Investment Strategy YTD 2010 Return YTD 2009 Return January Gain December Gain Standard Deviation of Returns January %Positive Return January %Negative Return # Funds Reporting January Constituent Strategies All Funds -0.960%    16.489%    -0.960%   1.056%   4.896%       46.755%     53.245%     986       Analytics Single-manager x futures -0.507%    23.708%    -0.507%   1.791%   4.390%       50.140%     49.860%     714       Analytics Single-manager funds -1.046%    20.137%    -1.046%   1.238%   5.185%       46.057%     53.943%     875       Analytics Arbitrage strategies -0.928%    27.702%    -0.928%   1.396%   4.725%       60.000%     40.000%     55       Sub-strategies      Analytics Event-driven strategies 0.345%    26.693%    0.345%   2.319%   2.383%       64.286%     35.714%     42       Sub-strategies      Analytics Fixed income strategies 1.492%    20.866%    1.492%   1.754%   2.858%       84.615%     15.385%     39       Sub-strategies      Analytics Long/short strategies -0.727%    21.886%    -0.727%   2.187%   3.862%       44.118%     55.882%     204       Sub-strategies      Analytics Global macro strategies -0.574%    7.219%    -0.574%   -0.753%   3.741%       50.000%     50.000%     50       Sub-strategies      Analytics Multi-fund strategies -0.357%    9.934%    -0.357%   0.660%   1.633%       50.000%     50.000%     108       Sub-strategies      Analytics Sector strategies -0.652%    33.869%    -0.652%   2.297%   7.680%       54.651%     45.349%     86       Sub-strategies      Analytics Trading strategies -2.271%    0.864%    -2.271%   -1.719%   7.351%       37.963%     62.037%     216       Sub-strategies      Analytics Regional strategies -1.107%    27.133%    -1.107%   2.135%   4.132%       37.017%     62.983%     181       Sub-strategies      Analytics NOTE: Cogent Dynamic Averages are calculated as the aggregate unweighted performance histories of all component alternative investments currently registered in the CogentHedge database based on each entity's identified primary investment strategy. The charts, tables, performance and other information ("Information") shown are provided to you for your informational purposes only and are not intended to be and do not constitute investment or tax advice nor an opinion or recommendation regarding the appropriateness of any investment. The Information is not intended to be and should not be relied or acted upon without consulting with and obtaining specific advice from your financial or tax advisor. The Information is based on data provided by the advisors to the Funds. CogentHedge (as defined in the Terms of Use) has not independently verified this data and does not represent it as accurate, timely or complete, nor does CogentHedge make any express or implied warranties regarding the Information. CogentHedge shall not be liable for any losses, costs, expenses or damages relating to the adequacy, accuracy, completeness, timeliness or validity of the Information or relating to any investment decision made based upon the Information. Performance is net of fees, unless otherwise indicated. Past performance is no guarantee of future returns, particularly with respect to short-term performance. No representation is made that any investor in a Fund will or is likely to achieve results comparable to those shown or will make any profit at all or will be able to avoid incurring substantial losses. Net asset value and return on an actual investment will fluctuate, and an investor may have a gain or loss upon disposition of his or her investment. The Information does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in any Fund. No such offer or solicitation may be made prior to the delivery of a Fund's confidential offering materials.