HedgeWeekly2012_No05

Hedge Weekly N°5

Investment Funds Performance Review







Alternative Investment Group









Week of Monday 30 Jan to Friday 03 Feb 2012



For qualified Investors only





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

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

pursue all remedies available, legal, equitable, or otherwise, to halt this unauthorized and inappropriate action. It also reserves the right to

seek all monetary damages to which it may be entitled.

Index by Strategies iii

Index by Funds iv

Top/Bottom 20 1

Newsletter 4

Disclamer 36









Past performance is not a guide to future performance Alternative ii

Investment Group. For qualified Investors only

Convertible Arbitrage Commodity 24

Currency 24

Convertible 4 Diversified 24

Credit Long/Short Managed Futures

Credit 5 Currency 27

Multi-Strategy 6 Systematic 28

Distressed Market Neutral

Distressed Security 7 Discretionary 29

Equity Long/Short Multi-Strategy 30

Statistical Arbitrage 30

Equity-Commodity 9 Systematic 30

Equity-Diversified 10

Equity-Energy 16 Merger Arbitrage

Equity-Financial 16 Merger-Arbitrage 31

Equity-Healthcare 16

Multi-Strategy

Equity-Mid-Small Cap 17

Equity-Pharma-Biotech 18 Diversified 33

Equity-Technology 18 Multi-Strategy 34

Event Driven Systematic 34

Volatility Arbitrage

Multi-Strategy 19

Fixed Income Arbitrage Arbitrage 35



Fixed Income 21

Fund of Funds

Arbitrage 22

Event Driven 22

Leveraged Multi-Strategy 22

Long/Short 22

Multi-Strategy 22

Trading 23

Macro







Past performance is not a guide to future performance Alternative iii

Investment Group. For qualified Investors only

BEACH POINT TOTAL RETURN OFFSHO 8 DAVIDSON KEMPNER INTL, LTD - CL 19

A BLACK DIAMOND RELATIVE VALUE LT 29 C DB EQUILIBRIA JAPAN FUND 29

BLACK DIAMOND, LTD - CLASS B (U 32 DB EQUILIBRIA JAPAN FUND LTD 2X 29

A.R.T. INTERNATIONAL INVESTOR ( 30 CANYON BALANCED FUND LTD - CLAS 7

BLACKROCK EOS CLASS B USD COMP 30 DISCOVERY GLOBAL OPPORTUNITY FU 25

ABSOLUTE INSIGHT UK EQUITY MKT 29 CANYON VALUE REALIZATION FD, LT 7

BLACKROCK MULTI-STRATEGY FUND 32 DISCUS FEEDER LTD CL. B USD STA 27

ADELPHI EMERGING EUROPE. FUND 10 CAPITAL FUND, LTD (THE) 25

BLACKROCK 32 CAPITAL MASTER FUN 30 DKR QUANTITATIVE STRATS FUND, L 27

ADELPHI EUR. FUND $ (A) 11 CAPULA GLOBAL RELATIVE VALUE FU 21

BLACKROCK FIXED INCOME GLOBAL A 21 DORSET ENERGY FUND, LTD - CLASS 16

AETOS CORPORATION - CLASS A 31 CASTLEROCK FUND LTD 15

BLACKROCK OBSIDIAN FUND 21 DOUBLE BLACK DIAMOND LTD - SERI 32

AG MORTGAGE VALUE PARTNERS LTD 5 CAXTON GLOBAL INVESTMENT LTD 25

BLACKROCK UK EQUITY HEDGE FUND 14 DRAKE ABSOLUTE RETURN FUND, LTD 25

AG SUPER FUND INTERNATIONAL, LT 32 CAZENOVE EURO EQ ABS RETURN FUN 11

BLUE SKY JAPAN LTD - CLASS A 14 DRAKE GLOBAL OPPORTUNITIES FUND 21

AJR INTERNATIONAL (BVI), INC. - 14 CAZENOVE UK ABSOLUTE TARGET FUN 29

BLUECREST CAPL INTL LTD A USD 32 DYMON ASIA MACRO FUND COMPOSITE 24

ALLBLUE LIMITED 32 CENTAUR COMMERCIAL MATERIALS FU 4

BLUECREST EMERGING MARKETS FUND 24

ALLIANCE BERNSTEIN SELECT US EQ 14 CENTAURUS INTERNATIONAL RISK AR 31

BLUECREST MULTI STRATEGY CREDIT 5 E

ALPHADYNE INVESTMENT STRATEGIES 24 CERBERUS INTL. LTD 7

BLUEMATRIX FUND CLASS -A- USD 30

ALPHAGEN HOKUTO FUND LTD - CLAS 14 CHILTON CHINA OPPORTUNITIES FUN 9 EAGLE GLOBAL FUND 27

BLUEMOUNTAIN CREDIT ALTERNATIVE 5

ALPHAGEN OCTANIS CLASS A 14 CIPHER DIVERSIFIED FUND-A- 27 EDGESTREAM NIAS FUND 27

BLUEMOUNTAIN EQUITY ALTERNATIVE 32

ALPHAGEN VOLANTIS FUND, LTD - A 17 CLIVE FUND (The ) Class - A - 24 EGERTON EUROPEAN DOLLAR CLASS - 11

BLUETREND FUND, LTD - CLASS A 27

ALYDAR FUND LTD 14 COBALT OFFSHORE LTD 15 ELEMENT CAPITAL FUND 25

BORONIA DIVERSIFIED FUND MASTER 27

ALYSHEBA FUND LIMITED 15 COMAC GLOBAL MACRO FUND 25 ELLERSTON ASIA PACIFIC FUND 9

BOUSSARD & GAVAUDAN HOLDING., L 32

AMAZON MARKET NEUTRAL FUND CLAS 29 CONQUEST MACRO FUND, LTD (COMP) 27 ELLERSTON GEMS - CLASS A 13

BREVAN HOWARD ASIA FUND LIMITED 24

ANTARES EUROPEAN FUNDS, LTD - U 11 CQS ABS FEEDER FUND - CLASS -B- 5 ELM RIDGE VALUE PARTNERS OFFSHO 15

BREVAN HOWARD CREDIT CATALYSTS 5

ARCUS JAPAN FUND -JPY- 14 CQS ASIA FEEDER FUND LTD- CLAS 4 EMF FIXED INCOME FUND, LTD 21

BREVAN HOWARD EM. MKT STRATEGIE 24

ARROWGRASS INT FUND LTD 32 CQS CONV & QUANT STRATS FEED FD 4 EMINENCE FUND LTD A 15

BREVAN HOWARD FUND, LTD - USD C 25

ASCEND PARTNERS FUND II LTD - A 15 CQS CREDIT LONG SHORT FEEDER FU 5 ENNISMORE EUROPEAN SMALLER COMP 17

BREVAN HOWARD M/S FUND, LTD – C 32

ASPECT DIVERSIFIED FUND - CLASS 27 CQS DIRECTIONAL OPP. FUND. Ltd 32 EPISODE INC. CLASS A 25

BRIGADE LEVERAGED CAPITAL STRUC 6

AVESTA FUND LTD A/1 15 CQS DIVERSIFIED FUND (SPC) LTD 32 EVEREST CAPITAL ASIA 9

BRUMMER MULTISTRATEGY 2XL, LTD 32

CRABEL FUND SPC LTD CLASS A 27 EVEREST CAPITAL FRONTIER MARKET 10

BRYN MAWR OFFSHORE LTD 16

B EXANE ARCHIMEDES FUND CLASS A C 18

BTG PACTUAL DISTRESSED MORTGAGE 8

D EXANE MICROMEGAS FUND LTD- CLAS 29

BASSO INVESTORS LTD 4 BTG PACTUAL GLOBAL EMERGING MAR 25

EXANE TEMPLIERS FUND 13

BAY RESOURCES PARTNERS OFFSHORE 15 DAVIDSON KEMPNER DIST. OPP. INT 7







Past performance is not a guide to future performance Alternative iv

Investment Group. For qualified Investors only

GRT TOPAZ OFFSHORE PARTNERS, LT 17 HUTCHIN HILL CAPITAL OFFSHORE F 33 LC CAPITAL OFFSHORE FUND, LTD 7

F GSA CAPITAL INTERNATIONAL FUND, 30 LIM ASIA MULTI-STRATEGY FUND CL 30

I LIM JAPAN FUND 33

FEINGOLD OKEEFFE CAPITAL I OFFS 5

H LINDEN INTERNATIONAL LTD 33

FINISTERRE SOVEREIGN DEBT FUND 5 III FUND LTD 21

LION FUND, LTD (THE) 31

FIREBIRD NEW RUSSIA FUND, LTD - 10 HABROK LTD 11 III RELATIVE VALUE CREDIT STRAT 21

LONDON DIVERSIFIED FUND, LTD - 21

FIREBIRD REPUBLICS FUND, LTD 10 HALCYON OFF. ASSET-BACKED VALUE 8 INVESTCORP STONEWORKS GLOBAL MA 26

FORE MULTI STRATEGY FUND LTD 32 HARMONIC ALPHA PLUS MACRO FUND 26 IRONSHIELD SPECIAL SITUATIONS F 7

M

FORTRESS MACRO FUND LTD. CLASS 25 HENDERSON EUROPEAN ABS RETURN F 11 IVORY CAPITAL FLAGSHIP STRATEGY 15

HENDERSON JAPAN ABS RETURN FD, 14 M. KINGDON OFFSHORE NV - A/1 13

G HIGHBRIDGE CAPITAL CORPORATION 34 J MACQUARIE ASIAN ALPHA FUND 29

HIGHBRIDGE LONG/SHORT EQUITY FU 15 MAN AHL DIVERSIFIED PLC 28

GABELLI ASSOCIATES LIMITED - CL 31 JABCAP GLOBAL BALANCED FUND LTD 33

HIGHBRIDGE QUANTITATIVE COMMODI 28 MARATHON OVERSEAS FUND, LTD - A 21

GAM GLOBAL RATES HEDGE FUND 25 JABCAP MULTI STRATEGY FUND LTD 33

HIGHBRIDGE STATISTICAL OPP. LTD 30 MARATHON VERTEX JAPAN FD, LTD C 14

GAM JAPAN EQUITY HEDGE FUND 14 JOHO FUND, LTD-A- 9

HORSEMAN GLOBAL FUND USD 13 MARINER-TRICADIA CREDIT STRATEG 5

GAMUT INVESTMENTS 26 JPMORGAN PORT. STRAT. FUNDS-EUR 11

HSBC ALPHA FUND LTD - HSBC EURO 11 MARSHALL WACE - MW CORE A USD 12

GAVEA FUND LTD . CLASS A S/1 25

HSBC ASIAN ADVANTEDGE FUND 22 MARSHALL WACE - MW EUREKA A1 EU 13

GEOSPHERE DIRECTIONAL FUND LTD 9 K

HSBC CREDIT MARKET OPPORTUNITIE 22 MARSHALL WACE - MW EUROPEAN TOP 12

GEOSPHERE FUND, LTD 9

HSBC EMERGING ADVANTEDGE FUND 22 KALTCHUGA FUND - RUSSIA EQ. SUB 10 MARSHALL WACE - MW GLOBAL FINAN 16

GLC DIVERSIFIED FUND LTD -A- 33

HSBC EUROPEAN ALPHA FUND -EUR 11 KEYNES LEVERAGED QUANTITATIVE S 28 MARSHALL WACE - MW GLOBAL OPPOR 13

GLC GESTALT EUROPE FUND, LTD A/ 30

HSBC GH FUND USD 23 KINETICS FUND, INC - A/A 15 MARSHALL WACE - MW MARKET NEUTR 29

GLENROCK GLOBAL PARTNERS (BVI) 13

HSBC GIF GEM EQUITY ABSOLUTE RE 10 KING STREET CAPITAL, LTD 7 MARTIN CURRIE ARF - GLOBAL RESO 9

GRACIE CREDIT OPPORTUNITIES L.P 5

HSBC HEDGE INVESTMENTS FUND 23 KING STREET EUROPE LTD CLASS A 7 MARTIN CURRIE ARF - JAPAN FUND 14

GRADIENT EUROPE FUND (THE) 11

HSBC INDIA ALPHA FUND 10 KROM RIVER COMMODITY FUND 24 MARTIN CURRIE EUROPEAN HEDGE FU 12

GRAHAM GIF II PROPRIETARY MATRI 27

HSBC LEVERAGED GH FUND 22 MAVERICK FUND, LTD - CLASS A/1 13

GRAHAM GLOBAL INVESTMENT FUND I 27

HSBC MAA FUND USD 22 L MBAM ACTIVE LONG SHORT 12

GRAHAM GLOBAL INVESTMENT FUND I 28

HSBC QUANT ALTERNATIVE FUND GL. 21 MELLON OFF GLOB OPP FUND LTD - 26

GREEN II FUND-S/ 01.06 COMPOSIT 25 LANSDOWNE EURO EQTY FD, LTD - A 12

HSBC QUANT ALTERNATIVE FUND GL. 21 MELLON OFF. ALPHAACCESS FUND LT 26

GREEN T G2 FUND 5 LANSDOWNE GLOBAL FINANCIALS FUN 16

HSBC TRADING ADVANTEDGE FUND 23 MERCHANT COMMODITY FUND (THE) - 24

GREENLIGHT CAPITAL OFFSHORE, LT 17 LANSDOWNE UK EQUITY FUND, LTD ( 14

HT ASIAN CATALYST FUND LLC 9 MILLENNIUM INTL LTD 33

GROWTH MANAGEMENT LTD 10 LAZARD RATHMORE FUND - CLASS A- 4









Past performance is not a guide to future performance Alternative v

Investment Group. For qualified Investors only

MKP CREDIT OFFSHORE FUND 6 PARA INTERNATIONAL FUND -A- 19 SR PHOENICIA INC CLASS -A- SERI 11

MKP OPPORTUNITY OFFSHORE, LTD 26 PARS IV OFFSHORE FUND II , CL. 21 R STANDARD PACIFIC CAPITAL -B- 13

MLIS - CCI HEALTHCARE LONG SHOR 16 PAULSON ADVANTAGE LTD -A- 19 STONE LION FUND LTD CLASS A 7

RAB GL. MINING & RESOURCES FUND 13

MLM MACRO PEAK PARTNERS OFFSH F 26 PAULSON ADVANTAGE PLUS LTD 19 STRATEGIC VALUE RESTRUCTURING F 7

RAB SPECIAL SITUATION FD LTD 17

MONARCH DEBT RECOVERY FUND LTD 7 PAULSON CREDIT OPPORTUNITIES LT 7 STRATUS FUND LIMITED CLASS B 33

REAL RETURN ASIAN FUND LTD (THE 9

MONEDA ABSOLUTE RETURN LTD 19 PAULSON ENHANCED LTD 31

REDWOOD OFFSHORE FUND 8

MOORE EMERGING EQUITY L/S FUND 10 PAULSON INTERNATIONAL, LTD 31 T

RENAISSANCE INSTITUTIONAL EQUIT 15

MOORE EMERGING FX . INC & CRY F 25 PAULSON RECOVERY FUND LTD 19

RENAISSANCE INSTITUTIONAL FUTUR 28 TALENTUM ENHANCED FUND LIMITED 29

MOORE GLOBAL INV FD, LTD - A $ 26 PELHAM LONG/SHORT FUND LTD CLAS 12

REVELATION SPECIAL SITUATIONS F 19 TEWKSBURY INVESTMENT FUND, LTD 28

MOORE MACRO MANAGERS FUND, LTD 26 PENSATO EUROPA FUND LTD EURO CL 12

RUBICON GLOBAL FUND, LTD 26 THEOREMA EUROPE FUND LTD A/1 EU 12

PERCEPTIVE LIFE SCIENCES OFFSH 17

THEOREMA EUROPE FUND PLUS LTD B 12

N PERRY PARTNERS INTERNATIONAL IN 19

S THIRD POINT OFFSHORE 19

PERSHING SQUARE INTL.LTD 19

NEVSKY FUND PLC (COMPOSITE) 13 THIRD POINT ULTRA 19

PHARO MACRO FUND LTD 26 SAB OVERSEAS FUND LTD 15

NEZU CYCLICALS FUND LTD 9 TOSCA CLASS A - USD 16

PHARO TRADING FUND 25 SABA CAPITAL OFFSHORE FUND LTD 5

NORDIC ALPHA CLASS B - NOK 12 TRADELINK INTEGRATED PROGRAM LT 28

PIMCO MULTI-ASSET VOLATILITY FU 35 SELIGMAN TECH SPECTRUM FUND CLA 18

TRAXIS FUND LP (OFFSHORE) 26

PINPOINT CHINA FUND CLASS A USD 9 SEMINOLE OFFSHORE FUND 15

O TRAXIS SIVIK GLOBAL HEALTHCARE 18

PLATINUM FUND LTD 13 SENVEST PARTNERS, LTD - CLASS A 17

TUDOR B.V.I GLOBAL FUND LTD -A- 26

OCCAM GLOBAL EMERGING MARKETS F 10 PLATINUM PARTNERS VALUE ARBITRA 33 SHEPHERD INVEST LTD CLASS -A -C 33

TUDOR TENSOR FUND LIMITED CLASS 28

OCCO EASTERN EUROPEAN FUND 10 PMA CREDIT OPPORTUNITIES 04/04 6 SIERRA EUROPE OFFSHORE, LTD - U 12

TULIP TREND FUND, LTD - A 28

OCEANIC HEDGE FUND - CLASS A 9 POLAR CAPITAL EUROP CONVICTION 12 SILVER POINT CAPITAL OFFSHORE L 7

TWO SIGMA COMPASS CAYMAN FUND 28

OCTAGON PAN ASIA FUND 9 POLAR CAPITAL EUROPEAN FORAGER 17 SOFAER CAPL ASIAN HEDGE FD (Net 10

TWO SIGMA HORIZON CAYMAN LTD 33

ODEY EUROPEAN, INC (EUR) 12 POLLUX BRAZILIAN EQUITIES FUND 11 SOMERSET SPECIAL OPPORTUNITIES 8

TYRUS CAPITAL EVENT FUND LTD 19

OMEGA OVERSEAS PARTNERS, LTD C 15 PROLOGUE FEEDER FUND, LTD. CLAS 21 SPINNAKER GLOB OPP FUND, LTD CO 19

ORTUS FUND (CAYMAN) LTD 27 SPINNER GLOBAL TECHNOLOGY FUND, 18

V

OWL CREEK OVERSEAS FUND, LTD 19 Q SR GLOBAL FUND - B - ASIA (Real 10

SR GLOBAL FUND C - INTERNATIONA 13 VIKING GLOBAL EQUITIES III LTD- 13

QFS CURRENCY FUND, LTD CLASS B 24

P SR GLOBAL FUND F - EUROPE (€) ( 12 VISIUM BALANCE OFFSHORE FUND CL 18

QVT OVERSEAS, LTD - B - Serie 1 33

SR GLOBAL FUND G - EMERGING MKT 11 VISIUM CREDIT OPPORTUNITIES FUN 5

PALOMINO FUND LTD CLASS B ORIGI 5

SR GLOBAL FUND H - JAPAN (Real 14 VISIUM INSTITUTIONAL PARTNERS F 16







Past performance is not a guide to future performance Alternative vi

Investment Group. For qualified Investors only

VR GLOBAL OFFSHORE FUND LTD 7





W

WATERSTONE MKT NEUT OS FUND, LT 4

WF ASIA FUND LTD S/1 10

WINTON EVOLUTION FUND (THE) 34

WINTON FUTURES FUND - CLASS B 28





Y

YORK INVESTMENT LTD -CLASS A/1 20





Z

ZADIG FUND CLASS A1 12

ZAXIS OFFSHORE LTD - CLASS A/1 17

ZWEIG-DIMENNA INTL LIMITED - CL 15









Past performance is not a guide to future performance Alternative vii

Investment Group. For qualified Investors only

TOP BOTTOM

Investment Funds Return Date Investment Funds Return Date

HENDERSON EUROPEAN ABS RETURN FD, LTD USD 14.02 27 Jan 12 CONQUEST MACRO FUND, LTD (COMP) -5.39 01 Feb 12

HSBC INDIA ALPHA FUND 11.22 31 Jan 12 JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC -4.75 20 Jan 12

L/S FUND- EUR

AJR INTERNATIONAL (BVI), INC. - A/1 10.86 27 Jan 12

MERCHANT COMMODITY FUND (THE) - COMPOSITE -4.20 31 Jan 12

OCCAM GLOBAL EMERGING MARKETS FUND CLASS A 9.26 31 Jan 12

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD -4.17 30 Jan 12

RAB SPECIAL SITUATION FD LTD 9.13 26 Jan 12

ANTARES EUROPEAN FUNDS, LTD - USD -3.96 27 Jan 12

SELIGMAN TECH SPECTRUM FUND CLASS -A1-S/2-2002 8.82 31 Jan 12

BLUE SKY JAPAN LTD - CLASS A -3.76 31 Jan 12

RAB GL. MINING & RESOURCES FUND LTD -B- 8.34 26 Jan 12

RUBICON GLOBAL FUND, LTD -2.82 27 Jan 12

GLC DIVERSIFIED FUND LTD -A- 8.34 31 Jan 12

MARSHALL WACE - MW GLOBAL FINANCIALS M/N A USD -2.42 30 Jan 12

HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT. SHS 8.15 01 Feb 12

COMAC GLOBAL MACRO FUND -2.29 27 Jan 12

PLATINUM FUND LTD 7.99 27 Jan 12

PINPOINT CHINA FUND CLASS A USD -2.05 13 Jan 12

KINETICS FUND, INC - A/A 7.77 27 Jan 12

OCEANIC HEDGE FUND - CLASS A -1.86 31 Jan 12

M. KINGDON OFFSHORE NV - A/1 6.24 27 Jan 12

EAGLE GLOBAL FUND -1.78 31 Jan 12

MAVERICK FUND, LTD - CLASS A/1 5.89 27 Jan 12

EXANE MICROMEGAS FUND LTD- CLASS A - CAP -1.59 25 Jan 12

THIRD POINT ULTRA 5.80 31 Jan 12

WINTON EVOLUTION FUND (THE) -1.46 01 Feb 12

LANSDOWNE UK EQUITY FUND, LTD (£) 5.67 27 Jan 12

EXANE ARCHIMEDES FUND CLASS A CAP -1.15 30 Jan 12

DORSET ENERGY FUND, LTD - CLASS A 5.65 27 Jan 12

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -1.10 31 Jan 12

MONEDA ABSOLUTE RETURN LTD 5.50 31 Jan 12

BLUECREST MULTI STRATEGY CREDIT FUND -0.97 27 Jan 12

GAM GLOBAL RATES HEDGE FUND 5.43 24 Jan 12

AVESTA FUND LTD A/1 -0.91 13 Jan 12

GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1 5.07 31 Jan 12

CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS -A- -0.90 20 Jan 12

TOSCA CLASS A - USD 5.00 26 Jan 12

HUTCHIN HILL CAPITAL OFFSHORE FUND LTD -0.83 31 Jan 12

Source - HSBC Private Bank. Performances are net of fees

Source - HSBC Private Bank. Performances are net of fees









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. For qualified Investors only

TOP BOTTOM

Investment Funds Return Date Investment Funds Return Date

RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 34.16 31 Dec 11 PAULSON ADVANTAGE PLUS LTD -52.64 31 Dec 11

MARSHALL WACE - MW GLOBAL OPPORTUNITIES A USD 27.16 31 Dec 11 HENDERSON EUROPEAN ABS RETURN FD, LTD USD -42.06 31 Dec 11

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD (THE) 22.15 31 Dec 11 PAULSON ADVANTAGE LTD -A- -35.96 31 Dec 11

- A/1

MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B -35.02 31 Dec 11

DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE 21.95 31 Dec 11

SENVEST PARTNERS, LTD - CLASS A -33.96 31 Dec 11

PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 20.93 31 Dec 11

CIPHER DIVERSIFIED FUND-A- -31.13 31 Dec 11

LTD

MERCHANT COMMODITY FUND (THE) - COMPOSITE -30.07 31 Dec 11

PIMCO MULTI-ASSET VOLATILITY FUND LTD 20.36 31 Dec 11

PAULSON RECOVERY FUND LTD -27.73 31 Dec 11

DYMON ASIA MACRO FUND COMPOSITE 20.11 31 Dec 11

JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI -27.33 31 Dec 11

BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 19.93 31 Dec 11

JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI -25.65 31 Dec 11

STRATUS FUND LIMITED CLASS B 15.63 31 Dec 11

RAB GL. MINING & RESOURCES FUND LTD -B- -24.56 31 Dec 11

GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 15.20 31 Dec 11

SR GLOBAL FUND C - INTERNATIONAL (Real Perf) -24.27 31 Dec 11

BREVAN HOWARD FUND, LTD - USD CLASS A 12.15 31 Dec 11

CASTLEROCK FUND LTD -23.84 31 Dec 11

AMAZON MARKET NEUTRAL FUND CLASS A USD 11.56 31 Dec 11

OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -23.55 31 Dec 11

MKP OPPORTUNITY OFFSHORE, LTD 11.40 31 Dec 11

BLUE SKY JAPAN LTD - CLASS A -23.24 31 Dec 11

ENNISMORE EUROPEAN SMALLER COMPANIES 11.36 31 Dec 11

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 11.24 31 Dec 11 CHILTON CHINA OPPORTUNITIES FUND LTD -23.14 31 Dec 11

SR GLOBAL FUND - B - ASIA (Real Perf) -21.86 31 Dec 11

III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 10.36 31 Dec 11

PAULSON ENHANCED LTD -21.55 31 Dec 11

FINISTERRE SOVEREIGN DEBT FUND 10.35 31 Dec 11

TRADELINK INTEGRATED PROGRAM LTD -21.27 31 Dec 11

JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC 10.20 31 Dec 11

L/S FUND- EUR SR PHOENICIA INC CLASS -A- SERIES 1 -20.97 31 Dec 11

MARSHALL WACE - MW EUREKA A1 EUR 9.74 31 Dec 11 Source - HSBC Private Bank. Performances are net of fees

CERBERUS INTL. LTD 9.55 31 Dec 11



Source - HSBC Private Bank. Performances are net of fees









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. For qualified Investors only

TOP BOTTOM

Investment Funds Return Date Investment Funds Return Date

VR GLOBAL OFFSHORE FUND LTD 58.35 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

THIRD POINT OFFSHORE 33.75 31 Dec 10

INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD -9.08 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

OCCAM GLOBAL EMERGING MARKETS FUND CLASS A -5.93 31 Dec 10

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

L/S FUND- EUR SR GLOBAL FUND H - JAPAN (Real Perf) -4.22 31 Dec 10

QFS CURRENCY FUND, LTD CLASS B SHARES (INDEX) 28.78 31 Dec 10 SIERRA EUROPE OFFSHORE, LTD - USD/A -3.08 31 Dec 10

BLACKROCK OBSIDIAN FUND 28.71 31 Dec 10 OCTAGON PAN ASIA FUND -2.68 31 Dec 10

ANTARES EUROPEAN FUNDS, LTD - USD 28.25 31 Dec 10 POLLUX BRAZILIAN EQUITIES FUND -2.62 31 Dec 10

ORTUS FUND (CAYMAN) LTD 27.89 31 Dec 10 HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A -2.39 31 Dec 10

PALOMINO FUND LTD CLASS B ORIGINAL SERIES 27.86 31 Dec 10 SR PHOENICIA INC CLASS -A- SERIES 1 -1.87 31 Dec 10

ELEMENT CAPITAL FUND 27.60 31 Dec 10 EMINENCE FUND LTD A -1.82 31 Dec 10

MERCHANT COMMODITY FUND (THE) - COMPOSITE 27.40 31 Dec 10 LANSDOWNE GLOBAL FINANCIALS FUND LTD. -N-USD -1.55 31 Dec 10

PAULSON ENHANCED LTD 26.08 31 Dec 10 WF ASIA FUND LTD S/1 -1.28 31 Dec 10



Source - HSBC Private Bank. Performances are net of fees Source - HSBC Private Bank. Performances are net of fees









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. For qualified Investors only

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. 2012 2.06%

Ytd Avg. 2012

Convertible / Asia (0.20%)

CQS ASIA FEEDER FUND LTD- CLASS -B- 30 Apr 07 Q $180 M 1,177.20 27 Jan 12 (0.20%) (0.20%) 1,179.56 3.50% 9.05% (24.55%)

Michael Hintze, Jean-Christophe Blanc Aug 11 31 Dec 11 Oct 07 - Oct 08

Ytd Avg. 2012

Convertible / Global 2.56%

BASSO INVESTORS LTD 30 Sep 95 Q $373 M 5,850.02 20 Jan 12 0.90% 0.90% 5,797.84 11.43% 6.25% (25.00%)

Howard Fischer Dec 10 31 Dec 11 Dec 07 - Oct 08



CENTAUR COMMERCIAL MATERIALS FUND LTD 28 Feb 98 M $140 M 258.40 31 Dec 11 0.41% 5.29% 257.35 7.10% 5.56% (24.49%)

Carrigaholt Holdings Ltd Dec 11 30 Nov 11 May 07 - Nov 08



CQS CONV & QUANT STRATS FEED FD, LTD CLASS 29 Feb 00 M $643 M 2,737.49 27 Jan 12 2.01% 2.01% 2,683.45 8.82% 8.71% (34.03%)

-A-N/R Nov 11 31 Dec 11 Oct 07 - Dec 08

Michael Hintze/ Oliver Dobbs

LAZARD RATHMORE FUND - CLASS A-2 31 May 07 Q/M $ 1'074 M 187.72 31 Jan 12 2.03% 2.03% 183.98 14.42% 9.98% (16.23%)

Sean Reynolds, Christopher Sferruzzo Nov 11 31 Dec 11 Aug 08 - Nov 08

Ytd Avg. 2012

Convertible / USA 2.34%

WATERSTONE MKT NEUT OS FUND, LTD 31 Jul 03 Q $1'810 M 224.76 27 Jan 12 2.34% 2.34% 219.62 10.00% 10.92% (17.56%)

Shawn Bergerson Nov 11 31 Dec 11 Aug 08 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 4

Investment Group. For qualified Investors only

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. 2012 1.87%

Ytd Avg. 2012

Credit / Emerging 10.35%

FINISTERRE SOVEREIGN DEBT FUND 31 Mar 03 Q $531 M 240.62 31 Dec 11 0.39% 10.35% 239.69 10.54% 7.47% (21.00%)

Paul Crean and Xavier Corin-Mick Nov 11 30 Nov 11 Jun 08 - Oct 08

Ytd Avg. 2012

Credit / Global 1.31%

AG MORTGAGE VALUE PARTNERS LTD 30 Apr 09 Q $370 M 166.69 31 Dec 11 0.40% 7.42% 166.02 21.08% 5.15% (1.54%)

Jonathan Lieberman Dec 11 30 Nov 11 Jul 11 - Sep 11



BLUECREST MULTI STRATEGY CREDIT FUND 30 Nov 07 Q $1'204 M 136.50 27 Jan 12 (0.97%) (0.97%) 137.84 5.69% 6.37% (7.16%)

Bluecrest Capital Management LLP Mar 11 31 Dec 11 Apr 11 - Jan 12



BLUEMOUNTAIN CREDIT ALTERNATIVES FUND 31 Oct 03 Q $3'379 M 208.56 27 Jan 12 0.40% 0.40% 207.73 9.32% 6.82% (11.82%)

Andrew T. Feldstein Aug 11 31 Dec 11 Aug 08 - Dec 08



BREVAN HOWARD CREDIT CATALYSTS FUND LTD 31 Jul 09 M $ 2'102 M 134.25 20 Jan 12 0.19% 0.19% 133.99 12.64% 5.51% (5.05%)

CLASS A USD Dec 11 31 Dec 11 May 11 - Dec 11

DW Investment Management ,LP

CQS ABS FEEDER FUND - CLASS -B- 30 Sep 06 Q $1'901 M 3,937.42 31 Dec 11 (1.36%) 0.67% 3,991.70 29.80% 13.50% (3.86%)

Alistair Lumsden, Nov 11 30 Nov 11 Apr 07 - Jun 07



CQS CREDIT LONG SHORT FEEDER FUND LTD - B1 30 Apr 09 M $179 M 1,185.22 31 Dec 11 (0.46%) 7.74% 1,190.64 6.89% 3.82% (1.81%)

EUR Nov 11 30 Nov 11 Nov 09 - Dec 09

Simon Finch

FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD 31 Jul 02 Q $120 M 221.15 31 Jan 12 3.00% 3.00% 214.71 8.70% 8.54% (29.78%)

Andrea S. Feingold & R. Ian O’Keeffe Dec 10 31 Dec 11 Jun 07 - Dec 08



GRACIE CREDIT OPPORTUNITIES L.P. 30 Jun 04 Q $2'053 M 212.14 31 Dec 11 (0.85%) 0.13% 213.96 10.54% 5.22% (4.17%)

James Palmisciano Mar 11 30 Nov 11 Mar 08 - Sep 08



GREEN T G2 FUND 28 Feb 99 Q $1'000 M 249.26 27 Jan 12 0.67% 0.67% 247.60 7.32% 3.74% (4.26%)

Darryl Green, Geoffrey Sherry Dec 11 31 Dec 11 Dec 03 - Jul 04



MARINER-TRICADIA CREDIT STRATEGIES, LTD 31 Mar 05 Q $ 1'519 M 277.44 13 Jan 12 0.19% 0.19% 276.91 16.21% 8.40% (10.77%)

Arif Inayatullah & Michael Barnes Dec 11 31 Dec 11 Jun 08 - Nov 08



PALOMINO FUND LTD CLASS B ORIGINAL SERIES 31 Dec 94 Y $4'845 M 5,068.42 31 Dec 11 1.85% (3.33%) 4,976.35 25.96% 21.01% (49.05%)

David Tepper Dec 11 30 Nov 11 Feb 98 - Sep 98



SABA CAPITAL OFFSHORE FUND LTD 31 Jul 09 Q $3'273 M 131.29 06 Jan 12 0.37% 0.37% 130.80 11.82% 2.47% (0.25%)

Saba Capital mgmt Dec 11 31 Dec 11 Apr 11 - May 11



VISIUM CREDIT OPPORTUNITIES FUND 30 Apr 09 Q $ 280 M 159.29 27 Jan 12 0.55% 0.55% 158.42 18.48% 6.22% (5.95%)

Visium Asset Management Nov 11 31 Dec 11 Jun 11 - Oct 11







* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 5

Investment Group. For qualified Investors only

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. 2012 1.87%

Ytd Avg. 2012

Credit / USA 1.26%

BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 Q $4'910 M 1,422.63 27 Jan 12 1.31% 1.31% 1,404.23 7.19% 7.59% (19.42%)

Don Morgan Dec 11 31 Dec 11 Jun 08 - Dec 08



MKP CREDIT OFFSHORE FUND 28 Feb 99 Y/ Q $2'738 M 396.01 27 Jan 12 1.20% 1.20% 391.31 11.24% 5.45% (8.94%)

Patrick McMahon and Anthony Lembke Sep 11 31 Dec 11 Feb 11 - Oct 11





Multi-Strategy

YTD Avg. 2012 0.36%

Ytd Avg. 2012

Multi-Strategy / Asia 0.36%

PMA CREDIT OPPORTUNITIES 04/04 31 Mar 04 Y/Q $435 M 1,229.78 27 Jan 12 0.36% 0.36% 1,225.32 2.68% 5.50% (22.20%)

Darryl Flint Aug 08 31 Dec 11 Aug 08 - Dec 11









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 6

Investment Group. For qualified Investors only

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. 2012 (1.29%)

Ytd Avg. 2012

Distressed Security / Europe (1.38%)

IRONSHIELD SPECIAL SITUATIONS FUND 31 Jul 07 Q $ 130 M 144.06 31 Dec 11 2.40% (3.62%) 140.68 8.60% 12.41% (16.83%)

Ironshield Capital Management LLP Nov 11 30 Nov 11 Oct 07 - Apr 09



KING STREET EUROPE LTD CLASS A 30 Jun 07 Q $ 543 M 137.67 20 Jan 12 0.86% 0.86% 136.49 7.26% 7.54% (8.90%)

O. Francis Biondi, Jr., Brian J. Higgins Dec 11 31 Dec 11 May 11 - Nov 11

Ytd Avg. 2012

Distressed Security / Global (1.25%)

CANYON BALANCED FUND LTD - CLASS A 31 May 04 Q $1'500 M 2,331.78 31 Dec 11 0.54% (4.57%) 2,319.26 11.80% 11.44% (30.14%)

M.R. Julis & J.S. Friedman May 11 30 Nov 11 Oct 07 - Nov 08



CANYON VALUE REALIZATION FD, LTD - CLASS A 31 Dec 94 Q $5'407 M 5,493.12 31 Dec 11 0.30% (4.66%) 5,476.52 10.53% 8.80% (28.82%)

M.R. Julis & J.S. Friedman Nov 11 30 Nov 11 Oct 07 - Nov 08



CERBERUS INTL. LTD 31 May 93 Q $1'781 M 687,446.46 31 Dec 11 2.11% 9.55% 673,241.07 10.92% 5.32% (22.26%)

Steve Feinberg Nov 11 30 Nov 11 May 08 - Feb 09



DAVIDSON KEMPNER DIST. OPP. INT. LTD - CLASS C 31 Mar 05 Y $820 M 1,899.65 31 Dec 11 0.33% (2.87%) 1,893.40 9.96% 11.24% (25.73%)

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

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

KING STREET CAPITAL, LTD 31 Dec 96 Q $12'200 M 481.51 20 Jan 12 1.00% 1.00% 476.74 11.00% 4.21% (5.35%)

O. Francis Biondi Jr & Brian J. Higgins Jul 11 31 Dec 11 May 11 - Nov 11



LC CAPITAL OFFSHORE FUND, LTD 30 Sep 99 Y/Q $202 M 339.81 20 Jan 12 0.10% 0.10% 339.47 10.44% 9.05% (34.48%)

Steven G Lampe & Richard F Conway Dec 11 31 Dec 11 Jun 07 - Feb 09



MONARCH DEBT RECOVERY FUND LTD 31 Mar 02 Y $ 946 M 2,904.07 31 Dec 11 (0.84%) (0.45%) 2,928.68 11.54% 8.72% (33.02%)

Michael Weinstock, Andrew Herenstein Dec 10 30 Nov 11 Oct 07 - Dec 08



PAULSON CREDIT OPPORTUNITIES LTD 30 Jun 06 Y $4'343 M 1,273.05 31 Dec 11 (0.27%) (18.24%) 1,276.49 58.72% 48.21% (24.80%)

John Paulson Dec 11 30 Nov 11 Apr 11 - Sep 11



SILVER POINT CAPITAL OFFSHORE LTD 31 Dec 01 Q $4'438 M 3,178.10 13 Jan 12 0.71% 0.71% 3,155.71 12.20% 9.03% (35.48%)

Silver Point Capital Offshore Ltd Sep 10 31 Dec 11 Jun 07 - Dec 08



STONE LION FUND LTD CLASS A 31 Oct 08 Q $ 743 M 1,759.68 31 Dec 11 1.95% 0.05% 1,726.02 19.53% 10.68% (8.74%)

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



STRATEGIC VALUE RESTRUCTURING FUND 31 Aug 02 Q/Y $1'622 M 257.20 06 Jan 12 0.86% 0.86% 255.00 10.62% 8.24% (24.47%)

Victor Khosla Mar 11 31 Dec 11 May 07 - Jan 09



VR GLOBAL OFFSHORE FUND LTD 30 Apr 99 Q $1'109 M 22,528.22 31 Dec 11 0.05% 3.58% 22,517.57 27.85% 15.67% (48.38%)

Richard Deitz Dec 11 30 Nov 11 May 08 - Mar 09









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 7

Investment Group. For qualified Investors only

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. 2012 (1.29%)

Ytd Avg. 2012

Distressed Security / USA (1.34%)

BEACH POINT TOTAL RETURN OFFSHORE FUND II, 30 Jun 96 Q $ 507 M 493.37 05 Jan 12 0.60% 0.60% 490.43 10.83% 8.62% (24.04%)

LTD Dec 11 31 Dec 11 Oct 07 - Dec 08

Carl Goldsmith, Scott Klein,

BTG PACTUAL DISTRESSED MORTGAGE FUND 28 Feb 10 Q $ 168 M 112.09 31 Dec 11 (0.38%) (4.65%) 112.52 6.41% 8.71% (13.21%)

BTG Pactual Global Asset Management Dec 11 30 Nov 11 Apr 11 - Dec 11



HALCYON OFF. ASSET-BACKED VALUE FUND LTD 30 Nov 05 Q $1'683 M 2,217.28 17 Jan 12 0.57% 0.57% 2,204.71 13.86% 6.05% (13.32%)

Joseph Wolnick ,Joseph Godley and Jim Coppola Nov 11 31 Dec 11 Aug 08 - Mar 09



REDWOOD OFFSHORE FUND 31 Jul 00 Y $ 2'459 M 494.95 31 Dec 11 1.00% (1.98%) 490.05 15.03% 11.59% (36.28%)

Jonathan Kolatch, Redwood Capital Management Nov 11 30 Nov 11 May 07 - Dec 08



SOMERSET SPECIAL OPPORTUNITIES FUND LP 31 Jul 07 Q $ 53 M 151.08 31 Dec 11 0.82% (1.26%) 149.85 9.78% 13.01% (25.61%)

Robert Feingold Dec 11 30 Nov 11 Aug 08 - Mar 09









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 8

Investment Group. For qualified Investors only

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. 2012 0.96%

Ytd Avg. 2012

Equity-Commodity / Global 0.96%

GEOSPHERE DIRECTIONAL FUND LTD 31 Dec 09 Q $ 191M 102.90 27 Jan 12 2.58% 2.58% 100.32 1.39% 11.19% (12.15%)

Arvind Sanger and Prashant Kothari Nov 11 31 Dec 11 Jul 11 - Dec 11



GEOSPHERE FUND, LTD 30 Jun 07 Q $ 305 M 122.60 27 Jan 12 1.47% 1.47% 120.82 4.55% 7.90% (15.83%)

Arvind Sanger and Prashant Kothari Nov 11 31 Dec 11 Jun 08 - Oct 08



MARTIN CURRIE ARF - GLOBAL RESOURCES 30 Sep 03 M $146 M 17.56 23 Jan 12 1.63% 1.63% 17.28 7.00% 10.18% (19.42%)

Ruairidh Stewart / Duncan Goodwin Nov 11 31 Dec 11 Jun 08 - Dec 11



OCEANIC HEDGE FUND - CLASS A 31 Jul 02 M $1'405 M 3,084.09 31 Jan 12 (1.86%) (1.86%) 3,142.54 12.57% 8.32% (8.26%)

Cato Brahde, Andreas Vergottis, Bjorn Rise Dec 11 31 Dec 11 Jan 10 - Jun 10





Equity-Diversified

YTD Avg. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / Asia (2.48%)

CHILTON CHINA OPPORTUNITIES FUND LTD 31 Dec 06 Q $ 400 M 166.65 27 Jan 12 0.43% 0.43% 165.94 10.58% 18.74% (25.57%)

Chilton Investments Co., Inc. Nov 11 31 Dec 11 Oct 10 - Dec 11



ELLERSTON ASIA PACIFIC FUND 31 Aug 07 Q $1'664 M 101.20 13 Jan 12 1.57% 1.57% 99.63 0.27% 8.99% (17.60%)

Ashok Jacob Aug 11 31 Dec 11 Oct 07 - Feb 09



EVEREST CAPITAL ASIA 31 Dec 05 Q $ 215 M 191.62 31 Dec 11 (3.60%) (12.54%) 198.78 11.44% 20.81% (43.59%)

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



HT ASIAN CATALYST FUND LLC 31 Dec 98 M $371 M 17.35 31 Dec 11 0.29% (10.29%) 17.30 10.99% 12.11% (23.93%)

Ms. Ophelia Tong Dec 11 30 Nov 11 Mar 00 - Mar 01



JOHO FUND, LTD-A- 31 Oct 96 S $2'084 M 1,313.96 27 Jan 12 (0.63%) (0.63%) 1,322.29 20.15% 16.59% (19.38%)

Robert Karr Dec 11 31 Dec 11 Nov 07 - Nov 08



NEZU CYCLICALS FUND LTD 31 Jul 05 Q $363 M 195.44 27 Jan 12 0.03% 0.03% 195.38 10.87% 13.43% (25.06%)

Fuyuki Fujiwara Jan 12 31 Dec 11 Oct 07 - Feb 09



OCTAGON PAN ASIA FUND 30 Sep 04 M $136 M 186.70 31 Dec 11 (1.15%) (6.07%) 188.86 8.99% 9.48% (10.69%)

Poh Min Lam & Nelson Chia Oct 11 30 Nov 11 Oct 07 - Jan 09



PINPOINT CHINA FUND CLASS A USD 31 May 05 M $584 M 615.56 13 Jan 12 (2.05%) (2.05%) 628.44 31.56% 23.01% (42.16%)

Qiang Wang Aug 11 31 Dec 11 Oct 07 - Nov 08



REAL RETURN ASIAN FUND LTD (THE) 30 Sep 04 M $832 M 229.07 31 Jan 12 (0.04%) (0.04%) 229.16 11.96% 10.61% (14.81%)

Ezra Sun Dec 11 31 Dec 11 Oct 07 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 9

Investment Group. For qualified Investors only

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. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / Asia (2.48%)

SOFAER CAPL ASIAN HEDGE FD (Net Index) 31 Mar 89 M $120 M 1,093.66 31 Dec 11 (0.70%) (6.66%) 1,101.37 11.08% 15.91% (35.36%)

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



SR GLOBAL FUND - B - ASIA (Real Perf) 31 Dec 93 M $850 M 626.62 31 Jan 12 1.70% 1.70% 616.15 14.83% 19.01% (36.50%)

Richard Chenevix-Trench Dec 11 31 Dec 11 Feb 98 - Nov 98



WF ASIA FUND LTD S/1 31 Jan 01 M $215 M 294.92 31 Jan 12 4.80% 4.80% 281.41 10.33% 14.00% (37.65%)

Scobie Ward Oct 11 31 Dec 11 Oct 07 - Nov 08

Ytd Avg. 2012

Equity-Diversified / Emerging 2.78%

ADELPHI EMERGING EUROPE. FUND USD SHARES 31 Mar 07 Q $246 M 136.22 31 Jan 12 1.37% 1.37% 134.38 6.59% 14.32% (28.62%)

Lars Dollmann Dec 11 31 Dec 11 May 08 - Jan 09



EVEREST CAPITAL FRONTIER MARKETS 31 Jul 08 Q $ 145 M 111.49 31 Dec 11 (1.80%) (18.38%) 113.53 3.23% 15.86% (25.56%)

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



FIREBIRD NEW RUSSIA FUND, LTD - CLASS A 30 Jun 96 Q $189 M 2,282.68 27 Jan 12 7.40% 7.40% 2,125.40 22.22% 41.33% (81.79%)

Harvey Sawikin & Ian Hague Oct 11 31 Dec 11 Mar 98 - Sep 98



FIREBIRD REPUBLICS FUND, LTD 30 Apr 97 Q $161 M 855.02 20 Jan 12 4.32% 4.32% 819.61 15.68% 31.89% (73.20%)

Harvey Sawikin & Ian Hague Dec 11 31 Dec 11 Sep 97 - Jan 99



GROWTH MANAGEMENT LTD 31 May 98 M $180 M 368.95 31 Dec 11 (2.19%) (6.15%) 377.23 10.08% 7.13% (28.17%)

Stephan Pinter Dec 11 30 Nov 11 Jun 08 - Dec 11



HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT. 31 Mar 10 D $25 M 10.80 01 Feb 12 0.44% 8.15% 10.75 4.26% 9.95% (9.31%)

SHS Dec 11 31 Jan 12 Mar 11 - Sep 11

Nick Timberlake & Omar Negyal

HSBC INDIA ALPHA FUND 31 Mar 07 M $ 95 M 122.32 31 Jan 12 11.22% 11.22% 109.98 4.25% 17.23% (34.72%)

Sanjiv Duggal, Nilang Mehta , Viresh Mehta Dec 11 31 Dec 11 Dec 07 - Nov 08



KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$- 15 Nov 00 BM $73 M 7,997.08 27 Jan 12 13.35% 13.35% 7,055.36 20.39% 35.63% (81.80%)

J-L. Tauvy Oct 11 31 Dec 11 Dec 07 - Jan 09



MOORE EMERGING EQUITY L/S FUND LTD -A- 31 Mar 09 M $582 M 1,496.62 19 Jan 12 2.97% 2.97% 1,453.48 15.46% 12.79% (9.72%)

Greg Coffey Mar 11 31 Dec 11 Apr 11 - Sep 11



OCCAM GLOBAL EMERGING MARKETS FUND CLASS 30 Apr 09 D $41 M 9.68 31 Jan 12 9.26% 9.26% 8.86 (1.67%) 18.84% (31.07%)

A Jan 12 31 Dec 11 Oct 09 - Sep 11

Eoghan Flanagan & James Mellersh

OCCO EASTERN EUROPEAN FUND 31 Dec 01 Y/Q $444 M 336.59 27 Jan 12 2.24% 2.24% 329.21 12.80% 8.04% (20.86%)

Pawel Szulc & Andrew Wiles Jan 12 31 Dec 11 Jun 08 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 10

Investment Group. For qualified Investors only

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. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / Emerging 2.78%

POLLUX BRAZILIAN EQUITIES FUND 31 Oct 07 M $ 197 M 136.98 27 Jan 12 0.20% 0.20% 136.70 7.69% 9.02% (9.59%)

Pollux Capital Dec 11 31 Dec 11 May 08 - Oct 08



SR GLOBAL FUND G - EMERGING MKTS (Real Perf) 29 Feb 96 M $1'800 M 1,165.75 31 Jan 12 1.80% 1.80% 1,145.13 20.71% 18.73% (37.25%)

Richard Chenevix-Trench Dec 11 31 Dec 11 Oct 07 - Feb 09



SR PHOENICIA INC CLASS -A- SERIES 1 31 Jul 01 M $190 M 375.50 31 Jan 12 1.24% 1.24% 370.92 13.42% 19.41% (56.02%)

George Robinson Dec 11 31 Dec 11 Oct 07 - Feb 09

Ytd Avg. 2012

Equity-Diversified / Europe (1.15%)

ADELPHI EUR. FUND $ (A) 30 Sep 97 Q $871 M 358.00 31 Jan 12 1.29% 1.29% 353.44 9.30% 12.19% (26.28%)

Roderick Jack Dec 11 31 Dec 11 May 07 - Feb 09



ANTARES EUROPEAN FUNDS, LTD - USD 08 Dec 98 M $ 500 M 402.44 27 Jan 12 (3.96%) (3.96%) 419.05 11.17% 16.09% (32.68%)

Luca Orsini Dec 11 31 Dec 11 Jun 07 - Dec 08



CAZENOVE EURO EQ ABS RETURN FUND LIMITED 30 Nov 03 M €163 M 1,420.31 31 Dec 11 (1.05%) (0.77%) 1,435.38 4.43% 5.80% (17.67%)

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

Chris Rice, Steve Cordell

EGERTON EUROPEAN DOLLAR CLASS -A- 30 Nov 94 M $1'367 M 105.65 31 Jan 12 3.02% 3.02% 102.55 14.71% 10.34% (29.18%)

John C. Armitage Oct 11 31 Dec 11 Oct 07 - Jan 09



GRADIENT EUROPE FUND (THE) 30 Nov 01 Q €89 M 92.13 31 Dec 11 (2.02%) (18.26%) 94.03 (0.81%) 28.97% (82.25%)

I. Farman & S. Pagel Dec 08 30 Nov 11 Jun 07 - Jan 09



HABROK LTD 31 Mar 04 Q $1'030 M 224.38 31 Dec 11 (1.20%) (14.12%) 227.11 10.98% 16.21% (38.24%)

Leif Christian Kvaal Nov 11 30 Nov 11 May 08 - Jan 09



HENDERSON EUROPEAN ABS RETURN FD, LTD USD 31 May 01 M $116 M 400.76 27 Jan 12 14.02% 14.02% 351.49 13.90% 19.98% (47.67%)

Stephen Peak Nov 11 31 Dec 11 Feb 08 - Nov 08



HSBC ALPHA FUND LTD - HSBC EUROPEAN 30 Nov 07 M $427 M 154.74 27 Jan 12 (0.18%) (0.18%) 155.02 11.06% 5.79% (5.07%)

LEVERED ALPHA FUND EUR Feb 11 31 Dec 11 Jun 08 - Sep 08

Jakob Nordestedt, Michael O’Mara

HSBC EUROPEAN ALPHA FUND -EUR 31 Dec 02 M $461 M 171.40 31 Jan 12 (0.08%) (0.08%) 171.53 6.11% 2.53% (1.34%)

Jakob Nordestedt, & Michael O'Mara Jun 11 31 Dec 11 May 09 - Jul 09



JPMORGAN PORT. STRAT. FUNDS-EUROPE 30 Sep 03 M $376 M 365.71 20 Jan 12 (4.75%) (4.75%) 383.96 16.88% 8.89% (16.39%)

DYNAMIC L/S FUND- EUR Dec 11 31 Dec 11 Jun 08 - Nov 09

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

Morgan Asset Management







* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 11

Investment Group. For qualified Investors only

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. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / Europe (1.15%)

LANSDOWNE EURO EQTY FD, LTD - A (EUR) 31 Aug 98 M $730 M 176.76 27 Jan 12 4.52% 4.52% 169.12 9.69% 11.97% (21.60%)

P. Ruddock & S. Heinz Nov 11 31 Dec 11 May 08 - Feb 09



MARSHALL WACE - MW CORE A USD 31 Oct 06 M $933 M 122.52 30 Jan 12 0.86% 0.86% 121.47 3.94% 10.29% (26.47%)

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



MARSHALL WACE - MW EUROPEAN TOPS A EUR 31 Dec 04 M $489m 162.65 30 Jan 12 3.25% 3.25% 157.53 7.11% 8.51% (21.75%)

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



MARTIN CURRIE EUROPEAN HEDGE FUND CLASS 31 Dec 00 M $106 M 228.44 20 Jan 12 3.07% 3.07% 221.63 6.28% 7.61% (11.03%)

-B- Nov 11 31 Dec 11 Jun 08 - Feb 09

Michael Browne & Steve Frost

MBAM ACTIVE LONG SHORT 31 Jul 10 M $587 M 108.03 27 Jan 12 (0.57%) (0.57%) 108.65 5.30% 4.09% (1.97%)

Hilton Nathanson Dec 11 31 Dec 11 Sep 11 - Jan 12



NORDIC ALPHA CLASS B - NOK 31 Aug 03 M NOK 670 M 159.71 31 Dec 11 1.30% (14.91%) 157.66 5.78% 12.00% (32.36%)

Thomas Raaschou, Christian T. Nygaard Dec 11 30 Nov 11 Dec 07 - Feb 09



ODEY EUROPEAN, INC (EUR) 31 May 92 W $1'292 M 577.08 13 Jan 12 4.18% 4.18% 553.91 13.14% 16.24% (50.64%)

Crispin Odey Dec 11 31 Dec 11 Jan 94 - Jul 95



PELHAM LONG/SHORT FUND LTD CLASS A EUR 31 Oct 07 M € 888 M 120.77 31 Dec 11 (1.85%) (10.68%) 123.04 4.63% 10.85% (12.25%)

Ross Turner Oct 11 30 Nov 11 May 08 - Dec 08



PENSATO EUROPA FUND LTD EURO CLASS 31 May 08 M €172 M 117.10 31 Dec 11 0.52% (0.28%) 116.49 4.50% 5.81% (5.40%)

Graham Clapp & Edward Rumble Oct 11 30 Nov 11 Jun 08 - Sep 08



POLAR CAPITAL EUROP CONVICTION FUND LIMITED 31 Mar 06 M €91 M 145.44 31 Jan 12 0.10% 0.10% 145.30 6.62% 9.28% (5.84%)

Robert Gurner Nov 11 31 Dec 11 May 11 - Aug 11



SIERRA EUROPE OFFSHORE, LTD - USD/A 28 Feb 97 M $122 M 450.06 27 Jan 12 1.10% 1.10% 445.16 10.61% 9.28% (16.98%)

Charles Michaels Jul 11 31 Dec 11 Mar 00 - Jan 03



SR GLOBAL FUND F - EUROPE (€) (Real Perf) 31 Dec 95 M $30 M 219.26 31 Jan 12 1.80% 1.80% 215.38 10.91% 18.63% (47.97%)

Rupert Dyson Dec 11 31 Dec 11 Jun 07 - Feb 09



THEOREMA EUROPE FUND LTD A/1 EUR 31 May 01 M $ 279 M 196.07 27 Jan 12 (0.11%) (0.11%) 196.28 6.52% 5.55% (6.25%)

G. Govi & P. Mortarotti, Feb 11 31 Dec 11 Aug 08 - Jul 09



THEOREMA EUROPE FUND PLUS LTD B/1 USD 31 Aug 04 M $115 M 233.55 31 Dec 11 0.18% (0.29%) 233.13 12.26% 12.91% (13.96%)

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



ZADIG FUND CLASS A1 30 Nov 05 M €360 M 194.90 31 Jan 12 3.12% 3.12% 189.00 11.42% 12.30% (19.14%)

Laurent Saglio Nov 11 31 Dec 11 Aug 08 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 12

Investment Group. For qualified Investors only

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. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / Global 1.28%

ELLERSTON GEMS - CLASS A 30 Apr 06 Q $2'028 M 98.60 13 Jan 12 0.17% 0.17% 98.43 (0.25%) 10.16% (34.38%)

Ashok Jacob Dec 11 31 Dec 11 Jul 07 - Feb 10



EXANE TEMPLIERS FUND 28 Feb 06 w € 638 M 17,280.43 31 Jan 12 0.53% 0.53% 17,189.47 6.95% 3.21% (2.26%)

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

Samama, Exane Asset Management

GLENROCK GLOBAL PARTNERS (BVI) INC 31 May 94 M $ 331 M 2,458.18 31 Dec 11 1.50% (7.43%) 2,421.86 5.24% 14.52% (38.76%)

Michael Katz Dec 11 30 Nov 11 Jul 96 - Jan 99



HORSEMAN GLOBAL FUND USD 31 Jan 01 M $127 M 384.55 31 Jan 12 1.39% 1.39% 379.26 13.02% 17.09% (33.75%)

Russell Clark Nov 11 31 Dec 11 Feb 09 - Jun 10



M. KINGDON OFFSHORE NV - A/1 28 Feb 86 Q $1'478 M 117.02 27 Jan 12 6.24% 6.24% 110.14 15.18% 13.04% (30.15%)

Mark Kingdon Dec 11 31 Dec 11 Sep 87 - Oct 87



MARSHALL WACE - MW EUREKA A1 EUR 07 Jan 98 M $1'774M 301.78 30 Jan 12 0.47% 0.47% 300.38 13.45% 9.62% (23.24%)

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



MARSHALL WACE - MW GLOBAL OPPORTUNITIES A 28 Feb 09 M $621m 176.70 30 Jan 12 (4.17%) (4.17%) 184.38 21.52% 11.66% (4.96%)

USD Dec 11 31 Dec 11 Nov 11 - Jan 12

Fehim Sever

MAVERICK FUND, LTD - CLASS A/1 28 Feb 95 M $3'009 M 1,057.82 27 Jan 12 5.89% 5.89% 998.98 12.21% 11.93% (30.04%)

Lee Ainslie III Dec 11 31 Dec 11 May 08 - Nov 08



NEVSKY FUND PLC (COMPOSITE) 30 Sep 00 M $779 M 1,012.77 06 Jan 12 3.52% 3.52% 978.33 22.80% 14.42% (22.14%)

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



PLATINUM FUND LTD 31 May 94 M $546 M 68.32 27 Jan 12 7.99% 7.99% 63.26 11.49% 12.39% (30.48%)

Kerr Neilson Nov 11 31 Dec 11 Oct 07 - Feb 09



RAB GL. MINING & RESOURCES FUND LTD -B- 31 Oct 07 M $82 M 102.46 26 Jan 12 8.34% 8.34% 94.57 0.60% 25.34% (53.66%)

Philip Richards Jan 11 31 Dec 11 May 08 - Nov 08



SR GLOBAL FUND C - INTERNATIONAL (Real Perf) 31 Dec 93 M $750 M 440.25 31 Jan 12 (1.10%) (1.10%) 445.14 12.16% 21.66% (45.08%)

Hugh Sloane Dec 11 31 Dec 11 Dec 99 - Jul 01



STANDARD PACIFIC CAPITAL -B- 30 Sep 95 Q $1'193 M 444.35 31 Dec 11 (1.62%) (5.24%) 451.66 9.60% 8.15% (11.13%)

Doug Dillard and Raj Venkatesan Dec 11 30 Nov 11 Jul 11 - Dec 11



VIKING GLOBAL EQUITIES III LTD-A/1E 30 Sep 99 Y $8'112 M 8,454.30 27 Jan 12 1.27% 1.27% 8,347.90 18.89% 10.29% (11.93%)

Andreas Halvorsen Sep 11 31 Dec 11 Sep 01 - Mar 02









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 13

Investment Group. For qualified Investors only

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. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / Japan 0.79%

ALPHAGEN HOKUTO FUND LTD - CLASS A 31 Oct 00 M $421 M 196.06 27 Jan 12 (0.26%) (0.26%) 196.58 6.17% 4.30% (2.74%)

John Stewart & Robert Tull Nov 11 31 Dec 11 Jul 08 - Oct 08



ARCUS JAPAN FUND -JPY- 31 Mar 99 D $2'566 M 27,510.00 01 Feb 12 (0.05%) 3.14% 27,524.00 8.19% 15.59% (45.94%)

Robert Macrae Nov 11 31 Jan 12 Feb 07 - Feb 09



BLUE SKY JAPAN LTD - CLASS A 30 Jun 00 M $78 M 178.85 31 Jan 12 (3.76%) (3.76%) 185.85 4.07% 23.77% (62.99%)

Michael Hill Apr 10 31 Dec 11 Dec 05 - Jan 12



GAM JAPAN EQUITY HEDGE FUND 31 May 98 W $1'502 M 119.17 31 Jan 12 1.85% 1.85% 117.00 1.29% 13.53% (52.04%)

Lesley Kaye Mar 11 31 Dec 11 Jun 07 - Feb 09



HENDERSON JAPAN ABS RETURN FD, LTD 30 Jun 00 M $364 M 218.41 27 Jan 12 1.83% 1.83% 214.48 6.98% 9.70% (18.31%)

William Garnett and Jeremy Hall Nov 11 31 Dec 11 Apr 06 - Mar 08



MARATHON VERTEX JAPAN FD, LTD CLASS B 31 May 03 Q $654 M 1,913.85 20 Jan 12 (0.13%) (0.13%) 1,916.35 7.80% 7.76% (11.76%)

William Arah Sep 11 31 Dec 11 Jun 09 - Oct 10



MARTIN CURRIE ARF - JAPAN FUND 30 Jun 00 M $199 M 17.26 23 Jan 12 1.46% 1.46% 17.01 4.83% 7.66% (12.44%)

John-Paul Temperley Nov 11 31 Dec 11 Jul 08 - Jan 09



SR GLOBAL FUND H - JAPAN (Real Perf) 30 Sep 03 M $15 M 87.08 31 Jan 12 2.20% 2.20% 85.21 (1.27%) 19.58% (35.57%)

Hugh Sloane Dec 11 31 Dec 11 Mar 08 - Jul 10

Ytd Avg. 2012

Equity-Diversified / UK 2.21%

ALPHAGEN OCTANIS CLASS A 28 Feb 05 M $567 M 197.53 27 Jan 12 0.94% 0.94% 195.69 10.34% 6.73% (10.72%)

Ben Wallace & Luke Newman Dec 11 31 Dec 11 May 07 - Mar 08



BLACKROCK UK EQUITY HEDGE FUND 30 Apr 05 M $525 M 177.98 31 Jan 12 0.01% 0.01% 177.96 8.90% 6.41% (11.70%)

Nigel Ridge & Imran Sattar Nov 11 31 Dec 11 Jun 08 - Oct 08



LANSDOWNE UK EQUITY FUND, LTD (£) 31 Jul 01 M $6'333 M 406.96 27 Jan 12 5.67% 5.67% 385.11 14.30% 11.16% (20.07%)

P. Ruddock & S. Heinz Nov 11 31 Dec 11 Dec 10 - Dec 11

Ytd Avg. 2012

Equity-Diversified / USA (0.01%)

AJR INTERNATIONAL (BVI), INC. - A/1 31 Jan 93 M $517 M 1,070.84 27 Jan 12 10.86% 10.86% 965.97 13.29% 19.91% (44.44%)

Alexander J. Roepers Dec 11 31 Dec 11 May 08 - Dec 08



ALLIANCE BERNSTEIN SELECT US EQUITY LONG 30 Nov 99 Y/Q $141 M 3,666.89 31 Jan 12 1.75% 1.75% 3,603.82 11.26% 7.51% (9.98%)

SHORT Dec 11 31 Dec 11 May 08 - Feb 09

Kurt Feuerman

ALYDAR FUND LTD 28 Feb 03 Q $1'050 M 192.22 31 Dec 11 (0.80%) (0.68%) 193.78 7.67% 4.67% (5.40%)

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





* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 14

Investment Group. For qualified Investors only

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. 2012 0.12%

Ytd Avg. 2012

Equity-Diversified / USA (0.01%)

ALYSHEBA FUND LIMITED 31 Mar 05 Q $475 M 2,450.61 27 Jan 12 1.70% 1.70% 2,409.65 14.02% 13.84% (25.80%)

John A. Murphy, Philip C. Furse Jul 10 31 Dec 11 May 08 - Nov 08



ASCEND PARTNERS FUND II LTD - A 31 Jan 04 Q $1'321 M 170.70 31 Jan 12 0.21% 0.21% 170.34 6.91% 4.71% (5.23%)

Malcolm Fairbairn Oct 10 31 Dec 11 Apr 11 - Dec 11



AVESTA FUND LTD A/1 31 Aug 02 M $509 M 1,816.39 13 Jan 12 (0.91%) (0.91%) 1,833.09 6.57% 7.50% (10.89%)

Bill Tung Oct 11 31 Dec 11 Apr 11 - Jan 12



BAY RESOURCES PARTNERS OFFSHORE FUND 31 Jul 98 M $2'450 M 7,750.79 31 Dec 11 0.00% (9.13%) 7,750.79 16.48% 16.81% (38.76%)

Thomas Claugus Dec 11 30 Nov 11 May 08 - Feb 09



CASTLEROCK FUND LTD 31 Aug 96 Q $90 M 669.52 31 Dec 11 (3.25%) (23.84%) 692.01 13.19% 17.48% (37.70%)

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



COBALT OFFSHORE LTD 31 Dec 96 Q $1'315 M 674.01 31 Dec 11 (0.28%) (0.69%) 675.90 13.56% 8.53% (19.53%)

Wayne Cooperman Nov 11 30 Nov 11 Apr 98 - Sep 98



ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A 28 Feb 01 Q $2'450 M 245.38 31 Dec 11 2.10% 0.19% 240.33 8.63% 10.15% (19.92%)

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



EMINENCE FUND LTD A 31 Dec 98 Q $1'234 M 490.85 31 Jan 12 4.10% 4.10% 471.52 12.92% 10.01% (19.99%)

Ricky C. Sandler Dec 11 31 Dec 11 Dec 07 - Dec 08



HIGHBRIDGE LONG/SHORT EQUITY FUND, LTD 30 Apr 04 Q $535 M 1,792.40 27 Jan 12 3.58% 3.58% 1,730.45 7.82% 10.36% (21.12%)

Alex McAree Dec 11 31 Dec 11 Mar 11 - Sep 11



IVORY CAPITAL FLAGSHIP STRATEGY 30 Nov 98 Q $1'593 M 3,310.14 27 Jan 12 2.18% 2.18% 3,239.52 9.52% 6.22% (12.61%)

Curtis Macnguyen Dec 11 31 Dec 11 May 08 - Nov 08



KINETICS FUND, INC - A/A 31 Jan 01 M $109 M 2,094.90 27 Jan 12 7.77% 7.77% 1,943.78 6.96% 23.36% (76.20%)

Peter B. Doyle Nov 11 31 Dec 11 Oct 07 - Feb 09



OMEGA OVERSEAS PARTNERS, LTD CLASS A 31 Dec 91 M $901 M 657.72 31 Dec 11 0.83% (1.44%) 652.31 9.87% 15.12% (42.55%)

Leon Cooperman Dec 11 30 Nov 11 May 07 - Feb 09



RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 31 Jul 05 M $240 M 150.55 31 Jan 12 0.01% 0.01% 150.54 6.49% 10.40% (35.73%)

James Simons Mar 11 31 Dec 11 May 07 - Apr 09



SAB OVERSEAS FUND LTD 31 Jul 00 3Q / Q $610 M 339.57 31 Jan 12 4.70% 4.70% 324.33 11.21% 11.58% (17.57%)

Scott Bommer Sep 11 31 Dec 11 Mar 10 - Aug 10



SEMINOLE OFFSHORE FUND 31 May 98 Q $905 M 575.19 31 Jan 12 1.90% 1.90% 564.47 13.64% 13.29% (15.62%)

Michael G. Messner, Paul C. Shiverick Dec 11 31 Dec 11 May 02 - Mar 03



ZWEIG-DIMENNA INTL LIMITED - CLASS A 31 May 87 Q $1'456 M 85,795.49 31 Dec 11 0.09% (2.37%) 85,719.54 15.34% 15.55% (50.23%)

Joseph DiMenna / Martin Zweig Jul 11 30 Nov 11 Feb 00 - Dec 02







* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 15

Investment Group. For qualified Investors only

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. 2012 5.65%

Ytd Avg. 2012

Equity-Energy / USA 5.65%

DORSET ENERGY FUND, LTD - CLASS A 31 Oct 00 M $366 M 48.40 27 Jan 12 5.65% 5.65% 45.81 15.05% 21.74% (49.55%)

David M. Knott, Donald Textor May 11 31 Dec 11 Jun 08 - Dec 08





Equity-Financial

YTD Avg. 2012 1.60%

Ytd Avg. 2012

Equity-Financial / Global 1.34%

LANSDOWNE GLOBAL FINANCIALS FUND LTD. 30 Jun 04 M $1'559 M 229.47 27 Jan 12 1.44% 1.44% 226.21 11.58% 14.18% (26.23%)

-N-USD Nov 11 31 Dec 11 Apr 10 - Dec 11

Williamde Winton

MARSHALL WACE - MW GLOBAL FINANCIALS M/N A 31 Oct 08 M $342m 120.34 30 Jan 12 (2.42%) (2.42%) 123.32 5.86% 5.57% (2.87%)

USD Dec 11 31 Dec 11 Feb 09 - Apr 09

Amit Rajpal

TOSCA CLASS A - USD 30 Sep 00 M $491 M 183.94 26 Jan 12 5.00% 5.00% 175.18 5.53% 18.30% (67.54%)

Johnny de la Hey Mar 11 31 Dec 11 Dec 07 - Nov 08

Ytd Avg. 2012

Equity-Financial / USA 2.40%

BRYN MAWR OFFSHORE LTD 31 Dec 95 Q $86 M 4,700.38 20 Jan 12 2.40% 2.40% 4,590.35 10.11% 4.08% (4.11%)

K. Gray Jul 09 31 Dec 11 Oct 99 - Dec 99





Equity-Healthcare

YTD Avg. 2012 0.91%

Ytd Avg. 2012

Equity-Healthcare / Global 0.91%

MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND - 31 Jan 10 W $264 M 106.19 31 Jan 12 1.89% 1.89% 104.22 3.05% 8.47% (8.67%)

B (acc) USD Dec 11 31 Dec 11 Mar 10 - Aug 10

Oliver Marti, CCI Healthcare Partners

VISIUM INSTITUTIONAL PARTNERS FUND LTD 31 Oct 05 Q $173 M 180.65 27 Jan 12 (0.08%) (0.08%) 180.79 9.93% 7.79% (6.10%)

-(PROFORMA) Nov 11 31 Dec 11 Jun 08 - Dec 08

Jacob Gottlieb, Visium Asset Management









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 16

Investment Group. For qualified Investors only

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. 2012 (2.87%)

Ytd Avg. 2012

Equity-Mid-Small Cap / Europe 1.80%

ENNISMORE EUROPEAN SMALLER COMPANIES 30 Nov 99 M €273 M 289.24 26 Jan 12 0.79% 0.79% 286.98 12.22% 11.44% (34.24%)

Geoff Oldfield Nov 11 31 Dec 11 Jul 07 - Apr 09



POLAR CAPITAL EUROPEAN FORAGER FUND LTD - 31 Jul 03 M €355 M 253.81 31 Jan 12 2.81% 2.81% 246.87 11.57% 7.97% (21.47%)

AX Nov 11 31 Dec 11 Oct 07 - Feb 09

Rob Gurner

Ytd Avg. 2012

Equity-Mid-Small Cap / Global 9.13%

RAB SPECIAL SITUATION FD LTD 31 Jul 03 Q $135 M 906.11 26 Jan 12 9.13% 9.13% 830.33 11.66% 36.01% (78.99%)

Philip Richards Sep 11 31 Dec 11 Jul 07 - Sep 11

Ytd Avg. 2012

Equity-Mid-Small Cap / UK 1.21%

ALPHAGEN VOLANTIS FUND, LTD - A (USD) 30 Apr 02 M $482 M 393.56 27 Jan 12 1.21% 1.21% 388.87 15.09% 8.83% (11.36%)

Rob Giles & Adam McConkey Dec 11 31 Dec 11 Jun 08 - Dec 08

Ytd Avg. 2012

Equity-Mid-Small Cap / USA (9.23%)

GREENLIGHT CAPITAL OFFSHORE, LTD - A/1 30 Sep 96 Q $7'150 M 128,058.88 31 Jan 12 3.00% 3.00% 124,329.01 18.08% 11.23% (27.17%)

David Einhorn Jan 12 31 Dec 11 May 08 - Oct 08



GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1 31 Aug 01 Q $237 M 2,078.38 31 Jan 12 5.07% 5.07% 1,978.09 7.27% 13.75% (47.07%)

Gregory B Fraser & Rudolph K Kluiber & Timothy A. Jul 08 31 Dec 11 May 07 - Feb 09

Krochuk

SENVEST PARTNERS, LTD - CLASS A 31 Mar 97 Q $206 M 956.84 31 Dec 11 4.80% (33.96%) 913.02 16.53% 39.59% (70.55%)

Richard Mashaal Dec 11 30 Nov 11 Feb 00 - Sep 02



ZAXIS OFFSHORE LTD - CLASS A/1 30 Jun 00 M $556 M 2,134.01 31 Dec 11 (0.69%) (11.02%) 2,148.84 6.81% 8.46% (20.58%)

Sanford J. Colen Nov 11 30 Nov 11 Jun 08 - Feb 09





Equity-Pharma-Biotech

YTD Avg. 2012 (2.34%)

Ytd Avg. 2012

Equity-Pharma-Biotech / USA (2.34%)

PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD 31 Dec 99 M $420 M 1,137.38 20 Jan 12 (0.32%) (0.32%) 1,141.04 22.33% 27.18% (25.67%)

Joseph Edelman Nov 11 31 Dec 11 Feb 00 - May 00









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 17

Investment Group. For qualified Investors only

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. 2012 (2.34%)

Ytd Avg. 2012

Equity-Pharma-Biotech / USA (2.34%)

TRAXIS SIVIK GLOBAL HEALTHCARE OFFSHORE - 30 Jun 01 M $110 M 1,483.64 31 Dec 11 (0.92%) (8.27%) 1,497.42 3.82% 11.69% (32.70%)

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

Krishen Sud

VISIUM BALANCE OFFSHORE FUND CL 2 31 Oct 05 Y/Q $1'909 M 192.18 27 Jan 12 1.56% 1.56% 189.22 11.03% 9.78% (15.79%)

Jacob Gottlieb Nov 11 31 Dec 11 Aug 08 - Dec 08





Equity-Technology

YTD Avg. 2012 (1.75%)

Ytd Avg. 2012

Equity-Technology / Global (7.03%)

EXANE ARCHIMEDES FUND CLASS A CAP 30 Sep 06 W € 1'065 M 14,995.96 30 Jan 12 (1.15%) (1.15%) 15,170.07 7.89% 4.69% (3.45%)

Gilles Lenoir and César Zeitouni Dec 11 31 Dec 11 Feb 08 - Mar 08



SPINNER GLOBAL TECHNOLOGY FUND, LTD 21 Sep 93 M $153 M 95.81 31 Dec 11 (1.51%) (12.91%) 97.28 13.15% 16.91% (34.02%)

Art Spinner Dec 11 30 Nov 11 Aug 00 - Sep 02

Ytd Avg. 2012

Equity-Technology / USA 8.82%

SELIGMAN TECH SPECTRUM FUND CLASS 31 Dec 06 M $1'700 M 326.97 31 Jan 12 8.82% 8.82% 300.46 10.14% 13.03% (19.91%)

-A1-S/2-2002 Nov 11 31 Dec 11 May 08 - Nov 08

J. & W. Seligman & Co. Incorporated









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 18

Investment Group. For qualified Investors only

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. 2012 (6.31%)

Ytd Avg. 2012

Multi-Strategy / Emerging 3.70%

MONEDA ABSOLUTE RETURN LTD 31 Jan 07 Q $ 108 M 129.21 31 Jan 12 5.50% 5.50% 122.48 5.26% 13.79% (29.89%)

Juan Luis Rivera Jan 11 31 Dec 11 Jun 08 - Dec 08



SPINNAKER GLOB OPP FUND, LTD COMPOSITE 31 Jan 01 Q $7'000 M 438.24 15 Jan 12 1.89% 1.89% 430.11 14.43% 9.67% (31.74%)

Alexis Habib, Claude Marion, Jorge Rosas Jul 11 31 Dec 11 May 08 - Feb 09

Ytd Avg. 2012

Multi-Strategy / Global (7.85%)

DAVIDSON KEMPNER INTL, LTD - CLASS C Tranche 1 31 Oct 95 Q $5'662 M 394.56 27 Jan 12 1.04% 1.04% 390.50 8.81% 3.93% (10.87%)

Thomas L. Kempner, Jr. Sep 10 31 Dec 11 Oct 07 - Nov 08



OWL CREEK OVERSEAS FUND, LTD 31 Jan 02 Y $3'827 M 3,189.51 27 Jan 12 4.50% 4.50% 3,052.17 12.31% 13.49% (20.92%)

Jeffrey Altman Sep 11 31 Dec 11 Mar 10 - Sep 11



PARA INTERNATIONAL FUND -A- 31 Jan 95 M $356 M 390.11 31 Dec 11 (1.32%) (5.04%) 395.33 8.37% 7.89% (26.59%)

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



PAULSON ADVANTAGE LTD -A- 31 Mar 04 Q $ 2'335 M 256.58 31 Dec 11 (6.14%) (35.96%) 273.36 12.92% 15.59% (37.14%)

John Paulson Dec 11 30 Nov 11 Feb 11 - Dec 11



PAULSON ADVANTAGE PLUS LTD 31 Dec 04 Q $3'193 M 281.56 31 Dec 11 (9.31%) (52.64%) 310.46 15.93% 24.12% (53.96%)

John Paulson Dec 11 30 Nov 11 Feb 11 - Dec 11



PAULSON RECOVERY FUND LTD 31 Oct 08 Y $ 1'744 M 112.10 31 Dec 11 (0.02%) (27.73%) 112.12 3.66% 23.87% (35.13%)

John Paulson Jan 10 30 Nov 11 Apr 11 - Sep 11



PERRY PARTNERS INTERNATIONAL INC CLASS -1 - 30 Sep 93 Q / 2Y $4'656 M 756.80 27 Jan 12 3.61% 3.61% 730.43 11.67% 7.37% (25.65%)

TN A Dec 11 31 Dec 11 Oct 07 - Nov 08

Richard Perry

PERSHING SQUARE INTL.LTD 31 Dec 04 Y/Q $6'044 M 3,062.36 13 Jan 12 1.10% 1.10% 3,029.04 17.23% 14.74% (20.35%)

William Ackman Dec 11 31 Dec 11 Jan 08 - Feb 09



REVELATION SPECIAL SITUATIONS FUND LTD 28 Feb 05 M $398 M 1,829.20 31 Dec 11 0.30% (6.61%) 1,823.73 9.23% 5.71% (8.87%)

Chris Kuchanny Nov 11 30 Nov 11 May 11 - Nov 11



THIRD POINT OFFSHORE 30 Nov 96 M $4'273 M 11,548.67 31 Jan 12 3.80% 3.80% 11,125.89 17.49% 13.46% (35.48%)

Daniel Loeb Sep 11 31 Dec 11 Jun 08 - Mar 09



THIRD POINT ULTRA 30 Apr 97 Q $1'078 M 3,230.95 31 Jan 12 5.80% 5.80% 3,053.83 26.54% 22.98% (41.80%)

Daniel Loeb Dec 11 31 Dec 11 Jun 08 - Mar 09



TYRUS CAPITAL EVENT FUND LTD 31 Oct 09 Q $1'478 M 120.59 27 Jan 12 3.59% 3.59% 116.41 8.71% 5.93% (7.95%)

Tony Chedraoui Dec 11 31 Dec 11 Feb 11 - Sep 11









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 19

Investment Group. For qualified Investors only

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. 2012 (6.31%)

Ytd Avg. 2012

Multi-Strategy / Global (7.85%)

YORK INVESTMENT LTD -CLASS A/1 28 Feb 94 Q $2'092 M 6,665.51 20 Jan 12 2.50% 2.50% 6,502.94 11.18% 9.14% (29.86%)

James Dinan Dec 09 31 Dec 11 Oct 07 - Feb 09









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 20

Investment Group. For qualified Investors only

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. 2012 0.22%

Ytd Avg. 2012

Fixed Income / Emerging 0.22%

MARATHON OVERSEAS FUND, LTD - A 31 Mar 98 Q $495 M 263.02 27 Jan 12 0.22% 0.22% 262.44 7.24% 7.22% (36.00%)

B. Richards & L. Hanover Jun 09 31 Dec 11 May 07 - Apr 09

Ytd Avg. 2012

Fixed Income / Global 0.22%

BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 30 Sep 06 M $ 841 M 171.90 31 Jan 12 1.43% 1.43% 169.47 10.68% 6.12% (10.54%)

Tim Webb Jul 11 31 Dec 11 Jun 08 - Dec 08



BLACKROCK OBSIDIAN FUND 30 Jun 96 M $594 M 4,442.52 31 Dec 11 0.51% (13.50%) 4,419.98 10.09% 9.54% (20.93%)

Stuart Spodek Sep 11 30 Nov 11 Jan 08 - Feb 09



CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS 30 Sep 05 Q $6'921 M 204.53 20 Jan 12 (0.90%) (0.90%) 206.39 12.01% 5.25% (7.41%)

-A- Dec 11 31 Dec 11 Feb 08 - Mar 08

Yan Huo, Masao Asai

DRAKE GLOBAL OPPORTUNITIES FUND 30 Nov 02 Q $107 M 1,585.40 31 Dec 11 (1.20%) 3.22% 1,604.66 5.20% 14.85% (57.51%)

Anthony Faillace Apr 11 30 Nov 11 Sep 07 - Mar 09



EMF FIXED INCOME FUND, LTD 31 Oct 01 Q $339 M 38,988.62 31 Dec 11 0.02% 5.84% 38,980.82 14.31% 15.77% (22.46%)

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



HSBC QUANT ALTERNATIVE FUND GL. BOND MK 31 May 01 D €31 M 118,038.50 31 Jan 12 0.98% 0.98% 116,894.80 3.74% 4.90% (10.67%)

NEUT.FUND 600 EURO Cl.I Jun 10 31 Dec 11 Jan 11 - Nov 11

Jean-Charles Bertrand

HSBC QUANT ALTERNATIVE FUND GL.BOND M/N 300 30 Jun 01 D $124 M 66,400.67 31 Jan 12 0.53% 0.53% 66,052.46 2.71% 2.52% (6.39%)

USD Cl.I Jun 10 31 Dec 11 Jan 11 - Nov 11

Jean-Charles Bertrand

III FUND LTD 30 Jun 93 Q $123 M 3,145.98 27 Jan 12 2.05% 2.05% 3,082.78 6.36% 11.59% (54.77%)

Cliff G Viner Dec 11 31 Dec 11 Jan 08 - Nov 08



III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 31 Oct 05 Q $141 M 1,487.42 27 Jan 12 (0.10%) (0.10%) 1,488.91 6.57% 9.47% (31.27%)

Garth Friesen Dec 11 31 Dec 11 Nov 07 - Dec 08



LONDON DIVERSIFIED FUND, LTD - D 31 May 95 Q $226 M 4,427.90 27 Jan 12 1.31% 1.31% 4,370.53 9.34% 6.93% (28.95%)

Robert Standing & David Gorton Sep 10 31 Dec 11 Jan 08 - Dec 08



PARS IV OFFSHORE FUND II , CL. A/1 31 Mar 02 Q $2'157 M 2,077.73 31 Dec 11 1.01% 1.82% 2,056.95 7.78% 9.36% (25.88%)

William H. Gross Dec 11 30 Nov 11 May 08 - Nov 08



PROLOGUE FEEDER FUND, LTD. CLASS A 31 Jan 06 Q $1'328 M 1,774.40 27 Jan 12 0.01% 0.01% 1,774.28 10.04% 3.77% (1.59%)

David Lofthouse, Graham Walsh Dec 11 31 Dec 11 Jul 07 - Aug 07









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 21

Investment Group. For qualified Investors only

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. 2012 0.41%

Ytd Avg. 2012

Arbitrage / Global 0.41%

HSBC MAA FUND USD 15 Jun 95 Q/M $149 M 193.32 20 Jan 12 0.41% 0.41% 192.53 4.05% 4.99% (25.30%)

HSBC Alternative Investments Limited Nov 11 31 Dec 11 Jul 07 - Dec 08





Event Driven

YTD Avg. 2012 0.28%

Ytd Avg. 2012

Event Driven / Global 0.28%

HSBC CREDIT MARKET OPPORTUNITIES FUND USD 31 May 09 Q $80 M 98.90 20 Jan 12 0.28% 0.28% 98.62 3.47% 8.35% (9.16%)

CLASS COMPOSITE Nov 11 31 Dec 11 Feb 11 - Dec 11

Hsbc Management (Guernsey) Ltd



Leveraged Multi-Strategy

YTD Avg. 2012 0.55%

Ytd Avg. 2012

Leveraged Multi-Strategy / Global 0.55%

HSBC LEVERAGED GH FUND 30 Nov 04 M $2'410 M 118.38 20 Jan 12 0.55% 0.55% 117.73 2.39% 12.67% (37.09%)

HSBC Republic Investment Limited Nov 11 31 Dec 11 Jun 08 - Dec 08





Long/Short

YTD Avg. 2012 (0.02%)

Ytd Avg. 2012

Long/Short / Asia (0.02%)

HSBC ASIAN ADVANTEDGE FUND 30 Jun 02 M $35 M 165.81 20 Jan 12 (0.02%) (0.02%) 165.84 5.43% 8.60% (24.73%)

HSBC Alternative Investments Limited Dec 11 31 Dec 11 Dec 07 - Nov 08





Multi-Strategy

YTD Avg. 2012 0.32%

Ytd Avg. 2012

Multi-Strategy / Emerging 0.26%

HSBC EMERGING ADVANTEDGE FUND 31 Mar 97 M $18 M 146.67 20 Jan 12 0.26% 0.26% 146.29 2.62% 15.63% (59.39%)

HSBC Alternative Investments Limited Dec 11 31 Dec 11 Sep 97 - Dec 98









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 22

Investment Group. For qualified Investors only

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. 2012 0.32%

Ytd Avg. 2012

Multi-Strategy / Global 0.35%

HSBC GH FUND USD 31 May 96 M $2'411 M 277.81 20 Jan 12 0.33% 0.33% 276.89 6.75% 6.63% (18.30%)

HSBC Alternative Investments Limited Nov 11 31 Dec 11 Jun 08 - Dec 08



HSBC HEDGE INVESTMENTS FUND 28 Feb 02 Q $27 M 144.88 20 Jan 12 0.37% 0.37% 144.34 3.82% 5.15% (17.63%)

HSBC Alternative Investments Limited Nov 11 31 Dec 11 Jun 08 - Dec 08





Trading

YTD Avg. 2012 0.03%

Ytd Avg. 2012

Trading / Global 0.03%

HSBC TRADING ADVANTEDGE FUND 31 Oct 05 M $297 M 150.22 20 Jan 12 0.03% 0.03% 150.17 6.76% 9.56% (10.20%)

HSBC Alternative Investments Limited Dec 11 31 Dec 11 Jan 09 - Jan 10









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 23

Investment Group. For qualified Investors only

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. 2012 (1.38%)

Ytd Avg. 2012

Commodity / Global (1.38%)

CLIVE FUND (The ) Class - A - 30 Nov 07 Q $4'100 M 188.04 27 Jan 12 (0.41%) (0.41%) 188.81 16.38% 19.12% (18.05%)

Christian Levett and Richard Boland Oct 11 31 Dec 11 Apr 11 - Aug 11



KROM RIVER COMMODITY FUND 30 Jun 06 M $ 900 M 179.82 31 Jan 12 0.46% 0.46% 178.99 11.06% 10.32% (10.45%)

Christopher Brodie Nov 11 31 Dec 11 Oct 08 - Mar 10



MERCHANT COMMODITY FUND (THE) - COMPOSITE 31 May 04 M $988 M 319.45 31 Jan 12 (4.20%) (4.20%) 333.46 16.34% 21.73% (36.93%)

Michael Coleman and Doug King Sep 11 31 Dec 11 Dec 10 - Oct 11





Currency

YTD Avg. 2012 1.44%

Ytd Avg. 2012

Currency / Asia (0.28%)

DYMON ASIA MACRO FUND COMPOSITE 31 Jul 08 M $1'569 M 146.21 27 Jan 12 (0.28%) (0.28%) 146.62 11.49% 12.81% (13.69%)

Danny Yong Oct 11 31 Dec 11 Jul 08 - Sep 08

Ytd Avg. 2012

Currency / Global 3.15%

QFS CURRENCY FUND, LTD CLASS B SHARES 28 Feb 93 M $120 M 857.90 31 Jan 12 3.15% 3.15% 831.70 12.02% 14.42% (18.85%)

(INDEX) Dec 11 31 Dec 11 Feb 04 - Aug 06

Dr. Sanford Grossman



Diversified

YTD Avg. 2012 1.30%

Ytd Avg. 2012

Diversified / Asia 1.01%

ALPHADYNE INVESTMENT STRATEGIES FUND LTD 31 Jan 07 M $ 304 M 1,578.47 27 Jan 12 2.21% 2.21% 1,544.34 9.57% 4.78% (3.63%)

Bart Broadman, Philippe Khuong-Huu Nov 11 31 Dec 11 May 09 - Jun 09



BREVAN HOWARD ASIA FUND LIMITED 30 Sep 04 M $1'731 M 199.32 20 Jan 12 (0.20%) (0.20%) 199.71 9.90% 4.02% (1.94%)

Kaspar Ernst Dec 11 31 Dec 11 Jan 10 - Mar 10

Ytd Avg. 2012

Diversified / Emerging 0.95%

BLUECREST EMERGING MARKETS FUNDS 31 Aug 05 Q $1'170 M 170.30 31 Dec 11 (0.33%) (0.43%) 170.86 8.78% 12.33% (22.89%)

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



BREVAN HOWARD EM. MKT STRATEGIES FUND LTD 31 Dec 07 M $2'104 M 133.55 20 Jan 12 4.64% 4.64% 127.63 7.39% 10.49% (10.67%)

Geraldine Sundstrom Dec 11 31 Dec 11 Aug 11 - Dec 11





* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 24

Investment Group. For qualified Investors only

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. 2012 1.30%

Ytd Avg. 2012

Diversified / Emerging 0.95%

DISCOVERY GLOBAL OPPORTUNITY FUND, LTD 31 Jul 99 S $414 M 648.33 31 Dec 11 0.25% 3.43% 646.72 16.23% 15.17% (33.03%)

Robert K Citrone Feb 11 30 Nov 11 Dec 07 - Dec 08



GAVEA FUND LTD . CLASS A S/1 31 Jul 03 Q $1'626 M 218.40 27 Jan 12 3.23% 3.23% 211.57 9.63% 7.09% (12.50%)

Fraga Arminio Nov 11 31 Dec 11 Jul 08 - Oct 08



GREEN II FUND-S/ 01.06 COMPOSITE 31 Jan 01 M $1'500 M 585.66 30 Nov 11 (6.70%) (5.16%) 627.71 16.46% 14.99% (33.00%)

Luis Stuhlberger May 10 31 Oct 11 Jun 08 - Nov 08



MOORE EMERGING FX . INC & CRY FUND - CLASS A 31 Mar 09 M $231 M 1,201.59 19 Jan 12 1.33% 1.33% 1,185.87 6.76% 4.03% (3.02%)

Greg Coffey Mar 11 31 Dec 11 Oct 09 - Jan 10



PHARO TRADING FUND 30 Nov 00 M $460 M 3,922.35 20 Jan 12 (0.39%) (0.39%) 3,937.71 13.05% 9.83% (13.16%)

Guillaume Fonkenell Dec 11 31 Dec 11 Feb 08 - Oct 08

Ytd Avg. 2012

Diversified / Global 1.43%

BREVAN HOWARD FUND, LTD - USD CLASS A 31 Mar 03 M $26'470M 292.21 20 Jan 12 0.18% 0.18% 291.69 12.94% 7.02% (5.17%)

Alan Howard Nov 11 31 Dec 11 Feb 08 - Apr 08



BTG PACTUAL GLOBAL EMERGING MARKETS AND 31 Jan 09 Q $ 2'300 M 2,056.99 30 Jan 12 3.00% 3.00% 1,997.08 27.20% 8.79% (3.57%)

MACRO FUND Dec 11 31 Dec 11 May 11 - Dec 11

BTG Pactual Global Asset Management

CAPITAL FUND, LTD (THE) 31 Dec 99 M $84 M 2,490.70 27 Jan 12 0.01% 0.01% 2,490.45 11.13% 10.52% (17.38%)

Kenneth Windheim Aug 11 31 Dec 11 Jan 09 - Mar 10



CAXTON GLOBAL INVESTMENT LTD 31 Jan 97 Y $5'051 M 750.58 31 Jan 12 0.20% 0.20% 749.07 14.37% 7.53% (7.37%)

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



COMAC GLOBAL MACRO FUND 31 May 06 M $ 4'303 M 162.95 27 Jan 12 (2.29%) (2.29%) 166.77 9.00% 8.52% (10.20%)

Colm O’Shea Dec 11 31 Dec 11 Apr 10 - Mar 11



DRAKE ABSOLUTE RETURN FUND, LTD (THE) 31 Dec 01 Y/Q $219 M 129.38 31 Dec 11 0.60% 3.89% 128.61 2.61% 11.86% (51.74%)

Anthony Faillace & Steven Luttrell Apr 11 30 Nov 11 Sep 07 - Mar 09



ELEMENT CAPITAL FUND 31 Mar 05 M $3'048 M 53,414.92 31 Dec 11 2.00% 5.64% 52,367.57 28.15% 10.75% (7.83%)

Jeffrey Talpins Oct 11 30 Nov 11 Oct 07 - Apr 08



EPISODE INC. CLASS A 31 Jul 05 Q $581 M 139.07 27 Jan 12 2.40% 2.40% 135.81 5.21% 12.42% (32.77%)

David Fishwick / Tony Finding Nov 11 31 Dec 11 Oct 07 - Feb 09



FORTRESS MACRO FUND LTD. CLASS A 31 Dec 08 M $ 2'126 M 1,010.13 27 Jan 12 3.79% 3.79% 973.25 5.98% 6.36% (11.34%)

Michael E. Novogratz & Adam Levinson Dec 11 31 Dec 11 Mar 11 - Nov 11



GAM GLOBAL RATES HEDGE FUND 31 Jan 04 M $349 M 200.13 24 Jan 12 5.43% 5.43% 189.82 9.08% 7.89% (12.25%)

Adrian Owens Nov 11 31 Dec 11 Mar 11 - Sep 11





* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 25

Investment Group. For qualified Investors only

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. 2012 1.30%

Ytd Avg. 2012

Diversified / Global 1.43%

GAMUT INVESTMENTS 30 Jun 86 M $418 M 8,070.68 25 Jan 12 0.24% 0.24% 8,051.39 18.72% 13.57% (13.45%)

Andrew E. Law Sep 10 31 Dec 11 Dec 87 - Apr 88



HARMONIC ALPHA PLUS MACRO FUND - USD CLASS 30 Apr 03 M $867 M 114.92 27 Jan 12 1.52% 1.52% 113.20 5.77% 11.58% (16.74%)

Richard Conyers Dec 11 31 Dec 11 Apr 11 - Dec 11



INVESTCORP STONEWORKS GLOBAL MACRO FUND 31 Jul 07 M $ 194 M 114.80 20 Jan 12 0.70% 0.70% 114.01 3.13% 9.20% (14.97%)

LTD Oct 11 31 Dec 11 Jul 09 - Mar 11

Investcorp Investment Advisers Limited

MELLON OFF GLOB OPP FUND LTD - 30 Nov 05 M $290 M 1,170.11 31 Dec 11 1.38% 4.78% 1,154.22 2.61% 9.40% (31.90%)

MULTICURRENCY - A1 Nov 11 30 Nov 11 Jan 07 - Oct 08

Alexander Huberts & Jeff Zhang

MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1 31 Jul 05 M $203 M 1,118.07 31 Dec 11 3.58% 4.46% 1,079.46 1.75% 18.42% (59.00%)

Alexander Huberts & Jeff Zhang Nov 11 30 Nov 11 Jan 07 - Oct 08



MKP OPPORTUNITY OFFSHORE, LTD 31 Jul 01 M $1'550 M 271.45 27 Jan 12 0.52% 0.52% 270.04 9.98% 5.43% (3.70%)

Patrick McMahon Nov 11 31 Dec 11 Dec 09 - Feb 10



MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B 31 Mar 02 M $1'183 M 1,967.18 31 Jan 12 1.55% 1.55% 1,937.16 7.11% 18.24% (35.02%)

Timothy Rudderow Nov 10 31 Dec 11 Dec 10 - Dec 11



MOORE GLOBAL INV FD, LTD - A $ 31 Dec 89 Q $7'700 M 44,433.86 19 Jan 12 1.14% 1.14% 43,932.29 18.76% 12.12% (18.45%)

Louis Bacon Sep 11 31 Dec 11 Jan 94 - Feb 95



MOORE MACRO MANAGERS FUND, LTD CLASS -A- 31 Jul 93 Q $3'599 M 11,127.62 19 Jan 12 0.23% 0.23% 11,102.55 13.92% 8.67% (14.47%)

Louis Bacon Sep 11 31 Dec 11 Jan 94 - Feb 94



PHARO MACRO FUND LTD 30 Apr 05 Q $2'750 M 2,181.76 20 Jan 12 2.07% 2.07% 2,137.51 12.29% 9.18% (9.64%)

Guillaume Fonkenell Dec 11 31 Dec 11 Jun 08 - Nov 08



RUBICON GLOBAL FUND, LTD 31 Oct 99 M $435 M 445.77 27 Jan 12 (2.82%) (2.82%) 458.71 12.98% 14.97% (36.03%)

Paul Brewer Jan 12 31 Dec 11 Dec 04 - May 07



TRAXIS FUND LP (OFFSHORE) 31 May 03 Q $ 547 M 149.11 31 Dec 11 (1.80%) (5.45%) 151.84 4.76% 13.01% (40.00%)

Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux Nov 10 30 Nov 11 Oct 07 - Feb 09



TUDOR B.V.I GLOBAL FUND LTD -A- 31 Oct 86 Q $6'610 M 107,030.67 27 Jan 12 1.66% 1.66% 105,288.08 20.32% 19.33% (17.07%)

Paul Tudor Jones Jan 12 31 Dec 11 Apr 92 - Jul 92









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 26

Investment Group. For qualified Investors only

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. 2012 0.96%

Ytd Avg. 2012

Currency / Global 0.96%

ORTUS FUND (CAYMAN) LTD 30 Sep 03 M $809 M 288.00 13 Jan 12 0.96% 0.96% 285.27 13.60% 12.28% (23.33%)

Dr Joe Zhou Nov 11 31 Dec 11 Jul 08 - Oct 08





Systematic

YTD Avg. 2012 (0.41%)

Ytd Avg. 2012

Systematic / Global (0.41%)

ASPECT DIVERSIFIED FUND - CLASS A 30 Nov 98 W $1'160 M 362.28 01 Feb 12 0.57% 1.82% 360.24 10.26% 16.56% (21.47%)

Anthony Todd Dec 11 31 Jan 12 Feb 04 - Jan 05



BLUETREND FUND, LTD - CLASS A 31 Mar 04 M $8'900 M 308.11 27 Jan 12 0.09% 0.09% 307.82 15.46% 14.06% (12.55%)

Michael Platt & Leda Braga Dec 11 31 Dec 11 Apr 06 - Jul 06



BORONIA DIVERSIFIED FUND MASTER 31 Aug 93 M $802 M 1,701.35 01 Feb 12 0.38% 0.83% 1,694.91 10.00% 11.74% (13.31%)

Richard Grinham and Angus Grinham Nov 11 31 Jan 12 May 94 - Jul 94



CIPHER DIVERSIFIED FUND-A- 31 Jul 98 M $255 M 2,913.58 27 Jan 12 0.35% 0.35% 2,903.42 8.24% 19.42% (37.28%)

A. Knoepffler Nov 11 31 Dec 11 Apr 11 - Dec 11



CONQUEST MACRO FUND, LTD (COMP) 30 Apr 99 M $738 M 2,998.92 01 Feb 12 (1.20%) (5.39%) 3,035.34 8.98% 18.78% (29.12%)

Marc Malek Jan 12 31 Jan 12 Jul 09 - Jun 11



CRABEL FUND SPC LTD CLASS A 28 Feb 98 M $323 M 4,675.45 27 Jan 12 2.60% 2.60% 4,556.97 11.72% 16.93% (16.71%)

Toby Crabel Jan 10 31 Dec 11 Oct 98 - Jun 99



DISCUS FEEDER LTD CL. B USD STANDARD 31 Dec 90 M $601 M 1,326.92 27 Jan 12 1.69% 1.69% 1,304.89 13.33% 15.94% (34.56%)

LEVERAGE Nov 11 31 Dec 11 Jun 94 - Oct 95

Team managed

DKR QUANTITATIVE STRATS FUND, LTD 31 Dec 99 M $408 M 2,596.67 31 Jan 12 0.30% 0.30% 2,588.91 8.21% 10.21% (14.88%)

Pascal Magnollay Jun 11 31 Dec 11 Feb 11 - Dec 11



EAGLE GLOBAL FUND 30 Sep 95 M $106 M 952,902.30 31 Jan 12 (1.78%) (1.78%) 970,127.88 14.79% 23.94% (32.13%)

Menachem Sternberg & Liora Sternberg Dec 11 31 Dec 11 Oct 03 - Sep 04



EDGESTREAM NIAS FUND 30 Jun 04 Q $586 M 167.08 31 Dec 11 (0.77%) (4.65%) 168.37 7.08% 7.45% (9.76%)

Peter Yianilos & Sandor Straus Dec 11 30 Nov 11 Dec 04 - Sep 05



GRAHAM GIF II PROPRIETARY MATRIX - 10V 30 Jun 99 M $777 M 294.46 31 Jan 12 1.21% 1.21% 290.94 8.95% 12.19% (16.08%)

Kenneth G. Tropin Jan 12 31 Dec 11 Apr 11 - Nov 11



GRAHAM GLOBAL INVESTMENT FUND II - K4D-10V 31 Jan 95 M $3'545 M 353.63 31 Jan 12 0.23% 0.23% 352.82 7.71% 12.54% (15.67%)

Kenneth G. Tropin Jan 12 31 Dec 11 Oct 01 - Apr 02





* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 27

Investment Group. For qualified Investors only

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. 2012 (0.41%)

Ytd Avg. 2012

Systematic / Global (0.41%)

GRAHAM GLOBAL INVESTMENT FUND II - K4D-15V 31 Dec 98 M $3'466 M 209.89 31 Jan 12 0.36% 0.36% 209.14 10.83% 19.29% (30.47%)

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



HIGHBRIDGE QUANTITATIVE COMMODITIES FUND 31 Jul 11 M $ 535 M 857.57 31 Dec 11 (2.27%) (14.24%) 877.49 (30.70%) 17.83% (14.68%)

CLASS B Jan 12 30 Nov 11 Aug 11 - Dec 11

Glenn Dubin, Sassan Alizadeh

KEYNES LEVERAGED QUANTITATIVE STRATEGIES 31 Dec 04 M $231 M 101.03 31 Jan 12 (0.30%) (0.30%) 101.33 8.45% 12.18% (12.83%)

FUND CLASS - B -COMPOSITE Aug 09 31 Dec 11 Apr 06 - Sep 06

Sushil Wadhwani,

MAN AHL DIVERSIFIED PLC 31 Mar 96 W $2'415 M 92.78 31 Jan 12 0.78% 0.78% 92.06 15.09% 17.56% (19.39%)

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



RENAISSANCE INSTITUTIONAL FUTURES FUND LP 30 Sep 07 M $685 M 120.82 31 Jan 12 0.51% 0.51% 120.21 4.45% 12.12% (22.27%)

Robert Lourie Sep 11 31 Dec 11 Jun 08 - Jun 09



TEWKSBURY INVESTMENT FUND, LTD - B 31 Dec 90 M $3'305 M 15,135.10 27 Jan 12 0.90% 0.90% 15,000.10 13.75% 4.62% (7.75%)

Matthew Tewksbury Dec 11 31 Dec 11 Jun 07 - Aug 07



TRADELINK INTEGRATED PROGRAM LTD 31 Dec 93 M $83 M 2,332.48 31 Jan 12 (0.55%) (0.55%) 2,345.38 19.01% 23.70% (36.53%)

Walt Weissman and Blair Wellensiek Nov 11 31 Dec 11 May 03 - Jan 05



TUDOR TENSOR FUND LIMITED CLASS I 31 Aug 05 M $437 M 1,526.75 27 Jan 12 0.09% 0.09% 1,525.34 6.82% 12.02% (13.94%)

Steve Evans Dec 11 31 Dec 11 Sep 09 - Aug 10



TULIP TREND FUND, LTD - A 31 Mar 03 M $687 M 3,624.53 31 Jan 12 3.31% 3.31% 3,508.52 15.67% 25.80% (34.25%)

Harold de Boer Dec 11 31 Dec 11 Feb 09 - Jan 10



TWO SIGMA COMPASS CAYMAN FUND 31 Jul 09 M $ 494 M 1,535.36 31 Jan 12 1.69% 1.69% 1,509.79 18.66% 8.75% (9.85%)

Two Sigma Investments, LLC Dec 11 31 Dec 11 Apr 11 - Sep 11



WINTON FUTURES FUND - CLASS B 30 Sep 97 M $ 9'890 M 856.52 01 Feb 12 0.04% 0.65% 856.18 16.15% 17.86% (25.08%)

David Harding Jan 12 31 Jan 12 Oct 01 - Feb 02









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 28

Investment Group. For qualified Investors only

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. 2012 0.32%

Ytd Avg. 2012

Discretionary / Asia (0.30%)

AMAZON MARKET NEUTRAL FUND CLASS A USD 31 Aug 05 M $460 M 347.96 27 Jan 12 0.11% 0.11% 347.59 21.47% 13.05% (20.20%)

August Investment Management Ltd Dec 11 31 Dec 11 Jun 08 - Dec 08



MACQUARIE ASIAN ALPHA FUND 30 Sep 05 M $1'510 M 1,609.97 27 Jan 12 (0.70%) (0.70%) 1,621.32 10.63% 6.51% (14.05%)

Andrew Alexander & Nick Bird Jan 12 31 Dec 11 Oct 07 - Apr 09

Ytd Avg. 2012

Discretionary / Europe (1.09%)

EXANE MICROMEGAS FUND LTD- CLASS A - CAP 30 Jun 06 W € 240 M 15,152.84 25 Jan 12 (1.59%) (1.59%) 15,397.74 5.15% 5.52% (6.92%)

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



TALENTUM ENHANCED FUND LIMITED - A - 31 Aug 02 M €134 M 246.50 31 Jan 12 (0.58%) (0.58%) 247.93 10.05% 8.86% (25.03%)

Gianmarco Mondani / Marco Accorroni Dec 11 31 Dec 11 Jun 08 - Apr 09

Ytd Avg. 2012

Discretionary / Global 2.17%

BLACK DIAMOND RELATIVE VALUE LTD -C-Shs 31 Jul 99 Q $827 M 292.13 27 Jan 12 2.16% 2.16% 285.95 8.95% 5.47% (8.09%)

Clint Carlson Sep 11 31 Dec 11 Mar 11 - Sep 11



MARSHALL WACE - MW MARKET NEUTRAL TOPS A 31 Oct 07 M $340m 103.73 30 Jan 12 2.19% 2.19% 101.51 0.86% 7.05% (15.98%)

USD Dec 11 31 Dec 11 Jun 08 - Nov 08

Anthony Clake.

Ytd Avg. 2012

Discretionary / Japan (0.22%)

DB EQUILIBRIA JAPAN FUND 30 Apr 02 M $144 M 224.53 27 Jan 12 (0.16%) (0.16%) 224.89 8.65% 4.54% (5.77%)

James Pulsford, Sara Gardiner-Hill Dec 11 31 Dec 11 May 08 - Sep 08



DB EQUILIBRIA JAPAN FUND LTD 2X (USD) 30 Apr 09 M $398 M 131.98 27 Jan 12 (0.28%) (0.28%) 132.35 10.63% 8.23% (7.61%)

James Pulsford, Sara Gardiner-Hill Dec 11 31 Dec 11 Jul 11 - Sep 11

Ytd Avg. 2012

Discretionary / UK 1.04%

ABSOLUTE INSIGHT UK EQUITY MKT NEUTRAL 31 May 08 D £ 153 M 1.13 02 Feb 12 (0.03%) 0.21% 1.13 3.13% 1.33% (0.49%)

FUND-CLASS B2P GBP Jan 12 31 Jan 12 Jun 11 - Aug 11

Andrew Cawker, Iain Brown, Richard Howarth

CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP 30 Jun 08 Daily £ 141 M 111.38 01 Feb 12 0.48% 1.86% 110.85 3.04% 6.29% (9.96%)

Steven Cordell Dec 11 31 Jan 12 Sep 09 - Dec 10









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 29

Investment Group. For qualified Investors only

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. 2012 (0.23%)

Ytd Avg. 2012

Multi-Strategy / Asia (0.23%)

LIM ASIA MULTI-STRATEGY FUND CLASS A 31 Dec 95 Q $ 873 M 34.13 31 Dec 11 (0.09%) (0.23%) 34.16 7.97% 6.02% (15.79%)

George W. Long Dec 11 30 Nov 11 Feb 08 - Nov 08





Statistical Arbitrage

YTD Avg. 2012 0.29%

Ytd Avg. 2012

Statistical Arbitrage / Europe 0.44%

BLACKROCK EOS CLASS B USD COMPOSITE 28 Feb 02 M $ 268 M 1,161.96 01 Feb 12 (0.52%) (0.25%) 1,168.02 9.54% 9.09% (14.33%)

Robert Fisher Nov 11 31 Jan 12 Jul 07 - Jan 08



GLC GESTALT EUROPE FUND, LTD A/1 31 Jul 99 M $75 M 223.93 31 Jan 12 1.14% 1.14% 221.41 6.66% 9.28% (23.47%)

Laurence Staden & Julian Brooks Oct 11 31 Dec 11 Oct 09 - Sep 11

Ytd Avg. 2012

Statistical Arbitrage / Global 0.21%

A.R.T. INTERNATIONAL INVESTOR (BVI) Ltd 28 Feb 07 Q $905 M 195.67 31 Jan 12 0.08% 0.08% 195.52 14.60% 9.32% (10.48%)

Aaron Sosnick Nov 11 31 Dec 11 Jul 07 - Aug 07



BLUEMATRIX FUND CLASS -A- USD 31 Oct 07 M $459 M 134.89 31 Dec 11 (0.49%) (1.42%) 135.56 7.44% 7.57% (9.96%)

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



GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A 28 Feb 05 Q $891 M 201.35 27 Jan 12 0.23% 0.23% 200.89 10.65% 4.85% (11.91%)

Jonathan Hiscock Jan 12 31 Dec 11 Jun 08 - Sep 08



HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A 31 Oct 06 M $986 M 1,266.94 13 Jan 12 1.95% 1.95% 1,242.68 4.65% 11.06% (21.48%)

Evan Dick, Greg Howel Jan 12 31 Dec 11 Jun 07 - Aug 07





Systematic

YTD Avg. 2012 2.04%

Ytd Avg. 2012

Systematic / Global 2.04%

BLACKROCK 32 CAPITAL MASTER FUND SPC, LTD 31 Jul 02 Y/M $430 M 1,658.91 27 Jan 12 2.04% 2.04% 1,625.74 5.47% 7.49% (25.62%)

(THE) - A/1 Jan 12 31 Dec 11 Jun 08 - Sep 09

BlackRock SAE Team









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 30

Investment Group. For qualified Investors only

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. 2012 (4.33%)

Ytd Avg. 2012

Merger-Arbitrage / Global (5.39%)

AETOS CORPORATION - CLASS A 31 Dec 85 M $132 M 25,615.70 27 Jan 12 0.52% 0.52% 25,482.26 9.33% 11.71% (34.97%)

Jason Dahl, Jonathan Spitzer Nov 11 31 Dec 11 Aug 87 - Oct 87



CENTAURUS INTERNATIONAL RISK ARBITRAGE 30 Jun 09 M €370 M 112.82 31 Dec 11 2.21% 0.01% 110.38 4.93% 5.30% (7.66%)

FUND Jul 11 30 Nov 11 May 11 - Aug 11

Randy Freeman

LION FUND, LTD (THE) 31 Jan 96 M $260 M 38.48 31 Dec 11 0.65% 4.23% 38.23 8.73% 9.67% (34.07%)

Nick Walker Oct 11 30 Nov 11 Oct 07 - Feb 09



PAULSON ENHANCED LTD 30 Apr 01 S $1'961 M 694.10 31 Dec 11 (2.11%) (21.55%) 709.06 19.90% 16.80% (30.43%)

John Paulson Dec 11 30 Nov 11 Apr 11 - Sep 11



PAULSON INTERNATIONAL, LTD 30 Apr 96 M $1'387 M 711.30 31 Dec 11 (1.02%) (10.17%) 718.63 12.73% 8.17% (15.52%)

John Paulson Dec 11 30 Nov 11 May 11 - Sep 11

Ytd Avg. 2012

Merger-Arbitrage / USA 0.95%

GABELLI ASSOCIATES LIMITED - CLASS A 31 Aug 89 M $154 M 573.50 27 Jan 12 0.95% 0.95% 568.08 8.10% 3.31% (6.65%)

Mario Gabelli Feb 07 31 Dec 11 Oct 07 - Oct 08









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 31

Investment Group. For qualified Investors only

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. 2012 0.89%

Ytd Avg. 2012

Diversified / Global 0.95%

AG SUPER FUND INTERNATIONAL, LTD 30 Apr 93 Y $480 M 1,301.13 27 Jan 12 1.90% 1.90% 1,276.87 9.69% 5.61% (24.78%)

Michael Gordon & Dave Kamin Dec 11 31 Dec 11 Jun 07 - Dec 08



ALLBLUE LIMITED 31 Aug 05 M $6'629 M 182.25 27 Jan 12 0.31% 0.31% 181.69 9.81% 5.02% (4.51%)

Michael Platt Nov 11 31 Dec 11 Jun 07 - Aug 07



ARROWGRASS INT FUND LTD 29 Feb 08 Q €2'760 M 135.47 27 Jan 12 1.40% 1.40% 133.59 8.07% 4.60% (4.40%)

Nick Niell , Henry Kenner Nov 11 31 Dec 11 Apr 11 - Sep 11



BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED) 31 Dec 95 Q $102 M 295.49 27 Jan 12 2.20% 2.20% 289.13 6.97% 4.19% (18.58%)

Clint D. Carlson Sep 11 31 Dec 11 Aug 08 - Dec 08



BLACKROCK MULTI-STRATEGY FUND LTD - CLASS A 30 Apr 05 M $1'436 M 1,325.96 31 Dec 11 0.14% 2.43% 1,324.14 4.32% 6.14% (13.96%)

Grace Gu Oct 11 30 Nov 11 Jun 08 - Dec 08



BLUECREST CAPL INTL LTD A USD 30 Nov 00 Q $9'350 M 418.94 27 Jan 12 0.77% 0.77% 415.73 13.69% 5.78% (4.83%)

Michael Platt Dec 11 31 Dec 11 May 03 - Aug 03



BLUEMOUNTAIN EQUITY ALTERNATIVES FUND 28 Feb 06 Q $324 M 1,889.20 27 Jan 12 2.69% 2.69% 1,839.71 11.35% 7.73% (9.57%)

Alan Gerstein Aug 11 31 Dec 11 Sep 08 - Feb 09



BOUSSARD & GAVAUDAN HOLDING., LTD ordinary 31 Jan 07 D €679 M 14.02 01 Feb 12 0.31% 4.28% 13.97 5.26% 7.96% (20.69%)

shares Apr 11 31 Jan 12 May 07 - Sep 08

Emmanuel Gavaudan

BREVAN HOWARD M/S FUND, LTD – CL. A/USD 29 Feb 08 M $1'613 M 122.64 20 Jan 12 0.45% 0.45% 122.09 5.38% 5.21% (6.29%)

Alan Howard Dec 11 31 Dec 11 Feb 08 - Sep 08



BRUMMER MULTISTRATEGY 2XL, LTD - C - 30 Apr 09 M €141 M 1,208.36 31 Jan 12 1.23% 1.23% 1,193.68 7.11% 7.06% (6.51%)

B&P Asset Management (Bermuda) Ltd. Jun 10 31 Dec 11 Apr 11 - Nov 11



CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI 31 Jul 05 Q $1'180 M 2,952.34 31 Dec 11 3.12% (10.43%) 2,863.01 18.36% 15.47% (24.58%)

Michael Hintze Nov 11 30 Nov 11 Apr 11 - Sep 11



CQS DIVERSIFIED FUND (SPC) LTD ALPHA CLASS B 28 Feb 07 Q $455 M 1,447.15 27 Jan 12 1.72% 1.72% 1,422.70 7.80% 7.96% (14.78%)

USD Jun 11 31 Dec 11 Jun 08 - Dec 08

James Peattie & Peter Warren

DOUBLE BLACK DIAMOND LTD - SERIES A 31 Mar 98 Q $2'897 M 368.73 27 Jan 12 2.15% 2.15% 360.97 9.89% 5.58% (17.93%)

(UNRESTRICTED) Sep 11 31 Dec 11 Aug 08 - Dec 08

Clint Carlson

FORE MULTI STRATEGY FUND LTD 31 Mar 04 Q $1'400 M 288.86 31 Dec 11 (1.15%) 7.84% 292.22 14.66% 11.90% (27.01%)

Matthew Li Sep 11 30 Nov 11 Feb 08 - Sep 08









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 32

Investment Group. For qualified Investors only

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. 2012 0.89%

Ytd Avg. 2012

Diversified / Global 0.95%

GLC DIVERSIFIED FUND LTD -A- 30 Jun 93 M $138 M 66.27 31 Jan 12 8.34% 8.34% 61.17 10.70% 11.62% (23.26%)

Lawrence Staden Nov 11 31 Dec 11 Oct 09 - Dec 11



HUTCHIN HILL CAPITAL OFFSHORE FUND LTD 30 Jun 08 Q $1'400 M 1,331.70 31 Jan 12 (0.83%) (0.83%) 1,342.85 8.31% 6.85% (7.36%)

Neil Chriss Nov 11 31 Dec 11 Apr 11 - Oct 11



JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI 30 Apr 07 W $628 M 136.95 24 Jan 12 2.50% 2.50% 133.61 6.86% 13.71% (29.81%)

Philippe Jabre Dec 11 31 Dec 11 Apr 10 - Dec 11



JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 31 Jan 07 M $778 M 101.40 31 Dec 11 (0.74%) (25.65%) 102.16 0.28% 18.20% (40.20%)

Philippe Jabre Dec 11 30 Nov 11 Feb 08 - Jan 09



LINDEN INTERNATIONAL LTD 31 May 03 Q $1'600 M 254.58 31 Dec 11 0.12% (7.84%) 254.27 11.49% 10.35% (24.60%)

Joe Wong Dec 11 30 Nov 11 Feb 08 - Dec 08



MILLENNIUM INTL LTD 31 Dec 89 Q $14'100 M 2,167.34 26 Jan 12 1.20% 1.20% 2,141.64 14.92% 4.50% (7.24%)

Israel A Englander Jan 12 31 Dec 11 May 98 - Aug 98



PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 31 Dec 02 Q $685 M 5,366.60 31 Dec 11 1.35% 20.93% 5,295.12 20.51% 5.11% (4.42%)

LTD Dec 11 30 Nov 11 Aug 08 - Oct 08

Mark Nordlicht

QVT OVERSEAS, LTD - B - Serie 1 31 Oct 03 Y/Q $3'565 M 2,042.01 31 Jan 12 1.45% 1.45% 2,012.82 9.03% 9.67% (37.38%)

Dan Gold Sep 11 31 Dec 11 Feb 08 - Dec 08



SHEPHERD INVEST LTD CLASS -A -COMPOSITE 30 Jun 95 S/Q $1'456 M 4,420.07 20 Jan 12 1.35% 1.35% 4,361.19 9.38% 7.17% (32.63%)

Brian Stark & Mike Roh May 11 31 Dec 11 Oct 07 - Mar 09



STRATUS FUND LIMITED CLASS B 30 Nov 03 M $ 4'030M 2,142.83 27 Jan 12 2.38% 2.38% 2,093.03 9.78% 5.87% (8.14%)

Team managed Nov 11 31 Dec 11 Jun 07 - Sep 07



TWO SIGMA HORIZON CAYMAN LTD 30 Apr 08 Q $397 M 1,180.88 31 Jan 12 0.97% 0.97% 1,169.55 4.52% 10.81% (17.85%)

Two Sigma Investments, LLC Nov 11 31 Dec 11 May 11 - Nov 11

Ytd Avg. 2012

Diversified / Japan (0.47%)

LIM JAPAN FUND 31 Oct 04 Q $ 116 M 168.18 27 Jan 12 (0.47%) (0.47%) 168.97 7.44% 6.30% (10.09%)

LIM Advisors Limited Nov 11 31 Dec 11 Jun 08 - Feb 09









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 33

Investment Group. For qualified Investors only

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. 2012 3.59%

Ytd Avg. 2012

Multi-Strategy / Global 3.59%

HIGHBRIDGE CAPITAL CORPORATION CLASS 31 Aug 92 Q/Y $5'400 M 78,680.27 31 Jan 12 3.59% 3.59% 75,953.54 11.20% 7.34% (30.04%)

-A-Series N (Composite) May 09 31 Dec 11 Jun 08 - Nov 08

Mark Vanacore



Systematic

YTD Avg. 2012 (1.46%)

Ytd Avg. 2012

Systematic / Global (1.46%)

WINTON EVOLUTION FUND (THE) 31 Aug 05 M $112 M 1,413.55 01 Feb 12 0.50% (1.46%) 1,406.52 5.53% 10.72% (14.61%)

David Harding Jan 12 31 Jan 12 Jun 08 - Jul 09









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 34

Investment Group. For qualified Investors only

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. 2012 20.36%

Ytd Avg. 2012

Arbitrage / Global 20.36%

PIMCO MULTI-ASSET VOLATILITY FUND LTD 31 Jul 11 M $ 173 M 120.36 31 Dec 11 3.69% 20.36% 116.08 55.60% 8.23% 0.00%

Josh Thimons, Josh Davis, Matt Dorsten Nov 11 30 Nov 11 Jan 00 - Jan 00









* Max DD: Peak to trough Source - HSBC Private Bank. Performances are net of fees





Past performance is not a guide to future performance Alternative 35

Investment Group. For qualified Investors only

HSBC Private Bank (Suisse) SA has issued this document for information purposes only. This document may not be distributed to the United States, Canada,

Australia or any other country in which its distribution is unlawful.



The information contained within this material has not been reviewed in the light of your personal circumstances. If you require investment advice or wish to

discuss the suitability of any investment decision, you should contact your Relationship Manager or you should seek such financial, legal or tax advice from

your professional advisers as appropriate.



This document is not and should not be construed as an offer to sell or solicitation of an offer to purchase or subscribe for any investment or service. HSBC

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liability as to its accuracy or completeness. Expressions of opinion herein are subject to change without notice.



Investments in alternative investments may involve substantial risks, such as the risk to lose part or all of the investment, the absence of a regular market

and illiquidity. Therefore the investor should consult the Risk Warning Section of the prospectus/offering memorandum or any other appropriate risk disclosure

document before the investment which can be requested free of charge from HSBC Private Bank (Suisse) SA.



Please note hedge funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. They can also be

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recording or otherwise, without the prior written permission of HSBC Private Bank (Suisse) SA. PBRS/00/12/32





Past performance is not a guide to future performance Alternative 36

Investment Group. For qualified Investors only

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