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HedgeWeekly2011_No45

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					                                                                                                                                                            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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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,
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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
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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
entities according to local regulatory requirements. Different companies may provide the services listed in this document within HSBC Private Bank or by other
members of the HSBC Group. Some services are not available from certain locations. Some of the HSBC Group offices listed herein may only act as representatives
of HSBC Private Bank, and are therefore not permitted to sell products and services, or offer advice to customers. They serve as points of contact only. Further
details are available on request.

© Copyright. HSBC Private Bank (Suisse) SA 2011 ALL RIGHTS RESERVED
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

				
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