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HedgeWeekly2012_No05

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					                                                                                                                                                              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


COPYRIGHT PROTECTED
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
highly illiquid, are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in
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Some products mentioned in this document are not intended for public offering in Switzerland. Consequently, this document can be distributed in/from Switzerland
only to qualified investors according to the Swiss collective investment schemes legislation.

Past performance is not a guide to future performance. The value of any investment or income may go down as well as up and you may not receive back the full
amount invested. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse
effect on the value, price or income of that investment. In the case of investments for which there is no recognised market, it may be difficult for investors
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lead to considerable losses being incurred by those exposed to such markets.

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HSBC Private Bank is the principal private banking business of the HSBC Group. Private banking may be carried out internationally by different HSBC legal
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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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