 11



OCCAM GLOBAL EMERGING MARKETS FUND CLASS 30 Apr 09 D $107 M 9.39 01 Nov 11 (1.98%) (18.98%) 9.58 (3.02%) 18.29% (31.07%)

A Jul 11 31 Oct 11 Oct 09 - Sep 11

Eoghan Flanagan & James Mellersh

OCCO EASTERN EUROPEAN FUND 31 Dec 01 Y/Q $428 M 320.67 21 Oct 11 2.06% 2.69% 314.21 12.61% 8.12% (20.86%)

Pawel Szulc & Andrew Wiles Sep 11 30 Sep 11 Jun 08 - Oct 08



PICTET-EASTERN EUROPE-P CAP 30 Sep 99 W $440 M 308.49 02 Nov 11 (4.73%) (23.86%) 323.79 13.20% 30.24% (75.54%)

Y. Ostrowsky Aug 11 31 Oct 11 Dec 07 - Feb 09



POLLUX BRAZILIAN EQUITIES FUND 31 Oct 07 M $ 184 M 136.28 28 Oct 11 0.86% 0.08% 135.11 8.06% 9.28% (9.59%)

Pollux Capital Mar 11 30 Sep 11 May 08 - Oct 08



SR GLOBAL FUND G - EMERGING MKTS (Real Perf) 29 Feb 96 M $2'650 M 1,215.74 31 Oct 11 3.30% (12.09%) 1,176.90 21.40% 18.80% (37.25%)

Richard Chenevix-Trench Mar 11 30 Sep 11 Oct 07 - Feb 09



SR PHOENICIA INC CLASS -A- SERIES 1 31 Jul 01 M $450 M 402.90 31 Oct 11 1.76% (14.16%) 395.92 14.55% 19.48% (56.02%)

George Robinson Mar 11 30 Sep 11 Oct 07 - Feb 09

Ytd Avg. 2011

Equity-Diversified / Europe (4.98%)

ADELPHI EUR. FUND $ (A) 30 Sep 97 Q $871 M 370.55 28 Oct 11 2.35% (0.30%) 362.04 9.75% 12.22% (26.28%)

Roderick Jack Jan 11 30 Sep 11 May 07 - Feb 09



ALPHAGEN CAPELLA FUND-A- 31 Oct 99 M $66 M 364.75 31 Oct 11 0.71% (1.90%) 362.18 11.38% 7.67% (6.03%)

John Bennett, Tomás Pintó & Léopold Arminjon Sep 11 30 Sep 11 May 07 - Sep 08



ALPHAGEN TUCANA 31 Dec 04 M $53 M 187.96 31 Oct 11 1.18% 1.38% 185.77 9.67% 10.60% (28.68%)

John Bennett, Tomás Pintó & Léopold Arminjon Sep 11 30 Sep 11 Oct 07 - Dec 08



ANTARES EUROPEAN FUNDS, LTD - USD 08 Dec 98 M € 169 M 400.78 31 Oct 11 0.85% (14.64%) 397.39 11.36% 16.17% (32.68%)

Luca Orsini Jul 10 30 Sep 11 Jun 07 - Dec 08



CAZENOVE EURO EQ ABS RETURN FUND LIMITED 30 Nov 03 M €163 M 1,490.65 28 Oct 11 4.30% 4.14% 1,429.20 5.17% 5.62% (17.67%)

CLASS B May 11 30 Sep 11 Oct 08 - Aug 11

Chris Rice, Steve Cordell

EEA EUROPE LONG SHORT FUND -USD-NI 31 Jul 09 M $ 165 M 110.63 21 Oct 11 (4.83%) (8.17%) 116.24 5.06% 16.34% (14.97%)

John Hobson Sep 11 30 Sep 11 Sep 09 - Jun 10



EGERTON EUROPEAN DOLLAR CLASS -A- 30 Nov 94 M $1'455 M 104.78 31 Oct 11 4.12% (2.86%) 100.63 14.89% 10.37% (29.18%)

John C. Armitage Jul 11 30 Sep 11 Oct 07 - Jan 09









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 11

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Europe (4.98%)

GRADIENT EUROPE FUND (THE) 30 Nov 01 Q €89 M 96.34 30 Sep 11 (2.84%) (14.52%) 99.16 (0.38%) 29.30% (82.25%)

I. Farman & S. Pagel Dec 08 31 Aug 11 Jun 07 - Jan 09



HABROK LTD 31 Mar 04 Q $1'070 M 220.35 30 Sep 11 (3.83%) (15.66%) 229.13 11.10% 16.40% (38.24%)

Leif Christian Kvaal Jul 11 31 Aug 11 May 08 - Jan 09



HENDERSON EUROPEAN ABS RETURN FD, LTD USD 31 May 01 M €127 M 357.81 31 Oct 11 4.94% (41.02%) 340.96 13.01% 19.79% (47.67%)

Stephen Peak Jun 11 30 Sep 11 Feb 08 - Nov 08



HSBC ALPHA FUND LTD - HSBC EUROPEAN 30 Nov 07 M $427 M 154.11 28 Oct 11 0.43% 4.96% 153.45 11.69% 5.93% (5.07%)

LEVERED ALPHA FUND EUR Feb 11 30 Sep 11 Jun 08 - Sep 08

Jakob Nordestedt, Michael O’Mara

HSBC EUROPEAN ALPHA FUND -EUR 31 Dec 02 M $461 M 171.20 31 Oct 11 0.02% 1.19% 171.16 6.27% 2.56% (1.34%)

Jakob Nordestedt, & Michael O'Mara Jun 11 30 Sep 11 May 09 - Jul 09



JPMORGAN PORT. STRAT. FUNDS-EUROPE 30 Sep 03 M $2309 M 380.20 31 Oct 11 1.08% 9.12% 376.14 17.95% 8.75% (16.39%)

DYNAMIC L/S FUND- EUR Jul 11 30 Sep 11 Jun 08 - Nov 09

Jonathan Ingram, John Baker, Anis Lahlou-Abid, J.P.

Morgan Asset Management

LANSDOWNE EURO EQTY FD, LTD - A (EUR) 31 Aug 98 M $741 M 170.16 31 Oct 11 3.06% (12.14%) 165.11 9.56% 12.01% (21.60%)

P. Ruddock & S. Heinz Sep 11 30 Sep 11 May 08 - Feb 09



MARSHALL WACE - MW CORE A USD 31 Oct 06 M $932 M 119.83 01 Nov 11 (0.17%) 4.23% 120.04 3.68% 10.46% (26.47%)

Ernesto Fragomeni Sep 11 31 Oct 11 Jun 07 - Sep 08



MARSHALL WACE - MW EUROPEAN TOPS A EUR 31 Dec 04 M $455 M 155.02 01 Nov 11 (0.35%) 2.63% 155.57 6.62% 8.55% (21.75%)

Anthony Clake Sep 11 31 Oct 11 Oct 07 - Feb 09



MARTIN CURRIE EUROPEAN HEDGE FUND CLASS 31 Dec 00 M $124 M 220.03 31 Oct 11 (0.62%) (9.19%) 221.41 6.05% 7.64% (11.03%)

-B- Aug 11 30 Sep 11 Jun 08 - Feb 09

Michael Browne & Steve Frost

MBAM ACTIVE LONG SHORT 31 Jul 10 M $620 M 109.59 31 Oct 11 (0.55%) 0.95% 110.20 7.59% 4.18% (1.81%)

Hilton Nathanson Aug 11 30 Sep 11 Dec 10 - May 11



NORDIC ALPHA CLASS B - NOK 31 Aug 03 M $160 M 149.67 30 Sep 11 (9.95%) (20.27%) 166.21 5.12% 11.96% (32.36%)

Thomas Raaschou, Christian T. Nygaard Sep 11 31 Aug 11 Dec 07 - Feb 09



ODEY EUROPEAN, INC (EUR) 31 May 92 W $2'356 M 571.35 14 Oct 11 4.98% (18.06%) 544.24 13.26% 16.13% (50.64%)

Crispin Odey Apr 11 30 Sep 11 Jan 94 - Jul 95



PELHAM LONG/SHORT FUND LTD CLASS A EUR 31 Oct 07 M $1'000 M 123.29 30 Sep 11 (1.59%) (8.82%) 125.28 5.49% 11.01% (12.25%)

Ross Turner Mar 10 31 Aug 11 May 08 - Dec 08









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 12

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Europe (4.98%)

PENSATO EUROPA FUND LTD EURO CLASS 31 May 08 M €176 M 114.98 30 Sep 11 (1.15%) (2.09%) 116.32 4.27% 5.61% (5.40%)

Graham Clapp & Edward Rumble Sep 11 31 Aug 11 Jun 08 - Sep 08



POLAR CAPITAL EUROP CONVICTION FUND LIMITED 31 Mar 06 M €78 M 144.65 28 Oct 11 5.99% 5.97% 136.47 6.84% 9.46% (5.84%)

Robert Gurner Aug 11 30 Sep 11 May 11 - Aug 11



SIERRA EUROPE OFFSHORE, LTD - USD/A 28 Feb 97 M $122 M 430.14 28 Oct 11 (0.62%) 1.35% 432.82 10.46% 9.34% (16.98%)

Charles Michaels Jul 11 30 Sep 11 Mar 00 - Jan 03



SR GLOBAL FUND F - EUROPE (€) (Real Perf) 31 Dec 95 M $60 M 227.39 31 Oct 11 (1.80%) (15.86%) 231.56 11.35% 18.71% (47.97%)

Rupert Dyson Mar 11 30 Sep 11 Jun 07 - Feb 09



THEOREMA EUROPE FUND LTD A/1 EUR 31 May 01 M $ 279 M 199.87 31 Oct 11 (3.66%) 1.67% 207.47 6.87% 5.55% (6.25%)

G. Govi & P. Mortarotti, Feb 11 30 Sep 11 Aug 08 - Jul 09



THEOREMA EUROPE FUND PLUS LTD B/1 USD 31 Aug 04 M $115 M 244.24 31 Oct 11 (6.86%) 4.28% 262.23 13.26% 12.87% (13.96%)

G. Govi & P. Mortarotti Jun 11 30 Sep 11 Aug 08 - Jul 09



ZADIG FUND CLASS A1 30 Nov 05 M €343 M 190.15 31 Oct 11 4.08% 4.19% 182.70 11.47% 12.48% (19.14%)

Laurent Saglio Oct 11 30 Sep 11 Aug 08 - Oct 08

Ytd Avg. 2011

Equity-Diversified / Global (5.21%)

BRUCE NELSON GLOBAL FD LTD - A 31 May 03 M $455 M 126.49 30 Sep 11 (6.56%) (13.67%) 135.37 2.86% 8.30% (24.47%)

Richard Bruce Jul 11 31 Aug 11 Oct 07 - Nov 08



ELLERSTON GEMS - CLASS A 30 Apr 06 Q $1'433 M 93.86 14 Oct 11 (1.13%) (13.93%) 94.93 (1.15%) 10.31% (34.38%)

Ashok Jacob Sep 11 30 Sep 11 Jul 07 - Feb 10



EXANE TEMPLIERS FUND 28 Feb 06 w € 909 M 17,350.13 01 Nov 11 (0.25%) 1.43% 17,393.24 7.34% 3.19% (2.26%)

Jean-Francois Roussel, Stéphane Arrouays, Henri-Daniel Jun 11 31 Oct 11 Apr 11 - Aug 11

Samama, Exane Asset Management

GLENROCK GLOBAL PARTNERS (BVI) INC 31 May 94 M $ 377 M 2,504.77 21 Oct 11 (1.20%) (5.68%) 2,535.19 5.42% 14.55% (38.76%)

Michael Katz May 11 30 Sep 11 Jul 96 - Jan 99



HORSEMAN GLOBAL FUND USD 31 Jan 01 M $131 M 410.31 02 Nov 11 (1.80%) 4.96% 417.85 14.02% 16.91% (33.75%)

John Horseman Sep 11 31 Oct 11 Feb 09 - Jun 10



M. KINGDON OFFSHORE NV - A/1 28 Feb 86 Q $2'017 M 112.61 31 Oct 11 3.41% (16.19%) 108.90 15.16% 13.04% (30.15%)

Mark Kingdon Sep 11 30 Sep 11 Sep 87 - Oct 87



MARSHALL WACE - MW EUREKA A1 EUR 07 Jan 98 M $1'591 M 298.39 01 Nov 11 (0.02%) 9.01% 298.45 13.61% 9.67% (23.24%)

Paul Marshall Sep 11 31 Oct 11 Oct 07 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 13

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Global (5.21%)

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A 28 Feb 09 M $474 M 181.05 01 Nov 11 (0.08%) 24.86% 181.19 24.86% 11.39% (4.70%)

USD Sep 11 31 Oct 11 Mar 10 - May 10

Fehim Sever

MAVERICK FUND, LTD - CLASS A/1 28 Feb 95 M $1'085 M 1,056.51 28 Oct 11 8.32% (9.94%) 975.36 12.39% 11.97% (30.04%)

Lee Ainslie III Apr 11 30 Sep 11 May 08 - Nov 08



NEVSKY FUND PLC (COMPOSITE) 30 Sep 00 M $797 M 909.32 30 Sep 11 (6.07%) (6.48%) 968.04 22.21% 14.26% (22.14%)

Martin Taylor and Nick Barnes Aug 11 31 Aug 11 Oct 07 - Feb 09



PLATINUM FUND LTD 31 May 94 M $546 M 68.17 28 Oct 11 7.67% (6.80%) 63.31 11.65% 12.33% (30.48%)

Kerr Neilson Sep 11 30 Sep 11 Oct 07 - Feb 09



RAB GL. MINING & RESOURCES FUND LTD -B- 31 Oct 07 M $82 M 100.99 27 Oct 11 6.17% (19.44%) 95.12 0.27% 25.81% (53.66%)

Philip Richards Jan 11 30 Sep 11 May 08 - Nov 08



RIDLEY PARK PARAGON FUND LTD - CLASS A1 30 Apr 10 M $400 M 86.00 31 Oct 11 1.33% (21.51%) 84.87 (9.55%) 16.74% (24.07%)

Julian Barnett Feb 11 30 Sep 11 Dec 10 - Aug 11



SR GLOBAL FUND C - INTERNATIONAL (Real Perf) 31 Dec 93 M $1'300 M 490.49 31 Oct 11 0.40% (16.55%) 488.53 13.02% 21.70% (45.08%)

Hugh Sloane Mar 11 30 Sep 11 Dec 99 - Jul 01



STANDARD PACIFIC CAPITAL -B- 30 Sep 95 Q $1'587 M 473.51 30 Sep 11 (4.39%) 0.97% 495.25 10.20% 8.11% (8.79%)

Doug Dillard and Raj Venkatesan Sep 11 31 Aug 11 Jun 02 - Aug 03



VIKING GLOBAL EQUITIES III LTD-A/1E 30 Sep 99 Y $8'112 M 8,186.50 28 Oct 11 4.86% 5.61% 7,806.87 19.00% 10.39% (11.93%)

Andreas Halvorsen Sep 11 30 Sep 11 Sep 01 - Mar 02

Ytd Avg. 2011

Equity-Diversified / Japan (6.03%)

ALPHAGEN HOKUTO FUND LTD - CLASS A 31 Oct 00 M $421 M 199.15 31 Oct 11 1.34% 1.44% 196.52 6.46% 4.31% (2.74%)

John Stewart & Robert Tull Sep 11 30 Sep 11 Jul 08 - Oct 08



ARCUS JAPAN FUND -JPY- 31 Mar 99 D $4'587 M 27,013.00 02 Nov 11 (1.30%) (3.47%) 27,369.00 8.21% 15.68% (45.94%)

Robert Macrae Mar 10 31 Oct 11 Feb 07 - Feb 09



BLUE SKY JAPAN LTD - CLASS A 30 Jun 00 M $78 M 185.47 30 Sep 11 (4.07%) (23.39%) 193.33 4.53% 24.08% (62.08%)

Michael Hill Apr 10 31 Aug 11 Dec 05 - Jan 09



GAM JAPAN EQUITY HEDGE FUND 31 May 98 W $1'502 M 119.89 31 Oct 11 0.83% (5.95%) 118.90 1.36% 13.64% (52.04%)

Lesley Kaye Mar 11 30 Sep 11 Jun 07 - Feb 09



HENDERSON JAPAN ABS RETURN FD, LTD 30 Jun 00 M $438 M 222.79 31 Oct 11 2.30% (5.05%) 217.78 7.32% 9.70% (18.31%)

William Garnett and Jeremy Hall Jul 11 30 Sep 11 Apr 06 - Mar 08



MARATHON VERTEX JAPAN FD, LTD CLASS B 31 May 03 Q $654 M 1,887.16 21 Oct 11 (2.83%) (0.94%) 1,942.04 7.86% 7.86% (11.76%)

William Arah Sep 11 30 Sep 11 Jun 09 - Oct 10





* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 14

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / Japan (6.03%)

MARTIN CURRIE ARF - JAPAN FUND 30 Jun 00 M $214 M 17.60 28 Oct 11 (1.05%) (5.20%) 17.79 5.11% 7.68% (12.44%)

John-Paul Temperley Aug 11 30 Sep 11 Jul 08 - Jan 09



SR GLOBAL FUND H - JAPAN (Real Perf) 30 Sep 03 M $95 M 87.66 31 Oct 11 (2.60%) (5.70%) 90.00 (1.23%) 19.84% (35.57%)

Hugh Sloane Dec 09 30 Sep 11 Mar 08 - Jul 10

Ytd Avg. 2011

Equity-Diversified / UK (9.80%)

ALPHAGEN OCTANIS CLASS A 28 Feb 05 M $574 M 196.94 31 Oct 11 0.98% 0.17% 195.02 10.69% 6.83% (10.72%)

Ben Wallace & Luke Newman Sep 11 30 Sep 11 May 07 - Mar 08



CAZENOVE UK EQUITY ABSOLUTE RETURN FUND 31 Oct 03 M £36 M 1,483.35 28 Oct 11 0.15% 8.83% 1,481.13 5.05% 4.55% (10.86%)

Steven Cordell May 11 30 Sep 11 Sep 09 - Dec 10



HENDERSON UK EQUITY L/S FUND LIMITED 30 Jun 03 M $ 55 M 183.53 31 Oct 11 13.33% (30.73%) 161.95 7.55% 18.97% (41.35%)

Stephen Peak May 11 30 Sep 11 Jan 11 - Sep 11



LANSDOWNE UK EQUITY FUND, LTD (£) 31 Jul 01 M $6'845 M 406.74 31 Oct 11 (0.50%) (15.58%) 408.78 14.66% 11.04% (15.58%)

P. Ruddock & S. Heinz Sep 11 30 Sep 11 Dec 10 - Oct 11



POLAR CAPITAL UK ABSOLUTE RETURN FUND 31 May 08 Daily £ 69 M 9.83 02 Nov 11 (2.48%) (11.68%) 10.08 (0.50%) 9.86% (15.00%)

UCITS III GBP Aug 09 31 Oct 11 Dec 10 - Sep 11

Polar Capital LLP

Ytd Avg. 2011

Equity-Diversified / USA (1.90%)

AJR INTERNATIONAL (BVI), INC. - A/1 31 Jan 93 M $445 M 1,015.18 28 Oct 11 15.09% (1.21%) 882.10 13.16% 20.00% (44.44%)

Alexander J. Roepers Apr 10 30 Sep 11 May 08 - Dec 08



ALLIANCE BERNSTEIN SELECT US EQUITY LONG 30 Nov 99 Y/Q $193 M 3,542.59 01 Nov 11 (1.33%) (0.90%) 3,590.27 11.19% 7.58% (9.98%)

SHORT Jul 11 31 Oct 11 May 08 - Feb 09

Kurt Feuerman

ALYDAR FUND LTD 28 Feb 03 Q $1'050 M 197.73 31 Oct 11 (1.70%) 2.17% 201.15 8.17% 4.60% (5.40%)

John Murphy Feb 11 30 Sep 11 Jul 08 - Nov 08



ALYSHEBA FUND LIMITED 31 Mar 05 Q $475 M 2,618.56 31 Oct 11 (3.10%) 11.40% 2,702.33 15.73% 13.75% (25.80%)

John A. Murphy, Philip C. Furse Jul 10 30 Sep 11 May 08 - Nov 08



ASCEND PARTNERS FUND II LTD - A 31 Jan 04 Q $1'321 M 171.06 31 Oct 11 (0.19%) (2.45%) 171.38 7.17% 4.77% (4.83%)

Malcolm Fairbairn Oct 10 30 Sep 11 Apr 11 - Oct 11



AVESTA FUND LTD A/1 31 Aug 02 M $697 M 1,924.92 31 Oct 11 (1.60%) (1.17%) 1,956.22 7.40% 7.41% (7.91%)

Bill Tung Jul 11 30 Sep 11 Dec 09 - Jul 10









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 15

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (5.57%)

Ytd Avg. 2011

Equity-Diversified / USA (1.90%)

BAY RESOURCES PARTNERS OFFSHORE FUND 31 Jul 98 M $2'480 M 7,813.29 31 Oct 11 13.90% (8.39%) 6,859.78 16.77% 16.90% (38.76%)

Thomas Claugus Oct 11 30 Sep 11 May 08 - Feb 09



CASTLEROCK FUND LTD 31 Aug 96 Q $90 M 700.77 31 Oct 11 0.96% (20.29%) 694.10 13.69% 17.53% (37.70%)

Paul Tanico Sep 11 30 Sep 11 May 01 - Feb 03



COBALT OFFSHORE LTD 31 Dec 96 Q $1'299 M 677.51 31 Oct 11 3.66% (0.17%) 653.59 13.76% 8.56% (19.53%)

Wayne Cooperman Aug 10 30 Sep 11 Apr 98 - Sep 98



ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A 28 Feb 01 Q $2'450 M 240.57 31 Oct 11 1.10% (1.77%) 237.96 8.57% 10.22% (19.92%)

Ronald Gutfleish Mar 11 30 Sep 11 Oct 07 - Feb 09



EMINENCE FUND LTD A 31 Dec 98 Q $2'497 M 455.48 31 Oct 11 7.40% (2.16%) 424.10 12.53% 10.07% (19.99%)

Ricky C. Sandler Mar 11 30 Sep 11 Dec 07 - Dec 08



HIGHBRIDGE LONG/SHORT EQUITY FUND, LTD 30 Apr 04 Q $1'850 M 1,763.50 31 Oct 11 5.06% (10.97%) 1,678.49 7.85% 10.42% (21.12%)

Alex McAree Apr 11 30 Sep 11 Mar 11 - Sep 11



IVORY CAPITAL FLAGSHIP STRATEGY 30 Nov 98 Q $2'349 M 3,240.10 21 Oct 11 3.00% (3.71%) 3,145.73 9.54% 6.24% (12.61%)

Curtis Macnguyen Aug 11 30 Sep 11 May 08 - Nov 08



KINETICS FUND, INC - A/A 31 Jan 01 M $103 M 1,998.63 21 Oct 11 7.55% (12.43%) 1,858.28 6.67% 22.99% (76.20%)

Peter B. Doyle Aug 11 30 Sep 11 Oct 07 - Feb 09



OMEGA OVERSEAS PARTNERS, LTD CLASS A 31 Dec 91 M $1'003 M 584.82 30 Sep 11 (7.58%) (12.36%) 632.78 9.35% 15.04% (42.55%)

Leon Cooperman Jun 11 31 Aug 11 May 07 - Feb 09



RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 31 Jul 05 M $240 M 145.85 31 Oct 11 4.43% 29.89% 139.67 6.22% 10.58% (35.67%)

James Simons Mar 11 30 Sep 11 May 07 - Apr 09



RWC BILTMORE FUND - E -DOLLAR 30 Sep 09 M $438 M 93.38 31 Oct 11 0.37% (2.91%) 93.04 (3.23%) 4.81% (10.05%)

Mike Corcell, Gabe Marshank May 11 30 Sep 11 Apr 10 - Sep 11



SAB OVERSEAS FUND LTD 31 Jul 00 3Q / Q $610 M 324.42 31 Oct 11 7.40% (0.69%) 302.06 11.02% 11.55% (17.57%)

Scott Bommer Sep 11 30 Sep 11 Mar 10 - Aug 10



SEMINOLE OFFSHORE FUND 31 May 98 Q $924 M 573.26 31 Oct 11 7.30% 0.84% 534.26 13.89% 13.38% (15.62%)

Michael G. Messner, Paul C. Shiverick Oct 11 30 Sep 11 May 02 - Mar 03



ZWEIG-DIMENNA INTL LIMITED - CLASS A 31 May 87 Q $1'456 M 87,301.77 30 Sep 11 0.70% (0.66%) 86,696.89 15.59% 15.62% (50.23%)

Joseph DiMenna / Martin Zweig Jul 11 31 Aug 11 Feb 00 - Dec 02









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 16

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Energy

YTD Avg. 2011 6.08%

Ytd Avg. 2011

Equity-Energy / USA 6.08%

DORSET ENERGY FUND, LTD - CLASS A 31 Oct 00 M $366 M 49.22 28 Oct 11 27.27% 6.08% 38.67 15.59% 22.31% (49.55%)

David M. Knott, Donald Textor May 11 30 Sep 11 Jun 08 - Dec 08





Equity-Financial

YTD Avg. 2011 (1.55%)

Ytd Avg. 2011

Equity-Financial / Global (2.94%)

LANSDOWNE GLOBAL FINANCIALS FUND LTD. 30 Jun 04 M $1'700 M 236.94 31 Oct 11 2.55% (17.07%) 231.05 12.47% 14.30% (24.65%)

-N-USD Sep 11 30 Sep 11 Apr 10 - Sep 11

Williamde Winton

MARSHALL WACE - MW GLOBAL FINANCIALS M/N A 31 Oct 08 M $ 273 M 122.82 01 Nov 11 0.15% 2.79% 122.64 7.09% 5.45% (2.87%)

USD Sep 11 31 Oct 11 Feb 09 - Apr 09

Amit Rajpal

TOSCA CLASS A - USD 30 Sep 00 M $491 M 182.66 20 Oct 11 5.40% 5.45% 173.31 5.60% 18.37% (67.54%)

Johnny de la Hey Mar 11 30 Sep 11 Dec 07 - Nov 08

Ytd Avg. 2011

Equity-Financial / USA 2.64%

BRYN MAWR OFFSHORE LTD 31 Dec 95 Q $86 M 4,685.57 31 Oct 11 3.42% 2.64% 4,530.54 10.24% 4.04% (4.11%)

K. Gray Jul 09 30 Sep 11 Oct 99 - Dec 99





Equity-Healthcare

YTD Avg. 2011 1.11%

Ytd Avg. 2011

Equity-Healthcare / Global 1.11%

MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND - 31 Jan 10 W $257 M 104.99 31 Oct 11 (1.25%) 3.48% 106.32 2.83% 8.90% (8.67%)

B (acc) USD Aug 11 30 Sep 11 Mar 10 - Aug 10

Oliver Marti, CCI Healthcare Partners

VISIUM INSTITUTIONAL PARTNERS FUND LTD 31 Oct 05 Q $97M 176.34 31 Oct 11 1.19% (1.26%) 174.27 9.91% 7.78% (6.10%)

-(PROFORMA) Mar 11 30 Sep 11 Jun 08 - Dec 08

Jacob Gottlieb, Visium Asset Management









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 17

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Mid-Small Cap

YTD Avg. 2011 (5.81%)

Ytd Avg. 2011

Equity-Mid-Small Cap / Europe 7.73%

ENNISMORE EUROPEAN SMALLER COMPANIES 30 Nov 99 M €257 M 292.06 28 Oct 11 1.19% 13.33% 288.63 12.58% 11.52% (34.24%)

Geoff Oldfield Jul 11 30 Sep 11 Jul 07 - Apr 09



POLAR CAPITAL EUROPEAN FORAGER FUND LTD - 31 Jul 03 M €324 M 246.24 28 Oct 11 1.80% 2.13% 241.88 11.54% 8.06% (21.47%)

AX Aug 11 30 Sep 11 Oct 07 - Feb 09

Rob Gurner

Ytd Avg. 2011

Equity-Mid-Small Cap / Global (13.54%)

RAB SPECIAL SITUATION FD LTD 31 Jul 03 Q $135 M 872.82 27 Oct 11 8.01% (13.54%) 808.06 11.53% 36.41% (78.99%)

Philip Richards Sep 11 30 Sep 11 Jul 07 - Sep 11

Ytd Avg. 2011

Equity-Mid-Small Cap / UK 3.86%

ALPHAGEN VOLANTIS FUND, LTD - A (USD) 30 Apr 02 M $501 M 399.81 31 Oct 11 0.88% 3.86% 396.33 15.69% 8.85% (11.36%)

Rob Giles & Adam McConkey Sep 11 30 Sep 11 Jun 08 - Dec 08

Ytd Avg. 2011

Equity-Mid-Small Cap / USA (13.07%)

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1 30 Sep 96 Q $7'220 M 123,477.50 31 Oct 11 7.80% 1.16% 114,543.13 18.12% 11.27% (27.17%)

David Einhorn Jan 11 30 Sep 11 May 08 - Oct 08



GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1 31 Aug 01 Q $237 M 1,971.34 28 Oct 11 15.20% (1.95%) 1,711.23 6.91% 14.11% (47.07%)

Gregory B Fraser & Rudolph K Kluiber & Timothy A. Jul 08 30 Sep 11 May 07 - Feb 09

Krochuk

SENVEST PARTNERS, LTD - CLASS A 31 Mar 97 Q $183 M 844.51 30 Sep 11 (22.10%) (41.71%) 1,084.10 15.84% 39.67% (70.55%)

Richard Mashaal Sep 11 31 Aug 11 Feb 00 - Sep 02



ZAXIS OFFSHORE LTD - CLASS A/1 30 Jun 00 M $561 M 2,164.05 30 Sep 11 (8.62%) (9.77%) 2,368.19 7.10% 8.39% (20.58%)

Sanford J. Colen Sep 11 31 Aug 11 Jun 08 - Feb 09





Equity-Pharma-Biotech

YTD Avg. 2011 (2.96%)

Ytd Avg. 2011

Equity-Pharma-Biotech / USA (2.96%)

PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD 31 Dec 99 M $432 M 1,050.81 31 Oct 11 (0.69%) (2.56%) 1,058.11 21.97% 27.43% (25.67%)

Joseph Edelman Aug 11 30 Sep 11 Feb 00 - May 00









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 18

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Pharma-Biotech

YTD Avg. 2011 (2.96%)

Ytd Avg. 2011

Equity-Pharma-Biotech / USA (2.96%)

TRAXIS SIVIK GLOBAL HEALTHCARE OFFSHORE - 30 Jun 01 M $110 M 1,521.83 31 Oct 11 8.13% (5.91%) 1,407.40 4.14% 11.75% (32.70%)

A/01-01 Jun 11 30 Sep 11 Oct 07 - Feb 09

Krishen Sud

VISIUM BALANCE OFFSHORE FUND CL 2 31 Oct 05 Y/Q $1'763 M 184.97 31 Oct 11 1.33% (0.40%) 182.55 10.79% 9.88% (15.79%)

Jacob Gottlieb Sep 11 30 Sep 11 Aug 08 - Dec 08





Equity-Technology

YTD Avg. 2011 (2.62%)

Ytd Avg. 2011

Equity-Technology / Global (4.65%)

EXANE ARCHIMEDES FUND CLASS A CAP 30 Sep 06 W € 1'069 M 15,260.59 01 Nov 11 (0.34%) 4.61% 15,312.42 8.66% 4.59% (3.45%)

Gilles Lenoir and César Zeitouni Sep 11 31 Oct 11 Feb 08 - Mar 08



SPINNER GLOBAL TECHNOLOGY FUND, LTD 21 Sep 93 M $155 M 94.72 30 Sep 11 (6.33%) (13.90%) 101.13 13.28% 16.96% (34.02%)

Art Spinner Sep 11 31 Aug 11 Aug 00 - Sep 02

Ytd Avg. 2011

Equity-Technology / USA 1.44%

SELIGMAN TECH SPECTRUM FUND CLASS 31 Dec 06 M $2'000M 305.41 31 Oct 11 9.77% 1.44% 278.23 9.14% 12.81% (19.91%)

-A1-S/2-2002 Feb 11 30 Sep 11 May 08 - Nov 08

J. & W. Seligman & Co. Incorporated



Equity-Utility

YTD Avg. 2011 (0.59%)

Ytd Avg. 2011

Equity-Utility / Global (0.59%)

ECOFIN GLOBAL LONG/SHORT FUND UCITS III 31 Jan 11 W $29 M 99.41 26 Oct 11 1.03% (0.59%) 98.39 (0.80%) 4.03% (3.10%)

Bernard Lambilliotte Sep 11 30 Sep 11 Jul 11 - Aug 11









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 19

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Multi-Strategy

YTD Avg. 2011 (9.62%)

Ytd Avg. 2011

Multi-Strategy / Emerging (11.79%)

MONEDA ABSOLUTE RETURN LTD 31 Jan 07 Q $ 108 M 129.25 21 Oct 11 2.00% (11.79%) 126.72 5.58% 13.63% (29.89%)

Juan Luis Rivera Jan 11 30 Sep 11 Jun 08 - Dec 08

Ytd Avg. 2011

Multi-Strategy / Global (9.48%)

DAVIDSON KEMPNER INTL, LTD - CLASS C Tranche 1 31 Oct 95 Q $5'662 M 389.45 31 Oct 11 1.15% 1.10% 385.02 8.86% 3.95% (10.87%)

Thomas L. Kempner, Jr. Sep 10 30 Sep 11 Oct 07 - Nov 08



FIRST EAGLE GOOD HOPE INTERNATIONAL LTD 31 Mar 04 Q $66 M 1,458.75 28 Oct 11 (0.30%) (10.25%) 1,463.12 5.11% 10.54% (35.08%)

Colin Morris Aug 11 30 Sep 11 May 08 - Dec 08



FORE MULTI STRATEGY FUND LTD 31 Mar 04 Q $1'400 M 291.51 30 Sep 11 2.85% 8.83% 283.44 15.32% 11.99% (27.01%)

Matthew Li Sep 11 31 Aug 11 Feb 08 - Sep 08



OWL CREEK OVERSEAS FUND, LTD 31 Jan 02 Y $3'827 M 3,214.81 31 Oct 11 5.50% (10.93%) 3,047.22 12.72% 13.48% (20.92%)

Jeffrey Altman Sep 11 30 Sep 11 Mar 10 - Sep 11



PARA INTERNATIONAL FUND -A- 31 Jan 95 M $356 M 405.64 31 Oct 11 5.86% (1.26%) 383.18 8.71% 7.87% (26.59%)

Ned Sadaka Apr 11 30 Sep 11 May 07 - Feb 09



PAULSON ADVANTAGE LTD -A- 31 Mar 04 Q $ 2'908 M 270.19 30 Sep 11 (12.14%) (32.56%) 307.52 14.16% 15.48% (33.80%)

John Paulson Sep 11 31 Aug 11 Feb 11 - Sep 11



PAULSON ADVANTAGE PLUS LTD 31 Dec 04 Q $4'251 M 315.56 30 Sep 11 (19.37%) (46.92%) 391.37 18.56% 24.09% (48.40%)

John Paulson Sep 11 31 Aug 11 Feb 11 - Sep 11



PAULSON RECOVERY FUND LTD 31 Oct 08 Y $ 1'744 M 106.35 30 Sep 11 (14.39%) (31.43%) 124.23 2.12% 24.09% (35.13%)

John Paulson Jan 10 31 Aug 11 Apr 11 - Sep 11



PERRY PARTNERS INTERNATIONAL INC CLASS -1 - 30 Sep 93 Q / 2Y $4'835 M 757.54 28 Oct 11 3.39% (3.97%) 732.70 11.85% 7.34% (25.65%)

TN A Sep 11 30 Sep 11 Oct 07 - Nov 08

Richard Perry

PERSHING SQUARE INTL.LTD 31 Dec 04 Y/Q $5'848 M 2,955.06 31 Oct 11 13.50% (4.43%) 2,603.58 17.18% 14.98% (20.35%)

William Ackman Oct 11 30 Sep 11 Jan 08 - Feb 09



REVELATION SPECIAL SITUATIONS FUND LTD 28 Feb 05 M $427 M 1,904.27 30 Sep 11 0.38% (2.78%) 1,896.98 10.27% 5.50% (7.12%)

Chris Kuchanny Sep 11 31 Aug 11 Jul 08 - Nov 08



THIRD POINT OFFSHORE 30 Nov 96 M $4'273 M 11,238.03 31 Oct 11 0.80% 0.90% 11,148.84 17.60% 13.54% (35.48%)

Daniel Loeb Sep 11 30 Sep 11 Jun 08 - Mar 09



THIRD POINT ULTRA 30 Apr 97 Q $1'118 M 3,090.82 31 Oct 11 0.80% (1.11%) 3,066.29 26.67% 23.13% (41.80%)

Daniel Loeb Sep 11 30 Sep 11 Jun 08 - Mar 09









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 20

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Multi-Strategy

YTD Avg. 2011 (9.62%)

Ytd Avg. 2011

Multi-Strategy / Global (9.48%)

TYRUS CAPITAL EVENT FUND LTD 31 Oct 09 Q $1'480 M 116.35 31 Oct 11 2.32% (0.27%) 113.71 7.86% 5.87% (7.95%)

Tony Chedraoui Sep 11 30 Sep 11 Feb 11 - Sep 11



YORK INVESTMENT LTD -CLASS A/1 28 Feb 94 Q $2'092 M 6,516.59 21 Oct 11 2.17% (7.11%) 6,378.18 11.20% 9.16% (29.86%)

James Dinan Dec 09 30 Sep 11 Oct 07 - Feb 09









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 21

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Fixed Income

YTD Avg. 2011 3.07%

Ytd Avg. 2011

Fixed Income / Emerging 6.73%

MARATHON OVERSEAS FUND, LTD - A 31 Mar 98 Q $495 M 261.32 28 Oct 11 (0.01%) 6.73% 261.35 7.33% 7.28% (36.00%)

B. Richards & L. Hanover Jun 09 30 Sep 11 May 07 - Apr 09

Ytd Avg. 2011

Fixed Income / Global 2.76%

BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 30 Sep 06 M $ 841 M 160.73 26 Oct 11 0.77% 13.75% 159.50 9.80% 6.08% (10.54%)

Tim Webb Jul 11 30 Sep 11 Jun 08 - Dec 08



BLACKROCK OBSIDIAN FUND 30 Jun 96 M $594 M 4,455.05 30 Sep 11 (4.20%) (13.26%) 4,650.36 10.29% 9.60% (20.93%)

Stuart Spodek Sep 11 31 Aug 11 Jan 08 - Feb 09



CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS 30 Sep 05 Q $6'880 M 204.10 31 Oct 11 (0.13%) 5.03% 204.36 12.43% 5.27% (7.41%)

-A- Sep 11 30 Sep 11 Feb 08 - Mar 08

Yan Huo, Masao Asai

DRAKE GLOBAL OPPORTUNITIES FUND 30 Nov 02 Q $107 M 1,607.23 30 Sep 11 (5.10%) 4.64% 1,693.60 5.52% 14.92% (57.51%)

Anthony Faillace Apr 11 31 Aug 11 Sep 07 - Mar 09



EMF FIXED INCOME FUND, LTD 31 Oct 01 Q $255 M 38,997.32 14 Oct 11 (2.30%) 5.89% 39,915.37 14.64% 15.90% (22.46%)

Eric M. Flanagan/David C. Gottlieb Feb 11 30 Sep 11 Feb 08 - Mar 08



III FUND LTD 30 Jun 93 Q $134 M 3,077.56 21 Oct 11 0.20% 8.85% 3,071.42 6.33% 11.66% (54.77%)

Cliff G Viner Sep 11 30 Sep 11 Jan 08 - Nov 08



III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 31 Oct 05 Q $160 M 1,469.94 21 Oct 11 0.50% 8.96% 1,462.63 6.66% 9.66% (31.27%)

Garth Friesen Jun 11 30 Sep 11 Nov 07 - Dec 08



LONDON DIVERSIFIED FUND, LTD - D 31 May 95 Q $226 M 4,342.61 28 Oct 11 1.13% 3.09% 4,294.15 9.36% 6.98% (28.95%)

Robert Standing & David Gorton Sep 10 30 Sep 11 Jan 08 - Dec 08



PARS IV OFFSHORE FUND II , CL. A/1 31 Mar 02 Q $2'250 M 2,058.02 30 Sep 11 (1.80%) 0.85% 2,095.75 7.89% 9.47% (25.88%)

William H. Gross Sep 11 31 Aug 11 May 08 - Nov 08



PROLOGUE FEEDER FUND, LTD. CLASS A 31 Jan 06 Q $1'284 M 1,714.65 21 Oct 11 (0.46%) 4.73% 1,722.53 9.88% 3.83% (1.59%)

David Lofthouse, Graham Walsh Sep 11 30 Sep 11 Jul 07 - Aug 07



SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.I 30 Jun 01 D $18 M 66,965.09 31 Oct 11 0.89% (3.64%) 66,373.30 2.87% 2.48% (5.61%)

Jean-Charles Bertrand Feb 11 30 Sep 11 Jan 11 - Sep 11



SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.I 31 May 01 D €18 M 119,950.36 31 Oct 11 1.96% (5.75%) 117,639.80 3.99% 4.85% (9.64%)

Jean-Charles Bertrand Sep 09 30 Sep 11 Jan 11 - Sep 11









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 22

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Arbitrage

YTD Avg. 2011 (3.01%)

Ytd Avg. 2011

Arbitrage / Global (3.01%)

HSBC MAA FUND USD 15 Jun 95 Q/M $171 M 193.73 21 Oct 11 0.70% (3.01%) 192.38 4.12% 5.02% (25.30%)

HSBC Alternative Investments Limited Jun 11 30 Sep 11 Jul 07 - Dec 08





Event Driven

YTD Avg. 2011 (5.67%)

Ytd Avg. 2011

Event Driven / Global (5.67%)

HSBC DISTRESSED MARKETS FUND USD Class 31 May 09 M $169 M 111.24 21 Oct 11 (0.42%) (5.67%) 111.71 4.55% 4.57% (7.40%)

HSBC Management (Guernsey) Ltd Jun 11 30 Sep 11 Feb 11 - Oct 11





Leveraged Multi-Strategy

YTD Avg. 2011 (8.30%)

Ytd Avg. 2011

Leveraged Multi-Strategy / Global (8.30%)

HSBC LEVERAGED GH FUND 30 Nov 04 M $2'624 M 118.32 21 Oct 11 (0.82%) (8.30%) 119.30 2.47% 12.89% (37.09%)

HSBC Republic Investment Limited Jun 11 30 Sep 11 Jun 08 - Dec 08





Long/Short

YTD Avg. 2011 (9.41%)

Ytd Avg. 2011

Long/Short / Asia (9.41%)

HSBC ASIAN ADVANTEDGE FUND 30 Jun 02 M $46 M 169.93 21 Oct 11 (0.46%) (9.41%) 170.71 5.86% 8.66% (24.73%)

HSBC Alternative Investments Limited Jun 11 30 Sep 11 Dec 07 - Nov 08





Multi-Strategy

YTD Avg. 2011 (4.84%)

Ytd Avg. 2011

Multi-Strategy / Emerging (8.44%)

HSBC EMERGING ADVANTEDGE FUND 31 Mar 97 M $29 M 155.69 21 Oct 11 0.52% (8.44%) 154.89 3.09% 15.69% (59.39%)

HSBC Alternative Investments Limited Jun 11 30 Sep 11 Sep 97 - Dec 98









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 23

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Multi-Strategy

YTD Avg. 2011 (4.84%)

Ytd Avg. 2011

Multi-Strategy / Global (3.04%)

HSBC GH FUND USD 31 May 96 M $2'625 M 277.07 21 Oct 11 (0.32%) (3.31%) 277.96 6.84% 6.68% (18.30%)

HSBC Alternative Investments Limited Jun 11 30 Sep 11 Jun 08 - Dec 08



HSBC HEDGE INVESTMENTS FUND 28 Feb 02 Q $38 M 144.27 21 Oct 11 (0.28%) (2.77%) 144.68 3.87% 5.21% (17.63%)

HSBC Alternative Investments Limited Jun 11 30 Sep 11 Jun 08 - Dec 08





Trading

YTD Avg. 2011 (1.24%)

Ytd Avg. 2011

Trading / Global (1.24%)

HSBC TRADING ADVANTEDGE FUND 31 Oct 05 M $352 M 150.75 21 Oct 11 (2.60%) (1.24%) 154.77 7.11% 9.66% (10.20%)

HSBC Alternative Investments Limited Jun 11 30 Sep 11 Jan 09 - Jan 10









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 24

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Equity-Diversified

YTD Avg. 2011 (6.83%)

Ytd Avg. 2011

Equity-Diversified / Emerging (6.94%)

RUSSIAN PROSPERITY FUND - A 31 Aug 96 W $1'073 M 217.21 27 Oct 11 17.85% (6.94%) 184.31 22.75% 46.94% (90.26%)

Alexander Branis Sep 11 30 Sep 11 Jul 97 - Jan 99

Ytd Avg. 2011

Equity-Diversified / Europe (12.75%)

LANSDOWNE EUROPEAN LONG ONLY FUND LTD 31 Dec 04 Q $290 M 173.97 31 Oct 11 4.17% (12.75%) 167.01 8.44% 17.85% (46.23%)

Steven Heinz / David Craigen Sep 11 30 Sep 11 May 07 - Feb 09

Ytd Avg. 2011

Equity-Diversified / Global (0.80%)

ALLIANCE BERNSTEIN SELECT US EQUITY 31 Dec 04 M $803 M 1,621.58 01 Nov 11 (2.42%) (0.80%) 1,661.80 7.32% 15.95% (44.66%)

Kurt Feuerman Jul 11 31 Oct 11 Oct 07 - Feb 09





Equity-Energy

YTD Avg. 2011 (27.55%)

Ytd Avg. 2011

Equity-Energy / Global (27.55%)

RAB ENERGY CLASS F 31 Aug 05 Q $235 M 216.72 27 Oct 11 (0.33%) (27.55%) 217.44 2.16% 24.30% (64.56%)

Mark Redway Jan 11 30 Sep 11 Jul 07 - Feb 09









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 25

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Commodity

YTD Avg. 2011 (22.78%)

Ytd Avg. 2011

Commodity / Global (22.78%)

CLIVE FUND (The ) Class - A - 30 Nov 07 Q $4'100 M 191.67 31 Oct 11 (7.80%) (8.56%) 207.88 18.05% 19.61% (18.05%)

Christian Levett and Richard Boland Oct 11 30 Sep 11 Apr 11 - Aug 11



MERCHANT COMMODITY FUND (THE) - COMPOSITE 31 May 04 M $988 M 300.43 31 Oct 11 (1.50%) (36.99%) 305.01 15.98% 21.91% (36.99%)

Michael Coleman and Doug King Sep 11 30 Sep 11 Dec 10 - Oct 11





Currency

YTD Avg. 2011 4.81%

Ytd Avg. 2011

Currency / Global 4.81%

QFS CURRENCY FUND, LTD CLASS B SHARES 28 Feb 93 M $132 M 832.77 31 Oct 11 0.63% 4.81% 827.55 12.01% 14.50% (18.85%)

(INDEX) Oct 11 30 Sep 11 Feb 04 - Aug 06

Dr. Sanford Grossman



Diversified

YTD Avg. 2011 (1.40%)

Ytd Avg. 2011

Diversified / Asia 3.96%

ALPHADYNE INVESTMENT STRATEGIES FUND LTD 31 Jan 07 M $ 272 M 1,506.37 31 Oct 11 (0.84%) 0.68% 1,519.13 9.00% 4.78% (3.63%)

Bart Broadman, Philippe Khuong-Huu Apr 11 30 Sep 11 May 09 - Jun 09



BREVAN HOWARD ASIA FUND LIMITED 30 Sep 04 M $1'292 M 196.77 14 Oct 11 0.51% 7.25% 195.77 10.09% 4.07% (1.94%)

Kaspar Ernst Sep 11 30 Sep 11 Jan 10 - Mar 10

Ytd Avg. 2011

Diversified / Emerging (0.17%)

BLUECREST EMERGING MARKETS FUNDS 31 Aug 05 Q $1'170 M 170.90 31 Oct 11 (0.29%) (0.07%) 171.39 9.09% 12.48% (22.89%)

Bluecrest Capital Management LLP Oct 10 30 Sep 11 Oct 07 - Oct 08



BREVAN HOWARD EM. MKT STRATEGIES FUND LTD 31 Dec 07 M $2'190 M 132.18 14 Oct 11 2.25% (2.94%) 129.27 7.64% 10.10% (9.52%)

Geraldine Sundstrom Sep 11 30 Sep 11 Aug 11 - Sep 11



EMSO LTD (Emerging Markets Special Opportunities ) 30 Apr 00 Q $ 912 M 317.27 28 Oct 11 0.01% 0.66% 317.23 10.56% 5.46% (5.90%)

Mark Franklin Sep 11 30 Sep 11 Apr 06 - Jun 06



GAVEA FUND LTD . CLASS A S/1 31 Jul 03 Q $1'620 M 212.37 28 Oct 11 0.04% 0.03% 212.29 9.56% 7.12% (12.50%)

Fraga Arminio Sep 11 30 Sep 11 Jul 08 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 26

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Diversified

YTD Avg. 2011 (1.40%)

Ytd Avg. 2011

Diversified / Emerging (0.17%)

GREEN II FUND-S/ 01.06 COMPOSITE 31 Jan 01 M $1'500 M 627.71 31 Oct 11 11.02% 1.64% 565.38 17.36% 14.85% (33.00%)

Luis Stuhlberger May 10 30 Sep 11 Jun 08 - Nov 08



MOORE EMERGING FX . INC & CRY FUND - CLASS A 31 Mar 09 M $231 M 1,198.54 27 Oct 11 1.97% 4.04% 1,175.40 7.28% 4.09% (3.02%)

Greg Coffey Mar 11 30 Sep 11 Oct 09 - Jan 10



PHARO TRADING FUND 30 Nov 00 M $484 M 3,862.89 21 Oct 11 (3.97%) (4.53%) 4,022.59 13.20% 9.92% (13.16%)

Guillaume Fonkenell Sep 11 30 Sep 11 Feb 08 - Oct 08

Ytd Avg. 2011

Diversified / Global (2.15%)

BREVAN HOWARD FUND, LTD - USD CLASS A 31 Mar 03 M $24'270 M 286.72 14 Oct 11 (1.25%) 10.24% 290.35 13.12% 7.11% (5.17%)

Alan Howard Jun 11 30 Sep 11 Feb 08 - Apr 08



BTG PACTUAL GLOBAL EMERGING MARKETS AND 31 Jan 09 Q $ 2'400 M 2,004.17 30 Sep 11 0.11% 3.81% 2,001.97 29.83% 9.00% (3.33%)

MACRO FUND Sep 11 31 Aug 11 May 11 - Aug 11

BTG Pactual Global Asset Management

CAPITAL FUND, LTD (THE) 31 Dec 99 M $84 M 2,467.15 28 Oct 11 (2.49%) 3.63% 2,530.16 11.29% 10.64% (17.38%)

Kenneth Windheim Aug 11 30 Sep 11 Jan 09 - Mar 10



CAXTON GLOBAL INVESTMENT LTD 31 Jan 97 Y $5'051 M 743.12 01 Nov 11 0.32% (0.10%) 740.73 14.56% 7.56% (7.37%)

Andrew E. Law Sep 11 31 Oct 11 Jun 07 - Aug 07



COMAC GLOBAL MACRO FUND 31 May 06 M $ 4'719 M 164.88 21 Oct 11 (0.85%) 3.81% 166.30 9.71% 8.45% (10.20%)

Colm O’Shea Jun 11 30 Sep 11 Apr 10 - Mar 11



DRAKE ABSOLUTE RETURN FUND, LTD (THE) 31 Dec 01 Y/Q $219 M 127.62 30 Sep 11 (2.50%) 2.47% 130.89 2.53% 11.99% (51.74%)

Anthony Faillace & Steven Luttrell Apr 11 31 Aug 11 Sep 07 - Mar 09



ELEMENT CAPITAL FUND 31 Mar 05 M $2'893 M 50,842.65 30 Sep 11 3.43% 0.55% 49,156.58 28.41% 10.94% (7.83%)

Jeffrey Talpins Jul 11 31 Aug 11 Oct 07 - Apr 08



EPISODE INC. CLASS A 31 Jul 05 Q $649 M 134.77 28 Oct 11 6.07% 0.21% 127.06 4.89% 12.67% (32.77%)

David Fishwick / Tony Finding Jul 11 30 Sep 11 Oct 07 - Feb 09



FORTRESS MACRO FUND LTD. CLASS A 31 Dec 08 M $ 2'597 M 973.35 31 Oct 11 (2.19%) (9.37%) 995.14 5.12% 6.32% (11.06%)

Michael E. Novogratz & Adam Levinson Aug 11 30 Sep 11 Mar 11 - Oct 11



GAM GLOBAL RATES HEDGE FUND 31 Jan 04 M $353 M 186.36 25 Oct 11 2.37% (8.43%) 182.05 8.38% 7.76% (12.25%)

Adrian Owens Mar 11 30 Sep 11 Mar 11 - Sep 11



GAMUT INVESTMENTS 30 Jun 86 M $418 M 7,985.89 31 Oct 11 (1.02%) (1.76%) 8,068.00 18.86% 13.62% (13.45%)

Andrew E. Law Sep 10 30 Sep 11 Dec 87 - Apr 88



HARMONIC ALPHA PLUS MACRO FUND - USD CLASS 30 Apr 03 M $881 M 115.76 31 Oct 11 (5.38%) (6.85%) 122.34 6.03% 11.72% (15.20%)

Richard Conyers Oct 11 30 Sep 11 Jun 07 - Aug 07





* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 27

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Diversified

YTD Avg. 2011 (1.40%)

Ytd Avg. 2011

Diversified / Global (2.15%)

INVESTCORP STONEWORKS GLOBAL MACRO FUND 31 Jul 07 M $ 200 M 112.65 31 Oct 11 (2.20%) (0.55%) 115.19 2.84% 9.47% (14.97%)

LTD Aug 11 30 Sep 11 Jul 09 - Mar 11

Investcorp Investment Advisers Limited

MELLON OFF GLOB OPP FUND LTD - 30 Nov 05 M $283 M 1,148.20 30 Sep 11 0.97% 2.82% 1,137.17 2.40% 9.62% (31.90%)

MULTICURRENCY - A1 Aug 11 31 Aug 11 Jan 07 - Oct 08

Thomas B. Hazuka & Michael Ho

MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1 31 Jul 05 M $318 M 1,066.30 30 Sep 11 1.17% (0.37%) 1,053.99 1.05% 18.57% (59.00%)

Thomas B. Hazuka & Michael Ho Aug 11 31 Aug 11 Jan 07 - Oct 08



MKP OPPORTUNITY OFFSHORE, LTD 31 Jul 01 M $1'548 M 268.16 28 Oct 11 (2.13%) 10.63% 274.00 10.10% 5.49% (3.70%)

Patrick McMahon Sep 11 30 Sep 11 Dec 09 - Feb 10



MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B 31 Mar 02 M $1'183 M 2,093.52 28 Oct 11 0.97% (29.77%) 2,073.41 8.01% 18.38% (30.44%)

Timothy Rudderow Nov 10 30 Sep 11 Dec 10 - Sep 11



MOORE GLOBAL INV FD, LTD - A $ 31 Dec 89 Q $7'600 M 43,519.48 27 Oct 11 (2.23%) (3.13%) 44,513.26 18.86% 12.19% (18.45%)

Louis Bacon Sep 10 30 Sep 11 Jan 94 - Feb 95



MOORE MACRO MANAGERS FUND, LTD CLASS -A- 31 Jul 93 Q $3'599 M 11,167.33 27 Oct 11 (0.84%) (2.01%) 11,262.45 14.13% 8.72% (14.47%)

Louis Bacon Sep 11 30 Sep 11 Jan 94 - Feb 94



PHARO MACRO FUND LTD 30 Apr 05 Q $3'118 M 2,139.31 21 Oct 11 (3.15%) (7.75%) 2,208.89 12.45% 9.35% (9.64%)

Guillaume Fonkenell Sep 11 30 Sep 11 Jun 08 - Nov 08



PIA MACRO FUND LTD 31 May 09 M $ 156 M 94.72 28 Oct 11 1.11% (13.89%) 93.68 (2.23%) 7.62% (14.83%)

Chris Pia Sep 11 30 Sep 11 Dec 10 - Sep 11



QFS GLOBAL MACRO FUND, LTD CLASS B SHARES 31 Jan 98 M $60 M 380.26 30 Sep 11 (3.40%) (2.05%) 393.64 10.26% 14.33% (27.08%)

Dr. Sanford Grossman Oct 11 31 Aug 11 Feb 04 - Aug 06



RUBICON GLOBAL FUND, LTD 31 Oct 99 M $365 M 457.39 31 Oct 11 (2.09%) 5.04% 467.16 13.50% 15.01% (36.03%)

Paul Brewer Oct 11 30 Sep 11 Dec 04 - May 07



SWORDFISH FUND LTD 31 Jan 03 M $62 M 1,232.62 30 Sep 11 (15.26%) (8.20%) 1,454.58 2.44% 15.47% (42.40%)

James Loh Apr 11 31 Aug 11 Jun 08 - Feb 09



TRAXIS FUND LP (OFFSHORE) 31 May 03 Q $ 547 M 145.57 30 Sep 11 (5.80%) (7.69%) 154.54 4.61% 12.82% (40.00%)

Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux Nov 10 31 Aug 11 Oct 07 - Feb 09



TUDOR B.V.I GLOBAL FUND LTD -A- 31 Oct 86 Q $7'896 M 106,005.41 31 Oct 11 (2.44%) 2.87% 108,654.02 20.49% 19.42% (17.07%)

Paul Tudor Jones Sep 11 30 Sep 11 Apr 92 - Jul 92









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 28

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Currency

YTD Avg. 2011 4.87%

Ytd Avg. 2011

Currency / Global 4.87%

ORTUS FUND (CAYMAN) LTD 30 Sep 03 M $578 M 283.03 31 Oct 11 0.35% 4.87% 282.04 13.72% 12.46% (23.33%)

Dr Joe Zhou Aug 11 30 Sep 11 Jul 08 - Oct 08





Discretionary

YTD Avg. 2011 (2.01%)

Ytd Avg. 2011

Discretionary / Global (2.01%)

KROM RIVER COMMODITY FUND 30 Jun 06 M $ 690 M 182.48 31 Oct 11 (1.02%) (2.01%) 184.36 11.92% 10.49% (10.45%)

Christopher Brodie Jul 11 30 Sep 11 Oct 08 - Mar 10





Systematic

YTD Avg. 2011 (5.22%)

Ytd Avg. 2011

Systematic / Global (5.22%)

ASPECT DIVERSIFIED FUND - CLASS A 30 Nov 98 W $1'121 M 347.76 01 Nov 11 1.48% 2.15% 342.69 10.12% 16.72% (21.47%)

Anthony Todd Sep 11 31 Oct 11 Feb 04 - Jan 05



BLUETREND FUND, LTD - CLASS A 31 Mar 04 M $10'320 M 295.98 31 Oct 11 (7.25%) (3.54%) 319.11 15.37% 14.28% (12.55%)

Michael Platt & Leda Braga Aug 11 30 Sep 11 Apr 06 - Jul 06



BORONIA DIVERSIFIED FUND 31 Dec 01 M $892 M 1,736.59 02 Nov 11 (0.83%) (6.53%) 1,751.13 5.77% 8.77% (11.46%)

Richard Grinham and Angus Grinham Sep 11 31 Oct 11 Feb 08 - Apr 09



CIPHER DIVERSIFIED FUND-A- 31 Jul 98 M $41 M 2,943.01 31 Oct 11 (3.90%) (30.19%) 3,062.45 8.48% 19.59% (36.43%)

A. Knoepffler Mar 11 30 Sep 11 Apr 11 - Oct 11



CONQUEST MACRO FUND, LTD (COMP) 30 Apr 99 M $771 M 3,182.33 02 Nov 11 2.18% (5.29%) 3,114.44 9.69% 18.90% (29.12%)

Marc Malek Aug 11 31 Oct 11 Jul 09 - Jun 11



CRABEL FUND SPC LTD CLASS A 28 Feb 98 M $323 M 4,768.36 21 Oct 11 (0.26%) 2.61% 4,780.79 12.12% 17.01% (16.71%)

Toby Crabel Jan 10 30 Sep 11 Oct 98 - Jun 99



DISCUS FEEDER LTD CL. B USD STANDARD 31 Dec 90 M $545 M 1,294.36 28 Oct 11 (2.04%) 20.96% 1,321.31 13.36% 16.03% (34.56%)

LEVERAGE Sep 11 30 Sep 11 Jun 94 - Oct 95

Team managed

DKR QUANTITATIVE STRATS FUND, LTD 31 Dec 99 M $408 M 2,611.01 28 Oct 11 (6.00%) (11.73%) 2,777.67 8.45% 10.29% (14.16%)

Pascal Magnollay Jun 11 30 Sep 11 Feb 11 - Oct 11









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 29

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Systematic

YTD Avg. 2011 (5.22%)

Ytd Avg. 2011

Systematic / Global (5.22%)

EAGLE GLOBAL FUND 30 Sep 95 M $81 M 985,530.10 31 Oct 11 (9.99%) 10.55% 1,094,889.70 15.27% 24.10% (32.13%)

Menachem Sternberg & Liora Sternberg Mar 11 30 Sep 11 Oct 03 - Sep 04



GRAHAM GIF II PROPRIETARY MATRIX - 10V 30 Jun 99 M $764 M 293.13 01 Nov 11 0.55% (9.17%) 291.53 9.10% 12.24% (15.71%)

Kenneth G. Tropin Oct 11 31 Oct 11 Oct 01 - Apr 02



GRAHAM GLOBAL INVESTMENT FUND II - K4D-10V 31 Jan 95 M $3'662 M 360.39 01 Nov 11 0.56% (11.26%) 358.37 7.95% 12.59% (15.67%)

Kenneth G. Tropin Oct 11 31 Oct 11 Oct 01 - Apr 02



GRAHAM GLOBAL INVESTMENT FUND II - K4D-15V 31 Dec 98 M $3'662 M 215.84 01 Nov 11 0.85% (16.54%) 214.03 11.29% 19.38% (30.47%)

Kenneth G. Tropin Oct 11 31 Oct 11 Feb 04 - Apr 05



KEYNES LEVERAGED QUANTITATIVE STRATEGIES 31 Dec 04 M $231 M 103.71 31 Oct 11 (1.97%) (3.68%) 105.79 9.19% 12.35% (12.83%)

FUND CLASS - B -COMPOSITE Aug 09 30 Sep 11 Apr 06 - Sep 06

Sushil Wadhwani,

MAN AHL DIVERSIFIED PLC 31 Mar 96 W $2'415 M 93.70 01 Nov 11 0.79% (5.18%) 92.97 15.43% 17.63% (19.39%)

Tim Wong Sep 11 31 Oct 11 Dec 08 - Feb 10



RENAISSANCE INSTITUTIONAL FUTURES FUND LP 30 Sep 07 M $685 M 121.48 31 Oct 11 (1.40%) 2.92% 123.21 4.88% 12.45% (22.27%)

Robert Lourie Sep 11 30 Sep 11 Jun 08 - Jun 09



TEWKSBURY INVESTMENT FUND, LTD - B 31 Dec 90 M $3'420 M 15,198.49 28 Oct 11 2.60% 5.93% 14,813.34 13.95% 4.63% (7.75%)

Matthew Tewksbury Sep 11 30 Sep 11 Jun 07 - Aug 07



TRADELINK INTEGRATED PROGRAM LTD 31 Dec 93 M $88 M 2,369.98 31 Oct 11 (4.47%) (20.44%) 2,480.87 19.41% 23.85% (36.53%)

Walt Weissman and Blair Wellensiek Sep 11 30 Sep 11 May 03 - Jan 05



TUDOR TENSOR FUND LIMITED CLASS I 31 Aug 05 M $638 M 1,547.19 31 Oct 11 (4.84%) (9.03%) 1,625.81 7.33% 12.23% (13.94%)

Steve Evans Sep 11 30 Sep 11 Sep 09 - Aug 10



TULIP TREND FUND, LTD - A 31 Mar 03 M $619 M 3,287.64 31 Oct 11 (5.71%) (25.91%) 3,486.70 14.86% 26.15% (34.25%)

Harold de Boer Sep 09 30 Sep 11 Feb 09 - Jan 10



TWO SIGMA COMPASS CAYMAN FUND 31 Jul 09 M $ 489 M 1,462.29 31 Oct 11 1.24% (0.89%) 1,444.36 18.36% 9.15% (9.85%)

Two Sigma Investments, LLC Sep 11 30 Sep 11 Apr 11 - Sep 11



WINTON FUTURES FUND - CLASS B 30 Sep 97 M $ 8'900 M 837.92 02 Nov 11 1.07% 4.66% 829.05 16.27% 18.01% (25.08%)

David Harding Oct 11 31 Oct 11 Oct 01 - Feb 02









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 30

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Discretionary

YTD Avg. 2011 2.76%

Ytd Avg. 2011

Discretionary / Asia 8.75%

AMAZON MARKET NEUTRAL FUND CLASS A USD 31 Aug 05 M $409 M 339.43 28 Oct 11 (0.50%) 8.95% 341.14 21.94% 13.30% (20.20%)

August Investment Management Ltd Sep 11 30 Sep 11 Jun 08 - Dec 08



MACQUARIE ASIAN ALPHA FUND 30 Sep 05 M $757 M 1,613.00 31 Oct 11 (0.75%) 8.55% 1,625.19 11.11% 6.60% (14.05%)

Andrew Alexander & Nick Bird Jul 11 30 Sep 11 Oct 07 - Apr 09

Ytd Avg. 2011

Discretionary / Europe (0.34%)

EXANE MICROMEGAS FUND LTD- CLASS A - CAP 30 Jun 06 W € 265 M 15,146.30 02 Nov 11 0.02% (0.28%) 15,143.27 5.37% 5.51% (6.92%)

Jerome Poirel Sep 11 31 Oct 11 Oct 07 - Feb 08



TALENTUM ACTIVEDGE FUND LIMITED - A - 30 Jun 02 M €43 M 164.79 31 Oct 11 0.60% (0.11%) 163.80 5.49% 4.37% (11.77%)

Gianmarco Mondani / Marco Accorroni Sep 11 30 Sep 11 Jun 08 - Apr 09



TALENTUM ENHANCED FUND LIMITED - A - 31 Aug 02 M €138 M 239.34 31 Oct 11 1.10% (0.62%) 236.73 9.98% 8.95% (25.03%)

Gianmarco Mondani / Marco Accorroni Aug 11 30 Sep 11 Jun 08 - Apr 09

Ytd Avg. 2011

Discretionary / Global 1.04%

BLACK DIAMOND RELATIVE VALUE LTD -C-Shs 31 Jul 99 Q $827 M 291.23 31 Oct 11 4.07% (1.46%) 279.84 9.11% 5.47% (8.09%)

Clint Carlson Sep 11 30 Sep 11 Mar 11 - Sep 11



MARSHALL WACE - MW MARKET NEUTRAL TOPS A 31 Oct 07 M $395 M 100.69 01 Nov 11 0.10% 2.35% 100.59 0.17% 7.11% (15.98%)

USD Sep 11 31 Oct 11 Jun 08 - Nov 08

Anthony Clake.

TEMUJIN INTERNATIONAL FUND LTD 30 Sep 04 Q/M $85 M 148.34 31 Oct 11 3.10% 2.23% 143.88 5.72% 10.68% (21.13%)

Marco Battaglia Sep 09 30 Sep 11 Jul 06 - Feb 09

Ytd Avg. 2011

Discretionary / Japan 0.97%

DB EQUILIBRIA JAPAN FUND 30 Apr 02 M $180 M 226.83 28 Oct 11 1.00% 0.74% 224.59 9.00% 4.56% (5.77%)

James Pulsford, Sara Gardiner-Hill Sep 11 30 Sep 11 May 08 - Sep 08



DB EQUILIBRIA JAPAN FUND LTD 2X (USD) 30 Apr 09 M $407 M 134.60 28 Oct 11 2.04% 1.20% 131.91 12.64% 8.46% (7.61%)

James Pulsford, Sara Gardiner-Hill Sep 11 30 Sep 11 Jul 11 - Sep 11

Ytd Avg. 2011

Discretionary / UK 5.76%

ABSOLUTE INSIGHT UK EQUITY MKT NEUTRAL 31 May 08 D £ 170 M 1.13 03 Nov 11 0.04% 2.05% 1.13 3.22% 1.36% (0.49%)

FUND-CLASS B2P GBP Sep 09 31 Oct 11 Jun 11 - Aug 11

Andrew Cawker, Iain Brown, Richard Howarth









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 31

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Discretionary

YTD Avg. 2011 2.76%

Ytd Avg. 2011

Discretionary / UK 5.76%

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 30 Jun 08 Daily £ 228 M 107.60 02 Nov 11 (0.66%) 9.46% 108.31 2.21% 6.51% (9.96%)

Steven Cordell Jan 11 31 Oct 11 Sep 09 - Dec 10





Multi-Strategy

YTD Avg. 2011 0.53%

Ytd Avg. 2011

Multi-Strategy / Asia 0.53%

LIM ASIA MULTI-STRATEGY FUND CLASS A 31 Dec 95 Q $ 900 M 34.39 30 Sep 11 (0.72%) 0.53% 34.64 8.15% 6.03% (15.79%)

George W. Long Jul 11 31 Aug 11 Feb 08 - Nov 08





Statistical Arbitrage

YTD Avg. 2011 1.50%

Ytd Avg. 2011

Statistical Arbitrage / Europe (3.65%)

BLACKROCK EOS CLASS B USD COMPOSITE 28 Feb 02 M $ 219 M 1,179.64 02 Nov 11 1.46% (1.87%) 1,162.64 9.97% 9.19% (14.33%)

Robert Fisher Apr 11 31 Oct 11 Jul 07 - Jan 08



GLC GESTALT EUROPE FUND, LTD A/1 31 Jul 99 M $86 M 227.39 31 Oct 11 4.93% (5.43%) 216.71 6.93% 9.33% (23.47%)

Laurence Staden & Julian Brooks Sep 11 30 Sep 11 Oct 09 - Sep 11

Ytd Avg. 2011

Statistical Arbitrage / Global 4.07%

A.R.T. INTERNATIONAL INVESTOR (BVI) Ltd 28 Feb 07 Q $904 M 193.12 31 Oct 11 0.97% 6.57% 191.26 15.12% 9.54% (10.48%)

Aaron Sosnick Aug 11 30 Sep 11 Jul 07 - Aug 07



BLUEMATRIX FUND CLASS -A- USD 31 Oct 07 M $434 M 130.13 21 Oct 11 1.72% (4.90%) 127.93 6.85% 7.53% (9.96%)

BlueCrest Capital management LLP Sep 11 30 Sep 11 Apr 11 - Sep 11



GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 28 Feb 05 Q $985 M 196.99 31 Oct 11 2.26% 12.96% 192.63 10.69% 4.93% (11.91%)

Jonathan Hiscock Oct 11 30 Sep 11 Jun 08 - Sep 08



HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A 31 Oct 06 M $1'070 M 1,225.29 31 Oct 11 4.66% 1.65% 1,170.79 4.14% 11.31% (21.48%)

Evan Dick, Greg Howel Feb 11 30 Sep 11 Jun 07 - Aug 07









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 32

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Systematic

YTD Avg. 2011 20.14%

Ytd Avg. 2011

Systematic / Global 20.14%

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD 31 Jul 02 Y/M $403 M 1,599.04 31 Oct 11 1.74% 20.14% 1,571.76 5.20% 7.56% (25.62%)

(THE) - A/1 Sep 11 30 Sep 11 Jun 08 - Sep 09

BlackRock SAE Team









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 33

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Merger-Arbitrage

YTD Avg. 2011 (4.10%)

Ytd Avg. 2011

Merger-Arbitrage / Global (5.21%)

AETOS CORPORATION - CLASS A 31 Dec 85 M $126 M 25,284.20 28 Oct 11 3.91% 3.52% 24,332.28 9.37% 11.77% (34.97%)

Jason Dahl, Jonathan Spitzer Sep 11 30 Sep 11 Aug 87 - Oct 87



CENTAURUS INTERNATIONAL RISK ARBITRAGE 30 Jun 09 M €370 M 107.35 30 Sep 11 0.07% (4.85%) 107.27 3.20% 5.34% (7.66%)

FUND Jul 11 31 Aug 11 May 11 - Aug 11

Randy Freeman

LION FUND, LTD (THE) 31 Jan 96 M $294 M 37.46 30 Sep 11 0.74% 1.48% 37.19 8.69% 9.74% (34.07%)

Nick Walker May 11 31 Aug 11 Oct 07 - Feb 09



PAULSON ENHANCED LTD 30 Apr 01 S $2'120 M 686.05 30 Sep 11 (16.71%) (22.47%) 823.68 20.29% 16.92% (30.43%)

John Paulson Sep 11 31 Aug 11 Apr 11 - Sep 11



PAULSON INTERNATIONAL, LTD 30 Apr 96 M $1'478 M 710.08 30 Sep 11 (8.21%) (10.33%) 773.59 12.94% 8.21% (15.52%)

John Paulson Sep 11 31 Aug 11 May 11 - Sep 11



PSAM MERGER FUND LTD 31 May 09 M $70 M 109.22 28 Oct 11 0.26% 1.39% 108.94 3.73% 2.53% (2.08%)

Peter Schoenfeld Aug 11 30 Sep 11 Apr 11 - Aug 11

Ytd Avg. 2011

Merger-Arbitrage / USA 2.59%

GABELLI ASSOCIATES LIMITED - CLASS A 31 Aug 89 M $154 M 565.65 31 Oct 11 1.40% 2.59% 557.84 8.13% 3.32% (6.65%)

Mario Gabelli Feb 07 30 Sep 11 Oct 07 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 34

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Diversified

YTD Avg. 2011 (3.49%)

Ytd Avg. 2011

Diversified / Asia (15.82%)

BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. 28 Feb 05 M $ 102 M 99.59 14 Oct 11 (6.00%) (15.82%) 105.94 (0.06%) 12.37% (33.73%)

FUND LTD Sep 11 30 Sep 11 Mar 08 - Jun 11

Richard Pegum, Paul Henry

Ytd Avg. 2011

Diversified / Global (2.92%)

ALLBLUE LIMITED 31 Aug 05 M $6'759 M 179.40 31 Oct 11 (1.78%) 0.58% 182.66 9.94% 5.11% (4.51%)

Michael Platt Aug 11 30 Sep 11 Jun 07 - Aug 07



ARROWGRASS INT FUND LTD 29 Feb 08 Q €2'460 M 135.06 31 Oct 11 1.84% 0.30% 132.62 8.53% 4.65% (4.40%)

Nick Niell , Henry Kenner Sep 11 30 Sep 11 Apr 11 - Sep 11



BLACK RIVER DYNAMIC STRATEGIES FUND LTD 31 Jul 09 Q $107 M 101.97 30 Sep 11 1.40% (1.87%) 100.56 0.90% 4.86% (7.79%)

William Schatten Apr 11 31 Aug 11 Apr 10 - Jul 11



BREVAN HOWARD M/S FUND, LTD – CL. A/USD 29 Feb 08 M $1'093 M 122.02 14 Oct 11 (0.64%) 5.14% 122.81 5.64% 5.38% (6.29%)

Alan Howard Sep 11 30 Sep 11 Feb 08 - Sep 08



BRUMMER MULTISTRATEGY 2XL, LTD - C - 30 Apr 09 M €141 M 1,213.17 31 Oct 11 1.10% 2.67% 1,199.97 8.02% 7.10% (5.98%)

B&P Asset Management (Bermuda) Ltd. Jun 10 30 Sep 11 Apr 11 - Aug 11



CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI 31 Jul 05 Q $1'109 M 2,648.40 30 Sep 11 (11.83%) (19.65%) 3,003.88 17.10% 14.71% (24.58%)

Michael Hintze Sep 11 31 Aug 11 Apr 11 - Sep 11



CQS DIVERSIFIED FUND (SPC) LTD ALPHA CLASS B 28 Feb 07 Q $455 M 1,434.58 27 Oct 11 2.32% (2.64%) 1,402.02 8.04% 8.13% (14.78%)

USD Jun 11 30 Sep 11 Jun 08 - Dec 08

James Peattie & Peter Warren

GLC DIVERSIFIED FUND LTD -A- 30 Jun 93 M $176 M 66.77 31 Oct 11 0.12% (2.44%) 66.69 10.90% 11.43% (18.46%)

Lawrence Staden Mar 11 30 Sep 11 Oct 09 - Jul 11



HUTCHIN HILL CAPITAL OFFSHORE FUND LTD 30 Jun 08 Q $1'500 M 1,330.27 31 Oct 11 (3.64%) (5.80%) 1,380.52 8.93% 7.03% (7.34%)

Neil Chriss Aug 11 30 Sep 11 Apr 11 - Oct 11



JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI 30 Apr 07 W $1'508 M 148.26 25 Oct 11 3.56% (19.36%) 143.16 9.17% 13.66% (24.79%)

Philippe Jabre Mar 11 30 Sep 11 Apr 10 - Sep 11



JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 31 Jan 07 M $1'036 M 108.89 14 Oct 11 1.97% (20.16%) 106.79 1.83% 18.42% (40.20%)

Philippe Jabre Sep 11 30 Sep 11 Feb 08 - Jan 09



PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 31 Dec 02 Q $680 M 5,306.49 21 Oct 11 1.03% 19.58% 5,252.39 20.85% 5.12% (4.42%)

LTD Oct 11 30 Sep 11 Aug 08 - Oct 08

Mark Nordlicht

STRATUS FUND LIMITED CLASS B 30 Nov 03 M $ 3'179 M 2,109.78 28 Oct 11 2.86% 16.56% 2,051.12 9.89% 5.90% (8.14%)

Team managed Jul 11 30 Sep 11 Jun 07 - Sep 07





* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 35

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Diversified

YTD Avg. 2011 (3.49%)

Ytd Avg. 2011

Diversified / Global (2.92%)

TWO SIGMA HORIZON CAYMAN LTD 30 Apr 08 Q $630 M 1,171.59 31 Oct 11 (0.83%) (13.83%) 1,181.36 4.62% 11.18% (17.37%)

Two Sigma Investments, LLC Sep 11 30 Sep 11 May 11 - Oct 11

Ytd Avg. 2011

Diversified / Japan 0.91%

LIM JAPAN FUND 31 Oct 04 Q $ 118 M 165.97 28 Oct 11 (2.81%) 0.91% 170.77 7.51% 6.44% (10.09%)

LIM Advisors Limited Aug 11 30 Sep 11 Jun 08 - Feb 09





Multi-Strategy

YTD Avg. 2011 (0.78%)

Ytd Avg. 2011

Multi-Strategy / Global (0.78%)

AG SUPER FUND INTERNATIONAL, LTD 30 Apr 93 Y $625 M 1,259.56 21 Oct 11 1.05% (4.06%) 1,246.47 9.64% 5.62% (24.78%)

J. Angelo & Michael Gordon & Dave Kamin Mar 11 30 Sep 11 Jun 07 - Dec 08



BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED) 31 Dec 95 Q $102 M 291.22 31 Oct 11 1.88% 0.02% 285.85 6.98% 4.18% (18.58%)

Clint D. Carlson Sep 11 30 Sep 11 Aug 08 - Dec 08



BLACKROCK MULTI-STRATEGY FUND LTD - CLASS A 30 Apr 05 M $1'490 M 1,315.77 30 Sep 11 0.44% 1.64% 1,309.98 4.36% 6.25% (13.96%)

Grace Gu Aug 11 31 Aug 11 Jun 08 - Dec 08



BLUECREST CAPL INTL LTD A USD 30 Nov 00 Q $8'610 M 409.78 31 Oct 11 0.43% 4.58% 408.01 13.78% 5.84% (4.83%)

Michael Platt Apr 11 30 Sep 11 May 03 - Aug 03



BLUEMOUNTAIN EQUITY ALTERNATIVES FUND 28 Feb 06 Q $324 M 1,844.29 28 Oct 11 1.23% 7.94% 1,821.88 11.41% 7.83% (9.57%)

Alan Gerstein Aug 11 30 Sep 11 Sep 08 - Feb 09



BOUSSARD & GAVAUDAN HOLDING., LTD ordinary 31 Jan 07 D €679 M 13.91 02 Nov 11 (0.94%) 0.84% 14.05 5.38% 7.77% (20.69%)

shares Apr 11 31 Oct 11 May 07 - Sep 08

Emmanuel Gavaudan

DOUBLE BLACK DIAMOND LTD - SERIES A 31 Mar 98 Q $2'897 M 366.16 31 Oct 11 2.64% 0.35% 356.74 10.02% 5.58% (17.93%)

(UNRESTRICTED) Sep 11 30 Sep 11 Aug 08 - Dec 08

Clint Carlson

FIRST EAGLE N.V. (A) 30 Nov 92 M $449 M 317,416.51 28 Oct 11 (0.31%) (9.40%) 318,399.55 10.60% 14.00% (41.33%)

Colin Morris Aug 11 30 Sep 11 May 08 - Dec 08



HIGHBRIDGE CAPITAL CORPORATION CLASS 31 Aug 92 Q/Y $5'900 M 23,754.96 14 Oct 11 1.16% (5.76%) 23,482.56 4.63% 17.82% (78.81%)

-A-Series N Dec 09 30 Sep 11 Jun 08 - Jan 09

Highbridge Capital Mngt.







* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 36

Investment Group

Inception Liquidity Asset Size Last NAV Date Mtd Ytd Last Month Annual Return Annual Max DD*

Date or Index since Inception Volatility



Multi-Strategy

YTD Avg. 2011 (0.78%)

Ytd Avg. 2011

Multi-Strategy / Global (0.78%)

LINDEN INTERNATIONAL LTD 31 May 03 Q $2'081 M 256.18 30 Sep 11 (5.92%) (7.26%) 272.30 11.94% 10.44% (24.60%)

Joe Wong May 11 31 Aug 11 Feb 08 - Dec 08



MILLENNIUM INTL LTD 31 Dec 89 Q $12'900 M 2,109.72 27 Oct 11 1.15% 6.12% 2,085.73 14.97% 4.52% (7.24%)

Israel A Englander Sep 11 30 Sep 11 May 98 - Aug 98



QVT OVERSEAS, LTD - B - Serie 1 31 Oct 03 Y/Q $3'565 M 1,963.26 15 Oct 11 0.28% 2.87% 1,957.78 8.84% 9.63% (37.38%)

Dan Gold Sep 11 30 Sep 11 Feb 08 - Dec 08



SHEPHERD INVEST LTD CLASS -A -COMPOSITE 30 Jun 95 S/Q $1'456 M 4,247.28 21 Oct 11 (4.21%) (8.08%) 4,433.95 9.27% 7.29% (32.63%)

Brian Stark & Mike Roh May 11 30 Sep 11 Oct 07 - Mar 09





Systematic

YTD Avg. 2011 2.07%

Ytd Avg. 2011

Systematic / Global 2.07%

WINTON EVOLUTION FUND (THE) 31 Aug 05 M $123 M 1,410.14 02 Nov 11 0.80% 2.07% 1,398.95 5.72% 10.85% (14.61%)

David Harding Oct 11 31 Oct 11 Jun 08 - Jul 09









* Max DD: Peak to trough Source - HSBC Private Bank





Past performance is not a guide to future performance Alternative 37

Investment Group

HSBC Private Bank (Suisse) SA has issued this document for information purposes only. This document may not be distributed to the United States, Canada,

Australia or any other country in which its distribution is unlawful.



The information contained within this material has not been reviewed in the light of your personal circumstances. If you require investment advice or wish to

discuss the suitability of any investment decision, you should contact your Relationship Manager or you should seek such financial, legal or tax advice from

your professional advisers as appropriate.



This document is not and should not be construed as an offer to sell or solicitation of an offer to purchase or subscribe for any investment or service. HSBC

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liability as to its accuracy or completeness. Expressions of opinion herein are subject to change without notice.



Investments in alternative investments may involve substantial risks, such as the risk to lose part or all of the investment, the absence of a regular market

and illiquidity. Therefore the investor should consult the Risk Warning Section of the prospectus/offering memorandum or any other appropriate risk disclosure

document before the investment which can be requested free of charge from HSBC Private Bank (Suisse) SA.



Please note hedge funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. They can also be

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high fees that may potentially offset trading profits when they occur.



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Past performance is not a guide to future performance. The value of any investment or income may go down as well as up and you may not receive back the full

amount invested. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse

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HSBC Private Bank is the principal private banking business of the HSBC Group. Private banking may be carried out internationally by different HSBC legal

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No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,

recording or otherwise, without the prior written permission of HSBC Private Bank (Suisse) SA. PBRS/00/11/60





Past performance is not a guide to future performance Alternative 38

Investment Group