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 CSFB/TREMONT HEDGE FUND INDEX
 A FAMILY OF ASSET-WEIGHTED INDICES PROVIDING
 UNPRECEDENTED ACCURACY AND FAITHFUL PERFORMANCE REPRESENTATION ACROSS ALL
 MAJOR HEDGE FUND SECTORS

 Performance (August 2004)                                                                             Index Characteristics
                                                                                                       The CSFB/Tremont Hedge Fund Index is the largest asset-
 400
                S&P 500
                                                                                                       weighted hedge fund index. Unlike even-weighted indices, it does
 350                                                                                                   not underweight top performers and overweight decliners.
                MSCI World

 300
                CSFB/Tremont Hedge                                                                     The CSFB/Tremont Index is broadly diversified, encompassing 387
                Fund Index
 250
                                                                                                       funds (August 2004) across ten style-based sectors, and
                                                                                                       representative of the entire hedge fund industry.
 200


 150
                                                                                                       Index construction is fully transparent, with unbiased, rules-based
                                                                                                       selection criteria and published constituents.
 100


  50
                                                                                                       Rigorous reporting standards are required of member funds,
   Dec-93 Dec-94 Dec-95 Dec-96 Dec-97          Dec-98   Dec-99   Dec-00 Dec-01 Dec-02 Dec-03           including monthly performance disclosure and audited financial
                                                                                                       statements.

 Return Statistics (August 2004)                                                                       Ten sector indices track every major style of hedge fund manager:

   Inception-to-date         Cumulative    Annualised Annualised Annualised Sharpe Ratio T-Stat          – Convertible Arbitrage: Exploiting price inefficiencies between
       Statistics            Return (%)    Tot. Ret. (%) Ex. Ret. (%) Volatility (%) (USD) (S.R.)*         convertible securities and stock

CSFB/Tremont Hedge
Fund Index
                                 194.78%       10.67%      6.73%         8.25%       0.82      2.66      – Dedicated Short Bias: Equity and derivatives portfolios with
Convertible Arbitrage            172.72%        9.86%      5.93%         4.72%        1.26      4.10       net short, “bearish” focus
Dedicated Short Bias             -20.99%       -2.18%     -6.12%        17.71%       -0.35     -1.13
Emerging Markets                 104.79%        6.95%      3.02%        17.28%        0.17      0.57     – Emerging Markets: Equity and fixed-income investments in
Equity Market Neutral            188.20%       10.43%      6.50%         3.05%        2.13      6.97       emerging markets worldwide
Event Driven                     211.08%       11.23%      7.29%         5.87%        1.24      4.06
Fixed Income Arbitrage           102.15%        6.82%      2.89%         3.86%        0.75      2.44
                                                                                                         – Equity Market-Neutral: Offsetting long and short equity
Global Macro                     303.91%       13.98%     10.05%        11.76%        0.85      2.79
                                                                                                           positions that are beta-neutral, currency-neutral, or both
Long/Short Equity                219.52%       11.51%      7.57%        10.72%        0.71      2.31
Managed Futures                   84.23%        5.90%      1.96%        12.21%        0.16      0.52
Multi Strategy                   154.62%        9.39%      5.36%         4.44%        1.21      3.90     – Event-Driven: Corporate strategies focused on distressed
S&P 500                          186.83%       10.38%      6.45%        15.44%        0.42      1.36       securities, high-yield debt, Regulation D, and risk arbitrage
MSCI World                       109.60%        7.18%      3.25%        14.37%        0.23      0.74
                                                                                                         – Fixed-Income Arbitrage:       Exploiting price inefficiencies
                                                                                                           between related debt securities
 Correlation Statistics (August 2004)
                                      CSFB/Tremont                                                       – Global Macro: Directional macroeconomic strategies
                                       Hedge Fund            S&P 500        MSCI World
                                         Index
                                                                                                         – Long-Short Equity: Directional equity and equity derivative
  Convertible Arbitrage                      0.40                 0.13           0.11                      strategies
  Dedicated Short Bias                       -0.48               -0.76           -0.75
  Emerging Markets                           0.65                 0.48           0.53                    – Managed Futures: Listed futures strategies often driven by
  Equity Market Neutral                      0.33                 0.39           0.37                      technical or market analysis
  Event Driven                               0.66                 0.55           0.58
  Fixed Income Arbitrage                     0.45                 0.03           0.03                    – Multi Strategy: Multiple strategies
  Global Macro                               0.86                 0.23           0.18
  Long/Short Equity                          0.78                 0.58           0.61
  Managed Futures                            0.11                -0.20           -0.15
  Multi Strategy                             0.16                 0.07           0.11

  CSFB/Tremont Hedge
                                             1.00
  Fund Index
  S&P 500                                    0.48                1.00
  MSCI World                                 0.47                0.94            1.00
                                                                                                                                        .




Requirements of a Good Index
The CSFB/Tremont Hedge Fund Index was designed around the              Index represents at least 85% of assets under management in
following concepts:                                                    selection universe for each sector—total composite Index
  – Faithful representation of the universe of funds: A good           membership of 387 funds (August 2004)
    hedge fund index should provide an undistorted picture of          Completely rules-based Index selection criteria
    hedge fund performance. To do this, it must accurately and
    faithfully represent the universe of hedge funds, taking into      Exclusion of funds-of-funds but inclusion of closed funds for most
    account both their performance and their relative                  representative universe
    significance (size) with regard to each other and the
    universe as a whole.
                                                                       Company Structure
  – Rules-based selection criteria: The body of hedge funds
    comprising the index should be specified by clear rules that       Index Manager: CSFB/Tremont Index LLC., a Delaware joint
    are defined in advance, publicly available, and not subject to     venture company created by Credit Suisse First Boston and
    arbitrary interpretation.                                          Tremont Advisers. Credit Suisse First Boston is the majority
  – Transparency: The hedge funds comprising the index                 owner of the joint venture.
    should be published, and any changes to the members of
    the index, the selection criteria for the index, or the
    calculation of the index should be announced in advance.           Credit Suisse First Boston (CSFB) is a major international
                                                                       investment bank with more than 25,000 employees and offices
  – Oversight and Objectivity: The index should be governed by         worldwide providing a broad array of financial services, including
     a regulatory board that approves all changes to rules
                                                                       over $12 billion invested in hedge funds. Credit Suisse First
     governing construction and calculation. This regulatory
     board should not have a material interest in the performance                i
                                                                       Boston s part of the Credit Suisse Group, one of the world's
     of the index.                                                     leading financial services groups.

CSFB/Tremont Hedge Fund Index Specifications                           Tremont Capital Management, Inc., a subsidiary of
The industry’s first asset-weighted hedge fund index                   Oppenheimer Funds, is a pioneer in the alternative investment
                                                                       advisory business, and has over $8 billion under advisement.
Provides investors with the first suite of indices designed from the   The Tremont TASS database is regarded as the largest and most
ground up to provide meaningful performance measurement—not            authoritative compendiums of hedge fund information available..
built around an investable product.

Composite Index comprised of ten style-based sector indices            For Additional Information
                                                                       CSFB/Tremont Index LLC
Funds drawn from the TASS database of approximately 3000
funds                                                                  New York:                       Oliver Schupp
                                                                                                       (+1) 212-538-8179

Selection universe consists of funds meeting CSFB/Tremont              Index Website:                  www.hedgeindex.com
minimum criteria:
                                                                       Bloomberg:                      CTHI <GO>
  – Timely and accurate NAV reporting—every month
                                                                       Reuters:                        CSFBHEDGE
  – Audited financial statements
  – At least $10 million under management
  – One-year track record (discretionary exceptions for funds
    with more than $500 million under management)




  Important Notice
  THIS DOCUMENT IS FOR INFORMATIONAL PURPOSES ONLY. THE ASSUMPTIONS AND PARAMETERS USED ARE NOT THE ONLY ONES THAT MIGHT
  REASONABLY HAVE BEEN SELECTED AND THEREFORE NO GUARANTEE IS GIVEN AS TO THE ACCURACY, COMPLETENESS, OR
  REASONABLENESS OF ANY SUCH QUOTATIONS, DISCLOSURE OR ANALYSES. NO REPRESENTATION OR WARRANTY IS MADE THAT ANY
  INDICATIVE PERFORMANCE OR RETURN INDICATED WILL BE ACHIEVED IN THE FUTURE. THE INFORMATION CONTAINED HEREIN IS NOT AND
  SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY SHARES, LIMITED PARTNERSHIP INTERESTS OR OTHER
  SECURITIES IN ANY OF THE INVESTMENT FUNDS REFERRED TO HEREIN. ANY OFFER TO SELL SUCH SHARES, LIMITED PARTNERSHIP INTERESTS
  OR OTHER SECURITIES CAN BE MADE BY PROSPECTUS OR PRIVATE PLACEMENT MEMORANDUM ONLY.

				
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