Credit Suisse/Tremont Hedge Fund Index Estimated to Finish down 0.45% for February

New York, March 9, 2009

Early estimates indicate the Credit Suisse/Tremont Hedge Fund Index will finish down 0.45% in February (based on 59% of assets reporting).
Volatility in global equity markets was fueled by an adverse feedback loop between the financial sector and the
economy in February, creating opportunities for hedge funds to capitalize on market swings. The Royal Bank of
Scotland in the UK, AIG in the US, and UBS in Switzerland all posted the highest corporate losses in recent times for
their respective countries. Hedge funds continued to decouple from equity markets and outperformed the MSCI World
Index by 10.04% in February and by 17.9% year-to-date. This can be attributed, in part, to many hedge funds taking
short positions, defensively positioning themselves with reduced net exposures to equity markets, tactically harvesting
market volatility, and being less constrained by the deleveraging process that hamstrung some managers in 4Q 2008.
The Dedicated Short Bias strategy looks to be the biggest winner for the month with an estimated return of 4.09%.