10 Years of Hedge Fund Returns

Strategy Best Month Worst Month Annual Return Std. Dev.

• Long/Short +13.01%-11.43%+12.16% 11.00
• Convertible Arb +3.57%-4.68%+10.49%4.78
• Risk Arb +3.81%-6.15%+8.42%4.46
• Emerging Markets +16.42%-23.03%+7.10%17.76
• Fixed-Income Arb +2.02%-6.96%+6.80%3.95
• Dedicated Short Bias +22.71%-8.69%-3.18%18.02

Source: CSFB/Tremont Hedge Fund Index; data through December 31, 2003.