hedge fund weekly - 30th june _2_

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					                                                                                                                                                           Hedge Weekly N°27
                                                                                                                                              Investment Funds Performance Review



                                                                                                                                                              Alternative Investment Group




                                                                                                                                                   Week of Monday 27 Jun to Friday 01 Jul 2011



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Index by Strategies                                                                       iii
Index by Funds                                                                            iv
Top/Bottom 20                                                                             1
Newsletter                                                                                4
Disclamer                                                                                 35




                      Past performance is not a guide to future performance Alternative         ii
                                             Investment Group
ARBITRAGE                                                                   Equity-Utility           28
                                                                      MACRO
      Convertible                      4
      Fixed Income                     5                                    Currency                 29
      Multi-Strategy                   5                                    Diversified              29
CTA                                                                   MARKET NEUTRAL
      Discretionary                    7                                    Discretionary            32
      Systematic                       8                                    Statistical Arbitrage    33
DIRECTIONAL                                                           MULTI STRATEGY
      Equity-Diversified               9                                    Diversified              34
EVENT DRIVEN
      Distressed Security             10
      Merger-Arbitrage                11
      Multi-Strategy                  11
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-Healthcare               26
      Equity-Mid-Small Cap            26
      Equity-Pharma-Biotech           27
      Equity-Technology               28



                                 Past performance is not a guide to future performance Alternative        iii
                                                        Investment Group
                                       ASPECT DIVERSIFIED FUND - CLASS       7     BREVAN HOWARD EM. MKT STRATEGIE     29   COREVEST PARTNERS LTD             18
3                                      AVENUE INTERNATIONAL FUND             13    BREVAN HOWARD FUND, LTD - USD C     30   CQS ABS FEEDER FUND - CLASS -B-   16
                                       AVESTA FUND LTD A/1                   24    BRIGADE LEVERAGED CAPITAL STRUC     17   CQS ASIA FEEDER FUND LTD- CLAS    4
32 CAPITAL MASTER FUND SPC, LTD   33
                                                                                   BRUCE NELSON GLOBAL FD LTD - A      21   CQS CONV & QUANT STRATS FEED FD   4

A                                      B                                           BRUMMER MULTISTRATEGY 2XL, LTD      34   CQS DIRECTIONAL OPP. FUND. Ltd    34
                                                                                   BRYN MAWR OFFSHORE LTD              26   CQS DIVERSIFIED FUND (SPC) LTD    34
                                       BASSO INVESTORS LTD                   4
A.R.T. INTERNATIONAL INVESTOR (   33                                               BTG PACTUAL DISTRESSED MORTGAGE 10       CRABEL FUND SPC LTD CLASS A       7
                                       BAY RESOURCES PARTNERS OFFSHORE 24
ABSOLUTE INSIGHT UK EQUITY MKT    32                                               BTG PACTUAL GLOBAL EMERGING MAR 30
                                       BEACH POINT TOTAL RETURN OFFSHO       10
ADELPHI EMERGING EUROPE. FUND     18                                                                                        D
                                       BENNELONG ASIA PACIFIC MULTI ST       34
ADELPHI EUR. FUND $ (A)           19                                               C
                                       BLACK DIAMOND RELATIVE VALUE LT       32                                             DAVIDSON KEMPNER DIST. OPP. INT   10
AETOS CORPORATION - CLASS A       11
                                       BLACK DIAMOND, LTD - CLASS B (U       5     CANTILLON GLOBAL EQUITY FUND US     9    DAVIDSON KEMPNER INTL, LTD - CL   12
AG SUPER FUND INTERNATIONAL, LT   11
                                       BLACK RIVER DYNAMIC STRATEGIES        34    CANYON BALANCED FUND LTD - CLAS     10   DB EQUILIBRIA JAPAN FUND          32
AJR INTERNATIONAL (BVI), INC. -   23
                                       BLACKROCK MULTI-STRATEGY FUND         5     CANYON VALUE REALIZATION FD, LT     10   DB EQUILIBRIA JAPAN FUND LTD 2X   32
ALLBLUE LIMITED                   34
                                       BLACKROCK - EOS CLASS B USD COM       33    CAPITAL FUND, LTD (THE)             30   DIGILOG OVERSEAS FUND I, LTD      7
ALLIANCE BERNSTEIN SELECT US EQ   9
                                       BLACKROCK OBSIDIAN FUND               4     CAPULA GLOBAL RELATIVE VALUE FU     4    DISCUS FUND LTD - B (USD Levera   7
ALLIANCE BERNSTEIN SELECT US EQ   24
                                       BLUE SKY JAPAN LTD - CLASS A          23    CASTLEROCK FUND LTD                 24   DKR QUANTITATIVE STRATS FUND, L   7
ALPHADYNE INVESTMENT STRATEGIES 29
                                       BLUECREST CAPL INTL LTD A USD         5     CAXTON GLOBAL INVESTMENT LTD        30   DORSET ENERGY FUND, LTD - CLASS   25
ALPHAGEN ACAMAR FUND LIMITED (T   26
                                       BLUECREST EMERGING MARKETS FUND 29          CAZENOVE EURO EQ ABS RETURN FUN 20       DOUBLE BLACK DIAMOND LTD - SERI   6
ALPHAGEN CAPELLA FUND-A-          19
                                       BLUECREST MULTI STRATEGY CREDIT       16    CAZENOVE UK ABSOLUTE TARGET FUN 32       DRAKE ABSOLUTE RETURN FUND, LTD   6
ALPHAGEN HOKUTO FUND LTD - CLAS   22
                                       BLUEMATRIX FUND CLASS -A- USD         33    CAZENOVE UK EQUITY ABSOLUTE RET     23   DRAKE GLOBAL OPPORTUNITIES FUND   4
ALPHAGEN OCTANIS CLASS A          23
                                       BLUEMOUNTAIN CREDIT ALTERNATIVE       16    CENTAUR COMMERCIAL MATERIALS FU     4
ALPHAGEN TUCANA                   19
                                       BLUEMOUNTAIN EQUITY ALTERNATIVE       5     CENTAURUS INTERNATIONAL RISK AR     11   E
ALPHAGEN VOLANTIS FUND, LTD - A   27
                                       BLUETREND FUND, LTD - CLASS A         7     CERBERUS INTL. LTD                  10
ALTIMA GLOBAL SPECIAL SITUATION   21                                                                                        EAGLE GLOBAL FUND                 7
                                       BORONIA DIVERSIFIED FUND              7     CHILTON CHINA OPPORTUNITIES FUN     18
ALYDAR FUND LTD                   24                                                                                        ECOFIN GLOBAL LONG/SHORT FUND     28
                                       BOUSSARD & GAVAUDAN HOLDING., L       12    CIPHER DIVERSIFIED FUND-A-          7
ALYSHEBA FUND LIMITED             24                                                                                        EDOMA GLOBAL EVENT DRIVEN FUND    12
                                       BOYER ALLAN GREATER CHINA FUND        17    CLIVE FUND (The ) Class - A -       7
ANTARES EUROPEAN FUNDS, LTD - U   20                                                                                        EEA EUROPE LONG SHORT FUND -USD   20
                                       BOYER ALLAN PACIFIC FUND INC-A-       17    COBALT OFFSHORE LTD                 24
ARCUS JAPAN FUND -JPY-            23                                                                                        EGERTON EUROPEAN DOLLAR CLASS -   20
                                       BREVAN HOWARD ASIA FUND LIMITED       29    COMAC GLOBAL MACRO FUND             30
ARROWGRASS INT FUND LTD           34                                                                                        ELLERSTON ASIA PACIFIC FUND       18
                                       BREVAN HOWARD CREDIT CATALYSTS        16    CONQUEST MACRO FUND, LTD (COMP)     30
ASCEND PARTNERS FUND II LTD - A   24                                                                                        ELLERSTON GEMS - CLASS A          21



                                                   Past performance is not a guide to future performance Alternative                                               iv
                                                                          Investment Group
ELM RIDGE VALUE PARTNERS OFFSHO   24   GEOSPHERE FUND, LTD                    17    HSBC ALPHA FUND LTD - HSBC EURO     20   JPMORGAN PORT. STRAT. FUNDS-EUR   20
EMF FIXED INCOME FUND, LTD        4    GLC DIVERSIFIED FUND LTD -A-           34    HSBC ASIAN ADVANTEDGE FUND          14
EMINENCE FUND LTD A               24   GLC GESTALT EUROPE FUND, LTD A/        33    HSBC DISTRESSED MARKETS FUND US     14   K
EMSO LTD (Emerging Markets Spec   29   GLENROCK GLOBAL PARTNERS (BVI)         22    HSBC DISTRESSED OPPORTUNITIES F     10
                                                                                                                             KALTCHUGA FUND - RUSSIA EQ. SUB   9
ENNISMORE EUROPEAN SMALLER COMP 26     GLOBAL TRADING STRATEGIES ( CAY        30    HSBC EMERGING ADVANTEDGE FUND       15
                                                                                                                             KEYNES LEVERAGED QUANTITATIVE S   8
EPISODE INC. CLASS A              30   GOOD HOPE INTERNATIONAL LTD            12    HSBC EUROPEAN ADVANTEDGE FUND U 14
                                                                                                                             KINETICS FUND, INC - A/A          24
EVEREST CAPITAL ASIA              18   GRACIE CREDIT OPPORTUNITIES            16    HSBC EUROPEAN ALPHA FUND -EUR       20
                                                                                                                             KING STREET CAPITAL, LTD - CLAS   12
EVEREST CAPITAL FRONTIER MARKET   19   GRADIENT EUROPE FUND (THE)             20    HSBC GH FUND USD                    15
                                                                                                                             KING STREET EUROPE LTD            16
EXANE ARCHIMEDES FUND CLASS A C   27   GRAHAM GIF II PROPRIETARY MATRI        7     HSBC GIF GEM EQUITY ABSOLUTE RE     19
                                                                                                                             KROM RIVER COMMODITY FUND         7
EXANE MICROMEGAS FUND LTD- CLAS   26   GRAHAM GLOBAL INVESTMENT FUND I        8     HSBC HEDGE INVESTMENTS FUND         15
EXANE TEMPLIERS FUND              21   GRAHAM GLOBAL INVESTMENT FUND I        8     HSBC INDIA ALPHA FUND               19
                                                                                                                             L
                                       GREEN HG FUND LLC-S/ 01.06 COMP        29    HSBC LEVERAGED GH FUND              14
F                                      GREEN T G2 FUND                        16    HSBC MAA FUND USD                   14   LANSDOWNE EURO EQTY FD, LTD - A   20

                                       GREENLIGHT CAPITAL OFFSHORE, LT        27    HSBC TRADING ADVANTEDGE FUND        15   LANSDOWNE EUROPEAN LONG ONLY FU 9
FEINGOLD OKEEFFE CAPITAL I OFFS   16
                                       GROWTH MANAGEMENT LTD                  19    HT ASIAN CATALYST FUND LLC          18   LANSDOWNE GLOBAL FINANCIALS FUN   25
FINISTERRE SOVEREIGN DEBT FUND    16
                                       GRT TOPAZ OFFSHORE PARTNERS, LT        27    HUTCHIN HILL CAPITAL OFFSHORE F     34   LANSDOWNE UK EQUITY FUND, LTD (   23
FIREBIRD NEW RUSSIA FUND, LTD -   9
                                       GSA CAPITAL INTERNATIONAL FUND,        33                                             LAZARD RATHMORE FUND - CLASS A-   4
FIREBIRD REPUBLICS FUND, LTD      9
                                                                                    I                                        LC CAPITAL OFFSHORE FUND, LTD     10
FIRST EAGLE N.V. (A)              12
                                       H                                                                                     LIM ASIA MULTI-STRATEGY FUND CL   5
FORE MULTI STRATEGY FUND LTD      6                                                 III FUND LTD                        5
                                                                                                                             LINDEN INTERNATIONAL LTD          6
FOREST GLOB CONV FD, LT - FULCR   4    HABROK LTD                             20    III RELATIVE VALUE CREDIT STRAT     5
                                                                                                                             LION FUND, LTD (THE)              11
FORTRESS MACRO FUND LTD. CLASS    30   HALCYON OFF. ASSET-BACKED VALUE        10    INVESTCORP STONEWORKS GLOBAL MA 30
                                                                                                                             LONDON DIVERSIFIED FUND, LTD -    5
                                       HARMONIC ALPHA PLUS MACRO FUND         30    IVORY CAPITAL FLAGSHIP STRATEGY     24
G                                      HENDERSON EUROPEAN ABS RETURN F 20
                                                                                                                             M
                                       HENDERSON JAPAN ABS RETURN FD,         23    J
GABELLI ASSOCIATES LIMITED - CL   11
                                       HENDERSON UK EQUITY L/S FUND LI        23                                             M. KINGDON OFFSHORE NV - A/1      22
GAM GLOBAL RATES HEDGE FUND       30                                                JABCAP GLOBAL BALANCED FUND LTD     30
                                       HIGHBRIDGE CAPITAL CORPORATION         6                                              MACQUARIE ASIAN ALPHA FUND        32
GAM JAPAN EQUITY HEDGE FUND       23                                                JABCAP MULTI STRATEGY FUND LTD      34
                                       HIGHBRIDGE LONG/SHORT EQUITY FU        24                                             MAN AHL DIVERSIFIED PLC           8
GAMUT INVESTMENTS                 30                                                JAT CAPITAL OFFSHORE FUND LTD -     22
                                       HIGHBRIDGE STATISTICAL OPP. LTD        33                                             MARATHON OVERSEAS FUND, LTD - A   16
GAVEA FUND LTD . CLASS A S/1      29                                                JCAM GLOBAL FUND LIMITED            16
                                       HORSEMAN GLOBAL FUND USD               22                                             MARATHON VERTEX JAPAN FD, LTD C   23
GEOSPHERE DIRECTIONAL FUND LTD    17                                                JOHO FUND, LTD-A-                   18



                                                    Past performance is not a guide to future performance Alternative                                               v
                                                                           Investment Group
MARINER-TRICADIA CREDIT STRATEG   16                                                PERCEPTIVE LIFE SCIENCES OFFSH      27   REAL RETURN ASIAN FUND LTD (THE   18
MARTIN CURRIE ARF - GLOBAL RESO   17   N                                            PERRY PARTNERS INTERNATIONAL IN     12   RENAISSANCE INSTITUTIONAL EQUIT   24
MARTIN CURRIE ARF - JAPAN FUND    23                                                PERSHING SQUARE INTL.LTD            12   RENAISSANCE INSTITUTIONAL FUTUR   8
                                       NEVSKY FUND PLC (COMPOSITE)            22
MARTIN CURRIE EUROPEAN HEDGE FU   20                                                PHARO MACRO FUND LTD                31   REVELATION SPECIAL SITUATIONS F   12
                                       NEZU CYCLICALS FUND LTD                18
MAVERICK FUND, LTD - CLASS A/1    22                                                PHARO TRADING FUND                  29   RIDLEY PARK PARAGON FUND LTD -    22
                                       NORDIC ALPHA CLASS B - NOK             21
MBAM ACTIVE LONG SHORT            20                                                PIA MACRO FUND LTD                  31   RUBICON GLOBAL FUND, LTD          31
MELLON OFF GLOB OPP FUND LTD -    31                                                PICTET-EASTERN EUROPE-P CAP         9    RUSSIAN PROSPERITY FUND - A       9
                                       O
MELLON OFF. ALPHAACCESS FUND LT   31                                                PINPOINT CHINA FUND CLASS A USD     18   RWC BILTMORE FUND - B INITIALE    25
MERCHANT COMMODITY FUND (THE) -   7    OCCAM GLOBAL EMERGING MARKETS F 19           PLATINUM FUND LTD                   22
MILLENNIUM INTL LTD               6    OCCO EASTERN EUROPEAN FUND             19    PLATINUM PARTNERS VALUE ARBITRA     34   S
MKP CREDIT OFFSHORE FUND          17   OCEANIC HEDGE FUND - CLASS A           17    PMA ASIAN OPPORTUNITIES FUND (C     34
                                                                                                                             SAB OVERSEAS FUND LTD             12
MKP OPPORTUNITY OFFSHORE, LTD     31   OCTAGON PAN ASIA FUND                  18    PMA CREDIT OPPORTUNITIES 04/04      5
                                                                                                                             SABA CAPITAL OFFSHORE FUND LTD    17
MLIS - CCI HEALTHCARE LONG SHOR   26   ODEY EUROPEAN, INC (EUR)               21    POLAR CAPITAL EUROP CONVICTION      21
                                                                                                                             SCOUT CAPITAL LLC - CLASS A/1     25
MLM MACRO PEAK PARTNERS OFFSH F 31     OMEGA OVERSEAS PARTNERS, LTD C         24    POLAR CAPITAL EUROPEAN FORAGER      26
                                                                                                                             SELIGMAN TECH SPECTRUM FUND CLA   28
MONARCH DEBT RECOVERY FUND LTD    10   ORTUS FUND (CAYMAN) LTD                29    POLAR CAPITAL UK ABSOLUTE RETUR     23
                                                                                                                             SEMINOLE OFFSHORE FUND            25
MONEDA ABSOLUTE RETURN LTD        11   OWL CREEK OVERSEAS FUND, LTD           12    POLLUX BRAZILIAN EQUITIES FUND      19
                                                                                                                             SENVEST PARTNERS, LTD - CLASS A   27
MOORE EMERGING EQUITY L/S FUND    19                                                PROLOGUE FEEDER FUND, LTD. CLAS     5
                                                                                                                             SHEPHERD INVEST LTD CLASS -A -C   6
MOORE EMERGING FX . INC & CRY F   29   P                                            PSAM MERGER FUND LTD                11
                                                                                                                             SIERRA EUROPE OFFSHORE, LTD - U   21
MOORE EMERGING MARKET FUND, LTD 29
                                       PALOMINO FUND LTD CLASS B ORIGI        16                                             SILVER POINT CAPITAL OFFSHORE L   10
MOORE GLOBAL INV FD, LTD - A $    31
                                       PARA INTERNATIONAL FUND -A-            12
                                                                                    Q
                                                                                                                             SINOPIA L/S GL. BOND MK NEUT.FU   5
MOORE MACRO MANAGERS FUND, LTD    31
                                       PARS IV OFFSHORE FUND II , CL.         5     QFS CURRENCY FUND, LTD (INDEX)      8    SINOPIA L/S GL. BOND MK NEUT.FU   5
MW CORE FUND SHS CLASS A USD      20
                                       PAULSON ADVANTAGE LTD -A-              12    QFS GLOB MACRO FUND, LTD            31   SOFAER CAPL ASIAN HEDGE FD (Net   18
MW DIVERSIFIED EUROPE TOPS FUND   21
                                       PAULSON ADVANTAGE PLUS LTD             12    QVT OVERSEAS, LTD - B - Serie 1     6    SPINNER GLOBAL TECHNOLOGY FUND,   28
MW EUREKA EURO SHS CLASS -A1- E   22
                                       PAULSON CREDIT OPPORTUNITIES LT        10                                             SR GLOBAL FUND - B - ASIA (Real   18
MW GLOBAL FINANCIALS M/N SHS CL   25
                                       PAULSON ENHANCED LTD                   11    R                                        SR GLOBAL FUND C - INTERNATIONA   22
MW GLOBAL OPPORTUNITIES SHS CLA   22
                                       PAULSON INTERNATIONAL, LTD             11                                             SR GLOBAL FUND F - EUROPE (€) (   21
MW MARKET NEUTRAL TOPS FUND SHS 32                                                  RAB CROSS EUROPE FUND LIMITED -     11
                                       PAULSON RECOVERY FUND LTD              12                                             SR GLOBAL FUND G - EMERGING MKT   19
                                                                                    RAB ENERGY CLASS F                  25
                                       PELHAM LONG/SHORT FUND LTD CLAS        21                                             SR GLOBAL FUND H - JAPAN (Real    23
                                                                                    RAB GL. MINING & RESOURCES FUND     22
                                       PENSATO EUROPA FUND LTD EURO CL        21                                             SR PHOENICIA INC CLASS -A- SERI   19
                                                                                    RAB SPECIAL SITUATION FD LTD        26



                                                    Past performance is not a guide to future performance Alternative                                               vi
                                                                           Investment Group
STANDARD PACIFIC CAPITAL -B-      22   VISIUM CREDIT OPPORTUNITIES FUN        17
STONE LION FUND LTD CLASS A       10   VISIUM INSTITUTIONAL PARTNERS F        26
STRATEGIC VALUE RESTRUCTURING F   10
STRATUS FUND LIMITED CLASS B      34   W
SWORDFISH FUND LTD                31
                                       WATERSTONE MKT NEUT OS FUND, LT        4
                                       WF ASIA FUND LTD S/1                   18
T
                                       WINTON EVOLUTION FUND (THE)            8
TALENTUM ACTIVEDGE FUND LIMITED   32   WINTON FUTURES FUND - CLASS B          8
TALENTUM ENHANCED FUND LIMITED    32   WINTON OCTO FUND USD CLASS             33
TANTALLON FUND (THE)              18
TEMPLETON EMERGING MARKET FUND, 19     Y
TEMUJIN INTERNATIONAL FUND LTD    32
                                       YORK INVESTMENT LTD -CLASS A/1         13
TEWKSBURY INVESTMENT FUND, LTD    8
THEOREMA EUROPE FUND LTD A/1 EU   21
                                       Z
THIRD POINT OFFSHORE              13
THIRD POINT ULTRA                 13   ZADIG FUND CLASS A1                    21

TOSCA CLASS A - USD               25   ZAXIS OFFSHORE LTD - CLASS A/1         27

TRAXIS FUND LP (OFFSHORE)         31   ZWEIG-DIMENNA INTL LIMITED - CL        25

TRAXIS SIVIK GLOBAL HEALTHCARE    27
TUDOR B.V.I GLOBAL FUND LTD -A-   31
TUDOR TENSOR FUND LIMITED CLASS   8
TULIP TREND FUND, LTD - A         8
TWO SIGMA COMPASS CAYMAN FUND     8
TWO SIGMA HORIZON CAYMAN LTD      31
TYRUS CAPITAL EVENT FUND LTD      13


V
VIKING GLOBAL EQUITIES III LTD-   22
VISIUM BALANCE OFFSHORE FUND CL   27



                                                    Past performance is not a guide to future performance Alternative   vii
                                                                           Investment Group
TOP                                                                                               BOTTOM
Investment Funds                                   Return            Date                          Investment Funds                                  Return     Date
JAT CAPITAL OFFSHORE FUND LTD -                         22.75        24 Jun 11                     MERCHANT COMMODITY FUND (THE) - COMPOSITE           -25.60   28 Jun 11
RENAISSANCE INSTITUTIONAL EQUITIES LP (B)               16.60        24 Jun 11                     MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B           -23.55   24 Jun 11
ALYSHEBA FUND LIMITED                                   14.68        24 Jun 11                     HENDERSON EUROPEAN ABS RETURN FD, LTD USD           -19.00   24 Jun 11
32 CAPITAL MASTER FUND SPC, LTD (THE) - A/1             13.86        24 Jun 11                     RIDLEY PARK PARAGON FUND LTD - CLASS A1             -17.92   24 Jun 11
PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND             12.52        17 Jun 11                     DIGILOG OVERSEAS FUND I, LTD                        -15.60   24 Jun 11
LTD
                                                                                                   LANSDOWNE UK EQUITY FUND, LTD (£)                   -15.20   24 Jun 11
MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND - B         12.37        28 Jun 11
                                                                                                   CIPHER DIVERSIFIED FUND-A-                          -14.93   24 Jun 11
(acc) USD
                                                                                                   EEA EUROPE LONG SHORT FUND -USD-NI                  -14.04   24 Jun 11
EAGLE GLOBAL FUND                                       12.03        24 Jun 11
                                                                                                   JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI        -13.29   21 Jun 11
PAULSON ENHANCED LTD                                    11.07       31 May 11
                                                                                                   RAB ENERGY CLASS F                                  -12.87   23 Jun 11
TOSCA CLASS A - USD                                     10.16        16 Jun 11
                                                                                                   TULIP TREND FUND, LTD - A                           -12.40   24 Jun 11
PINPOINT CHINA FUND CLASS A USD                         10.01        17 Jun 11
                                                                                                   RAB SPECIAL SITUATION FD LTD                        -12.24   23 Jun 11
OMEGA OVERSEAS PARTNERS, LTD CLASS A                     9.57       31 May 11
                                                                                                   RAB GL. MINING & RESOURCES FUND LTD -B-             -12.08   23 Jun 11
III FUND LTD                                             9.48        24 Jun 11
                                                                                                   JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI         -11.67   15 Jun 11
THIRD POINT ULTRA                                        9.38        22 Jun 11
                                                                                                   HENDERSON UK EQUITY L/S FUND LIMITED                -11.66   24 Jun 11
GREEN HG FUND LLC-S/ 01.06 COMPOSITE                     9.23       31 May 11
BTG PACTUAL DISTRESSED MORTGAGE FUND                     8.96       31 May 11                      CONQUEST MACRO FUND, LTD (COMP)                     -10.74   29 Jun 11
                                                                                                   PIA MACRO FUND LTD                                  -10.48   24 Jun 11
DISCUS FUND LTD - B (USD Leverage)                       8.90        24 Jun 11
                                                                                                   CLIVE FUND (The ) Class - A -                        -9.80   24 Jun 11
PALOMINO FUND LTD CLASS B ORIGINAL SERIES                8.62       31 May 11
                                                                                                   BLUE SKY JAPAN LTD - CLASS A                         -9.48   31 May 11
III RELATIVE VALUE CREDIT STRATEGIES FUND LTD            8.58        24 Jun 11
                                                                                                   POLAR CAPITAL UK ABSOLUTE RETURN FUND UCITS III      -8.45   29 Jun 11
ENNISMORE EUROPEAN SMALLER COMPANIES                     8.24        23 Jun 11
                                                                                                   GBP
STRATUS FUND LIMITED CLASS B                             8.22        24 Jun 11
                                                                                                  Source - HSBC Private Bank
Source - HSBC Private Bank




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


                                                  Past performance is not a guide to future performance Alternative                                                         1
                                                                         Investment Group
TOP                                                                                          BOTTOM
Investment Funds                              Return            Date                          Investment Funds                               Return     Date
RAB ENERGY CLASS F                                 46.24       31 Dec 10                      GLC GESTALT EUROPE FUND, LTD A/1                 -13.42   31 Dec 10
HENDERSON EUROPEAN ABS RETURN FD, LTD USD          41.65       31 Dec 10                      CAZENOVE EURO EQ ABS RETURN FUND LIMITED         -12.05   31 Dec 10
                                                                                              CLASS B
SENVEST PARTNERS, LTD - CLASS A                    39.59       31 Dec 10
                                                                                              SR GLOBAL FUND C - INTERNATIONAL (Real Perf)     -11.82   31 Dec 10
TULIP TREND FUND, LTD - A                          38.39       31 Dec 10
                                                                                              GLC DIVERSIFIED FUND LTD -A-                     -11.56   31 Dec 10
THIRD POINT ULTRA                                  37.91       31 Dec 10
                                                                                              SOFAER CAPL ASIAN HEDGE FD (Net Index)           -10.14   31 Dec 10
HENDERSON UK EQUITY L/S FUND LIMITED               35.91       31 Dec 10
                                                                                              INVESTCORP STONEWORKS GLOBAL MACRO FUND LTD       -9.08   31 Dec 10
THIRD POINT OFFSHORE                               33.75       31 Dec 10
                                                                                              CAZENOVE UK EQUITY ABSOLUTE RETURN FUND           -8.62   31 Dec 10
MOORE EMERGING EQUITY L/S FUND LTD -A-             32.18       31 Dec 10
                                                                                              PMA CREDIT OPPORTUNITIES 04/04                    -8.53   31 Dec 10
VISIUM CREDIT OPPORTUNITIES FUND                   31.67       31 Dec 10
                                                                                              CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP         -7.62   31 Dec 10
CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI             31.45       31 Dec 10
                                                                                              RAB SPECIAL SITUATION FD LTD                      -7.59   31 Dec 10
KINETICS FUND, INC - A/A                           30.80       31 Dec 10
                                                                                              DISCUS FUND LTD - B (USD Leverage)                -6.71   31 Dec 10
EVEREST CAPITAL FRONTIER MARKETS                   30.64       31 Dec 10
                                                                                              BOYER ALLAN GREATER CHINA FUND                    -6.31   31 Dec 10
JPMORGAN PORT. STRAT. FUNDS-EUROPE DYNAMIC         28.88       31 Dec 10
L/S FUND- EUR                                                                                 OCCAM GLOBAL EMERGING MARKETS FUND CLASS A        -5.93   31 Dec 10
QFS CURRENCY FUND, LTD (INDEX)                     28.78       31 Dec 10                      RWC BILTMORE FUND - B INITIALE SERIES             -4.73   31 Dec 10
BLACKROCK OBSIDIAN FUND                            28.71       31 Dec 10                      SR GLOBAL FUND H - JAPAN (Real Perf)              -4.22   31 Dec 10
ANTARES EUROPEAN FUNDS, LTD - USD                  28.25       31 Dec 10                      TANTALLON FUND (THE)                              -3.54   31 Dec 10
ORTUS FUND (CAYMAN) LTD                            27.89       31 Dec 10                      SIERRA EUROPE OFFSHORE, LTD - USD/A               -3.08   31 Dec 10
PALOMINO FUND LTD CLASS B ORIGINAL SERIES          27.86       31 Dec 10                      OCTAGON PAN ASIA FUND                             -2.68   31 Dec 10
MERCHANT COMMODITY FUND (THE) - COMPOSITE          27.40       31 Dec 10                      POLLUX BRAZILIAN EQUITIES FUND                    -2.62   31 Dec 10
PAULSON ENHANCED LTD                               26.08       31 Dec 10                      HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A         -2.39   31 Dec 10

Source - HSBC Private Bank                                                                   Source - HSBC Private Bank




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


                                             Past performance is not a guide to future performance Alternative                                                      2
                                                                    Investment Group
TOP                                                                                           BOTTOM
Investment Funds                               Return            Date                          Investment Funds                                  Return     Date
SENVEST PARTNERS, LTD - CLASS A                    229.09       31 Dec 09                      HORSEMAN GLOBAL FUND USD                            -24.73   31 Dec 09
PALOMINO FUND LTD CLASS B ORIGINAL SERIES          129.54       31 Dec 09                      TULIP TREND FUND, LTD - A                           -24.68   31 Dec 09
HENDERSON EUROPEAN ABS RETURN FD, LTD USD          110.93       31 Dec 09                      BENNELONG ASIA PACIFIC MULTI STRATEGY EQ. FUND      -20.16   31 Dec 09
                                                                                               LTD
RAB ENERGY CLASS F                                  85.97       31 Dec 09
                                                                                               SR GLOBAL FUND H - JAPAN (Real Perf)                -18.52   31 Dec 09
JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI         85.11       31 Dec 09
                                                                                               MAN AHL DIVERSIFIED PLC                             -16.89   31 Dec 09
PHARO TRADING FUND                                  81.79       31 Dec 09
                                                                                               CONQUEST MACRO FUND, LTD (COMP)                     -13.20   31 Dec 09
GREEN HG FUND LLC-S/ 01.06 COMPOSITE                79.57       31 Dec 09
                                                                                               CAPITAL FUND, LTD (THE)                             -13.02   31 Dec 09
RAB GL. MINING & RESOURCES FUND LTD -B-             76.76       31 Dec 09
                                                                                               ASPECT DIVERSIFIED FUND - CLASS A                   -11.24   31 Dec 09
CANYON BALANCED FUND LTD - CLASS A                  75.67       31 Dec 09
                                                                                               GROWTH MANAGEMENT LTD                                -8.34   31 Dec 09
EVEREST CAPITAL ASIA                                72.88       31 Dec 09
                                                                                               KROM RIVER COMMODITY FUND                            -8.08   31 Dec 09
LINDEN INTERNATIONAL LTD                            72.86       31 Dec 09
                                                                                               32 CAPITAL MASTER FUND SPC, LTD (THE) - A/1          -7.66   31 Dec 09
TEMPLETON EMERGING MARKET FUND, LTD -A-             69.88       31 Dec 09
                                                                                               HSBC TRADING ADVANTEDGE FUND                         -7.51   31 Dec 09
HABROK LTD                                          67.07       31 Dec 09
                                                                                               RENAISSANCE INSTITUTIONAL EQUITIES LP (B)            -6.09   31 Dec 09
LAZARD RATHMORE FUND - CLASS A-2                    64.10       31 Dec 09
                                                                                               BORONIA DIVERSIFIED FUND                             -5.99   31 Dec 09
STONE LION FUND LTD CLASS A                         63.71       31 Dec 09
                                                                                               WINTON EVOLUTION FUND (THE)                          -5.36   31 Dec 09
PARS IV OFFSHORE FUND II , CL. A/1                  63.30       31 Dec 09
                                                                                               WINTON FUTURES FUND - CLASS B                        -4.63   31 Dec 09
PINPOINT CHINA FUND CLASS A USD                     62.34       31 Dec 09
                                                                                               MARATHON VERTEX JAPAN FD, LTD CLASS B                -4.12   31 Dec 09
HENDERSON UK EQUITY L/S FUND LIMITED                61.47       31 Dec 09
                                                                                               GLOBAL TRADING STRATEGIES ( CAYMAN) FUND Cl -A-      -3.77   31 Dec 09
BAY RESOURCES PARTNERS OFFSHORE FUND                59.98       31 Dec 09
                                                                                               ELLERSTON GEMS - CLASS A                             -3.53   31 Dec 09
KINETICS FUND, INC - A/A                            59.18       31 Dec 09
                                                                                               ZWEIG-DIMENNA INTL LIMITED - CLASS A                 -3.35   31 Dec 09
Source - HSBC Private Bank
                                                                                              Source - HSBC Private Bank




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


                                              Past performance is not a guide to future performance Alternative                                                         3
                                                                     Investment Group
                                                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. 2011 1.77%
                                                                                                                     Ytd Avg. 2011
Convertible / Asia                                                                                                      (2.38%)
  CQS ASIA FEEDER FUND LTD- CLASS -B-           30 Apr 07      Q          $199 M      1,204.51    24 Jun 11   (1.60%)    (2.38%)       1,224.15      4.58%            9.34%           (24.55%)
  Michael Hintze, Jean-Christophe Blanc                                   May 11                                                      31 May 11                                     Oct 07 - Oct 08
                                                                                                                     Ytd Avg. 2011
Convertible / Global                                                                                                     2.24%
  BASSO INVESTORS LTD                           30 Sep 95      Q          $373 M      5,836.26    24 Jun 11   (0.59%)     3.29%        5,870.90      11.86%           6.32%           (25.00%)
  Howard Fischer                                                          Dec 10                                                      31 May 11                                     Dec 07 - Oct 08

  CENTAUR COMMERCIAL MATERIALS FUND LTD         28 Feb 98      M          $154 M      256.47      31 May 11   (0.03%)     4.50%        256.55        7.36%            5.66%           (24.49%)
  Carrigaholt Holdings Ltd                                                Jun 11                                                      30 Apr 11                                  May 07 - Nov 08

  CQS CONV & QUANT STRATS FEED FD, LTD CLASS    29 Feb 00      M          $818 M      2,751.96    24 Jun 11   (1.38%)     0.66%        2,790.33      9.35%            8.85%           (34.03%)
  -A-N/R                                                                  May 11                                                      31 May 11                                     Oct 07 - Dec 08
  Michael Hintze/ Oliver Dobbs
  FOREST GLOB CONV FD, LT - FULCRUM A / A5      30 Sep 97      Q          $253 M       28.27      31 May 11   (0.08%)     0.39%         28.29        7.90%           11.95%           (42.51%)
  Michael A. Boyd                                                         Aug 10                                                      30 Apr 11                                     Jan 08 - Oct 08

  LAZARD RATHMORE FUND - CLASS A-2              31 May 07     Q/M        $ 1'222 M    191.47      24 Jun 11   (1.41%)     2.35%        194.20        17.31%          10.21%           (16.23%)
  Sean Reynolds, Christopher Sferruzzo                                    May 11                                                      31 May 11                                     Aug 08 - Nov 08
                                                                                                                     Ytd Avg. 2011
Convertible / USA                                                                                                        3.59%
  WATERSTONE MKT NEUT OS FUND, LTD              31 Jul 03      Q         $1'943 M     225.86      31 May 11    0.28%      3.59%        225.23        10.95%          11.14%           (17.56%)
  Shawn Bergerson                                                         Jun 11                                                      30 Apr 11                                     Aug 08 - Oct 08


Fixed Income
YTD Avg. 2011 3.19%
                                                                                                                     Ytd Avg. 2011
Fixed Income / Global                                                                                                    3.19%
  BLACKROCK OBSIDIAN FUND                       31 Jul 96      M          $812 M      5,453.46    31 May 11    0.00%      6.18%       5,453.46       12.02%           9.10%           (20.93%)
  Stuart Spodek                                                           May 11                                                      30 Apr 11                                     Jan 08 - Feb 09

  CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS   30 Sep 05      Q         $6'629 M     197.50      24 Jun 11    0.48%      1.63%        196.56        12.60%           5.38%            (7.41%)
  -A-                                                                     Apr 11                                                      31 May 11                                     Feb 08 - Mar 08
  Yan Huo, Masao Asai
  DRAKE GLOBAL OPPORTUNITIES FUND               30 Nov 02      Q          $107 M      1,606.41    31 May 11   (0.90%)     4.59%       1,621.00       5.73%           15.05%           (57.51%)
  Anthony Faillace                                                        Apr 11                                                      30 Apr 11                                     Sep 07 - Mar 09

  EMF FIXED INCOME FUND, LTD                    31 Oct 01      Q          $255 M     37,315.39    24 Jun 11   (0.20%)     1.32%       37,390.17      14.62%          16.10%           (22.46%)
  Eric M. Flanagan/David C. Gottlieb                                      Feb 11                                                      31 May 11                                     Feb 08 - Mar 08


 * Max DD: Peak to trough                                                                                                                              Source - HSBC Private Bank


                                                      Past performance is not a guide to future performance Alternative                                                                     4
                                                                             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. 2011 3.19%
                                                                                                                         Ytd Avg. 2011
Fixed Income / Global                                                                                                        3.19%
  III FUND LTD                                      30 Jun 93      Q         $135 M       3,095.39    24 Jun 11    0.80%      9.48%        3,070.82      6.48%           11.76%           (54.77%)
  Cliff G Viner                                                              May 11                                                       31 May 11                                     Jan 08 - Nov 08

  III RELATIVE VALUE CREDIT STRATEGIES FUND LTD     31 Oct 05      Q         $151 M       1,464.84    24 Jun 11   (0.40%)     8.58%        1,470.72      6.99%            9.92%           (31.27%)
  Garth Friesen                                                              Dec 10                                                       31 May 11                                     Nov 07 - Dec 08

  LONDON DIVERSIFIED FUND, LTD - D                  31 May 95      Q         $226 M       4,293.99    24 Jun 11   (0.52%)     1.93%        4,316.52      9.49%            7.04%           (28.95%)
  Robert Standing & David Gorton                                             Sep 10                                                       31 May 11                                     Jan 08 - Dec 08

  PARS IV OFFSHORE FUND II , CL. A/1                31 Mar 02      Q         $2'230 M     2,127.00    31 May 11    0.27%      4.23%       2,121.27       8.58%            9.55%           (25.88%)
  William H. Gross                                                            May 11                                                      30 Apr 11                                  May 08 - Nov 08

  PROLOGUE FEEDER FUND, LTD. CLASS A                31 Jan 06      Q         $1'328 M     1,655.29    24 Jun 11   (0.62%)     1.10%        1,665.66      9.79%            3.72%            (1.59%)
  David Lofthouse, Graham Walsh                                               May 11                                                      31 May 11                                     Jul 07 - Aug 07

  SINOPIA L/S GL. BOND MK NEUT.FUND 300 USD Cl.I    30 Jun 01      D          $18 M      68,449.48    28 Jun 11   (1.31%)     (1.50%)     69,357.70      3.19%            2.38%            (2.66%)
  Jean-Charles Bertrand                                                       Feb 11                                                      31 May 11                                     Jan 11 - Jun 11

  SINOPIA L/S GL. BOND MK NEUT.FUND 600 EURO Cl.I   31 May 01      D          €18 M      124,197.50   28 Jun 11   (2.56%)     (2.41%)    127,454.00      4.49%            4.69%            (5.90%)
  Jean-Charles Bertrand                                                       Sep 09                                                     31 May 11                                      Jul 07 - Dec 07


Multi-Strategy
YTD Avg. 2011 3.46%
                                                                                                                         Ytd Avg. 2011
Multi-Strategy / Asia                                                                                                        1.91%
  LIM ASIA MULTI-STRATEGY FUND CLASS A              31 Dec 95      M         $ 868 M       34.98      31 May 11   (0.17%)     2.25%         35.04        8.46%            6.06%           (15.79%)
  George W. Long                                                             May 11                                                       30 Apr 11                                     Feb 08 - Nov 08

  PMA CREDIT OPPORTUNITIES 04/04                    31 Mar 04     Y/Q        $435 M       1,298.58    28 Jun 11    0.17%      1.57%        1,296.43      3.67%            5.50%           (20.29%)
  Darryl Flint                                                               Aug 08                                                       31 May 11                                     Aug 08 - Mar 11
                                                                                                                         Ytd Avg. 2011
Multi-Strategy / Global                                                                                                      3.72%
  BLACK DIAMOND, LTD - CLASS B (UNRESTRICTED)       31 Dec 95      Q         $109 M       295.32      24 Jun 11   (0.92%)     1.43%        298.07        7.24%            4.13%           (18.58%)
  Clint D. Carlson                                                           Mar 11                                                       31 May 11                                     Aug 08 - Dec 08

  BLACKROCK MULTI-STRATEGY FUND LTD - CLASS A       30 Apr 05      M         $605 M       1,323.27    31 May 11   (0.48%)     2.21%       1,329.65       4.71%            6.36%           (13.96%)
  BGI Global Investors                                                       Apr 11                                                       30 Apr 11                                     Jun 08 - Dec 08

  BLUECREST CAPL INTL LTD A USD                     30 Nov 00      Q         $8'610 M     401.70      24 Jun 11    0.43%      2.52%        399.99        14.06%           5.92%            (4.83%)
  Michael Platt                                                               Apr 11                                                      31 May 11                                  May 03 - Aug 03

  BLUEMOUNTAIN EQUITY ALTERNATIVES FUND             28 Feb 06      Q         $344 M       1,815.18    24 Jun 11    0.55%      6.24%        1,805.25      11.86%           8.02%            (9.57%)
  Alan Gerstein                                                              May 11                                                       31 May 11                                     Sep 08 - Feb 09


 * Max DD: Peak to trough                                                                                                                                  Source - HSBC Private Bank


                                                          Past performance is not a guide to future performance Alternative                                                                     5
                                                                                 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. 2011 3.46%
                                                                                                                 Ytd Avg. 2011
Multi-Strategy / Global                                                                                              3.72%
  DOUBLE BLACK DIAMOND LTD - SERIES A       31 Mar 98      Q         $2'868 M     374.26      24 Jun 11   (1.19%)     2.57%        378.76        10.48%           5.48%           (17.93%)
  (UNRESTRICTED)                                                      Mar 11                                                      31 May 11                                     Aug 08 - Dec 08
  Clint Carlson
  DRAKE ABSOLUTE RETURN FUND, LTD (THE)     31 Dec 01     Y/Q        $219 M       128.82      31 May 11   (0.30%)     3.44%        129.21        2.73%           12.16%           (51.74%)
  Anthony Faillace & Steven Luttrell                                 Apr 11                                                       30 Apr 11                                     Sep 07 - Mar 09

  FORE MULTI STRATEGY FUND LTD              31 Mar 04      Q         $1'164M      274.20      31 May 11    0.80%      2.37%        272.02        15.11%          12.23%           (27.01%)
  Matthew Li                                                          Apr 11                                                      30 Apr 11                                     Feb 08 - Sep 08

  HIGHBRIDGE CAPITAL CORPORATION CLASS      31 Aug 92     Q/Y        $5'900 M    26,064.64    31 May 11   (1.29%)     3.41%       26,405.27      5.24%           17.95%           (78.81%)
  -A-Series N                                                         Dec 09                                                      30 Apr 11                                     Jun 08 - Jan 09
  Highbridge Capital Mngt.
  LINDEN INTERNATIONAL LTD                  31 Aug 04      Q         $2'081 M     247.19      24 Jun 11   (2.50%)     7.65%        253.53        14.20%          10.56%           (24.60%)
  Joe Wong                                                            May 11                                                      31 May 11                                     Feb 08 - Dec 08

  MILLENNIUM INTL LTD                       31 Dec 89      Q        $11'350 M     2,087.15    23 Jun 11    0.16%      4.98%        2,083.81      15.17%           4.52%            (7.24%)
  Israel A Englander                                                 May 11                                                       31 May 11                                  May 98 - Aug 98

  QVT OVERSEAS, LTD - B - Serie 1           31 Oct 03     Y/Q        $3'964 M     1,990.87    15 Jun 11   (0.87%)     4.31%        2,008.34      9.45%            9.76%           (37.38%)
  Dan Gold                                                            Dec 10                                                      31 May 11                                     Feb 08 - Dec 08

  SHEPHERD INVEST LTD CLASS -A -COMPOSITE   30 Jun 95     S/Q        $1'551 M     4,783.55    17 Jun 11   (1.18%)     3.53%        4,840.67      10.29%           7.05%           (32.63%)
  Brian Stark & Mike Roh                                              Jan 11                                                      31 May 11                                     Oct 07 - Mar 09




 * Max DD: Peak to trough                                                                                                                          Source - HSBC Private Bank


                                                  Past performance is not a guide to future performance Alternative                                                                     6
                                                                         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. 2011 (11.72%)
                                                                                                                   Ytd Avg. 2011
Discretionary / Global                                                                                               (11.72%)
  CLIVE FUND (The ) Class - A -               30 Nov 07      Q         $4'120 M     189.08      24 Jun 11   (7.51%)    (9.80%)       204.43        19.55%          19.06%           (16.92%)
  Christian Levett and Richard Boland                                   Apr 11                                                      31 May 11                                     Apr 11 - Jun 11

  KROM RIVER COMMODITY FUND                   30 Jun 06      M         $ 740 M      186.68      24 Jun 11   (2.32%)      0.24%       191.12        13.34%          10.63%           (10.45%)
  Christopher Brodie                                                   May 11                                                       31 May 11                                     Oct 08 - Mar 10

  MERCHANT COMMODITY FUND (THE) - COMPOSITE   31 May 04      M         $1'313 M     354.76      28 Jun 11   (9.90%)     (25.60%)     393.74        19.59%          21.97%           (25.83%)
  Michael Coleman and Doug King                                         May 11                                                      31 May 11                                     Jan 10 - Apr 10


Systematic
YTD Avg. 2011 (2.06%)
                                                                                                                   Ytd Avg. 2011
Systematic / Global                                                                                                   (2.06%)
  ASPECT DIVERSIFIED FUND - CLASS A           30 Nov 98      M         $1'063 M     334.43      24 Jun 11   (0.44%)    (1.77%)       335.90        10.08%          16.76%           (21.47%)
  Gavin Ferris                                                          Apr 11                                                      31 May 11                                     Feb 04 - Jan 05

  BLUETREND FUND, LTD - CLASS A               31 Mar 04      M        $10'000 M     316.31      24 Jun 11   (2.70%)      3.09%       325.09        17.25%          14.10%           (12.55%)
  Michael Platt & Leda Braga                                           Jun 11                                                       31 May 11                                     Apr 06 - Jul 06

  BORONIA DIVERSIFIED FUND                    31 Dec 01      M         $912 M       1,765.81    28 Jun 11   (2.15%)     (4.96%)      1,804.61      6.17%            8.68%           (11.46%)
  Richard Grinham and Angus Grinham                                    May 11                                                       31 May 11                                     Feb 08 - Apr 09

  CIPHER DIVERSIFIED FUND-A-                  31 Jul 98      M          $41 M       3,586.47    24 Jun 11   (11.50%)    (14.93%)     4,052.51      10.40%          19.39%           (22.53%)
  A. Knoepffler                                                         Mar 11                                                      31 May 11                                     Apr 11 - Jun 11

  CRABEL FUND SPC LTD CLASS A                 28 Feb 98      M         $323 M       4,808.95    24 Jun 11    1.77%       3.49%       4,725.31      12.51%          17.18%           (16.71%)
  Toby Crabel                                                          Jan 10                                                       31 May 11                                     Oct 98 - Jun 99

  DIGILOG OVERSEAS FUND I, LTD                31 Dec 93      M          $97 M       2,514.20    24 Jun 11   (6.61%)     (15.60%)     2,692.15      20.24%          23.96%           (36.53%)
  Walt Weissman and Blair Wellensiek                                    May 11                                                      31 May 11                                     May 03 - Jan 05

  DISCUS FUND LTD - B (USD Leverage)          31 Jul 99      M         $787 M       2,544.97    24 Jun 11   (2.54%)      8.90%       2,611.30      8.16%           11.94%           (22.02%)
  Marc Potters                                                         Jan 11                                                       31 May 11                                     Mar 01 - Apr 02

  DKR QUANTITATIVE STRATS FUND, LTD           31 Dec 99      M         $422 M       2,761.21    24 Jun 11   (1.80%)     (6.65%)      2,811.83      9.24%           10.10%            (9.80%)
  Pascal Magnollay                                                     Mar 11                                                       31 May 11                                     Jun 08 - Sep 08

  EAGLE GLOBAL FUND                           30 Sep 95      M          $81 M      998,685.95   24 Jun 11    1.23%      12.03%     986,550.90      15.74%          24.02%           (32.13%)
  Menachem Sternberg & Liora Sternberg                                  Mar 11                                                     31 May 11                                      Oct 03 - Sep 04

  GRAHAM GIF II PROPRIETARY MATRIX - 10V      30 Jun 99      M         $828 M       312.75      28 Jun 11   (3.01%)     (3.09%)      322.46        9.97%           12.27%           (15.71%)
  Kenneth G. Tropin                                                    Apr 11                                                       31 May 11                                     Oct 01 - Apr 02




 * Max DD: Peak to trough                                                                                                                            Source - HSBC Private Bank


                                                    Past performance is not a guide to future performance Alternative                                                                     7
                                                                           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. 2011 (2.06%)
                                                                                                                   Ytd Avg. 2011
Systematic / Global                                                                                                   (2.06%)
 GRAHAM GLOBAL INVESTMENT FUND II - K4D-10V   31 Jan 95      M         $4'416 M     389.78      28 Jun 11   (1.96%)    (4.02%)       397.56        8.64%           12.61%           (15.67%)
 Kenneth G. Tropin                                                      Apr 11                                                      31 May 11                                     Oct 01 - Apr 02

 GRAHAM GLOBAL INVESTMENT FUND II - K4D-15V   31 Dec 98      M         $4'416 M     243.05      28 Jun 11   (2.93%)     (6.02%)      250.39        12.69%          19.45%           (30.47%)
 Kenneth G. Tropin                                                      Apr 11                                                      31 May 11                                     Feb 04 - Apr 05

 KEYNES LEVERAGED QUANTITATIVE STRATEGIES     30 Jun 09      M          $231 M      103.70      24 Jun 11   (0.80%)     (3.69%)      104.53        1.85%            7.48%            (5.33%)
 FUND CLASS - B -                                                       Aug 09                                                      31 May 11                                     Nov 09 - Jan 10
 Sushil Wadhwani,
 MAN AHL DIVERSIFIED PLC                      31 Mar 96      W         $2'629 M      92.95      27 Jun 11   (1.49%)     (5.94%)       94.36        15.74%          17.68%           (19.39%)
 Tim Wong                                                               Apr 11                                                      31 May 11                                     Dec 08 - Feb 10

 QFS CURRENCY FUND, LTD (INDEX)               31 Mar 97      M          $251 M      3,761.25    24 Jun 11    0.46%       3.12%       3,744.02      9.75%           14.51%           (20.93%)
 Dr. Sanford Grossman                                                   Apr 11                                                      31 May 11                                     Feb 04 - Aug 06

 RENAISSANCE INSTITUTIONAL FUTURES FUND LP    30 Sep 07      M          $728 M      115.27      24 Jun 11   (1.82%)     (2.35%)      117.41        3.88%           12.37%           (22.27%)
 Robert Lourie                                                          Mar 11                                                      31 May 11                                     Jun 08 - Jun 09

 TEWKSBURY INVESTMENT FUND, LTD - B           31 Dec 90      M         $3'545 M    15,201.38    24 Jun 11   (0.40%)      5.95%      15,262.42      14.20%           4.54%            (7.75%)
 Matthew Tewksbury                                                      Apr 11                                                      31 May 11                                     Jun 07 - Aug 07

 TUDOR TENSOR FUND LIMITED CLASS I            31 Aug 05      M          $737 M      1,611.13    24 Jun 11   (0.10%)     (5.27%)      1,612.81      8.55%           12.30%           (13.94%)
 Steve Evans                                                            Jun 11                                                      31 May 11                                     Sep 09 - Aug 10

 TULIP TREND FUND, LTD - A                    31 Mar 03      M          $619 M      3,887.09    24 Jun 11   (6.37%)     (12.40%)     4,151.48      17.92%          26.07%           (34.25%)
 Harold de Boer                                                         Sep 09                                                      31 May 11                                     Feb 09 - Jan 10

 TWO SIGMA COMPASS CAYMAN FUND                31 Jul 09      M         $ 1'085 M    1,544.49    31 May 11   (3.60%)      4.68%      1,602.13       26.74%           8.75%            (3.62%)
 Two Sigma Investments, LLC                                             Feb 11                                                      30 Apr 11                                     Dec 09 - Jan 10

 WINTON EVOLUTION FUND (THE)                  31 Aug 05      M          $111 M      1,379.29    29 Jun 11   (1.82%)     (0.17%)      1,404.86      5.67%           11.04%           (14.61%)
 David Harding                                                          May 11                                                      31 May 11                                     Jun 08 - Jul 09

 WINTON FUTURES FUND - CLASS B                30 Sep 97      M         $ 7'700 M    802.38      29 Jun 11   (2.35%)      0.22%       821.69        16.35%          18.23%           (25.08%)
 David Harding                                                          May 11                                                      31 May 11                                     Oct 01 - Feb 02




 * Max DD: Peak to trough                                                                                                                            Source - HSBC Private Bank


                                                    Past performance is not a guide to future performance Alternative                                                                     8
                                                                           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. 2011 0.93%
                                                                                                                    Ytd Avg. 2011
Equity-Diversified / Emerging                                                                                           1.24%
  FIREBIRD NEW RUSSIA FUND, LTD - CLASS A      30 Jun 96      Q         $218 M       2,553.77    27 Jun 11   (0.87%)     2.59%        2,576.10      24.11%          41.61%           (81.79%)
  Harvey Sawikin & Ian Hague                                            May 11                                                       31 May 11                                     Mar 98 - Sep 98

  FIREBIRD REPUBLICS FUND, LTD                 30 Apr 97      Q         $213 M       1,027.73    27 Jun 11   (3.78%)     1.04%        1,068.10      17.88%          32.09%           (73.20%)
  Harvey Sawikin & Ian Hague                                            May 11                                                       31 May 11                                     Sep 97 - Jan 99

  KALTCHUGA FUND - RUSSIA EQ. SUB-FUND -$-     15 Nov 00      BM         $49 M       9,200.46    24 Jun 11   (1.91%)     3.18%        9,379.41      23.26%          34.78%           (81.80%)
  J-L. Tauvy                                                             jun 10                                                      31 May 11                                     Dec 07 - Jan 09

  PICTET-EASTERN EUROPE-P CAP                  30 Sep 99      W         $434 M       380.19      29 Jun 11   (2.27%)     (6.17%)      389.03        15.65%          30.06%           (75.54%)
  Y. Ostrowsky                                                          Jun 11                                                       31 May 11                                     Dec 07 - Feb 09

  RUSSIAN PROSPERITY FUND - A                  31 Aug 96      W         $1'564 M     246.37      23 Jun 11   (2.82%)     5.55%        253.51        24.39%          46.80%           (90.26%)
  Alexander Branis                                                       Apr 11                                                      31 May 11                                     Jul 97 - Jan 99
                                                                                                                    Ytd Avg. 2011
Equity-Diversified / Europe                                                                                            (2.64%)
  LANSDOWNE EUROPEAN LONG ONLY FUND LTD        31 Dec 04      Q         $345 M       194.11      24 Jun 11   (5.23%)    (2.64%)       204.82        10.77%          17.76%           (46.23%)
  Steven Heinz / David Craigen                                          Apr 11                                                       31 May 11                                     May 07 - Feb 09
                                                                                                                    Ytd Avg. 2011
Equity-Diversified / Global                                                                                             1.94%
  ALLIANCE BERNSTEIN SELECT US EQUITY          31 Dec 04      M         $1'070 M     1,667.87    21 Jun 11   (3.94%)     2.04%        1,736.29      8.22%           15.83%           (44.66%)
  Kurt Feuerman                                                          Mar 11                                                      31 May 11                                     Oct 07 - Feb 09

  CANTILLON GLOBAL EQUITY FUND USD CLASS -A-   31 Mar 05      M         $2'245 M      16.23      24 Jun 11   (3.99%)     1.84%         16.90        8.08%           12.70%           (35.04%)
  SERIES 1                                                               Apr 11                                                      31 May 11                                     Dec 07 - Mar 09
  Rob Cope




 * Max DD: Peak to trough                                                                                                                             Source - HSBC Private Bank


                                                     Past performance is not a guide to future performance Alternative                                                                     9
                                                                            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. 2011 5.82%
                                                                                                                                Ytd Avg. 2011
Distressed Security / Global                                                                                                        5.72%
 CANYON BALANCED FUND LTD - CLASS A                        31 May 04      Q         $1'500 M     2,553.85    31 May 11   (0.67%)     4.52%       2,571.08       14.33%          11.36%           (30.14%)
 M.R. Julis & J.S. Friedman                                                          May 11                                                      30 Apr 11                                     Oct 07 - Nov 08

 CANYON VALUE REALIZATION FD, LTD - CLASS A                31 Dec 94      Q         $6'410 M     5,961.95    31 May 11   (0.52%)     3.47%       5,993.11       11.48%           8.73%           (28.82%)
 M.R. Julis & J.S. Friedman                                                          Apr 11                                                      30 Apr 11                                     Oct 07 - Nov 08

 CERBERUS INTL. LTD                                        31 May 93      Q         $1'203 M    663,720.78   31 May 11    0.49%      5.77%      660,484.41      11.08%           5.32%           (22.26%)
 Steve Feinberg                                                                      Mar 11                                                      30 Apr 11                                     May 08 - Feb 09

 DAVIDSON KEMPNER DIST. OPP. INT. LTD - A -                31 Mar 05      Y         $820 M       2,115.25    31 May 11    0.38%      8.15%       2,107.24       12.91%          11.16%           (25.73%)
 Anthony A. Yoseloff, Avi Z. Friedman and Conor Bastable                            Dec 10                                                       30 Apr 11                                     Oct 07 - Nov 08

 HSBC DISTRESSED OPPORTUNITIES FUND                        28 Feb 06      M         $109 M       154.32      24 Jun 11   (0.88%)     2.21%        155.69        8.50%           11.77%           (28.28%)
 Kim Golden                                                                         Mar 11                                                       31 May 11                                     Oct 07 - Mar 09

 LC CAPITAL OFFSHORE FUND, LTD                             30 Sep 99     Y/Q        $233 M       349.49      31 May 11    0.13%      3.21%        349.04        11.31%           9.19%           (34.48%)
 Steven G Lampe & Richard F Conway                                                  Apr 11                                                       30 Apr 11                                     Jun 07 - Feb 09

 MONARCH DEBT RECOVERY FUND LTD                            31 Mar 02      Y         $ 946 M      3,134.27    31 May 11    0.15%      7.45%       3,129.57       13.26%           8.71%           (33.02%)
 Michael Weinstock, Andrew Herenstein                                               Dec 10                                                       30 Apr 11                                     Oct 07 - Dec 08

 PAULSON CREDIT OPPORTUNITIES LTD                          30 Jun 06      Y         $6'253 M     1,677.10    31 May 11   (0.04%)     7.71%       1,677.77       77.36%          49.47%           (10.41%)
 John Paulson                                                                        May 11                                                      30 Apr 11                                     Feb 07 - May 07

 SILVER POINT CAPITAL OFFSHORE LTD                         31 Dec 01      Q         $4'438 M     3,249.33    15 Jun 11   (0.20%)     7.62%        3,255.84      13.27%           9.12%           (35.48%)
 Silver Point Capital Offshore Ltd                                                   Sep 10                                                      31 May 11                                     Jun 07 - Dec 08

 STONE LION FUND LTD CLASS A                               31 Oct 08      Q         $ 777 M      1,874.08    31 May 11   (0.01%)     6.56%       1,874.33       27.55%          10.32%            (3.50%)
 Greg Hanley and Alan Mintz                                                         May 11                                                       30 Apr 11                                     Apr 10 - Aug 10

 STRATEGIC VALUE RESTRUCTURING FUND                        31 Aug 02     Q/Y        $1'622 M     296.30      24 Jun 11   (1.31%)     6.24%        300.24        13.11%           7.58%           (24.49%)
 Victor Khosla                                                                       Mar 11                                                      31 May 11                                     May 07 - Apr 09
                                                                                                                                Ytd Avg. 2011
Distressed Security / USA                                                                                                           6.20%
 BEACH POINT TOTAL RETURN OFFSHORE FUND II,                30 Jun 96      Q         $ 496 M      521.59      31 May 11    0.44%      5.31%        519.30        11.70%           8.60%           (24.04%)
 LTD                                                                                 Jan 10                                                      30 Apr 11                                     Oct 07 - Dec 08
 Carl Goldsmith, Scott Klein,
 BTG PACTUAL DISTRESSED MORTGAGE FUND                      28 Feb 10      Q         $ 197 M      128.09      31 May 11   (0.82%)     8.96%        129.15        21.86%           5.99%            (1.42%)
 David Martin                                                                       May 11                                                       30 Apr 11                                     Apr 10 - May 10

 HALCYON OFF. ASSET-BACKED VALUE FUND LTD                  30 Nov 05      Q         $1'544 M     2,209.15    15 Jun 11   (0.47%)     4.33%        2,219.58      15.37%           6.23%           (13.32%)
 Joseph Wolnick ,Joseph Godley and Jim Coppola                                       May 11                                                      31 May 11                                     Aug 08 - Mar 09




 * Max DD: Peak to trough                                                                                                                                         Source - HSBC Private Bank


                                                                 Past performance is not a guide to future performance Alternative                                                                   10
                                                                                        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. 2011 3.31%
                                                                                                                 Ytd Avg. 2011
Merger-Arbitrage / Global                                                                                            3.53%
  AETOS CORPORATION - CLASS A               31 Dec 85      M          $177M      24,106.45    24 Jun 11   (1.44%)    (1.30%)      24,458.83      9.30%           11.84%           (34.97%)
  Jason Dahl, Jonathan Spitzer                                        May 11                                                      31 May 11                                     Aug 87 - Oct 87

  CENTAURUS INTERNATIONAL RISK ARBITRAGE    30 Jun 09      M         €910 M       116.17      31 May 11    0.79%      2.97%        115.26        8.12%            3.96%            (2.31%)
  FUND                                                               Oct 10                                                       30 Apr 11                                     Mar 10 - May 10
  Randy Freeman
  LION FUND, LTD (THE)                      31 Jan 96      M         $294 M        37.26      31 May 11   (0.46%)     0.93%         37.43        8.85%            9.84%           (34.07%)
  Nick Walker                                                        May 11                                                       30 Apr 11                                     Oct 07 - Feb 09

  PAULSON ENHANCED LTD                      30 Apr 01      S         $2'853 M     982.77      31 May 11   (0.34%)     11.07%       986.12        25.42%          15.57%           (13.96%)
  John Paulson                                                        May 11                                                      30 Apr 11                                     Apr 10 - Jun 10

  PAULSON INTERNATIONAL, LTD                30 Apr 96      M         $1'724 M     840.51      31 May 11    0.01%      6.15%        840.42        14.51%           7.74%           (13.57%)
  John Paulson                                                        May 11                                                      30 Apr 11                                     Jun 98 - Sep 98

  PSAM MERGER FUND LTD                      31 May 09      M         $116 M       109.18      24 Jun 11   (0.56%)     1.35%        109.80        4.34%            2.44%            (1.77%)
  Peter Schoenfeld                                                   Mar 11                                                       31 May 11                                     Mar 10 - May 10
                                                                                                                 Ytd Avg. 2011
Merger-Arbitrage / USA                                                                                               2.00%
  GABELLI ASSOCIATES LIMITED - CLASS A      31 Aug 89      M         $154 M       562.37      24 Jun 11   (0.06%)     2.00%        562.72        8.23%            3.32%            (6.65%)
  Mario Gabelli                                                      Feb 07                                                       31 May 11                                     Oct 07 - Oct 08


Multi-Strategy
YTD Avg. 2011 1.10%
                                                                                                                 Ytd Avg. 2011
Multi-Strategy / Emerging                                                                                           (0.53%)
  MONEDA ABSOLUTE RETURN LTD                31 Jan 07      Q         $ 108 M      145.74      15 Jun 11   (1.80%)    (0.53%)       148.42        9.00%           13.21%           (29.89%)
  Juan Luis Rivera                                                    Jan 11                                                      31 May 11                                     Jun 08 - Dec 08
                                                                                                                 Ytd Avg. 2011
Multi-Strategy / Europe                                                                                             (3.32%)
  RAB CROSS EUROPE FUND LIMITED - CLASS A   31 Oct 98      M         $122 M       217.10      31 May 11    0.18%     (3.32%)       216.71        6.35%            5.67%           (11.85%)
  Roderick Campbell                                                  Feb 11                                                       30 Apr 11                                     Jun 08 - Mar 11
                                                                                                                 Ytd Avg. 2011
Multi-Strategy / Global                                                                                              1.43%
  AG SUPER FUND INTERNATIONAL, LTD          30 Apr 93      Y         $625 M       1,354.44    24 Jun 11   (1.70%)     3.16%        1,377.86      10.27%           5.44%           (24.78%)
  J. Angelo & Michael Gordon & Dave Kamin                            Mar 11                                                       31 May 11                                     Jun 07 - Dec 08




 * Max DD: Peak to trough                                                                                                                          Source - HSBC Private Bank


                                                  Past performance is not a guide to future performance Alternative                                                                   11
                                                                         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. 2011 1.10%
                                                                                                                         Ytd Avg. 2011
Multi-Strategy / Global                                                                                                      1.43%
  BOUSSARD & GAVAUDAN HOLDING., LTD ordinary        31 Jan 07      D          €679 M       14.08      29 Jun 11   (1.32%)     2.06%         14.27        6.10%            7.94%           (20.69%)
  shares                                                                      Apr 11                                                      31 May 11                                  May 07 - Sep 08
  Emmanuel Gavaudan
  DAVIDSON KEMPNER INTL, LTD - CLASS C Tranche 1    31 Oct 95      Q         $5'662 M     399.38      24 Jun 11   (0.56%)     3.68%        401.62        9.25%            3.87%           (10.87%)
  Thomas L. Kempner, Jr.                                                      Sep 10                                                      31 May 11                                     Oct 07 - Nov 08

  EDOMA GLOBAL EVENT DRIVEN FUND LTD - A1 NV        31 Oct 10      Q         $2'036 M      97.65      24 Jun 11   (2.60%)     (3.46%)      100.26       (3.63%)           3.66%            (3.98%)
  Pierre Henri Flamand, Edoma Capital Partners LP                             Mar 11                                                      31 May 11                                     Feb 11 - Jun 11

  FIRST EAGLE N.V. (A)                              30 Nov 92      M          $459 M     354,173.88   24 Jun 11   (2.82%)     1.10%      364,456.39      11.47%          13.99%           (41.33%)
  Colin Morris                                                                Feb 11                                                     31 May 11                                   May 08 - Dec 08

  GOOD HOPE INTERNATIONAL LTD                       31 Mar 04      Q          $119 M      1,635.75    24 Jun 11   (2.44%)     0.64%        1,676.59      7.04%           10.33%           (35.08%)
  Colin Morris                                                                Feb 11                                                      31 May 11                                  May 08 - Dec 08

  KING STREET CAPITAL, LTD - CLASS A/1              31 Dec 96      Q        $12'900 M     499.91      24 Jun 11   (1.07%)     2.18%        505.31        11.75%           4.11%            (3.91%)
  O. Francis Biondi Jr & Brian J. Higgins                                    Dec 10                                                       31 May 11                                     Feb 08 - Sep 08

  OWL CREEK OVERSEAS FUND, LTD                      31 Jan 02      Y         $4'487 M     3,573.11    24 Jun 11   (4.80%)     (1.00%)      3,753.27      14.51%          12.98%           (20.43%)
  Jeffrey Altman                                                              Dec 10                                                      31 May 11                                     Jun 08 - Apr 09

  PARA INTERNATIONAL FUND -A-                       31 Jan 95      M          $356 M      424.38      31 May 11   (0.61%)     3.31%        426.99        9.25%            7.65%           (26.59%)
  Ned Sadaka                                                                  Apr 11                                                      30 Apr 11                                     May 07 - Feb 09

  PAULSON ADVANTAGE LTD -A-                         31 Mar 04      Q         $ 4'279 M    379.40      31 May 11   (4.07%)     (5.30%)      395.50        20.44%          13.93%           (10.87%)
  John Paulson                                                                May 11                                                      30 Apr 11                                     Apr 10 - Aug 10

  PAULSON ADVANTAGE PLUS LTD                        31 Dec 04      Q         $7'254 M     548.08      31 May 11   (6.11%)     (7.80%)      583.75        30.36%          21.34%           (16.05%)
  John Paulson                                                                May 11                                                      30 Apr 11                                     Apr 10 - Aug 10

  PAULSON RECOVERY FUND LTD                         31 Oct 08      Y         $ 1'744 M    162.82      31 May 11   (0.69%)     4.98%        163.95        20.78%          20.32%           (20.84%)
  John Paulson                                                                Jan 10                                                      30 Apr 11                                     Apr 10 - Aug 10

  PERRY PARTNERS INTERNATIONAL INC CLASS -1 -       30 Sep 93    Q / 2Y      $5'388 M     790.02      24 Jun 11   (3.72%)     0.15%        820.54        12.35%           7.21%           (25.65%)
  TN A                                                                        Apr 11                                                      31 May 11                                     Oct 07 - Nov 08
  Richard Perry
  PERSHING SQUARE INTL.LTD                          31 Dec 04     Y/Q        $5'768 M     3,021.79    15 Jun 11   (3.70%)     (2.27%)      3,137.89      18.68%          13.88%           (20.35%)
  William Ackman                                                              Apr 11                                                      31 May 11                                     Jan 08 - Feb 09

  REVELATION SPECIAL SITUATIONS FUND LTD            28 Feb 05      M          $495 M      2,001.26    31 May 11    0.10%      2.17%       1,999.26       11.73%           5.04%            (7.12%)
  Chris Kuchanny                                                              Jan 11                                                      30 Apr 11                                     Jul 08 - Nov 08

  SAB OVERSEAS FUND LTD                             31 Jul 00    3Q / Q       $267 M      346.28      31 May 11   (0.70%)     6.01%        348.72        12.14%          11.13%           (17.57%)
  Scott Bommer                                                                Dec 10                                                      30 Apr 11                                     Mar 10 - Aug 10



 * Max DD: Peak to trough                                                                                                                                  Source - HSBC Private Bank


                                                          Past performance is not a guide to future performance Alternative                                                                   12
                                                                                 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. 2011 1.10%
                                                                                                        Ytd Avg. 2011
Multi-Strategy / Global                                                                                     1.43%
  THIRD POINT OFFSHORE             30 Nov 96      M         $1'742 M    11,922.61    22 Jun 11   (2.40%)     7.06%       12,215.79      18.55%          13.58%           (35.48%)
  Daniel Loeb                                                Aug 10                                                      31 May 11                                     Jun 08 - Mar 09

  THIRD POINT ULTRA                30 Apr 97      Q         $911 M       3,418.45    22 Jun 11   (3.50%)     9.38%        3,542.43      28.34%          23.23%           (41.80%)
  Daniel Loeb                                               Mar 11                                                       31 May 11                                     Jun 08 - Mar 09

  TYRUS CAPITAL EVENT FUND LTD     31 Oct 09      Q         $1'658 M     117.52      24 Jun 11   (2.63%)     0.74%        120.70        10.30%           5.74%            (4.86%)
  Tony Chedraoui                                             Apr 11                                                      31 May 11                                     Feb 11 - Jun 11

  YORK INVESTMENT LTD -CLASS A/1   28 Feb 94      Q         $2'092 M     7,139.67    24 Jun 11   (3.47%)     1.77%        7,396.09      12.01%           9.01%           (29.86%)
  James Dinan                                                Dec 09                                                      31 May 11                                     Oct 07 - Feb 09
                                                                                                        Ytd Avg. 2011
Multi-Strategy / USA                                                                                        0.53%
  AVENUE INTERNATIONAL FUND        30 Jun 97      Q         $1'703 M     344.32      24 Jun 11   (1.90%)     0.53%        350.98        9.24%            7.88%           (29.60%)
  Avenue Capital Group                                       May 11                                                      31 May 11                                     May 07 - Feb 09




 * Max DD: Peak to trough                                                                                                                 Source - HSBC Private Bank


                                         Past performance is not a guide to future performance Alternative                                                                   13
                                                                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. 2011 1.27%
                                                                                                                Ytd Avg. 2011
Arbitrage / Global                                                                                                  1.27%
  HSBC MAA FUND USD                        15 Jun 95     Q/M        $171 M       202.27      17 Jun 11   (0.60%)     1.27%        203.50        4.50%            4.98%           (25.30%)
  HSBC Alternative Investments Limited                              May 11                                                       31 May 11                                     Jul 07 - Dec 08


Event Driven
YTD Avg. 2011 (1.03%)
                                                                                                                Ytd Avg. 2011
Event Driven / Global                                                                                              (1.03%)
  HSBC DISTRESSED MARKETS FUND USD Class   31 May 09      M         $173 M       116.72      17 Jun 11   (1.13%)    (1.03%)       118.05        7.85%            4.17%            (2.84%)
  HSBC Management (Guernsey) Ltd                                    May 11                                                       31 May 11                                     Feb 11 - Jun 11


Leveraged Multi-Strategy
YTD Avg. 2011 (0.06%)
                                                                                                                Ytd Avg. 2011
Leveraged Multi-Strategy / Global                                                                                  (0.06%)
  HSBC LEVERAGED GH FUND                   30 Nov 04      M         $2'605 M     128.95      17 Jun 11   (3.34%)    (0.06%)       133.41        3.96%           12.96%           (37.09%)
  HSBC Republic Investment Limited                                   Feb 11                                                      31 May 11                                     Jun 08 - Dec 08


Long/Short
YTD Avg. 2011 (2.66%)
                                                                                                                Ytd Avg. 2011
Long/Short / Asia                                                                                                  (1.20%)
  HSBC ASIAN ADVANTEDGE FUND               30 Jun 02      M          $46 M       185.33      17 Jun 11   (1.68%)    (1.20%)       188.49        7.12%            8.49%           (24.73%)
  HSBC Alternative Investments Limited                               May 11                                                      31 May 11                                     Dec 07 - Nov 08
                                                                                                                Ytd Avg. 2011
Long/Short / Europe                                                                                                (4.12%)
  HSBC EUROPEAN ADVANTEDGE FUND USD        30 Apr 03      M          €11 M       134.55      17 Jun 11   (1.26%)    (4.12%)       136.27        3.71%            6.57%           (21.00%)
  HSBC Alternative Investments Limited                               May 11                                                      31 May 11                                     Oct 07 - Feb 09




 * Max DD: Peak to trough                                                                                                                         Source - HSBC Private Bank


                                                 Past performance is not a guide to future performance Alternative                                                                   14
                                                                        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. 2011 (0.61%)
                                                                                                              Ytd Avg. 2011
Multi-Strategy / Emerging                                                                                        (3.03%)
  HSBC EMERGING ADVANTEDGE FUND          31 Mar 97      M          $28 M       164.89      17 Jun 11   (1.91%)    (3.03%)       168.10        3.58%           15.78%           (59.39%)
  HSBC Alternative Investments Limited                             May 11                                                      31 May 11                                     Sep 97 - Dec 98
                                                                                                              Ytd Avg. 2011
Multi-Strategy / Global                                                                                           0.60%
  HSBC GH FUND USD                       31 May 96      M         $2'680 M     287.88      17 Jun 11   (1.61%)     0.46%        292.60        7.28%            6.68%           (18.30%)
  HSBC Alternative Investments Limited                             May 11                                                      31 May 11                                     Jun 08 - Dec 08

  HSBC HEDGE INVESTMENTS FUND            28 Feb 02      Q          $38 M       149.49      17 Jun 11   (1.34%)     0.75%        151.52        4.42%            5.20%           (17.63%)
  HSBC Alternative Investments Limited                             May 11                                                      31 May 11                                     Jun 08 - Dec 08


Trading
YTD Avg. 2011 (0.98%)
                                                                                                              Ytd Avg. 2011
Trading / Global                                                                                                 (0.98%)
  HSBC TRADING ADVANTEDGE FUND           31 Oct 05      M         $336 M       151.15      17 Jun 11   (1.83%)    (0.98%)       153.96        7.61%            9.71%           (10.20%)
  HSBC Alternative Investments Limited                            Feb 11                                                       31 May 11                                     Jan 09 - Jan 10




 * Max DD: Peak to trough                                                                                                                       Source - HSBC Private Bank


                                               Past performance is not a guide to future performance Alternative                                                                   15
                                                                      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. 2011 3.36%
                                                                                                                   Ytd Avg. 2011
Credit / Emerging                                                                                                      5.21%
  FINISTERRE SOVEREIGN DEBT FUND              31 Mar 03      Q          $366 M      225.58      31 May 11    0.62%      3.46%        224.19        10.47%           7.73%           (21.00%)
  Paul Crean and Xavier Corin-Mick                                      Apr 11                                                      30 Apr 11                                     Jun 08 - Oct 08

  MARATHON OVERSEAS FUND, LTD - A             31 Mar 98      Q          $495 M      261.88      24 Jun 11    0.01%      6.96%        261.85        7.54%            7.35%           (36.00%)
  B. Richards & L. Hanover                                              Jun 09                                                      31 May 11                                     May 07 - Apr 09
                                                                                                                   Ytd Avg. 2011
Credit / Europe                                                                                                        1.23%
  KING STREET EUROPE LTD                      30 Jun 07      Q         $ 492 M      145.28      24 Jun 11   (1.97%)     1.23%        148.20        9.82%            7.54%            (7.88%)
  O. Francis Biondi, Jr., Brian J. Higgins                              Jul 10                                                      31 May 11                                     Feb 08 - May 08
                                                                                                                   Ytd Avg. 2011
Credit / Global                                                                                                        3.77%
  BLUECREST MULTI STRATEGY CREDIT FUND        30 Nov 07      Q         $1'104M      144.48      24 Jun 11   (0.84%)     3.15%        145.70        8.38%            5.77%            (2.81%)
  Bluecrest Capital Management LLP                                      Oct 10                                                      31 May 11                                     Sep 10 - Dec 10

  BLUEMOUNTAIN CREDIT ALTERNATIVES FUND       31 Oct 03      Q         $3'100 M     208.64      24 Jun 11   (0.67%)     4.02%        210.05        10.09%           6.99%           (11.82%)
  Andrew T. Feldstein                                                   Apr 11                                                      31 May 11                                     Aug 08 - Dec 08

  BREVAN HOWARD CREDIT CATALYSTS FUND LTD     31 Jul 09      M         $ 1'834 M    139.74      17 Jun 11   (0.98%)     5.56%        141.12        19.49%           5.02%            (1.44%)
  CLASS A USD                                                           Mar 11                                                      31 May 11                                     Apr 10 - Jul 10
  DW Investment Management ,LP
  CQS ABS FEEDER FUND - CLASS -B-             30 Sep 06      Q         $1'338 M     4,091.66    31 May 11    0.35%      4.61%       4,077.44       35.23%          13.78%            (3.86%)
  Alistair Lumsden,                                                     Apr 11                                                      30 Apr 11                                     Apr 07 - Jun 07

  FEINGOLD OKEEFFE CAPITAL I OFFSHORE, LTD    31 Jul 02      Q          $120 M      248.13      15 Jun 11   (0.50%)     4.49%        249.38        10.78%           8.01%           (29.83%)
  Andrea S. Feingold & R. Ian O’Keeffe                                  Dec 10                                                      31 May 11                                     Jun 07 - Dec 08

  GRACIE CREDIT OPPORTUNITIES                 30 Jun 04      Q         $2'053 M     217.94      31 May 11    0.25%      2.89%        217.40        11.92%           5.24%            (4.17%)
  James Palmisciano                                                     Mar 11                                                      30 Apr 11                                     Mar 08 - Sep 08

  GREEN T G2 FUND                             28 Feb 99      Q         $1'552 M     243.78      24 Jun 11   (0.13%)     (0.75%)      244.10        7.50%            3.81%            (4.26%)
  Darryl Green, Geoffrey Sherry                                         Dec 10                                                      31 May 11                                     Dec 03 - Jul 04

  JCAM GLOBAL FUND LIMITED                    31 Dec 03      M         $2'500M      1,980.69    24 Jun 11   (1.67%)     (2.10%)      2,014.33      9.56%            7.14%           (14.85%)
  Tim Leslie                                                            Nov 10                                                      31 May 11                                     Feb 08 - Dec 08

  MARINER-TRICADIA CREDIT STRATEGIES, LTD     31 Mar 05      Q         $ 1'608 M    296.12      31 May 11   (0.24%)     6.06%        296.83        19.24%           8.25%           (10.77%)
  Arif Inayatullah & Michael Barnes                                     May 11                                                      30 Apr 11                                     Jun 08 - Nov 08

  PALOMINO FUND LTD CLASS B ORIGINAL SERIES   31 Dec 94      Y         $5'529 M     5,695.16    31 May 11   (1.50%)     8.62%       5,781.89       27.90%          21.12%           (49.05%)
  David Tepper                                                          May 11                                                      30 Apr 11                                     Feb 98 - Sep 98




 * Max DD: Peak to trough                                                                                                                            Source - HSBC Private Bank


                                                    Past performance is not a guide to future performance Alternative                                                                   16
                                                                           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. 2011 3.36%
                                                                                                                    Ytd Avg. 2011
Credit / Global                                                                                                         3.77%
  SABA CAPITAL OFFSHORE FUND LTD               31 Jul 09      Q         $1'633 M     123.82      24 Jun 11    0.46%      3.47%        123.26        11.91%           2.39%            (0.26%)
  Saba Capital mgmt                                                      Jan 11                                                      31 May 11                                     Apr 11 - May 11

  VISIUM CREDIT OPPORTUNITIES FUND             30 Apr 09      Q         $ 265 M      166.14      24 Jun 11    0.07%      5.22%        166.03        26.62%           5.21%             0.00%
  Visium Asset Management                                               Mar 11                                                       31 May 11                                     Jan 00 - Jan 00
                                                                                                                    Ytd Avg. 2011
Credit / USA                                                                                                            0.10%
  BRIGADE LEVERAGED CAPITAL STRUCTURES FUND    31 Dec 06      Q         $5'076 M     1,424.71    24 Jun 11   (0.24%)     3.97%        1,428.14      8.22%            7.96%           (19.42%)
  Don Morgan                                                             May 11                                                      31 May 11                                     Jun 08 - Dec 08

  MKP CREDIT OFFSHORE FUND                     28 Feb 99     Q/Y        $2'890 M     396.88      31 May 11   (1.69%)     (3.76%)      403.70        11.90%           5.52%            (8.38%)
  Patrick McMahon and Anthony Lembke                                     Mar 11                                                      30 Apr 11                                     Sep 07 - Sep 08


Equity-Commodity
YTD Avg. 2011 (1.68%)
                                                                                                                    Ytd Avg. 2011
Equity-Commodity / Global                                                                                              (1.68%)
  GEOSPHERE DIRECTIONAL FUND LTD               31 Dec 09      Q         $ 177 M      108.84      24 Jun 11   (2.18%)    (0.53%)       111.27        5.89%            7.90%            (8.09%)
  Arvind Sanger and Prashant Kothari                                    Feb 11                                                       31 May 11                                     Mar 10 - Jun 10

  GEOSPHERE FUND, LTD                          30 Jun 07      Q         $ 482 M      124.10      24 Jun 11   (0.34%)     0.44%        124.52        5.56%            7.71%           (15.83%)
  Arvind Sanger and Prashant Kothari                                     Jun 11                                                      31 May 11                                     Jun 08 - Oct 08

  MARTIN CURRIE ARF - GLOBAL RESOURCES         30 Sep 03      M         $254 M        18.10      20 Jun 11   (3.59%)     (7.14%)       18.77        7.98%           10.37%           (17.85%)
  Chris Butler / Duncan Goodwin                                         May 11                                                       31 May 11                                     Jun 08 - Jun 10

  OCEANIC HEDGE FUND - CLASS A                 31 Jul 02      M         $1'417 M     3,000.77    24 Jun 11   (1.75%)     0.49%        3,054.22      13.13%           8.48%            (8.26%)
  Cato Brahde, Andreas Vergottis, Bjorn Rise                             May 11                                                      31 May 11                                     Jan 10 - Jun 10


Equity-Diversified
YTD Avg. 2011 (0.88%)
                                                                                                                    Ytd Avg. 2011
Equity-Diversified / Asia                                                                                              (0.00%)
  BOYER ALLAN GREATER CHINA FUND               31 Oct 06      M          $ 55 M      200.89      24 Jun 11    0.35%     (1.52%)       200.19        16.19%          17.54%           (24.83%)
  Boyer Allan Investment Management LLP                                  May 11                                                      31 May 11                                     Oct 07 - Oct 08

  BOYER ALLAN PACIFIC FUND INC-A-              16 Nov 98      M         $ 314 M      756.00      24 Jun 11   (3.22%)     (3.36%)      781.14        17.40%          21.63%           (44.65%)
  J. Boyer & N. Allan                                                    Jun 11                                                      31 May 11                                     Oct 07 - Nov 08




 * Max DD: Peak to trough                                                                                                                             Source - HSBC Private Bank


                                                     Past performance is not a guide to future performance Alternative                                                                   17
                                                                            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. 2011 (0.88%)
                                                                                                                  Ytd Avg. 2011
Equity-Diversified / Asia                                                                                            (0.00%)
  CHILTON CHINA OPPORTUNITIES FUND LTD       31 Dec 06      Q         $ 216 M      207.97      24 Jun 11   (3.19%)    (3.67%)       214.82        17.75%          18.74%           (20.91%)
  Chilton Investments Co., Inc.                                       Feb 11                                                       31 May 11                                     Oct 07 - Nov 08

  COREVEST PARTNERS LTD                      31 Dec 98     Y/Q         $72 M       8,649.17    31 May 11   (4.91%)     0.88%       9,095.51       18.97%          24.89%           (26.57%)
  Kyung Hwa Paik                                                       May 11                                                      30 Apr 11                                     Mar 02 - Feb 03

  ELLERSTON ASIA PACIFIC FUND                31 Aug 07      Q         $1'502 M     113.32      15 Jun 11   (1.11%)     3.16%        114.59        3.35%            8.10%           (17.60%)
  Ashok Jacob                                                          Mar 11                                                      31 May 11                                     Oct 07 - Feb 09

  EVEREST CAPITAL ASIA                       31 Dec 05      Q         $ 200 M      229.02      31 May 11   (3.60%)     4.53%        237.57        16.53%          20.94%           (43.59%)
  Everest Capital Limited                                             Dec 10                                                       30 Apr 11                                     Oct 07 - Feb 09

  HT ASIAN CATALYST FUND LLC                 31 Dec 98      M         $527 M        19.19      31 May 11   (0.67%)     (0.77%)       19.32        12.45%          11.97%           (23.93%)
  Ms. Ophelia Tong                                                    Mar 11                                                       30 Apr 11                                     Mar 00 - Mar 01

  JOHO FUND, LTD-A-                          31 Oct 96      S         $2'138 M     1,350.20    24 Jun 11    0.06%      2.50%        1,349.44      21.27%          16.65%           (19.38%)
  Robert Karr                                                          May 11                                                      31 May 11                                     Nov 07 - Nov 08

  NEZU CYCLICALS FUND LTD                    31 Jul 05      Q         $307 M       214.92      24 Jun 11   (2.47%)     4.41%        220.36        13.84%          13.59%           (25.06%)
  Fuyuki Fujiwara                                                     May 11                                                       31 May 11                                     Oct 07 - Feb 09

  OCTAGON PAN ASIA FUND                      30 Sep 04      M         $388 M       191.71      31 May 11   (1.94%)     (3.55%)      195.50        10.25%           9.76%           (10.69%)
  Poh Min Lam & Nelson Chia                                           Jan 11                                                       30 Apr 11                                     Oct 07 - Jan 09

  PINPOINT CHINA FUND CLASS A USD            31 May 05      M         $551 M       687.23      17 Jun 11   (0.87%)     10.01%       693.26        37.52%          23.15%           (42.16%)
  Qiang Wang                                                          Feb 11                                                       31 May 11                                     Oct 07 - Nov 08

  REAL RETURN ASIAN FUND LTD (THE)           30 Sep 04      M         $940 M       246.30      24 Jun 11   (2.25%)     (2.40%)      251.96        14.32%          10.65%           (14.81%)
  Ezra Sun                                                            May 11                                                       31 May 11                                     Oct 07 - Oct 08

  SOFAER CAPL ASIAN HEDGE FD (Net Index)     31 Mar 89      M         $120 M       1,112.70    31 May 11   (2.46%)     (5.03%)     1,140.76       11.47%          16.03%           (35.36%)
  Terence Khoo / Terence Lim                                          Jun 07                                                       30 Apr 11                                     Mar 00 - Mar 03

  SR GLOBAL FUND - B - ASIA (Real Perf)      31 Dec 93      M         $1'400 M     763.48      22 Jun 11   (4.70%)     (3.18%)      801.13        16.70%          18.96%           (36.50%)
  Richard Chenevix-Trench                                              Mar 11                                                      31 May 11                                     Feb 98 - Nov 98

  TANTALLON FUND (THE)                       31 Oct 03      M         $113 M        19.12      24 Jun 11   (0.36%)     0.21%         19.19        8.84%           13.82%           (36.61%)
  Nicholas Harbinson / Alex Hill                                      Mar 11                                                       31 May 11                                     Oct 07 - Jan 09

  WF ASIA FUND LTD S/1                       31 Jan 01      M         $256 M       296.45      24 Jun 11   (2.16%)     (2.26%)      302.99        11.01%          13.86%           (37.65%)
  Scobie Ward                                                         May 11                                                       31 May 11                                     Oct 07 - Nov 08
                                                                                                                  Ytd Avg. 2011
Equity-Diversified / Emerging                                                                                        (2.55%)
  ADELPHI EMERGING EUROPE. FUND USD SHARES   31 Mar 07      Q         $221 M       146.58      24 Jun 11   (2.62%)    (8.28%)       150.52        9.45%           14.66%           (28.62%)
  Lars Dollmann                                                       Jan 11                                                       31 May 11                                     May 08 - Jan 09



 * Max DD: Peak to trough                                                                                                                           Source - HSBC Private Bank


                                                   Past performance is not a guide to future performance Alternative                                                                   18
                                                                          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. 2011 (0.88%)
                                                                                                                     Ytd Avg. 2011
Equity-Diversified / Emerging                                                                                           (2.55%)
 EVEREST CAPITAL FRONTIER MARKETS               31 Jul 08      Q         $ 120 M      128.45      31 May 11   (2.70%)    (5.97%)       132.01        9.24%           16.72%           (25.56%)
 Everest Capital Limited                                                 Dec 10                                                       30 Apr 11                                     Jul 08 - Feb 09

 GROWTH MANAGEMENT LTD                          31 May 98      M         $203 M       392.00      31 May 11   (0.70%)     (0.29%)      394.76        11.07%           7.03%           (24.31%)
 Stephan Pinter                                                          Mar 11                                                       30 Apr 11                                     Jun 08 - Nov 10

 HSBC GIF GEM EQUITY ABSOLUTE RETURN INSTIT.    31 Mar 10      D          $30 M        10.35      29 Jun 11   (0.05%)     (0.35%)       10.35        2.79%            6.42%            (4.39%)
 SHS                                                                      Apr 11                                                      31 May 11                                     Apr 10 - Aug 10
 Nick Timberlake & Omar Negyal
 HSBC INDIA ALPHA FUND                          31 Mar 07      M         $168 M       131.05      24 Jun 11   (2.18%)     (4.55%)      133.97        6.59%           17.07%           (34.72%)
 Sanjiv Duggal, Nilang Mehta , Viresh Mehta                              May 11                                                       31 May 11                                     Dec 07 - Nov 08

 MOORE EMERGING EQUITY L/S FUND LTD -A-         31 Mar 09      M         $582 M       1,478.89    23 Jun 11   (1.41%)     (5.35%)      1,500.09      19.18%          13.49%            (7.90%)
 Greg Coffey                                                             Mar 11                                                       31 May 11                                     Apr 11 - Jun 11

 OCCAM GLOBAL EMERGING MARKETS FUND CLASS       30 Apr 09      D         $118 M        11.11      28 Jun 11   (3.81%)     (4.14%)       11.55        4.31%           13.83%           (15.02%)
 A                                                                       May 11                                                       31 May 11                                     Oct 09 - Jun 10
 Eoghan Flanagan & James Mellersh
 OCCO EASTERN EUROPEAN FUND                     31 Dec 01     Y/Q        $412 M       317.81      24 Jun 11    0.53%      1.77%        316.13        12.96%           9.32%           (20.86%)
 Pawel Szulc & Andrew Wiles                                              May 11                                                       31 May 11                                     Jun 08 - Oct 08

 POLLUX BRAZILIAN EQUITIES FUND                 31 Oct 07      M         $ 184 M      135.39      24 Jun 11   (1.06%)     (0.57%)      136.84        8.65%            9.40%            (9.59%)
 Pollux Capital                                                           Mar 11                                                      31 May 11                                     May 08 - Oct 08

 SR GLOBAL FUND G - EMERGING MKTS (Real Perf)   29 Feb 96      M         $2'650 M     1,371.32    22 Jun 11   (3.90%)     (0.84%)      1,426.98      22.92%          18.67%           (37.25%)
 Richard Chenevix-Trench                                                  Mar 11                                                      31 May 11                                     Oct 07 - Feb 09

 SR PHOENICIA INC CLASS -A- SERIES 1            31 Jul 01      M         $450 M       461.75      22 Jun 11   (2.27%)     (1.62%)      472.45        16.71%          19.36%           (56.02%)
 George Robinson                                                         Mar 11                                                       31 May 11                                     Oct 07 - Feb 09

 TEMPLETON EMERGING MARKET FUND, LTD -A-        31 Dec 99      D         $1'228 M      38.14      29 Jun 11   (1.27%)     (0.37%)       38.63        6.85%           22.68%           (61.95%)
 Dr. Mark Mobius                                                          Nov 10                                                      31 May 11                                     Oct 07 - Feb 09
                                                                                                                     Ytd Avg. 2011
Equity-Diversified / Europe                                                                                             (1.48%)
 ADELPHI EUR. FUND $ (A)                        30 Sep 97      Q         $871 M       365.59      24 Jun 11   (3.01%)    (1.64%)       376.93        9.89%           12.34%           (26.28%)
 Roderick Jack                                                           Jan 11                                                       31 May 11                                     May 07 - Feb 09

 ALPHAGEN CAPELLA FUND-A-                       31 Oct 99      M          $101M       362.83      24 Jun 11   (1.66%)     (2.41%)      368.94        11.69%           7.76%            (6.03%)
 John Bennett, Tomás Pintó & Léopold Arminjon                             Apr 11                                                      31 May 11                                  May 07 - Sep 08

 ALPHAGEN TUCANA                                31 Dec 04      M          $61 M       185.82      24 Jun 11   (2.07%)     0.23%        189.75        10.03%          10.85%           (28.68%)
 John Bennett, Tomás Pintó & Léopold Arminjon                             Apr 11                                                      31 May 11                                     Oct 07 - Dec 08




 * Max DD: Peak to trough                                                                                                                              Source - HSBC Private Bank


                                                      Past performance is not a guide to future performance Alternative                                                                   19
                                                                             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. 2011 (0.88%)
                                                                                                                            Ytd Avg. 2011
Equity-Diversified / Europe                                                                                                    (1.48%)
 ANTARES EUROPEAN FUNDS, LTD - USD                     08 Dec 98      M         € 169 M      439.76      24 Jun 11   (1.60%)    (6.34%)       446.93        12.53%          16.16%           (32.68%)
 Luca Orsini                                                                     Jul 10                                                      31 May 11                                     Jun 07 - Dec 08

 CAZENOVE EURO EQ ABS RETURN FUND LIMITED              30 Nov 03      M         €192 M       1,441.76    31 May 11    1.59%       0.72%      1,419.13       5.00%            5.22%           (15.34%)
 CLASS B                                                                        Feb 11                                                       30 Apr 11                                     Oct 08 - Mar 11
 Chris Rice, Steve Cordell
 EEA EUROPE LONG SHORT FUND -USD-NI                    31 Jul 09      M         $ 222 M      103.56      24 Jun 11   (3.95%)     (14.04%)     107.82        2.33%           16.35%           (14.97%)
 John Hobson                                                                    Mar 11                                                       31 May 11                                     Sep 09 - Jun 10

 EGERTON EUROPEAN DOLLAR CLASS -A-                     30 Nov 94      M         $1'346 M     105.30      24 Jun 11   (2.51%)     (2.38%)      108.01        15.26%          10.37%           (29.18%)
 John C. Armitage                                                                Mar 11                                                      31 May 11                                     Oct 07 - Jan 09

 GRADIENT EUROPE FUND (THE)                            30 Nov 01      Q          €89 M       111.01      31 May 11   (1.25%)     (1.51%)      112.41        1.11%           29.70%           (82.25%)
 I. Farman & S. Pagel                                                            Dec 08                                                      30 Apr 11                                     Jun 07 - Jan 09

 HABROK LTD                                            31 Mar 04      Q         $1'080 M     249.35      31 May 11   (2.56%)     (4.57%)      255.90        13.59%          16.43%           (38.24%)
 Leif Christian Kvaal                                                            Apr 11                                                      30 Apr 11                                     May 08 - Jan 09

 HENDERSON EUROPEAN ABS RETURN FD, LTD USD             31 May 01      M         €140 M       491.36      24 Jun 11   (7.33%)     (19.00%)     530.23        17.13%          18.48%           (47.67%)
 Stephen Peak                                                                   Apr 11                                                       31 May 11                                     Feb 08 - Nov 08

 HSBC ALPHA FUND LTD - HSBC EUROPEAN                   30 Nov 07      M         $427 M       150.87      17 Jun 11    0.90%       2.75%       149.53        12.29%           6.13%            (5.07%)
 LEVERED ALPHA FUND EUR                                                         Feb 11                                                       31 May 11                                     Jun 08 - Sep 08
 Jakob Nordestedt, Michael O’Mara
 HSBC EUROPEAN ALPHA FUND -EUR                         31 Dec 02      M         $436 M       170.95      24 Jun 11    0.64%       1.05%       169.86        6.52%            2.58%            (1.34%)
 Jakob Nordestedt, & Michael O'Mara                                             Mar 11                                                       31 May 11                                     May 09 - Jul 09

 JPMORGAN PORT. STRAT. FUNDS-EUROPE                    30 Sep 03      M         $264 M       343.83      22 Jun 11    2.56%      (1.32%)      335.26        17.32%           8.81%           (16.39%)
 DYNAMIC L/S FUND- EUR                                                          May 11                                                       31 May 11                                     Jun 08 - Nov 09
 Jonathan Ingram, John Baker, Anis Lahlou-Abid, J.P.
 Morgan Asset Management
 LANSDOWNE EURO EQTY FD, LTD - A (EUR)                 31 Aug 98      M         $956 M       187.48      24 Jun 11   (3.54%)     (3.20%)      194.36        10.66%          11.83%           (21.60%)
 P. Ruddock & S. Heinz                                                          Apr 11                                                       31 May 11                                     May 08 - Feb 09

 MARTIN CURRIE EUROPEAN HEDGE FUND CLASS               31 Dec 00      M         $272 M       230.28      17 Jun 11   (3.19%)     (4.96%)      237.87        6.73%            7.66%           (11.03%)
 -B-                                                                            May 11                                                       31 May 11                                     Jun 08 - Feb 09
 Michael Browne & Steve Frost
 MBAM ACTIVE LONG SHORT                                31 Jul 10      M         $530 M       107.01      24 Jun 11    0.39%      (1.42%)      106.60        7.83%            4.62%            (1.81%)
 Hilton Nathanson                                                               May 11                                                       31 May 11                                  Dec 10 - May 11

 MW CORE FUND SHS CLASS A USD                          31 Oct 06      M         $804 M       118.75      28 Jun 11   (1.03%)      3.29%       119.98        3.76%           10.87%           (26.47%)
 Ernesto Fragomeni                                                              Jun 11                                                       31 May 11                                     Jun 07 - Sep 08



 * Max DD: Peak to trough                                                                                                                                     Source - HSBC Private Bank


                                                             Past performance is not a guide to future performance Alternative                                                                   20
                                                                                    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. 2011 (0.88%)
                                                                                                                                Ytd Avg. 2011
Equity-Diversified / Europe                                                                                                        (1.48%)
  MW DIVERSIFIED EUROPE TOPS FUND SHS CLASS A              31 Dec 04      M          $95 M       115.57      28 Jun 11   (1.70%)     2.55%        117.57        6.02%            7.37%           (19.28%)
  USD                                                                                Jun 11                                                      31 May 11                                     Oct 07 - Feb 09
  Anthony Clake
  NORDIC ALPHA CLASS B - NOK                               31 Aug 03      M         $ 225 M      186.23      31 May 11   (0.70%)     (0.78%)      187.54        8.36%           11.25%           (32.36%)
  Thomas Raaschou, Christian T. Nygaard                                              Jul 10                                                      30 Apr 11                                     Dec 07 - Feb 09

  ODEY EUROPEAN, INC (EUR)                                 31 May 92      W         $2'356 M     716.25      14 Jun 11   (0.92%)     2.72%        722.91        14.86%          15.68%           (50.64%)
  Crispin Odey                                                                       Apr 11                                                      31 May 11                                     Jan 94 - Jul 95

  PELHAM LONG/SHORT FUND LTD CLASS A EUR                   31 Oct 07      M         $1'000 M     135.30      31 May 11   (0.17%)     0.06%        135.53        8.80%           11.06%           (12.25%)
  Ross Turner                                                                        Mar 10                                                      30 Apr 11                                  May 08 - Dec 08

  PENSATO EUROPA FUND LTD EURO CLASS                       31 May 08      M         €215 M       117.91      31 May 11    0.74%      0.41%        117.04        5.64%            5.61%            (5.40%)
  Graham Clapp & Edward Rumble                                                      Mar 11                                                       30 Apr 11                                     Jun 08 - Sep 08

  POLAR CAPITAL EUROP CONVICTION FUND LIMITED              31 Mar 06      M          €69 M       142.36      24 Jun 11   (1.17%)     4.29%        144.05        6.98%            9.24%            (5.63%)
  Robert Gurner                                                                      Apr 11                                                      31 May 11                                     May 08 - Jul 08

  SIERRA EUROPE OFFSHORE, LTD - USD/A                      28 Feb 97      M         $127 M       425.64      24 Jun 11   (3.22%)     0.28%        439.80        10.64%           9.36%           (16.98%)
  Charles Michaels                                                                  May 11                                                       31 May 11                                     Mar 00 - Jan 03

  SR GLOBAL FUND F - EUROPE (€) (Real Perf)                31 Dec 95      M          $60 M       260.19      22 Jun 11   (3.10%)     (3.72%)      268.51        12.60%          18.73%           (47.97%)
  Rupert Dyson                                                                       Mar 11                                                      31 May 11                                     Jun 07 - Feb 09

  THEOREMA EUROPE FUND LTD A/1 EUR                         31 May 01      M         $ 279 M      201.73      24 Jun 11    0.03%      2.62%        201.67        7.22%            5.46%            (6.25%)
  G. Govi & P. Mortarotti, & J. Marino                                              Feb 11                                                       31 May 11                                     Aug 08 - Jul 09

  ZADIG FUND CLASS A1                                      30 Nov 05      M         €323 M       194.30      17 Jun 11    0.54%      6.47%        193.25        12.72%          12.46%           (19.14%)
  Laurent Saglio                                                                    May 11                                                       31 May 11                                     Aug 08 - Oct 08
                                                                                                                                Ytd Avg. 2011
Equity-Diversified / Global                                                                                                        (0.93%)
  ALTIMA GLOBAL SPECIAL SITUATIONS FUND LTD A              30 Jun 04     Y/Q        $870 M       1,965.65    31 May 11   (3.82%)    (2.13%)      2,043.72       10.26%          11.43%           (22.37%)
  Mark Donegan                                                                      Feb 11                                                       30 Apr 11                                     Dec 07 - Feb 09

  BRUCE NELSON GLOBAL FD LTD - A                           31 May 03      M         $445 M       146.96      31 May 11   (1.09%)     0.30%        148.58        4.93%            7.70%           (24.47%)
  Richard Bruce                                                                     Feb 11                                                       30 Apr 11                                     Oct 07 - Nov 08

  ELLERSTON GEMS - CLASS A                                 30 Apr 06      Q         $1'500 M     100.95      15 Jun 11   (2.24%)     (7.44%)      103.26        0.18%           10.20%           (34.38%)
  Ashok Jacob                                                                        May 11                                                      31 May 11                                     Jul 07 - Feb 10

  EXANE TEMPLIERS FUND                                     28 Feb 06      w         € 954 M     17,305.20    28 Jun 11   (0.37%)     1.16%       17,369.57      7.79%            3.12%            (1.51%)
  Jean-Francois Roussel, Stéphane Arrouays, Henri-Daniel                            Mar 11                                                       31 May 11                                     Aug 08 - Sep 08
  Samama, Exane Asset Management



 * Max DD: Peak to trough                                                                                                                                         Source - HSBC Private Bank


                                                                 Past performance is not a guide to future performance Alternative                                                                   21
                                                                                        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. 2011 (0.88%)
                                                                                                                      Ytd Avg. 2011
Equity-Diversified / Global                                                                                              (0.93%)
  GLENROCK GLOBAL PARTNERS (BVI) INC             31 May 94      M         $ 377 M      2,543.42    31 May 11   (3.80%)    (4.22%)      2,643.89       5.64%           14.71%           (38.76%)
  Michael Katz                                                            May 11                                                       30 Apr 11                                     Jul 96 - Jan 99

  HORSEMAN GLOBAL FUND USD                       31 Jan 01      M         $203 M       410.02      29 Jun 11   (3.34%)      4.89%       424.21        14.51%          15.67%           (33.75%)
  John Horseman                                                           Mar 11                                                       31 May 11                                     Feb 09 - Jun 10

  JAT CAPITAL OFFSHORE FUND LTD -                31 Oct 07      Q         $1'463 M     152.46      24 Jun 11   (0.17%)     22.75%       152.72        12.25%          15.52%           (15.22%)
  John Thaler, JAT Capital                                                 Apr 11                                                      31 May 11                                     Jul 08 - Sep 08

  M. KINGDON OFFSHORE NV - A/1                   28 Feb 86      Q         $2'809 M     128.84      24 Jun 11   (4.82%)     (4.11%)      135.37        16.00%          12.83%           (30.15%)
  Mark Kingdon                                                             Apr 11                                                      31 May 11                                     Sep 87 - Oct 87

  MAVERICK FUND, LTD - CLASS A/1                 28 Feb 95      M         $1'085 M     1,171.78    24 Jun 11   (4.25%)     (0.12%)      1,223.79      13.39%          11.42%           (30.04%)
  Lee Ainslie III                                                          Apr 11                                                      31 May 11                                  May 08 - Nov 08

  MW EUREKA EURO SHS CLASS -A1- EUR              07 Jan 98      M         $1'420 M     279.62      28 Jun 11    0.45%       2.16%       278.36        13.43%           9.80%           (23.24%)
  Paul Marshall                                                            Jun 11                                                      31 May 11                                     Oct 07 - Oct 08

  MW GLOBAL OPPORTUNITIES SHS CLASS A USD        28 Feb 09      M         $353 M       146.44      28 Jun 11    2.28%       0.99%       143.18        17.80%          10.06%            (4.70%)
  Fehim Sever                                                             Jun 11                                                       31 May 11                                     Mar 10 - May 10

  NEVSKY FUND PLC (COMPOSITE)                    30 Sep 00      M         $826 M       932.68      24 Jun 11   (2.74%)     (4.08%)      958.95        23.12%          14.23%           (22.14%)
  Martin Taylor and Nick Barnes                                           May 11                                                       31 May 11                                     Oct 07 - Feb 09

  PLATINUM FUND LTD                              31 May 94      M         $539 M        72.65      24 Jun 11   (4.02%)     (0.68%)       75.69        12.31%          12.02%           (30.48%)
  Kerr Neilson                                                            May 11                                                       31 May 11                                     Oct 07 - Feb 09

  RAB GL. MINING & RESOURCES FUND LTD -B-        31 Oct 07      M          $82 M       110.22      23 Jun 11   (3.72%)     (12.08%)     114.48        2.74%           26.07%           (53.66%)
  Philip Richards                                                          Jan 11                                                      31 May 11                                  May 08 - Nov 08

  RIDLEY PARK PARAGON FUND LTD - CLASS A1        30 Apr 10      M         $400 M        89.93      24 Jun 11   (4.89%)     (17.92%)      94.55       (8.82%)          17.93%           (17.92%)
  Julian Barnett                                                          Feb 11                                                       31 May 11                                     Dec 10 - Jun 11

  SR GLOBAL FUND C - INTERNATIONAL (Real Perf)   31 Dec 93      M         $1'300 M     550.18      22 Jun 11   (3.70%)     (6.40%)      571.32        14.05%          21.77%           (45.08%)
  Hugh Sloane                                                              Mar 11                                                      31 May 11                                     Dec 99 - Jul 01

  STANDARD PACIFIC CAPITAL -B-                   30 Sep 95      Q         $1'258 M     493.95      31 May 11    0.98%       5.34%       489.16        10.73%           8.07%            (8.79%)
  Doug Dillard and Raj Venkatesan                                          Apr 11                                                      30 Apr 11                                     Jun 02 - Aug 03

  VIKING GLOBAL EQUITIES III LTD-A/1E            30 Sep 99      Y         $8'378 M     8,128.30    24 Jun 11   (1.09%)      4.86%       8,217.80      19.54%          10.36%           (11.93%)
  Andreas Halvorsen                                                        May 11                                                      31 May 11                                     Sep 01 - Mar 02
                                                                                                                      Ytd Avg. 2011
Equity-Diversified / Japan                                                                                               (3.00%)
  ALPHAGEN HOKUTO FUND LTD - CLASS A             31 Oct 00      M         $448 M       199.34      24 Jun 11   (0.66%)     1.53%        200.67        6.69%            4.34%            (2.74%)
  John Stewart & Robert Tull                                              Apr 11                                                       31 May 11                                     Jul 08 - Oct 08



 * Max DD: Peak to trough                                                                                                                               Source - HSBC Private Bank


                                                       Past performance is not a guide to future performance Alternative                                                                   22
                                                                              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. 2011 (0.88%)
                                                                                                                 Ytd Avg. 2011
Equity-Diversified / Japan                                                                                          (3.00%)
  ARCUS JAPAN FUND -JPY-                    31 Mar 99      D         $4'587 M    27,781.00    29 Jun 11   (0.63%)    (0.73%)      27,956.00      8.70%           15.78%           (45.94%)
  Robert Macrae                                                       Mar 10                                                      31 May 11                                     Feb 07 - Feb 09

  BLUE SKY JAPAN LTD - CLASS A              30 Jun 00      M          $78 M       219.15      31 May 11   (3.55%)     (9.48%)      227.22        6.28%           24.13%           (62.08%)
  Michael Hill                                                        Apr 10                                                      30 Apr 11                                     Dec 05 - Jan 09

  GAM JAPAN EQUITY HEDGE FUND               31 May 98      W         $1'502 M     120.32      27 Jun 11   (1.74%)     (5.61%)      122.45        1.42%           13.79%           (52.04%)
  Lesley Kaye                                                         Mar 11                                                      31 May 11                                     Jun 07 - Feb 09

  HENDERSON JAPAN ABS RETURN FD, LTD        30 Jun 00      M         $447 M       226.97      24 Jun 11   (0.07%)     (3.27%)      227.13        7.74%            9.70%           (18.31%)
  William Garnett and Jeremy Hall                                    May 11                                                       31 May 11                                     Apr 06 - Mar 08

  MARATHON VERTEX JAPAN FD, LTD CLASS B     31 May 03      Q         $561 M       1,861.23    24 Jun 11    1.19%      (2.30%)      1,839.36      8.00%            7.87%           (11.76%)
  William Arah                                                       Feb 11                                                       31 May 11                                     Jun 09 - Oct 10

  MARTIN CURRIE ARF - JAPAN FUND            30 Jun 00      M         $297 M        17.90      20 Jun 11   (4.28%)     (3.58%)       18.71        5.45%            7.84%           (12.44%)
  John-Paul Temperley                                                May 11                                                       31 May 11                                     Jul 08 - Jan 09

  SR GLOBAL FUND H - JAPAN (Real Perf)      30 Sep 03      M          $95 M        92.41      22 Jun 11   (1.20%)     (0.59%)       93.53       (0.61%)          20.16%           (35.57%)
  Hugh Sloane                                                         Dec 09                                                      31 May 11                                     Mar 08 - Jul 10
                                                                                                                 Ytd Avg. 2011
Equity-Diversified / UK                                                                                             (5.75%)
  ALPHAGEN OCTANIS CLASS A                  28 Feb 05      M         $562 M       200.64      24 Jun 11   (0.61%)     2.05%        201.87        11.65%           6.85%           (10.72%)
  Ben Wallace & Luke Newman                                          Apr 11                                                       31 May 11                                     May 07 - Mar 08

  CAZENOVE UK EQUITY ABSOLUTE RETURN FUND   31 Oct 03      M          £36 M       1,424.82    31 May 11    1.69%       4.53%      1,401.12       4.78%            4.44%           (10.86%)
  Tim Russell                                                         Feb 11                                                      30 Apr 11                                     Sep 09 - Dec 10

  HENDERSON UK EQUITY L/S FUND LIMITED      30 Jun 03      M          $ 55 M      234.03      24 Jun 11   (6.25%)     (11.66%)     249.64        11.23%          16.70%           (39.26%)
  Stephen Peak                                                        May 11                                                      31 May 11                                     Jun 08 - Nov 08

  LANSDOWNE UK EQUITY FUND, LTD (£)         31 Jul 01      M         $8'047 M     408.57      24 Jun 11   (3.38%)     (15.20%)     422.84        15.27%          11.21%           (15.20%)
  P. Ruddock & S. Heinz                                               Apr 11                                                      31 May 11                                     Dec 10 - Jun 11

  POLAR CAPITAL UK ABSOLUTE RETURN FUND     31 May 08     Daily       £ 69 M       10.19      29 Jun 11   (0.88%)     (8.45%)       10.28        0.61%            9.31%            (8.45%)
  UCITS III GBP                                                       Aug 09                                                      31 May 11                                     Dec 10 - Jun 11
  Polar Capital LLP
                                                                                                                 Ytd Avg. 2011
Equity-Diversified / USA                                                                                             2.34%
  AJR INTERNATIONAL (BVI), INC. - A/1       31 Jan 93      M         $445 M       1,002.67    24 Jun 11   (5.42%)    (2.43%)       1,060.18      13.34%          19.74%           (44.44%)
  Alexander J. Roepers                                               Apr 10                                                       31 May 11                                  May 08 - Dec 08




 * Max DD: Peak to trough                                                                                                                          Source - HSBC Private Bank


                                                  Past performance is not a guide to future performance Alternative                                                                   23
                                                                         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. 2011 (0.88%)
                                                                                                                   Ytd Avg. 2011
Equity-Diversified / USA                                                                                               2.34%
 ALLIANCE BERNSTEIN SELECT US EQUITY LONG     30 Nov 99     Y/Q        $679 M       3,637.04    27 Jun 11   (1.83%)     1.74%        3,704.95      11.79%           7.57%            (9.98%)
 SHORT                                                                 May 11                                                       31 May 11                                     May 08 - Feb 09
 Kurt Feuerman
 ALYDAR FUND LTD                              28 Feb 03      Q         $1'050 M     199.19      31 May 11   (0.40%)     2.92%        199.99        8.70%            4.58%            (5.40%)
 John Murphy                                                            Feb 11                                                      30 Apr 11                                     Jul 08 - Nov 08

 ALYSHEBA FUND LIMITED                        31 Mar 05      Q         $475 M       2,695.66    24 Jun 11   (1.40%)     14.68%       2,733.94      17.24%          13.91%           (25.80%)
 John A. Murphy, Philip C. Furse                                        Jul 10                                                      31 May 11                                  May 08 - Nov 08

 ASCEND PARTNERS FUND II LTD - A              31 Jan 04      Q         $1'321 M     178.14      24 Jun 11   (0.88%)     1.58%        179.72        8.11%            4.51%            (4.73%)
 Malcolm Fairbairn                                                      Oct 10                                                      31 May 11                                     Aug 08 - Oct 08

 AVESTA FUND LTD A/1                          31 Aug 02      M         $738 M       1,924.07    24 Jun 11   (3.52%)     (1.22%)      1,994.27      7.70%            7.56%            (7.91%)
 Bill Tung                                                             Oct 10                                                       31 May 11                                     Dec 09 - Jul 10

 BAY RESOURCES PARTNERS OFFSHORE FUND         31 Jul 98      M         $2'544 M     8,759.13    31 May 11   (1.00%)     2.70%       8,847.61       18.41%          16.09%           (38.76%)
 Thomas Claugus                                                         May 11                                                      30 Apr 11                                     May 08 - Feb 09

 CASTLEROCK FUND LTD                          31 Aug 96      Q         $108 M       904.25      31 May 11   (2.04%)     2.86%        923.08        16.09%          17.03%           (37.70%)
 Paul Tanico                                                           Sep 10                                                       30 Apr 11                                     May 01 - Feb 03

 COBALT OFFSHORE LTD                          31 Dec 96      Q         $1'299 M     696.56      31 May 11   (0.88%)     2.63%        702.75        14.41%           8.51%           (19.53%)
 Wayne Cooperman                                                        Aug 10                                                      30 Apr 11                                     Apr 98 - Sep 98

 ELM RIDGE VALUE PARTNERS OFFSHORE, INC - A   28 Feb 01      Q         $2'450 M     245.09      31 May 11    0.30%      0.07%        244.35        9.13%           10.34%           (19.92%)
 Ronald Gutfleish                                                       Mar 11                                                      30 Apr 11                                     Oct 07 - Feb 09

 EMINENCE FUND LTD A                          31 Dec 98      Q         $2'497 M     458.80      24 Jun 11   (2.90%)     (1.44%)      472.51        12.97%           9.82%           (19.99%)
 Ricky C. Sandler                                                       Mar 11                                                      31 May 11                                     Dec 07 - Dec 08

 HIGHBRIDGE LONG/SHORT EQUITY FUND, LTD       30 Apr 04      Q         $1'850 M     1,912.06    24 Jun 11   (6.37%)     (3.47%)      2,042.14      9.48%            9.90%           (17.05%)
 Alex McAree                                                            Apr 11                                                      31 May 11                                     Jun 08 - Jan 09

 IVORY CAPITAL FLAGSHIP STRATEGY              30 Nov 98      Q         $2'587 M     3,270.78    24 Jun 11   (3.00%)     (2.80%)      3,371.93      9.88%            6.19%           (12.61%)
 Curtis Macnguyen                                                       May 11                                                      31 May 11                                  May 08 - Nov 08

 KINETICS FUND, INC - A/A                     31 Jan 01      M         $137 M       2,325.58    24 Jun 11   (7.24%)     1.90%        2,506.96      8.45%           22.39%           (76.20%)
 Peter B. Doyle                                                        May 11                                                       31 May 11                                     Oct 07 - Feb 09

 OMEGA OVERSEAS PARTNERS, LTD CLASS A         31 Dec 91      M         $858 M       731.18      31 May 11    0.50%      9.57%        727.57        10.78%          14.83%           (42.55%)
 Leon Cooperman                                                        Oct 10                                                       30 Apr 11                                     May 07 - Feb 09

 RENAISSANCE INSTITUTIONAL EQUITIES LP (B)    31 Jul 05      M         $240 M       130.93      24 Jun 11   (0.75%)     16.60%       131.92        4.67%           10.58%           (35.67%)
 James Simons                                                          Mar 11                                                       31 May 11                                     May 07 - Apr 09




 * Max DD: Peak to trough                                                                                                                            Source - HSBC Private Bank


                                                    Past performance is not a guide to future performance Alternative                                                                   24
                                                                           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. 2011 (0.88%)
                                                                                                                  Ytd Avg. 2011
Equity-Diversified / USA                                                                                              2.34%
  RWC BILTMORE FUND - B INITIALE SERIES      30 Sep 09      M          $216 M       97.35      31 May 11   (0.91%)     0.43%         98.24       (1.60%)           4.70%            (7.56%)
  Mike Corcell, Gabe Marshank                                          Jan 11                                                      30 Apr 11                                     Apr 10 - Nov 10

  SCOUT CAPITAL LLC - CLASS A/1              31 Mar 00      Q         $ 1'310 M    310.42      24 Jun 11   (3.02%)     1.91%        320.09        8.82%           10.86%           (27.21%)
  Adam Weiss                                                           Jun 10                                                      31 May 11                                  May 08 - Dec 08

  SEMINOLE OFFSHORE FUND                     31 May 98      Q          $996 M      554.56      24 Jun 11   (4.10%)     (2.44%)      578.27        14.00%          13.39%           (15.62%)
  Michael G. Messner, Paul C. Shiverick                                May 11                                                      31 May 11                                     May 02 - Mar 03

  ZWEIG-DIMENNA INTL LIMITED - CLASS A       31 May 87      Q         $1'665 M    88,781.95    31 May 11   (3.00%)     1.03%       91,526.77      15.90%          15.70%           (50.23%)
  Joseph DiMenna / Martin Zweig                                        Apr 11                                                      30 Apr 11                                     Feb 00 - Dec 02


Equity-Energy
YTD Avg. 2011 (4.08%)
                                                                                                                  Ytd Avg. 2011
Equity-Energy / Global                                                                                              (12.87%)
  RAB ENERGY CLASS F                         31 Aug 05      Q          $235 M      260.62      23 Jun 11   (4.54%)   (12.87%)       273.01        5.59%           24.50%           (64.56%)
  Mark Redway                                                          Jan 11                                                      31 May 11                                     Jul 07 - Feb 09
                                                                                                                  Ytd Avg. 2011
Equity-Energy / USA                                                                                                   4.71%
  DORSET ENERGY FUND, LTD - CLASS A          31 Oct 00      M          $366 M       48.58      24 Jun 11   (6.21%)     4.71%         51.80        16.00%          20.11%           (49.55%)
  David M. Knott, Donald Textor                                        May 11                                                      31 May 11                                     Jun 08 - Dec 08


Equity-Financial
YTD Avg. 2011 0.79%
                                                                                                                  Ytd Avg. 2011
Equity-Financial / Global                                                                                             0.51%
  LANSDOWNE GLOBAL FINANCIALS FUND LTD.      30 Jun 04      M         $2'279 M     264.13      24 Jun 11   (1.26%)    (7.55%)       267.50        14.92%          14.10%           (18.87%)
  -N-USD                                                               Apr 11                                                      31 May 11                                     Oct 07 - Sep 08
  Williamde Winton
  MW GLOBAL FINANCIALS M/N SHS CLASS A USD   31 Oct 08      M         $ 174 M      118.19      28 Jun 11    0.49%      (1.09%)      117.61        6.49%            5.29%            (2.87%)
  Amit Rajpal                                                          Jun 11                                                      31 May 11                                     Feb 09 - Apr 09

  TOSCA CLASS A - USD                        30 Sep 00      M          $491 M      190.82      16 Jun 11   (1.08%)     10.16%       192.90        6.22%           18.39%           (67.54%)
  Johnny de la Hey                                                     Mar 11                                                      31 May 11                                     Dec 07 - Nov 08




 * Max DD: Peak to trough                                                                                                                           Source - HSBC Private Bank


                                                   Past performance is not a guide to future performance Alternative                                                                   25
                                                                          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-Financial
YTD Avg. 2011 0.79%
                                                                                                                      Ytd Avg. 2011
Equity-Financial / USA                                                                                                    1.63%
 BRYN MAWR OFFSHORE LTD                          31 Dec 95      Q          $86 M       4,639.43    24 Jun 11   (0.31%)     1.63%        4,653.63      10.41%           3.94%            (4.11%)
 K. Gray                                                                   Jul 09                                                      31 May 11                                     Oct 99 - Dec 99


Equity-Healthcare
YTD Avg. 2011 7.60%
                                                                                                                      Ytd Avg. 2011
Equity-Healthcare / Global                                                                                                7.60%
 MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND -   31 Jan 10      W         $168 M       114.01      28 Jun 11   (0.06%)    12.37%        114.08        9.78%            8.89%            (8.67%)
 B (acc) USD                                                              May 11                                                       31 May 11                                     Mar 10 - Aug 10
 Oliver Marti, CCI Healthcare Partners
 VISIUM INSTITUTIONAL PARTNERS FUND LTD          31 Oct 05      Q          $97M        183.68      24 Jun 11    0.04%      2.84%        183.61        11.36%           7.75%            (6.10%)
 -(PROFORMA)                                                               Mar 11                                                      31 May 11                                     Jun 08 - Dec 08
 Jacob Gottlieb, Visium Asset Management

Equity-Mid-Small Cap
YTD Avg. 2011 (0.17%)
                                                                                                                      Ytd Avg. 2011
Equity-Mid-Small Cap / Europe                                                                                             1.58%
 ALPHAGEN ACAMAR FUND LIMITED (THE)              31 Mar 06      Q          $53 M       139.56      24 Jun 11   (0.56%)    (1.70%)       140.35        6.59%            8.00%            (8.01%)
 Roger Guy, Tomás Pintó & Léopold Arminjon                                 Apr 11                                                      31 May 11                                     Apr 06 - May 06

 ENNISMORE EUROPEAN SMALLER COMPANIES            30 Nov 99      M         €191 M       278.95      23 Jun 11    0.42%      8.24%        277.79        12.53%          11.66%           (34.24%)
 Geoff Oldfield                                                           Jan 11                                                       31 May 11                                     Jul 07 - Apr 09

 EXANE MICROMEGAS FUND LTD- CLASS A - CAP        30 Jun 06      W         € 290 M     14,689.47    29 Jun 11   (0.26%)     (3.28%)     14,727.24      5.11%            5.66%            (6.92%)
 Jerome Poirel                                                             Jun 11                                                      31 May 11                                     Oct 07 - Feb 08

 POLAR CAPITAL EUROPEAN FORAGER FUND LTD -       31 Jul 03      M         €342 M       248.53      24 Jun 11    0.04%      3.08%        248.44        12.21%           8.05%           (21.47%)
 AX                                                                       Apr 11                                                       31 May 11                                     Oct 07 - Feb 09
 Rob Gurner
                                                                                                                      Ytd Avg. 2011
Equity-Mid-Small Cap / Global                                                                                           (12.24%)
 RAB SPECIAL SITUATION FD LTD                    31 Jul 03      Q         $445 M       885.94      23 Jun 11   (2.74%)   (12.24%)       910.94        12.27%          36.93%           (76.97%)
 Philip Richards                                                          Dec 09                                                       31 May 11                                     Jul 07 - Jun 11




 * Max DD: Peak to trough                                                                                                                               Source - HSBC Private Bank


                                                       Past performance is not a guide to future performance Alternative                                                                   26
                                                                              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. 2011 (0.17%)
                                                                                                                          Ytd Avg. 2011
Equity-Mid-Small Cap / UK                                                                                                     4.81%
 ALPHAGEN VOLANTIS FUND, LTD - A (USD)               30 Apr 02      M          $466 M      403.48      24 Jun 11    2.03%      4.81%        395.47        16.46%           8.92%           (11.36%)
 Rob Giles & Adam McConkey                                                     Apr 11                                                      31 May 11                                     Jun 08 - Dec 08
                                                                                                                          Ytd Avg. 2011
Equity-Mid-Small Cap / USA                                                                                                   (0.15%)
 GREENLIGHT CAPITAL OFFSHORE, LTD - A/1              30 Sep 96      Q         $7'220 M    119,218.17   31 May 11   (0.01%)    (2.33%)   119,233.14        18.40%          11.21%           (27.17%)
 David Einhorn                                                                 Jan 11                                                    30 Apr 11                                       May 08 - Oct 08

 GRT TOPAZ OFFSHORE PARTNERS, LTD - A/1              31 Aug 01      Q          $237 M      1,989.34    24 Jun 11   (3.29%)     (1.05%)      2,057.02      7.26%           13.13%           (47.07%)
 Gregory B Fraser & Rudolph K Kluiber & Timothy A.                              Jul 08                                                     31 May 11                                     May 07 - Feb 09
 Krochuk
 SENVEST PARTNERS, LTD - CLASS A                     31 Mar 97      Q          $217 M      1,444.37    31 May 11   (0.60%)     (0.30%)     1,453.09       20.73%          39.25%           (70.55%)
 Richard Mashaal                                                               Apr 11                                                      30 Apr 11                                     Feb 00 - Sep 02

 ZAXIS OFFSHORE LTD - CLASS A/1                      30 Jun 00      M          $511 M      2,472.24    31 May 11    0.17%      3.08%       2,468.04       8.64%            7.84%           (20.58%)
 Sanford J. Colen                                                              May 11                                                      30 Apr 11                                     Jun 08 - Feb 09


Equity-Pharma-Biotech
YTD Avg. 2011 5.72%
                                                                                                                          Ytd Avg. 2011
Equity-Pharma-Biotech / USA                                                                                                   5.72%
 PERCEPTIVE LIFE SCIENCES OFFSH FUND, LTD            31 Dec 99      M          $396 M      1,121.52    24 Jun 11   (2.22%)     4.00%        1,146.99      23.42%          27.69%           (25.67%)
 Joseph Edelman                                                                Feb 11                                                      31 May 11                                     Feb 00 - May 00

 TRAXIS SIVIK GLOBAL HEALTHCARE OFFSHORE -           30 Jun 01      M          $565 M      1,744.98    24 Jun 11   (3.23%)     7.89%        1,803.23      5.73%           10.85%           (32.70%)
 A/01-01                                                                       Jun 08                                                      31 May 11                                     Oct 07 - Feb 09
 Krishen Sud
 VISIUM BALANCE OFFSHORE FUND CL 2                   31 Oct 05     Y/Q        $1'544 M     195.51      24 Jun 11    0.03%      5.28%        195.45        12.60%           9.87%           (15.79%)
 Jacob Gottlieb                                                                Mar 11                                                      31 May 11                                     Aug 08 - Dec 08


Equity-Technology
YTD Avg. 2011 2.57%
                                                                                                                          Ytd Avg. 2011
Equity-Technology / Global                                                                                                    3.64%
 EXANE ARCHIMEDES FUND CLASS A CAP                   30 Sep 06      W         € 1'132 M   14,793.50    28 Jun 11   (0.70%)     1.41%       14,897.18      8.61%            4.75%            (3.45%)
 Gilles Lenoir and César Zeitouni                                              May 11                                                      31 May 11                                     Feb 08 - Mar 08




 * Max DD: Peak to trough                                                                                                                                   Source - HSBC Private Bank


                                                           Past performance is not a guide to future performance Alternative                                                                   27
                                                                                  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. 2011 2.57%
                                                                                                                 Ytd Avg. 2011
Equity-Technology / Global                                                                                           3.64%
  SPINNER GLOBAL TECHNOLOGY FUND, LTD       21 Sep 93      M         $194 M       116.47      31 May 11   (2.80%)     5.87%        119.82        14.88%          16.82%           (34.02%)
  Art Spinner                                                        May 11                                                       30 Apr 11                                     Aug 00 - Sep 02
                                                                                                                 Ytd Avg. 2011
Equity-Technology / USA                                                                                              0.43%
  SELIGMAN TECH SPECTRUM FUND CLASS         31 Dec 06      M         $2'000M      302.36      24 Jun 11   (3.62%)     0.43%        313.72        9.65%           12.10%           (19.91%)
  -A1-S/2-2002                                                        Feb 11                                                      31 May 11                                  May 08 - Nov 08
  J. & W. Seligman & Co. Incorporated

Equity-Utility
YTD Avg. 2011 (0.23%)
                                                                                                                 Ytd Avg. 2011
Equity-Utility / Global                                                                                             (0.23%)
  ECOFIN GLOBAL LONG/SHORT FUND UCITS III   31 Jan 11      W          $30 M        99.77      22 Jun 11   (0.93%)    (0.23%)       100.71       (0.59%)           1.82%            (0.93%)
  Bernard Lambilliotte                                                May 11                                                      31 May 11                                     May 11 - Jun 11




 * Max DD: Peak to trough                                                                                                                          Source - HSBC Private Bank


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

Currency
YTD Avg. 2011 2.68%
                                                                                                                                Ytd Avg. 2011
Currency / Global                                                                                                                   2.68%
  ORTUS FUND (CAYMAN) LTD                                  30 Sep 03      M         $480 M       277.12      15 Jun 11    0.65%      2.68%        275.33        14.13%          12.68%           (23.33%)
  Dr Joe Zhou                                                                       Apr 11                                                       31 May 11                                     Jul 08 - Oct 08


Diversified
YTD Avg. 2011 (1.74%)
                                                                                                                                Ytd Avg. 2011
Diversified / Asia                                                                                                                  1.79%
  ALPHADYNE INVESTMENT STRATEGIES FUND LTD                 31 Jan 07      M         $ 272 M      1,497.07    24 Jun 11   (0.02%)     0.06%        1,497.37      9.61%            4.78%            (3.63%)
  Bart Broadman, Philippe Khuong-Huu                                                 Apr 11                                                      31 May 11                                     May 09 - Jun 09

  BREVAN HOWARD ASIA FUND LIMITED                          30 Sep 04      M         $1'671 M     189.92      17 Jun 11    0.58%      3.52%        188.82        10.02%           4.13%            (1.94%)
  Kaspar Ernst                                                                       Apr 11                                                      31 May 11                                     Jan 10 - Mar 10
                                                                                                                                Ytd Avg. 2011
Diversified / Emerging                                                                                                             (0.68%)
  BLUECREST EMERGING MARKETS FUNDS                         31 Aug 05      Q         $1'170 M     172.90      31 May 11   (0.45%)     1.10%        173.68        10.01%          12.88%           (22.89%)
  Bluecrest Capital Management LLP                                                   Oct 10                                                      30 Apr 11                                     Oct 07 - Oct 08

  BREVAN HOWARD EM. MKT STRATEGIES FUND LTD                31 Dec 07      M         $2'580 M     130.68      17 Jun 11    0.63%      (4.04%)      129.86        8.03%            8.51%            (9.20%)
  Geraldine Sundstrom                                                                Mar 11                                                      31 May 11                                     Jul 08 - Sep 08

  EMSO LTD (Emerging Markets Special Opportunities )       30 Apr 00      Q         $ 776 M      322.66      24 Jun 11   (0.66%)     2.37%        324.80        11.07%           5.40%            (5.90%)
  Mark Franklin                                                                      Jan 11                                                      31 May 11                                     Apr 06 - Jun 06

  GAVEA FUND LTD . CLASS A S/1                             31 Jul 03      Q         $1'498 M     210.07      24 Jun 11   (0.70%)     (1.05%)      211.56        9.85%            7.25%           (12.50%)
  Fraga Arminio                                                                      Jun 11                                                      31 May 11                                     Jul 08 - Oct 08

  GREEN HG FUND LLC-S/ 01.06 COMPOSITE                     31 Jan 01      M         $1'500 M     674.55      31 May 11   (1.90%)     9.23%        687.63        18.94%          13.97%           (33.00%)
  Luis Vincente D'Amato; Marcelo Cavalheiro; Pedro Fukui                             May 10                                                      30 Apr 11                                     Jun 08 - Nov 08

  MOORE EMERGING FX . INC & CRY FUND - CLASS A             31 Mar 09      M         $231 M       1,168.20    23 Jun 11    0.21%      1.40%        1,165.78      7.22%            4.13%            (3.02%)
  Greg Coffey                                                                       Mar 11                                                       31 May 11                                     Oct 09 - Jan 10

  MOORE EMERGING MARKET FUND, LTD - A                      31 Aug 93      Q         $1'481 M     7,713.25    23 Jun 11    0.67%      (6.90%)      7,661.80      12.15%          14.09%           (22.69%)
  Greg Coffey                                                                        Dec 10                                                      31 May 11                                  May 08 - Nov 08

  PHARO TRADING FUND                                       30 Nov 00      M         $446 M       3,742.31    24 Jun 11    3.00%      (7.51%)      3,633.15      13.30%           9.58%           (13.16%)
  Guillaume Fonkenell                                                               May 11                                                       31 May 11                                     Feb 08 - Oct 08




 * Max DD: Peak to trough                                                                                                                                         Source - HSBC Private Bank


                                                                 Past performance is not a guide to future performance Alternative                                                                   29
                                                                                        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. 2011 (1.74%)
                                                                                                                      Ytd Avg. 2011
Diversified / Global                                                                                                     (2.30%)
  BREVAN HOWARD FUND, LTD - USD CLASS A          31 Mar 03      M        $24'724 M     267.52      17 Jun 11   (0.17%)     2.86%        267.98        12.72%           6.95%            (5.17%)
  Alan Howard                                                              Apr 11                                                      31 May 11                                     Feb 08 - Apr 08

  BTG PACTUAL GLOBAL EMERGING MARKETS AND        31 Jan 09      Q         $ 2'200 M    2,056.42    17 Jun 11   (0.70%)      6.51%       2,070.92      35.46%           8.71%            (3.24%)
  MACRO FUND                                                               May 11                                                      31 May 11                                     Apr 10 - May 10
  Simeon Schwartz
  CAPITAL FUND, LTD (THE)                        31 Dec 99      M          $82 M       2,427.22    24 Jun 11    1.43%       1.95%       2,393.00      11.49%          10.71%           (17.38%)
  Kenneth Windheim                                                         Apr 11                                                      31 May 11                                     Jan 09 - Mar 10

  CAXTON GLOBAL INVESTMENT LTD                   31 Jan 97      Y         $5'152 M     710.30      28 Jun 11   (1.48%)     (4.51%)      720.96        14.57%           7.61%            (7.37%)
  Andrew E. Law                                                            Mar 11                                                      31 May 11                                     Jun 07 - Aug 07

  COMAC GLOBAL MACRO FUND                        31 May 06      M         $ 4'740 M    158.11      24 Jun 11    1.01%      (0.45%)      156.53        9.46%            8.57%           (10.20%)
  Colm O’Shea                                                              May 11                                                      31 May 11                                     Apr 10 - Mar 11

  CONQUEST MACRO FUND, LTD (COMP)                30 Apr 99      M          $681 M      3,115.51    29 Jun 11   (1.89%)     (10.74%)     3,175.53      9.79%           18.39%           (25.78%)
  Marc Malek                                                               May 11                                                      31 May 11                                     Jul 09 - Mar 11

  EPISODE INC. CLASS A                           31 Jul 05      Q          $654 M      134.89      24 Jun 11   (2.64%)      0.30%       138.54        5.20%           12.59%           (32.77%)
  David Fishwick / Tony Finding                                            May 11                                                      31 May 11                                     Oct 07 - Feb 09

  FORTRESS MACRO FUND LTD. CLASS A               31 Dec 08      M         $ 2'794 M    1,030.68    24 Jun 11   (2.23%)     (4.03%)      1,054.18      8.35%            6.05%            (5.82%)
  Michael E. Novogratz & Adam Levinson                                     May 11                                                      31 May 11                                     Mar 11 - Jun 11

  GAM GLOBAL RATES HEDGE FUND                    31 Jan 04      M          $353 M      194.09      21 Jun 11   (3.70%)     (4.63%)      201.54        9.39%            7.62%            (6.45%)
  Adrian Owens                                                             Mar 11                                                      31 May 11                                     Mar 11 - Jun 11

  GAMUT INVESTMENTS                              30 Jun 86      M          $418 M      7,723.61    22 Jun 11   (1.34%)     (4.98%)      7,828.34      19.00%          13.70%           (13.45%)
  Andrew E. Law                                                            Sep 10                                                      31 May 11                                     Dec 87 - Apr 88

  GLOBAL TRADING STRATEGIES ( CAYMAN) FUND Cl    31 May 05      M          $468 M      1,760.97    24 Jun 11   (1.80%)     (5.29%)      1,793.25      13.49%          12.50%           (13.80%)
  -A-                                                                      Apr 11                                                      31 May 11                                  Dec 08 - May 10
  Brett Allender, Andrew Peden, Karl Mayer
  HARMONIC ALPHA PLUS MACRO FUND - USD CLASS     30 Apr 03      Q          $851 M      129.34      24 Jun 11   (3.92%)      4.07%       134.62        7.75%           11.22%           (15.20%)
  Richard Conyers                                                          May 11                                                      31 May 11                                     Jun 07 - Aug 07

  INVESTCORP STONEWORKS GLOBAL MACRO FUND        31 Jul 07      M         $ 220 M      115.51      24 Jun 11    2.50%       1.98%       112.69        3.76%            9.64%           (14.97%)
  LTD                                                                     May 11                                                       31 May 11                                     Jul 09 - Mar 11
  Investcorp Investment Advisers Limited
  JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI   30 Apr 07      W         $1'508 M     159.42      21 Jun 11   (1.10%)     (13.29%)     161.19        11.91%          13.60%           (16.25%)
  Philippe Jabre                                                           Mar 11                                                      31 May 11                                     Apr 10 - Jun 11




 * Max DD: Peak to trough                                                                                                                               Source - HSBC Private Bank


                                                       Past performance is not a guide to future performance Alternative                                                                   30
                                                                              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. 2011 (1.74%)
                                                                                                                              Ytd Avg. 2011
Diversified / Global                                                                                                             (2.30%)
  MELLON OFF GLOB OPP FUND LTD -                         30 Nov 05      M         $272 M       1,139.01    31 May 11   (0.42%)     2.00%       1,143.82       2.39%            9.87%           (31.90%)
  MULTICURRENCY - A1                                                              Apr 11                                                       30 Apr 11                                     Jan 07 - Oct 08
  Thomas B. Hazuka & Michael Ho
  MELLON OFF. ALPHAACCESS FUND LTD - MCY A/1             31 Jul 05      M         $403 M       1,103.06    31 May 11   (2.41%)      3.06%      1,130.30       1.69%           18.94%           (59.00%)
  Thomas B. Hazuka & Michael Ho                                                   Feb 11                                                       30 Apr 11                                     Jan 07 - Oct 08

  MKP OPPORTUNITY OFFSHORE, LTD                          31 Jul 01      Q         $1'340 M     249.11      31 May 11    0.36%       2.77%       248.22        9.72%            5.32%            (3.70%)
  Patrick McMahon                                                                  Mar 11                                                      30 Apr 11                                     Dec 09 - Feb 10

  MLM MACRO PEAK PARTNERS OFFSH FD, LTD - B              31 Mar 02      M         $1'183 M     2,278.89    24 Jun 11   (9.22%)     (23.55%)     2,510.35      9.33%           18.56%           (23.55%)
  Timothy Rudderow                                                                 Nov 10                                                      31 May 11                                     Dec 10 - Jun 11

  MOORE GLOBAL INV FD, LTD - A $                         31 Dec 89      Q         $7'600 M    42,774.49    23 Jun 11   (2.35%)     (4.79%)     43,803.18      19.10%          12.23%           (18.45%)
  Louis Bacon                                                                      Sep 10                                                      31 May 11                                     Jan 94 - Feb 95

  MOORE MACRO MANAGERS FUND, LTD CLASS -A-               31 Jul 93      Q         $3'389 M    11,218.74    23 Jun 11   (0.64%)     (1.55%)     11,290.76      14.45%           8.74%           (14.47%)
  Louis Bacon                                                                      Apr 11                                                      31 May 11                                     Jan 94 - Feb 94

  PHARO MACRO FUND LTD                                   30 Apr 05      Q         $3'248 M     2,203.11    24 Jun 11   (0.66%)     (5.00%)      2,217.71      13.70%           9.33%            (9.64%)
  Guillaume Fonkenell                                                              May 11                                                      31 May 11                                     Jun 08 - Nov 08

  PIA MACRO FUND LTD                                     31 May 09      M         $ 215M        98.47      24 Jun 11   (2.97%)     (10.48%)     101.48       (0.75%)           6.15%           (10.48%)
  Chris Pia                                                                       Apr 11                                                       31 May 11                                     Dec 10 - Jun 11

  QFS GLOB MACRO FUND, LTD                               30 Apr 98      M         $132 M       2,956.13    24 Jun 11    2.00%      (0.69%)      2,898.17      8.59%           13.91%           (28.97%)
  Dr. Sanford Grossman                                                            Apr 11                                                       31 May 11                                     Feb 04 - Aug 06

  RUBICON GLOBAL FUND, LTD                               31 Oct 99      M         $414 M       417.77      24 Jun 11    1.32%      (4.27%)      412.33        13.05%          15.00%           (36.03%)
  Paul Brewer                                                                     May 11                                                       31 May 11                                  Dec 04 - May 07

  SWORDFISH FUND LTD                                     31 Jan 03      M          $62 M       1,388.48    31 May 11   (0.46%)      3.41%      1,394.95       4.02%           14.76%           (42.40%)
  James Loh                                                                        Apr 11                                                      30 Apr 11                                     Jun 08 - Feb 09

  TRAXIS FUND LP (OFFSHORE)                              31 May 03      Q         $ 547 M      163.58      31 May 11   (0.70%)      3.73%       164.73        6.34%           12.78%           (40.00%)
  Barton M. Biggs, Madhav Dhar & Cyril Moullé-Berteaux                            Nov 10                                                       30 Apr 11                                     Oct 07 - Feb 09

  TUDOR B.V.I GLOBAL FUND LTD -A-                        31 Oct 86      Q         $7910 M     99,869.50    24 Jun 11   (2.83%)     (3.09%)    102,777.01      20.52%          19.52%           (17.07%)
  Paul Tudor Jones                                                                 May 11                                                     31 May 11                                      Apr 92 - Jul 92

  TWO SIGMA HORIZON CAYMAN LTD                           30 Apr 08      Q         $490 M       1,417.86    31 May 11    0.64%       4.29%      1,408.81       11.98%           8.44%           (10.58%)
  Two Sigma Investments, LLC                                                      Feb 11                                                       30 Apr 11                                     Jun 08 - Nov 08




 * Max DD: Peak to trough                                                                                                                                       Source - HSBC Private Bank


                                                               Past performance is not a guide to future performance Alternative                                                                   31
                                                                                      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. 2011 2.13%
                                                                                                                    Ytd Avg. 2011
Discretionary / Asia                                                                                                    7.05%
  MACQUARIE ASIAN ALPHA FUND                   30 Sep 05      M         $525 M       1,590.67    24 Jun 11   (0.30%)     7.05%        1,595.46      11.56%           6.56%           (14.05%)
  Andrew Alexander & Nick Bird                                          Apr 11                                                       31 May 11                                     Oct 07 - Apr 09
                                                                                                                    Ytd Avg. 2011
Discretionary / Europe                                                                                                 (1.61%)
  TALENTUM ACTIVEDGE FUND LIMITED - A -        30 Jun 02      M          €45 M       161.63      29 Jun 11    0.00%     (2.02%)       161.63        5.48%            4.37%           (11.77%)
  Gianmarco Mondani / Marco Accorroni                                    May 11                                                      31 May 11                                     Jun 08 - Apr 09

  TALENTUM ENHANCED FUND LIMITED - A -         31 Aug 02      M         €174 M       237.94      24 Jun 11    3.32%      (1.20%)      230.30        10.33%           9.00%           (25.03%)
  Gianmarco Mondani / Marco Accorroni                                   May 11                                                       31 May 11                                     Jun 08 - Apr 09
                                                                                                                    Ytd Avg. 2011
Discretionary / Global                                                                                                 (0.19%)
  BLACK DIAMOND RELATIVE VALUE LTD -C-Shs      31 Jul 99      Q         $849 M       294.90      24 Jun 11   (1.87%)    (0.22%)       300.52        9.51%            5.29%            (7.03%)
  Clint Carlson                                                         Mar 11                                                       31 May 11                                     Aug 08 - Oct 08

  MW MARKET NEUTRAL TOPS FUND SHS CLASS A      31 Oct 07      M         $440 M       102.35      28 Jun 11   (0.55%)     4.04%        102.92        0.64%            7.11%           (15.98%)
  USD                                                                   Jun 11                                                       31 May 11                                     Jun 08 - Nov 08
  Anthony Clake.
  TEMUJIN INTERNATIONAL FUND LTD               30 Sep 04     Q/M         $85 M       138.74      31 May 11   (4.90%)     (4.38%)      145.89        5.03%           10.60%           (21.13%)
  Marco Battaglia                                                        Sep 09                                                      30 Apr 11                                     Jul 06 - Feb 09
                                                                                                                    Ytd Avg. 2011
Discretionary / Japan                                                                                                   4.61%
  DB EQUILIBRIA JAPAN FUND                     30 Apr 02      M         $394 M       232.41      24 Jun 11    0.19%      3.21%        231.96        9.65%            4.46%            (5.77%)
  James Pulsford, Sara Gardiner-Hill                                    Mar 11                                                       31 May 11                                  May 08 - Sep 08

  DB EQUILIBRIA JAPAN FUND LTD 2X (USD)        30 Apr 09      M         $449 M       141.00      24 Jun 11    0.38%      6.01%        140.46        17.32%           7.66%            (4.93%)
  James Pulsford, Sara Gardiner-Hill                                    Apr 11                                                       31 May 11                                     Apr 10 - Aug 10
                                                                                                                    Ytd Avg. 2011
Discretionary / UK                                                                                                      4.41%
  ABSOLUTE INSIGHT UK EQUITY MKT NEUTRAL       31 May 08      D         £ 170 M        1.13      30 Jun 11    0.36%      2.30%          1.13        3.67%            1.36%            (0.46%)
  FUND-CLASS B2P GBP                                                    Sep 09                                                       31 May 11                                     Oct 09 - Dec 09
  Andrew Cawker, Iain Brown, Richard Howarth
  CAZENOVE UK ABSOLUTE TARGET FUND - P2 GBP    30 Jun 08     Daily      £ 228 M      104.71      29 Jun 11    1.26%      6.52%        103.41        1.54%            6.57%            (9.96%)
  Tim Russell                                                            Jan 11                                                      31 May 11                                     Sep 09 - Dec 10




 * Max DD: Peak to trough                                                                                                                             Source - HSBC Private Bank


                                                     Past performance is not a guide to future performance Alternative                                                                   32
                                                                            Investment Group
                                                  Inception   Liquidity   Asset Size Last NAV         Date        Mtd       Ytd        Last Month Annual Return        Annual          Max DD*
                                                    Date                             or Index                                                     since Inception     Volatility

Statistical Arbitrage
YTD Avg. 2011 5.03%
                                                                                                                       Ytd Avg. 2011
Statistical Arbitrage / Europe                                                                                             2.32%
  BLACKROCK - EOS CLASS B USD COMPOSITE           28 Feb 02      M         $ 219 M      1,243.02    24 Jun 11   (0.84%)     3.40%        1,253.50      11.00%           9.25%           (14.33%)
  Robert Fisher                                                             Apr 11                                                      31 May 11                                     Jul 07 - Jan 08

  GLC GESTALT EUROPE FUND, LTD A/1                31 Jul 99      M         $106 M       243.44      24 Jun 11   (4.10%)     1.24%        253.85        7.76%            9.09%           (15.18%)
  Laurence Staden & Julian Brooks                                          May 11                                                       31 May 11                                     Oct 09 - Nov 10
                                                                                                                       Ytd Avg. 2011
Statistical Arbitrage / Global                                                                                             5.93%
  32 CAPITAL MASTER FUND SPC, LTD (THE) - A/1     31 Jul 02     Y/M        $341 M       1,515.50    24 Jun 11    2.18%     13.86%        1,483.22      4.78%            7.54%           (25.62%)
  Barclays Global Investors, N.A.                                          May 11                                                       31 May 11                                     Jun 08 - Sep 09

  A.R.T. INTERNATIONAL INVESTOR (BVI) Ltd         28 Feb 07      Q         $683 M       189.90      22 Jun 11    1.58%      4.79%        186.95        16.02%           9.85%           (10.48%)
  Aaron Sosnick                                                            Apr 11                                                       31 May 11                                     Jul 07 - Aug 07

  BLUEMATRIX FUND CLASS -A- USD                   31 Oct 07      M         $473 M       142.02      24 Jun 11   (0.04%)     3.79%        142.07        10.09%           6.52%            (4.63%)
  BlueCrest Capital management LLP                                         Mar 11                                                       31 May 11                                     Jul 08 - Sep 08

  GSA CAPITAL INTERNATIONAL FUND, LTD - CLASS A   28 Feb 05      Q         $801 M       187.33      24 Jun 11   (0.01%)     7.42%        187.35        10.44%           5.04%           (11.91%)
  Jonathan Hiscock                                                         May 11                                                       31 May 11                                     Jun 08 - Sep 08

  HIGHBRIDGE STATISTICAL OPP. LTD – CLASS A       31 Oct 06      M         $1'070 M     1,264.18    15 Jun 11   (0.66%)     4.88%        1,272.61      5.20%           11.19%           (21.48%)
  Evan Dick, Greg Howel                                                     Feb 11                                                      31 May 11                                     Jun 07 - Aug 07

  WINTON OCTO FUND USD CLASS                      31 Mar 07      M         $165 M       214.49      29 Jun 11    0.29%      0.84%        213.87        19.67%          12.62%            (8.12%)
  David Harding                                                            May 11                                                       31 May 11                                     Sep 09 - Jan 10




 * Max DD: Peak to trough                                                                                                                                Source - HSBC Private Bank


                                                        Past performance is not a guide to future performance Alternative                                                                   33
                                                                               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. 2011 0.53%
                                                                                                                         Ytd Avg. 2011
Diversified / Asia                                                                                                          (6.29%)
  BENNELONG ASIA PACIFIC MULTI STRATEGY EQ.         28 Feb 05      M          $ 98 M      111.54      31 May 11   (5.17%)    (7.60%)       117.62        1.76%           12.57%           (32.73%)
  FUND LTD                                                                    May 11                                                      30 Apr 11                                     Mar 08 - Feb 10
  Richard Pegum, Paul Henry
  PMA ASIAN OPPORTUNITIES FUND (Composite)          30 Jun 02      Q          $59 M       1,832.70    27 Jun 11   (0.55%)     (4.98%)      1,842.84      6.96%            5.80%           (13.37%)
  Tytus Michalski, Darryl Flint and Shun Hong Liu                             Aug 08                                                      31 May 11                                  May 08 - Dec 08
                                                                                                                         Ytd Avg. 2011
Diversified / Global                                                                                                         1.77%
  ALLBLUE LIMITED                                   31 Aug 05      M         $6'628 M     182.18      24 Jun 11   (0.57%)     2.14%        183.22        10.86%           5.10%            (4.51%)
  Michael Platt                                                               May 11                                                      31 May 11                                     Jun 07 - Aug 07

  ARROWGRASS INT FUND LTD                           29 Feb 08      Q         €2'163 M     136.80      24 Jun 11   (0.79%)      1.59%       137.89        9.90%            4.36%            (3.79%)
  Nick Niell , Henry Kenner                                                   Dec 10                                                      31 May 11                                     Apr 10 - Jun 10

  BLACK RIVER DYNAMIC STRATEGIES FUND LTD           31 Jul 09      Q         $107 M       102.12      31 May 11   (1.60%)     (1.73%)      103.78        1.15%            4.84%            (5.43%)
  William Schatten                                                           Apr 11                                                       30 Apr 11                                     Apr 10 - May 11

  BRUMMER MULTISTRATEGY 2XL, LTD - C -              30 Apr 09      M         €141 M       1,193.67    15 Jun 11   (3.30%)      1.01%       1,234.41      8.68%            7.54%            (5.56%)
  B&P Asset Management (Bermuda) Ltd.                                        Jun 10                                                       31 May 11                                     Apr 11 - Jun 11

  CQS DIRECTIONAL OPP. FUND. Ltd – 1A NI            31 Jul 05      Q         $1'310 M     3,496.38    31 May 11   (0.44%)      6.07%      3,511.68       23.92%          12.81%           (22.55%)
  Michael Hintze                                                              Mar 11                                                      30 Apr 11                                     Jun 08 - Dec 08

  CQS DIVERSIFIED FUND (SPC) LTD ALPHA CLASS B      28 Feb 07      Q         $378 M       1,493.13    24 Jun 11   (1.34%)      1.33%       1,513.39      9.72%            7.97%           (14.78%)
  USD                                                                        Mar 11                                                       31 May 11                                     Jun 08 - Dec 08
  James Peattie
  GLC DIVERSIFIED FUND LTD -A-                      30 Jun 93      M         $176 M        68.20      24 Jun 11   (2.86%)     (0.36%)       70.20        11.26%          11.44%           (16.28%)
  Lawrence Staden                                                            Mar 11                                                       31 May 11                                     Oct 09 - Nov 10

  HUTCHIN HILL CAPITAL OFFSHORE FUND LTD            30 Jun 08      Q         $1'500 M     1,417.67    15 Jun 11   (0.30%)      0.38%       1,421.94      12.52%           6.36%            (2.92%)
  Neil Chriss                                                                 May 11                                                      31 May 11                                     Feb 09 - Mar 09

  JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI       31 Jan 07      M         $1'349 M     120.47      15 Jun 11   (1.04%)     (11.67%)     121.74        4.35%           18.70%           (40.20%)
  Philippe Jabre                                                              May 11                                                      31 May 11                                     Feb 08 - Jan 09

  PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND       31 Dec 02      Q         $609 M       4,993.25    17 Jun 11    0.14%      12.52%       4,986.27      20.92%           5.20%            (4.42%)
  LTD                                                                        May 11                                                       31 May 11                                     Aug 08 - Oct 08
  Mark Nordlicht
  STRATUS FUND LIMITED CLASS B                      28 Feb 02      M         $ 592 M      1,958.88    24 Jun 11    0.06%       8.22%       1,957.78      10.34%           6.33%            (8.14%)
  Marc Potters                                                               Dec 10                                                       31 May 11                                     Jun 07 - Sep 07




 * Max DD: Peak to trough                                                                                                                                  Source - HSBC Private Bank


                                                          Past performance is not a guide to future performance Alternative                                                                   34
                                                                                 Investment Group
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document before the investment which can be requested free of charge from HSBC Private Bank (Suisse) SA.

Please note hedge funds often engage in leveraging and other speculative investment practices that may increase the risk of investment loss. They can also be
highly illiquid, are not required to provide periodic pricing or valuation information to investors, and may involve complex tax structures and delays in
distributing important information. Alternative investments are often not subject to the same regulatory requirements as, say, mutual funds, and often charge
high fees that may potentially offset trading profits when they occur.

Some products mentioned in this document are not intended for public offering in Switzerland. Consequently, this document can be distributed in/from Switzerland
only to qualified investors according to the Swiss collective investment schemes legislation.

Past performance is not a guide to future performance. The value of any investment or income may go down as well as up and you may not receive back the full
amount invested. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse
effect on the value, price or income of that investment. In the case of investments for which there is no recognised market, it may be difficult for investors
to sell their investments or to obtain reliable information about their value or the extent of the risk to which they are exposed. Investment in any market may
be extremely volatile and subject to sudden fluctuations of varying magnitude due to a wide range of direct and indirect, influences. Such characteristics can
lead to considerable losses being incurred by those exposed to such markets.

Members of the HSBC Group and/or their officers, directors and employees may have positions in any securities mentioned in this document (or any related
investment) and may from time to time add to or dispose of any such securities (or investment). Members of the HSBC Group may act as market maker or have
assumed an underwriting commitment in the securities of companies discussed in this document (or related investments), may sell them to or buy them from
customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies.

HSBC Private Bank is the principal private banking business of the HSBC Group. Private banking may be carried out internationally by different HSBC legal
entities according to local regulatory requirements. Different companies may provide the services listed in this document within HSBC Private Bank or by other
members of the HSBC Group. Some services are not available from certain locations. Some of the HSBC Group offices listed herein may only act as representatives
of HSBC Private Bank, and are therefore not permitted to sell products and services, or offer advice to customers. They serve as points of contact only. Further
details are available on request.

© Copyright. HSBC Private Bank (Suisse) SA 2011 ALL RIGHTS RESERVED
No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying,
recording or otherwise, without the prior written permission of HSBC Private Bank (Suisse) SA. PBRS/00/11/60


                                                            Past performance is not a guide to future performance Alternative                                      35
                                                                                   Investment Group

				
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