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HedgeWeekly2009_No45

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					                                                                                                                                                            Hedge Weekly N°45
                                                                                                                                              Investment Funds Performance Review



                                                                                                                                                               Alternative Investment Group




                                                                                                                                                   Week of Monday 02 Nov to Friday 06 Nov 2009



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
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seek all monetary damages to which it may be entitled.
Index by Strategies                                                                       iii
Index by Funds                                                                            iv
Top 20 (Winners and Losers)                                                               1
Newsletter                                                                                4
Disclamer                                                                                 33




                      Past performance is not necessarily a guide to future performance         ii
                                       Alternative Investment Group
ARBITRAGE                                                                   Equity-Mid-Small Cap           26
                                                                            Equity-Pharma-Biotech          27
      Convertible                      4                                    Equity-Regulation S&D          28
      Fixed Income                     5                                    Equity-Short Bias              28
      Multi-Strategy                   5                                    Equity-Statistical Arbitrage   28
CTA                                                                         Equity-Technology              29
                                                                            Equity-Utility                 29
      Discretionary                    7
      Systematic                       8                              MACRO
DIRECTIONAL                                                                 Diversified                    30
      Equity-Diversified               9                              MULTI STRATEGY
EQUITY                                                                      Diversified                    32
      Diversified                      10
EVENT DRIVEN
      Distressed Security              11
      Merger-Arbitrage                 12
      Multi-Strategy                   12
FUND OF FUNDS
      Arbitrage                        14
      Event Driven                     14
      Leveraged Multi-Strategy         14
      Long/Short                       14
      Multi-Strategy                   15
      Trading                          15
LONG/SHORT
      Credit                           16
      Equity-Commodity                 17
      Equity-Diversified               18
      Equity-Energy                    25
      Equity-Financial                 25
      Equity-Market Neutral            26



                                 Past performance is not necessarily a guide to future performance              iii
                                                  Alternative Investment Group
                                       ASUKA JAPANESE EQUITY L/S TST 1       23    BTG BROCADE MACRO FUND LTD CLAS 30
3                                      ATLAS FUNDAMENTAL TRADING FUND        21                                             D
                                       ATLAS GLOBAL INVESTMENTS A2/05        21    C
32 CAPITAL FUND, LTD (THE) - A/   28                                                                                        DAVIDSON KEMPNER DIST. OPP. INT   11
                                       AVESTA FUND LTD A/1                   24
                                                                                   CADUCEUS CAPITAL INTL. LTD          27   DAVIDSON KEMPNER INTL, LTD - CL   12
A                                                                                  CANTILLON GLOBAL EQUITY FUND US     9    DB EQUILIBRIA JAPAN FUND          23
                                       B
                                                                                   CANYON VALUE REALIZATION FD, LT     11   DEEPHAVEN GLOBAL M/S FUND LTD C   6
ADELPHI EUR. FUND $ (A)           19
                                       BASSO INVESTORS LTD                   4     CAPITAL FUND, LTD (THE)             30   DELTA FUND EUROPE, LTD            10
AETOS CORPORATION - CLASS A       11
                                       BASSO MULTI-STRATEGY FUND LTD         5     CAPULA GLOBAL RELATIVE VALUE FU     4    DIGILOG OVERSEAS FUND I, LTD      7
AG SUPER FUND INTERNATIONAL, LT   12
                                       BENNELONG ASIA PACIFIC MULTI ST       32    CASTLERIGG INTL LTD - CLASS A/1     12   DISCOVERY GLOBAL OPPORTUNITY FU   18
AJR INTERNATIONAL (BVI), INC. -   27
                                       BG LONG TERM VALUE FUND               9     CASTLEROCK FUND LTD                 24   DKR QUANTITATIVE STRATS FUND, L   7
ALEXANDRA GLOBAL INV. FUND I, L   5
                                       BGI - MULTI-STRATEGY FUND LTD -       6     CAXTON ALPHA EQUITY (BVI) LTD       9    DORSET ENERGY FUND, LTD - CLASS   25
ALLBLUE LIMITED                   32
                                       BLACK BEAR OS FUND, LTD - A           28    CAXTON EQUITY GROWTH LTD A / 1      24   DOUBLE BLACK DIAMOND LTD - SERI   6
ALPHADYNE INVESTMENT STRATEGIES 30
                                       BLACK DIAMOND, LTD - CLASS B (U       6     CAXTON GLOBAL INVESTMENT LTD        30   DRAKE ABSOLUTE RETURN FUND, LTD   6
ALPHAGEN ACAMAR FUND LIMITED (T   26
                                       BLENHEIM* GL. MARKETS, L.P.           7     CAZENOVE EURO EQ ABS RETURN FUN 19       DRAKE GLOBAL OPPORTUNITIES FUND   4
ALPHAGEN CAPELLA FUND-A-          19
                                       BLUE SKY JAPAN LTD - CLASS A          23    CAZENOVE UK EQUITY ABSOLUTE RET     23   DRAWBRIDGE GL MACRO FD, LTD A/1   30
ALPHAGEN HOKUTO FUND LTD - CLAS   22
                                       BLUECREST CAPL INTL LTD A USD         6     CENTAUR LOWLEV ARBITRAGE FUND L     4
ALPHAGEN OCTANIS CLASS A          23
                                       BLUECREST STRATEGIC FUND, LTD         30    CERBERUS INTL. LTD                  11   E
ALPHAGEN REGULUS FUND             28
                                       BLUEMATRIX FUND CLASS -A- USD         28    CHARLEMAGNE FUND LTD -USD-          19
ALPHAGEN TENRO FUND LIMITED       22                                                                                        EAGLE GLOBAL FUND                 7
                                       BLUEMOUNTAIN CREDIT ALTERNATIVE       16    CIPHER DIVERSIFIED FUND-A-          7
ALPHAGEN TUCANA                   19                                                                                        EASTERN ADVISORS LLC              17
                                       BLUEMOUNTAIN EQUITY ALTERNATIVE       26    CLIVE FUND (The ) Class - A -       7
ALPHAGEN VOLANTIS FUND, LTD - A   27                                                                                        ECOFIN GLOBAL UTILITIES HEDGE F   29
                                       BLUETREND FUND, LTD - CLASS A         7     CLOVIS CAPITAL PARTNERS (CAYMAN     27
ALTIMA GLOBAL SPECIAL SITUATION   21                                                                                        EGERTON EUROPEAN DOLLAR CLASS -   19
                                       BORONIA DIVERSIFIED FUND              7     COBALT OFFSHORE LTD                 27
ANTARES EUROPEAN FUNDS, LTD - U   19                                                                                        ELEMENT CAPITAL FUND              4
                                       BOYER ALLAN PACIFIC FUND INC-A-       17    COMAC GLOBAL MACRO FUND             30
ARCUS JAPAN FUND -JPY-            23                                                                                        ELLERSTON ASIA PACIFIC FUND       17
                                       BREVAN HOWARD ASIA FUND LIMITED       30    CONQUEST MACRO FUND, LTD (COMP)     30
ARNOTT OPPORTUNITIES FUND         17                                                                                        ELLERSTON GEMS - CLASS A          22
                                       BREVAN HOWARD EM. MKT STRATEGIE       30    COREVEST PARTNERS LTD               17
ARROW OFFSHORE LTD                21                                                                                        ELM RIDGE VALUE PARTNERS OFFSHO   24
                                       BREVAN HOWARD FUND, LTD - USD C       30    CQS ABS FEEDER FUND - CLASS -B-     16
ARROWGRASS INTERNATIONAL FUND L 32                                                                                          EMF FIXED INCOME FUND, LTD        4
                                       BRIGADE LEVERAGED CAPITAL STRUC       16    CQS CONV & QUANT STRATS FEED FD     6
ARTRADIS BARRACUDA FUND           5                                                                                         EMINENCE FUND LTD A               24
                                       BRUCE NELSON GLOBAL FD LTD - A        22    CQS DIVERSIFIED FUND (SPC) LTD      32
ASCEND PARTNERS FUND II LTD - A   24                                                                                        ENNISMORE EUROPEAN SMALLER COMP 26
                                       BRYN MAWR OFFSHORE LTD                25    CRABEL FUND LTD                     7
ASPECT DIVERSIFIED FUND - CLASS   7                                                                                         EPISODE INC. CLASS A              30



                                                   Past performance is not necessarily a guide to future performance                                               iv
                                                                    Alternative Investment Group
EUREKA EURO A CLASS - EURO        19   GREENLIGHT CAPITAL OFFSHORE, LT       27    HSBC MAA FUND USD                   14
EXANE MICROMEGAS FUND LTD         26   GROWTH MANAGEMENT LTD                 18    HSBC TRADING ADVANTEDGE FUND        15   L
                                       GRT TOPAZ OFFSHORE PARTNERS, LT       27    HT ASIAN CATALYST FUND LLC          18
                                                                                                                            LANSDOWNE EURO EQTY FD, LTD - A   20
F                                      GSA CAPITAL INTERNATIONAL FUND,       28
                                                                                                                            LANSDOWNE EUROPEAN LONG ONLY FU 9
                                                                                   I
FEINGOLD OKEEFFE CAPITAL I OFFS   16                                                                                        LANSDOWNE GLOBAL FINANCIALS FUN   25
                                       H
FINISTERRE SOVEREIGN DEBT FUND    16                                               III FUND LTD                        4    LANSDOWNE UK EQUITY FUND, LTD (   24
FIREBIRD NEW RUSSIA FUND, LTD -   9    HALBIS EUROPEAN ALPHA FUND - X        20    III GLOBAL LTD                      4    LAZARD EUROPEAN EXPLORER FUND L 20
FIREBIRD REPUBLICS FUND, LTD      9    HALBIS EUROPEAN ALPHA FUND -EUR       20    III RELATIVE VALUE CREDIT STRAT     5    LC CAPITAL OFFSHORE FUND, LTD     11
FIRST EAGLE N.V. (A)              12   HALBIS INDIA ALPHA FUND               18    INTREPID CAPITAL FUND LTD A/1       29   LIM ASIA MULTI-STRATEGY FUND CL   5
FOREST GLOB CONV FD, LT - FULCR   4    HALCYON OFFSHORE ASSET-BACKED V 11          INTREPID ENHANCED ALPHA FUND, L     22   LION FUND, LTD (THE)              13
FORT GLOBAL OFFSHORE FUND LTD,    7    HARBINGER CAPITAL PARTNERS OFFS       12    IVORY CAPITAL FLAGSHIP STRATEGY     24   LONDON DIVERSIFIED FUND, LTD -    5
                                       HARMONIC ALPHA PLUS MACRO FUND        31                                             LONDON SELECT FUND LIMITED -A     31
G                                      HENDERSON CREDIT OPPORTUNITIES        4     J
                                       HENDERSON EURO.STYLE ROTATIONAL 20                                                   M
GABELLI ASSOCIATES LIMITED - CL   12                                               JANDAKOT FUND LTD USD CLASS A U     20
                                       HENDERSON EUROPEAN ABS RETURN F 20
GAM ARBITRAGE INC                 12                                               JB GLOBAL RATES HEDGE FUND          31   M. KINGDON OFFSHORE NV - A/1      22
                                       HENDERSON JAPAN ABS RETURN FD,        23
GAM JAPAN EQUITY HEDGE FUND       23                                               JCAM GLOBAL FUND LIMITED            16   MAN AHL ALPHA PLC                 8
                                       HENDERSON UK EQUITY L/S FUND LI       23
GAMUT INVESTMENTS                 31                                               JF JAPAN ABSOLUTE RETURN            23   MAN AHL DIVERSIFIED PLC           8
                                       HIGHLINE INTERNATIONAL CLASS A        24
GEOSPHERE FUND, LTD               17                                               JMG TRITON OFFSHORE FUND, LTD A     4    MARATHON OVERSEAS FUND, LTD - A   16
                                       HIGHVIEW GLOBAL MACRO, LTD            8
GIANO CAPITAL LTD EUR             19                                               JOHO FUND, LTD-A-                   18   MARATHON SPECIAL OPPS FD, LTD -   13
                                       HORSEMAN GLOBAL FUND USD              22
GLC GESTALT EUROPE FUND, LTD A/   28                                               JUPITER HYDE PARK HEDGE FUND, L     20   MARTIN CURRIE ARF - GLOBAL ENER   25
                                       HSBC ASIAN ADVANTEDGE FUND            14
GLENROCK GLOBAL PARTNERS (BVI)    22                                                                                        MARTIN CURRIE ARF - GLOBAL RESO   17
                                       HSBC DISTRESSED MARKETS FUND US       14
GLS OFFSHORE GLOBAL OPP.A         18                                               K                                        MARTIN CURRIE ARF - JAPAN FUND    23
                                       HSBC DISTRESSED OPPORTUNITY FUN       11
GONDWANA FUND LIMITED             17                                                                                        MAVERICK FUND, LTD - CLASS A/1    22
                                       HSBC EMERGING ADVANTEDGE FUND         15    KALTCHUGA FUND - RUSSIA EQ. SUB     9
GOOD HOPE INTERNATIONAL LTD       12                                                                                        MBAM JANDAKOT ENHANCED FUND LTD 20
                                       HSBC EUROPEAN ADVANTEDGE FUND U 14          KAZIMIR RUSSIA GROWTH               9
GRADIENT EUROPE FUND (THE)        19                                                                                        MBAM PAN-ASIAN FUND LTD           18
                                       HSBC GH FUND USD                      15    KINETICS FUND, INC - A/A            24
GRAHAM GIF II PROPRIETARY MATRI   8                                                                                         MELLON OFF GLOB OPP FUND LTD -    31
                                       HSBC GLOBAL ABSOLUTE LTD USD NA       15    KING STREET CAPITAL, LTD - CLAS     13
GRAHAM GLOBAL INVESTMENT FUND I   8                                                                                         MELLON OFF. ALPHAACCESS FUND LT   31
                                       HSBC HEDGE INVESTMENTS FUND           15    KING STREET EUROPE LTD CLASS A      16
GRAHAM GLOBAL INVESTMENT FUND I   8                                                                                         MERCHANT COMMODITY FUND (THE) -   7
                                       HSBC LEVERAGED GH FUND                14
GRAMERCY EMERGING MARKET FUND     16                                                                                        MILLENNIUM GLOB HIGH YIELD FD L   16



                                                   Past performance is not necessarily a guide to future performance                                               v
                                                                    Alternative Investment Group
MILLENNIUM INTL LTD C/01 A        6                                                 QVT OVERSEAS, LTD - B/1             6    SOFAER CAPITAL NATURAL RESOURCE 17
MKP OFFSHORE CREDIT FUND          17   P                                                                                     SOFAER CAPL ASIAN HEDGE FD (Net   18
MKP OPPORTUNITY OFFSHORE, LTD     5                                                 R                                        SOFAER CAPL EURO HEDGE FD (USD)   21
                                       PALOMINO FUND LTD CLASS B ORIGI        16
MOORE EMERGING MARKET FUND, LTD 30                                                                                           SPINNER GLOBAL TECHNOLOGY FUND,   29
                                       PARA INTERNATIONAL FUND -A-            13    RAB CROSS EUROPE FUND LIMITED -     12
MOORE GLOBAL INV FD, LTD - A $    31                                                                                         SR GLOBAL FUND B - ASIA (Real P   18
                                       PARS IV OFFSHORE FUND II , CL.         5     RAB ENERGY CLASS F                  25
MOORE MACRO MANAGERS FUND, LTD    31                                                                                         SR GLOBAL FUND C - INTERNATIONA   22
                                       PAULSON ADVANTAGE LTD -A-              13    RAB EUROPE FUND LTD-B-              21
MW CORE FUND                      20                                                                                         SR GLOBAL FUND F - EUROPE (€) (   21
                                       PAULSON ADVANTAGE PLUS LTD             13    RAB SPECIAL SITUATION FD LTD        26
MW GLOBAL FINANCIALS FUND         25                                                                                         SR GLOBAL FUND G - EMERGING MKT   19
                                       PAULSON CREDIT OPPORTUNITIES LT        11    REAL RETURN ASIAN FUND LTD (THE     18
MW TOPS FUND LTD -C-              20                                                                                         SR GLOBAL FUND H - JAPAN (Real    23
                                       PAULSON ENHANCED LTD                   12    REDWOOD CAPITAL MASTER FUND LTD 11
MW TOPS FUND LTD -D-              20                                                                                         SR PHOENICIA INC CLASS -A- SERI   19
                                       PAULSON INTERNATIONAL, LTD             12    RIEF LP -B- (Continuing)            24
MW TOPS FUND LTD -J-              20                                                                                         STANDARD PACIFIC CAPITAL -B-      22
                                       PEAK PARTNERS OFFSH FD, LTD - B        31    RIFF FUND INTL LP CLASS -A-         8
MW TOPS FUND LTD -L- (Asia Dive   18                                                                                         STG CAPITAL PARTNERS (QP), LP     29
                                       PELHAM LONG/SHORT FUND LTD CLAS        20    ROSEHILL JAPAN FUND -A-             23
MW TOPS FUND LTD -N-              26                                                                                         STONE LION FUND LTD CLASS A       11
                                       PENTWATER EVENT FUND LTDCLASS -        13    ROTELLA POLARIS FUND, LTD           8
                                                                                                                             STRATEGIC VALUE RESTRUCTURING F   11
                                       PERCEPTIVE LIFE SCIENCES OFFSH         27    RUSSIAN PROSPERITY FUND - A         9
N                                                                                                                            STRATUS FUND LIMITED CLASS B      32
                                       PERRY PARTNERS INTERNATIONAL IN        13
                                                                                                                             SWORDFISH FUND LTD                31
NEVSKY FUND LIMITED CLASS A       19   PF(LUX) - EASTERN EUROPE-P CAP         9     S
NORDIC ALPHA CLASS A - EUR        20   PHARO MASTER FUND                      30
                                                                                    SAB OVERSEAS FUND LTD               13   T
                                       PLATINUM FUND LTD                      22
                                                                                    SARK FUND LIMITED                   13
O                                      PLATINUM PARTNERS VALUE ARBITRA        32                                             TAIL WIND FUND                    28
                                                                                    SATELLITE CREDIT OPP FUND, LTD      16
                                       PMA ASIAN OPPORTUNITIES FUND (C        32                                             TALENTUM ACTIVEDGE FUND LIMITED   26
OBSIDIAN FUND                     5                                                 SATELLITE OVERSEAS FUNDSIE A-H-     13
                                       PMA CREDIT OPPORTUNITIES 04/04         5                                              TALENTUM ENHANCED FUND LIMITED    26
OCCO EASTERN EUROPEAN FUND        19                                                SCP OCEAN FUND LTD                  22
                                       PMA PROSPECT FUND, LTD                 18                                             TANTALLON FUND (THE)              18
OCEANIC HEDGE FUND - CLASS A      17                                                SECTOR COGNIMETRICA LTD             25
                                       POLAR CAPITAL EUROP CONVICTION         21                                             TEMPLETON EMERGING MARKET FUND, 19
ODEY EUROPEAN, INC (EUR)          20                                                SELECTIUM EUROPE FUND LTD C USD     21
                                       POLAR CAPITAL EUROPEAN FORAGER         26                                             TEMUJIN INTERNATIONAL FUND LTD    26
OMEGA OVERSEAS PARTNERS, LTD C    24                                                SEMINOLE OFFSHORE FUND              24
                                       PROLOGUE FEEDER FUND, LTD. CLAS        5                                              TEWKSBURY INVESTMENT FUND, LTD    8
OPTIMAL ASIA FUND                 18                                                SHEPHERD INVEST LTD CLASS -B-CO     6
                                                                                                                             THAMES RIVER - HILL SIDE APEX F   16
OPTIMAL JAPAN FUND C1 CAP. INI    23                                                SIERRA EUROPE OFFSHORE, LTD - U     21
                                       Q                                                                                     THAMES RIVER KINGSWAY FUND, LTD   21
OSMIUM SPECIAL SITUATIONS FUND    13                                                SINOPIA L/S GL. BOND MK NEUT.FU     5
                                                                                                                             THEOREMA EUROPE FUND LTD A/1 EU   21
OWL CREEK OVERSEAS FUND, LTD      13   QFS CURRENCY FUND, LTD (INDEX)         8     SINOPIA L/S GL. BOND MK NEUT.FU     5
                                                                                                                             THIRD POINT OFFSHORE              13
                                       QFS GLOB MACRO FUND, LTD               31    SIVIK GLOBAL HEALTHCARE OFFSHOR     27



                                                    Past performance is not necessarily a guide to future performance                                               vi
                                                                     Alternative Investment Group
THREADNEEDLE UK CRESCENDO FUND 24
TIEDEMANN/MOROSS EUROPEAN GROWT21      Y
TORREY PINES (COMPOSITE) FUND     22
                                       YORK INVESTMENT LTD -CLASS A/1        13
TOSCA CLASS A - USD CONTINUING    25
TRADEX CURRENCY FUND, LTD         7
                                       Z
TRAFALGAR CATALYST FUND CLASS B   12
TRAXIS FUND LP (OFFSHORE)         31   ZADIG FUND CLASS A1                   21

TUDOR B.V.I GLOBAL FUND LTD -A-   31   ZAXIS OFFSHORE LTD - CLASS A/1        27

TUDOR TENSOR FUND LIMITED CLASS   8    ZULAUF EUROPE FUND -USD-              21

TULIP TREND FUND, LTD - A         8    ZWEIG-DIMENNA INTL LIMITED - CL       24

TURNBERRY CAPITAL INTL            11


U
UC FINANCIALS FUND LIMITED - A    25
URSA OFFSHORE LIMITED             28


V
VIKING GLOBAL EQUITIES III LTD-   22
VISIUM BALANCE OFFSHORE FUND CL   27
VONTOBEL EASTERN EUROPEAN -A-     9


W
WATERSTONE MKT NEUT OS FUND, LT   4
WF ASIA FUND LTD S/1              18
WF JAPAN FUND LTD - A/1           23
WINTON EVOLUTION FUND (THE)       8
WINTON FUTURES FUND - CLASS B     8




                                                   Past performance is not necessarily a guide to future performance   vii
                                                                    Alternative Investment Group
WINNERS                                                                                          LOSERS
Investment Funds                                  Return            Date                          Investment Funds                                 Return     Date
TURNBERRY CAPITAL INTL                                130.69        31 Oct 09                     URSA OFFSHORE LIMITED                              -32.69   30 Sep 09
PALOMINO FUND LTD CLASS B ORIGINAL SERIES             114.43       30 Sep 09                      HORSEMAN GLOBAL FUND USD                           -23.36   31 Oct 09
HENDERSON EUROPEAN ABS RETURN FD, LTD USD             110.66        31 Oct 09                     SR GLOBAL FUND H - JAPAN (Real Perf)               -22.18   31 Oct 09
PENTWATER EVENT FUND LTDCLASS -A- SERIES 11.07         81.10        15 Oct 09                     TULIP TREND FUND, LTD - A                          -18.28   31 Oct 09
RAB ENERGY CLASS F                                     74.96        29 Oct 09                     MAN AHL DIVERSIFIED PLC                            -15.84   02 Nov 09
REDWOOD CAPITAL MASTER FUND LTD                        70.38        31 Oct 09                     ASPECT DIVERSIFIED FUND - CLASS A                  -14.04   31 Oct 09
PHARO MASTER FUND                                      68.25        31 Oct 09                     BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND     -11.69   31 Oct 09
                                                                                                  LTD
HENDERSON UK EQUITY L/S FUND LIMITED                   66.23        31 Oct 09
                                                                                                  CAPITAL FUND, LTD (THE)                            -11.31   31 Oct 09
DELTA FUND EUROPE, LTD                                 64.96       30 Sep 09
                                                                                                  MAN AHL ALPHA PLC                                  -11.24   02 Nov 09
DORSET ENERGY FUND, LTD - CLASS A                      59.66        23 Oct 09
                                                                                                  RIEF LP -B- (Continuing)                           -10.58   31 Oct 09
TEMPLETON EMERGING MARKET FUND, LTD -A-                58.85       04 Nov 09
                                                                                                  SELECTIUM EUROPE FUND LTD C USD                     -9.02   27 Oct 09
ELEMENT CAPITAL FUND                                   58.43       30 Sep 09
                                                                                                  32 CAPITAL FUND, LTD (THE) - A/1                    -8.24   31 Oct 09
PARS IV OFFSHORE FUND II , CL. A/1                     56.97       30 Sep 09
                                                                                                  ROTELLA POLARIS FUND, LTD                           -7.57   31 Oct 09
CANYON VALUE REALIZATION FD, LTD - CLASS A             54.78        23 Oct 09
                                                                                                  ARTRADIS BARRACUDA FUND                             -7.21   31 Oct 09
ZADIG FUND CLASS A1                                    51.68        31 Oct 09
                                                                                                  WF JAPAN FUND LTD - A/1                             -7.21   31 Oct 09
STONE LION FUND LTD CLASS A                            51.37        27 Oct 09
                                                                                                  SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND         -6.58   31 Oct 09
FOREST GLOB CONV FD, LT - FULCRUM A / A5               51.23        23 Oct 09
                                                                                                  BORONIA DIVERSIFIED FUND                            -6.05   02 Nov 09
GLS OFFSHORE GLOBAL OPP.A                              49.47        31 Oct 09
                                                                                                  WINTON FUTURES FUND - CLASS B                       -6.04   04 Nov 09
FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD               49.14        31 Oct 09
                                                                                                  ZWEIG-DIMENNA INTL LIMITED - CLASS A                -5.92   30 Sep 09
HSBC DISTRESSED OPPORTUNITY FUND                       48.94        31 Oct 09
                                                                                                  WINTON EVOLUTION FUND (THE)                         -5.50   31 Oct 09




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


                                                 Past performance is not necessarily a guide to future performance                                                        1
                                                                  Alternative Investment Group
WINNERS                                                                                     LOSERS
Investment Funds                             Return            Date                          Investment Funds                              Return     Date
CQS ABS FEEDER FUND - CLASS -B-                   72.82       31 Dec 08                      GRADIENT EUROPE FUND (THE)                      -75.54   31 Dec 08
TULIP TREND FUND, LTD - A                         61.89       31 Dec 08                      RAB SPECIAL SITUATION FD LTD                    -69.72   31 Dec 08
CONQUEST MACRO FUND, LTD (COMP)                   46.51       31 Dec 08                      KINETICS FUND, INC - A/A                        -69.11   31 Dec 08
CLIVE FUND (The ) Class - A -                     44.23       31 Dec 08                      TURNBERRY CAPITAL INTL                          -68.71   31 Dec 08
BLUETREND FUND, LTD - CLASS A                     43.35       31 Dec 08                      TOSCA CLASS A - USD CONTINUING SHARES           -65.33   31 Dec 08
URSA OFFSHORE LIMITED                             41.38       31 Dec 08                      RAB ENERGY CLASS F                              -60.31   31 Dec 08
PAULSON ADVANTAGE PLUS LTD                        37.66       31 Dec 08                      EASTERN ADVISORS LLC                            -59.56   31 Dec 08
TUDOR TENSOR FUND LIMITED CLASS I                 35.50       31 Dec 08                      III FUND LTD                                    -53.68   31 Dec 08
ELEMENT CAPITAL FUND                              34.90       31 Dec 08                      TEMPLETON EMERGING MARKET FUND, LTD -A-         -52.82   31 Dec 08
MAN AHL DIVERSIFIED PLC                           33.23       31 Dec 08                      SR PHOENICIA INC CLASS -A- SERIES 1             -48.90   31 Dec 08
CAPITAL FUND, LTD (THE)                           32.22       31 Dec 08                      III GLOBAL LTD                                  -48.66   31 Dec 08
GRAHAM GLOBAL INVESTMENT FUND II - K4D-15         31.30       31 Dec 08                      JMG TRITON OFFSHORE FUND, LTD A/1               -48.53   31 Dec 08
HORSEMAN GLOBAL FUND USD                          31.27       31 Dec 08                      ALEXANDRA GLOBAL INV. FUND I, LTD               -47.82   31 Dec 08
COMAC GLOBAL MACRO FUND                           30.69       31 Dec 08                      GRAMERCY EMERGING MARKET FUND                   -47.09   31 Dec 08
ARTRADIS BARRACUDA FUND                           26.88       31 Dec 08                      MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1      -45.12   31 Dec 08
ALPHAGEN OCTANIS CLASS A                          26.57       31 Dec 08                      BASSO MULTI-STRATEGY FUND LTD                   -45.12   31 Dec 08
ASPECT DIVERSIFIED FUND - CLASS A                 25.42       31 Dec 08                      MILLENNIUM GLOB HIGH YIELD FD LTD               -42.89   31 Dec 08
GRAHAM GIF II PROPRIETARY MATRIX                  25.16       31 Dec 08                      SATELLITE OVERSEAS FUNDSIE A-H-05               -41.90   31 Dec 08
PEAK PARTNERS OFFSH FD, LTD - B                   24.45       31 Dec 08                      SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND     -41.67   31 Dec 08
MERCHANT COMMODITY FUND (THE) - COMPOSITE         24.10       31 Dec 08                      DORSET ENERGY FUND, LTD - CLASS A               -41.59   31 Dec 08




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


                                            Past performance is not necessarily a guide to future performance                                                     2
                                                             Alternative Investment Group
WINNERS                                                                                       LOSERS
Investment Funds                               Return            Date                          Investment Funds                                 Return     Date
PAULSON CREDIT OPPORTUNITIES LTD                   589.62       31 Dec 07                      BLUE SKY JAPAN LTD - CLASS A                       -35.08   31 Dec 07
PAULSON ADVANTAGE PLUS LTD                         158.75       31 Dec 07                      DRAKE GLOBAL OPPORTUNITIES FUND                    -23.85   31 Dec 07
PAULSON ENHANCED LTD                               116.48       31 Dec 07                      MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1         -19.52   31 Dec 07
HARBINGER CAPITAL PARTNERS OFFSHORE FUND I         116.09       31 Dec 07                      TURNBERRY CAPITAL INTL                             -14.48   31 Dec 07
PAULSON ADVANTAGE LTD -A-                          100.15       31 Dec 07                      DRAKE ABSOLUTE RETURN FUND, LTD (THE)              -13.92   31 Dec 07
EASTERN ADVISORS LLC                                96.46       31 Dec 07                      ROSEHILL JAPAN FUND -A-                            -11.32   31 Dec 07
ZWEIG-DIMENNA INTL LIMITED - CLASS A                79.45       31 Dec 07                      HENDERSON JAPAN ABS RETURN FD, LTD                 -10.45   31 Dec 07
ALPHAGEN TENRO FUND LIMITED                         57.93       31 Dec 07                      GRADIENT EUROPE FUND (THE)                         -10.24   31 Dec 07
DISCOVERY GLOBAL OPPORTUNITY FUND, LTD              57.26       31 Dec 07                      OPTIMAL JAPAN FUND C1 CAP. INITIAL SERIES           -8.43   31 Dec 07
SOFAER CAPITAL NATURAL RESOURCES HEDGE FUND         57.23       31 Dec 07                      MELLON OFF GLOB OPP FUND LTD - MULTICURRENCY -      -7.99   31 Dec 07
                                                                                               A1
ODEY EUROPEAN, INC (EUR)                            54.85       31 Dec 07
                                                                                               FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD            -6.99   31 Dec 07
PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND         53.69       31 Dec 07
LTD                                                                                            GIANO CAPITAL LTD EUR                               -5.97   31 Dec 07
BOYER ALLAN PACIFIC FUND INC-A-                     52.06       31 Dec 07                      GAM JAPAN EQUITY HEDGE FUND                         -5.68   31 Dec 07
PAULSON INTERNATIONAL, LTD                          51.70       31 Dec 07                      CHARLEMAGNE FUND LTD -USD-                          -4.74   31 Dec 07
SCP OCEAN FUND LTD                                  50.89       31 Dec 07                      ALPHAGEN REGULUS FUND                               -4.45   31 Dec 07
TULIP TREND FUND, LTD - A                           46.52       31 Dec 07                      CENTAUR LOWLEV ARBITRAGE FUND LTD -A-               -4.38   31 Dec 07
MOORE EMERGING MARKET FUND, LTD - A                 45.85       31 Dec 07                      ALPHAGEN OCTANIS CLASS A                            -3.33   31 Dec 07
CQS ABS FEEDER FUND - CLASS -B-                     45.16       31 Dec 07                      UC FINANCIALS FUND LIMITED - A                      -2.81   31 Dec 07
COREVEST PARTNERS LTD                               44.97       31 Dec 07                      JF JAPAN ABSOLUTE RETURN                            -2.43   31 Dec 07
MKP OPPORTUNITY OFFSHORE, LTD                       42.83       31 Dec 07                      HENDERSON CREDIT OPPORTUNITIES FUND LTD             -1.73   31 Dec 07




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


                                              Past performance is not necessarily a guide to future performance                                                        3
                                                               Alternative Investment Group
                                                              Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                Date                             or Index                                                     since Inception   Volatility

           Convertible
           YTD Avg. 2009 32.26%
                                                                                                                                   Ytd Avg. 2009
           Convertible / Global                                                                                                       29.40%
               BASSO INVESTORS LTD                            30 Sep 95      M          $422 M      3,431.32    30 Sep 09    1.08%     11.91%        3,394.66      9.20%         5.77%         (25.00%)
               Howard Fischer                                                           Sep 09                                                      31 Aug 09                                Oct 08 - Dec 07

               CENTAUR LOWLEV ARBITRAGE FUND LTD -A-          28 Feb 98      M          $131 M      232.35      31 Oct 09    0.75%      31.52%       230.62        7.49%         5.92%         (24.49%)
               John Gordon, Bruce McMahan & Sal Schwartzman                             May 09                                                      30 Sep 09                                Nov 08 - May 07

               FOREST GLOB CONV FD, LT - FULCRUM A / A5       30 Sep 97       Q         $262 M       26.74      23 Oct 09    0.22%      51.23%        26.68        8.49%         12.59%        (42.51%)
               Michael A. Boyd                                                          Aug 09                                                      30 Sep 09                                Oct 08 - Jan 08

               JMG TRITON OFFSHORE FUND, LTD A/1              30 Jun 96      M          $113 M      3,506.86    31 Oct 09    0.85%      22.92%       3,477.30      9.86%         11.28%        (49.38%)
               Jonathan Glaser                                                          Oct 09                                                      30 Sep 09                                Dec 08 - Oct 07
                                                                                                                                   Ytd Avg. 2009
           Convertible / USA                                                                                                          43.73%
               WATERSTONE MKT NEUT OS FUND, LTD               31 Jul 03       Q         $890 M      197.87      30 Sep 09    0.40%     43.73%        197.09        11.69%        12.28%        (17.56%)
               Shawn Bergerson                                                           Jul 09                                                     31 Aug 09                                Oct 08 - Aug 08


           Fixed Income
           YTD Avg. 2009 20.85%
                                                                                                                                   Ytd Avg. 2009
           Fixed Income / Global                                                                                                      20.85%
               CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS    30 Sep 05       Q        $3'387 M     175.85      31 Oct 09    0.88%     11.28%        174.31        14.81%        6.16%          (7.41%)
               -A-                                                                      Oct 09                                                      30 Sep 09                                Mar 08 - Feb 08
               Yan Huo, Masao Asai
               DRAKE GLOBAL OPPORTUNITIES FUND                30 Nov 02       Q         $220 M      1,261.63    30 Sep 09    2.50%      0.65%        1,230.86      3.46%         16.50%        (57.51%)
               Anthony Faillace                                                         Sep 09                                                      31 Aug 09                                Mar 09 - Sep 07

               ELEMENT CAPITAL FUND                           31 Mar 05      M          $944 M     35,109.99    30 Sep 09    5.28%      58.43%      33,349.15      32.16%        11.73%         (7.83%)
               Jeffrey Talpins                                                          Aug 09                                                      31 Aug 09                                Apr 08 - Oct 07

               EMF FIXED INCOME FUND, LTD                     31 Oct 01       Q         $295 M     33,396.96    30 Sep 09   (1.05%)     9.68%       33,751.35      16.44%        17.58%        (22.46%)
               Eric M. Flanagan/David C. Gottlieb                                        Jul 09                                                     31 Aug 09                                Mar 08 - Feb 08

               HENDERSON CREDIT OPPORTUNITIES FUND LTD        31 Jan 03      M          $623 M      129.50      31 Oct 09    1.08%      30.09%       128.12        3.90%         7.92%         (25.02%)
               Stephen Thariyan                                                          Jul 08                                                     30 Sep 09                                Dec 08 - May 07

               III FUND LTD                                   30 Jun 93       Q         $211 M      2,297.29    31 Oct 09    2.85%      23.80%       2,233.63      5.22%         12.20%        (54.77%)
               Cliff G Viner                                                            Sep 09                                                      30 Sep 09                                Nov 08 - Jan 08

               III GLOBAL LTD                                 31 May 94       Q         $22 M       2,564.57    31 Oct 09    3.80%      23.76%       2,470.68      6.29%         12.45%        (50.73%)
               Cliff G Viner                                                            Sep 09                                                      30 Sep 09                                Nov 08 - Jan 08



* Max DD: Peak to trough


                                                                    Past performance is not necessarily a guide to future performance                                                                4
                                                                                     Alternative Investment Group
                                                                 Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                   Date                             or Index                                                     since Inception   Volatility

           Fixed Income
           YTD Avg. 2009 20.85%
                                                                                                                                      Ytd Avg. 2009
           Fixed Income / Global                                                                                                         20.85%
               III RELATIVE VALUE CREDIT STRATEGIES FUND LTD     31 Oct 05       Q         $679 M      1,149.41    31 Oct 09    3.00%     29.78%        1,115.93      3.54%         11.26%        (31.27%)
               Garth Friesen                                                               May 09                                                      30 Sep 09                                Dec 08 - Nov 07

               LONDON DIVERSIFIED FUND, LTD - D                  31 May 95       Q        $1'250 M     3,908.91    31 Oct 09    0.27%      4.68%        3,898.48      9.91%         7.39%         (28.95%)
               Robert Standing & David Gorton                                              Jul 09                                                      30 Sep 09                                Dec 08 - Jan 08

               MKP OPPORTUNITY OFFSHORE, LTD                     31 Jul 01       Q         $466 M      237.88      31 Oct 09    0.38%      10.47%       236.98        11.07%        5.25%          (3.18%)
               Patrick McMahon                                                             Dec 08                                                      30 Sep 09                                Jan 08 - Nov 07

               OBSIDIAN FUND                                     31 Jul 96     Y/Q         $211 M      3,397.60    30 Sep 09    5.47%      33.67%       3,221.39      9.63%         9.15%         (20.93%)
               Stuart Spodek                                                                Jul 09                                                     31 Aug 09                                Feb 09 - Jan 08

               PARS IV OFFSHORE FUND II , CL. A/1                31 Mar 02       Q        $ 1'870 M    1,760.96    30 Sep 09    3.10%      56.97%       1,708.01      7.83%         10.32%        (25.88%)
               Changhong Zhu                                                               Sep 09                                                      31 Aug 09                                Nov 08 - May 08

               PROLOGUE FEEDER FUND, LTD. CLASS A                31 Jan 06       Q         $866 M      1,525.42    31 Oct 09    0.34%      11.69%       1,520.24      11.92%        4.25%          (1.59%)
               David Lofthouse, Graham Walsh                                               Oct 09                                                      30 Sep 09                                Aug 07 - Jul 07

               SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.I    30 Jun 01       D         $20 M      69,335.02    03 Nov 09    0.06%      2.28%       69,291.58      3.99%         2.15%          (2.24%)
               Jean-Charles Bertrand                                                       Sep 09                                                      31 Oct 09                                Oct 08 - Jul 08

               SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.I   31 May 01       D         €18 M      125,934.40   03 Nov 09    0.12%      5.53%      125,788.47      5.57%         4.35%          (5.90%)
               SINOPIA Asset Management                                                    Sep 09                                                      31 Oct 09                                Dec 07 - Jul 07


           Multi-Strategy
           YTD Avg. 2009 13.01%
                                                                                                                                      Ytd Avg. 2009
           Multi-Strategy / Asia                                                                                                          5.75%
               ARTRADIS BARRACUDA FUND                           30 Apr 02      M          $791 M       20.89      31 Oct 09    1.32%     (7.21%)        20.62        10.31%        8.07%         (11.38%)
               Richard Magides                                                             Oct 09                                                      30 Sep 09                                Sep 09 - Apr 09

               LIM ASIA MULTI-STRATEGY FUND CLASS A              31 Dec 95      M          $29 M        31.45      31 Oct 09    1.81%      19.81%        30.89        8.63%         6.29%         (15.79%)
               George W. Long                                                              Sep 09                                                      30 Sep 09                                Nov 08 - Feb 08

               PMA CREDIT OPPORTUNITIES 04/04                    31 Mar 04     Y/Q         $435 M      1,376.40    03 Nov 09    0.08%      4.65%       1,375.30       5.87%         5.52%         (16.49%)
               Darryl Flint                                                                Aug 08                                                      31 Oct 09                                Dec 08 - Aug 08
                                                                                                                                      Ytd Avg. 2009
           Multi-Strategy / Global                                                                                                       14.83%
               ALEXANDRA GLOBAL INV. FUND I, LTD                 30 Apr 94       Q         $21 M        35.98      30 Sep 09    2.48%      4.62%         35.11        8.65%         9.68%         (49.02%)
               Mikhail Filimonov                                                           Sep 09                                                      31 Aug 09                                Mar 09 - Dec 07

               BASSO MULTI-STRATEGY FUND LTD                     31 Dec 03       Q         $283 M      986.14      31 Oct 09   (2.04%)     3.03%        1,006.67     (0.24%)        13.94%        (48.27%)
               Howard Fischer                                                              Sep 09                                                      30 Sep 09                                Feb 09 - May 08


* Max DD: Peak to trough


                                                                       Past performance is not necessarily a guide to future performance                                                                5
                                                                                        Alternative Investment Group
                                                               Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                 Date                             or Index                                                     since Inception   Volatility

           Multi-Strategy
           YTD Avg. 2009 13.01%
                                                                                                                                    Ytd Avg. 2009
           Multi-Strategy / Global                                                                                                     14.83%
               BGI - MULTI-STRATEGY FUND LTD - CLASS A         30 Apr 05      M         $1'129 M     1,128.39    30 Sep 09    0.61%      9.67%        1,121.53      2.77%         7.22%         (13.96%)
               BGI Global Investors                                                      Aug 09                                                      31 Aug 09                                Dec 08 - Jun 08

               BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED)     31 Dec 95       Q         $81 M       272.22      31 Oct 09    1.92%      21.98%       267.09        7.50%         4.28%         (18.58%)
               Clint D. Carlson                                                          Jun 09                                                      30 Sep 09                                Dec 08 - Aug 08

               BLUECREST CAPL INTL LTD A USD                   30 Nov 00     Y/Q        $3'900 M     337.52      31 Oct 09    1.99%      41.29%       330.92        14.61%        6.27%          (4.83%)
               Michael Platt                                                             Aug 09                                                      30 Sep 09                                Aug 03 - May 03

               CQS CONV & QUANT STRATS FEED FD, LTD 1A 12M     29 Feb 00       Q        $1'884 M     2,420.51    31 Oct 09    2.19%      25.54%       2,368.74      9.57%         9.14%         (34.03%)
               Michael Hintze/ Paul Casey                                                Sep 09                                                      30 Sep 09                                Dec 08 - Oct 07

               DEEPHAVEN GLOBAL M/S FUND LTD CL A1 S-N-09/96   31 Aug 96      M          $873 M      2,860.48    19 Oct 09    1.17%      8.50%        2,827.40      8.33%         8.48%         (41.77%)
               Colin Smith                                                               Nov 08                                                      30 Sep 09                                Mar 09 - Oct 07

               DOUBLE BLACK DIAMOND LTD - SERIES A             31 Mar 98       Q        $2'063 M     327.92      31 Oct 09    2.33%      25.84%       320.45        10.79%        5.71%         (17.93%)
               (UNRESTRICTED)                                                            Jun 09                                                      30 Sep 09                                Dec 08 - Aug 08
               Clint Carlson
               DRAKE ABSOLUTE RETURN FUND, LTD (THE)           31 Dec 01     Y/Q         $232 M      104.65      30 Sep 09    1.40%      1.40%        103.20        0.59%         13.23%        (51.74%)
               Anthony Faillace & Steven Luttrell                                        Sep 09                                                      31 Aug 09                                Mar 09 - Sep 07

               MILLENNIUM INTL LTD C/01 A                      31 Dec 97       Q       $10'735 M     5,350.31    31 Oct 09    1.37%      13.25%       5,278.00      14.99%        4.87%          (7.24%)
               Israel A Englander                                                       Jun 09                                                       30 Sep 09                                Aug 98 - May 98

               QVT OVERSEAS, LTD - B/1                         31 Oct 03     Y/Q        $3'186 M     1,717.02    31 Oct 09    3.34%      16.45%       1,661.53      9.42%         10.52%        (37.38%)
               Dan Gold                                                                  Sep 09                                                      30 Sep 09                                Dec 08 - Feb 08

               SHEPHERD INVEST LTD CLASS -B-COMPOSITE          30 Jun 95     S/Q        $3'620 M     3,883.11    19 Oct 09    1.00%      6.38%        3,844.67      9.94%         6.95%         (31.74%)
               Brian Stark & Mike Roth                                                   Sep 09                                                      30 Sep 09                                Mar 09 - Oct 07




* Max DD: Peak to trough


                                                                     Past performance is not necessarily a guide to future performance                                                                6
                                                                                      Alternative Investment Group
                                                           Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                             Date                             or Index                                                     since Inception   Volatility

           Discretionary
           YTD Avg. 2009 11.44%
                                                                                                                                Ytd Avg. 2009
           Discretionary / Global                                                                                                  11.44%
               BLENHEIM* GL. MARKETS, L.P.                 31 Dec 86      M         $2'535 M    93,558.18    30 Sep 09    2.14%     29.58%       91,597.99      22.06%        38.45%        (41.20%)
               Willem Kooyker                                                        Sep 09                                                      31 Aug 09                                Nov 98 - Aug 97

               CLIVE FUND (The ) Class - A -               30 Nov 07       Q        $2'900 M     174.72      31 Oct 09    2.21%      17.20%       170.95        33.72%        20.34%        (11.86%)
               Christian Levett and Richard Boland                                   Aug 09                                                      30 Sep 09                                Aug 08 - Jun 08

               MERCHANT COMMODITY FUND (THE) - COMPOSITE   31 May 04      M         $1'516 M     360.31      16 Oct 09   (4.30%)     0.65%        376.49        26.90%        19.52%        (23.17%)
               Michael Coleman and Doug King                                         Sep 09                                                      30 Sep 09                                Aug 08 - Feb 08

               TRADEX CURRENCY FUND, LTD                   31 Oct 98      W         $1'400 M     1,754.96    30 Sep 09    1.31%      (1.68%)      1,732.27      6.60%         5.18%          (4.25%)
               Rony Schlapfer                                                        Jun 09                                                      31 Aug 09                                Feb 02 - Sep 01


           Systematic
           YTD Avg. 2009 (0.62%)
                                                                                                                                Ytd Avg. 2009
           Systematic / Global                                                                                                     (0.62%)
               ASPECT DIVERSIFIED FUND - CLASS A           30 Nov 98      M         $1'057 M     285.83      31 Oct 09   (4.55%)    (14.04%)      299.46        10.09%        17.20%        (21.47%)
               Gavin Ferris                                                          Oct 09                                                      30 Sep 09                                Jan 05 - Feb 04

               BLUETREND FUND, LTD - CLASS A               31 Mar 04      M         $5'200 M     259.46      31 Oct 09   (0.32%)     2.37%        260.28        18.60%        14.00%        (12.55%)
               Michael Platt & Leda Braga                                            Oct 09                                                      30 Sep 09                                Jul 06 - Apr 06

               BORONIA DIVERSIFIED FUND                    31 Dec 01      M          $731 M      1,696.54    02 Nov 09   (0.07%)     (6.05%)     1,697.73       6.97%         8.66%         (11.46%)
               Richard Grinham and Angus Grinham                                     Sep 09                                                      31 Oct 09                                Apr 09 - Feb 08

               CIPHER DIVERSIFIED FUND-A-                  31 Jul 98      M          $195 M      3,611.52    31 Oct 09   (3.90%)     3.65%        3,758.08      12.08%        18.14%        (22.28%)
               A. Knoepffler                                                         Feb 09                                                      30 Sep 09                                Nov 02 - Oct 01

               CRABEL FUND LTD                             28 Feb 98      M          $571 M      4,433.00    31 Oct 09   (1.19%)     1.50%        4,486.39      13.60%        18.21%        (16.71%)
               Toby Crabel                                                           Oct 09                                                      30 Sep 09                                Jun 99 - Oct 98

               DIGILOG OVERSEAS FUND I, LTD                31 Dec 93      M          $236 M      2,497.61    31 Oct 09   (3.88%)     (5.10%)      2,598.43      22.52%        24.53%        (36.53%)
               Walt Weissman and Blair Wellensiek                                    Sep 09                                                      30 Sep 09                                Jan 05 - May 03

               DKR QUANTITATIVE STRATS FUND, LTD           31 Dec 99      M          $222 M      2,707.43    31 Oct 09    0.40%      0.64%        2,696.64      10.65%        9.49%          (9.80%)
               Pascal Magnollay                                                      Aug 09                                                      30 Sep 09                                Sep 08 - Jun 08

               EAGLE GLOBAL FUND                           30 Sep 95      M          $124 M     744,439.29   31 Oct 09   (5.29%)     8.29%      786,019.73      15.31%        24.34%        (32.13%)
               Menachem Sternberg & Liora Sternberg                                  Sep 09                                                     30 Sep 09                                 Sep 04 - Oct 03

               FORT GLOBAL OFFSHORE FUND LTD, CLASS C      30 Sep 02      M          $1.6 M      2,188.35    31 Oct 09   (0.32%)     6.56%        2,195.37      11.68%        12.46%        (17.42%)
               Yves Balcer, Sanjiv Kumar                                             Oct 09                                                      30 Sep 09                                Oct 08 - Mar 08




* Max DD: Peak to trough


                                                                 Past performance is not necessarily a guide to future performance                                                                7
                                                                                  Alternative Investment Group
                                                           Inception   Liquidity   Asset Size Last NAV         Date       Mtd          Ytd      Last Month Annual Return      Annual        Max DD*
                                                             Date                             or Index                                                     since Inception   Volatility

           Systematic
           YTD Avg. 2009 (0.62%)
                                                                                                                                Ytd Avg. 2009
           Systematic / Global                                                                                                     (0.62%)
               GRAHAM GIF II PROPRIETARY MATRIX            30 Jun 99      M          $297 M      286.33      03 Nov 09    0.45%     13.26%        285.05        10.69%        12.70%        (15.71%)
               Kenneth G. Tropin                                                     Sep 08                                                      31 Oct 09                                Apr 02 - Oct 01

               GRAHAM GLOBAL INVESTMENT FUND II - K4D-10   31 Jan 95      M         $1'389 M     398.27      03 Nov 09    0.51%      (0.30%)      396.25        9.81%         12.89%        (15.67%)
               Kenneth G. Tropin                                                     Sep 08                                                      31 Oct 09                                Apr 02 - Oct 01

               GRAHAM GLOBAL INVESTMENT FUND II - K4D-15   31 Dec 98      M         $2'843 M     245.60      03 Nov 09    0.78%       0.75%       243.70        14.86%        20.11%        (30.47%)
               Kenneth G. Tropin                                                     Jul 09                                                      31 Oct 09                                Apr 05 - Feb 04

               HIGHVIEW GLOBAL MACRO, LTD                  30 Jun 03       Q         $200 M      1,413.78    31 Oct 09   (1.07%)     13.26%       1,429.05      5.61%         14.05%        (32.31%)
               Sassan Alizadeh                                                       May 08                                                      30 Sep 09                                Apr 09 - Oct 07

               MAN AHL ALPHA PLC                           30 Sep 95      W          $74 M       739.46      02 Nov 09   (2.10%)     (11.24%)     755.36        15.24%        13.22%        (11.49%)
               Tim Wong                                                              Jul 09                                                      31 Oct 09                                Jul 04 - Jan 04

               MAN AHL DIVERSIFIED PLC                     31 Mar 96      W         $3'143 M      87.15      02 Nov 09   (2.90%)     (15.84%)      89.75        17.26%        17.95%        (17.90%)
               Tim Wong                                                              Aug 09                                                      31 Oct 09                                May 02 - Oct 01

               QFS CURRENCY FUND, LTD (INDEX)              31 Mar 97      M          $198 M      2,950.69    31 Oct 09    1.16%      13.46%       2,916.86      8.97%         14.20%        (20.93%)
               Dr. Sandford Grossman                                                 Sep 09                                                      30 Sep 09                                Aug 06 - Feb 04

               RIFF FUND INTL LP CLASS -A-                 30 Sep 07      M          $981 M       92.57      31 Oct 09   (1.70%)     (0.14%)       94.17       (3.63%)        14.30%        (22.27%)
               Robert Lourie                                                         Oct 09                                                      30 Sep 09                                Jun 09 - Jun 08

               ROTELLA POLARIS FUND, LTD                   31 Dec 97      M          $137 M     28,337.95    31 Oct 09   (3.12%)     (7.57%)     29,251.34      9.19%         12.36%        (14.18%)
               Robert Rotella                                                        Aug 09                                                      30 Sep 09                                Sep 08 - Jun 08

               TEWKSBURY INVESTMENT FUND, LTD - B          31 Dec 90      M         $1'448 M    13,093.95    31 Oct 09   (0.70%)     11.21%      13,186.26      14.62%        4.62%          (7.75%)
               Matthew Tewksbury                                                     Sep 09                                                      30 Sep 09                                Aug 07 - Jun 07

               TUDOR TENSOR FUND LIMITED CLASS I           31 Aug 05      M         $1'026 M     1,662.08    31 Oct 09   (4.32%)      0.98%       1,737.12      12.96%        11.02%         (9.35%)
               Steve Evans                                                           Oct 09                                                      30 Sep 09                                Aug 07 - Jun 07

               TULIP TREND FUND, LTD - A                   31 Mar 03      M          $619 M      3,479.08    31 Oct 09   (8.29%)     (18.28%)     3,793.57      20.82%        24.94%        (22.07%)
               Harold de Boer                                                        Sep 09                                                      30 Sep 09                                Jul 06 - Nov 05

               WINTON EVOLUTION FUND (THE)                 31 Aug 05      M          $100 M      1,198.30    31 Oct 09   (0.67%)     (5.50%)      1,206.39      4.43%         11.96%        (14.63%)
               David Harding                                                         Oct 09                                                      30 Sep 09                                Jul 09 - Jun 08

               WINTON FUTURES FUND - CLASS B               30 Sep 97      M         $4'160 M     689.04      04 Nov 09    1.02%      (6.04%)      682.08        17.29%        19.07%        (25.08%)
               David Harding                                                         Oct 09                                                      31 Oct 09                                Feb 02 - Oct 01




* Max DD: Peak to trough


                                                                 Past performance is not necessarily a guide to future performance                                                                8
                                                                                  Alternative Investment Group
                                                            Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                              Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 77.61%
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / Emerging                                                                                           105.16%
               FIREBIRD NEW RUSSIA FUND, LTD - CLASS A      30 Jun 96       Q         $144 M      1,729.43    31 Oct 09   10.25%    112.06%        1,568.64      23.81%        43.74%        (81.79%)
               Harvey Sawikin & Ian Hague                                             Aug 09                                                      30 Sep 09                                Sep 98 - Mar 98

               FIREBIRD REPUBLICS FUND, LTD                 30 Apr 97       Q         $170 M      748.02      31 Oct 09    2.33%      76.46%       730.98        17.45%        33.23%        (73.20%)
               Harvey Sawikin & Ian Hague                                             Sep 09                                                      30 Sep 09                                Jan 99 - Sep 97

               KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$-     15 Nov 00      BM         $146 M      6,443.91    31 Oct 09    7.07%      176.31%      6,018.41      23.10%        36.92%        (81.80%)
               J-L. Tauvy                                                             Apr 08                                                      30 Sep 09                                Jan 09 - Dec 07

               KAZIMIR RUSSIA GROWTH                        31 Jul 96       Q         $24 M       1,657.14    23 Oct 09   11.39%      64.09%       1,487.69      23.63%        52.20%        (93.65%)
               Kazimir Partners                                                       Jul 09                                                      30 Sep 09                                Sep 98 - Jul 97

               PF(LUX) - EASTERN EUROPE-P CAP               30 Sep 99      W          $345 M      276.41      04 Nov 09   (4.88%)     107.00%      290.60        14.75%        31.27%        (75.54%)
               Y. Ostrowsky                                                           Nov 09                                                      31 Oct 09                                Feb 09 - Dec 07

               RUSSIAN PROSPERITY FUND - A                  31 Aug 96      W         $ 628 M      141.56      31 Oct 09    7.32%      164.20%      131.91        22.56%        49.12%        (90.26%)
               Alexander Branis                                                       Oct 09                                                      30 Sep 09                                Jan 99 - Jul 97

               VONTOBEL EASTERN EUROPEAN -A-                31 Dec 99       D         €38 M        96.49      03 Nov 09   (1.30%)     35.98%        97.76        0.94%         23.85%        (70.91%)
               Luca Parmeggiani                                                       Feb 09                                                      31 Oct 09                                Jan 09 - Apr 07
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / Europe                                                                                              34.78%
               BG LONG TERM VALUE FUND                      30 Nov 04      W          € 12 M      1,414.42    03 Nov 09   (0.58%)    33.69%       1,422.71       7.29%         19.57%        (52.63%)
               Emmanuel Broussard / Emmanuel Gavaudan                                 Aug 09                                                      31 Oct 09                                Feb 09 - May 07

               LANSDOWNE EUROPEAN LONG ONLY FUND LTD        31 Dec 04       Q         $463 M      160.33      31 Oct 09   (6.10%)     35.88%       170.75        10.25%        18.65%        (46.23%)
               Steven Heinz / David Craigen                                           Aug 09                                                      30 Sep 09                                Feb 09 - May 07
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / Global                                                                                              24.01%
               CANTILLON GLOBAL EQUITY FUND USD CLASS -A-   31 Mar 05      M          $804 M       12.44      31 Oct 09    0.81%     20.31%         12.34        4.87%         12.92%        (35.04%)
               SERIES 1                                                               Sep 09                                                      30 Sep 09                                Mar 09 - Dec 07
               Rob Cope
               CAXTON ALPHA EQUITY (BVI) LTD                31 Dec 04      M          $334 M      1,284.35    03 Nov 09    1.23%      27.71%      1,268.74       5.30%         16.10%        (44.66%)
               Kurt Feuerman                                                           Jul 09                                                     31 Oct 09                                Feb 09 - Oct 07




* Max DD: Peak to trough


                                                                  Past performance is not necessarily a guide to future performance                                                                9
                                                                                   Alternative Investment Group
                                        Inception   Liquidity   Asset Size Last NAV         Date       Mtd        Ytd        Last Month Annual Return      Annual        Max DD*
                                          Date                             or Index                                                     since Inception   Volatility

           Diversified
           YTD Avg. 2009 64.96%
                                                                                                             Ytd Avg. 2009
           Diversified / Europe                                                                                 64.96%
               DELTA FUND EUROPE, LTD   31 Mar 04       Q         $448 M      231.30      30 Sep 09    6.67%     64.96%        216.84        16.46%        18.14%        (38.55%)
               Leif Christian Kvaal                               Oct 09                                                      31 Aug 09                                Jan 09 - May 08




* Max DD: Peak to trough


                                              Past performance is not necessarily a guide to future performance                                                              10
                                                               Alternative Investment Group
                                                            Inception   Liquidity       Asset Size Last NAV        Date       Mtd        Ytd        Last Month Annual Return      Annual        Max DD*
                                                              Date                                 or Index                                                    since Inception   Volatility

           Distressed Security
           YTD Avg. 2009 42.84%
                                                                                                                                   Ytd Avg. 2009
           Distressed Security / Global                                                                                               42.93%
               CANYON VALUE REALIZATION FD, LTD - CLASS A   31 Dec 94        Q           $5'000 M    4,889.33    23 Oct 09   2.12%     54.78%         4,787.82      11.30%        9.11%         (28.82%)
               M.R. Julis & J.S. Friedman                                                 Jul 09                                                     30 Sep 09                                Nov 08 - Oct 07

               CERBERUS INTL. LTD                           31 May 93        Q           $5'797 M   558,048.36   30 Sep 09   (0.17%)    0.51%       558,998.66      11.09%        5.43%         (22.26%)
               Steve Feinberg                                                             Sep 09                                                    31 Aug 09                                 Feb 09 - May 08

               DAVIDSON KEMPNER DIST. OPP. INT. LTD - A -   31 Mar 05        Y           $758 M      1,686.02    31 Oct 09   1.08%      39.59%        1,668.01      12.06%        12.30%        (25.73%)
               Michael J. Leffell, Anthony A. Yoseloff                                    Jul 09                                                     30 Sep 09                                Nov 08 - Oct 07

               HSBC DISTRESSED OPPORTUNITY FUND             28 Feb 06        M           $76 M       125.27      31 Oct 09   2.58%      48.94%        122.12        6.32%         12.28%        (28.28%)
               Kim Golden                                                                Sep 09                                                      30 Sep 09                                Mar 09 - Oct 07

               LC CAPITAL OFFSHORE FUND, LTD                30 Sep 99      Y/Q           $316 M      289.45      31 Oct 09   0.25%      21.82%        288.73        11.10%        9.80%         (34.45%)
               Steven G Lampe & Richard F Conway                                         Sep 09                                                      30 Sep 09                                Feb 09 - Jun 07

               PAULSON CREDIT OPPORTUNITIES LTD             30 Jun 06        Y           $1'450 M    1,235.15    31 Oct 09   3.07%      26.78%        1,198.36     112.27%        58.88%        (10.41%)
               John Paulson                                                               Dec 08                                                     30 Sep 09                                May 07 - Feb 07

               STONE LION FUND LTD CLASS A                  31 Oct 08        Q           $390 M      1,488.53    27 Oct 09   1.46%      51.37%        1,467.10      49.51%        13.18%         (3.31%)
               Greg Hanley and Alan Mintz                                                Oct 09                                                      30 Sep 09                                Nov 08 - Oct 08

               STRATEGIC VALUE RESTRUCTURING FUND           31 Aug 02       Q/Y          $1'269 M    237.21      31 Oct 09   2.05%      11.90%        232.44        12.80%        7.88%         (24.49%)
               Victor Khosla                                                              Jul 09                                                     30 Sep 09                                Apr 09 - May 07

               TURNBERRY CAPITAL INTL                       31 Aug 99        Q           $40 M       2,546.39    31 Oct 09   2.07%     130.69%        2,494.75      11.21%        24.18%        (77.43%)
               Jeffrey Dobbs                                                             Sep 09                                                      30 Sep 09                                Nov 08 - May 07
                                                                                                                                   Ytd Avg. 2009
           Distressed Security / USA                                                                                                  42.43%
               HALCYON OFFSHORE ASSET-BACKED VALUE FUND     30 Nov 05        Q           $510 M      1,566.53    15 Oct 09   1.25%     14.47%         1,547.19      12.27%        6.63%         (13.32%)
               LIMITED                                                                    Jul 09                                                     30 Sep 09                                Mar 09 - Aug 08
               John Bader
               REDWOOD CAPITAL MASTER FUND LTD              31 Jul 00   two y rolling    $2'025 M    389.62      31 Oct 09   4.50%      70.38%        372.84        15.82%        12.02%        (36.28%)
               Jonathan Kolatch                                                           Sep 09                                                     30 Sep 09                                Dec 08 - May 07


           Merger-Arbitrage
           YTD Avg. 2009 7.13%
                                                                                                                                    Ytd Avg. 2009
           Merger-Arbitrage / Global                                                                                                    6.89%
               AETOS CORPORATION - CLASS A                  31 Dec 85        M           $180 M     22,720.61    31 Oct 09   (0.32%)     6.23%       22,792.99      9.70%         12.22%        (34.97%)
               Jason Dahl, Jonathan Spitzer                                              Mar 09                                                      30 Sep 09                                Oct 87 - Aug 87



* Max DD: Peak to trough


                                                                  Past performance is not necessarily a guide to future performance                                                                 11
                                                                                   Alternative Investment Group
                                                            Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                              Date                             or Index                                                     since Inception   Volatility

           Merger-Arbitrage
           YTD Avg. 2009 7.13%
                                                                                                                                 Ytd Avg. 2009
           Merger-Arbitrage / Global                                                                                                 6.89%
               PAULSON ENHANCED LTD                         30 Apr 01       S        $2'375 M     681.93      31 Oct 09   (0.80%)     9.63%        687.43        25.31%        15.34%        (10.13%)
               John Paulson                                                           Dec 08                                                      30 Sep 09                                Jul 02 - Apr 01

               PAULSON INTERNATIONAL, LTD                   30 Apr 96      M          $624 M      694.13      31 Oct 09   (0.40%)     4.80%        696.92        14.71%        7.67%         (13.57%)
               John Paulson                                                           Aug 09                                                      30 Sep 09                                Sep 98 - Jun 98
                                                                                                                                 Ytd Avg. 2009
           Merger-Arbitrage / USA                                                                                                    7.84%
               GABELLI ASSOCIATES LIMITED - CLASS A         31 Aug 89      M          $154 M      510.13      31 Oct 09   (0.21%)     7.84%        511.20        8.41%         3.43%          (6.65%)
               Mario Gabelli                                                          Feb 07                                                      30 Sep 09                                Oct 08 - Oct 07


           Multi-Strategy
           YTD Avg. 2009 21.84%
                                                                                                                                 Ytd Avg. 2009
           Multi-Strategy / Europe                                                                                                  (0.70%)
               RAB CROSS EUROPE FUND LIMITED - CLASS A      31 Oct 98      M          $313 M      225.97      29 Oct 09   (0.96%)     2.13%        228.15        7.69%         5.78%         (10.96%)
               Roderick Campbell                                                      Nov 07                                                      30 Sep 09                                Jan 09 - Jun 08

               TRAFALGAR CATALYST FUND CLASS B $            31 Oct 01      M          $357 M      208.50      31 Oct 09    0.58%      (3.52%)      207.29        9.61%         6.86%          (8.00%)
               Lee Robinson                                                           Nov 09                                                      30 Sep 09                                Jul 09 - Mar 08
                                                                                                                                 Ytd Avg. 2009
           Multi-Strategy / Global                                                                                                  23.89%
               AG SUPER FUND INTERNATIONAL, LTD             30 Apr 93       Y         $540 M      1,145.74    31 Oct 09    0.55%     25.17%        1,139.47      10.22%        5.40%         (23.09%)
               J. Angelo & M. Gordon                                                  Dec 08                                                      30 Sep 09                                Dec 08 - Jun 07

               CASTLERIGG INTL LTD - CLASS A/1              31 Dec 97     Y/Q         $954 M      275.73      31 Oct 09   (0.31%)     7.66%        276.59        9.00%         7.89%         (34.64%)
               Thomas Sandell                                                         Sep 09                                                      30 Sep 09                                Dec 08 - May 07

               DAVIDSON KEMPNER INTL, LTD - CLASS A         31 Oct 95       Q        $3503 M      342.15      31 Oct 09    0.96%      18.46%       338.89        9.18%         3.93%         (10.87%)
               Thomas L. Kempner, Marvin H. Davidson                                  Jul 09                                                      30 Sep 09                                Nov 08 - Oct 07

               FIRST EAGLE N.V. (A)                         30 Nov 92      M          $399 M     280,995.24   31 Oct 09    2.20%      21.02%     274,933.37      11.12%        14.47%        (41.33%)
               Colin Morris                                                           Apr 09                                                     30 Sep 09                                 Dec 08 - May 08

               GAM ARBITRAGE INC                            31 Dec 83      W          $182 M      1,237.94    31 Oct 09   (0.75%)     22.13%       1,247.33      10.22%        10.42%        (35.39%)
               John M. Angelo                                                         Sep 09                                                      30 Sep 09                                Feb 09 - Jun 07

               GOOD HOPE INTERNATIONAL LTD                  31 Mar 04       Q         $103 M      1,332.29    31 Oct 09    2.10%      20.93%       1,304.83      5.27%         11.23%        (35.08%)
               Colin Morris                                                           Oct 09                                                      30 Sep 09                                Dec 08 - May 08

               HARBINGER CAPITAL PARTNERS OFFSHORE FUND I   30 Jun 02       Q        $6'732 M     392.70      15 Oct 09    2.14%      26.45%       384.47        20.61%        18.73%        (50.20%)
               Philip Falcone                                                         Sep 09                                                      30 Sep 09                                Dec 08 - Jun 08


* Max DD: Peak to trough


                                                                  Past performance is not necessarily a guide to future performance                                                              12
                                                                                   Alternative Investment Group
                                                                   Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                     Date                             or Index                                                     since Inception   Volatility

           Multi-Strategy
           YTD Avg. 2009 21.84%
                                                                                                                                        Ytd Avg. 2009
           Multi-Strategy / Global                                                                                                         23.89%
               KING STREET CAPITAL, LTD - CLASS A/1                31 Dec 96     Y/M       $11'200 M     450.83      23 Oct 09    0.78%     16.89%        447.34        12.46%        4.16%          (3.91%)
               O. Francis Biondi Jr & Brian J. Higgins                                       Jul 09                                                      30 Sep 09                                Sep 08 - Feb 08

               LION FUND, LTD (THE)                                31 Jan 96      M          $250 M       34.23      31 Oct 09   (0.48%)     18.11%        34.40        9.24%         10.34%        (34.07%)
               Nick Walker                                                                   Jun 09                                                      30 Sep 09                                Feb 09 - Oct 07

               MARATHON SPECIAL OPPS FD, LTD - A                   30 Apr 99       Y        $1'960 M     585.41      23 Oct 09    2.67%      32.22%       570.18        18.35%        12.21%        (34.16%)
               Bruce Richards & Louis Hanover                                                Jul 09                                                      30 Sep 09                                Mar 09 - Jun 07

               OSMIUM SPECIAL SITUATIONS FUND LTD                  28 Feb 05      M          $215 M      1,721.94    30 Sep 09    0.91%      16.00%       1,706.43      12.57%        5.50%          (7.12%)
               Chris Kuchanny                                                                Aug 09                                                      31 Aug 09                                Nov 08 - Jul 08

               OWL CREEK OVERSEAS FUND, LTD                        31 Jan 02       Y        $3'627 M     3,358.53    31 Oct 09   (1.20%)     16.09%       3,399.32      16.91%        13.59%        (20.43%)
               Jeffrey Altman                                                                Jul 09                                                      30 Sep 09                                Apr 09 - Jun 08

               PARA INTERNATIONAL FUND -A-                         31 Jan 95      M          $261 M      351.73      30 Sep 09    2.09%      25.58%       344.53        8.95%         7.59%         (26.59%)
               Ned Sadaka                                                                    May 09                                                      31 Aug 09                                Feb 09 - May 07

               PAULSON ADVANTAGE LTD -A-                           31 Mar 04       Q        $3'461 M     349.87      31 Oct 09   (2.63%)     10.07%       359.32        25.12%        14.13%         (3.02%)
               John Paulson                                                                  Aug 09                                                      30 Sep 09                                Apr 09 - Mar 09

               PAULSON ADVANTAGE PLUS LTD                          31 Dec 04       Q        $9'768 M     480.04      31 Oct 09   (4.05%)     14.81%       500.30        38.32%        21.81%         (4.93%)
               John Paulson                                                                  Aug 09                                                      30 Sep 09                                Apr 09 - Mar 09

               PENTWATER EVENT FUND LTDCLASS -A- SERIES            31 Mar 08      n/a       $1'050 M     1,090.97    15 Oct 09    3.30%      81.10%       1,056.12      14.77%        28.21%        (36.75%)
               11.07                                                                         Jan 08                                                      30 Sep 09                                Dec 08 - Aug 08
               Matthew halbower
               PERRY PARTNERS INTERNATIONAL INC CLASS A            30 Sep 93    Q / 2Y      $4'744 M     655.30      31 Oct 09    2.76%      24.01%       637.70        12.39%        7.36%         (25.65%)
               Richard Perry                                                                 Sep 09                                                      30 Sep 09                                Nov 08 - Oct 07

               SAB OVERSEAS FUND LTD                               31 Jul 00    3Q / Q       $222 M      288.90      31 Oct 09   (0.70%)     26.72%       290.94        12.14%        10.42%        (15.22%)
               Scott Bommer                                                                  Oct 08                                                      30 Sep 09                                Nov 08 - Jun 08

               SARK FUND LIMITED                                   28 Feb 03      M         €1'005 M     160.35      31 Oct 09    1.15%      24.60%       158.52        7.33%         6.98%         (22.71%)
               Emmanuel Gavaudan & Emmanuel Boussard                                         Mar 09                                                      30 Sep 09                                Nov 08 - May 07

               SATELLITE OVERSEAS FUNDSIE A-H-05                   31 Oct 99     Y/Q        $1'200 M     1,598.27    31 Oct 09    0.27%      17.49%       1,593.97      4.80%         9.82%         (43.56%)
               Lief D. Rosenblatt, Gabe Nechamkin & Mark Sonnino                             Aug 09                                                      30 Sep 09                                Dec 08 - Oct 07

               THIRD POINT OFFSHORE                                30 Nov 96      M         $1'190 M     7,639.72    31 Oct 09   (0.90%)     26.42%       7,709.10      17.04%        13.84%        (35.48%)
               Daniel Loeb                                                                   Jul 09                                                      30 Sep 09                                Mar 09 - Jun 08

               YORK INVESTMENT LTD -CLASS A/1                      28 Feb 94       Q        $1'521 M     6,011.33    23 Oct 09    1.20%      33.57%       5,939.82      12.14%        9.01%         (29.86%)
               James Dinan                                                                   May 09                                                      30 Sep 09                                Feb 09 - Oct 07




* Max DD: Peak to trough


                                                                         Past performance is not necessarily a guide to future performance                                                              13
                                                                                          Alternative Investment Group
                                                        Inception   Liquidity   Asset Size Last NAV         Date       Mtd        Ytd        Last Month Annual Return      Annual        Max DD*
                                                          Date                             or Index                                                     since Inception   Volatility

           Arbitrage
           YTD Avg. 2009 13.18%
                                                                                                                             Ytd Avg. 2009
           Arbitrage / Global                                                                                                   13.18%
               HSBC MAA FUND USD                        15 Jun 95     Q/M         $173 M      191.03      16 Oct 09    0.64%     13.18%        189.82        4.61%         5.19%         (25.30%)
               HSBC Alternative Investments Limited                               Aug 09                                                      30 Sep 09                                Dec 08 - Jul 07


           Event Driven
           YTD Avg. 2009 8.88%
                                                                                                                             Ytd Avg. 2009
           Event Driven / Global                                                                                                 8.88%
               HSBC DISTRESSED MARKETS FUND USD Class   31 May 09      M          $132 M      108.88      16 Oct 09    1.17%      8.88%        107.62        25.23%        4.52%           0.00%
               HSBC Management (Guernsey) Ltd                                     Aug 09                                                      30 Sep 09                                Jan 00 - Jan 00


           Leveraged Multi-Strategy
           YTD Avg. 2009 23.02%
                                                                                                                             Ytd Avg. 2009
           Leveraged Multi-Strategy / Global                                                                                    23.02%
               HSBC LEVERAGED GH FUND                   30 Nov 04      M          $34 M       119.98      16 Oct 09    1.88%     23.02%        117.77        3.80%         14.33%        (37.09%)
               HSBC Republic Investment Limited                                   Aug 09                                                      30 Sep 09                                Dec 08 - Jun 08


           Long/Short
           YTD Avg. 2009 14.96%
                                                                                                                             Ytd Avg. 2009
           Long/Short / Asia                                                                                                    12.32%
               HSBC ASIAN ADVANTEDGE FUND               30 Jun 02      M          $47 M       181.99      16 Oct 09    0.71%     12.32%        180.70        8.55%         9.16%         (24.73%)
               HSBC Alternative Investments Limited                               Aug 09                                                      30 Sep 09                                Nov 08 - Dec 07
                                                                                                                             Ytd Avg. 2009
           Long/Short / Europe                                                                                                  17.60%
               HSBC EUROPEAN ADVANTEDGE FUND USD        02 May 03      M          €16 M       143.50      16 Oct 09    1.02%     17.60%        142.05        5.75%         7.05%         (21.00%)
               HSBC Alternative Investments Limited                               Aug 09                                                      30 Sep 09                                Feb 09 - Oct 07




* Max DD: Peak to trough


                                                              Past performance is not necessarily a guide to future performance                                                              14
                                                                               Alternative Investment Group
                                                      Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                        Date                             or Index                                                     since Inception   Volatility

           Multi-Strategy
           YTD Avg. 2009 14.29%
                                                                                                                           Ytd Avg. 2009
           Multi-Strategy / Emerging                                                                                          20.19%
               HSBC EMERGING ADVANTEDGE FUND          31 Mar 97      M          $28 M       168.70      16 Oct 09    1.95%     20.19%        165.47        4.25%         16.64%        (59.39%)
               HSBC Alternative Investments Limited                             Aug 09                                                      30 Sep 09                                Dec 98 - Sep 97
                                                                                                                           Ytd Avg. 2009
           Multi-Strategy / Global                                                                                            12.33%
               HSBC GH FUND USD                       31 May 96      M         $1'666 M     273.08      16 Oct 09    1.08%     12.04%        270.17        7.79%         6.94%         (18.30%)
               HSBC Alternative Investments Limited                             Aug 09                                                      30 Sep 09                                Dec 08 - Jun 08

               HSBC GLOBAL ABSOLUTE LTD USD NAV       30 Nov 01       D         $110 M        1.98      16 Oct 09    1.09%      12.39%         1.96        5.06%         5.42%         (16.88%)
               HSBC Alternative Investments Limited                             Aug 09                                                      30 Sep 09                                Dec 08 - Jun 08

               HSBC HEDGE INVESTMENTS FUND            28 Feb 02       Q         $20 M       140.31      16 Oct 09    1.10%      12.55%       138.78        4.54%         5.52%         (17.63%)
               HSBC Alternative Investments Limited                             jul 09                                                      30 Sep 09                                Dec 08 - Jun 08


           Trading
           YTD Avg. 2009 (1.89%)
                                                                                                                           Ytd Avg. 2009
           Trading / Global                                                                                                   (1.89%)
               HSBC TRADING ADVANTEDGE FUND           31 Oct 05      M          $291 M      148.80      16 Oct 09    1.50%     (1.89%)       146.60        10.55%        9.79%          (6.76%)
               HSBC Alternative Investments Limited                             Aug 09                                                      30 Sep 09                                Mar 07 - Jan 07




* Max DD: Peak to trough


                                                            Past performance is not necessarily a guide to future performance                                                              15
                                                                             Alternative Investment Group
                                                                     Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                       Date                             or Index                                                     since Inception   Volatility

           Credit
           YTD Avg. 2009 31.31%
                                                                                                                                          Ytd Avg. 2009
           Credit / Emerging                                                                                                                 22.56%
               FINISTERRE SOVEREIGN DEBT FUND                        31 Mar 03       Q         $131 M      185.89      31 Oct 09    2.71%     44.13%        180.98        9.86%         8.19%         (21.00%)
               Paul Crean and Xavier Corin-Mick                                                Oct 09                                                      30 Sep 09                                Oct 08 - Jun 08

               GRAMERCY EMERGING MARKET FUND                         31 Mar 99      M          $783 M      238.99      30 Sep 09    9.75%      31.89%       217.75        8.64%         14.12%        (49.81%)
               Robert S. Koenigsberger & Jay A. Johnston                                       Aug 09                                                      31 Aug 09                                Feb 09 - Feb 08

               MARATHON OVERSEAS FUND, LTD - A                       31 Mar 98       Q         $495 M      204.14      23 Oct 09    0.72%      7.67%        202.68        6.36%         7.76%         (36.00%)
               B. Richards & L. Hanover                                                        Jun 09                                                      30 Sep 09                                Apr 09 - May 07

               THAMES RIVER - HILL SIDE APEX FUND                    31 Jul 98      M          $210 M      2,219.86    16 Oct 09    0.25%      6.57%        2,214.32      7.37%         11.09%        (35.69%)
               Mehrdad Noorani & Bernt Tallasken                                               Sep 09                                                      30 Sep 09                                Dec 08 - May 08
                                                                                                                                          Ytd Avg. 2009
           Credit / Europe                                                                                                                    6.35%
               KING STREET EUROPE LTD CLASS A                        30 Jun 07      M         $ 335 M      129.09      30 Sep 09    2.65%      6.35%        125.76        11.99%        9.18%          (7.88%)
               O. Francis Biondi, Jr., Brian J. Higgins                                       Mar 09                                                       31 Aug 09                                May 08 - Feb 08
                                                                                                                                          Ytd Avg. 2009
           Credit / Global                                                                                                                   40.56%
               BLUEMOUNTAIN CREDIT ALTERNATIVES FUND                 31 Oct 03      M         $2'730 M     171.31      23 Oct 09    2.17%     31.83%        167.67        9.41%         7.71%         (11.82%)
               Andrew T. Feldstein                                                             Jun 09                                                      30 Sep 09                                Dec 08 - Aug 08

               CQS ABS FEEDER FUND - CLASS -B-                       30 Sep 06       Q         $489 M      3,138.40    30 Sep 09    4.30%      22.91%       3,009.15      46.35%        16.62%         (3.86%)
               Swallow Steven & Lumdsen Alistair & Michael Hintze                              Sep 09                                                      31 Aug 09                                Jun 07 - Apr 07

               FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD              31 Jul 02       Q         $60 M       189.91      31 Oct 09    1.35%      49.14%       187.38        9.24%         8.27%         (29.83%)
               Andrea S. Feingold & R. Ian O’Keeffe                                            Mar 09                                                      30 Sep 09                                Dec 08 - Jun 07

               JCAM GLOBAL FUND LIMITED                              31 Dec 03       Y        $2'000 M     1,847.86    31 Oct 09    1.12%      18.69%       1,827.39      11.09%        7.79%         (14.85%)
               Tim Leslie                                                                      Jun 09                                                      30 Sep 09                                Dec 08 - Feb 08

               MILLENNIUM GLOB HIGH YIELD FD LTD                     31 Aug 99      M          $211 M      398.79      30 Sep 09    5.02%      16.06%       379.73        14.69%        12.73%        (46.60%)
               Joseph Strubel                                                                  Mar 09                                                      31 Aug 09                                Mar 09 - Dec 07

               PALOMINO FUND LTD CLASS B ORIGINAL SERIES             31 Dec 94       Y        $3'297 M     3,830.79    30 Sep 09    6.25%      114.43%      3,605.48      28.02%        21.88%        (49.05%)
               David Tepper                                                                    Jul 09                                                      31 Aug 09                                Sep 98 - Feb 98

               SATELLITE CREDIT OPP FUND, LTD - A                    31 Oct 01       Y         $398 M      1,427.43    31 Oct 09    0.55%      30.89%       1,419.63      4.55%         11.56%        (41.20%)
               Steve Shapiro, Lief D. Rosenblatt, Gabe Nechamkin &                             Aug 09                                                      30 Sep 09                                Dec 08 - Oct 07
               Mark Sonnino
                                                                                                                                          Ytd Avg. 2009
           Credit / USA                                                                                                                      28.90%
               BRIGADE LEVERAGED CAPITAL STRUCTURES FUND             31 Dec 06       Q        $3'655 M     1,255.36    31 Oct 09    1.71%     37.58%        1,234.25      8.35%         9.86%         (19.42%)
               Don Morgan                                                                      Oct 09                                                      30 Sep 09                                Dec 08 - Jun 08


* Max DD: Peak to trough


                                                                           Past performance is not necessarily a guide to future performance                                                              16
                                                                                            Alternative Investment Group
                                                            Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                              Date                             or Index                                                     since Inception   Volatility

           Credit
           YTD Avg. 2009 31.31%
                                                                                                                                 Ytd Avg. 2009
           Credit / USA                                                                                                             28.90%
               MKP OFFSHORE CREDIT FUND                     28 Feb 99     Q/Y        $1'007 M     367.23      31 Oct 09    3.78%     20.21%        353.85        12.95%        5.00%          (8.38%)
               Patrick McMahon and Anthony Lembke                                     Jul 09                                                      30 Sep 09                                Sep 08 - Sep 07


           Equity-Commodity
           YTD Avg. 2009 4.17%
                                                                                                                                 Ytd Avg. 2009
           Equity-Commodity / Global                                                                                                 4.17%
               GEOSPHERE FUND, LTD                          30 Jun 07       Q        $ 1'100 M    113.47      31 Oct 09    0.39%      8.27%        113.02        5.55%         9.24%         (15.83%)
               Arvind Sanger and Prashant Kothari                                     Sep 09                                                      30 Sep 09                                Oct 08 - Jun 08

               GONDWANA FUND LIMITED                        31 Jul 03      M          €233 M      120.61      31 Oct 09    0.87%      4.12%        119.57        3.04%         15.35%        (37.14%)
               Urs Marti                                                              Dec 07                                                      30 Sep 09                                Oct 08 - Feb 08

               MARTIN CURRIE ARF - GLOBAL RESOURCES         30 Sep 03      M          $406 M       18.72      31 Oct 09   (5.19%)     4.70%         19.75        10.85%        10.65%        (16.59%)
               Chris Butler / Duncan Goodwin                                          Sep 09                                                      30 Sep 09                                Dec 08 - Jun 08

               OCEANIC HEDGE FUND - CLASS A                 31 Jul 02      M         $1'123M      3,040.64    23 Oct 09    1.22%      10.32%       3,003.99      16.61%        8.69%          (6.85%)
               Cato Brahde, Andreas Vergottis, Bjorn Rise                             Aug 09                                                      30 Sep 09                                Sep 08 - May 08

               SOFAER CAPITAL NATURAL RESOURCES HEDGE       31 Dec 05      M          $55 M       153.22      31 Oct 09   (0.01%)     (6.58%)      153.23        11.77%        21.52%        (48.62%)
               FUND                                                                   Dec 08                                                      30 Sep 09                                Jun 09 - Jun 08
               Julien Garran / Michael Sofaer

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / Asia                                                                                                17.98%
               ARNOTT OPPORTUNITIES FUND                    31 Oct 05       Q         $451 M      1,387.41    31 Oct 09    1.41%      4.63%        1,368.12      8.52%         6.11%          (6.20%)
               Kenneth Arnott                                                         Sep 09                                                      30 Sep 09                                Sep 07 - Jul 07

               BOYER ALLAN PACIFIC FUND INC-A-              16 Nov 98      M         $ 308 M      714.61      31 Oct 09   (1.97%)     32.93%       728.95        19.65%        22.42%        (44.65%)
               J. Boyer & N. Allan                                                    Oct 09                                                      30 Sep 09                                Nov 08 - Oct 07

               COREVEST PARTNERS LTD                        31 Dec 98     Y/Q         $111 M      8,239.94    31 Oct 09   (0.90%)     (2.20%)      8,315.01      21.47%        25.84%        (26.57%)
               Kyung Hwa Paik                                                         Mar 08                                                      30 Sep 09                                Feb 03 - Mar 02

               EASTERN ADVISORS LLC                         31 Mar 03       Q         $62 M       1,879.82    30 Sep 09    7.80%      44.48%       1,743.81      10.19%        25.22%        (63.82%)
               Scott Booth                                                            Jul 09                                                      31 Aug 09                                Mar 09 - Jun 08

               ELLERSTON ASIA PACIFIC FUND                  31 Aug 07       Q         $113 M       97.59      15 Oct 09    1.72%      9.79%         95.94       (1.14%)        8.13%         (17.60%)
               Ashok Jacob                                                            Sep 09                                                      30 Sep 09                                Feb 09 - Oct 07


* Max DD: Peak to trough


                                                                  Past performance is not necessarily a guide to future performance                                                              17
                                                                                   Alternative Investment Group
                                                                Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                  Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                     Ytd Avg. 2009
           Equity-Diversified / Asia                                                                                                    17.98%
               HT ASIAN CATALYST FUND LLC                       31 Dec 98      M          $429 M       18.05      30 Sep 09    2.44%     16.08%         17.62        13.86%        12.53%        (23.93%)
               Ms. Ophelia Tong                                                           Sep 09                                                      31 Aug 09                                Mar 01 - Mar 00

               JOHO FUND, LTD-A-                                31 Oct 96       S        $1'873 M     1,090.03    31 Oct 09   (2.25%)     16.80%       1,115.12      22.24%        17.46%        (19.38%)
               Robert Karr                                                                Aug 09                                                      30 Sep 09                                Nov 08 - Nov 07

               MBAM PAN-ASIAN FUND LTD                          31 May 04      M          $182 M      166.56      31 Oct 09    0.98%      (0.24%)      164.94        9.87%         6.40%          (5.99%)
               Alex Lewis                                                                 Jun 09                                                      30 Sep 09                                Jun 06 - Apr 06

               MW TOPS FUND LTD -L- (Asia Diversified)          31 May 06       Q         $18 M       114.73      03 Nov 09   (0.25%)     21.91%       115.02        4.09%         9.11%         (26.89%)
               Anthony Clake                                                              May 09                                                      31 Oct 09                                Oct 08 - Oct 07

               OPTIMAL ASIA FUND                                30 Nov 04      M          $112 M      149.53      31 Oct 09    0.74%      6.42%        148.43        8.52%         9.64%         (21.74%)
               Warwick Johnson                                                            Sep 09                                                      30 Sep 09                                Nov 08 - Oct 07

               PMA PROSPECT FUND, LTD                           31 Oct 03      M          $232 M      1,097.81    31 Oct 09    1.02%      23.37%       1,086.75      1.57%         13.99%        (41.09%)
               Tytus Michalski                                                            Dec 07                                                      30 Sep 09                                Nov 08 - Oct 07

               REAL RETURN ASIAN FUND LTD (THE)                 30 Sep 04      M          $220 M      228.36      31 Oct 09    0.09%      33.28%       228.15        17.62%        11.21%        (14.81%)
               Ezra Sun                                                                   Sep 09                                                      30 Sep 09                                Oct 08 - Oct 07

               SOFAER CAPL ASIAN HEDGE FD (Net Index)           31 Mar 89      M          $120 M      1,275.06    31 Oct 09   (2.03%)     17.55%       1,301.48      13.15%        16.41%        (35.36%)
               Terence Khoo / Terence Lim                                                 Jun 07                                                      30 Sep 09                                Mar 03 - Mar 00

               SR GLOBAL FUND B - ASIA (Real Perf)              31 Dec 93      M         $1'200 M     705.35      31 Oct 09   (0.20%)     25.10%       706.77        17.99%        19.36%        (36.50%)
               Richard Chenevix-Trench                                                    Jun 09                                                      30 Sep 09                                Nov 98 - Feb 98

               TANTALLON FUND (THE)                             31 Oct 03      M          $116 M       17.72      31 Oct 09   (1.50%)     15.97%        17.99        9.99%         13.46%        (36.61%)
               Nicholas Harbinson / Alex Hill                                             Sep 09                                                      30 Sep 09                                Jan 09 - Oct 07

               WF ASIA FUND LTD S/1                             31 Jan 01      M          $350 M      289.58      31 Oct 09   (3.57%)     21.87%       300.29        12.92%        13.83%        (37.65%)
               Scobie Ward                                                                Aug 09                                                      30 Sep 09                                Nov 08 - Oct 07
                                                                                                                                     Ytd Avg. 2009
           Equity-Diversified / Emerging                                                                                                37.14%
               DISCOVERY GLOBAL OPPORTUNITY FUND, LTD           31 Jul 99       S        $1'419 M     479.53      30 Sep 09    9.19%     47.57%        439.17        16.66%        15.87%        (33.03%)
               Robert K Citrone                                                           Jul 09                                                      31 Aug 09                                Dec 08 - Dec 07

               GLS OFFSHORE GLOBAL OPP.A                        31 Dec 96       Q         $56 M       398.15      31 Oct 09    0.24%      49.47%       397.19        11.31%        20.20%        (51.73%)
               Geoffrey Symonds                                                           Jul 09                                                      30 Sep 09                                Sep 98 - Sep 97

               GROWTH MANAGEMENT LTD                            31 May 98      M          $276 M      418.34      30 Sep 09    0.17%      (1.41%)      417.65        13.45%        7.12%         (19.29%)
               Stephan Pinter                                                             Sep 09                                                      31 Aug 09                                Apr 09 - Jun 08

               HALBIS INDIA ALPHA FUND                          31 Mar 07      M          $116 M      121.27      31 Oct 09   (1.17%)     34.05%       122.71        7.73%         21.32%        (34.72%)
               Sanjiv Duggal, Manish Srivastava, Viresh Mehta                             Sep 09                                                      30 Sep 09                                Nov 08 - Dec 07



* Max DD: Peak to trough


                                                                      Past performance is not necessarily a guide to future performance                                                              18
                                                                                       Alternative Investment Group
                                                              Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                   Ytd Avg. 2009
           Equity-Diversified / Emerging                                                                                              37.14%
               NEVSKY FUND LIMITED CLASS A                    30 Sep 00      M         $3'354 M     8,739.85    23 Oct 09    2.82%     30.95%        8,500.14      27.01%        14.58%        (22.14%)
               Martin Taylor, and Nick Barnes                                           Sep 09                                                      30 Sep 09                                Feb 09 - Oct 07

               OCCO EASTERN EUROPEAN FUND                     31 Dec 01     Y/Q         $80 M       272.32      31 Oct 09    2.74%      45.21%       265.06        13.63%        10.02%        (20.86%)
               Pawel Szulc & Andrew Wiles                                               Sep 09                                                      30 Sep 09                                Oct 08 - Jun 08

               SR GLOBAL FUND G - EMERGING MKTS (Real Perf)   29 Feb 96      M         $1'500 M     1,268.52    31 Oct 09   (1.10%)     41.19%       1,282.62      25.28%        19.15%        (37.25%)
               Richard Chenevix-Trench                                                  Jun 09                                                      30 Sep 09                                Feb 09 - Oct 07

               SR PHOENICIA INC CLASS -A- SERIES 1            31 Jul 01      M          $650 M      469.11      31 Oct 09   (3.68%)     28.34%       487.05        20.58%        20.48%        (56.02%)
               Mark Haworth & Jim Lloyd                                                 Jun 09                                                      30 Sep 09                                Feb 09 - Oct 07

               TEMPLETON EMERGING MARKET FUND, LTD -A-        31 Dec 99       D        $1'265 M      30.96      04 Nov 09    1.94%      58.85%        30.37        5.78%         23.02%        (61.95%)
               Dr. Mark Mobius                                                          Aug 08                                                      31 Oct 09                                Feb 09 - Oct 07
                                                                                                                                   Ytd Avg. 2009
           Equity-Diversified / Europe                                                                                                17.04%
               ADELPHI EUR. FUND $ (A)                        30 Sep 97       Q         $565 M      317.51      31 Oct 09   (5.24%)    10.77%        335.07        10.02%        12.77%        (26.28%)
               Roderick Jack                                                            Jun 09                                                      30 Sep 09                                Feb 09 - May 07

               ALPHAGEN CAPELLA FUND-A-                       31 Oct 99      M         $1'816 M     369.29      31 Oct 09   (0.61%)     12.14%       371.55        13.94%        8.10%          (6.03%)
               Guillaume Rambourg, Roger Guy                                            Sep 09                                                      30 Sep 09                                Sep 08 - May 07

               ALPHAGEN TUCANA                                31 Dec 04      M          $677 M      177.79      31 Oct 09   (2.56%)     39.22%       182.46        12.64%        11.71%        (28.68%)
               Roger Guy; Guillaume Rambourg,                                           Sep 09                                                      30 Sep 09                                Dec 08 - Oct 07

               ANTARES EUROPEAN FUNDS, LTD - USD              08 Dec 98      M          $656 M      357.12      31 Oct 09    3.62%      25.27%       344.65        12.38%        16.97%        (32.68%)
               Luca Orsini                                                              Jan 07                                                      30 Sep 09                                Dec 08 - Jun 07

               CAZENOVE EURO EQ ABS RETURN FUND LIMITED       30 Nov 03      M          €693 M      1,618.40    31 Oct 09   (2.20%)     (1.15%)      1,654.81      8.47%         4.54%          (6.50%)
               CLASS B                                                                  Oct 09                                                      30 Sep 09                                Jun 09 - Oct 08
               Chris Rice, Steve Cordell
               CHARLEMAGNE FUND LTD -USD-                     31 May 99      M          $305 M      241.13      23 Oct 09    0.38%      24.31%       240.21        8.83%         14.83%        (42.72%)
               Stuart W. Mitchell                                                       Jun 07                                                      30 Sep 09                                Mar 09 - Jul 07

               EGERTON EUROPEAN DOLLAR CLASS -A-              30 Nov 94      M         $1'277 M      90.95      31 Oct 09   (1.00%)     8.96%         91.87        15.94%        10.49%        (29.18%)
               John C. Armitage                                                         Aug 09                                                      30 Sep 09                                Jan 09 - Oct 07

               EUREKA EURO A CLASS - EURO                     07 Jan 98      M          €218 M      251.04      03 Nov 09    0.06%      30.55%       250.88        14.40%        10.26%        (23.24%)
               Ernesto Fragomeni , Anthony Clake                                        May 09                                                      31 Oct 09                                Oct 08 - Oct 07

               GIANO CAPITAL LTD EUR                          30 Nov 94      M          $69 M       3,143.39    31 Oct 09    0.14%      8.41%        3,138.99      12.80%        13.35%        (27.48%)
               Michele Ragazzi                                                          Sep 09                                                      30 Sep 09                                Mar 08 - Jan 07

               GRADIENT EUROPE FUND (THE)                     30 Nov 01       Q         €89 M        92.29      31 Oct 09   (0.91%)     17.44%        93.14       (1.01%)        32.23%        (82.25%)
               I. Farman & S. Pagel                                                     Dec 08                                                      30 Sep 09                                Jan 09 - Jun 07


* Max DD: Peak to trough


                                                                    Past performance is not necessarily a guide to future performance                                                              19
                                                                                     Alternative Investment Group
                                                            Inception   Liquidity   Asset Size Last NAV         Date        Mtd        Ytd       Last Month Annual Return      Annual        Max DD*
                                                              Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / Europe                                                                                              17.04%
               HALBIS EUROPEAN ALPHA FUND - X2.5 LEVERED    30 Nov 07      M          $293 M      117.74      31 Oct 09   (2.13%)     9.68%        120.30        8.88%         6.90%          (5.07%)
               Vincent Bourgeois and Michael O’Mara                                   Sep 09                                                      30 Sep 09                                Sep 08 - Jun 08

               HALBIS EUROPEAN ALPHA FUND -EUR              31 Dec 02      M          $293 M      156.18      31 Oct 09   (0.90%)     3.12%        157.60        6.74%         2.70%          (1.34%)
               Vincent Bourgeois & Michael O'Mara                                     Sep 09                                                      30 Sep 09                                Jul 09 - May 09

               HENDERSON EURO.STYLE ROTATIONAL L/S FUND     31 Oct 05      M          $45 M       108.37      31 Oct 09    4.01%      4.02%        104.19        2.03%         10.92%        (22.85%)
               David Bint, Steve Danby                                                Jul 09                                                      30 Sep 09                                Jul 09 - Jun 08

               HENDERSON EUROPEAN ABS RETURN FD, LTD USD    31 May 01      M          €80 M       427.71      31 Oct 09   (2.01%)     110.66%      436.48        18.83%        18.64%        (47.67%)
               Stephen Peak                                                           Jul 09                                                      30 Sep 09                                Nov 08 - Feb 08

               JANDAKOT FUND LTD USD CLASS A UNRESTRICTED   31 Mar 02      M         $1'014 M     207.75      31 Oct 09   (0.18%)     3.02%        208.13        10.11%        5.79%          (4.93%)
               Hilton Nathanson                                                       Jun 09                                                      30 Sep 09                                Jun 06 - Apr 06

               JUPITER HYDE PARK HEDGE FUND, LTD            29 Feb 00      W          $117 M        4.72      31 Oct 09   (1.67%)     0.68%          4.80        17.40%        20.38%        (20.38%)
               Philip Gibbs                                                           Aug 09                                                      30 Sep 09                                Jun 09 - Jun 08

               LANSDOWNE EURO EQTY FD, LTD - A (EUR)        31 Aug 98      M          $988M       179.98      31 Oct 09   (3.83%)     16.50%       187.15        11.92%        12.18%        (21.60%)
               P. Ruddock & S. Heinz                                                  Aug 09                                                      30 Sep 09                                Feb 09 - May 08

               LAZARD EUROPEAN EXPLORER FUND LTD            30 Apr 04      M          $477 M      134.89      31 Oct 09   (4.48%)     (5.28%)      141.22        5.59%         8.79%         (17.17%)
               Robert Rowland                                                          Jul 09                                                     30 Sep 09                                Jun 09 - Oct 07

               MBAM JANDAKOT ENHANCED FUND LTD CLASS A      31 Mar 06      M          $688 M      130.44      31 Oct 09   (0.26%)     5.83%        130.78        7.68%         8.16%         (12.39%)
               Hilton Nathanson                                                       Jun 09                                                      30 Sep 09                                Jul 06 - Apr 06

               MW CORE FUND                                 31 Oct 06       Q         $87 M       109.26      03 Nov 09    0.16%      23.19%       109.09        2.98%         12.89%        (26.47%)
               Ernesto Fragomeni                                                      May 09                                                      31 Oct 09                                Sep 08 - Jun 07

               MW TOPS FUND LTD -C-                         31 Dec 04      M          $37 M       144.47      03 Nov 09   (0.50%)     14.30%       145.20        7.89%         8.69%         (21.53%)
               Anthony Clake                                                          May 09                                                      31 Oct 09                                Feb 09 - Oct 07

               MW TOPS FUND LTD -D-                         31 Dec 04      M          $74 M       141.63      03 Nov 09   (0.31%)     11.13%       142.07        7.45%         7.61%         (17.65%)
               Anthony Clake                                                          May 09                                                      31 Oct 09                                Oct 08 - Oct 07

               MW TOPS FUND LTD -J-                         31 Dec 04      M          $49 M       113.42      03 Nov 09   (0.40%)     12.79%       113.88        7.73%         7.99%         (19.28%)
               Anthony Clake                                                          May 09                                                      31 Oct 09                                Feb 09 - Oct 07

               NORDIC ALPHA CLASS A - EUR                   31 Aug 03      M          €130 M      147.07      30 Sep 09    8.48%      36.26%       135.57        6.54%         11.75%        (33.00%)
               Thomas Raaschou, Christian T. Nygaard                                  Aug 09                                                      31 Aug 09                                Feb 09 - Oct 07

               ODEY EUROPEAN, INC (EUR)                     31 May 92      W         $2'204 M     700.91      31 Oct 09   (10.19%)    34.28%       780.42        16.21%        15.83%        (50.64%)
               Crispin Odey                                                           Sep 09                                                      30 Sep 09                                Jul 95 - Jan 94

               PELHAM LONG/SHORT FUND LTD CLASS A EUR       31 Oct 07      M          $200 M      117.79      30 Sep 09    5.32%      25.30%       111.84        8.91%         10.83%        (12.25%)
               Ross Turner                                                            Apr 09                                                      31 Aug 09                                Dec 08 - May 08



* Max DD: Peak to trough


                                                                  Past performance is not necessarily a guide to future performance                                                              20
                                                                                   Alternative Investment Group
                                                             Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                               Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                  Ytd Avg. 2009
           Equity-Diversified / Europe                                                                                               17.04%
               POLAR CAPITAL EUROP CONVICTION FUND LIMITED   31 Mar 06      M          €78 M       135.55      31 Oct 09    2.63%      7.93%        132.08        8.84%         10.79%         (5.63%)
               Robert Gurner                                                           Aug 09                                                      30 Sep 09                                Jul 08 - May 08

               RAB EUROPE FUND LTD-B-                        31 Oct 99      M          $200 M      250.81      29 Oct 09    0.04%      6.03%        250.70        9.63%         11.36%        (18.53%)
               Simon Acton                                                             Nov 07                                                      30 Sep 09                                Nov 08 - Jun 08

               SELECTIUM EUROPE FUND LTD C USD               31 Dec 03       Q         €200 M      148.99      27 Oct 09   (0.48%)     (9.02%)      149.71        7.08%         6.56%         (10.18%)
               Marc Bataillon                                                          Dec 06                                                      30 Sep 09                                Oct 09 - Feb 09

               SIERRA EUROPE OFFSHORE, LTD - USD/A           28 Feb 97      M          $99 M       421.74      23 Oct 09   (2.40%)     11.12%       432.09        12.04%        9.62%         (16.98%)
               Charles Michaels                                                        Feb 09                                                      30 Sep 09                                Jan 03 - Mar 00

               SOFAER CAPL EURO HEDGE FD (USD) (Net Index)   30 Jun 98      M          $200 M      253.83      31 Oct 09   (4.19%)     9.53%        264.93        8.56%         9.07%         (11.03%)
               Michael Browne & Steve Frost                                            Aug 09                                                      30 Sep 09                                Feb 09 - Jun 08

               SR GLOBAL FUND F - EUROPE (€) (Real Perf)     31 Dec 95      M          $150 M      259.39      31 Oct 09   (1.30%)     32.90%       262.81        14.17%        19.49%        (47.97%)
               Rupert Dyson                                                            Jun 09                                                      30 Sep 09                                Feb 09 - Jun 07

               THAMES RIVER KINGSWAY FUND, LTD A             28 Feb 99    3M / M       €26 M       3,240.66    23 Oct 09    0.29%      6.68%        3,231.21      11.66%        10.20%        (19.51%)
               Tony Zucker                                                             Jul 09                                                      30 Sep 09                                Mar 09 - May 07

               THEOREMA EUROPE FUND LTD A/1 EUR              31 May 01      M          €545 M      192.15      31 Oct 09   (0.35%)     2.82%        192.82        8.06%         5.66%          (6.25%)
               G. Govi & F Gautier                                                      Jul 08                                                     30 Sep 09                                Jul 09 - Aug 08

               TIEDEMANN/MOROSS EUROPEAN GROWTH              30 Jun 97       Q         $76 M        35.49      23 Oct 09    1.34%      9.78%         35.02        10.82%        20.71%        (49.23%)
               Dominic Moross                                                          Mar 08                                                      30 Sep 09                                Jan 03 - Feb 00

               ZADIG FUND CLASS A1                           30 Nov 05      M          €235 M      183.30      31 Oct 09    0.52%      51.68%       182.35        16.71%        13.75%        (19.14%)
               Laurent Saglio                                                          Aug 09                                                      30 Sep 09                                Oct 08 - Aug 08

               ZULAUF EUROPE FUND -USD-                      31 Jul 98      M          €104 M      309.22      31 Oct 09   (1.72%)     19.54%       314.63        10.55%        15.01%        (24.87%)
               Daniel Koppel & Nicolas Mathys                                           Jul 07                                                     30 Sep 09                                Oct 08 - Jun 08
                                                                                                                                  Ytd Avg. 2009
           Equity-Diversified / Global                                                                                               12.39%
               ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A   30 Jun 04      Y/Q       $1'551 M     1,836.99    30 Sep 09    4.81%     10.12%        1,752.68      12.27%        11.21%        (21.98%)
               Mark Donegan                                                            Apr 09                                                      31 Aug 09                                Feb 09 - Dec 07

               ARROW OFFSHORE LTD                            30 Jun 05      M          $114 M      180.56      15 Oct 09    6.20%      45.43%       170.02        14.75%        19.60%        (45.18%)
               Mal Serure & Alex Von. Furstenberg                                      Sep 09                                                      30 Sep 09                                Jan 09 - May 08

               ATLAS FUNDAMENTAL TRADING FUND LTD- CLASS A   30 Jun 08      M         $333 M       1,016.50    31 Oct 09    0.04%      (2.29%)      1,016.09      1.22%         5.09%          (6.52%)
               Opt 1                                                                  Sep 09                                                       30 Sep 09                                Aug 09 - Feb 09
               Dmitry Balyasny, Managing Partner & CIO
               ATLAS GLOBAL INVESTMENTS A2/05                31 Jan 05       Q         $847 M      1,994.78    31 Oct 09    0.53%      6.37%        1,984.27      15.64%        8.70%          (9.81%)
               Dmitry Balyasny                                                         Aug 09                                                      30 Sep 09                                May 05 - Mar 05


* Max DD: Peak to trough


                                                                   Past performance is not necessarily a guide to future performance                                                              21
                                                                                    Alternative Investment Group
                                                              Inception   Liquidity   Asset Size Last NAV         Date       Mtd          Ytd      Last Month Annual Return      Annual        Max DD*
                                                                Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                   Ytd Avg. 2009
           Equity-Diversified / Global                                                                                                12.39%
               BRUCE NELSON GLOBAL FD LTD - A                 31 May 03      M          $227 M      130.22      30 Sep 09    2.42%     18.18%        127.15        4.25%         7.82%         (24.47%)
               Richard Bruce                                                            Jun 09                                                      31 Aug 09                                Nov 08 - Oct 07

               ELLERSTON GEMS - CLASS A                       30 Apr 06       Q         $515 M       93.14      31 Oct 09   (4.35%)     (0.99%)       97.37       (2.01%)        9.79%         (27.59%)
               Ashok Jacob                                                              Sep 09                                                      30 Sep 09                                Oct 09 - Jul 07

               GLENROCK GLOBAL PARTNERS (BVI) INC             31 May 94      M         $ 449 M      2,654.96    30 Sep 09    1.40%       6.13%       2,618.31      6.57%         15.39%        (38.76%)
               Michael Katz                                                            Sep 09                                                       31 Aug 09                                Jan 99 - Jul 96

               HORSEMAN GLOBAL FUND USD                       31 Jan 01      M         $2'887 M     377.48      31 Oct 09   (0.72%)     (23.36%)     380.23        16.39%        15.83%        (25.42%)
               John Horseman                                                            Sep 09                                                      30 Sep 09                                Oct 09 - Feb 09

               INTREPID ENHANCED ALPHA FUND, LTD              30 Jun 98       Q         $60 M       1,132.41    31 Oct 09    5.14%      36.70%       1,077.05      23.85%        16.52%        (36.03%)
               Steven Shapiro                                                           Sep 09                                                      30 Sep 09                                Dec 08 - Oct 07

               M. KINGDON OFFSHORE NV - A/1                   28 Feb 86       Q        $2'319 M     116.55      31 Oct 09   (2.20%)     23.05%       119.17        16.71%        13.10%        (30.15%)
               Mark Kingdon                                                             Oct 09                                                      30 Sep 09                                Oct 87 - Sep 87

               MAVERICK FUND, LTD - CLASS A/1                 28 Feb 95      M         $2'900 M     991.94      31 Oct 09   (2.24%)     16.98%       1,014.67      13.70%        11.53%        (30.04%)
               Lee Ainslie III                                                          Jul 09                                                      30 Sep 09                                Nov 08 - May 08

               PLATINUM FUND LTD                              31 May 94      M          $450 M       66.80      31 Oct 09   (2.15%)     32.43%        68.27        13.10%        11.91%        (30.48%)
               Kerr Neilson                                                             Sep 09                                                      30 Sep 09                                Feb 09 - Oct 07

               SCP OCEAN FUND LTD                             31 Mar 02     Y/Q        $3'400 M     2,765.69    31 Oct 09    0.26%      14.78%       2,758.52      14.33%        7.95%         (13.59%)
               Chris Shumway                                                            Aug 09                                                      30 Sep 09                                Dec 08 - May 08

               SR GLOBAL FUND C - INTERNATIONAL (Real Perf)   31 Dec 93      M         $1'500 M     651.28      31 Oct 09   (3.50%)      0.91%       674.90        16.86%        22.39%        (45.08%)
               Hugh Sloane                                                              Jun 09                                                      30 Sep 09                                Jul 01 - Dec 99

               STANDARD PACIFIC CAPITAL -B-                   30 Sep 95       Q         $496 M      434.00      31 Oct 09    0.94%      13.21%       429.96        10.97%        8.20%          (8.79%)
               Doug Dillard and Raj Venkatesan                                          Sep 09                                                      30 Sep 09                                Aug 03 - Jun 02

               TORREY PINES (COMPOSITE) FUND                  31 Dec 01       Q         $354 M      2,249.05    31 Oct 09    0.02%      (3.03%)      2,193.92      10.89%        8.81%         (15.61%)
               Robert K Jafek                                                           Mar 09                                                      30 Sep 09                                Aug 09 - Oct 07

               VIKING GLOBAL EQUITIES III LTD-A/1E            30 Sep 99       Y        $6'675 M     7,176.00    31 Oct 09   (0.06%)     15.99%       7,180.10      21.56%        10.86%        (11.93%)
               Andreas Halvorsen                                                        Jun 09                                                      30 Sep 09                                Mar 02 - Sep 01
                                                                                                                                   Ytd Avg. 2009
           Equity-Diversified / Japan                                                                                                  4.53%
               ALPHAGEN HOKUTO FUND LTD - CLASS A             31 Oct 00      M          $556 M      179.39      31 Oct 09   (0.50%)    (0.74%)       180.30        6.70%         4.49%          (2.74%)
               John Stewart                                                             Sep 09                                                      30 Sep 09                                Oct 08 - Jul 08

               ALPHAGEN TENRO FUND LIMITED                    31 Jan 06      M          $76 M       142.50      31 Oct 09   (1.72%)     (1.54%)      145.00        9.90%         17.71%        (18.30%)
               Justin Bowles / John Stewart                                             Sep 09                                                      30 Sep 09                                Oct 08 - Dec 07



* Max DD: Peak to trough


                                                                    Past performance is not necessarily a guide to future performance                                                              22
                                                                                     Alternative Investment Group
                                                           Inception   Liquidity   Asset Size Last NAV         Date       Mtd          Ytd      Last Month Annual Return      Annual        Max DD*
                                                             Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                Ytd Avg. 2009
           Equity-Diversified / Japan                                                                                               4.53%
               ARCUS JAPAN FUND -JPY-                      31 Mar 99       D        ¥6'366 M    24,659.00    04 Nov 09    1.01%     31.28%       24,413.00      8.88%         16.28%        (45.94%)
               Robert Macrae                                                         Jun 08                                                      31 Oct 09                                Feb 09 - Feb 07

               ASUKA JAPANESE EQUITY L/S TST 1 - B         31 Aug 02      M          $76 M       1,713.48    30 Sep 09    0.89%       5.33%       1,698.36      7.89%         7.35%          (9.95%)
               Tishihiro Hirao                                                       Jun 09                                                      31 Aug 09                                Sep 08 - Apr 08

               BLUE SKY JAPAN LTD - CLASS A                30 Jun 00      M          $97 M       242.08      31 Oct 09   (2.58%)     30.19%       248.48        8.53%         25.28%        (62.08%)
               Michael Hill                                                          Sep 09                                                      30 Sep 09                                Jan 09 - Dec 05

               DB EQUILIBRIA JAPAN FUND                    30 Apr 02      M          $545 M      204.22      31 Oct 09   (0.68%)      6.79%       205.62        9.97%         4.65%          (5.77%)
               James Pulsford, Sara Gardiner-Hill                                     Jul 09                                                     30 Sep 09                                Sep 08 - May 08

               GAM JAPAN EQUITY HEDGE FUND                 31 May 98      W          $197 M      122.01      02 Nov 09   (1.39%)      8.49%       123.73        1.76%         13.25%        (52.04%)
               Lesley Kaye                                                           Jun 07                                                      31 Oct 09                                Feb 09 - Jun 07

               HENDERSON JAPAN ABS RETURN FD, LTD          30 Jun 00      M          $168 M      216.99      31 Oct 09   (1.45%)     10.99%       220.19        8.65%         9.31%         (18.31%)
               William Garnett and Jeremy Hall                                        Jul 09                                                     30 Sep 09                                Mar 08 - Apr 06

               JF JAPAN ABSOLUTE RETURN                    31 Aug 03      M         ¥3'786 M    14,483.03    31 Oct 09    1.06%       3.22%      14,331.56      6.18%         12.70%        (23.01%)
               Naoyoshi Yahata                                                       Sep 09                                                      30 Sep 09                                Jan 09 - Dec 05

               MARTIN CURRIE ARF - JAPAN FUND              30 Jun 00      M          $86 M        17.29      31 Oct 09   (3.10%)      7.61%        17.85        6.04%         7.88%         (12.44%)
               John-Paul Temperley                                                   Sep 09                                                      30 Sep 09                                Jan 09 - Jul 08

               OPTIMAL JAPAN FUND C1 CAP. INITIAL SERIES   30 Sep 99      M          $175 M       19.27      31 Oct 09   (0.98%)     (5.21%)       19.46        6.71%         12.30%        (33.21%)
               Warwick Johnson                                                       Sep 09                                                      30 Sep 09                                Oct 09 - Jun 07

               ROSEHILL JAPAN FUND -A-                     31 May 97       Q         $173 M     21,139.51    31 Oct 09   (1.07%)     (3.58%)     21,368.15      6.21%         10.94%        (26.58%)
               Gary Rosenfeld                                                        Apr 09                                                      30 Sep 09                                Mar 08 - Jan 06

               SR GLOBAL FUND H - JAPAN (Real Perf)        30 Sep 03      M          $140 M       92.69      31 Oct 09   (4.90%)     (22.18%)      97.46       (0.73%)        21.19%        (30.74%)
               Hugh Sloane                                                           Jun 08                                                      30 Sep 09                                Apr 09 - Mar 08

               WF JAPAN FUND LTD - A/1                     30 Jun 03      M          $26 M        98.35      31 Oct 09   (1.32%)     (7.21%)       99.67       (0.26%)        14.98%        (45.77%)
               Peter Ferry                                                           Jul 09                                                      30 Sep 09                                Mar 09 - Oct 07
                                                                                                                                Ytd Avg. 2009
           Equity-Diversified / UK                                                                                                 19.53%
               ALPHAGEN OCTANIS CLASS A                    28 Feb 05      M          $409 M      187.05      31 Oct 09   (1.25%)    12.57%        189.42        14.34%        7.55%         (10.72%)
               Ben Wallace                                                           Sep 09                                                      30 Sep 09                                Mar 08 - May 07

               CAZENOVE UK EQUITY ABSOLUTE RETURN FUND     31 Oct 03      M          £80 M       1,494.73    31 Oct 09   (2.25%)      0.18%       1,529.14      6.92%         3.89%          (6.66%)
               Tim Russell                                                           Oct 09                                                      30 Sep 09                                Mar 09 - Jan 09

               HENDERSON UK EQUITY L/S FUND LIMITED        30 Jun 03      M          £45 M       200.67      31 Oct 09   (3.80%)     66.23%       208.59        11.61%        16.34%        (39.26%)
               Stephen Peak                                                          Jul 09                                                      30 Sep 09                                Nov 08 - Jun 08



* Max DD: Peak to trough


                                                                 Past performance is not necessarily a guide to future performance                                                              23
                                                                                  Alternative Investment Group
                                                            Inception   Liquidity   Asset Size Last NAV         Date       Mtd          Ytd      Last Month Annual Return      Annual        Max DD*
                                                              Date                             or Index                                                     since Inception   Volatility

           Equity-Diversified
           YTD Avg. 2009 16.19%
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / UK                                                                                                  19.53%
               LANSDOWNE UK EQUITY FUND, LTD (£)            31 Jul 01      M         $6'922 M     430.80      31 Oct 09    0.32%     22.19%        429.42        19.35%        10.78%        (14.51%)
               P. Ruddock & S. Heinz                                                  Aug 09                                                      30 Sep 09                                Feb 09 - Jun 08

               THREADNEEDLE UK CRESCENDO FUND LTD (£)       31 May 01      M          £62 M       265.72      03 Nov 09   (0.68%)     (3.52%)      267.55        12.29%        6.98%          (6.74%)
               Mark Westwood                                                          Jul 09                                                      31 Oct 09                                Nov 09 - Jun 08
                                                                                                                                 Ytd Avg. 2009
           Equity-Diversified / USA                                                                                                 13.32%
               ASCEND PARTNERS FUND II LTD - A              31 Jan 04       Q         $876 M      167.42      31 Oct 09   (0.75%)    11.46%        168.68        9.37%         4.57%          (4.73%)
               Malcolm Fairbairn                                                      Aug 09                                                      30 Sep 09                                Oct 08 - Aug 08

               AVESTA FUND LTD A/1                          31 Aug 02      M         $1'050 M     1,915.86    31 Oct 09   (1.24%)      6.65%       1,939.95      9.49%         7.00%          (7.70%)
               Bill Tung                                                              Sep 09                                                      30 Sep 09                                Oct 05 - Feb 05

               CASTLEROCK FUND LTD                          31 Aug 96       Q         $88 M       719.28      31 Oct 09   (2.45%)      8.13%       737.35        16.16%        17.73%        (37.67%)
               Paul Tanico                                                            Jul 09                                                      30 Sep 09                                Mar 03 - Oct 00

               CAXTON EQUITY GROWTH LTD A / 1               30 Nov 99     Y/Q         $88 M       3,224.85    03 Nov 09    0.56%       7.46%      3,206.91       12.51%        7.79%          (9.98%)
               Kurt Feuerman                                                          jun 09                                                      31 Oct 09                                Feb 09 - May 08

               ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A   28 Feb 01       Q        $1'136 M     252.23      30 Sep 09    2.00%      33.86%       247.28        11.37%        10.59%        (19.92%)
               Ronald Gutfleish                                                       Jun 09                                                      31 Aug 09                                Feb 09 - Oct 07

               EMINENCE FUND LTD A                          31 Dec 98       Q        $1'624 M     450.75      31 Oct 09    2.10%      10.51%       441.48        14.90%        9.62%         (19.99%)
               Ricky C. Sandler                                                       Aug 09                                                      30 Sep 09                                Dec 08 - Dec 07

               HIGHLINE INTERNATIONAL CLASS A               31 May 97       Q        $1'007M      307.35      31 Oct 09   (0.20%)      3.21%       307.96        9.46%         9.54%         (17.24%)
               Jacob W. Doft                                                          Oct 09                                                      30 Sep 09                                Aug 98 - Apr 98

               IVORY CAPITAL FLAGSHIP STRATEGY              30 Nov 98       Q        $2'596 M     3,255.82    31 Oct 09   (1.40%)     15.78%       3,302.05      11.41%        6.31%         (12.61%)
               Curtis Macnguyen                                                       Sep 09                                                      30 Sep 09                                Nov 08 - May 08

               KINETICS FUND, INC - A/A                     31 Jan 01      M          $175 M      1,627.62    31 Oct 09   (6.60%)     48.49%       1,742.69      5.72%         22.50%        (76.20%)
               Peter B. Doyle                                                         Aug 09                                                      30 Sep 09                                Feb 09 - Oct 07

               OMEGA OVERSEAS PARTNERS, LTD CLASS A         31 Dec 91      M          $771 M      493.39      31 Oct 09   (2.48%)     34.36%       505.93        9.36%         14.82%        (42.55%)
               Leon Cooperman                                                          Jul 09                                                     30 Sep 09                                Feb 09 - May 07

               RIEF LP -B- (Continuing)                     31 Jul 05      M          $653 M       92.73      31 Oct 09   (0.52%)     (10.58%)      93.22       (1.76%)        10.35%        (35.67%)
               James Simons                                                           Oct 09                                                      30 Sep 09                                Apr 09 - May 07

               SEMINOLE OFFSHORE FUND                       31 May 98       Q         $445 M      490.14      31 Oct 09   (0.30%)      9.79%       491.61        14.92%        14.02%        (15.62%)
               Michael G. Messner, Paul C. Shiverick                                  Sep 09                                                      30 Sep 09                                Mar 03 - May 02

               ZWEIG-DIMENNA INTL LIMITED - CLASS A         31 May 87       Q        $2'033 M    85,168.33    30 Sep 09    1.32%      (5.92%)     84,057.34      16.97%        16.11%        (50.23%)
               Joseph DiMenna / Martin Zweig                                          Aug 09                                                      31 Aug 09                                Dec 02 - Feb 00



* Max DD: Peak to trough


                                                                  Past performance is not necessarily a guide to future performance                                                              24
                                                                                   Alternative Investment Group
                                                                         Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                           Date                             or Index                                                     since Inception   Volatility

           Equity-Energy
           YTD Avg. 2009 35.86%
                                                                                                                                              Ytd Avg. 2009
           Equity-Energy / Global                                                                                                                27.93%
               MARTIN CURRIE ARF - GLOBAL ENERGY                         28 Feb 07      M           $3 M         9.40      31 Oct 09   (6.55%)    (2.99%)        10.06       (2.28%)        9.06%         (14.96%)
               Duncan Goodwin                                                                      Sep 09                                                      30 Sep 09                                Oct 09 - Jun 08

               RAB ENERGY CLASS F                                        31 Aug 05       Q         $92 M       192.42      29 Oct 09   (1.14%)     74.96%       194.64        0.30%         27.99%        (64.56%)
               Gavin Wilson & Mark Redway                                                          Jan 09                                                      30 Sep 09                                Feb 09 - Jul 07

               SECTOR COGNIMETRICA LTD                                   30 Jun 04      M           $7 M       145.95      31 Oct 09   (1.11%)     11.82%       147.59        7.34%         8.02%         (12.85%)
               J. Peter Andersland & Wollert Hvide                                                 Dec 08                                                      30 Sep 09                                Sep 08 - Jul 07
                                                                                                                                              Ytd Avg. 2009
           Equity-Energy / USA                                                                                                                   59.65%
               DORSET ENERGY FUND, LTD - CLASS A                         31 Oct 00      M          $293 M       40.66      23 Oct 09    5.31%     59.65%         38.61        16.90%        20.18%        (49.55%)
               David M. Knott, Donald Textor                                                       Sep 09                                                      30 Sep 09                                Dec 08 - Jun 08


           Equity-Financial
           YTD Avg. 2009 21.03%
                                                                                                                                              Ytd Avg. 2009
           Equity-Financial / Global                                                                                                             23.21%
               LANSDOWNE GLOBAL FINANCIALS FUND LTD. -USD                30 Jun 04      M         $2'221M      291.38      31 Oct 09   (2.96%)    38.65%        300.27        22.17%        14.58%        (18.87%)
               Williamde Winton                                                                    Aug 09                                                      30 Sep 09                                Sep 08 - Oct 07

               MW GLOBAL FINANCIALS FUND                                 31 Oct 08      M          $ 23 M      112.95      03 Nov 09    0.10%      10.59%       112.84        12.84%        6.32%          (2.87%)
               Marshall Wace Asia Limited, delegation to Marshall Wace                             May 09                                                      31 Oct 09                                Apr 09 - Feb 09
               LLP
               TOSCA CLASS A - USD CONTINUING SHARES                     30 Sep 00       Q        $1'096 M     157.65      31 Oct 09    0.30%      44.24%       157.18        5.13%         19.49%        (67.54%)
               Martin Hughes                                                                       Aug 09                                                      30 Sep 09                                Nov 08 - Dec 07

               UC FINANCIALS FUND LIMITED - A                            29 Feb 04      M          €50 M       141.93      31 Oct 09   (6.77%)     (0.64%)      152.23        6.37%         8.56%         (17.02%)
               Richard Urwick & Mauro Pizzi                                                        Oct 09                                                      30 Sep 09                                May 08 - Apr 07
                                                                                                                                              Ytd Avg. 2009
           Equity-Financial / USA                                                                                                                12.33%
               BRYN MAWR OFFSHORE LTD                                    31 Dec 95       Q         $86 M       4,293.05    31 Oct 09    1.72%     12.33%        4,220.47      11.10%        4.03%          (4.11%)
               K. Gray                                                                             Jul 09                                                      30 Sep 09                                Dec 99 - Oct 99




* Max DD: Peak to trough


                                                                               Past performance is not necessarily a guide to future performance                                                              25
                                                                                                Alternative Investment Group
                                                             Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                               Date                             or Index                                                     since Inception   Volatility

           Equity-Market Neutral
           YTD Avg. 2009 2.25%
                                                                                                                                  Ytd Avg. 2009
           Equity-Market Neutral / Europe                                                                                            (2.76%)
               TALENTUM ACTIVEDGE FUND LIMITED - A -         30 Jun 02      M          €103 M      150.09      31 Oct 09    0.46%     (1.82%)       149.41        5.69%         4.56%         (11.77%)
               Gianmarco Mondani / Marco Accorroni                                     May 09                                                      30 Sep 09                                Apr 09 - Jun 08

               TALENTUM ENHANCED FUND LIMITED - A -          31 Aug 02      M          €85 M       197.50      31 Oct 09    0.86%      (3.71%)      195.82        9.95%         9.38%         (25.03%)
               Gianmarco Mondani / Marco Accorroni                                     May 09                                                      30 Sep 09                                Apr 09 - Jun 08
                                                                                                                                  Ytd Avg. 2009
           Equity-Market Neutral / Global                                                                                             5.60%
               BLUEMOUNTAIN EQUITY ALTERNATIVES FUND         31 Dec 06      M          $780 M      1,511.95    23 Oct 09    1.83%      3.02%        1,484.78      13.57%        9.23%          (9.74%)
               COMPOSITE                                                               Jun 09                                                      30 Sep 09                                Feb 09 - Sep 08
               Andrew Feldstein
               MW TOPS FUND LTD -N-                          31 Oct 07      M          $258 M       98.62      03 Nov 09   (0.03%)     6.67%         98.65       (0.69%)        8.93%         (15.98%)
               Anthony Clake.                                                          May 09                                                      31 Oct 09                                Nov 08 - Jun 08

               TEMUJIN INTERNATIONAL FUND LTD                30 Sep 04     Q/M         $165 M      128.50      31 Oct 09   (1.30%)     7.11%        130.19        5.05%         10.55%        (21.13%)
               Marco Battaglia                                                         Jun 09                                                      30 Sep 09                                Feb 09 - Jul 06


           Equity-Mid-Small Cap
           YTD Avg. 2009 18.30%
                                                                                                                                  Ytd Avg. 2009
           Equity-Mid-Small Cap / Europe                                                                                             14.06%
               ALPHAGEN ACAMAR FUND LIMITED (THE)            31 Mar 06       Q         $151 M      133.67      31 Oct 09   (3.70%)    13.51%        138.80        8.45%         9.02%          (8.01%)
               Roger Guy and Mr. Guillaume Rambourg                                    Sep 09                                                      30 Sep 09                                May 06 - Apr 06

               ENNISMORE EUROPEAN SMALLER COMPANIES          30 Nov 99      M          €72 M       205.42      31 Oct 09   (1.03%)     4.15%        207.56        11.27%        12.34%        (34.24%)
               Geoff Oldfield                                                          Sep 09                                                      30 Sep 09                                Apr 09 - Jul 07

               POLAR CAPITAL EUROPEAN FORAGER FUND LTD - A   31 Jul 03      M          €159 M      217.61      31 Oct 09    1.91%      24.52%       213.53        13.23%        8.77%         (21.47%)
               Rob Gurner                                                              Aug 09                                                      30 Sep 09                                Feb 09 - Oct 07
                                                                                                                                  Ytd Avg. 2009
           Equity-Mid-Small Cap / Global                                                                                              6.52%
               EXANE MICROMEGAS FUND LTD                     30 Jun 06      W          €160 M     14,359.35    28 Oct 09   (0.91%)     9.01%       14,491.71      7.02%         6.44%          (6.92%)
               Jerome Poirel                                                           Sep 09                                                      30 Sep 09                                Feb 08 - Oct 07

               RAB SPECIAL SITUATION FD LTD                  31 Jul 03       Q         $501 M      1,082.52    29 Oct 09   (4.43%)     4.02%        1,132.71      19.52%        40.82%        (76.24%)
               Philip Richards                                                         May 09                                                      30 Sep 09                                Mar 09 - Jul 07




* Max DD: Peak to trough


                                                                   Past performance is not necessarily a guide to future performance                                                              26
                                                                                    Alternative Investment Group
                                                                   Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                     Date                             or Index                                                     since Inception   Volatility

           Equity-Mid-Small Cap
           YTD Avg. 2009 18.30%
                                                                                                                                        Ytd Avg. 2009
           Equity-Mid-Small Cap / UK                                                                                                       46.83%
               ALPHAGEN VOLANTIS FUND, LTD - A (USD)               30 Apr 02      M          $307 M      341.17      31 Oct 09    1.26%     46.83%        336.93        17.75%        9.47%         (11.36%)
               Rob Giles & Gervais Williams                                                  Sep 09                                                      30 Sep 09                                Dec 08 - Jun 08
                                                                                                                                        Ytd Avg. 2009
           Equity-Mid-Small Cap / USA                                                                                                      19.58%
               AJR INTERNATIONAL (BVI), INC. - A/1                 31 Jan 93      M          $108 M      789.02      31 Oct 09   (4.78%)    23.19%        828.59        13.12%        20.23%        (44.44%)
               Alexander J. Roepers                                                          Aug 09                                                      30 Sep 09                                Dec 08 - May 08

               CLOVIS CAPITAL PARTNERS (CAYMAN), LTD               30 Sep 02       Q         $848 M      1,886.29    31 Oct 09   (1.65%)     11.10%       1,917.93      9.36%         9.05%         (22.05%)
               Michael Prober & Scott Scher                                                  Jun 09                                                      30 Sep 09                                Dec 08 - Dec 07

               COBALT OFFSHORE LTD                                 31 Dec 96       Q        1'100 M      613.60      31 Oct 09   (0.49%)     10.83%       616.63        15.17%        8.81%         (19.53%)
               Wayne Cooperman                                                              Feb 07                                                       30 Sep 09                                Sep 98 - Apr 98

               GREENLIGHT CAPITAL OFFSHORE, LTD - A/1              30 Sep 96       Q        $2'184 M    106,261.77   31 Oct 09    4.05%      27.88%     102,123.40      19.78%        11.60%        (27.17%)
               David Einhorn                                                                 Dec 08                                                     30 Sep 09                                 Oct 08 - May 08

               GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1              31 Aug 01       Q         $237 M      1,638.09    31 Oct 09    0.50%      26.67%       1,629.94      6.22%         13.60%        (47.07%)
               Gregory B Fraser & Rudolph K Kluiber & Timothy A.                              Jul 08                                                     30 Sep 09                                Feb 09 - May 07
               Krochuk
               ZAXIS OFFSHORE LTD - CLASS A/1                      30 Jun 00      M          $222 M      2,017.93    30 Sep 09    1.28%      17.83%       1,992.43      7.88%         7.80%         (20.58%)
               Sanford J. Colen                                                              Aug 09                                                      31 Aug 09                                Feb 09 - Jun 08


           Equity-Pharma-Biotech
           YTD Avg. 2009 19.35%
                                                                                                                                        Ytd Avg. 2009
           Equity-Pharma-Biotech / USA                                                                                                     19.35%
               CADUCEUS CAPITAL INTL. LTD                          28 Feb 97      M          $231 M      639.98      31 Oct 09   (3.60%)    21.35%        663.88        15.77%        25.93%        (34.59%)
               Sam Isaly                                                                     Aug 08                                                      30 Sep 09                                Sep 02 - Dec 01

               PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD            31 Dec 99      M          $259 M      846.47      31 Oct 09    3.78%      13.95%       815.63        24.24%        29.68%        (25.67%)
               Joseph Edelman                                                                Sep 09                                                      30 Sep 09                                May 00 - Feb 00

               SIVIK GLOBAL HEALTHCARE OFFSHORE - A/01-01          30 Jun 01      M          $565 M      1,448.16    31 Oct 09   (3.95%)     22.06%       1,507.72      4.54%         10.54%        (32.70%)
               Krishen Sud                                                                   Jun 08                                                      30 Sep 09                                Feb 09 - Oct 07

               VISIUM BALANCE OFFSHORE FUND CL 2                   31 Mar 01      Y/Q        $703 M      146.77      31 Oct 09   (0.51%)     20.05%       147.52        16.38%        10.84%        (15.79%)
               Jacob Gottlieb                                                                 Jul 09                                                     30 Sep 09                                Dec 08 - Aug 08




* Max DD: Peak to trough


                                                                         Past performance is not necessarily a guide to future performance                                                              27
                                                                                          Alternative Investment Group
                                                               Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                 Date                             or Index                                                     since Inception   Volatility

           Equity-Regulation S&D
           YTD Avg. 2009 17.80%
                                                                                                                                    Ytd Avg. 2009
           Equity-Regulation S&D / USA                                                                                                 17.80%
               TAIL WIND FUND                                  30 Sep 95      M          $161 M     14,568.02    30 Sep 09    4.10%     17.80%       13,994.26      21.07%        18.51%        (36.82%)
               David Crook                                                                Jul 07                                                     31 Aug 09                                Feb 09 - Jul 08


           Equity-Short Bias
           YTD Avg. 2009 (12.16%)
                                                                                                                                    Ytd Avg. 2009
           Equity-Short Bias / Global                                                                                                   8.37%
               BLACK BEAR OS FUND, LTD - A                     28 Feb 97       Q         $477 M      354.41      30 Sep 09    3.22%      8.37%        343.36        10.57%        13.44%        (40.95%)
               Rick Barry                                                                 Jul 09                                                     31 Aug 09                                Apr 09 - Oct 07
                                                                                                                                    Ytd Avg. 2009
           Equity-Short Bias / USA                                                                                                    (32.69%)
               URSA OFFSHORE LIMITED                           31 Dec 96      M          $30 M       1,325.60    30 Sep 09   (5.98%)   (32.69%)       1,409.91      2.23%         15.15%        (40.71%)
               Sanford J. Colen & Daniel S. Katz                                         Aug 09                                                      31 Aug 09                                May 07 - Feb 03


           Equity-Statistical Arbitrage
           YTD Avg. 2009 7.48%
                                                                                                                                    Ytd Avg. 2009
           Equity-Statistical Arbitrage / Europe                                                                                        7.89%
               ALPHAGEN REGULUS FUND                           30 Nov 03      M          $235 M      119.61      31 Oct 09    0.78%      1.39%        118.68        4.98%         5.73%         (13.35%)
               Mike Gleason                                                              Sep 09                                                      30 Sep 09                                Sep 08 - Jul 07

               GLC GESTALT EUROPE FUND, LTD A/1                31 Jul 99      M          $251 M      282.30      31 Oct 09    0.57%      14.38%       280.70        10.64%        9.23%         (12.59%)
               Laurence Staden & Julian Brooks                                           Sep 09                                                      30 Sep 09                                Dec 04 - Oct 03
                                                                                                                                    Ytd Avg. 2009
           Equity-Statistical Arbitrage / Global                                                                                        7.21%
               32 CAPITAL FUND, LTD (THE) - A/1                31 Jul 02     Y/M         $802 M      1,186.26    31 Oct 09    1.21%     (8.24%)       1,172.10      2.38%         7.75%         (25.42%)
               Barclays Global Investors, N.A.                                           Sep 09                                                      30 Sep 09                                Sep 09 - Jun 08

               BLUEMATRIX FUND CLASS -A- USD                   31 Jan 07      M          $251 M      123.83      31 Oct 09   (0.79%)     13.18%       124.82        10.93%        7.24%          (4.63%)
               BlueCrest Capital management LLP                                          Oct 09                                                      30 Sep 09                                Sep 08 - Jul 08

               GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A   28 Feb 05      M          $385 M      152.72      31 Oct 09    1.31%      16.69%       150.74        9.48%         5.66%         (11.91%)
               Jonathan Hiscock                                                          Sep 09                                                      30 Sep 09                                Sep 08 - Jun 08




* Max DD: Peak to trough


                                                                     Past performance is not necessarily a guide to future performance                                                              28
                                                                                      Alternative Investment Group
                                                     Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                       Date                             or Index                                                     since Inception   Volatility

           Equity-Technology
           YTD Avg. 2009 14.77%
                                                                                                                          Ytd Avg. 2009
           Equity-Technology / Global                                                                                        23.06%
               SPINNER GLOBAL TECHNOLOGY FUND, LTD   21 Sep 93      M          $143 M       90.31      31 Oct 09   (0.98%)    23.06%         91.20        14.63%        17.16%        (34.02%)
               Art Spinner                                                     May 09                                                      30 Sep 09                                Sep 02 - Aug 00
                                                                                                                          Ytd Avg. 2009
           Equity-Technology / USA                                                                                           10.63%
               INTREPID CAPITAL FUND LTD A/1         30 Jun 98       Q         $98 M       218.70      31 Oct 09    3.36%     22.32%        211.59        20.16%        9.83%         (22.96%)
               Stephen Shapiro                                                 Sep 09                                                      30 Sep 09                                Dec 08 - Oct 07

               STG CAPITAL PARTNERS (QP), LP         30 Jun 02       Q         $103 M      188.29      31 Oct 09   (1.35%)     (1.07%)      190.87        9.00%         5.66%          (4.36%)
               Steven Glass                                                    Oct 09                                                      30 Sep 09                                May 09 - Mar 09


           Equity-Utility
           YTD Avg. 2009 1.82%
                                                                                                                          Ytd Avg. 2009
           Equity-Utility / Global                                                                                            1.82%
               ECOFIN GLOBAL UTILITIES HEDGE FUND    30 Sep 04      M          $275 M      152.69      30 Sep 09    0.86%      1.82%        151.39        8.83%         7.39%         (17.43%)
               Bernard Lambilliotte                                            Sep 09                                                      31 Aug 09                                Mar 09 - Oct 07




* Max DD: Peak to trough


                                                           Past performance is not necessarily a guide to future performance                                                              29
                                                                            Alternative Investment Group
                                                                 Inception   Liquidity   Asset Size Last NAV         Date       Mtd          Ytd      Last Month Annual Return      Annual        Max DD*
                                                                   Date                             or Index                                                     since Inception   Volatility

           Diversified
           YTD Avg. 2009 13.67%
                                                                                                                                      Ytd Avg. 2009
           Diversified / Asia                                                                                                             5.75%
               ALPHADYNE INVESTMENT STRATEGIES FUND LTD          31 Jan 07      M         $ 349 M      1,354.81    31 Oct 09    0.72%      6.04%        1,345.12      11.67%        5.30%          (3.63%)
               Bart Broadman, Philippe Khuong-Huu, Chester Kam                            Sep 09                                                       30 Sep 09                                Jun 09 - May 09

               BREVAN HOWARD ASIA FUND LIMITED                   30 Sep 04      M         $1'818 M     178.08      31 Oct 09   (0.07%)      5.46%       178.20        12.01%        4.30%          (1.37%)
               Kaspar Ernst                                                                Aug 09                                                      30 Sep 09                                Jun 05 - Dec 04
                                                                                                                                      Ytd Avg. 2009
           Diversified / Emerging                                                                                                        37.82%
               BREVAN HOWARD EM. MKT STRATEGIES FUND LTD         31 Dec 07      M          $714 M      138.81      23 Oct 09    1.96%     29.91%        136.14        19.82%        10.49%         (9.20%)
               Geraldine Sundstrom                                                         Jun 09                                                      30 Sep 09                                Sep 08 - Jul 08

               MOORE EMERGING MARKET FUND, LTD - A               31 Aug 93       Q        $1'000 M     7,553.86    29 Oct 09   (1.88%)     15.31%       7,698.87      13.32%        14.43%        (22.69%)
               Greg Coffey                                                                 Jun 09                                                      30 Sep 09                                Nov 08 - May 08

               PHARO MASTER FUND                                 30 Nov 00      M          $254 M      3,388.47    31 Oct 09    4.51%      68.25%       3,242.24      14.66%        8.91%         (13.16%)
               Guillaume Fonkenell                                                         Aug 09                                                      30 Sep 09                                Oct 08 - Feb 08
                                                                                                                                      Ytd Avg. 2009
           Diversified / Global                                                                                                          11.10%
               BLUECREST STRATEGIC FUND, LTD                     30 Jun 03     Y/Q         $413 M      119.45      31 Oct 09   (2.54%)    (0.71%)       122.57        2.84%         10.28%        (25.32%)
               Michael Platt                                                               May 09                                                      30 Sep 09                                Oct 09 - Aug 08

               BREVAN HOWARD FUND, LTD - USD CLASS A             31 Mar 03      M         $16276 M     255.23      23 Oct 09    0.98%      17.61%       252.75        15.33%        7.48%          (5.17%)
               Alan Howard                                                                 Sep 09                                                      30 Sep 09                                Apr 08 - Feb 08

               BTG BROCADE MACRO FUND LTD CLASS B Restricted 31 Dec 06           Q         $369 M      127.40      31 Oct 09    0.25%       3.42%       127.08        9.66%         7.24%          (6.73%)
               Patrice De Camaret                                                          Sep 09                                                      30 Sep 09                                Aug 08 - Mar 08

               CAPITAL FUND, LTD (THE)                           31 Dec 99      M          $153 M      2,419.52    31 Oct 09   (2.17%)     (11.31%)     2,473.19      13.50%        11.23%        (13.42%)
               Kenneth Windheim                                                            Aug 09                                                      30 Sep 09                                Oct 09 - Jan 09

               CAXTON GLOBAL INVESTMENT LTD                      31 Jan 97       Y        $4'405 M     676.66      03 Nov 09    0.53%       5.21%       673.12        16.16%        7.85%          (7.37%)
               Bruce S. Kovner                                                             jun 09                                                      31 Oct 09                                Aug 07 - Jun 07

               COMAC GLOBAL MACRO FUND                           31 May 06      M         $2'900 M     152.16      31 Oct 09    2.75%      11.36%       148.09        13.05%        9.05%          (9.22%)
               Colm O’Shea                                                                 Oct 09                                                      30 Sep 09                                Dec 06 - Jun 06

               CONQUEST MACRO FUND, LTD (COMP)                   30 Apr 99      M          $539 M      3,549.27    04 Nov 09   (1.65%)     (5.42%)     3,608.82       12.79%        18.14%        (16.19%)
               Marc Malek                                                                  Jun 09                                                      31 Oct 09                                Mar 05 - Sep 03

               DRAWBRIDGE GL MACRO FD, LTD A/1                   31 May 02       Q        $1'600 M     2,024.15    31 Oct 09    2.24%      21.42%       1,979.81      9.96%         9.16%         (24.60%)
               Michael E. Novogratz & Adam Levinson                                        Mar 09                                                      30 Sep 09                                Nov 08 - Feb 08

               EPISODE INC. CLASS A                              31 Jul 05       Q         $474 M      121.88      31 Oct 09   (0.80%)     28.81%       122.86        4.76%         13.81%        (32.77%)
               David Fishwick / Tony Finding                                               Sep 09                                                      30 Sep 09                                Feb 09 - Oct 07



* Max DD: Peak to trough


                                                                       Past performance is not necessarily a guide to future performance                                                              30
                                                                                        Alternative Investment Group
                                                                      Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                        Date                             or Index                                                     since Inception   Volatility

           Diversified
           YTD Avg. 2009 13.67%
                                                                                                                                           Ytd Avg. 2009
           Diversified / Global                                                                                                               11.10%
               GAMUT INVESTMENTS                                      30 Jun 86      M          $533 M      7,497.91    31 Oct 09   (1.05%)     3.27%        7,577.73      20.31%        14.08%        (13.45%)
               Bruce Kovner                                                                     Oct 09                                                      30 Sep 09                                Apr 88 - Dec 87

               HARMONIC ALPHA PLUS MACRO FUND - USD CLASS             30 Jun 03       Q         $350 M      115.92      31 Oct 09    2.65%      5.86%        112.93        6.70%         10.54%        (15.27%)
               Richard Conyers & Richard Noble                                                  Sep 09                                                      30 Sep 09                                Aug 07 - Jun 07

               JB GLOBAL RATES HEDGE FUND                             31 Jan 04      M          $207 M      184.98      27 Oct 09    1.36%      18.37%       182.50        11.31%        7.75%          (6.31%)
               Adrian Owens                                                                     Sep 09                                                      30 Sep 09                                Sep 06 - Apr 06

               LONDON SELECT FUND LIMITED -A                          31 Mar 04       Q         $371 M      1,194.45    31 Oct 09    0.06%      3.43%        1,193.77      3.23%         11.57%        (34.16%)
               Robert Standing & David Gorton                                                    Jul 09                                                     30 Sep 09                                Dec 08 - Jan 08

               MELLON OFF GLOB OPP FUND LTD -                         30 Nov 05      M          $158 M      962.29      16 Oct 09    0.09%      15.93%       961.39       (0.99%)        10.47%        (31.90%)
               MULTICURRENCY - A1                                                               Sep 09                                                      30 Sep 09                                Oct 08 - Jan 07
               Thomas B. Hazuka & Michael Ho
               MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1             31 Jul 05      M          $374 M      890.39      16 Oct 09    0.28%      36.80%       887.86       (2.72%)        20.46%        (59.00%)
               Thomas B. Hazuka & Michael Ho                                                    Sep 09                                                      30 Sep 09                                Oct 08 - Jan 07

               MOORE GLOBAL INV FD, LTD - A $                         31 Dec 89       Q        $7'200 M    41,381.17    29 Oct 09   (0.11%)     17.83%      41,426.68      20.64%        12.34%        (18.45%)
               Louis Bacon                                                                      Jun 09                                                      30 Sep 09                                Feb 95 - Jan 94

               MOORE MACRO MANAGERS FUND, LTD                         31 Jul 93       Q        $2'800 M    10,183.81    29 Oct 09    0.42%      16.71%      10,141.61      15.34%        9.08%         (14.47%)
               Louis Bacon                                                                      Jun 09                                                      30 Sep 09                                Feb 94 - Jan 94

               PEAK PARTNERS OFFSH FD, LTD - B                        31 Mar 02      M          $256 M      2,738.12    31 Oct 09   (0.93%)     (3.88%)      2,763.83      14.19%        18.67%        (23.10%)
               Timothy Rudderow                                                                  Jul 09                                                     30 Sep 09                                Aug 04 - Feb 04

               QFS GLOB MACRO FUND, LTD                               30 Apr 98      M          $98 M       2,769.21    31 Oct 09    5.30%      5.46%        2,629.83      9.25%         13.82%        (28.97%)
               Dr. Sandford Grossman                                                            Sep 09                                                      30 Sep 09                                Aug 06 - Feb 04

               SWORDFISH FUND LTD                                     31 Jan 03       Q         $169 M      1,166.31    30 Sep 09    2.18%      7.50%        1,141.46      2.33%         15.75%        (42.40%)
               James Loh                                                                        Jun 09                                                      31 Aug 09                                Feb 09 - Jun 08

               TRAXIS FUND LP (OFFSHORE)                              31 May 03       Q         $233 M      152.94      30 Sep 09    2.50%      34.73%       149.21        6.93%         13.83%        (40.00%)
               Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux                             Sep 09                                                      31 Aug 09                                Feb 09 - Oct 07

               TUDOR B.V.I GLOBAL FUND LTD -A-                        31 Oct 86       Q        $9'206 M    92,913.44    31 Oct 09   (2.75%)     11.73%      95,537.50      21.76%        20.09%        (17.07%)
               Paul Tudor Jones                                                                 Sep 09                                                      30 Sep 09                                Jul 92 - Apr 92




* Max DD: Peak to trough


                                                                            Past performance is not necessarily a guide to future performance                                                              31
                                                                                             Alternative Investment Group
                                                                 Inception   Liquidity   Asset Size Last NAV         Date       Mtd         Ytd       Last Month Annual Return      Annual        Max DD*
                                                                   Date                             or Index                                                     since Inception   Volatility

           Diversified
           YTD Avg. 2009 12.22%
                                                                                                                                      Ytd Avg. 2009
           Diversified / Asia                                                                                                            (3.97%)
               BENNELONG ASIA PACIFIC MULTI STRATEGY EQ.         28 Feb 05      M          $856 M      120.19      31 Oct 09   (0.70%)    (11.69%)      121.04        4.01%         9.38%         (19.42%)
               FUND LTD                                                                    Oct 09                                                      30 Sep 09                                Oct 09 - Mar 08
               Richard Pegum, Paul Henry
               PMA ASIAN OPPORTUNITIES FUND (Composite)          30 Jun 02       Q         $59 M       1,701.82    02 Nov 09   (0.08%)     3.76%       1,703.26       7.50%         5.97%         (13.37%)
               Tytus Michalski, Darryl Flint and Shun Hong Liu                             Aug 08                                                      31 Oct 09                                Dec 08 - May 08
                                                                                                                                      Ytd Avg. 2009
           Diversified / Global                                                                                                          18.69%
               ALLBLUE LIMITED                                   31 Aug 05      M         $1'960 M     163.63      31 Oct 09    1.22%     20.09%        161.65        12.54%        5.70%          (4.51%)
               Michal Platt                                                                Aug 09                                                      30 Sep 09                                Aug 07 - Jun 07

               ARROWGRASS INTERNATIONAL FUND LTD                 29 Feb 08       Q        €1'175 M     126.44      31 Oct 09    1.32%      19.30%       124.80        15.07%        3.88%          (0.42%)
               Nick Niell , Henry Kenner                                                   Sep 09                                                      30 Sep 09                                Oct 08 - Sep 08

               CQS DIVERSIFIED FUND (SPC) LTD                    28 Feb 07       Q         $134 M      1,224.14    30 Sep 09    3.98%      19.01%       1,177.32      8.12%         9.37%         (14.78%)
               James Peattie                                                               Sep 09                                                      31 Aug 09                                Dec 08 - Jun 08

               PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND       31 Dec 02       Q         $490 M      3,668.55    30 Sep 09    1.80%      18.40%       3,603.69      21.22%        5.55%          (4.42%)
               LTD                                                                         Sep 09                                                      31 Aug 09                                Oct 08 - Aug 08
               Mark Nordlicht, Ari Glass
               STRATUS FUND LIMITED CLASS B                      28 Feb 02      M          $728 M      1,812.46    31 Oct 09   (1.22%)     16.67%       1,834.84      11.56%        6.40%          (8.14%)
               Marc Potters                                                                Sep 09                                                      30 Sep 09                                Sep 07 - Jun 07




* Max DD: Peak to trough


                                                                       Past performance is not necessarily a guide to future performance                                                              32
                                                                                        Alternative Investment Group
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The information contained within this material has not been reviewed in the light of your personal circumstances. If you require investment advice or wish to
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qualified investors according to the Swiss collective investment schemes legislation.

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 Fund Prospectus/offering memorandum or any other appropriate risk disclosure
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Past performance is not necessarily 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
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lead to considerable losses being incurred by those exposed to such markets.



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                                                                Past performance is not necessarily a guide to future performance                                           33
                                                                                 Alternative Investment Group

				
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