HedgeWeekly2009_No45

Hedge Weekly N°45

Investment Funds Performance Review







Alternative Investment Group









Week of Monday 02 Nov to Friday 06 Nov 2009







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

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

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seek all monetary damages to which it may be entitled.

Index by Strategies iii

Index by Funds iv

Top 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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Past performance is not necessarily a guide to future performance 33

Alternative Investment Group