EFTA00619963.pdf

_. • t: °r"--4;3" - 4-$7:14tdethr . .• Hedge Weekly N°23 Investment Funds Performance Review HSBC Alternative Investment Group Week of Monday 02 Jun to Friday 06 Jun 2014 HSBC ID Alternative Investment Products are: NOT A DEPOSIT OR NOT FDIC INSURED NOT INSURED BY NOT GUARANTEED SUBJECT TO OTHER OBLIGATION ANY FEDERAL BY THE BANK OR ANY INVESTMENT RISK. OF THE BANK OR GOVERNMENT OF IRS AFFILIATES INCLUDING POSSIBLE ANY OF ITS AGENCY OF THE LOSS OF PRINCIPAL AFFILIATES UNITED STATES INVESTED EFTA00619963 Contents Index by Strategies 3 Index by Funds 4 Top/Bottom 20 9 Newsletter 12 About This Document 54 Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 2 EFTA00619964 Index by Strategies Convertible Arbitrage Commodity Commodity-Systematic 37 37 Convertible 12 Currency 37 Credit Long/Short Diversified 38 Fixed Income 41 Credit 13 Systematic 41 Distressed Managed Futures Distressed Security 18 Commodity 42 Equity Long/Short Currency 42 Equity-Commodity 20 Fixed Income 42 Equity-Diversified 21 Systematic 44 Equity-Energy Equity-Financial 27 28 Market Neutral Discretionary 45 Equity-Healthcare 28 Equity-Mid-Small Cap 28 Equity Diversified 46 Equity-Pharma-Biotech 29 Multi-Strategy 46 Equity-Real Estate 30 Statistical Arbitrage 47 Equity-Technology 30 Systematic 47 Equity-Utility 30 Merger Arbitrage Event Driven Merger-Arbitrage 48 Equity-Diversified 31 Multi-Strategy Multi-Strategy 31 Credit 49 Fixed Income Arbitrage Diversified 49 Fixed Income 33 Volatility Arbitrage Fund of Funds Arbitrage 53 Arbitrage 34 Event Driven 34 Long/Short 34 Macro 34 Multi-Strategy 35 Trading 35 Long Only Equity-Diversified 36 Macro Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group so.ree I ISBC 3 EFTA00619965 Index by Funds ALYSHEBA FUND LIMITED 26 BLACKROCK MULTI-STRATEGY FUND 50 BTG PACTUAL GLOBAL EM. MKTS AN 39 4 AMAZON MARKET NEUTRAL FUND CLA 45 BLACKROCK 32 CAPITAL MASTER FU 47 BTG PACTUAL GLOBAL EQUITY OPPO 50 ANAVON MASTER FUND LTD CLASS - 23 BLACKROCK CAPITAL STRUCTURE IN 50 400 CAPITAL CREDIT OPPORTUNITI 16 ANDURAND COMMODITIES FUND 37 BLACKROCK EUROPEAN DIVERSIFIED 46 Ci A ANTARES EUROPEAN FUND. LTD - U 22 BLACKROCK FIXED INCOME GLOBAL 33 CAIRN CREDIT FOCUS FUND LTD 13 AOUILUS INFLECTION FUND LTD E 22 BLACKROCK OBSIDIAN FUND 33 CAIRN SPECIAL OPPORTUNITIES CR 13 A.R.T. INTERNATIONAL INVESTOR 47 ARCUS JAPAN FUND -JPY- 25 BLACKROCK UK EQUITY HEDGE FUND 26 CAMPBELL GLOBAL ASSETS FUND LT 42 ABSOLUTE INSIGHT CREDIT FUND B 13 ARISTEIA INTERNATIONAL LTD 14 BLUEBAY CREDIT ALPHA LONG SHOR 14 CAMPBELL GLOBAL ASSETS FUND LT 43 ABSOLUTE INSIGHT EMERGING MARK 13 ARMAJARO COMMODITIES FUND CLAS 37 BLUEBAY EMERGING MARKET FIXED 13 ABSOLUTE INSIGHT UK EQUITY MKT 45 ARMAJARO EMERGING MARKETS FUND 21 BLUECREST CAPL INTL LTD A USD 50 CAMPBELL GLOBAL ASSETS FUND LT 47 CANDLE WOOD SPECIAL SITUATIONS 18 ACUITY CORPORATE OPPORTUNITY F 17 ARMAJARO STS COMMODITIES FUND 37 BLUECREST EMERGING MARKETS FUN 38 CANDLE WOOD STRUCTURED CREDIT F 15 ADELPHI EMERGING EUROPE. FUND 21 ARROWGRASS MASTER FUND 49 BLUECREST MULTI STRATEGY CREDI 14 CANDLE WOOD STRUCTURED CREDIT H 15 ADELPHI EUR. FUNDS (A) 22 ASCEND PARTNERS FUND II LTD - 26 BLUEMATRIX FUND CLASS -A- USD 47 CANOSA GLOBAL MACRO FUND LTD 39 ADRIGO HEDGE 22 ASGARD FIXED INCOME FUND LTD 14 BLUEMOUNTAIN CREDIT ALTERNATIV 14 CANTAB CAPITAL PARTNERS QUANTI 43 AG MORTGAGE VALUE PARTNERS LTD 14 ASPECT DIVERSIFIED FUND - CLAS 42 BLUEMOUNTAIN EQUITY ALTERNATIV 53 CANYON BALANCED FUND LTD CLA 49 AG SUPER FUND INTERNATIONAL. L 31 ATLAS ENHANCED FUND LTD 49 BLUEMOUNTAIN LONG SHORT CREDIT 14 CANYON VALUE REALIZATION FD. L 18 AHL (cayman) SPC EVOLUTION USD 42 ATLAS FUNDAMENTAL TRADING FUND 24 BLUETREND FUND. LTD -CLASS A 42 CAPEVIEW AZRI 2X FUND 22 AHL ALPHA 42 ATLAS GLOBAL INVESTMENTS LTD U 49 BNY MELLON ARX BRAZIL FUND SPC 21 CAPEVIEW AZRI FUND 22 AHL DIMENSION USD SHARES CLASS 49 AXONIC CREDIT OPPORTUNITIES OV 14 BORONIA DIVERSIFIED FUND MASTE 42 CAPEVIEW RECOVERY FUND 13 AHL DIVERSIFIED 42 AXONIC SYSTEMATIC ARBITRAGE OV 33 BOUSSARD & GAVAUDAN HOLDING LT 50 CAPITAL FOUR CREDIT OPPORTUNIT 13 AJIA-LIGHTHORSE CHINA GROWTH F 20 BREVAN HOWARD ASIA FUND LIMITE 38 AJR INTERNATIONAL (BVI). INC. 26 B BREVAN HOWARD COMMODITIES STRA 37 CAPITAL FUND. LTD (THE) 39 CAPULA GLOBAL RELATIVE VALUE F 33 AKAMATSU FUND 25 BREVAN HOWARD CREDIT CATALYSTS 15 BAF LATAM TRADE FINANCE FUND 13 CASSIOPEIA FUND CLASS C 53 ALLBLUE LIMITED 49 BREVAN HOWARD CREDIT VALUE FU 15 BASSO INVESTORS LTD 12 CASTLEROCK FUND LTD 26 ALLIANCE BERNSTEIN SELECT US E 26 BREVAN HOWARD FUND. LTD-USD 39 BAY POND INVESTORS (BERMUDA). 27 CAXTON GLOBAL INVESTMENT LTD 39 ALPHA4X CAPITAL GROWTH FUND 38 BREVAN HOWARD INVEST. FUND E 41 BAY RESOURCES PARTNERS OFFSHOR 26 CC ASIA ABSOLUTE RETURN FUND 20 ALPHADYNE INVESTMENT STRATEGIE 38 BREVAN HOWARD MIS FUND. LTD - 50 BCM WESTON LP (BILLINGS CAPITA 26 CCI HEALTHCARE PARTNERS LTD 28 ALPHAGEN HOKUTO FUND LTD - CIA 25 BRIGADE LEVERAGED CAPITAL STRU 17 BEACH POINT TOTAL RETURN OFFSH 17 CERBERUS INTL. LTD CLASS A A/ 18 ALPHAGEN JAPAN ABS RETURN FD. 25 BROOKFIELD GLOBAL LISTED INFRA 24 BEACONLIGHT OFFSHORE FUND LTD 24 CHENAVARI CORPORATE CREDIT STR 15 ALPHAGEN OCTANIS CLASS A 26 BROOKFIELD GLOBAL REITS LONG S 30 BLACK DIAMOND RELATIVE VALUE L 45 CHENAVARI MULTI STRATEGY CREDI 49 ALPHAGEN VOLANTIS FUND. LTD - 29 BLACK DIAMOND. LTD - CLASS B 50 BRUMMER MULTISTRATEGY 2XL. LTD 50 CHENAVARI REGULATORY CAPITAL S 13 ALYDAR FUND LTD 26 BLACKROCK EOS CLASS B USD COM 47 BRYN MAWR OFFSHORE LTD 47 CHENAVARI TORO CAPITAL I A 14 Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 4 EFTA00619966 Index by Funds CHILTON CHINA OPPORTUNITIES FU COBALT OFFSHORE LTD COHERENCE CAPITAL SPECTRUM FUN 20 26 15 DUET GLOBAL FUND PLUS DYMON ASIA MACRO FUND (SERIES 24 37 G H COMAC GLOBAL MACRO FUND 39 E GABELLI ASSOCIATES LIMITED - C 48 HABROK LTD 24 GAM DIVERSITY I INC - US$ CLAS 35 HALCYON OFF. ASSET-BACKED VALU 19 COMMONWEALTH OPPORTUNITY CAYMA 39 EAGLE GLOBAL FUND 43 GAM DIVERSITY II INC - US$ CLA 35 HALCYON PARTNERS OFFSHORE FUND 50 CONQUEST MACRO FUND. LTD (COMP 43 EAGLE QUANTITATIVE MACRO FUND 41 GAM GLOBAL RATES HEDGE FUND 39 HARBOUR HOLDINGS LTD 29 CONTRARIAN CAPITAL FUND I OFFS 18 ECLECTICA FUND (THE) CLASS A E 39 GAM TALENTUM ENHANCED EUROPE L 46 HARMONIC ALPHA PLUS MACRO FUN 40 CONTRARIAN EMERGING MARKETS OF 13 EDGESTREAM NIAS FUND 43 GAM TRADING II USD 35 HARNESS MACRO CURRENCY FUND 37 COOPER CREEK PARTNERS LLC 29 EIFFEL CREDIT OPPORTUNITIES FU 14 GAMUT INVESTMENTS 39 HARVEY SMIDCAP OFFSHORE FUND L 29 COS ABS FEEDER FUND CLASS -B 15 ELEMENT CAPITAL FUND 39 GAVEA FUND LTD . CLASS A Si1 38 HIGHBRIDGE CAPITAL CORPORATION 50 COS ASIA FEEDER FUND LTD- CLAS 12 ELLINGTON CREDIT OPPORTUNITIES 15 GEMS PROGR. FUND SICAV RECOVER 34 HORSEMAN GLOBAL FUND USD 24 COS CONV 8 WANT STRATS FEED F 12 ELLINGTON MORTGAGE OPPORTUNITI 15 GLADE BROOK GLOBAL OFFSHORE FU 24 HSBC ASIAN ADVANTEDGE FUND 34 COS CREDIT LONG SHORT FEEDER F 15 ELM RIDGE CAPITAL PARTNERS L.P 26 GLENVIEW CAPITAL PARTNERS (CAY 26 HSBC CREDIT MARKET OPPORTUNITI 34 COS DIRECTIONAL OPP. FEEDER FU 50 EMINENCE FUND LTD A INITIAL S 26 GLG CROSS ASSET VALUE OFFSHORE 14 HSBC GH FUND USD 35 COS DIVERSIFIED FUND (SPC) LTD 50 ENNISMORE EUROPEAN SMALLER COM 28 GLG EUROPEAN EQUITY ALTERNATIV 46 HSBC HEDGE INVESTMENTS FUND 35 CRABEL FUND SPC LTD CLASS A 43 EPISODE INC. CLASS A 39 GLG EUROPEAN LONG SHORT FUND C 22 HSBC LEVERAGED GH FUND 35 CUMULUS ENERGY FUND CLASS A US 42 EQUILIBRIA JAPAN FUND LTD IX U 45 GLG MARKET NEUTRAL FUND - CLAS 50 HSBC MAA FUND USD 34 CYGNUS UTILITIES. INFRASTRUCTU 30 EQUILIBRIA JAPAN FUND LTD 2X 45 GOLDEN CHINA FUND NR CLASS 20 HSBC NEXT GENERATION FUND NNI 35 D EXANE ARCHIMEDES FUND CLASS A 30 GRAHAM ABSOLUTE RETURN TRADING 39 HSBC SPECIAL OPPORTUNITIES FUN 34 EXANE MICROMEGAS FUND LTD- CLA 45 GRAHAM GIF II PROPRIETARY MATR 43 HSBC TRADING ADVANTEDGE FUND 35 DAVIDSON KEMPNER DIST. OPP. IN 18 EXANE TEMPLIERS FUND 24 GRAHAM GLOBAL INVESTMENT FUND 39 HSBC UCITS ADVANTEDGE FUND -US 35 DAVIDSON KEMPNER INTL. LTD C 31 GRAHAM GLOBAL INVESTMENT FUND 43 HT ASIAN CATALYST FUND LLC 20 DB PLATINUM IV DBX SYSTEMATIC 43 F GRAHAM GLOBAL INVESTMENT FUND 43 HUDSON BAY INTERNATIONAL FUND 46 DB PLATINUM V HERMES A.R. COMM 37 GRAHAM GLOBAL INVESTMENT FUND 43 HUTCHIN HILL DIVERSIFIED ALPHA 51 FARRINGDON ALPHA ONE 24 DB SELECT EUROFIN ACCURATE FX 42 GRAHAM GLOBAL INVESTMENT FUND- 40 FINISTERRE SOVEREIGN DEBT FUND 13 DIAMOND CAPITAL MANAGEMENT 35 GREEN FUND LLC GREEN CLASS 38 FIREBIRD NEW RUSSIA FUND. LTD 21 DISCOVERY GLOBAL MACRO FUND LT 39 GREEN T G2 FUND 15 FIREBIRD REPUBLICS FUND. LTD 21 III FUND LTD 33 DISCOVERY GLOBAL OPPORTUNITY F 39 GREENLIGHT CAPITAL OFFSHORE. L 29 FOC PARTNERS CAPITAL I FUND 15 III RELATIVE VALUE CREDIT STRA 33 DISCUS FEEDER LTD CL. B USD ST 43 GROWTH MANAGEMENT LTD 21 FORT GLOBAL DIVERSIFIED 43 III SELECT CREDIT FUND LTD CLA 15 DORSET ENERGY FUND. LTD CLAS 27 GRT TOPAZ OFFSHORE PARTNERS. L 29 FORTRESS ASIA MACRO FUND 38 INVICTA OFFSHORE FUND LTD 27 DOUBLE BLACK DIAMOND LTD - SER 50 GSA CAPITAL INTERNATIONAL FUND 47 FORTRESS MACRO FUND LTD. CLAS 39 IP ALL SEASONS ASIAN CREDIT HE 13 DROMEUS GLOBAL OPPORTUNITIES F 31 Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 5 SC.I"Ce HSBC EFTA00619967 Index by Funds ISAM SYSTEMATIC FUND CLASS A 43 LAZARD GLOBAL HEXAGON FUND 24 MARSHALL WACE MW GLOBAL FINA 28 MOORE MACRO MANAGERS FUND. LTD 40 IVORY CAPITAL FLAGSHIP STRATEG 27 LAZARD RATHMORE FUND - CLASS A 12 MARSHALL WACE MW GLOBAL OPPO 24 MS ASCEND UCITS FUND CLASS I E 25 IVORY OPTIMAL FUND LTD 27 LC CAPITAL OFFSHORE FUND. LTD 18 MARSHALL WACE MW MARKET NEUT 45 MUDRICK DISTRESSED OPPORTUNITY 18 LC EQUITY FUND LTD 22 MARTIN CURRIE ARF JAPAN FUND 25 J LIM ASIA MULTI-STRATEGY FUND C 46 MARTIN CURRIE EUROPEAN HEDGE F 22 N LIM JAPAN FUND 52 MASTERS FUND LTD MAGNOLIA SERI 34 JABCAP EMEA FUND CLASS X1 21 NEVSKY FUND PLC (COMPOSITE) 25 LINDEN INTERNATIONAL LTD si MAVERICK FUND. LTD CLASS Art 24 JABCAP GLOBAL BALANCED FUND LT 51 NEZU CYCLICALS FUND LTD 20 LION FUND. LTD (THE) 48 MBAM ACTIVE ENHANCED 22 JABCAP GLOBAL CONVERTIBLE FUND 12 NORDIC ALPHA CLASS B - NOK 23 LIONSCREST TAILPRO -US EQUITY 53 MBAM ACTIVE LONG SHORT 45 JABCAP MULTI STRATEGY FUND LTD 51 JENOP GLOBAL HEALTHCARE FUND L 28 LMR FUND LTD 51 MELLON OFF GLOB OPP FUND LTD - 40 O JPMORGAN PORT. STRAT. FUNDS-EU 22 LNG EUROPA CREDIT FUND 14 MELLON OFF. ALPHAACCESS FUND L 40 LONDON DIVERSIFIED FUND. LTD - 33 MERCHANT COMMODITY FUND (THE) 37 OBSERVATORY CREDIT MARKETS FUN 14 K LOOMIS SAYLES CREDIT LONG SHOP 1S MIDOCEAN ABSOLUTE RETURN CREDI 17 OCCO EASTERN EUROPEAN FUND A S 21 LUCERNE CAPITAL OFFSHORE FUND 22 MIDOCEAN CREDIT OPPORTUNITY FU 17 OCEANIC HEDGE FUND - CLASS A 20 KALTCHUGA FUND - RUSSIA EO. SU 21 LUCIDUS CAPITAL G4 FUND 1S MILLENNIUM INTL LTD 51 OCP DEBT OPPORTUNITY INTERNATI 17 KAMUNTING STREET OFFSHORE FUND 33 LYNX (BERMUDA) LTD 43 MKP CREDIT OFFSHORE FUND 16 OCTAGON HIGH INCOME FUND 17 KEYNES LEVERAGED QUANTITATIVE 43 LYNX BERMUDA 1.5 LTD 44 MKP OPPORTUNITY OFFSHORE. LTD 40 OCTAGON PAN ASIA FUND 20 KG INVESTMENT FUND LLC 31 MLIS BEACH POINT DIVERSIFIED 16 ODEY EUROPEAN. INC (EUR) 23 KIMA PAN ASIA OFFSHORE FUND - 20 M MLIS CCI HEALTHCARE LONG SHO 28 OMEGA OVERSEAS PARTNERS. LTD 27 KINETICS FUND. INC A/A 27 MLIS GRAHAM CAPITAL SYSTEMAT 44 OMNI MACRO FUND I LIMITED 40 M. KINGDON OFFSHORE NV A/1 24 KING STREET CAPITAL. LTD 18 MLIS MARSHALL W. TOPS UCITS 45 ONE WILLIAM STREET CAPITAL FUN 17 KING STREET EUROPE LTD CLASS A 18 MACQUARIE ASIAN ALPHA FUND 46 MLIS OZ EUROPE UCITS FUND CL 31 ONSLOW MACRO FUND CLASS A 40 MACQUARIE CREDIT NEXUS FUND LT 16 KINGDON CREDIT LTD A1/1 15 MLIS THEOREMA EUROPEAN EQUIT 22 ORTUS FUND (CAYMAN) LTD 42 MADISON STREET FUND L.P. 27 KINSALE COMPASS FUND 24 MLIS YORK EVEN DRIVEN UCITS 31 OWL CREEK OVERSEAS FUND. LTD 32 MADRAGUE EQUITY LONG SHORT 22 KL Special Opportunities FUND 31 MLM MACRO PEAK PARTNERS OFFSH 40 OWS CREDIT OPPORTUNITY FUND 18 MAN GLG MULTI-STRATEGY FUND CL 51 KLS DIVERSIFIED FUND LTD 33 MOJNA ALPHA LEVERAGED MASTER F 23 OYSTER CREDIT OPPORTUNITIES FU 14 MAN GLG MULTI-STRATEGY UCITS C 51 KROM RIVER COMMODITY FUND 37 MOJNA ALPHA MASTER FUND - EUR 23 OYSTER MARKET NEUTRAL EUR 45 MARATHON VERTEX JAPAN FD. LTD 25 MONARCH DEBT RECOVERY FUND LTD 18 L MARCATO INTERNATIONAL LTD 31 MONEDA ABSOLUTE RETURN LTD SUB 31 p MARINUS OPPORTUNITIES FUND (PR 17 LANSDOWNE DEVELOPED MARKET FUN 24 MARSHALL WACE MW CORE A USD 22 MONEDA LATIN AMERICAN CORPORAT 13 PALOMA INTERNATIONAL LTD CLASS 51 MONTLAKE SKYLINE UCITS FUND IN 21 LANSDOWNE EUROPEAN EQUITY FD. 22 MARSHALL WACE MW EUREKA Al E 24 PALOMINO FUND LTD CLASS B ORIG 16 LANSDOWNE GLOBAL FINANCIALS FU 28 MARSHALL WACE MW EUROPEAN TO 22 MOORE GLOBAL INV FD. LTD A 40 PAMPLONA CREDIT OPPORTUNITIES 14 Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 6 Sexce I ISBC, EFTA00619968 Index by Funds PAN ASIA OPPORTUNITIES FUND LT 4s PLATINUM PARTNERS VALUE ARBITR 51 SALAR CONVERTIBLE ABSOLUTE RET 12 THE CAMBRIDGE STRATEGY APOLL 38 PASSPORT GLOBAL STRATEGY FUND 25 POLAR CAPITAL EUROP CONVICTION 23 SCHRODER CAZENOVE UK ABSOLUTE 45 THE CAMBRIDGE STRATEGY ASIAN 37 PASSPORT LONG SHORT STRATEGY F 25 POLAR CAPITAL EUROPEAN FORAGER 28 SCHRODER ISF EMERGING MARKET D 13 THE CAMBRIDGE STRATEGY EMERG 38 PASSPORT SPECIAL OPPORTUNITIES 25 POLLUX BRAZILIAN EQUITIES FUND 21 SEGANTII ASIA-PACIFIC EQUITY M 49 THE CAMBRIDGE STRATEGY- EXTEN 38 PAULSON ADVANTAGE LTD -A- 32 PORTLAND HILL OVERSEAS FUND LT 31 SELIGMAN TECH SPECTRUM FUND CL 30 THEOREMA EUROPE FUND PLUS LTD 23 PAULSON ADVANTAGE PLUS LTD 32 PROLOGUE FEEDER FUND. LTD. CLA 33 SEMINOLE OFFSHORE FUND 27 THREE BRIDGES EUROPE MASTER FU 23 PAULSON CREDIT OPPORTUNITIES L 18 PROSIRIS GLOBAL OPPORTUNITIES 16 SENVEST PARTNERS. LTD CLASS 29 TIG ARBITRAGE ENHANCED FUND 48 PAULSON ENHANCED LTD 48 SFP VALUE REALIZATION FUND 25 TIG SECURITIZED ASSET FUND LTD 16 PAULSON INTERNATIONAL. LTD 48 SIERRA EUROPE OFFSHORE. LTD - 23 TILDEN PARK OFFSHORE INVESTMEN 17 PAULSON RECOVERY FUND LTD 32 SILVER POINT CAPITAL OFFSHORE 18 TONGA PARTNERS LP 29 OVT OFFSHORE LTD CLASS 1-NR 51 PEGASUS FUND LIMITED SHARES A- 26 SILVERBACK ARBITRAGE FUND 12 TOSCA CLASS A USD 28 PELAGUS CAPITAL FUND 33 R SINFONIETTA FUND 38 TRADELINK INTEGRATED PROGRAM L 44 PELHAM LONGISHORT FUND LTD CIA 23 SOLAISE SYSTEMATIC FUND LTD 44 TRAXIS SIVIK GLOBAL HEALTHCARE 29 PENSATO EUROPA FUND LTD EURO C 23 FLAB SPECIAL SITUATION FD LTD 28 SOLUS SOLA LTD CL. I 32 TREND MACRO OFFSHORE LTD 40 PERCEPTIVE LIFE SCIENCES OFFSH 29 RAVEN ROCK CREDIT OFFSHORE FUN 17 SOMERSET SPECIAL OPPORTUNITIES 32 TRIAN PARTNERS LTD 32 PERRY PARTNERS INTERNATIONAL I 32 RBR EUROPEAN LONG SHORT LTD (E 23 SPF CREDIT SUISSE SECURITIZED 16 TRICADIA CREDIT STRATEGIES. LT 16 PERSHING SQUARE INTL.LTD 32 REAL RETURN ASIAN FUND LTD (TH 20 SPINNAKER GLOB OPP FUND. LTD C 38 TRISHIELD SPECIAL SITUATIONS F 32 PHALANX JAPAN AUSTRALASIA MULT 49 REDWOOD OFFSHORE FUND 19 SPINNAKER GLOBAL EMERGING MARK 49 TRISTAN PARTNERS LP 29 PHARO MACRO FUND LTD 40 RENAISSANCE INSTITUTIONAL DIVE 51 SR GLOBAL FUND C - INTERNATION 25 TT INTERNATIONAL FUND 40 PHARO TRADING FUND 38 RENAISSANCE INSTITUTIONAL EOUI 27 SR GLOBAL FUND H- JAPAN (Real 25 TT MID-CAP EUROPE LONG/SHORT F 23 PIMCO ABSOLUTE RETURN STRATEGY 33 RENAISSANCE INSTITUTIONAL FUTU 44 SR GLOBAL FUND INC G - GLOBA 21 TUDOR B.V.I GLOBAL FUND LTD -A 40 PIMCO GLOBAL CREDIT OPPORTUNIT 16 RESIDENTIAL REAL ESTATE TOTAL 16 SR PHOENICIA INC CLASS -A- SER 21 TUDOR B.V.I GLOBAL FUND LTD -A 40 PIMCO MULTI-ASSET VOLATILITY F 53 ROSEMONT OFFSHORE FUND LTD CLA 47 STANDARD PACIFIC CAPITAL -B- 25 TUDOR DISCRETIONARY MACRO FUND 41 PINE RIVER ASIA FUND 12 RUBICON GLOBAL FUND. LTD 40 STK CAPITAL GLOBAL EQUITIES 25 TULIP TREND FUND. LTD - A 44 PINE RIVER CONVERTIBLES FUND 12 RUSSIAN PROSPERITY FUND - A 36 STONE LION FUND LTD CLASS A 18 TWO SIGMA ABSOLUTE RETURN FUND 46 PINE RIVER CREDIT RELATIVE VAL 16 RWC SAMSARA FUND CLASS A EURO 23 STRATEGIC VALUE RESTRUCTURING 18 TWO SIGMA COMPASS CAYMAN FUND 44 PINE RIVER FIXED INCOME FUND L 16 RWC US ABSOLUTE ALPHA FUND C 27 STRATUS FUND LIMITED CLASS B 51 TWO SIGMA HORIZON CAYMAN LTD 51 PINE RIVER FUND CLASS -B1- SHA 51 SUSA EUROPEAN EQUITIES FUND CL 23 TYRUS CAPITAL EVENT FUND LTD 32 PINE RIVER LIQUID MORTGAGE FUN 33 S TYRUS CAPITAL OPPORTUNITIES FU 32 PINPOINT CHINA FUND CLASS A US PINPOINT MULTI-STRATEGY FUND 20 40 T U SAB OVERSEAS FUND LTD SABA CAPITAL OFFSHORE FUND LTD 27 18 TELLIGENT GREATER CHINA FUND 20 PLATINUM FUND LTD 25 SAGIL LATIN AMERICAN OPPORTUNI 21 TEWKSBURY INVESTMENT FUND. LTD 44 UMJ KOTOSHIRO FUND 26 Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 7 EFTA00619969 Index by Funds V VAN ECK HARD ASSETS 2X FUND LT 20 VARDEN PACIFIC OPPORTUNITY OFF 16 VISIUM BALANCED OFFSHORE FUND 29 VISIUM GLOBAL OFFSHORE FUND LT 51 VISIUM INSTITUTIONAL PARTNERS 28 VR GLOBAL OFFSHORE FUND LTD 19 w WATERSTONE MARKET NEUTRAL OFFS 12 WEISS MULTI-STRATEGY PARTNERS 52 WF ASIA FUND LTD 5/1 20 WHITEBOX MULTI-STRATEGY FUND 32 WINTON EVOLUTION FUND (THE) 44 WINTON FUTURES FUND CLASS B 44 WYETREE EUROPEAN RECOVERY FUND 14 WYETREE YIELD DISTRIBUTION FUN 17 YORK ASIAN OPPORTUNITIES UNITS 31 YORK INVESTMENT LTD -CLASS A-U 32 z ZADIG FUND CLASS Al 23 ZEAL CHINA FUND LIMITED 21 ZWEIG-DIMENNA INTL LIMITED - C 27 Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group Source 14560 8 EFTA00619970 Top & Bottom 20 Funds of 2014 Top Investment Funds PERSHING SQUARE INTL.LTD 22.67 31 May 14 MELLON OFF. ALPHAACCESS FUND LTD MCY A/ 23.78 30 Apr 14 PHARO TRADING FUND 17.98 23 May 14 RUBICON GLOBAL FUND. LTD -19.13 31 May 14 CUMULUS ENERGY FUND CLASS A USD 16.28 31 May 14 EAGLE GLOBAL FUND -18.05 30 May 14 CHENAVARI TORO CAPITAL I A 15.90 30 May 14 SR GLOBAL FUND C INTERNATIONAL (Real Pert) -17.45 31 May 14 TYRUS CAPITAL OPPORTUNITIES FUND LTD 15.79 31 May 14 CC ASIA ABSOLUTE RETURN FUND -15.94 30 Apr 14 TRISHIELD SPECIAL SITUATIONS FUND LLC 15.32 30 Apr 14 SR GLOBAL FUND H JAPAN (Real Pert) -15.79 31 May 14 TYRUS CAPITAL EVENT FUND LTD 15.09 31 May 14 DISCOVERY GLOBAL MACRO FUND LTD CLASS -A- -14.08 30 May 14 SERIES 1 BROOKFIELD GLOBAL REITS LONG SHORT STRATEGY 14.63 31 May 14 ODEY EUROPEAN. INC (EUR) -13.92 14 May 14 MUDRICK DISTRESSED OPPORTUNITY FUND LTD 13.58 31 May 14 MERCHANT COMMODITY FUND (THE) - COMPOSITE 13.04 31 May 14 MELLON OFF GLOB OPP FUND LTD - MULTICURRENCY - Al -12.16 30 Apr 14 DORSET ENERGY FUND. LTD CLASS A 12.65 31 May 14 SINFONIETTA FUND -10.73 31 May 14 TWO SIGMA COMPASS CAYMAN FUND 12.63 31 May 14 DISCOVERY GLOBAL OPPORTUNITY FUND. LTD -10.46 30 May 14 LINDEN INTERNATIONAL LTD 12.42 31 May 14 ZWEIG-DIMENNA INTL LIMITED CLASS A -9.80 30 Apr 14 PASSPORT SPECIAL OPPORTUNITIES FUND LTD CLASS 11.62 31 May 14 PEGASUS FUND LIMITED SHARES A-1 -9.42 30 May 14 AA ATLAS FUNDAMENTAL TRADING FUND LTD- CLASS A 11.37 30 Apr 14 ZEAL CHINA FUND LIMITED -9.39 30 May 14 NNI EAGLE QUANTITATIVE MACRO FUND LTD -9.14 31 May 14 SOLUS SOLA LTD CL. I 11.32 31 May 14 LANSDOWNE GLOBAL FINANCIALS FUND LTD. -N-USD -9.11 31 May 14 RAB SPECIAL SITUATION FD LTD 11.27 30 Apr 14 CHILTON CHINA OPPORTUNITIES FUND LTD -9.10 30 Apr 14 RBR EUROPEAN LONG SHORT LTD (Ex Rhine Alpha Stars) 10.75 31 May 14 INVICTA OFFSHORE FUND LTD -8.80 30 Apr 14 AHL (cayman) SPC EVOLUTION USD 10.61 31 May 14 MARTIN CURRIE ARF - JAPAN FUND -8.51 26 May 14 AMAZON MARKET NEUTRAL FUND CLASS A USD 10.23 30 May 14 AJIA-LIGHTHORSE CHINA GROWTH FUND LTD -7.75 31 May 14 Return Date Bottom Investment Funds Return Date This ranking is for information only and should not be considered as exhaustive. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group 9 EFTA00619971 Top & Bottom 20 Funds of 2013 Top Investment Funds SFP VALUE REALIZATION FUND 82.12 31 Dec 13 RAB SPECIAL SITUATION FD LTD -32.86 31 Dec 13 SENVEST PARTNERS. LTD - CLASS A 79.51 31 Dec 13 CANTAB CAPITAL PARTNERS QUANTITATIVE FUND -27.65 31 Dec 13 (THE) - USD ARISTARCHUS PEGASUS FUND LIMITED SHARES A-1 63.74 31 Dec 13 PAULSON RECOVERY FUND LTD 63.18 31 Dec 13 WATERSTONE MARKET NEUTRAL OFFSHORE FUND. LTD -19.27 31 Dec 13 SR GLOBAL FUND H JAPAN (Real Pert) 62.51 31 Dec 13 ORTUS FUND (CAYMAN) LTD -17.32 31 Dec 13 BCM WESTON LP (BILLINGS CAPITAL MANAGEMENT) 50.32 31 Dec 13 EAGLE GLOBAL FUND -15.88 31 Dec 13 OWL CREEK OVERSEAS FUND. LTD 48.63 31 Dec 13 BLUETREND FUND. LTD CLASS A -11.50 31 Dec 13 JABCAP GLOBAL BALANCED FUND LTD CLASS D/1 NI 47.80 31 Dec 13 ISAM SYSTEMATIC FUND CLASS A -10.67 31 Dec 13 PASSPORT SPECIAL OPPORTUNITIES FUND LTD CLASS 45.50 31 Dec 13 DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -10.32 31 Dec 13 AA PERCEPTIVE LIFE SCIENCES OFFSH FUND. LTD 43.88 31 Dec 13 EAGLE QUANTITATIVE MACRO FUND LTD -10.32 31 Dec 13 THE CAMBRIDGE STRATEGY EXTENDED MARKETS -9.96 31 Dec 13 JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 43.03 31 Dec 13 CURRENCY ALPHA GLENVIEW CAPITAL PARTNERS (CAYMAN). LTD. 42.90 31 Dec 13 HSBC TRADING ADVANTEDGE FUND -8.75 31 Dec 13 PALOMINO FUND LTD CLASS B ORIGINAL SERIES 42.36 31 Dec 13 HARMONIC ALPHA PLUS MACRO FUND - USD CLASS -8.34 31 Dec 13 TRIAN PARTNERS LTD 40.06 31 Dec 13 ARMAJARO STS COMMODITIES FUND CLASS -Z- -7.80 31 Dec 13 KINETICS FUND. INC ArA 39.73 31 Dec 13 CONQUEST MACRO FUND. LTD (COMP) -7.66 31 Dec 13 TRISTAN PARTNERS LP 38.52 31 Dec 13 LC CAPITAL OFFSHORE FUND. LTD -7.55 31 Dec 13 SR GLOBAL FUND C INTERNATIONAL (Real Peri) 36.28 31 Dec 13 ALPHA4X CAPITAL GROWTH FUND -733 31 Dec 13 TONGA PARTNERS LP 34.84 31 Dec 13 SABA CAPITAL OFFSHORE FUND LTD 476 31 Dec 13 SINFONIETTA FUND 34.47 31 Dec 13 KROM RIVER COMMODITY FUND 447 31 Dec 13 LANSDOWNE DEVELOPED MARKET FUND. LTD (GBP) 33.26 31 Dec 13 LIONSCREST TAILPRO -US EQUITY FUND 433 31 Dec 13 COS CREDIT LONG SHORT FEEDER FUND LTD B1 EUR 423 31 Dec 13 Return Date Bottom Investment Funds Return Date This ranking is for information only and should not be considered as exhaustive. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 10 EFTA00619972 Top & Bottom 20 Funds of 2012 Top Investment Funds TRISHIELD SPECIAL SITUATIONS FUND LLC 52.21 31 Dec 12 CONQUEST MACRO FUND. LTD (COMP) .3116 31 Dec 12 SFP VALUE REALIZATION FUND 44.54 31 Dec 12 RAB SPECIAL SITUATION FD LTD .27.94 31 Dec 12 TILDEN PARK OFFSHORE INVESTMENT FUND LTD 41.34 31 Dec 12 PAULSON ADVANTAGE PLUS LTD .21.50 31 Dec 12 BROOKFIELD GLOBAL REITS LONG SHORT STRATEGY 40.00 31 Dec 12 ARMAJARO STS COMMODITIES FUND CLASS -Z- -18.15 31 Dec 12 CHENAVARI REGULATORY CAPITAL STRATEGY DR C 36.91 31 Dec 12 (SAM SYSTEMATIC FUND CLASS A -17.46 31 Dec 12 COS DIRECTIONAL OPP. FEEDER FUND. Ltd - A NI USD 35.86 31 Dec 12 ORTUS FUND (CAYMAN) LTD -17.33 31 Dec 12 PINE RIVER FIXED INCOME FUND LTD 34.85 31 Dec 12 AJIA-LIGHTHORSE CHINA GROWTH FUND LTD -14.51 31 Dec 12 SENVEST PARTNERS. LTD - CLASS A 34.81 31 Dec 12 PAULSON ADVANTAGE LTD -A- -14.23 31 Dec 12 BLACKROCK OBSIDIAN FUND 34.27 31 Dec 12 ELM RIDGE CAPITAL PARTNERS L.P. -14.08 31 Dec 12 400 CAPITAL CREDIT OPPORTUNITIES 34.21 31 Dec 12 DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -13.88 31 Dec 12 ASGARD FIXED INCOME FUND LTD 34.12 31 Dec 12 LYNX BERMUDA 1.5 LTD -10.82 31 Dec 12 CHENAVARI TORO CAPITAL I A 32.42 31 Dec 12 ASPECT DIVERSIFIED FUND CLASS A -10.66 31 Dec 12 SR GLOBAL FUND H JAPAN (Real Pert) 31.05 31 Dec 12 CAMPBELL GLOBAL ASSETS FUND LTD Class D -10.10 31 Dec 12 ODEY EUROPEAN. INC (EUR) 30.69 31 Dec 12 MLIS GRAHAM CAPITAL SYSTEMATIC MACRO UCITS -10.09 31 Dec 12 RBR EUROPEAN LONG SHORT LTD (Ex Rhine Alpha Stars) 29.45 31 Dec 12 FUND COMAC GLOBAL MACRO FUND -8.95 31 Dec 12 PALOMINO FUND LTD CLASS B ORIGINAL SERIES 29.29 31 Dec 12 WINTON EVOLUTION FUND (THE) .8.31 31 Dec 12 PINE RIVER LIQUID MORTGAGE FUND LTD MARCATO INTERNATIONAL LTD 28.86 28.67 31 Dec 12 31 Dec 12 OCEANIC HEDGE FUND - CLASS A -7/3 31 Dec 12 MERCHANT COMMODITY FUND (THE) COMPOSITE -7.60 31 Dec 12 VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I LTD 28.54 31 Dec 12 GRAHAM GLOBAL INVESTMENT FUND II - K4D.15V - 7.15 31 Dec 12 BTG PACTUAL GLOBAL EM. MKTS AND MACRO FD 28.12 31 Dec 12 COMPOSITE ONSLOW MACRO FUND CLASS A -6.72 31 Dec 12 Return Date Bottom Investment Funds Return Date This ranking is for information only and should not be considered as exhaustive. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 11 EFTA00619973 Convertible Arbitrage Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Convertible Ybd Avg. 2014 1.33% Ytd Avg. 2014 Convertible/Asia 0.84% COS ASIA FEEDER FUND LTD- CLASS -B-USD 30 Apt 07 0 $87M 1.304.50 31 May 1.20% 0.24% 4.46% 5.45% .4.26% 3.82% 7.72% (24.55%) Michael Hintze. Jean-Christophe Blanc Apr 14 14 Oct 07 - Oct 08 PINE RIVER ASIA FUND 30 Jun 04 0 $148M 1.668.46 31 May (1.41%) 1.43% 5.98% 8.08% 0.67% 5.29% 10.96% (37.86%) Nikhil Mankodi. Matthew Macpherson May 14 14 Jan 08 - Dec 08 Yid Avg. 2014 Convertible/Global 2.47% BASSO INVESTORS LTD 30 Sep 95 0 $347M 7.343.01 23 May 0.10% 3.78% 11.45% 9.5% 2.61% 11.28% 5.91% (25.00%) Howard Fischer Oct 13 14 Dec 07 - Oct 08 COS CONY 8 OUANT STRATS FEED FD. LTD 29 Feb 00 M $462M 3.080.88 31 May (0.32%) 0.50% 5.9% 8.65% -1.88% 8.21% 8.01% (34.47%) CLASS-B- May 14 14 Oct 07 - Dec 08 Michael Hintze/Alex Schoenenberger JABCAP GLOBAL CONVERTIBLE FUND - DI 30 Apt 07 W $376M 200.29 31 May 1.55% 3.69% 27.14% 5.37% •14.15% 10.29% 12.83% (28.61%) Unrestricted May 14 14 May 08 - Nov 08 Philippe Jabre LAZARD RATHMORE FUND- CLASS A-2 31 May 07 am $1'186M 218.66 31 May 0.18% 2.89% 10.45% 4.59% -1.65% 11.81% 8.45% (16.23%) Sean Reynolds. Christopher Sferaizzo Mar 14 14 Aug 08 - Nov 08 SALAR CONVERTIBLE ABSOLUTE RETURN FUND 31 Aug 10 W $267M 118.80 31 May (0.02%) 1.47% 10.34% 6.42% -2.86% 4.70% 3.20% (3.92%) Alex Warren. David Persaud Apr 14 14 Mar11-Decti Yid Avg. 2014 Convertible/USA (0.24%) PINE RIVER CONVERTIBLES FUND 31 Jul 09 O $159M 195.52 31 May 0.28% (0.55%) 19.34% 7.6% 4.98% 14.87% 6.83% (3.80%) Franklin Padamis May 14 14 Apr 10 - Jun 10 SILVERBACK ARBITRAGE FUND 31 Oct 06 O $569M 274.94 31 May (0.10%) 1.36% 5.98% 3.34% 4.97% 14.26% 13.15% (25.79%) Silverback Asset Management Apr 14 14 Jun 08 - Nav 08 WATERSTONE MARKET NEUTRAL OFFSHORE FUND. 31 Jul 03 O $946M 193.96 23 May (3.62%) (1.53%) -19.27% 11.1% 0.73% 6.31% 11.05% (20.51%) LTD Nov 13 14 Dec 12 -May 14 Shawn Bergerson 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 12 EFTA00619974 Credit Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann Return Ann. Vol Max Drawdown Credit Ytd Avg. 2014 3.88% Yid Avg. 2014 Credit/Emerging 3.67% ABSOLUTE INSIGHT EMERGING MARKET DEBT FUND 30 Apr 08 D €804M 1.47 05 Jun (0.07%) 2.52% -0.65% 11.73% 0.08% 6.49% 7.60% (15.32%) CLASS BIP May 14 14 May 08 - Oct 08 Calm McDonagh BAF LATAM TRADE FINANCE FUND 29 Feb 08 M $370M 1.734.48 30 Apr 0.61% 2.47% 8.09% 8.71% 8.99% 9.34% 0.53% 0.00% Ernesto Uenhard & team. Apr 14 14 Jan 00 - Jan 00 BLUEBAY EMERGING MARKET FIXED INCOME 30 Nov 11 M $95M 105.67 30 May 0.45% 1.93% -2.49% 6.99% -0.62% 2.23% 3.73% (3.88%) OPPORTUNITY FUND Mar 14 14 Dec 12 Jan 14 David Dowsett. Rodrigo Da Fonseca CONTRARIAN EMERGING MARKETS OFF FUND LTD 31 Dec 05 O $486M 334.01 31 May 2.94% 537% 14.61% 23.2% -7.16% 15.40% 14.12% (28.43%) Xiao Song Apr 14 14 Feb 08 Oa 08 FINISTERRE SOVEREIGN DEBT FUND 31 Mar 03 O $719M 286.73 31 May 1.17% 9.36% 4.47% 4.3% 10.35% 9.88% 7.23% (21.00%) Paul Crean and Xavier Corin-Mick May 14 14 Jun 08. Oci 08 IP ALL SEASONS ASIAN CREDIT HEDGE FUND 31 Jan 02 W $247M 22.64 21 May 0.46% 2.29% 2.2% 18.68% •1.37% 6.86% 9.28% (38.05%) Emil NGUY Apr 14 14 Feb 08 - Mar 09 MONEDA LATIN AMERICAN CORPORATE DEBT FUND 30 Sep 07 O $146M 1.860.65 03 Jun 0.01% 2.52% 8.67% 11.48% 2.44% 9.74% 14.34% (32.05%) Mar 14 14 Aug 08 - Dec 08 Fernando Tisne and Javier Montem SCHRODER ISF EMERGING MARKET DEBT AiR -I 31 Jan 02 Daily $860M 34.99 04 Jun (0.93%) 2.67% 0.8% 5.36% 0.69% 8.22% 5.22% (9.31%) ACC- Dec 13 14 Mar 08 Oa 08 Geoffrey Blanning YId Avg. 2014 CreditiEurope 4.87% ABSOLUTE INSIGHT CREDIT FUND BI P2 EURO 30 Sep II €626M 1.29 04 Jun 0.25% 3.82% 7.38% 12.65% 2.59% 9.93% 4.56% (1.77%) Alex Veroude May 14 14 Oct 1i - Dec II CAIRN CREDIT FOCUS FUND LTD 31 Jul 12 Cairn Capital Limited M $84M Apr 14 111.51 30 Apr 14 0.57% 0.18% 4.63% 6.38% 6.43% 2.78% (1.07%) Jan 14 - Feb 14 CAIRN SPECIAL OPPORTUNITIES CREDIT FUND 31 Dec 07 O €81M 184.07 30 Apr (0.12%) 1.24% 8.54% 19.95% -12.51% 10.11% 7.97% (13.94%) Cairn Capital Limited Apr 14 14 Jun 1I - Nov 11 CAPEVIEW RECOVERY FUND 30 Jun 03 O $298M 341.48 30 May 0.75% 5.41% 18.23% 8.41% 1.48% 11.90% 8.95% (30.45%) Theo Phanos Apr 14 14 Oct 07 - Dec 08 CAPITAL FOUR CREDIT OPPORTUNITIES FUND 31 Dec 09 M €39M 138.74 30 Apr 1.68% 5.04% 16.31% 17.68% 10.64% 18.32% 7.82% (6.46%) Capital Four Management Team Mar 14 14 May II - Nov 11 CHENAVARI REGULATORY CAPITAL STRATEGY DR 31 Mar 11 O $231M 160.21 30 Apr 1.12% 439% 15.19% 36.91% -2.87% 16.51% 5.67% (4.65%) Feb 14 14 Jul 11 - See II Chenavari Investment Managers 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 13 EFTA00619975 Credit Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yld Avg. 2014 Credit/Europe 4.87% CHENAVARI TORO CAPITAL I A 31 May 09 M $409 M 873.23 30 May 2.26% 15.90% 32.93% 32.42% 24.71% 54.25% 12.09% (5.11%) Chenavari Investment Managers Feb 14 14 Jul 11 Oct II EIFFEL CREDIT OPPORTUNITIES FUND CLASS A 30 Nov 11 M C110M 1.426.28 30 May 0.90% 6.66% 8.11% 20.07% 3.01% 15.27% 6.57% (4.47%) Emmanuel Weyd. Eiffel Investment Group Feb 14 14 Apr 12 - Jun 12 GLG CROSS ASSET VALUE OFFSHORE FUND LTD 30 Nov 12 M $102M 1.195.98 30 May 1.63% 6.51% 11.5% 0.71% 12.70% 3.33% (0.20%) Chris Huggins Apr 14 14 Aug 13 - Sep 13 LNG EUROPA CREDIT FUND 31 Mar 11 M $86M 1.300.65 30 Apr 1.08% 2.28% 16.1% 19.58% -7.79% 9.13% 8.66% (10.12%) LNG Capital LLP Apr 14 14 Apr II - May 12 OBSERVATORY CREDIT MARKETS FUND (THE) 30 Jun 04 M $1110M 318.30 30 Apr 1.14% 4.89% 7.25% 13.46% -5.02% 12.49% 6.49% (12.74%) Shazad Ghatlar Apr 14 14 Jul 07 -Jul 08 OYSTER CREDIT OPPORTUNITIES FUND CLASS R 31 Jul 09 C245M 1.156.22 03 Jun (0.05%) (1.80%) 0.31% 9.99% -1.61% 3.04% 3.29% (6.80%) EUR2 Mar 14 14 May11-Sepll Caim Capital Limited PAMPLONA CREDIT OPPORTUNITIES FUND 31 Aug 08 M C408M 195.24 23 May (0.15%) 3.36% 12.68% 19.87% -9.26% 12.39% 7.68% (17.90%) Yves Leysen Apr 14 14 AprII-Dec 11 WYETREE EUROPEAN RECOVERY FUND (WERF) 31 Aug 13 M $41M 112.57 30 Apr 2.20% 10.15% 2.2% 19.55% 4.85% (0.30%) Wye Tree Asset Management Mar 14 14 Nov 13 - Dec 13 Ytd Avg. 2014 Credit Global 3.59% AG MORTGAGE VALUE PARTNERS LTD 30 Apr 09 O $1'052M 235.59 30 Apr 0.70% 3.75% 12.91% 20.59% 7.47% 18.68% 4.29% (1.66%) Jonathan Lieberman Dec 13 14 May 13 - Jun 13 ARISTEIA INTERNATIONAL LTD 01 Aug 97 O $2'165M 953.24 31 May (1.34%) 3.43% 15.67% 11.2% 2.36% 14.33% 8.97% (30.20%) Anthony M. Frascella. William R. Techar May 14 14 May 08 - Dec 08 ASGARD FIXED INCOME FUND LTD 30 Jun 03 M C 260M 445.44 30 May 1.28% 6.01% 16.11% 34.12% 25.31% 14.66% 6.79% (11.54%) Morten Mathiesen Jan 14 14 Aug 08 - Dec 08 AXONIC CREDIT OPPORTUNITIES OVERSEAS 31 Dec 10 O $747M 158.36 31 May 0.50% 6.02% 12.1% 25.69% 6.01% 14.40% 4.35% (3.35%) FUND.LTD Mar 14 14 Jul 11 - Oct 11 Clayton DeGiacinto BLUEBAY CREDIT ALPHA LONG SHORT FUND 31 Oct 11 M C217M 133.01 30 May (0.54%) 2.40% 11.78% 26.2% 0.3% 15.45% 4.82% (1.60%) Geraud Charpin Apr 14 14 Jan 13 - Mar 13 BLUECREST MULTI STRATEGY CREDIT FUND 31 Oct 07 O $2'324M 172.76 31 May 1.24% 7.24% 8.99% 7.23% •1.31% 8.66% 5.96% (7.59%) BlueCrest Capital Management Apr 14 14 Apr 11 - Jan 12 BLUEMOUNTAIN CREDIT ALTERNATIVES FUND 31 Oct 03 O $8'000M 263.45 23 May 0.43% 2.68% 7.87% 14.51% 3.57% 9.60% 6.13% (11.82%) BlueMountain Capital Management Apr 14 14 Aug 08 - Dec 08 BLUEMOUNTAIN LONG SHORT CREDIT FUND LTD 31 Jan 10 M $11 00M 1.184.44 23 May 0.22% 2.10% 7.58% 7.84% 3.65% 7.17% 3.40% (3.43%) BlueMountain Capital Management Mar 14 14 Apr11 - Sep 11 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 14 EFTA00619976 Credit Long/Short Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Yid Avg. 2014 Credit/Global 339% BREVAN HOWARD CREDIT CATALYSTS FUND LTD 31 Jul 09 M $4'822M 184.37 30 Apr 1.54% 4.73% 13.91% 15.34% 1.22% 13.74% 4.23% (5.05%) CLASS A USD Apr 14 14 MaylI-Decll OW Investment Management .LP BREVAN HOWARD CREDIT VALUE FUND LTD 29 Feb 12 HY $745M 153.86 30 Apr 0.74% 4.52% 23.7% 19.01% 21.99% 5.53% (2.00%) OW Investment Management .LP Mar 14 14 May 13 - Jun 13 CANDLEWOOD STRUCTURED CREDIT FUND LTD 31 Dec 10 M $597M 179.07 31 May 1.00% 6.25% 12% 20.12% 25.27% 18.59% 3.60% (1.55%) Greg Richter and Brian Herr Apr 14 14 May 13 - Jun 13 CANDLEWOOD STRUCTURED CREDIT HARVEST FD 31 Jul 12 O $240M 136.02 31 May 1.30% 7.73% 14.05% 10.71% 18.27% 3.96% (2.20%) LTD - Apr 14 14 May 13-Jun13 Greg Richter and Brian Herr CHENAVARI CORPORATE CREDIT STRATEGY M1 30 Sep 08 M $537M 150.97 30 Apr 1.02% 4.32% 13.84% 17.22% 1.29% 14.16% 5.54% (6.82%) Chenavari Investment Managers Feb 14 14 Apr 11 -Aug II COHERENCE CAPITAL SPECTRUM FUND OFFSHORE 31 Jul 12 O $73M 14.18 30 May 1.09% 4.42% 18.98% 14.17% 21.05% 4.46% (1.24%) FUND Apr 14 14 May 13-Jun13 Coherence Capital Partners LLC COS ABS FEEDER FUND - CLASS -B1- USD 30 Sep 06 O $1949M 5.321.71 31 May 0.84% 5.43% 9.7% 16.85% 0.67% 24.35% 11.47% (3.86%) Simon Finch Apr 14 14 Apr 07 -Jun 07 COS CREDIT LONG SHORT FEEDER FUND LTD - B1 30 Apr 09 M $173M 1.017.03 31 May (1.21%) (3.39%) -6.23% -5.28% 7.74% 0.49% 3.90% (14.79%) EUR May 14 14 Sep II -May 14 Simon Finch ELLINGTON CREDIT OPPORTUNITIES FUND LTD 30 Apt 08 O $548M 262.20 30 Apr 0.94% 4.10% 15.28% 27.73% 1.86% 17.42% 5.93% (1.84%) Ellington Management Group. LLC Apr 14 14 AprII -Jul l1 ELLINGTON MORTGAGE OPPORTUNITIES MASTER 31 Jan 09 O $378M 254.67 30 Apr 0.29% 4.92% 9.64% 13.29% 16.19% 19.50% 3.90% (0.58%) FUND LTD Apr 14 14 Mar 13 - Apr 13 Ellington Management Group. LLC FOC PARTNERS CAPITAL I FUND 31 Jul 02 O $40M 254.83 30 Apr (0.30%) 0.00% 10.77% 7.14% -9.97% 8.28% 7.77% (29.78%) Andrea S. Feingold & R. lan O'Keelfe Apr 13 14 Jun 07 - Dec 08 GREEN T G2 FUND 28 Feb 99 O $461M 196.93 30 May (0.09%) 0.18% 2.66% 2.76% 0.8% 6.45% 3.55% (4.26%) Darryl Green. Geoffrey Sherry Apr 14 14 Dec 03 -Jul04 Ill SELECT CREDIT FUND LTD CLASS -A- 31 Dec 07 O $320M 1.922.33 30 May 0.42% 2.73% 8.56% 11.95% 7.41% 10.89% 6.61% (8.44%) Lester Coyle Apr 14 14 Aug 08 - Nov 08 KINGDON CREDIT LTD Alfl 30 Sep 09 O $292M 1.649.99 30 May 0.95% 4.16% 15.67% 8.3% 1.64% 11.50% 5.31% (6.34%) Michael Pohly Apr 14 14 May1I-Sepll LOOMIS SAYLES CREDIT LONG SHORT FUND 31 Aug 07 O $617M 178.02 23 May (0.01%) 1.26% 4.76% 12.48% -0.76% 8.94% 6.57% (9.90%) Kevin Kearns and Tom Stolberg Dec 13 14 Jun 08 - Sep 08 LUCIDUS CAPITAL G4 FUND 28 Feb 11 O $573M 112.08 30 May (0.11%) 0.37% 5.01% 5.23% 1.04% 3.57% 3.35% (1.97%) Darryl Green. Geoffrey Sherry Apr 14 14 Feb II - Jun 11 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 15 EFTA00619977 Credit Long/Short Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max , Dates Size Index Drawdown i Ytd Avg. 2014 Credit/Global 3.59% MACQUARIE CREDIT NEXUS FUND LTD 30 Sep 08 O $633M 1.26535 30 Apr 0.12% 4.65% 8.44% 15.98% 1.85% 15.01% 5.11% (3.28%) Macquarie Crack Investment Management Inc. Apr 14 14 May II - Oct 11 MKP CREDIT OFFSHORE FUND 28 Feb 99 O $1A04M 546.56 31 May 1.29% 5.01% 11.22% 19.59% -5.11% 11.77% 5.46% (8.94%) MKP Capital Management. L.L.C. Apr 14 14 Feb it -Oa 11 MLIS - BEACH POINT DIVERSIFIED CREDIT UCITS 31 Mar 13 W $117M 111.87 02 Jun 0.23% 2.39% 9.26t 10.04% 3.47% (1.01%) FUND CLASS B USD Apr 14 14 May 3 - Jun I3 Carl Goldsmith and Scott Klein PALOMINO FUND LTD CLASS B ORIGINAL SERIES 31 Dec 94 Y $rsssm 9.357.14 30 Apr (0.74%) 031% 42.36% 29.29% -3.53% 26.45% 20.03% (49.05%) David Tepper Dec 13 14 Feb 98 - Sep 98 PIMCO GLOBAL CREDIT OPPORTUNITY FUND 30 Jun 06 O $1704M 175.42 30 Apr 0.47% 2.90% 7.45% 15.18% 6.24% 7.43% 5.12% (12.86%) SERIES 1 Apr 14 14 Jun07 - i4w 08 Dan Ivascyn /Jon Home PINE RIVER CREDIT RELATIVE VALUE FUND 31 Dec 06 O $133M 220.50 31 May 1.37% 439% 12.84% 14.26% 5.8% 11.25% 8.07% (12.14%) Mike O'Connell May 14 14 Dec 07 - Dec 08 PINE RIVER FIXED INCOME FUND LTD 31 Aug 08 O $3'476M 495.53 31 May (0.05%) 3.62% 10.18% 34.85% 4.77% 32.09% 9.64% (8.83%) Steve Kuhn. Cohn Teichholtz May 14 14 Jul 11 -Oct It PROSIRIS GLOBAL OPPORTUNITIES FUND 30 Jun 11 O $1D89M 167.91 30 Apr 0.79% 4.13% 16.35% 22.49% 13.15% 20.05% 4.21% 0.00% Reza Ali Mar 14 14 Jan 00 - Jan 00 RESIDENTIAL REAL ESTATE TOTAL RETURN OPP. 30 Nov 08 O $205M 203.12 30 Apr 1.00% 6.24% 17.56% 24.07% •10.5% 13.98% 6.55% (14.92%) FUND (RRETRO FUND) Mar 14 14 Feb 11 • Dec 11 Wye Tree Asset Management SABA CAPITAL OFFSHORE FUND LTD 31 Jul 09 O $2218M 118.49 30 Apr 0.83% 1.04% -6.76% 3.87% 9.33% 3.63% 5.71% (12.48%) Boaz Weinstein Mar 14 14 Jun 12 - Dec 13 SPF CREDIT SUISSE SECURITIZED PRODUCTS 31 Dec 11 O $1A79M 144.49 30 Apr 1.19% 5.10% 18.04% 16.46% 17.10% 3.26% (A57%) MASTER FUND LTD Apr 14 14 May 13 -Jun 13 Albert Sohn TIG SECURITIZED ASSET FUND LTD 30 Sep 12 M $431M 133.79 30 Apr 1.20% 5A1% 20.05% 5.33% 20.21% 2.95% (0.11%) Stuart Lippman. David Liu Apr 14 14 May 13 -Jun 13 TRICADIA CREDIT STRATEGIES. LTD 31 Mar 05 O $2'135M 351.99 15 May (0.38%) 1.96% 10.57% 12.73% 3.81% 14.78% 7.37% (10.77%) Aril lnayatullah 8 Michael Barnes Mar 14 14 Jun 08 - Nov 08 VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I 31 Mar 11 O $49M 129.47 30 Apr 1.30% 2.98% 15.14% 28.54% -15.05% 8.73% 13.14% (18.02%) LTD Apr 14 14 Mar 11 -See 11 Varden Pacific LLC Ytd Avg. 2014 Credit/USA 3.83% 400 CAPITAL CREDIT OPPORTUNITIES Chris Hanemann 31 Jan 09 O $681M 264.35 30 Apr 1.26% 437% 15.24% 34.21% 3.07% 20.36% 6.10% (2.91%) Feb 14 14 mayli-Octil 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 16 EFTA00619978 Credit Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max , Drawdown Ytd Avg. 2014 CreditiUSA 3.83% ACUITY CORPORATE OPPORTUNITY FUND LTD 31 Dec 09 M $180M 154.10 31 May 1.11% 1.44% 8.61% 11.14% 1.2% 10.29% 4.07% (3.23%) John Harrison Apr 14 14 Jul 11 - Nov 11 BEACH POINT TOTAL RETURN OFFSHORE FUND II. 30 Jun 96 O $2200M 645.70 23 May 0.52% 2.92% 12.36% 13.86% -0.98% 10.98% 8.08% (24.04%) LTD Apr 14 14 Oct 07 - Dec 08 Carl Goldsmith. Scott Klein. BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 O $4'917M 164.10 30 May 1.40% 3.41% 5.96% 6.7% 2.44% 6.91% 6.42% (19.42%) LTD Apr 14 14 Jun08 . Dec 08 Don Morgan MARINUS OPPORTUNITIES FUND (PROFORMA) 31 Dec 09 O $336M 160.30 27 May 0.60% 2.75% 6.12% 14.54% 6% 11.30% 2.69% (0.99%) Najib Canaan Apr 14 14 May 13 - Jun 13 MIDOCEAN ABSOLUTE RETURN CREDIT FUND 31 Jan 10 M $303M 147.37 31 May 0.77% 4.21% 7.66% 10.87% 9.99% 9.37% 3.49% (3.26%) Mio'Ocean Credit Fund Management LP Feb 14 14 Jul 11 - Sep II MIDOCEAN CREDIT OPPORTUNITY FUND CLASS B 31 Mar 09 O $704M 224.62 30 Apr 0.39% 3.75% 10.07% 10.78% 7.46% 17.25% 6.50% (2.69%) MidOcean Credit Fund Management LP Feb 14 14 Jul 11 - Aug 11 OCP DEBT OPPORTUNITY INTERNATIONAL LTD 30 Jun 01 O $344M 290.00 30 Apr 0.90% 4.76% 9.93% 9.21% -1.39% 8.64% 6.37% (24.14%) Onex Credit Partners Dec 13 14 Jun07. Dec 08 OCTAGON HIGH INCOME FUND 31 Jan 11 M $161M 132.91 31 May 0.65% 2.93% 9.04% 19.9% -1.24% 8.91% 7.63% (10.79%) Andrew 0. Gordon. Nov 13 14 Jul 11 - Aug 11 ONE WILLIAM STREET CAPITAL FUND 31 Mar 08 Y / O $1'181M 1.837.38 30 Apr 0.85% 3.87% 5.75% 18.98% -4.19% 10.51% 5.87% (8.43%) OWS Capital Management May 14 14 Feb 11 - Nov 11 RAVEN ROCK CREDIT OFFSHORE FUND LTD 31 Aug 09 M $129M 167.97 30 Apr 0.72% 4.16% 5.8% 8.46% 6.53% 11.76% 4.96% (3.76%) Nate Brown. Guy Caplan. Bobby Richardson Apr 14 14 Jul 11 - Sep II TILDEN PARK OFFSHORE INVESTMENT FUND LTD 31 Dec 10 O $1'933M 200.92 30 Apr 0.84% 731% 20.12% 41.34% 10.07% 23.30% 5.31% (0.90%) Josh Birnbaum Apr 14 14 Sep 11 - Oct 'it WYETREE YIELD DISTRIBUTION FUND (WYDF) 30 Nov 12 M $61M 108.90 30 Apr 0.93% 3.46% 5.46% -0.2% 6.21% 4.18% (3.72%) WyeTree Asset Management Mar 14 14 May 13 . Jun 13 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 17 EFTA00619979 Distressed Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Distressed Security Ytd Avg. 2014 4.69% Ytd Avg. 2014 Distressed Security/Europe 3.91% KING STREET EUROPE LTD CLASS A 30 Jun 07 0 $11 OOM 177.87 23 May 0.29% 3.91% 12.53% 10.98% .4.82% 8.70% 6.37% (8.56%) 0. Francis Biondi. Jr.. Brian J. Higgins Mar 14 14 May II - Nov I I Yid Avg. 2014 Distressed Security/Global 4.86% CANDLEWOOD SPECIAL SITUATIONS FUND LTD 30 Apt 03 0 $1'065M 842.78 30 May 1.10% 7.19% 12.53% 14.78% 3.88% 21.19% 11.11% (28.11%) Michael Lai and David Koenig Apr 14 14 May 08 - Nov 08 CANYON VALUE REALIZATION FD. LTD - CLASS A 31 Dec 94 0 $6'427M 7.734.24 30 Apr 0.50% 3.13% 15.65% 18.05% -4.66% 11.16% 8.35% (28.82%) M.R. Julis & J.S. Friedman Apr 14 14 Oct 07 - Nov 08 CERBERUS INTL. LTD CLASS A AC 191 31 May 93 0 $958M 876.306.98 30 Apr (1.26%) (0.34%) 14.1% 12.05% 9.6% 10.93% 5.77% (22.26%) Steve Feinberg Mar 14 14 May 08 - Feb09 CONTRARIAN CAPITAL FUND I OFFSHORE LTD 30 Sep 86 Y $2912M 2.718.11 31 May 0.51% 4B7% 17.01% 24.31% -1.32% 12.67% 9.59% (3122%) Jon Bauer Apr 14 14 Jun 07 - Feb 00 DAVIDSON KEMPNER DIST. OPP. INT. LTD - CLASS C 31 Mar 05 Y $941M 2.743.44 30 Apr 0.22% 6.32% 21.95% 13.51% -2.45% 11.75% 9.99% (26.27%) TRN 1 - Dec 13 14 Oct 07 - Nov 08 Anthony A. Yosefott. Avi Z. Friedman and Caner Bastable KING STREET CAPITAL. LTD 31 Dec 96 0 $12200M 625.65 23 May 0.51% 4.15% 11.63% 12.54% -1.62% 11.11% 4.02% (5.21%) 0. Francis Biondi Jr & Brian J. Higgins Mar 14 14 May II - Nov I I LC CAPITAL OFFSHORE FUND. LTD Steven G Lampe & Richard F Conway 30 Sep 99 VW $110M dec 13 351.09 30 Apr 14 (4.27%) 2.06% -7.55% 9.61% 0.25% 8.99% 8.86% (34.48%) Jun 07 - Feb 00 MONARCH DEBT RECOVERY FUND LTD 31 Mar 02 Y $1'295M 3.966.98 30 Apr (0.08%) 3.24% 18.06% 12.08% -0.45% 12.07% 7.94% (3102%) Michael Weinstock. Andrew Herenstein Jan 14 14 Oct 07 - Dec 08 MUDRICK DISTRESSED OPPORTUNITY FUND LTD 30 Jun 09 0 $450M 184.16 31 May 2.40% 13.58% 7.73% 21.85% 3.72% 13.21% 6.10% (8.55%) Jason Mudrick Mar 14 14 Mar 11 . Sep it OWS CREDIT OPPORTUNITY FUND 31 Dec 10 WO $395M 1.427.22 30 Apr 0.85% 5.41% 12.47% 23.41% -2.46% 11.27% 4.91% (7.86%) OWS Capital Management Mar 14 14 Apr11-Oc111 PAULSON CREDIT OPPORTUNITIES LTD 30 Jun 06 Y $3'394M 1.780.00 30 Apr 0.19% 5.44% 21.8% 8.87% 18.24% 44.39% 40.89% (24.80%) John Paulson Feb 14 14 April -Soon SILVER POINT CAPITAL OFFSHORE LTD 31 Dec 01 0 $5111M 4.578.37 15 May 0.58% 4.09% 16.11% 20.04% 4.52% 13.08% 8.30% (35.48%) Edward Mug Jun 13 14 Jun07 - Dec 08 STONE LION FUND LTD CLASS A 31 Oct 08 0 $720M 2.355.25 31 May 0.01% 3.19% 16.52% 11.31% 0.05% 16.58% 8.26% (8.74%) Greg Hanley and Alan Mintz Apr 14 14 Apell-Sepll STRATEGIC VALUE RESTRUCTURING FUND 31 Aug 02 ON $1'445M 357.09 23 May 0.26% 6.23% 16.17% 13.18% -11.03% 11.46% 7.54% (24.47%) Victor Khosla Apr 14 14 May 07 - Jan 09 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 18 EFTA00619980 Distressed Inception Dates Uquklity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Distressed Security/Global 4.86% VR GLOBAL OFFSHORE FUND LTD 30 Apr 99 0 $1'765M 37,528.14 30 Apr 1.59% 4.30% 32.33% 20.69% 3.58% 27.32% 15.02% (48.38%) Richard De& Apr 14 14 May 08 - Mar 09 Ytd Avg. 2014 Distressed Security/USA 3.78% HALCYON OFF. ASSET-BACKED VALUE FUND LTD 30 Nov 05 0 $2088M 2,834.97 15 May 0.40% 3.80% 6.66% 16.14% 4.12% 13.11% 5.44% (13.32%) Joseph Wolnick ,Joseph Godley and Jim Coppola Apr 14 14 Aug 08 Mar 09 REDWOOD OFFSHORE FUND 31 Jul 00 Y $3153M 736.63 30 Apr 0.87% 3.76% 17.62% 21.94% -1.98% 15.62% 10.74% (36.28%) Jonathan Kolatch Apr 14 14 May 07 - Dec 08 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 19 EFTA00619981 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Equity-Commodity Ytd Avg. 2014 1.84% Ytd Avg. 2014 Equity-Commodity/Global 1.84% OCEANIC HEDGE FUND CLASS A 31 Jul 02 M $843M 3.595.83 31 May (0.44%) 0.58% 23.3% -7.73% 5.24% 11.41% 8.20% (12.78%) Cato Brahde. Andreas Vergottis. Bjom Rise Sep 13 14 Nov 11 - Jul 12 VAN ECK HARD ASSETS 2X FUND LTD 31 Dec 04 M $19M 194.58 30 Apr 2.57% 3.10% -1.05% 11.04% -13.4% 7.39% 10.59% (22.23%) Shawn Reynoids and Charles Cameron Apr 13 14 Jun 08 - Na,/ 08 Equity-Diversified Ytd Avg. 2014 (0.99%) Ytd Avg. 2014 EqUity-DiVeltified/ASia (4.43%) AJIA-LIGHTHORSE CHINA GROWTH FUND LTD 31 Dec 05 M $137M 341.48 31 May 0.59% (7.75%) 15.85% -14.51% -12.64% 15.70% 20.47% (41.06%) Shawn Kaag Feb 14 14 Feb 08 Dec08 CC ASIA ABSOLUTE RETURN FUND 30 Jun 05 M $431M 203.91 30 Apr (4.53%) (15.94%) 9.37% -2.03% 9.08% 8.40% 14.78% (27.12%) Richard Card; fl. Angus Coupland Jan 14 14 Dec 07 - Dec08 CHILTON CHINA OPPORTUNITIES FUND LTD 31 Dec 06 O $26M 190.14 30 Apr (2.26%) (9.10%) 18.33% 6.63% -23.21% 9.16% 16.88% (26.16%) Kenneth Chiang Mar 13 14 Oct 10 - Aug 12 GOLDEN CHINA FUND NR CLASS 30 Jun 04 M $899M 136.64 30 May 2.12% 0.97% 17.48% 26.91% -3.9% 26.86% 24/8% (64.64%) George Jiang. Apr 14 14 Oct 07 - Nov 08 HT ASIAN CATALYST FUND LLC 31 Dec 98 M $107M 19.30 30 Apr (0.77%) (3.64%) 5.42% 9.51% -10.29% 10.01% 11.37% (23.93%) Ms. Ophelia Tong Apr 14 14 Mar 00 - Mar 01 KIMA PAN ASIA OFFSHORE FUND CLASS -A- 30 Jun 09 M $25M 1.222.48 30 Apr (4.37%) (4.72%) 9.63% -1.58% -5.39% 4.24% 8.13% (17.30%) Justin Klintberg. David Nesbitt Apr 14 14 May 11 - Aug 12 NEZU CYCLICALS FUND LTD 31 Jul 05 O $199M 244.78 31 May 3.83% 5.27% 27.39% -6.58% -5.09% 10.66% 12.70% (25.06%) Fuyuki Fujiwara May 14 14 Oct 07 Feb 09 OCTAGON PAN ASIA FUND 30 Sep 04 M $135M 209.50 30 Apr (0.09%) (4.04%) 4.6% 11.8% -6.07% 8.02% 8.75% (10.69%) Poh Min Lam & Nelson Chia Apr 14 14 Oct 07 Jan 09 PINPOINT CHINA FUND CLASS A USD 31 May 05 M $533M 718.77 16 May (0.17%) (3.13%) 9.26% 8.06% 0.6% 24.61% 20.40% (42.16%) Oiang Wang Feb 14 14 Oct 07 - Nov 08 REAL RETURN ASIAN FUND LTD (THE) 30 Sep 04 M $451M 277.08 31 May 1.49% (2.16%) 13.35% 9.02% -9.19% 11.11% 9.85% (15.09%) Ena Sun Apr 14 14 Apr 11 - May 12 TELLIGENT GREATER CHINA FUND 31 Jul 04 M $300M 358.53 30 Apr (4.76%) (6.39%) 28.57% 10.76% •17.35% 13.99% 18.57% (46.90%) Ching-Shan Lin Apr 14 14 Oct 07 - Ocl 08 WF ASIA FUND LTD Sll 31 Jan 01 M $429M 410.92 30 May 1.12% 2.37% 11.72% 27.68% -7.21% 11.18% 13.05% (37.65%) Scobie Wam' Mar 14 14 Oct 07 - Nov 08 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative lnvestment Group 1 20 EFTA00619982 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yid Avg. 2014 Equrty-Diversified/Asia (4.43%) ZEAL CHINA FUND LIMITED 31 Dec 09 M $656M 134.36 30 May (0.62%) (9.39%) 5.55% 12.9% 6.18% 6.92% 14.30% (13.00%) Daniel POON Chun Pong Jan 14 14 Dec09 - Feb 10 Yid Avg. 2014 Equity-Diversified/Brazil (0.79%) BNY MELLON ARX BRAZIL FUND SPC LONG SHORT 31 Jan 07 M $51M 1.731.40 30 May (0.46%) (0.79%) 5.22% 11.03% 3.58% 7.78% 8.75% (23.95%) Bruno Garcia. Frederica Saraiva & Rogerio Poppe Apr 14 14 Jun 08. Oct 08 Yid Avg. 2014 Equity-Diversified/Emerging (2.57%) ADELPHI EMERGING EUROPE. FUND USD SHARES 31 Mar 07 O $170M 148.48 30 May 3.80% (6.45%) 20.69% -2.13% -15.92% 5.67% 13.47% (28.62%) Lars Dollmann Feb 13 14 May 08 - Jan 09 ARMAJARO EMERGING MARKETS FUND CLASS -A- 31 Jul 09 M $29M 128.33 30 May (1.16%) (4.85%) 8.23% 17.35% -22.31% 5.29% 14.13% (28.30%) Michel Damian' Mar 14 14 Apr11-Dec11 FIREBIRD NEW RUSSIA FUND. LTD CLASS A 30 Jun 96 O $141M 2.189.10 31 May 3.82% (11.18%) 4.08% 11.42% -14.62% 18.78% 39.18% (81.79%) Harvey Sawikin & Ian Hague Apr 14 14 Mar 98 . Sep 98 FIREBIRD REPUBLICS FUND. LTD 30 Apt 97 O $180M 1.095.42 31 May 1.23% (4S8%) 24.05% 13.26% -19.42% 15.03% 30.12% (73.20%) Harvey Sawikin & Ian Hague Mar 14 14 Sep 97 - Jan 99 GROWTH MANAGEMENT LTD 31 May 98 M $159M 352.69 30 Apr 0.08% (4.76%) 7.2% -6.37% -6.15% 8.24% 7.19% (3123%) Stephan Pinter Sep 13 14 Jun 08 - Jul 12 JABCAP EMEA FUND CLASS X1 30 Sep 08 M $185M 236.67 15 May 1.12% 5.39% 9.23% 6.94% -3.2% 16.54% 10.07% (10.02%) Carl Tohme Apr 14 14 Apr II - May 12 KALTCHUGA FUND - RUSSIA EO. SUB-FUND -5- 15 Nov 00 BM $59M 7.759.95 31 May 11.75% (9.63%) 7.78% 12.91% -20.88% 16.33% 33.83% (81.80%) J-L. Tauvy Jun 13 14 Dec 07 - Jan 09 MONTLAKE SKYLINE UCITS FUND INSTITUTIONAL 31 Jul 11 D 5152M 143.52 31 May 3.78% 0.73% 10.01% 25% 3.62% 13.59% 11.51% (9.65%) SHARE CLASS Jan 14 14 Oct 13 - Jan 14 Geoff Bamber. David Tovar. OCCO EASTERN EUROPEAN FUND A SHARES 31 Dec 01 Yr O $680M 391.19 30 May 0.50% (1.19%) 11.63% 7.73% 5.42% 12.67% 7.61% (20.86%) Pawel Szulc & Andrew Mies May 14 14 Jun 08. Oct 08 POLLUX BRAZILIAN EQUITIES FUND 31 Oct 07 M $35M 145.19 30 May (0.53%) (2.79%) -3.41% 13.12% 0.39% 5.83% 7.89% (9.59%) Rodrigo Fonseca Apr 14 14 May 08 - Oct 08 SAGIL LATIN AMERICAN OPPORTUNITIES FUND 30 Jun 09 M $61M 146.05 09 May 3.03% 7.80% 7.75% 14.46% -9.01% 8.11% 8.22% (12.35%) CLASS A May 14 14 Oct 10 -Sep 11 Adrian Landgrebe and Brad Jones SR GLOBAL FUND INC - G GLOBAL OPPORTUNITIES 29 Feb 96 M $460M 1.325.13 31 May 2.90% (1.14%) 18.09% -0.88% -17.2% 18.67% 17.87% (37.25%) PTF (Real Perf) Jan 14 14 Oct 07 Feb 09 Richard Chenevix-Trench SR PHOENICIA INC CLASS -A- SERIES 1 31 Jul 01 M $140M 482.58 31 May 4.78% (0.47%) 20.89% 8.13% -20.97% 13.04% 18.11% (56.02%) Richard Atherton Jan 14 14 Oct 07 Feb 09 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 21 EFTA00619983 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Equity-DiversifiedlEurope (0.32%) ADELPHI EUR. FUND $ (A) 30 Sep 97 O $1'139M 480.30 30 May 2.15% 1.57% 17.28% 14.08% -4.91% 9.87% 11.66% (26.28%) Roderick Jack. Marcel Jongen Feb 13 14 May 07 - Feb 09 ADRIGO HEDGE 30 Nov 06 M $213M 165.36 31 May (0.71%) 3.42% 12.83% 5.91% .0.17% 6.93% 5.30% (9.13%) Göran Tome° May 14 14 May 07 - Oct 08 ANTARES EUROPEAN FUND. LTD - USD 08 Dec 98 M $906M 565.37 31 May (1.30%) 3.00% 28.79% 1.7% •10.75% 11.83% 15.14% (32.68%) Peter Miles Testa. Luca Orsini Bawl Apr 14 14 Jun 07 - Dec 08 AQUILUS INFLECTION FUND LTD EUR SHS 31 Jul 07 M €296M 130.49 31 May 1.48% 2.68% 14.59% 18.73% -14.14% 3.97% 8.91% (22.46%) Richard Vogel Mar 14 14 Oct 07 - Oct 08 CAPEVIEW AZRI 2X FUND 30 Sep 10 M $215M 151.56 30 May (2.58%) (2.92%) 24.8% 12.65% 4.31% 12.01% 6.52% (7.15%) Michael Sakkas and Sushi? Shah Jan 14 14 Feb 14 - May 14 CAPEVIEW AZRI FUND 31 Oct 07 M $300M 168.09 30 May (1.29%) (1.50%) 11.51% 5.82% 1.29% 8.21% 3.69% (3.66%) Michael Sakkas and Sushi? Shah Jan 13 14 Feb 14 - May 14 GLG EUROPEAN LONG SHORT FUND CL-D- Inst 30 Sep 00 M $982M 315.29 30 May (0.55%) (5.31%) 7.09% 5.75% 7% 8.76% 8.16% (17.94%) Pierre Lagrange. Simon Savage. Darren Hodges Apr 14 14 Oct 07 - Oct 08 JPMORGAN PORT. STRAT. FUNDS-EUROPE 30 Sep 03 M $178M 413.52 30 May (1.79%) (231%) 15.93% -4.72% 10.2% 14.23% 8.61% (16.39%) DYNAMIC US FUND-A10-03 May 14 14 Jun 08 - Nov 09 Jonathan Ingram. John Baker. Anis Lahlou-Abid LANSDOWNE EUROPEAN EQUITY FD. LTD - A (EUR) 31 Aug 98 M $397M 210.37 31 May (0.52%) (2.09%) 21.51% 4.56% -12.68% 9.39% 11.69% (21.60%) Alex Snow & S. Heinz Jan 14 14 May 08 - Feb 09 LC EQUITY FUND LTD 30 Sep 05 M CHF121M 285.11 31 May 1.23% 4.33% 5.27% 2.04% 0.83% 12.84% 6.00% (329%) Limmat Capital Alternative Investments AG May 14 14 Jun II - Aug 11 LUCERNE CAPITAL OFFSHORE FUND LTD 30 Apt 03 M $83M 445.72 30 Apr (1.28%) 4.06% 28.69% 26.52% -19.79% 14.54% 21.87% (58.36%) Pieter Tasefaar. Thijs Hovers Apr 14 14 May 07 - Feb 09 MADRAGUE EQUITY LONG SHORT 31 Jan 12 $200M 137.11 30 Apr 0.03% 1.44% 31.03% 3.16% 15.08% 8.65% (8.92%) Madrague Capital Partners Mar 14 14 Jan 12 - Jun 12 MARSHALL WAGE - MW CORE A USD 31 Oct 06 M $206M 145.02 04 Jun 0.19% 2.21% 7.44% 8.72% 5.65% 5.01% 8.71% (26.47%) Ernesto Fragomeni Jan 14 14 Jun 07 - Sep 08 MARSHALL WAGE - MW EUROPEAN TOPS A EUR 31 Dec 04 M $231M 203.21 04 Jun 0.40% (0.25%) 16.17% 11.31% 4.29% 7.81% 7.69% (21.75%) Anthony Clake Jan 14 14 Oct 07. Feb 09 MARTIN CURRIE EUROPEAN HEDGE FUND CLASS 31 Dec 00 M $223M 308.02 30 May 1.22% 0.91% 21.33% 13.51% .8.53% 7.52% 7.53% (11.03%) -B- Apr 14 14 Jun 08 - Feb 09 Michael Browne & Steve Frost MBAM ACTIVE ENHANCED 30 Jun 13 M $80M 100.29 31 May (2.22%) (3.26%) 3.67% 0.31% 7.47% (6.96%) Hilton Nathanson Mar 14 14 Feb 14 - May 14 MLIS - THEOREMA EUROPEAN EQUITY LONG SHORT 31 May 10 D €92M 111.68 02 Jun 0.20% (3.95%) 7.94% 4.37% -0.27% 2.79% 7.57% (12.02%) UCITS FUND - EURS (acc) Feb 14 14 Sep I I . Jul 12 Theorems Asset Management Limited 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 22 EFTA00619984 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Equity-Diversified/Europe (0.32%) MOJNA ALPHA LEVERAGED MASTER FUND - EUR 30 Nov 07 M $254M 163.68 30 May 0.60% (3.87%) 14.82% -4.33% 5.58% 7.87% 6.17% (6.96%) Jakob Nordestedf. Michael O'Mara Nov 13 14 Feb 12 -Jul 12 MOJNA ALPHA MASTER FUND - EUR 31 Dec 02 M $281M 171.68 30 May 0.25% (1.98%) 4.93% -2.69% 1.39% 4.85% 2.65% (3.27%) Jakob Nordestedf. & Michael O'Mara Mar 13 14 Feb 12 -Jul 12 NORDIC ALPHA CLASS B - NOK 31 Aug 03 M NOK794M 238.02 30 Apr 2.64% 7.37% 23.77% 12.14% -14.91% 8.47% 11.17% (32.36%) Thomas Raaschou. Christian T. Nygaard Apr 14 14 Dec 07 - Feb 09 ODEY EUROPEAN. INC (EUR) 31 May 92 W C 1 '536M 783.63 14 May (1.98%) (13.92%) 25.76% 30.69% -20.56% 13.23% 16.14% (50.64%) Crispin Odey May 14 14 Jan 94 - Jul 95 PELHAM LONG/SHORT FUND LTD CLASS A EUR 31 Oct 07 M €2601M 188.03 30 Apr (2.21%) 031% 32.52% 16.89% -10.68% 10.20% 10.89% (12.25%) Ross Turner Feb 14 14 May 08 - Dec 08 PENSATO EUROPA FUND LTD EURO CLASS 31 May 08 M €l 20M 123.80 30 Apr (4.16%) (6.80%) 1.99% 11.22% -0.28% 3.67% 6.06% (8.88%) Graham Clapp & Edward Rumble Apr 14 14 May 13 - Apr 14 POLAR CAPITAL EUROP CONVICTION FUND LIMITED 31 Mar 06 M €115 M 159.48 30 May 0.40% (0.33%) 1.9% 8.07% 6.45% 5.88% 8.33% (5.84%) Robed Gurney Mar 14 14 May 11 -Augll RBR EUROPEAN LONG SHORT LTD (Ex Rhine Alpha 30 Apt 05 M $90M 2.983.80 31 May 3.07% 10.75% 20.33% 29.45% •11.71% 12.78% 18.69% (55.01%) Stars) May 13 14 Jun 07 -14av 08 Rudolf Bohli RWC SAMSARA FUND CLASS A EURO 17 Sep 07 M $135M 147.31 31 May 1.41% 4.69% 17.47% 2.97% .0.85% 5.95% 7.83% (11.60%) Ajay Gambhir Mar 14 14 Jun 11 - May 12 SIERRA EUROPE OFFSHORE. LTD - CLASS C USD 28 Feb 97 M $106M 522.00 31 May 0.04% 0.38% 4.48% 11.82% 4.88% 10.05% 8.88% (16.98%) Charles Michaels Mar 14 14 Mar 00 - Jan 03 SUSA EUROPEAN EQUITIES FUND CLASS A NIE EUR 28 Feb 09 M $213M 179.17 30 May 1.00% 2.14% 17.78% 15.22% -10.33% 11.74% 11.35% (16.04%) Reza Amin* Apr 14 14 May 11 -Sepll THEOREMA EUROPE FUND PLUS LTD BPI USD 31 Aug 04 M $20M 253.64 16 May (2.44%) (7.48%) 11.16% 5.6% -0.29% 10.06% 12.06% (15.14%) G. Goo' Dec 13 14 Sep 11 - Jul 12 THREE BRIDGES EUROPE MASTER FUND 31 Aug 06 M $565M 165.44 30 Apr (2.20%) (4.90%) 26.03% 4.57% -7.58% 6.78% 8.32% (11.88%) Gene Salamon Jan 14 14 Jun 08. Oct 08 TT MID-CAP EUROPE LONG/SHORT FUND LTD - CL B 30 Apt 05 M $757M 280.47 31 May (1.15%) 1.26% 14.43% 6.9% -1.72% 12.01% 8.67% (7.41%) David Grimbley Mar 14 14 Apr 06 - Sep 06 ZADIG FUND CLASS Al 30 Nov 05 M €297M 228.95 30 May 2.99% 0.20% 8.9% 11.02% 3.56% 10.23% 11.21% (19.14%) Laurent Saglio Nov 13 14 Aug 08 - Oct 08 Ytd Avg. 2014 Equity-DiversifiediGlobal 0.32% ANAVON MASTER FUND LTD CLASS -B- 31 Dec 10 M $76M 132.04 31 May 3.20% 0.00% 11.45% 12.62% 5.19% 8.48% 7.63% (8.57%) Avi Fruchter and Avraham Mevorah May 14 14 Jul 11 - Sep 11 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 23 EFTA00619985 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yid Avg. 2014 Equity-Diversified/Global 0.32% ATLAS FUNDAMENTAL TRADING FUND LTD- CLASS A 30 Jun 08 M $89M 1.370.37 30 Apr 1.96% 11.37% 8.31% -3.45% 7.03% 5.55% 8.88% (13.45%) NNI Mar 14 14 Sep11.Jun 13 Dmitry Balyasny. Managing Panne, & CIO BEACONLIGHT OFFSHORE FUND LTD 31 Dec 09 O $110M 136.44 30 Apr (1.99%) 1.22% 22.4% 6.8% -5.78% 7.44% 9.10% (15.02%) Ed Bosek Apr 14 14 Mar11.Septi BROOKFIELD GLOBAL LISTED INFRASTRUCTURE 30 Apt 08 M $76M 214.53 31 May 2.40% 4.94% 11.13% 16.99% 5.17% 13.36% 13.23% (22.19%) SEC. OFFSHORE FUND Jan 14 14 Apr 08 - Nov 08 Brookfield Investment Management Inc. DUET GLOBAL FUND PLUS 31 Jul 10 M $1'500M 123.75 30 Apr (1.30%) (1.09%) 3.95% 11.05% 8.05% 7.45% 3.28% (1.63%) Jason McNab Feb 14 14 Feb 1a - Apr 14 EXANE TEMPLIERS FUND 28 Feb 06 W €170M 17.447.59 03 Jun 0.01% (1.10%) 1.85% 0.77% 0.49% 5.06% 3.09% (2.89%) Jean-Francois Roussel. ~bane Arrouays. Henri-Daniel Mar 14 14 Apr II - May 12 Samama. Exane Asset Management FARRINGDON ALPHA ONE 31 Dec 06 M $250M 189.37 31 May 0.14% 6.03% 10.56% 19.44% -12.63% 8.99% 11.42% (16.50%) Bram Comelisse. Andreas Tholstrup. Dennis van Wees Sep 13 14 May 08 - Oct 08 GLADE BROOK GLOBAL OFFSHORE FUND LTD 30 Sep 11 O $374M 1.191.57 30 May 1.00% (5.64%) 19.76% 13.1% -6.77% 6.79% 9.07% (10.31%) CLASS-A- NR- Apr 14 14 Feb 1a - Apr 14 Paul Hudson HABROK LTD 31 Mar 04 O $134M 279.57 30 Apr (3.33%) (2.34%) 13.15% 6.85% -9.66% 10.73% 14.94% (38.55%) Ketan Gadhia and Rahul Khanna Mar 14 14 May 08 - Jan 09 HORSEMAN GLOBAL FUND USD 31 Jan 01 M $253M 554.71 21 May (3.20%) 5.57% 19.15% 16.28% -2.98% 13.74% 16.12% (33.75%) Russell Clark Jan 14 14 Feb 09 - Jun 10 KINSALE COMPASS FUND 31 Oct 11 M €150M 139.97 30 Apr (1.12%) 1.77% 15.74% 16.75% 1.79% 14.41% 3.94% (2.10%) Peter A Kinney Mar 14 14 Apr 12 -May 12 LANSDOWNE DEVELOPED MARKET FUND. LTD (GBP) 31 Jul 01 M $8211M 572.44 30 May 1.93% (5.37%) 33.26% 17.87% -20.07% 14.56% 10.93% (20.07%) Alex Snow & S. Heinz Jan 14 14 Dec 10 - Dec 11 LAZARD GLOBAL HEXAGON FUND 31 May 10 M $297M 124.92 31 May 0.49% (0.83%) 8.98% 13.45% -2.08% 5.45% 4.81% (7.43%) Jean-Daniel Malan Mar 14 14 Mayll-Sepii M. KINGDON OFFSHORE NV - A/1 28 Feb 86 O $1'382M 154.73 31 May 1.13% 1.50% 23.82% 11.78% -18.03% 14.97% 12.69% (30.15%) Mark Kingdon Apr 14 14 Sep 87 - Oct 87 MARSHALL WAGE - MW EUREKA Al EUR 07 Jan 98 M $4'548M 391.92 04 Jun 0.73% (0.15%) 21.61% 7.45% 9.74% 13.21% 9.09% (23.24%) Paul Marshall Jan 14 14 Oct 07 - Oct 08 MARSHALL WAGE - MW GLOBAL OPPORTUNITIES A 28 Feb 09 M $1'585 M 221.87 04 Jun 0.19% (0.65%) 13.37% 6.83% 27.16% 16.34% 9.68% (4.94%) USD Jan 14 14 Nov11. Jan 12 Fehim Sever MAVERICK FUND. LTD - CLASS NI 28 Feb 95 M $2670M 1.360.04 31 May 4.35% 1.25% 16.46% 15.46% -14.85% 12.10% 11.52% (30.04%) Lee Ainslie Ill Mar 13 14 May 08 - Nov 08 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 24 EFTA00619986 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yid Avg. 2014 Equity-Diversified/Global 0.32% MS ASCEND UCITS FUND CLASS I EUR 30 Apt 11 W $126M 1.055.63 30 May 1.50% 1.40% 12.16% -0.14% -7.06% 1.77% 4.37% (7.23%) Malcolm Fairbaim Jul 13 14 May II - Dec 12 NEVSKY FUND PLC (COMPOSITE) 30 Sep 00 M $999M 1.296.42 09 May 0.46% (2.08%) 18.07% 14.61% 0.62% 20.71% 14.15% (22.14%) Martin Taylor and Nick Barnes Apr 13 14 Oct 07 Feb 09 PASSPORT GLOBAL STRATEGY FUND 31 Jul 00 O $1'600M 1.044.58 31 May 3.50% 3.77% 23.02% 11.08% -18.74% 18.47% 26.30% (52.74%) John Burbank May 14 14 Jun 08 Dec 08 PASSPORT LONG SHORT STRATEGY FUND 30 Jun 10 M $1'073M 141.01 30 Apr (0.90%) (0.24%) 19.89% 12.13% -7.19% 9.37% 8.34% (10.06%) John Burbank. Tim Garry Apr 14 14 April - Dec It PASSPORT SPECIAL OPPORTUNITIES FUND LTD 30 Apt 08 H-Y $498M 214.81 31 May 5.00% 11.62% 45.5% -5.67% •19.91% 13.38% 27.04% (43.24%) CLASS AA May 14 14 Jun 08 Nov 08 John Burbank PLATINUM FUND LTD 31 May 94 M $532M 91.87 23 May 2.14% 1.55% 21.76% 17.44% -1151% 11.73% 12.23% (30.48%) Kerr Neilson Apr 14 14 Oct 07 Feb 09 SR GLOBAL FUND C - INTERNATIONAL (Real Perf) 31 Dec 93 M $570M 505.96 31 May 2.60% (17.45%) 36.28% 1.03% -24.27% 11.46% 21.18% (50.10%) Hugh Sloane Jan 14 14 Apr 08 - Aug 12 STANDARD PACIFIC CAPITAL -B- 30 Sep 95 O $657M 481.68 30 Apr (4.25%) (5.41%) 20.2% -4.66% -5.24% 8.82% 8.19% (15S7%) Doug Dillard and Raj Venkatesan Apr 14 14 Jul 11 - Nov 12 STK CAPITAL GLOBAL EQUITIES 30 Nov 10 M $109M 128.81 31 May 2.63% (1.44%) 16.09% 9.35% •1.64% 7.50% 8.18% (8.80%) Daniel Grozdea May 14 14 April - Sep 11 Ytd Avg. 2014 Equity-DiVerSifiedklapan (3.69%) AKAMATSU FUND 31 Dec 04 M $98M 185.85 30 Apr (0.34%) (2.09%) 21.71% -3.45% -0.85% 6.87% 7.09% (12.18%) Philip Kay Mar 14 14 Mar 12 Oct 12 ALPHAGEN HOKUTO FUND LTD - CLASS A 31 Oct 00 M $345M 202.69 09 May 0.19% (3.02%) 7.4% -1.01% 0.13% 5.36% 4.30% (4.80%) John Stewart & Robert Tull Apr 14 14 May II - Aug 12 ALPHAGEN JAPAN ABS RETURN FD. LTD 30 Jun 00 M $358M 262.12 09 May 0.85% (2.94%) 26.63% -0.58% -8.58% 7.20% 9.94% (19.05%) William Garnett and Jeremy Hall Apr 14 14 Feb 11 Aug 12 ARCUS JAPAN FUND -JPY- 31 Mar 99 D $10M 40.646.00 04 Jun 0.43% 0.71% 26.98% 19.15% -4.68% 9.67% 15.21% (45.94%) Robed Macrae Apr 14 14 Feb 07 - Feb 09 MARATHON VERTEX JAPAN FD. LTD CLASS B 31 May 03 O $475M 2.380.26 23 May 0.87% (4.02%) 23.38% 4.89% 0.59% 8.21% 8.35% (11.76%) William Arah Apr 14 14 Jun 09. Oct 10 MARTIN CURRIE ARF JAPAN FUND 30 Jun 00 M $223M 20.85 26 May (0.76%) (8.51%) 28.56% 4.23% SA% 5.42% 8.27% (15.76%) John-Paul Tempedey Apr 14 14 Apr 10 - May 12 SFP VALUE REALIZATION FUND 31 Oct 03 O $251M 356.53 30 May 8.69% 0.83% 82.11% 44.54% 7.42% 12.76% 19.86% (55.47%) Greg McEntyre Aug 13 14 Jan 06. Oct 10 SR GLOBAL FUND H - JAPAN (Real Perf) 30 Sep 03 M $140M 152.82 31 May 5.20% (15.79%) 62.51% 31.05% -8.33% 4.36% 20.82% (35.57%) Hugh Sloane. Alex Kydd Jan 14 14 Mar 08 -Jul 10 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 25 EFTA00619987 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Equity-Diversified/Japan (3.69%) UMJ KOTOSHIRO FUND 31 Oct 08 M $120M 178.63 30 Apr 0.55% 1.63% 32.05% 17.83% 12.2% 11.13% 8.08% (9.48%) Masahiro Koshiba Apr 14 14 Jul 09 -Sep 10 Yid Av. 2014 Equity-Diversified/UK (3.g12%) ALPHAGEN OCTANIS CLASS A 28 Feb 05 M $2275M 239.35 31 May 1.09% 0.84% 16.77% 3.87% -0.47% 9.89% 6.19% (10.72%) Ben Wallace & Luke Newman Apr 14 14 May 07 - Mar 08 BLACKROCK UK EQUITY HEDGE FUND 30 Apt 05 M $418M 195.94 31 May (0.04%) (0.78%) 6.42% 4.27% 2.48% 7.68% 5.80% (11.70%) Nigel Ridge & lmran Salta Apr 14 14 Jun 08. Oct 08 PEGASUS FUND LIMITED SHARES A-1 31 Oct 97 M $135M 61.65 30 May (2.31%) (9.42%) 63.74% 1.06% -1.11% 11.64% 15.53% (35.27%) David Van-ow. Angus Donaldson Jan 14 14 May 98 - Oct 98 Ytd Avg. 2014 Equity-Diversified/USA 0.74% MR INTERNATIONAL (BVI). INC. - All 31 Jan 93 M $521M 1.298.44 30 May 1.12% 7.56% 20.33% 3.85% -6% 12.77% 19.01% (44.44%) Alexander J. Roepers Dec 12 14 May 08 - Dec 08 ALLIANCE BERNSTEIN SELECT US EQUITY LONG 30 Nov 99 Y / 0 $143M 4.490.77 03 Jun 0.16% 0.95% 16.27% 6.17% 0.81% 10.90% 7.14% (9.98%) SHORT Apr 14 14 May 08 - Feb 09 Kurt Feuerman ALYDAR FUND LTD 28 Feb 03 0 $361M 213.82 31 May (0.40%) (2.95%) 15.85% -1.07% -0.68% 6.98% 4.82% (6.49%) John Murphy Dec 12 14 Jun 11 -May 12 ALYSHEBA FUND LIMITED 31 Mar 05 0 $201M 2.682.01 30 Apr (2.40%) (5S9%) 15.13% 2.83% 2.51% 11.47% 12.74% (25.80%) John A. Murphy. Philip C. Furse Dec 13 14 May 08 - Nov 08 ASCEND PARTNERS FUND II LTD - A 31 Jan 04 0 $487M 200.11 31 May 1.16% 1.74% 11.59% 3.48% -2.86% 6.94% 4.37% (5.23%) Malcolm Fairbaim Dec 13 14 Apr11-Dec11 BAY RESOURCES PARTNERS OFFSHORE FUND 31 Jul 98 M $2748M 10.422.97 30 Apr 1.60% 1.40% 22.23% 9.24% -6.89% 16.04% 16.11% (39.02%) Thomas Claugus Feb 14 14 May 08 - Feb09 BCM WESTON LP (BILLINGS CAPITAL MANAGEMENT) 31 Jan 08 M $56M 223.18 30 Apr (1.41%) (3.75%) 50.32% 15.2% -8.95% 13.71% 10.68% (13.70%) Billings Capital Management LLC Mar 14 14 Marti - Sep It CASTLEROCK FUND LTD 31 Aug 96 0 $108M 699.43 31 Mar (1.15%) (3.65%) 12.73% -3.82% -23.84% 11.69% 16.82% (37.70%) Paul Tanico Jan 13 14 May 01 - Feb 03 COBALT OFFSHORE LTD 31 Dec 96 0 $683M 780.27 30 Apr (0.42%) 1.72% 8.88% 4.49% -0.66% 12.58% 8.07% (19.53%) Wayne Cooperman Dec 13 14 Apr 98 - Sep 98 ELM RIDGE CAPITAL PARTNERS L.P. 31 Dec 99 0 $613M 542.26 31 May (0.30%) 1.87% 22.28% -14.08% 0.7% 12.43% 12.99% (19.41%) Ronald Gutlleish Jan 14 14 Apr 10 -Nov 12 EMINENCE FUND LTD A INITIAL SERIES 31 Dec 98 0 $4'135M 709.23 31 May 3.40% 6.00% 14.6% 23.83°4 1.29% 13.54% 9.58% (19.99%) Ricky C. Sandler May 14 14 Dec 07 - Dec 08 GLENVIEW CAPITAL PARTNERS (CAYMAN). LTD. 31 Dec 00 0 $3'577M 683.65 31 May 6.43% 7.80% 42.9% 24.24% •10.95% 15.40% 16.29% (49.17%) Lawrence M. Robbins Mar 14 14 May 07 - Dec 08 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 26 EFTA00619988 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Equity-Diversified/USA 0.74% INVICTA OFFSHORE FUND LTD 31 Dec 09 M $87M 156.21 30 Apr (4.80%) (8.80%) 18.27% -3.28% 10.18% 10.84% 10.48% (11.11%) James Alpha LLC Feb 14 14 Jan 14 - Aix la IVORY CAPITAL FLAGSHIP STRATEGY 30 Nov 98 O $968M 4.376.99 31 May 2.35% 4.78% 17.07% 10.5% -3.54% 9.99% 5.98% (12.61%) Curtis Macnguyen Apr 14 14 May 08 - Nov 08 IVORY OPTIMAL FUND LTD 31 Dec 08 O $1242M 206.92 31 May 3.77% 7.89% 28.31% 16.41% -4.37% 14.37% 8.41% (10.14%) Curtis Macnguyen Apr 14 14 Apr1I-Sep11 KINETICS FUND. INC - A/A 31 Jan 01 M $148M 3.591.40 31 May 5.82% 3.77% 39.74% 27.42% -14.83% 10.06% 22.10% (76.20%) Peter B. Doyle May 14 14 Oct 07 - Feb 09 MADISON STREET FUND L.P. 31 Jan 04 M $39M 2.879.01 30 Apr (2.04%) (1.63%) 26.78% 5.79% -3.04% 10.87% 7.10% (9.59%) Steven C. Owsley & Drew M. Hayworth Dec 13 14 Apr1I-Sep11 OMEGA OVERSEAS PARTNERS. LTD CLASS A 31 Dec 91 M $2'382M 969.28 30 Apr 0.13% 1.05% 30.02% 25.66% -2.97% 10.70% 14.62% (42.55%) Leon Cooperman Jan 14 14 May 07 - Feb 09 RENAISSANCE INSTITUTIONAL EQUITIES LP (B) 31 Jul 05 M $1'825M 192.96 30 May 0.94% 1.40% 16.78% 8.29% 34.12% 7.72% 10.32% (35.73%) Renaissance Technologies LLC Apr 14 14 May 07 - Apr 09 RWC US ABSOLUTE ALPHA FUND - CLASS B 30 Sep 09 D $127M 126.75 03 Jun (0.00%) 0.20% 14.28% 16.32% -2.25% 5.20% 5.71% (9.19%) Mike Cornell Oct 13 14 Apr 10 - Dec t 1 SAB OVERSEAS FUND LTD 31 Jul 00 3O / O $579M 487.21 31 May 5.30% 0.05% 23.57% 21.5% -0.71% 12.12% 11.28% (17.57%) Scott Bommer Mar 14 14 Mar 10 - Aug 10 SEMINOLE OFFSHORE FUND 31 May 98 O $1'306M 770.60 31 May 2.30% 5.47% 23.18% 5.08% .0.7% 13.60% 12.49% (15.62%) Michael G. Messner. Paul C. Shiverick Apr 14 14 May 02 - Mar 03 ZWEIG-DIMENNA INTL LIMITED - CLASS A 31 May 87 O $1'327M 92.720.86 30 Apr (3.03%) (9.80%) 21.25% -1.18% -2.37% 14.25% 15.10% (50.23%) Joseph DiMenna / Martin Zweig Jan 14 14 Feb 00 - Dec 02 Equity-Energy Ytd Avg. 2014 12.65% Ytd Avg. 2014 Equity-Energy/USA 12.65% DORSET ENERGY FUND. LTD • CLASS A 31 Oct 00 M $275M 62.66 31 May (0.02%) 12.65% 29.76% -6.43% -1.27% 14.46% 20.96% (49.55%) David M. Knott. Donald Textor Mar 14 14 Jun 08 Dec 08 Equity-Financial Ytd Avg. 2014 (4.18%) Ytd Avg. 20 14 Equity-Financial/Global (4.18%) BAY POND INVESTORS (BERMUDA). LP -A/1- NEW 31 Dec 95 BY $61 38M 218.40 31 May 0.80% (1.45%) 20.27% 20.41% -12.53% 18.22% 16.73% (63.22%) ISSUE May 14 14 Apr 98 - Mar 99 Nicholas C. Adams. Partner 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 27 EFTA00619989 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Equity-Financial/Global (4.18%) LANSDOWNE GLOBAL FINANCIALS FUND LTD. 30 Jun 04 M $1'257M 297.91 31 May 0.76% (9.11%) 23.03% 17.78% .20.82% 11.63% 13.57% (26.25%) -N.USD Nov 13 14 Apr 10 - May 12 Williamde Winton MARSHALL WAGE - MW GLOBAL FINANCIALS MIN A 31 Oct 08 M $57M 129.38 04 Jun 0.58% (0.05%) 5.76% -0.75% 3.21% 4.71% 5.57% (8.01%) USD Jan 14 14 Nov II - Aug 12 Amit Rajpal TOSCA CLASS A - USD 30 Sep 00 M $681M 268.11 30 Apr (2.09%) (6.13%) 30.5% 24.94% 1.14% 7.53% 17.32% (67.54%) Johnny de la Hey Sep 13 14 Dec 07 - Nov 08 Equity-Healthcare Ytd Avg. 2014 (1.14%) Ytd Avg. 2014 Equity-Healthcare/Global (1.14%) CCI HEALTHCARE PARTNERS LTD 31 Dec 00 M $1'193M 315.23 31 May 0.97% (5.32%) 26.54% 6.56% 3.99% 8.93% 8.54% (17.89%) Oliver Mani. CC! Healthcare Partners Apr 14 14 Oct 07 - Sep 08 JENOP GLOBAL HEALTHCARE FUND LTD SERIES A 31 Oct 12 W $177M 12.93 30 May 1.58% 2.10% 27.17% -0.45% 17.66% 12.98% (11.12%) David Chan Feb 14 14 Feb t4 - Apr 14 MLIS - CCI HEALTHCARE LONG SHORT UCITS FUND - 31 Jan 10 W $340M 131.98 02 Jun 0.02% (5.47%) 26.97% 5.51% 2.72% 6.61% 9.10% (1037%) B (acc) USD Jan 14 14 Feb t4 - Apr la Oliver Mani. CC! Healthcare Partners VISIUM INSTITUTIONAL PARTNERS FUND LTD 31 May 10 O $121M 132.62 31 May 2.10% 4.11% 20.91% 5.73% 1.28% 7.31% 6.48% (5.86%) Jacob Gottlieb. Visium Asset Management Apr 14 14 Apr 11 - Sep 11 Equity-Mid-Small Cap Ytd Avg. 2014 4.53% Ytd Avg. 2014 Equity-Mid-Small Cap/Europe 5.60% ENNISMORE EUROPEAN SMALLER COMPANIES 30 Nov 99 M €72M 417.07 22 May 0.16% 7.31% 23.49% 9.65% 11.36% 12.98% 10.64% (34.24%) Geoff Oldlield Jan 14 14 Jul 07 - Apr 09 POLAR CAPITAL EUROPEAN FORAGER FUND LTD - 31 Jul 03 M €434M 320.92 30 May (0.30%) 3.89% 11.79% 11.93% 2.39% 11.36% 7.28% (21.47%) AX Dec 13 14 Oct 07. Feb 09 Rob Gum& Ytd Avg. 2014 Equity-Mid-Small Cap/Global 11.27% RAB SPECIAL SITUATION FD LTD 31 Jul 03 O $22M 447.00 30 Apr 6.77% 11.27% -32.86% -27.94% •17.75% 2.17% 34.50% (89.56%) Philip Richards May 13 14 Jul 07 - Dec 13 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 28 EFTA00619990 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yid Avg. 2014 Equity-Mid-Small Cap/UK 5.00% ALPHAGEN VOLANTIS FUND. LTD A (USD) 30 Apr 02 M $590M 522.12 31 May (0.43%) 5.00% 13.46% 12.7% 1.02% 14.64% 8.32% (11.36%) Rob Giles & Adam McConkey Apr 14 14 Jun 08 Dec 08 Yid Avg. 2014 Equity-Mid-Small Cap/USA 3.36% COOPER CREEK PARTNERS LLC 31 Oct 08 O $100M 174.30 31 May (3.20%) 3.39% 27.15% 9.93% •13.51% 10.46% 10.49% (22.12%) Robed Schwartz Mar 14 14 Feb 11 - Sep I t GREENLIGHT CAPITAL OFFSHORE. LTD All 30 Sep 96 O $8203M 166.227.14 31 May 1.80% 437% 18.76% 7.66t 1.86% 17.23% 10.78% (27.17%) David Einhorn Jan 13 14 May 08 - Oct 08 GRT TOPAZ OFFSHORE PARTNERS. LTD - API 31 Aug 01 O $29M 2.624.13 30 May 1.55% 4.43% 12.25% 13.2% •1.64% 7.86% 12.82% (47.07%) Gregory B Fraser & Rudolph K Kluiber & Timothy A. Dec 12 14 May 07 - Feb 09 Krochuk HARBOUR HOLDINGS LTD 31 Dec 85 M $266M 176.86 30 Apr (0.90%) 2.57% 26.65% 14.64% •1.07% 18.52% 23.18% (49.05%) Charles A. Padualet Mar 14 14 May 07 - Feb 09 HARVEY SMIDCAP OFFSHORE FUND LTD 31 Jan 06 O $74M 2.367.42 30 Apr (0.90%) 4.52% 15.93% 9.43% -4.99% 11.01% 7.65% (9.17%) Jell Moskowitz and Jim Schwartz Mar 14 14 April-Dec .11 SENVEST PARTNERS. LTD - CLASS A 31 Mar 97 O $629M 2.476.50 31 May (2.00%) 6.95% 79.51% 34.81% -33.96% 20.54% 3733% (7035%) Richard Mashaal Apr 14 14 Feb 00 - Sep 02 TONGA PARTNERS LP 30 Jun 92 HY $113M 2.684.20 30 Apr 2.77% 5.94% 34.84% 24.02% -9.02% 16.25% 15.32% (50.33%) J. Carlo Cannel!. Cannel! Capital LLC Apr 14 14 Jun 07 - Agx 09 TRISTAN PARTNERS LP 31 May 05 HY $105M 333.89 30 Apr (2.62%) (5.50%) 38.52% 17.18% 20.24% 14.47% 16.62% (49.97%) J. Carlo Cannel!. Cannel! Capital LLC Apr 14 14 Jun 07 - Feb 09 Equity-Pharma-Biotech Yid Avg. 2014 6.30% Yid Avg. 2014 Equity-Pharma-Biotech/USA 6.30% PERCEPTIVE LIFE SCIENCES OFFSH FUND. LTD 31 Dec 99 M $933M 2.181.31 31 May 0.54% 3.72% 43.88% 28.09% 5.82% 23.82% 25.68% (25.67%) Joseph Edelman Apr 14 14 Feb 00 - May 00 TRAXIS SIVIK GLOBAL HEALTHCARE OFFSHORE - 30 Jun 01 M $40M 2.214.53 31 May 4.91% 8.37% 20.95% 13.88% -8.27% 6.34% 11.15% (32.70%) A/01.01 Oct 13 14 Oct 07 - Feb 09 Krishen Sud VISIUM BALANCED OFFSHORE FUND CL 2 31 Oct 05 WO $3'639M 264.35 31 May 1.35% 6.81% 18.57% 10.31% 1.89% 11.99% 8.99% (15.79%) Jacob Gottlieb Apr 14 14 Aug 08 - Dec 08 Equity-Real Estate Ytd Avg. 2014 14.63% 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 29 EFTA00619991 Equity Long/Short Equity-Real Estate/Global Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 14.63% BROOKFIELD GLOBAL REITS LONG SHORT 30 Nov 04 M $352M 535.87 31 May 5.80% 14.63% 16.2% 40% -18.96% 19.32% 26.90% (54.37%) STRATEGY Jan 14 14 May 07 - Feb 09 Jason Baine and Bernhard Krieg Equity-Technology Ytd Avg. 2014 6.53% Ytd Avg. 2014 Equity-Technology/Global 3.61% EXANE ARCHIMEDES FUND CLASS A CAP 30 Sep 06 W €344M 16.289.37 03 Jun (0.18%) 3.61% 3.84% -0.19% 3.99% 6.56% 4.67% (5.10%) Gilles Lenoir and Cesar Zeitouni Mar 14 14 Nov 11 - May 12 Ytd Avg. 2014 Equity-Techn0l0gy/USA 9.45% SELIGMAN TECH SPECTRUM FUND CLASS 31 Dec 06 M $118M 368.11 30 Apr 0.38% 9.45% 11.22% 0.65% -0.21% 8.67% 11.94% (19.91%) -A1-S/2-2002 Apr 14 14 May 08 - Nov 08 J. & W. Seligman & Co. Incorporated Equity-Utility Ytd Avg. 2014 3.72% Ytd Avg. 2014 Equity-Utility/Europe 3.72% CYGNUS UTILITIES, INFRASTRUCTURE 8 30 Apr 06 M MHO 1.860.08 30 Apr (0.35%) 3.72% 2.98% 10.88% -2.7% 8.06% 7.73% (10.69%) RENEWABLES Feb 14 14 Nov 09 - Aug 11 Cygnus Asset Management 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source 11560 HSBC Alternative Investment Group l 30 EFTA00619992 Event Driven Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Equity-Diversified Yid Avg. 2014 (0.29%) Equity-Diversified/USA MARCATO INTERNATIONAL LTD Richard McGuire. Marcato Capital Management LLC 30 Sep 10 O $ I '963M Apr14 165.53 31 May 14 Ytd Avg. 2014 (0.29%) 6.40% (0.29%) 26.16% 28.67% .4.16% 14.73% 12.53% (17.63%) Mar11 -Seen Multi-Strategy Ytd Avg. 2014 4.66% Ytd Avg. 2014 Multi-Strategy/Asia (3.96%) YORK ASIAN OPPORTUNITIES UNITS TRUST -A- 31 Mar 06 O $600M 1.27720 30 Apr 0.50% (3.96%) 14% 10.8% .6.59% 9.48% 14.14% (34.54%) Fong Hsiung /Masahiko Yamaguchi Apr 14 14 Oct 07 - Dec 08 Ytd Avg. 2014 Multi-Strategy/Emerging (0.99%) MONEDA ABSOLUTE RETURN LTD SUB CLASS 31 Jan 07 O $72M 1.272.47 31 May 0.60% (0.99%) -0.55% 5.49% -16.4% 3.34% 12.28% (29.89%) 1/SIES1 Apr14 14 Jun 08 - Dec 08 Juan Luis Rivera Ytd Avg. 2014 Multi-Strategy/Europe (2.54%) MLIS - OZ EUROPE UCITS FUND CLASS B EUR 31 Mar 11 D $534M 109.79 02 Jun 0.16% (4.96%) 14.37% 10.74% -8.79% 2.99% 6.46% (10.96%) David Windreich. Och-Zill Capital Management Group Feb 14 14 Apr 11 - Nov 11 PORTLAND HILL OVERSEAS FUND LTD 31 May 12 M $190M 125.93 31 May 3.46% (0.13%) 17.16% 7.62% 12.22% 7.25% (4.41%) Thierry Lucas Mar 14 14 Feb 14 - Apr II Ytd Avg. 2014 Multi-Strategy./ Global 6.09% AG SUPER FUND INTERNATIONAL. LTD 30 Apr 93 Y $640M 1.772.36 23 May 0.30% 4.36% 16.86% 13.67% -2.62% 10.18% 5.41% (24.78%) Michael Gordon & Dave Kamin Sep 13 14 Jun 07 Dec 08 DAVIDSON KEMPNER INTL. LTD CLASS C Tranche 31 Oct 95 O $6'454M 482.17 23 May 0.27% 4.01% 9.8% 8.13% 1.38% 8.84% 3.72% (10.87%) Thomas L. Kempner. Jr. Dec 13 14 Oct 07 - Nov 08 DROMEUS GLOBAL OPPORTUNITIES FUND 30 Jun 08 M $75M 234.33 23 May 3.63% 7.36% 11.65% 20.78% -1.62% 15.53% 9.63% (9.37%) Dromeus Capital Management Ltd Mar 14 14 Apr II - May 12 KG INVESTMENT FUND LLC 31 Dec 08 O $102M 258.28 30 Apr (1.13%) (0.19%) 26.85% 21.93% 12.4% 19.48% 14.34% (20.31%) KG Funds Management LLC Mar 14 14 Dec08- Feb 09 KL Special Opportunities FUND Ltd CLASS A USD 31 Jan 11 O $120M 132.31 30 Apr 1.14% 3.06% 9.44% 11.94% 4.8% 9.01% 5.88% (8.21%) Jamie Sherman & Jan Lernout May 14 14 Mar 12 - Jun 12 MLIS - YORK EVEN DRIVEN UCITS E CAP EUR 31 Dec 10 D €424M 134.93 02 Jun 0.54% 5.85% 25.92% 5.44% -5.32% 8.70% 9.44% (15.14%) York Ucits Holdings .lic Jan 14 14 Apr11 - Sep11 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 31 EFTA00619993 Event Driven Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Multi-Strategys,Global 6.09% OWL CREEK OVERSEAS FUND. LTD 31 Jan 02 Y $2'068M 4.927.25 31 May 1.20% (2.21%) 48.63% 11.07% -15.44% 13.80% 12.99% (20.92%) Jeffrey Altman Dec 13 14 Mar 10 - Sep It PAULSON ADVANTAGE LTD -A- 31 Mar 04 O $931M 277.86 30 Apr (2.45%) 0.16% 26.05% -14.23% -35.96% 10.66% 15.13% (47.71%) John Paulson Feb 14 14 Feb 11 - Nov 12 PAULSON ADVANTAGE PLUS LTD 31 Dec 04 O $2'166M 287.56 30 Apr (2.55%) 2.26% 27.22% -21.5% -52.64% 11.98% 22.69% (65.24%) John Paulson Feb 14 14 Feb 11 - Feb 13 PAULSON RECOVERY FUND LTD 31 Oct 08 Y $1'503M 192.17 30 Apr (3.98%) 0.09% 63.18% 5.25% -27.92% 12.61% 19.82% (35.13%) John Paulson Feb 13 14 Apr 11 -Sep 11 PERRY PARTNERS INTERNATIONAL INC CLASS -1 - 30 Sep 93 O / 2Y $6725M 1.041.12 31 May 1.13% 2.24% 20.25% 15.61% .7.14% 12.00% 7.21% (25.65%) TN A Apr 14 14 Oct 07 - Nov 08 Richard Pony PERSHING SQUARE INTL.LTD 31 Dec 04 Yla $2'964M 4.564.34 31 May 2.90% 22.67% 9.3% 12.39% -2.03% 17.49% 14.03% (20.35%) William Ackman Apr 14 14 Jan 08 - Feb 09 SOLUS SOLA LTD CL. I 31 Dec 01 O $2'600M 1.247.06 31 May 1.33% 11.32% 31.67% 9.11% -1.73% 22.52% 14.25% (21.93%) Chris Pacific. Scott Martin. Cl LaMar°. May 14 14 Feb 08 - Apr 09 SOMERSET SPECIAL OPPORTUNITIES FUND LP 31 Jul 07 O $293M 191.13 30 Apr (1.20%) 0.77% 12.75% 11.33% -1.25% 10.07% 10.92% (25.61%) Robert Feingold Mar 14 14 Aug 08 - Mar 09 TRIAN PARTNERS LTD 31 Dec 05 O $2235M 201.13 31 May 2.20% 2.69% 40.06% 0.9% 3.98% 8.65% 13.36% (30.56%) Nelson Peitz. Peter May & Ed Garden Feb 14 14 May 07 - Feb 09 TRISHIELD SPECIAL SITUATIONS FUND LLC 31 May 08 A $82M 544.18 30 Apr 1.62% 15.32% 22.84% 52.21% -8.38% 33.15% 32.83% (31.26%) Michael Leibert Feb 14 14 Feb it .Oa 11 TYRUS CAPITAL EVENT FUND LTD 31 Oct 09 O $1'200M 165.58 31 May 0.98% 15.09% 15.75% 6.77% -0.22% 11.63% 6.43% (7.95%) Tony Chedraoui Apr 14 14 Feb 11 - Sep 11 TYRUS CAPITAL OPPORTUNITIES FUND LTD 31 Mar 11 O $828M 136.34 31 May 1.03% 15.79% 14.72% 7.59% -4.6% 10.27% 6.63% (6.43%) Tony Chedraoui Mar 14 14 Mar 11 - Sep It WHITEBOX MULTI-STRATEGY FUND 31 Dec 01 O $466M 555.42 23 May (0.19%) 4.71% 18.09% 11.38% 1.2% 14.83% 9.87% (34.40%) Andrew Redcoat. Paul Twitchell. Rob Vogel. Jason Cross Jan 14 14 Jun 08 - Dec 08 YORK INVESTMENT LTD -CLASS A-U/1 28 Feb 94 O $3'400M 9.350.38 30 Apr 0.25% 6.48% 18.77% 13.73% -7.34% 11.71% 8.88% (29.86%) James Oman Feb 14 14 Oct 07 - Feb 09 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 32 EFTA00619994 Fixed Income Arbitrage Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann Return Ann. Vol Max Drawdownl Fixed Income Ytd Avg. 2014 2.28% Ytd Avg. 2014 Fixed Income/Global 2.28% AXONIC SYSTEMATIC ARBITRAGE OVERSEAS FUND 31 Mar 12 M $69M 121.53 30 Apr 3.23% 333% 22.85% -4.45% 9.82% 9.42% (10.06%) LTD Mar 14 14 Jun 12 Sep 12 Olivier De Belle fonds. Arnaud De Bevy BLACKROCK FIXED INCOME GLOBAL ALPHA FUND 30 Sep 06 M $5'300M 209.43 02 Jun 0.15% 1.58% 6.04% 14.73% 19.93% 10.11% 5.30% (1034%) Tim Webb Feb 14 14 Jun 08 - Dec 08 BLACKROCK OBSIDIAN FUND 30 Jun 96 M $1'300M 6.991.09 23 May 0.00% 5.74% 10.83% 34.27% -13.5% 11.47% 9.22% (20.93%) Stuart Spodek May 14 14 Jan 08 - Feb 09 CAPULA GLOBAL RELATIVE VALUE FUND LTD CLASS 30 Sep 05 O $6243M 229.46 31 May 0.61% 2.92% 7.56% 0.43% 6.21% 10.05% 4.66% (7.41%) May 14 14 Feb 08 - Mar 08 Yan Huo. Masao Asai III FUND LTD 30 Jun 93 M $115M 4.035.53 30 May 0.83% 3.19% 13.44% 11.83% 9.03% 6.89% 11.03% (54.77%) Cliff G Viner Apr 14 14 Jan 08 - Nov 08 III RELATIVE VALUE CREDIT STRATEGIES FUND LTD 31 Oct 05 M $134M 1.832.72 30 May 0.42% 2.93% 8.5% 10.22% 10.36% 7.31% 8.13% (31.27%) Lester Coyle Mar 14 14 Nov 07 - Dec 08 KAMUNTING STREET OFFSHORE FUND LTD 30 Apr 04 O $704M 263.01 30 Apr 4.60% 8.93% 6.97% 17.5% .6.2% 10.15% 12.55% (38.39%) Allan Teh Mar 14 14 Oct 07 - Nov 08 KLS DIVERSIFIED FUND LTD 31 Jul 08 O $939M 164.14 31 May 1.76% 6.60% 1.58% 7.35% 4.85% 8.86% 3.32% (4.10%) Jell Kronthal : Harry Lengsfield : John Steinhardt May 14 14 Apr 13 - Jul 13 LONDON DIVERSIFIED FUND. LTD - E 30 Jun 05 O $126M 1.100.42 30 May 0.09% (0.87%) 0.45% 4.86% 3.75% 1.08% 6.77% (29.25%) Robert Standing Mar 14 14 Jan 08 - Dec 08 PELAGUS CAPITAL FUND 31 Dec 07 M $785M 204.58 31 May 0.44% 0.13% 3.38% 4.47% 2.27% 11.80% 5.74% (4.14%) Bruno Usai Apr 14 14 Apr 11 -Aug 11 PIMCO ABSOLUTE RETURN STRATEGY IV 31 Mar 02 O $2998M 2.337.59 30 Apr (0.01%) 0.89% -0.44% 12.01% 1.82% 7.28% 8.56% (25.88%) OFFSHORE FUND II . CL. Ail Mar 14 14 May 08 - Nov 08 William H. Gross. Cti Wang PINE RIVER LIQUID MORTGAGE FUND LTD 31 Aug 10 M $134M 148.09 31 May (1.21%) (1.69%) 0.82% 28.86% 7.19% 11.04% 6.81% (4.70%) Jiayi Chen. Steve Kuhn May 14 14 Feb 13 - Jun 13 PROLOGUE FEEDER FUND. LTD. CLASS A 31 Jan 06 O $2'112M 1.847.73 31 May (0.36%) (4.18%) 2.51% 6.02% 8.37% 7.64% 3.70% (5.86%) David Loithouse. Graham Walsh Apr 14 14 May 13 - May 1a 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 33 EFTA00619995 Fund of Funds Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YID 2013 2012 2011 Ann. Return Ann. Vol Max Drawdowni Arbitrage Ytd Avg. 2014 0.78% Arbitrage/Global HSBC MAA FUND USD HSBC Alternative Investments Limited 15 Jun 95 O.'M $10110 Apr 14 212.21 16 May 14 Ytd Avg. 2014 0.78% (0.06%) 0.78% 4.95% 4.21% .3.61% 4.05% 4.71% (25.30%) Jul 07 • Dec 08 Event Driven Ytd Avg. 2014 2.40% Event Driven/Global GEMS PROGR. FUND SICAV RECOVERY PORTFOLIO REGULAR USD David Goldfarb, Miguel Abed, Cedric Carrot HSBC CREDIT MARKET OPPORTUNITIES FUND USD CLASS COMPOSITE Hsbc Management (Guernsey) Ltd HSBC SPECIAL OPPORTUNITIES FUND LTD HSBC Alternative Investments Limited 31 Dec 01 31 May 09 28 Feb 07 O O O $266M Oct 12 $53M Apr 14 $75M Apr 14 2.446.24 119.67 133.88 30 May 14 16 May 14 16 May 14 Ytd Avg. 2014 2.40% 0.21% 1.33% (0.35%) 2.19% 0.04% 3.68% 8.61% 9.19% 13.97% 5.91% 8.74% 20.63% -12.46% -7.47% -3.5% 7.47% 5.82% 4.13% 6.63% 5.99% 9.95% (23.23%) Jun OS- Dec OS (9.16%) Feb 11- Dec 11 (35.45%) Jun OS - Mar 09 Long/Short M $16M Apr 14 Ytd Avg. 2014 (5.77%) Long/Short/Asia HSBC ASIAN ADVANTEDGE FUND HSBC Alternative Investments Limited 30 Jun 02 171.96 30 Apr 14 Ytd Avg. 2014 (5.77%) (2.00%) (5.77%) 7.86% 2.01% -11.59% 4.68% 8.01% (24.73%) Dec 07 - Nov 08 Macro Ytd Avg. 2014 (4.88%) Macro/Global MASTERS FUND LTD MAGNOLIA SERIES Sean M. Doyle 31 Dec 96 O $247M May 14 4,904.61 23 May 14 Ytd Avg. 2014 (4.88%) 0.07% (4.88%) 11.11% 1.49% .0.36% 9.57% 8.63% (9.96%) Jul 98 Oct 98 M u l t i - S t r a t e g y Ytd Avg. 2014 (1.33%) 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group l 34 EFTA00619996 Fund of Funds Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yid Avg. 2014 Multi-Strategys,Global (1.33%) DIAMOND CAPITAL MANAGEMENT 31 Oct 02 O $197M 176.88 30 Apr (0.90%) (1.02%) 10.45% 2.61% •1.97% 5.08% 4.33% (14.18%) Elchanan Jaglom. Daniel Jaglom Mar 13 14 Jun 08 - Dec 08 GAM DIVERSITY I INC - US$ CLASS 31 Dec 89 M $516M 751.76 30 May 1.99% (0.45%) 10.49% 6.67% -3.44% 8.61% 7.92% (19.64%) David Smith Oct 13 14 Jan 94 - Jan 95 GAM DIVERSITY II INC - US$ CLASS 31 Jul 98 M $77M 228.80 30 May 1.99% (0.49%) 10.34% 6.54% -3.66% 5.36% 7.31% (18.79%) David Smith Jan 14 14 Oct 07 - Dec11 GAM TRADING II USD 30 Apr 97 M $1'536M 324.98 30 May 0.94% (1.11%) -0.45% 2.83% -4.11% 7.14% 5.77% (7.34%) David Smith. Arvin Soh Jan 14 14 Apr 13 - Oct 13 HSBC GH FUND USD 31 May 96 M $1'645M 316.32 16 May (0.27%) (0.12%) 8.51% 5.4% -3.37% 6.62% 6.30% (18.30%) HSBC Alternative Investments Limited Apr14 14 Jun 08 - Dec 08 HSBC HEDGE INVESTMENTS FUND 28 Feb 02 O $3M 165.85 30 Apr (0.99%) 0.19% 8.22% 5.97% -2.72% 4.24% 4.86% (17.63%) HSBC Alternative Investments Limited Feb 14 14 Jun 08 - Dec 08 HSBC LEVERAGED GH FUND 30 Nov 04 M $1'645M 145.88 16 May (0.64%) (1.00%) 15.12% 8.72% -8.76% 4.07% 11.51% (37.09%) HSBC Republic Investment Limited Apr14 14 Jun 08 - Dec 08 HSBC NEXT GENERATION FUND NNI MANDATE Share 30 Sep 11 M $31M 102.62 16 May (0.83%) (4.73%) 7.28% 1.98% -1.55% 0.99% 4.80% (6.07%) Class Apr 14 14 Feb 14 - May 14 HSBC Management (Guernsey) Ltd HSBC UCITS ADVANTEDGE FUND -USD CLASS 31 Oct 09 W $154M 96.97 28 May 0.00% (3.23%) 7.25% 1.38% -7.51% (0.66%) 3.90% (8.81%) Hsbc Alternative Inv. Ltd Apr 14 14 Apr 10 - Dec 11 Trading Ytd Avg. 2014 1.48% Yld Avg. 2014 Trading/Global 1.48% HSBC TRADING ADVANTEDGE FUND 31 Oct 05 M $113M 131.57 16 May 1.73% 1.48% -8.75% -5.39% -1.62% 3.26% 9.67% (20.93%) HSBC Alternative Investments Limited Apr14 14 Apr11 -Sep 13 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 35 EFTA00619997 Long Only Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Equity-Diversified Ytd Avg. 2014 (5.30%) A 2014 Equity-Diversified/Emerging Ytd (5.vg.30%) RUSSIAN PROSPERITY FUND • A 31 Aug 96 W $O20M 224.55 30 May 13.36% (5.30%) 3.11% 20.19% .18.03% 19.36% 44.37% (90.26%) Alexander Brants May 14 t4 Jul 97 - .San 99 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group l 36 EFTA00619998 Macro Commodity VW Avg. 2014 3.63% Commodity/Global ANDURAND COMMODITIES FUND Pierre Andurand ARMAJARO COMMODITIES FUND CLASS •A• John Tilney BREVAN HOWARD COMMODITIES STRATEGIES FUND L.P. Stephan Nicolas DB PLATINUM V HERMES A.R. COMMODITY FUND Colin O'Shea KROM RIVER COMMODITY FUND Christopher Brodie MERCHANT COMMODITY FUND (THE) • COMPOSITE Michael Coleman and Doug King Commodity-Systematic Ytd Avg. 2014 5.05% Commodity-Systematic/Global ARMAJARO STS COMMODITIES FUND CLASS -Z- INN Griffin Currency I Ytil Avg. 2014 0.00% Currency/Asia DYMON ASIA MACRO FUND (SERIES A) Danny Yong THE CAMBRIDGE STRATEGY • ASIAN MARKETS CURRENCY ALPHA Alexandra Edstein • Currency;Global HARNESS MACRO CURRENCY FUND Philippe Peress Inception Liquidity Asset Last NAV or Date MTD YID 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Ytd Avg. 2014 3.63% 31 Jan 13 M $280M 1,023.98 30 Apr 2.10% 3.04% 25.02% 22.58% 16.49% (11.86%) Apr 14 14 Jul 13 - Dec 13 31 Mar 04 M $686M 226.76 30 May (1.72%) (2.20%) 1.04% 1.65% -7.11% 8.39% 11.06% (15.56%) Mar 14 14 Feb 08 - Dec 08 28 Feb 10 M $738M 109.50 30 May 3.21% 6.58% 4.22% 5.8% -2.65% 3.00% 9.07% (12.22%) Apr 14 14 Sep 12 - Nov 13 28 Feb 10 D $84M 109.54 03 Jun (0.31%) 0.82% .5.82% .0.65% 9.69% 2.16% 6.09% (14.03%) Jan 14 14 Mar 12 - Nov 13 30 Jun 06 M $241M 159.97 31 May 0.16% 0.49% .6.47% 4.92% -3.89% 6.11% 9.14% (18.68%) May 14 14 Apr 11-Jan 14 31 May 04 M $134M 403.25 31 May (2.00%) 13.04% 15.77% .7.6% -30.07% 14.95% 20.79% (36.93%) Mar 14 14 Dec 10 - Oct 11 Ytd Avg. 2014 5.05% 31 Dec 09 M $24M 79.77 30 May (1.04%) 5.05% -7.8% -18.15% -15.89% (4.99%) 22.25% (48.58%) Jan 14 14 Apr11 - Oct 13 Ytd Avg. 2014 (0.60%) 31 Jul 08 Id $2'929M 151.74 31 May (0.23%) (2.55%) 5.19% 0.96% 20.11% 7.41% 10.94% (13.69%) Apr 14 14 Jul 08 - Sep 08 31 Jan 06 M $75M 162.25 30 May 3.08% 1.36% 1.06% 0.86% 6.36% 5.98% 8.05% (6.96%) Mar 14 14 May 13 - Apr 14 Ytd Avg. 2014 0.40% 31 Mar 09 D $94M 146.26 03 Jun 0.52% 2.37% 3.51% 17.65% 4.62% 7.62% 11.03% (13.52%) Apr 14 14 Apr 10 -Aug 10 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 37 EFTA00619999 Macro Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Yid Avg. 2014 Currency/Global 0.40% THE CAMBRIDGE STRATEGY - EMERGING MARKETS 31 Jan 08 M $561M 155.80 30 May 2.82% 2.13% -0.3% 7.42% 10.46% 7.25% 7.97% (10.76%) CURRENCY ALPHA Jan 14 14 May 13 - Sep 13 Jesse Maize. Andrew öresler THE CAMBRIDGE STRATEGY - EXTENDED MARKETS 31 Mar 04 M $4M 115.14 30 May (0.43%) (130%) -9.96% -1.47% -0.92% 1.40% 6.82% (30.78%) CURRENCY ALPHA Mar 14 14 Feb09. May 14 Roben Cofehan Diversified Yid Avg. 2014 (2.95%) Yid Avg. 2014 Diversified/Asia (5.42%) ALPHADYNE INVESTMENT STRATEGIES FUND LTD 31 Jan 07 M $411M 1.769.05 30 May (0.51%) (4.49%) 12.15% 7.06% 3.11% 8.09% 5.02% (5.17%) Bart Broadman. Philippe Khuong-Huu Apr 14 14 Jan 14 -May 14 BREVAN HOWARD ASIA FUND LIMITED 30 Sep 04 M $2'640M 229.44 30 May (0.33%) (1/6%) 11.55% 4.41% 8.86% 8.97% 3.82% (1.94%) Kaspar Ernst Apr 14 14 Jan 10 - Mar 10 FORTRESS ASIA MACRO FUND 28 Feb 11 O $2'839M 139.15 31 May 0.30% (5.08%) 17.06% 21.23% 3.3% 10.68% 6.47% (5.36%) Adam Levinson Apr 14 14 Dec 13 - Apr 14 SINFONIETTA FUND 31 May 08 M $81M 167.39 31 May 1.21% (10.73%) 34.47% 7.07% 22.92% 8.96% 15.35% (14.44%) Symphony Financial Partners May 14 14 Jun 08 - Mar 09 Yid Avg. 2014 DiversifiedlEmerging 1.80% ALPHA4X CAPITAL GROWTH FUND 30 Apt 06 M $97M 148.80 30 Apr (2.10%) (3.46%) -7.33% 2.54% 11.5% 5.09% 6.76% (12.78%) Manuel E Mej/a-Aoun. Urvish Bidkar. Fabio luo Apr 14 14 Jun 13- Apr 14 BLUECREST EMERGING MARKETS FUNDS 31 Aug 05 O $1230M 204.60 31 May 1.88% 3.52% 4.65% 10.9% -0.43% 8.53% 10.56% (22.89%) Bluecrest Capital Management LLP Apr 14 14 Oct 07 - Oct 08 GAVEA FUND LTD . CLASS A S11 31 Jul 03 O $1'439M 224.77 31 May (1.18%) (419%) 2.71% 8.19% -0.35% 7.76% 6.62% (1230%) Fraga Anninio and Gabriel Srour Apr 14 14 Jul 08 Oct 08 GREEN FUND LLC GREEN CLASS 31 Jan 01 M $1767M 693.96 31 May (0.01%) (4.51%) 9.9% 13.55% -5.7% 14.63% 14.01% (3100%) Luis Stuhiberger Nov 13 14 Jun 08 Nov 08 PHARO TRADING FUND 30 Nov 00 M $376M 5.597.12 23 May 2.87% 17.98% 19.65% 0.69% -2.68% 13.62% 10.41% (13.16%) Guillaume Fonkenell Apr 14 14 Feb 08 Oa 08 SPINNAKER GLOB OPP FUND. LTD COMPOSITE 31 Jan 01 O $804M 511.89 15 May (0.01%) 3.14% 0.97% 14.12% -11.82% 13.07% 9.19% (31.74%) Jorge Rosas Feb 14 14 May 08 Feb 09 THE CAMBRIDGE STRATEGY - APOLLO (EM MACRO) 30 Apr 09 M $442M 142.88 30 May 2.20% 0.31% -2.05% 12.92% 14.14% 7.27% 5.92% (10S0%) ABSOLUTE RETURN Mar 14 14 Mar 13 Oct 13 Russell Thompson. Walid Khalfalfah. Ali Bora Yigitbasioglu 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 38 EFTA00620000 Macro Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Diversified/Global (3.62%) BREVAN HOWARD FUND. LTD - USD CLASS A 31 Mar 03 M $26754M 298.12 30 May (0.31%) (4.22%) 2.68% 3.93% 12.15% 10.27% 6.80% (8.30%) Alan Howard Apr 14 14 Apr i3 - May 14 BTG PACTUAL GLOBAL EM. MKTS AND MACRO FD 31 Jan 09 M $5'533M 2.956.38 30 Apr 0.78% 5.37% 9.65% 28.12% 3.44% 22.95% 7.19% (3.57%) BTG Pactual Global Asset Management Jan 14 14 May I 1 - Dec it CANOSA GLOBAL MACRO FUND LTD 30 Apt 13 M $1.017M 106.98 31 May 0.30% (2.17%) 9.34% 6.42% 7.65% (4.66%) Tim Attias. Santiago Afarco Apr 14 14 Aug 13 - Oct 13 CAPITAL FUND. LTD (THE) 31 Dec 99 M $59M 367.61 30 May 0.16% (0.59%) -3.07% 0.21% 4.65% 9.45% 10.30% (17.38%) Kenneth Windheim Jan 14 14 Jan 09 - Mar 10 CAXTON GLOBAL INVESTMENT LTD 31 Jan 97 0 $4'880M 852.09 03 Jun 0.63% (5.55%) 18.13% 1.96% 0.7% 13.15% 7.42% (7.37%) Andrew E. Law Nov 13 14 Jun 07 - Aug 07 COMAC GLOBAL MACRO FUND 31 May 06 M $1D66M 148.05 23 May 0.30% (3.02%) 0.53% -8.95% 5% 5.04% 8.02% (14.56%) Calm O'Shea Apr 14 14 Apr 10 - Aug 13 COMMONWEALTH OPPORTUNITY CAYMAN FUND 30 Nov 08 M $1'010M 210.87 23 May 0.05% 2.51% 5.39% 15.64% 10.75% 14.59% 9.97% (10.38%) LTD Mar 14 14 Jan 09 - Feb 09 Adam Fisher DISCOVERY GLOBAL MACRO FUND LTD CLASS -A- 31 Aug 11 0 $3'576M 1.283.25 30 May (0.02%) (14.08%) 26.95% 18.87% •1.02% 9.50% 11.68% (15.78%) SERIES 1 Apr 14 14 Feb 14 - May 14 Robert K Citron DISCOVERY GLOBAL OPPORTUNITY FUND. LTD 31 Jul 99 HY $8'640M 852.89 30 May 1.80% (10.46%) 27.5% 15.06% 3.58% 15.54% 14.69% (33.03%) Roben K Citron Apr 14 14 Dec 07 - Dec 08 ECLECTICA FUND (THE) CLASS A EURO 30 Sep 02 M C404M 225.21 30 May 2.30% (4.84%) -0.01% -1.72% 12.11% 7.20% 21.15% (31.94%) Hugh Hendry Apr 14 14 Feb 08 - Sep 08 ELEMENT CAPITAL FUND 31 Mar 05 M $4.349M 66.033.96 30 Apr 0.28% 0.85% 19.44% 2.73% 5.54% 23.09% 9.86% (7.83%) Jeffrey Talpins Apr 14 14 Oct 07 - Apr 08 EPISODE INC. CLASS A 31 Jul 05 0 $1'490M 143.27 23 May 1.38% 4.29% 6.14% -4.69% 0.98% 4.16% 11.40% (32.77%) David Fishwick 1 Tony Finding Oct 13 14 Oct 07 - Feb 09 FORTRESS MACRO FUND LTD. CLASS A 31 Dec 08 M $1'681M 1.228.08 31 May 0.28% (6.08%) 13.97% 17.82% -9.33% 7.15% 7.12% (11.34%) Michael E. Novogratz & Adam Levinson Apr 14 14 Meru - Nov ( GAM GLOBAL RATES HEDGE FUND 31 Jan 04 M $414M 227.63 27 May 2.51% 4.66% -0.11% 14.71% -6.73% 8.29% 7.25% (12.25%) Adrian Owens Mar 14 14 Mart 1 - Sept 1 GAMUT INVESTMENTS 30 Jun 86 M $97M 8.257.19 30 May 2.60% 5.24% -2.83% 0.29% -0.95% 17.12% 13.15% (13.45%) Adrian Owens Dec 13 14 Dec 87 - Apr 88 GRAHAM ABSOLUTE RETURN TRADING LTD 31 Dec 04 0 $627M 391.57 03 Jun 0.97% (2.87%) 10.42% 9.22% 4.5% 12.60% 9.74% (13.31%) Graham Capital Management. L.P. Apr 14 14 May 07 - May 08 GRAHAM GLOBAL INVESTMENT FUND II - 31 May 04 0 $3'190M 211.12 03 Jun 0.68% (5.74%) 7.22% 7.35% 6.82% 10.72% 10.29% (30.81%) DISCRETIONARY ENHANCED VOL May 14 14 May 07 - Jun 08 Kenneth G. Tropin 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 39 EFTA00620001 Macro Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Diversified/Global (3.62%) GRAHAM GLOBAL INVESTMENT FUND- 31 May 04 O $3190M 257.56 03 Jun 0.34% (2.90%) 3.63% 3.83% 3.56% 6.11% 5.10% (14.81%) DISCRETIONARY May 14 14 May 07 - Jun 08 Kenneth G. Tropin HARMONIC ALPHA PLUS MACRO FUND - USD CLASS 30 Apr 03 M $76M 125.91 31 May 0.85% (1.63%) -8.34% 23.45% -8.95% 5.39% 12.00% (18.17%) Richard Conyers Mar 14 14 Aug 12 - Feb I4 MELLON OFF GLOB OPP FUND LTD - 30 Nov 05 M $171M 1.013.97 30 Apr (1.73%) (12.16%) 1.21% -2.53% 4.79% 0.16% 9.02% (31.90%) MULTICURRENCY - Al Oct 13 14 Jan 07 - Oct 08 Alexander Hubens & Jell Zhang MELLON OFF. ALPHAACCESS FUND LTD - MCY API 31 Jul 05 M $71M 855.23 30 Apr (3.44%) (23.78%) 5.4% -4.79% 4.46% (1.77%) 17.82% (59.00%) Alexander Hubens & Jell Zhang Oct 13 14 Jan 07 - Oc108 MKP OPPORTUNITY OFFSHORE. LTD 31 Jul 01 M $3227M 294.46 31 May 0.40% (4.77%) 7.09% 6.9% 11.42% 8.77% 5.38% (5.15%) MKP Capital Management. L.L.C. Apr 14 14 Dec 13 - Apr 14 MLM MACRO PEAK PARTNERS OFFSH FD. LTD - B 31 Mar 02 M $573M 2.220.00 31 May 0.17% (6.72%) 23.84% -0.76% -35.04% 6.77% 17.85% (36.99%) Timothy Rudderow Sep 13 14 Dec 10 - May 12 MOORE GLOBAL INV FD. LTD - A $ 31 Dec 89 O $3'332M 52.403.95 22 May (1.66%) (6.32%) 17.02% 8.82% -2.21% 17.61% 11.71% (18.45%) Louis Bacon Mar 14 14 Jan 94 - Feb 95 MOORE MACRO MANAGERS FUND. LTD CLASS -A- 31 Jul 93 O $3'602M 11845.43 22 May 0.11% 0.80% 13.49% 9.01% -2.57% 13.45% 8.32% (14.47%) Louis Bacon Feb 14 14 Jan 94 - Feb 94 OMNI MACRO FUND I LIMITED 30 Apr 07 M $298M 252.32 31 May 0.74% 2.79% -4.87% 0.74% 10.45% 13.94% 12.88% (14.14%) Stephen Rosen. Nick Munns Mar 14 14 Aug 10 - Apr 11 ONSLOW MACRO FUND CLASS A 31 Dec 07 M $114M 148.01 30 Apr (0.71%) (0.64%) 7.16? -6.72% 3.17% 6.34% 14.77% (25.48%) Nicolas Galperin. Esteban Klein May 14 14 Sep 08 - Oct 08 PHARO MACRO FUND LTD 30 Apr 05 O $3'554M 3.048.26 23 May 0.50% 6.93% 18.51% 12.53% -7.82% 13.08% 8.66% (9.64%) Guillaume Fonkenell Apr 14 14 Jun 08 - Nov 08 PINPOINT MULTI-STRATEGY FUND 29 Feb 08 M $134M 150.19 16 May (1.11%) (3.71%) 4.65% 6.19% -10.43% 6.77% 10.70% (17.36%) Clang Wang Sep 13 14 Jun 08 - Nov 08 RUBICON GLOBAL FUND. LTD 31 Oct 99 M $851M 421.58 31 May (4.97%) (19.13%) 18.25% -3.89% 5.34% 10.36% 14.73% (36.03%) Paul Brewer May 14 14 Dec 04 - May 07 TREND MACRO OFFSHORE LTD 31 Jul 11 M $366M 130.64 30 May 0.11% 1.74% 14.81% 16.56% -4.04% 9.89% 5.97% (6.45%) Ashwin Vasan Apr 14 14 Aug 11 - Jun 12 TT INTERNATIONAL FUND 31 Aug 89 M $275M 7.30409 31 May (1.32%) (4.34%) 7.36% 4.27% •14.09% 8.29% 14.25% (27.05%) Tacchi Tim Mar 14 14 Jan 94 - Jan 95 TUDOR B.V.I GLOBAL FUND LTD -A- 31 Oct 86 O $7.11811/4A 120.295.79 30 May (0.58%) (4.91%) 13.99% 5.41% 2.17% 18.95% 18.66% (17.07%) Paul Tudor Jones Apr 14 14 Apt 92 - Jul 92 TUDOR B.V.I GLOBAL FUND LTD •A• ALT SERIES 01 31 Dec 11 O $5'620M 122.230.29 30 May (0.47%) (4.41%) 14.29% 6.27% 6.38% 7.22% (4.41%) Paul Tudor Jones May 13 14 Dec 13 - May 14 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 40 EFTA00620002 Macro Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdowni Ytd Avg. 2014 Diversified/Global (3.62%) TUDOR DISCRETIONARY MACRO FUND CLASS I 30 Jun 12 0 $1'715M 1,083.81 30 May (0.23%) (6.89%) 13.2% 2.82% 4.29% 7.83% (9.13%) Seder 01 Apr 14 14 Jun 13 -May 14 Multi-PM Platform Fixed Income Ytd Avg. 2014 (0.31%) Ytd Avg. 2014 Fixed IncomeiGlobal (0.31%) BREVAN HOWARD INVEST. FUND - EMERGING 31 May 10 W $402M 111.35 30 Apr (0.28%) (0.31%) -3.84% 7.21% 2.97% 2.78% 4.72% (5.89%) MARKETS LOCAL FIXED INCOME FUND Mar 14 14 Feb 13. Feb14 Filippo Cipdani, Brevan Howard Asset Management Systematic Ytd Avg. 2014 (9.15%) Ytd Avg. 2014 Systematic/Global (9.15%) EAGLE QUANTITATIVE MACRO FUND LTD 30 Sep 06 1,.1 $417M 155.76 31 May 1.08% (9.15%) -10.32% 8.57% 4.2% sass 14.01% (22.33%) Eagle Trading Systems Inc. (Menachem Sternberg) Apr 14 14 May 12 . Apr 14 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group 41 EFTA00620003 Managed Futures Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Commodity Ytd Avg. 2014 16.28% Ytd Avg. 2014 Commodity/Global 16.28% CUMULUS ENERGY FUND CLASS A USD 30 Sep 06 M $480M 663.66 31 May 0.60% 16.28% 13.96% 24.55% 99.63% 27.98% 35.39% (41.27%) Peter Brewer Apr 14 14 Sep 07 • Apr 08 Currency Ytd Avg. 2014 3.11% Ytd Avg. 2014 Currency/Global 3.11% ORTUS FUND (CAYMAN) LTD 30 Sep 03 M $105M 201.04 31 May (0.39%) 3.11% -17.32% -17.33% 5.7% 6.76% 12.04% (32.73%) &Joe Zhou Apr 14 14 Jan 12 -Jan 14 Fixed Income Ytd Avg. 2014 (3.42%) Fixed Income/Global Ytd Avg. 2014 (3.42%) DB SELECT EUROFIN ACCURATE FX INCOME INDEX 31 Dec 07 D €43M 96/0 03 Jun (0.71%) (3.42%) 2.39% 1.85% 8.88% 4.21% 6.58% (5.68%) Joao Poppe, Narclso Vega Apr 14 14 Aug 10 -Mar11 Systematic Ytd Avg. 2014 0.19% Ytd Avg. 2014 Systematic/Global 0.19% AHL (cayman) SPC EVOLUTION USD 31 Aug 05 M $1'518M 1.32 31 May 5.4t% 10.6t% t6.91% 23.53% 10.53% 16.02% 12.67% (13.16%) Tim Wong . Matthew Sargaison Jul 13 14 Jun 08 - Oct 08 AHL ALPHA 30 Sep 95 M $198M 8.99 31 May 3.72% 3.93% -1.52% -0.06% -2.75% 12.47% 12.49% (12.28%) Tim Wong. Matthew Sargaison Feb 14 14 Oct 01 - Feb 02 AHL DIVERSIFIED 29 Feb 96 W $527M 93.30 30 May 6.13% 5.36% -3.06% -2.22% -5.9% 13.01% 16.76% (19.53%) Tim Wong, Matthew Sargaison Jul 13 14 Oct 01 - Apr 02 ASPECT DIVERSIFIED FUND • CLASS A 30 Nov 98 W $1'091M 292.79 04 Jun (1.82%) (3.61%) -4.44% •10.66% 4.51% 7.17% 15.89% (22.19%) Anthony Todd May 14 14 Feb 12 - Mar 14 BLUETREND FUND. LTD • CLASS A 31 Mar 04 M $10'200M 281.55 31 May 6.32% 3.33% -11.5% 0.02% 0.32% 10.71% 14.11% (22.05%) Michael Platt & Leda Braga Apr 14 14 Apr 11 -Jan 14 BORONIA DIVERSIFIED FUND MASTER 31 Aug 93 M $43M 1,874.19 03 Jun (0.19%) 1.65% 13.23% -3.99% -8.75% 9.34% 11.55% (14.56%) Richard Grinham and Angus Grinham Apr 14 14 Feb 08 - Apr 12 CAMPBELL GLOBAL ASSETS FUND LTD Class A 31 Jan 98 M $109M 3,610.04 30 May 2.58% (7.54%) 12.57% 4.52% -2.92% 8.18% 13.23% (21.17%) Campbell & Company Mar 14 14 Jun 07 -Jan 10 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 42 Source - HSBC EFTA00620004 Managed Futures Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Systematic/Global 0.19% CAMPBELL GLOBAL ASSETS FUND LTD Class B 30 Jun 02 M $109M 1006.86 30 May 2.74% (7.65%) 11.34% 1.84% 1.83% 5.79% 11.60% (22.92%) Campbell & Company Mar 14 14 Jun 07 - Aug 07 CANTAB CAPITAL PARTNERS QUANTITATIVE FUND 28 Feb 07 M $518M 1.396.38 30 May 2.66t (4.60%) -27.65% 15.32% 12.84% 4.93% 15.64% (34.86%) (THE) - USD ARISTARCHUS May 14 14 Apr 13 - Apr 14 Ewan Kirk. Erich Schlaikjer. Cantab Capital CONQUEST MACRO FUND. LTD (COMP) 30 Apr 99 M $157M 1.99123 04 Jun (1.80%) 2.19% -7.66% -33.16% -5.67% 4.69% 19.54% (56.21%) Marc Malek Aug 13 14 Jul 09 - Mar 13 CRABEL FUND SPC LTD CLASS A 28 Feb 98 M $365M 5.511.02 31 May 1.39% 2.43% 2.2% 15.53% -1.93% 11.07% 16.19% (16.71%) Toby Crabel Dec 13 14 Oct 98 - Jun 99 DB PLATINUM IV DBX SYSTEMATIC ALPHA INDEX 30 Jun 10 W $1'267M 119.10 30 May 1.87% 2.92% 6.63% -3.96% 4.85% 4.56% 7.52% (7.87%) FUND - CLASS I1CU Sep 13 14 Apr 13 - Aug 13 DB Platinum Advisors DISCUS FEEDER LTD CL. B USD STANDARD 31 Dec 90 M $133M 1.01112 30 May 2.05% 0.54% -10.32% -13.88% 21.95% 10.64% 15.60% (3436%) LEVERAGE Apr 14 14 Jun 94 - Oct 95 Team managed EAGLE GLOBAL FUND 30 Sep 95 M $59M 721985.86 30 May (0.24%) (18.05%) -15.88% 8.1% 8.82% 11.17% 23.27% (36.19%) Menachem Sternberg May 14 14 Apr 13 - Mar 14 EDGESTREAM NIAS FUND 30 Jun 04 M $650M 187.35 31 May 2.54% 2.59% 10.05% -0.82% -4.52% 6.53% 6.88% (9.76%) Edges frown Partners. LP Jun 14 14 Dec 04 - Sep OS FORT GLOBAL DIVERSIFIED 30 Sep 93 D $79M 1336.44 30 May 4.42% 7.66% -4.67% 7.12% 39.95% 16.46% 19.28% (26.55%) Yves Baker. Sajiv Kumar Apr 14 14 May 99 - Sep 00 GRAHAM GIF II PROPRIETARY MATRIX SP SIES A 30 Jun 99 M $836M 307.13 03 Jun (0.76%) (7.10%) 13.72% -0.07% -9.85% 7.80% 11.87% (17.90%) Kenneth G. Tropin Apr 14 14 Apr 11 -Nov 12 GRAHAM GLOBAL INVESTMENT FUND II - K4D-10V 31 Jan 95 M $2249M 350.89 03 Jun (1.58%) (4.96%) 10.04% -4.91% -13.12% 6.70% 12.22% (20.70%) Kenneth G. Tropin May 14 14 Apr 11 - Nov 12 GRAHAM GLOBAL INVESTMENT FUND II - K4D-15V - 31 Dec 00 M $2249M 206.83 03 Jun (2.37%) (7.40%) 15.25% -7.15% -18.64% 9.45% 19.23% (29.84%) COMPOSITE May 14 14 Feb 04 - Apr OS Kenneth G. Tropin GRAHAM GLOBAL INVESTMENT FUND TACTICAL 30 Sep 06 W $1'038M 189.89 31 May 1.65% (0.60%) 8.44% 4.21% -0.1% 8.72% 10.08% (8.00%) TREND S/A May 14 14 Nov 09 - Jan 10 Graham Capital Management. L.P. ISAM SYSTEMATIC FUND CLASS A 31 May 01 M $190M 366.17 31 May 3.86t 3.21% -10.67% -17.46% -2.74% 10.49% 17.94% (34.79%) ISAM Systematic Management Jun 14 14 Feb 11 - Sep 13 KEYNES LEVERAGED QUANTITATIVE STRATEGIES 31 Dec 04 M $241M 99.46 31 May 2.10% (4.05%) -3.98% 6.54% -5.89% 6.12% 12.00% (12.83%) FUND CLASS - B -COMPOSITE Sep 13 14 Apr 06 - Sep 06 Sushi! Wadhwani. LYNX (BERMUDA) LTD 30 Apr 00 M $1'895M 462.65 04 Jun (2.04%) (2.79%) 11.1% -6.71% -2.25% 11.47% 14.25% (14.72%) Jonas Bengtsson. Svante Bergstrom. Martin Sandquist Apr 14 14 Sep 11 - Aug 13 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 43 Source - HSBC EFTA00620005 Managed Futures Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Systematic/Global 0.19% LYNX BERMUDA 1.5 LTD 30 Apr 08 M $336M 145.69 04 Jun (3.04%) (4.46%) 16.7% -10.82% -4.08% 6.36% 22.29% (22.55%) Jonas Bengtsson. Svante Bergstrom. Martin Sandquist Apr 14 14 Sep 11 - Aug 13 MLIS - GRAHAM CAPITAL SYSTEMATIC MACRO 30 Nov 10 D $83 M 78.22 02 Jun (0.86%) (4.07%) 11.59% -10.09% -20.38% (6.77%) 1232% (31.34%) UCITS FUND Feb 14 14 Feb 11 - Nov 12 Graham Capital Management L.P. RENAISSANCE INSTITUTIONAL FUTURES FUND LP 30 Sep 07 M $584M 124.18 30 May (0.40%) 4.45% 2.15% -3.17% 1.84% 3.30% 11.05% (22.27%) Renaissance Technologies LLC Feb 14 14 Jun 08 - Jun 09 SOLAISE SYSTEMATIC FUND LTD ( S Class) 31 May 11 M $31M 96.87 31 May 0.88% 0.25% 1.84% -0.15% .4.97% (1.05%) 11.67% (13.61%) Ali Najjar May 14 14 Aug 11 - Aug 13 TEWKSBURY INVESTMENT FUND. LTD - B 31 Dec 90 M $2'561M 18.024.64 31 May 1.80% 7.90% 7.57% 3.53% 4.55% 13.14% 4.71% (7.75%) Matthew Tewksbury Feb 14 14 Jun 07 - Aug 07 TRADELINK INTEGRATED PROGRAM LTD 31 Dec 93 M $67M 2.403.99 31 May 2.28% 1.54% 7.76% -6.33% -21.27% 16.84% 22.52% (36.53%) Alex Brockman Mar 14 14 May 03 - Jan OS TULIP TREND FUND. LTD - A 31 Mar 03 M $396M 3.978.07 31 May 9.08% 8.10% -0.01% 4.89% -20.93% 13.15% 25.41% (34.25%) Progressive Capital Partners Ltd Mar 14 14 Feb 09 - Jen 10 TWO SIGMA COMPASS CAYMAN FUND 31 Jul 09 M $830M 2.021.74 31 May 5.96% 12.63% 14.07% 4.23% 2.33% 15.66% 8.04% (9.85%) Two Sigma Investments. LLC Feb 14 14 Apr 11 - Sep 'II WINTON EVOLUTION FUND (THE) 31 Aug 05 M $258M 1.52128 04 Jun (0.77%) 0.96% 14.56% -8.31% 3.83% 4.90% 10.49% (14.61%) David Harding May 14 14 Jun 08 - Jul 09 WINTON FUTURES FUND - CLASS B 30 Sep 97 M $10263M 907.42 04 Jun (0.77%) 1.06% 9.4% -3.56% 6.29% 14.13% 16.87% (25.08%) David Harding May 14 14 Oct 0i . Feb 02 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 44 EFTA00620006 Market Neutral Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown Discretionary Yid Avg. 2014 0.87% Yid Avg. 2014 Discretionary/Asia 10.23% AMAZON MARKET NEUTRAL FUND CLASS A USD 31 Aug 05 M $327M 418.91 30 May 2.50% 10.23% 7.34% 1.85% 11.56% 17.79% 11.82% (20.20%) Philip King Apr 14 14 Jun08 • Dec 08 Ytd Avg. 2014 Discretionary/Europe (1.39%) EXANE MICROMEGAS FUND LTD- CLASS A CAP Jerome Poirot 30 Jun 06 €64M Mar 14 15.244.21 03 Jun 14 (0.19%) 1.55% 3.43% -5.74% 1.38% 3.67% 5.48% (8.06%) Feb 12 • SOP 13 MBAM ACTIVE LONG SHORT Hilton Nathanson 31 Jul 10 M $506M Mar 14 115.81 31 May 14 (1.18%) (2.08%) 5.06% 3.61% 0.08% 3.90% 3.56% (3.82%) Feb 14 - May 14 OYSTER MARKET NEUTRAL EUR Syz Asset Management S.A. 31 Jul 09 $285 M Feb 14 167.69 03 Jun 14 0.16% (3.63%) 10.72% 6.4% -6.15% 2.33% 4.46% (7.28%) Feb 14 - May 14 Ytd Avg. 2014 Discretionary/Global 2.12% BLACK DIAMOND RELATIVE VALUE LTD -C-Shs Clint Carlson 31 Jul 99 O $896M Apr 14 351.82 31 May 14 1.25% 3.76% 8.31% 9.48% -3.25% 8.84% 5.35% (8.09%) Mar 11 - Sep It MARSHALL WACE MW MARKET NEUTRAL TOPS A USD 31 Oct 07 M $507M Jan 14 142.08 04 Jun 14 0.78% 2.45% 18.78% 15.02% 3.18% 5.47% 6.65% (15.98%) Jun08. Wm/ 08 Anthony Clake. MLIS - MARSHALL W. TOPS UCITS FUND (MKT NTRL) 31 Dec 07 D €11 03M 121.09 02 Jun 0.17% 0.16% 7.58% 6.07% 3.46% 3.03% 4.49% (11.63%) Marshall Wace LLP Jan 14 14 Jun08. Ocl 08 Ytd Avg. 2014 Discretionary/Japan 0.39% EQUILIBRIA JAPAN FUND LTD IX USD 30 Apt 02 M $172M 237.37 23 May (0.59%) 0.25% 9.16% -3.55% -0.13% 7.42% 4.48% (7.20%) James Pulslord. Sara Gardiner-Hill Apr 14 14 Jul 11 - Dec 12 EQUILIBRIA JAPAN FUND LTD 2X (USD) 30 Apt 09 M $342M 148.75 23 May (1.19%) 0.53% 19.7% -6.6% .0.5% 8.15% 8.10% (13.42%) James Pulslord. Sara Gardiner-Hill Apr 14 14 Jul 11 - Dec 12 Ytd Avg. 2014 Discretionary/UK (1.83%) ABSOLUTE INSIGHT UK EQUITY MKT NEUTRAL FUND-CLASS B2P GBP 31 Mar 08 D €1130M Jan 14 1.21 05 Jun 14 0.21% (0.47%) 3.38% 3.49% 2.3% 3.06% 1.45% (1.82%) Feb 14 - May 14 Andrew Cawker. lain Brown. Richard Howarth SCHRODER CAZENOVE UK ABSOLUTE TARGET FUND- P2 GBP 30 Jun 08 D £247M Dec 12 121.30 04 Jun 14 0.17% (3.18%) 10.09% 4.08% 11.24% 3.31% 5.32% (9.96%) Sep 09 - Dec 10 Steven Cordell 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 45 EFTA00620007 Market Neutral Inception Liquidity Asset Last NAV or Date MTD YID 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Equity Diversified Yid Avg. 2014 (1.78%) Ytd Avg. 2014 Equity Diversified/Asia (1.33%) MACQUARIE ASIAN ALPHA FUND 30 Sep 05 M $1'680M 1,872.59 31 May 1.10% 1.45% 9.04% 4.41% 9.11% 9.54% 6.27% (14.05%) Nick Bird May 14 14 Oct 07 - Apr 09 PAN ASIA OPPORTUNITIES FUND LTD CLASS B 31 Jul 10 M $1'075M 121.63 30 May (0.74%) (4.10%) 7.13% 2.92% 9.6% 5.24% 5.32% (4.70%) Jeff Shen, Ryan Kim, Ryan LaFond, Jan Bratteberg May 14 14 Nov 13 - May 14 Ytd Avg. 2014 Equity Diversified/Europe (4.50%) BLACKROCK EUROPEAN DIVERSIFIED EQUITY A.R.F 30 Sep 10 D f208M 117.83 04 Jun 0.34% (3.37%) 16A3% -0.35% 4.05% 3.69% 5.86% (13.12%) - SHARE CLASS D Jan 14 14 Mar 11 -May12 Robert Fisher/Simon Weinberger GAM TALENTUM ENHANCED EUROPE LONG/SHORT - 30 Nov 04 M f328M 242.34 31 May (0.01%) (4.69%) 15.83% 16.66% 2.91% 9.76% 9.11% (25.03%) A - Mar14 14 Jun 08 - Apr 09 Gianmarco Mondani/ Roberto Cantaluppi/ Paolo Longinotti GLG EUROPEAN Ear( ALTERNATIVE FUND UCITS 30 Jun 11 D $1'484M 109.69 03 Jun 0.01% (5.44%) 7.23°,' 6.19% 1.87% 3.2t% 5.41% (8.27%) AR CL I Apr 14 14 Feb 14 - May 14 Pierre Lagrange, Simon Savage. Darren Hodges Ytd Avg. 2014 Equity Diversified/Global 5.50% TWO SIGMA ABSOLUTE RETURN FUND LTD 31 Oct 11 M $668M 1.236.02 31 May 1.96% 5.50% 1125% 4.03% 1.23% 8.55% 5.00% (3.30%) Two Sigma Advisers, LLC Apr 14 14 Jun 13 - Aug 13 Multi-Strategy Ytd Avg. 2014 0.16% Ytd Avg. 2014 Multi-Strategy/Asia (0.11%) UM ASIA MULTI-STRATEGY FUND CLASS A 31 Dec 95 Q $1'325M 37.30 23 May 0.05% (0.11%) 5.63% 3.57% -0.23% 7.41% 5.72% (15.79%) George W. Long Apr 14 14 Feb 08 - Nov 08 Ytd Avg. 2014 Multi-Strategy/Global 0.44% HUDSON BAY INTERNATIONAL FUND LTD 31 May 06 Q $1'425M 237.53 31 May 0.16% 0.44% 7.9% 11.37% 4.31% II 41% 5.03% (3.92%) Hudson Bay Capital Management LP Mar14 14 Nov 07 - Dec 07 Statistical Arbitrage Ytd Avg. 2014 2.47% 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 46 EFTA00620008 Market Neutral Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Statistical Arbitrage/Global 2.47% A.R.T. INTERNATIONAL INVESTOR (BVI) Ltd 28 Feb 07 O $611M 224.15 31 May 1.89% 3.42% 4.91% 5.67% 7.88% 11.76% 7.86% (10.48%) Aaron Sosnick Mar 14 14 Jul 07 - Aug 07 CAMPBELL GLOBAL ASSETS FUND LTD Class D 31 Dec 00 M $109M 1.094.49 30 May 0.91% (0.69%) -5.62% -10.1% 18.36% 7.94% 10.19% (22.98%) Campbell & Company Mar 14 14 Feb 06 - Aug 07 GSA CAPITAL INTERNATIONAL FUND. LTD CLASS A 28 Feb 05 O $1210M 246.90 31 May 1.18% 4.69% 13.28% 3.64% 15.2% 10.26% 4.38% (11.91%) Jonathan Hiscock Apr 14 14 Jun 08 - Sep 08 Systematic Ytd Avg. 2014 (0.91%) Ytd Avg. 2014 Systematic/Europe (3.29%) BLACKROCK EOS CLASS B USD COMPOSITE 28 Feb 02 M $233M 1.399.97 29 May (0.93%) (3.29%) 20.08% 3.49% .3.11% 9.32% 8.63% (14.33%) Robert Fisher. Simon Weinberger May 14 14 Jul 07 - Jen 08 Ytd Avg. 2014 Systematic/Global (0.32%) BLACKROCK 32 CAPITAL MASTER FUND SPC. LTD 31 Jul 02 Y/ M $1'040M 2.046.29 30 May 0.88% (3.76%) 8.02% 9.41% 24.92% 6.23% 7.38% (25.15%) (THE) - A/1 May 14 14 Jun 08 Sep 09 Railaele SaW and Ken Kroner BLUEMATRIX FUND CLASS -A- USD 31 Oct 07 M $1'900M 152.02 30 Apr (0.73%) 2.67% 12.57% -2.49% -1.42% 6.65% 6.94% (9.96%) Frank Fent°. Systematic Team Jan 14 14 April - Sep II BRYN MAWR OFFSHORE LTD 31 Dec 95 O $108M 4.876.84 30 Apr 0.47% 0.12% -0.46% 6.61% 0.56% 9.02% 4.05% (4.11%) Kenneth B. Gray. Jr. & Stephen L. Walsh Mar 14 14 Oct 99 - Dec 99 ROSEMONT OFFSHORE FUND LTD CLASS -A- 30 Apr 06 O $91M 1.856.24 30 Apr 0.38% (0.30%) -0.76% 6.58% 0.49% 8.03% 4.61% (3.63%) SERIES 1 Mar 14 14 Aug 08 - Nov 08 Kenneth B. Gray. Jr. & Stephen L. Walsh 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 47 EFTA00620009 Merger Arbitrage Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown Merger-Arbitrage Ytd Avg. 2014 2.18% Ytd Avg. 2014 Merger-Arbitrage/Global 2.40% LION FUND. LTD (THE) 31 Jan 96 M $176M 37.86 30 Apr 0.05% 0.64% -5.17% 2.36% 4.6% 7.48% 9.46% (34.07%) Nick Walker Mar 14 14 Oct 07 . Feb O9 PAULSON ENHANCED LTD 30 Apr 01 S $2200M 1.139.19 30 Apr 0.69% 3.08% 33.11% 19.6% .21.55% 20.57% 15.92% (30.43%) John Paulson Feb 13 14 April -Sept1 PAULSON INTERNATIONAL. LTD 30 Apr 96 M $1'495M 917.71 30 Apr 0.40% 2.25% 15.68% 9.07% -10.17% 12.57% 7.88% (15.52%) John Paulson Feb 13 14 Maylt-SePll TIG ARBITRAGE ENHANCED FUND 31 Dec 06 M $86M 220.42 30 Apr 1.60% 3.61% 13.34% 7.340/0 6.85% 11.38% 8.03% (10.97%) Drew Figdor Apr 14 14 Oct 07 - Oct 08 Ytd Avg. 2014 Merger-Arbitrage/USA 1.34% GABELLI ASSOCIATES LIMITED CLASS A 31 Aug 89 M $119M 608.85 30 May 0.75% 1.34% 3.12% 2.55% 3.03% 7.57% 3.24% (6.65%) Mario Gabelli Dec 12 14 Oct 07 - Oc108 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 48 EFTA00620010 Multi-Strategy Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Credit Ytd Avg. 2014 4.96% Ytd Avg. 2014 Credit/Europe 5.14% CHENAVARI MULTI STRATEGY CREDIT FUND - MS2 E 31 Jan 12 M $189M 135.29 30 Apr 1.25% 5.14% 20.57% 6.72% 14.40% 3.85% (0.45%) Chenavati Investment Managers Feb 14 14 Jul 13 - Aug 13 Ytd Avg. 2014 Credit/Global 4.77% CANYON BALANCED FUND LTD - CLASS A 31 May 04 0 $1'397M 3.532.59 30 Apr 0.39% 4.77% 19.99% 20.52% -4.57% 13.57% 10.26% (30.14%) M.R. Julia & J.S. Friedman Apr 14 14 Oct 07 - Nov 08 Diversified Ytd Avg. 2014 1.72% Ytd Avg. 2014 Diversified/Asia 2.93% PHALANX JAPAN AUSTRALASIA MULTI-STRATEGY 31 Mar 05 0 $115M 1.395.39 30 Apr (5.27%) (4.04%) 12.82% 11.48% 4.79% 33.65% 26.76% (30.13%) FUND LTD Apr 14 14 Apr Oa - Mar 07 Christopher S. McGuire SEGANTII ASIA-PACIFIC EQUITY MULTI•STRATEGY 30 Nov 07 M $611M 237.67 31 May 3.21% 9.91% -1.68% 4.61% 40.75% 14.24% 8.34% (10.16%) FUND Mar 14 14 May13 -Mar 14 Simon Sadler & Kurt Ersoy Ytd Avg. 2014 Diversified: Emerging 2.11% SPINNAKER GLOBAL EMERGING MARKETS FUND, 30 Jun 99 0 $ I '333M 2.044.16 15 May (0.32%) 2.11% 3.37% 20.69% -9.31% 22.47% 11.59% (33.11%) LTD Feb 14 14 May 08 - Feb 09 Bradley Wickens Ytd Avg. 2014 Diversified/Global 1.69% AHL DIMENSION USD SHARES CLASS B 30 Jun 06 M $70M 1.49 31 May 2.26% 3.26% 3.03% 3.02% -5.83% 5.15% 9.26% (10.62%) Tim Wong. Nick Granger Feb 14 14 Dec 08 - Jan 10 ALLBLUE LIMITED 31 Aug 05 M $7'800M 202.07 31 May 1.37% 3.38% 1.53°,' 5.96% 1.87% 8.37% 4.63% (4.51%) Michael Platt Apr 14 14 Jun 07 - Aug 07 ARROWGRASS MASTER FUND 31 Jan 08 0 f3'399M 163.63 30 May (0.60%) 1.54% 8.58% 5.6% 0.12% 8.09% 4.11% (3.99%) Nick Niel?, Henry Kenner Apr 14 14 Apr11 -Sep 11 ATLAS ENHANCED FUND LTD 28 Feb 11 M $1'151M 132.74 30 Apr (2.80%) 2.98% 20.85% 12.61% -5.28% 9.35% 8.86% (13.44%) Dmitry Balyasny Dec 13 14 Jul 11 -Apr I2 ATLAS GLOBAL INVESTMENTS LTD UNRESTRICTED 31 Dec 03 M $3100M 3,717.76 30 Apr (1.61%) 1.68% 12.94% 4.84% 4.76% 13.55% 8.53% (12.51%) Dmitry Balyasny Mar 14 14 Jun 04 - Aug 04 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source HSBC HSBC Alternative Investment Group I 49 EFTA00620011 Multi-Strategy Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Ytd Avg. 2014 Diversified'Global 1.69% BLACK DIAMOND. LTD - CLASS B (UNRESTRICTED) 31 Dec 95 O $112M 352.47 31 May 0.91% 3.38% 6.94% 10.27% -0.69% 7.08% 4.01% (1838%) Clint D. Carlson Apr 14 14 Aug OS - Dec 08 BLACKROCK MULTI-STRATEGY FUND LTD - CLASS A 30 Apr 05 M $1'498M 1.508.90 30 Apr (1.04%) (1.44%) 7.04% 7.86% 2.43% 4.67% 5.43% (13.96%) Matt McBrady Mar 14 14 Jun 08 - Dec 08 BLACKROCK CAPITAL STRUCTURE INVESTMENTS 31 Dec 08 M $413M 127.56 30 May (1.43%) (3.14%) 7.19% 3.74% 22.94% 4.60% 7.86% (7.83%) FUND LTD May 14 14 Mar 09 - Apr 09 Chad Meuse. Benoy Thomas BLUECREST CAPL INTL LTD A USD 30 Nov 00 O $11'000M 437.59 30 May 0.27% 1.04% -1.56% 5.82% 6.1% 11.55% 5.48% (4.83%) Michael Platt Apr 14 14 May 03 - Aug 03 BOUSSARD & GAVAUDAN HOLDING LTD ordinary 31 Jan 07 shares D €573M Aug 13 17.72 04 Jun 14 0.72% 6.17% 13.46% 9.45% -2.59% 6.92% 6.89% (20.69%) May 07 - Sep 08 Emmanuel Gavaudan BREVAN HOWARD MIS FUND. LTD - CL. ArLISD 29 Feb 08 M $4'332M 126.82 30 May 0.60% (1.61%) 0.91% 4.61% 5.2% 3.87% 4.57% (6.29%) Alan Howard Apr 14 14 Feb 08 - Sep 08 BRUMMER MULTISTRATEGY 2XL. LTD - C - 30 Apr 09 M $502M 1.441.82 31 May 2.10% 0.10% 16.54% 3.55% 1.02% 7.46% 6.83% (6.56%) Klaus Jantti. Patrik Brummer Jan 14 14 April - Nov t 1 BTG PACTUAL GLOBAL EQUITY OPPORTUNITIES FD 29 Feb 12 O $380M 113.68 30 May (2.50%) (334%) 8.74% 7.42% 5.45% 4.21% (5.34%) -B-NINI Apr 14 14 Feb 14 - May 14 BTG Pactual Global Asset Management COS DIRECTIONAL OPP. FEEDER FUND. Ltd — A NI 31 Jul 05 O $2603M 4.751.74 31 May 0.61% 2.15% 15.97% 35.87% -10.42% 19.28% 13.71% (24.58%) USD May 14 14 April -Sepll Michael Hintze COS DIVERSIFIED FUND (SPC) LTD ALPHA CLASS B 28 Feb 07 O $775M 1.701.17 31 May 0.21% 1.27% 5.99% 11.4% -3.45% 7.59% 6.64% (14.78%) USD May 14 14 Jun 08 - Dec 08 James Peattie 8 Peter Warren DOUBLE BLACK DIAMOND LTD - SERIES A 31 Mar 98 O $3'346M 451.75 31 May 0.98% 3.51% 7.91% 12.04% -1.07% 9.77% 5.25% (17.93%) (UNRESTRICTED) Apr 14 14 Aug 08 - Dec 08 Clint Carlson GLG MARKET NEUTRAL FUND - CLASS Z USD 31 Dec 97 M $1'089M 964.18 30 May 0.42% 3.29% 10.3% 18.4% 0.78% 14.80% 14.62% (54.03%) UNRESTRICTED Apr 14 14 Nov 07 - Dec 08 Steve Roth HALCYON PARTNERS OFFSHORE FUND LTD 31 May 04 O $2600M 185.01 30 Apr (0.54%) 0.68% 7.4% 11.24% -5.91% 6.40% 5.50% (15.01%) John M. Bader Dec 12 14 Oct 07 - Dec 08 HIGHBRIDGE CAPITAL CORPORATION CLASS 31 Aug 92 O /V $4'500M 91.197.90 31 May 0.74% 2.89% 6.5% 9.79% -5.11% 10.69% 6.98% (30.04%) -A-Series N (Composite) Jun 13 14 Jun 08 - Nov 08 Mark Vanacore 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 50 EFTA00620012 Multi-Strategy Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdownl Ytd Avg. 2014 Drversified,Global 1.69% HUTCHIN HILL DIVERSIFIED ALPHA MASTER FUND 30 Jun 08 0 $2127 1.913.18 31 May 0.95% 7.44% 19.38% 11.06% -4.92% 11.58% 6.33% (7.63%) LTD 15% Incentive Allocation Jun 14 14 Apr II - Feb 12 Neil Christ JABCAP GLOBAL BALANCED FUND LTD CLASS DI NI 30 Apr 07 W $499M 230.47 31 May 4.10% 1.05% 47.8% 15.5% -27.33% 12.50% 14.96% (35.04%) Philippe Jabre Apr 14 14 Apr 10 - Jun 12 JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 31 Jan 07 M $538M 165.18 15 May 0.84% 1.87% 43.03% 11.8% -25.65% 7.13% 17.19% (40.20%) Philippe Jabre Apr 14 14 Feb 08 - Jan 09 LINDEN INTERNATIONAL LTD 31 May 03 0 $565M 345.56 31 May 1.95% 12.42% 16% 4.11% -7.86% 11.92% 9.49% (24.60%) Joe Wong Apr 14 14 Feb 08 - Dec 08 LMR FUND LTD 31 Jan 10 M $1'094M 218.35 23 May 0.95% 1.51% 10.04% 8.09% 38.69% 19.87% 10.35% (9.53%) LMR Partners LLP. LMR Partners Limited Apr 14 14 Apr 10 - May 10 MAN GLG MULTI-STRATEGY FUND CLASS G 31 Dec 02 M $178M 102.66 30 May 0.38°4 (2.31%) 5.09% 4.98% -3.59% 4.56% 7.37% (30.54%) Neil Mason and David Kingsley Apr 14 14 Oct 07 - Dec 08 MAN GLG MULTI-STRATEGY UCITS CLASS D 31 May 12 D $344 M 103.12 29 May 0.14% (3.09%) 4.73°.4. 1% 1.25% 3.36% (3.92%) Neil Mason and David Kingsley Apr 14 14 Feb 14 - Apr 14 MILLENNIUM INTL LTD 31 Dec 89 0 $21730M 2.684.37 31 May 1.25% 3.44% 13.27% 6.32°4 8.39% 14.4D% 4.38% (7.24%) Israel A Englander Mar 14 14 May 98 - Aug 98 PALOMA INTERNATIONAL LTD CLASS A 31 Dec 02 Y 1'072 M 265.63 30 Apr (0.03%) 1.32% 16.02% 8.43°4 -2.83% 9.00% 5.03% (6.83%) Donald Sussman Mar 14 14 Jul 11 - Dec It PINE RIVER FUND CLASS -BI - SHARES 31 May 02 0 $4'443M 3.603.63 30 May (0.59%) 1.35% 9.58% 21.75% 5.7% 11.27% 10.41% (29.16%) Aaron Yeaty. James Clark May 14 14 Jun 08 - Dec 08 PLATINUM PARTNERS VALUE ARBITRAGE INT. FUND 31 Dec 02 0 $756M 6.772.59 30 Apr 0.22% 2.50% 10.47% 11.58°4 21.03% 18.38% 4.92% (4.44%) LTD Apr 14 14 Aug 08 - Oct 08 Mark Nordlicht OVT OFFSHORE LTD CLASS 1-NR 31 Oct 03 Y r 0 $2'459M 2.349.24 31 May 1.11% 0.23% 1.39% 14.69% 6.55% 8.40% 9.55% (40.35%) Dan Gold Mar 14 14 Feb 08 - Dec 08 RENAISSANCE INSTITUTIONAL DIVERSIFIED ALPHA 28 Feb 12 M $1'373M 106.55 30 May (0.32%) 1.30% 6.53% -1.26% 2.85% 9.26% (8.76%) FUND INTL. L.P.,A Apr 14 14 Mar 13 - Sep 13 Renaissance Technologies LLC STRATUS FUND LIMITED CLASS B 30 Nov 03 M $200M 2.118.37 30 May 1.60% 2.36% 1.82% -2.89% 15.63% 7.41% 5.88% (10.52%) Jean-Philippe Bouchaud. Philippe Jordan. Marc Potters. Apr 14 14 Feb 12 - Sep 13 Jacques Sauliere TWO SIGMA HORIZON CAYMAN LTD 30 Apt 08 0 $296M 1.341.45 31 May 2.24% 3.38% 1.51% 9.29% -13.97% 4.94% 8.86% (17.85%) Two Sigma Investments. LLC Mar 14 14 May It - Nov 1 1 VISIUM GLOBAL OFFSHORE FUND LTD 31 Mar 09 M $1$29M 309.20 31 May 1.84% (0.50%) 16.99% 19.52% 1.75% 24.40% 10.28% (7.80%) Jacob Gottlieb Apr 14 14 Apr 10 - Jun 10 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 51 EFTA00620013 Multi-Strategy Diversified. Global WEISS MULTI•STRATEGY PARTNERS LLC Weiss Multi•Strategy Advisers.LLC Diversified/Japan LIM JAPAN FUND George Long Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl 30 Sep 06 31 Oct 04 O O $228M Jun 14 $255M Apr 14 179.16 198.93 31 May 14 23 May 14 Ytd Avg. 2014 1.69% 0.65% (1.04%) Ytd Avg. 2014 0.08% 0.46? 0.08% 14.5% 11.39% 1.75% 5.62% .0.15% 2.73% 7.90% 7.46% 6.75% 5.80% (17.75%) Jun 08 - Dec 08 (10.09%) Jun 08 - Feb 09 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 52 EFTA00620014 Volatility Arbitrage Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdownl Arbitrage Ytd Avg. 2014 (0.56%) Ytd Avg. 2014 Arbitrage Global (0.56%) BLUEMOUNTAIN EQUITY ALTERNATIVES FUND 28 Feb 06 O $782M 2.220.14 23 May 0.03% (0.04%) 7.56% 12.24% 7.67% 10.17% 6.67% (057%) BlueMountain Capital Management Apr 14 14 Sep 08 Feb09 CASSIOPEIA FUND CLASS C 31 Jul 04 M $579M 223.54 30 May 0.13% (205%) 0.53% 24.85% 6.52% 11.31% 9.77% (15.42%) Pierre de Saab & Main Dos Santos Apr 14 14 Mar 10 - Jun tO LIONSCREST TAILPRO -US EQUITY FUND lionscrest Capital 31 Aug 08 M $122M Apr 14 220.71 30 Apr 14 (0.20%) (2.00%) -6.33% -5.48% 4.56% 15.00% 44.01% (14.45%) Sep 11 - Apr 14 PIMCO MULTI-ASSET VOLATILITY FUND LTD 31 Jul 11 M r1'099M 131.46 30 Apr (0.21%) 2.64% -6.17% 13.41% 20.36% 10.46% 7.31% (8.64%) Josh Thimons. Josh Davis. Matt Dorsten Mar 14 14 Oct 12 - Aug 13 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 53 EFTA00620015 About This Document This document is provided to you by HSBC Private Bank. a division of HSBC Bank USA. N.A. ('the Bank"). for informational purposes and is not a recommendation. offer or solicitation to purchase or sell any product, security, commodity. currency or other instrument. This document does not consider your specific objectives. circumstances or needs, does not provide legal or tax advice. and does not identify or define all the risks that may be associated with investing in hedge funds or any investment. Prior to making an investment decision, you should consult with your own legal. financial. tax, accounting and other professionals regarding the appropriateness of investing in any product, security, commodity, currency or other instrument. 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