Hedge Weekly N°19

Hedge Weekly N°19 Investment Funds Performance Review HSBC Alternative Investment Group Week of Monday 05 May to Friday 09 May 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 ITS AFFILIATES INCLUDING POSSIBLE ANY OF ITS AGENCY OF THE LOSS OF PRINCIPAL AFFILIATES UNITED STATES INVESTED EFTA00602700 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 EFTA00602701 Index by Strategies Convertible Arbitrage Commodity Commodity -Systematic 37 37 Convertible 12 Currency 37 Credit Long/Short Diversified 38 Credit 13 Fixed Income 41 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 27 Market Neutral Equity-Financial 28 Discretionary 45 Equity-Healthcare 28 Equity-Mid-Small Cap 28 Equity Diversified 46 Equity-Pharma-Biotech 29 Multi-Strategy 46 Equity-Real Estate 29 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 Source HSBC 3 EFTA00602702 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 AQUILUS 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 CAMPBELL GLOBAL ASSETS FUND LT 47 ABSOLUTE INSIGHT UK EQUITY MKT 45 ARMAJARO EMERGING MARKETS FUND 21 BLUECREST CAPL INTL LTD A USD 50 CANDLE WOOD SPECIAL SITUATIONS 18 ACUITY CORPORATE OPPORTUNITY F 16 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. FUND (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 CIA 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 23 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.. 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 14 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 16 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 29 BLACK DIAMOND RELATIVE VALUE L 45 CHENAVARI MULTI STRATEGY CREDI 49 ALPHAGEN VOLANTIS FUND. LTD - 28 BRUMMER MULTISTRATEGY 2XL. LTD 50 BLACK DIAMOND. LTD - CLASS B 50 CHENAVARI REGULATORY CAPITAL S 13 ALYDAR FUND LTD 26 BRYN MAWR OFFSHORE LTD 47 BLACKROCK EOS CLASS B USD COM 47 CHENAVARI TORO CAPITAL I A 14 Past performance is not a reliable indicator of future performance. SC.1'CO I ISBC HSBC Alternative Investment Group I 4 EFTA00602703 Index by Funds CHILTON CHINA OPPORTUNITIES FU 20 DUET GLOBAL FUND PLUS 24 FORTRESS MACRO FUND LTD. CLAS 39 COBALT OFFSHORE LTD 26 DYMON ASIA MACRO FUND (SERIES 37 H COHERENCE CAPITAL SPECTRUM FUN 15 G COMAC GLOBAL MACRO FUND 39 E HABROK LTD HALCYON OFF. ASSET-BACKED VALU 24 19 GABELLI ASSOCIATES LIMITED - C 48 COMMONWEALTH OPPORTUNITY CAYMA 39 EAGLE GLOBAL FUND 43 GAM DIVERSITY I INC - US$ CLAS 35 HALCYON PARTNERS OFFSHORE FUND 50 CONQUEST MACRO FUND. LTD (COMP 43 EAGLE QUANTITATIVE MACRO FUND 41 GAM DIVERSITY II INC - US$ CLA 35 HARBOUR HOLDINGS LTD 29 CONTRARIAN CAPITAL FUND I OFFS 18 ECLECTICA FUND (THE) CLASS A E 39 GAM GLOBAL RATES HEDGE FUND 39 HARMONIC ALPHA PLUS MACRO FUN 40 CONTRARIAN EMERGING MARKETS OF 13 EDGESTREAM NIAS FUND 43 GAM TALENTUM ENHANCED EUROPE L 46 HARNESS MACRO CURRENCY FUND 37 COOPER CREEK PARTNERS LLC 29 EIFFEL CREDIT OPPORTUNITIES FU 14 GAM TRADING II USD 35 HARVEY SMIDCAP OFFSHORE FUND L 29 COS ABS FEEDER FUND CLASS -B 15 ELEMENT CAPITAL FUND 39 GAMUT INVESTMENTS 39 HIGHBRIDGE CAPITAL CORPORATION 50 COS ASIA FEEDER FUND LTD- CLAS 12 ELLINGTON CREDIT OPPORTUNITIES 15 GAVEA FUND LTD . CLASS A S11 38 HIGHBRIDGE LONGISHORT EQUITY F 26 COS CONV 8 QUANT STRATS FEED F 12 ELLINGTON MORTGAGE OPPORTUNITI 15 GEMS PROGR. FUND SICAV RECOVER 34 HORSEMAN GLOBAL FUND USD 24 COS CREDIT LONG SHORT FEEDER F 15 ELM RIDGE CAPITAL PARTNERS L.P 26 GLADE BROOK GLOBAL OFFSHORE FU 24 HSBC ASIAN ADVANTEDGE FUND 34 COS DIRECTIONAL OPP. FEEDER FU 50 EMF FIXED INCOME FUND. LTD 33 GLENVIEW CAPITAL PARTNERS (CAY 26 HSBC CREDIT MARKET OPPORTUNITI 34 COS DIVERSIFIED FUND (SPC) LTD 50 EMINENCE FUND LTD A INITIAL S 26 GLG CROSS ASSET VALUE OFFSHORE 14 HSBC GH FUND USD 35 CRABEL FUND SPC LTD CLASS A 43 ENNISMORE EUROPEAN SMALLER COM 28 GLG EUROPEAN EQUITY ALTERNATIV 46 HSBC HEDGE INVESTMENTS FUND 35 CUMULUS ENERGY FUND CLASS A US 42 EPISODE INC. CLASS A 39 GLG EUROPEAN LONG SHORT FUND C 22 HSBC LEVERAGED GH FUND 35 CYGNUS UTILITIES. INFRASTRUCTU 30 EQUILIBRIA JAPAN FUND LTD IX U 45 GLG MARKET NEUTRAL FUND - CLAS 50 HSBC MAA FUND USD 34 D EQUILIBRIA JAPAN FUND LTD 2X 45 GOLDEN CHINA FUND NR CLASS 20 HSBC NEXT GENERATION FUND NNI 35 EXANE ARCHIMEDES FUND CLASS A 30 GRAHAM ABSOLUTE RETURN TRADING 39 HSBC SPECIAL OPPORTUNITIES FUN 34 DAVIDSON KEMPNER DIST. OPP. IN 18 EXANE MICROMEGAS FUND LTD- CLA 45 GRAHAM GIF II PROPRIETARY MATR 43 HSBC TRADING ADVANTEDGE FUND 35 DAVIDSON KEMPNER INTL. LTD C 31 EXANE TEMPLIERS FUND 24 GRAHAM GLOBAL INVESTMENT FUND 39 HSBC UCITS ADVANTEDGE FUND -US 35 DB PLATINUM IV DBX SYSTEMATIC 43 GRAHAM GLOBAL INVESTMENT FUND 43 HT ASIAN CATALYST FUND LLC 20 DB PLATINUM V HERMES A.R. COMM 37 F GRAHAM GLOBAL INVESTMENT FUND 43 HUDSON BAY INTERNATIONAL FUND 46 DB SELECT EUROFIN ACCURATE FX 42 GRAHAM GLOBAL INVESTMENT FUND 43 HUTCHIN HILL DIVERSIFIED ALPHA 51 FARRINGDON ALPHA ONE 24 DIAMOND CAPITAL MANAGEMENT 35 GRAHAM GLOBAL INVESTMENT FUND-40 FINISTERRE SOVEREIGN DEBT FUND 13 DISCOVERY GLOBAL MACRO FUND LT 39 GREEN FUND LLC GREEN CLASS 38 I FIREBIRD NEW RUSSIA FUND. LTD 21 DISCOVERY GLOBAL OPPORTUNITY F 39 GREEN T G2 FUND 15 FIREBIRD REPUBLICS FUND. LTD 21 III FUND LTD 33 DISCUS FEEDER LTD CL. B USD ST 43 GREENLIGHT CAPITAL OFFSHORE. L 29 FOC PARTNERS CAPITAL I FUND 15 III RELATIVE VALUE CREDIT STRA 33 DORSET ENERGY FUND. LTD CLAS 27 GROWTH MANAGEMENT LTD 21 FORT GLOBAL DIVERSIFIED 43 III SELECT CREDIT FUND LTD CLA 15 DOUBLE BLACK DIAMOND LTD - SER 50 GRT TOPAZ OFFSHORE PARTNERS. L 29 FORTRESS ASIA MACRO FUND 38 INVICTA OFFSHORE FUND LTD 26 DROMEUS GLOBAL OPPORTUNITIES F 31 GSA CAPITAL INTERNATIONAL FUND 47 Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 5 Source FISISC EFTA00602704 Index by Funds IP ALL SEASONS ASIAN CREDIT HE 13 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 24 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 LNG EUROPA CREDIT FUND 14 MELLON OFF. ALPHAACCESS FUND L 40 JPMORGAN PORT. STRAT. FUNDS-EU 22 LONDON DIVERSIFIED FUND. LTD - 33 MERCHANT COMMODITY FUND (THE) 37 OBSERVATORY CREDIT MARKETS FUN 14 K LOOMIS SAYLES CREDIT LONG SHOP 15 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 15 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 43 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 15 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 PALOMINO FUND LTD CLASS B ORIG 16 LANSDOWNE EUROPEAN EQUITY FD. 22 MARSHALL WACE MW EUREKA Al E 24 MONTLAKE SKYLINE UCITS FUND IN 21 PAMPLONA CREDIT OPPORTUNITIES 14 LANSDOWNE GLOBAL FINANCIALS FU 27 MARSHALL WACE MW EUROPEAN TO 22 MOORE GLOBAL INV FD. LTD A 40 PAN ASIA OPPORTUNITIES FUND LT 46 Past performance is not a reliable indicator of future performance. Source FISK HSBC Alternative Investment Group I 6 EFTA00602705 Index by Funds PASSPORT GLOBAL STRATEGY FUND 25 POLAR CAPITAL EUROP CONVICTION 23 SCHRODER ISF EMERGING MARKET D 13 THE CAMBRIDGE STRATEGY EMERG 38 PASSPORT LONG SHORT STRATEGY F 25 POLAR CAPITAL EUROPEAN FORAGER 28 SEGANTII ASIA-PACIFIC EQUITY M 49 THE CAMBRIDGE STRATEGY EXTEN 38 PASSPORT SPECIAL OPPORTUNITIES 25 POLLUX BRAZILIAN EQUITIES FUND 21 SELIGMAN TECH SPECTRUM FUND CL 30 THEOREMA EUROPE FUND PLUS LTD 23 PAULSON ADVANTAGE LTD -A- 32 PORTLAND HILL OVERSEAS FUND LT 31 SEMINOLE OFFSHORE FUND 27 THREE BRIDGES EUROPE MASTER FU 23 PAULSON ADVANTAGE PLUS LTD 32 PROLOGUE FEEDER FUND. LTD. CLA 33 SENVEST PARTNERS. LTD CLASS 29 TIC ARBITRAGE ENHANCED FUND 48 PAULSON CREDIT OPPORTUNITIES L 18 PROSIRIS GLOBAL OPPORTUNITIES 16 SFP VALUE REALIZATION FUND 25 TIC SECURITIZED ASSET FUND LTD 16 PAULSON ENHANCED LTD 48 SIERRA EUROPE OFFSHORE. LTD - 23 TILDEN PARK OFFSHORE INVESTMEN 17 PAULSON INTERNATIONAL. LTD 48 SILVER POINT CAPITAL OFFSHORE 18 TOSCA CLASS A USD 28 PAULSON RECOVERY FUND LTD 32 SILVERBACK ARBITRAGE FUND 12 TRADELINK INTEGRATED PROGRAM L 44 OVT OFFSHORE LTD CLASS 1-NR 51 PEGASUS FUND LIMITED SHARES A-26 SINFONIETTA FUND 38 TRAXIS SIVIK GLOBAL HEALTHCARE 29 PELAGUS CAPITAL FUND 33 R SOLAISE SYSTEMATIC FUND LTD ( 44 TREND MACRO OFFSHORE LTD 40 PELHAM LONG(SHORT FUND LTD CIA 23 SOLUS SOLA LTD CL. I 32 TRIAN PARTNERS LTD 32 PENSATO EUROPA FUND LTD EURO C 23 RAB SPECIAL SITUATION FD LTD 28 SOMERSET SPECIAL OPPORTUNITIES 32 TRICADIA CREDIT STRATEGIES. LT 16 PERCEPTIVE LIFE SCIENCES OFFSH 29 RAVEN ROCK CREDIT OFFSHORE FUN 17 SPF CREDIT SUISSE SECURITIZED 16 TT INTERNATIONAL FUND 40 PERRY PARTNERS INTERNATIONAL I 32 RBR EUROPEAN LONG SHORT LTD (E 23 SPINNAKER GLOB OPP FUND. LTD C 38 TT MID-CAP EUROPE LONG/SHORT F 23 PERSHING SQUARE INTL.LTD 32 REAL RETURN ASIAN FUND LTD (TH 20 SPINNAKER GLOBAL EMERGING MARK 49 TUDOR B.V.I GLOBAL FUND LTD -A 40 PHALANX JAPAN AUSTRALASIA MULT 49 REDWOOD OFFSHORE FUND 19 SR GLOBAL FUND C - INTERNATION 25 TUDOR B.V.I GLOBAL FUND LTD -A 40 PHARO MACRO FUND LTD 40 RENAISSANCE INSTITUTIONAL DIVE 51 SR GLOBAL FUND H- JAPAN (Real 25 TUDOR DISCRETIONARY MACRO FUND 41 PHARO TRADING FUND 38 RENAISSANCE INSTITUTIONAL EQUI 27 SR GLOBAL FUND INC G - GLOBA 21 TULIP TREND FUND. LTD - A 44 PIMCO ABSOLUTE RETURN STRATEGY 33 RENAISSANCE INSTITUTIONAL FUTU 44 SR PHOENICIA INC CLASS -A- SER 21 TWO SIGMA ABSOLUTE RETURN FUND 46 PIMCO GLOBAL CREDIT OPPORTUNIT 16 ROSEMONT OFFSHORE FUND LTD CIA 47 STANDARD PACIFIC CAPITAL 25 TWO SIGMA COMPASS CAYMAN FUND 44 PIMCO MULTI-ASSET VOLATILITY F 53 RUBICON GLOBAL FUND. LTD 40 STK CAPITAL GLOBAL EQUITIES 25 TWO SIGMA HORIZON CAYMAN LTD 51 PINE RIVER ASIA FUND 12 RUSSIAN PROSPERITY FUND - A 36 STONE LION FUND LTD CLASS A 18 TYRUS CAPITAL EVENT FUND LTD 32 PINE RIVER CONVERTIBLES FUND 12 RWC SAMSARA FUND CLASS A EURO 23 STRATEGIC VALUE RESTRUCTURING 18 TYRUS CAPITAL OPPORTUNITIES FU 32 PINE RIVER CREDIT RELATIVE VAL 16 RWC US ABSOLUTE ALPHA FUND C 27 STRATUS FUND LIMITED CLASS B 51 PINE RIVER FIXED INCOME FUND L 16 SUSA EUROPEAN EQUITIES FUND CL 23 U PINE RIVER FUND CLASS -B1- SHA 51 S PINE RIVER LIQUID MORTGAGE FUN 33 T UMJ KOTOSHIRO FUND 25 SAB OVERSEAS FUND LTD 27 PINPOINT CHINA FUND CLASS A US 20 SABA CAPITAL OFFSHORE FUND LTD 16 TELLIGENT GREATER CHINA FUND 20 V PINPOINT MULTI-STRATEGY FUND 40 SAGIL LATIN AMERICAN OPPORTUNI 21 TEWKSBURY INVESTMENT FUND. LTD 44 PLATINUM FUND LTD 25 VAN ECK HARD ASSETS 2X FUND LT 20 SALAR CONVERTIBLE ABSOLUTE RET 12 THE CAMBRIDGE STRATEGY APOLL 38 PLATINUM PARTNERS VALUE ARBITR 51 SCHRODER CAZENOVE UK ABSOLUTE 45 THE CAMBRIDGE STRATEGY ASIAN 37 VARDEN PACIFIC OPPORTUNITY OFF 16 Past performance is not a reliable indicator of future performance. Source FISISC HSBC Alternative Investment Group I 7 EFTA00602706 Index by Funds VISIUM BALANCED OFFSHORE FUND 29 VISIUM GLOBAL OFFSHORE FUND LT 51 VISIUM INSTITUTIONAL PARTNERS 28 VR GLOBAL OFFSHORE FUND LTD w 19 WATERSTONE MARKET NEUTRAL OFFS 12 WEISS MULTI-STRATEGY PARTNERS 51 WF ASIA FUND LTD 5/1 20 WHITEBOX MULTI-STRATEGY FUND 52 WINTON EVOLUTION FUND (THE) 44 WINTON FUTURES FUND CLASS B 44 YORK ASIAN OPPORTUNITIES UNITS 31 YORK INVESTMENT LTD -CLASS A-U z 32 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 SCYCC I ISBC 8 EFTA00602707 Top & Bottom 20 Funds of 2014 Top Investment Funds PERSHING SQUARE INTL.LTD 19.21 30 Apr 14 MELLON OFF. ALPHAACCESS FUND LTD MCY A/ 21.07 31 Mar 14 CUMULUS ENERGY FUND CLASS A USD 15.66 02 May 14 SR GLOBAL FUND H JAPAN (Real Pert) -18.43 05 May 14 TYRUS CAPITAL OPPORTUNITIES FUND LTD 14.61 30 Apr 14 SR GLOBAL FUND C INTERNATIONAL (Real Pero -18.41 05 May 14 PHARO TRADING FUND 14.48 17 Apr 14 EAGLE GLOBAL FUND -18.06 02 May 14 TYRUS CAPITAL EVENT FUND LTD 14.40 02 May 14 CC ASIA ABSOLUTE RETURN FUND -15.94 30 Apr 14 MERCHANT COMMODITY FUND (THE) - COMPOSITE 14.31 02 May 14 RUBICON GLOBAL FUND. LTD -15.08 02 May 14 CHENAVARI TORO CAPITAL I A 13.34 30 Apr 14 DISCOVERY GLOBAL MACRO FUND LTD CLASS -A- -13.57 02 May 14 SERIES 1 DORSET ENERGY FUND. LTD CLASS A 12.67 30 Apr 14 ODEY EUROPEAN. INC (EUR) -12.18 30 Apr 14 ATLAS FUNDAMENTAL TRADING FUND LTD- CLASS A 11.56 30 Apr 14 MUDRICK DISTRESSED OPPORTUNITY FUND LTD 10.81 02 May 14 DISCOVERY GLOBAL OPPORTUNITY FUND. LTD -12.04 30 Apr 14 SINFONIETTA FUND -11.79 30 Apr 14 LINDEN INTERNATIONAL LTD 10.27 30 Apr 14 MELLON OFF GLOB OPP FUND LTD - MULTICURRENCY --10.61 31 Mar 14 SOLUS SOLA LTD CL. I 10.08 02 May 14 Al SENVEST PARTNERS. LTD - CLASS A 9.14 30 Apr 14 EAGLE QUANTITATIVE MACRO FUND LTD -10.28 30 Apr 14 HORSEMAN GLOBAL FUND USD 9.05 30 Apr 14 CAMPBELL GLOBAL ASSETS FUND LTD Class A -9.99 02 May 14 SELIGMAN TECH SPECTRUM FUND CLASS -A1-Sr2.2002 9.04 31 Mar 14 CAMPBELL GLOBAL ASSETS FUND LTD Class B -9.98 02 May 14 KAMUNTING STREET OFFSHORE FUND LTD 8.93 30 Apr 14 ADELPHI EMERGING EUROPE. FUND USD SHARES -9.86 30 Apr 14 FINISTERRE SOVEREIGN DEBT FUND 8.09 30 Apr 14 ZWEIG-DIMENNA INTL LIMITED CLASS A -9.81 30 Apr 14 AMAZON MARKET NEUTRAL FUND CLASS A USD 7.55 02 May 14 LANSDOWNE GLOBAL FINANCIALS FUND LTD. -N-LISD -9.80 30 Apr 14 RBR EUROPEAN LONG SHORT LTD (Ex Rhine Alpha Stars) 7.45 30 Apr 14 CHILTON CHINA OPPORTUNITIES FUND LTD -9.10 30 Apr 14 ENNISMORE EUROPEAN SMALLER COMPANIES 7.19 24 Apr 14 GRAHAM GLOBAL INVESTMENT FUND II K4D-15V - a97 06 May 14 COMPOSITE GRAHAM GIF II PROPRIETARY MATRIX SP SIES A 7.95 06 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 EFTA00602708 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-I 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 DISCUS FEEDER LTD CL. B USD STANDARD LEVERAGE -10.32 31 Dec 13 PASSPORT SPECIAL OPPORTUNITIES FUND LTD CLASS 45.50 31 Dec 13 EAGLE QUANTITATIVE MACRO FUND LTD -10.29 31 Dec 13 AA PERCEPTIVE LIFE SCIENCES OFFSH FUND. LTD 43.88 31 Dec 13 THE CAMBRIDGE STRATEGY EXTENDED MARKETS CURRENCY ALPHA -9.96 31 Dec 13 JABCAP MULTI STRATEGY FUND LTD CLASS D/1 NI 43.03 31 Dec 13 HSBC TRADING ADVANTEDGE FUND -8.75 31 Dec 13 GLENVIEW CAPITAL PARTNERS (CAYMAN). LTD. 42.90 31 Dec 13 HARMONIC ALPHA PLUS MACRO FUND - USD CLASS -8.34 31 Dec 13 PALOMINO FUND LTD CLASS B ORIGINAL SERIES 42.36 31 Dec 13 ARMAJARO STS COMMODITIES FUND CLASS -Z- -7.80 31 Dec 13 TRIAN PARTNERS LTD 40.06 31 Dec 13 CONQUEST MACRO FUND. LTD (COMP) -7.66 31 Dec 13 KINETICS FUND. INC ArA 39.73 31 Dec 13 LC CAPITAL OFFSHORE FUND. LTD -7.55 31 Dec 13 SR GLOBAL FUND C INTERNATIONAL (Real Pert) 36.28 31 Dec 13 ALPHA4X CAPITAL GROWTH FUND -723 31 Dec 13 SINFONIETTA FUND 34.47 31 Dec 13 SABA CAPITAL OFFSHORE FUND LTD 476 31 Dec 13 LANSDOWNE DEVELOPED MARKET FUND. LTD (GBP) 33.26 31 Dec 13 KROM RIVER COMMODITY FUND 447 31 Dec 13 PAULSON ENHANCED LTD 33.11 31 Dec 13 LIONSCREST TAILPRO -US EQUITY FUND -6.33 31 Dec 13 CHENAVARI TORO CAPITAL I A 32.93 31 Dec 13 COS CREDIT LONG SHORT FEEDER FUND LTD B1 EUR -6.23 31 Dec 13 PIMCO MULTI-ASSET VOLATILITY FUND LTD -6.17 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 EFTA00602709 Top & Bottom 20 Funds of 2012 Top Investment Funds SFP VALUE REALIZATION FUND 44.54 31 Dec 12 CONQUEST MACRO FUND. LTD (COMP) .3116 31 Dec 12 TILDEN PARK OFFSHORE INVESTMENT FUND LTD 41.34 31 Dec 12 RAB SPECIAL SITUATION FD LTD .27.94 31 Dec 12 BROOKFIELD GLOBAL REITS LONG SHORT STRATEGY 40.00 31 Dec 12 PAULSON ADVANTAGE PLUS LTD .21.50 31 Dec 12 CHENAVARI REGULATORY CAPITAL STRATEGY DR C 36.91 31 Dec 12 ARMAJARO STS COMMODITIES FUND CLASS -Z- -18.15 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 FUND RBR EUROPEAN LONG SHORT LTD (Ex Rhine Alpha Stars) 29.45 31 Dec 12 PALOMINO FUND LTD CLASS B ORIGINAL SERIES 29.29 31 Dec 12 COMAC GLOBAL MACRO FUND -8.95 31 Dec 12 WINTON EVOLUTION FUND (THE) -8.31 31 Dec 12 PINE RIVER LIQUID MORTGAGE FUND LTD 28.86 31 Dec 12 OCEANIC HEDGE FUND - CLASS A -7/3 31 Dec 12 MARCATO INTERNATIONAL LTD 28.67 31 Dec 12 VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I LTD 28.54 31 Dec 12 MERCHANT COMMODITY FUND (THE) COMPOSITE -7.60 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 PERCEPTIVE LIFE SCIENCES OFFSH FUND. LTD 28.09 31 Dec 12 ONSLOW MACRO FUND CLASS A 472 31 Dec 12 LYNX (BERMUDA) LTD -6.71 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 EFTA00602710 Convertible Arbitrage Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown l Convertible Vtd Avg. 2014 1.56% Vid Avg. 2014 Convertible/Asia 0.90% COS ASIA FEEDER FUND LTD- CLASS -B-USD 30 Apr 07 O $90M 1.288.77 30 Apr (0.98%) (0.97%) 4.46% 5.45% -4.26% 3.69% 7.76% (24.55%) Michael Hintze. Jean-Christophe Blanc Mar 14 14 Oct 07 - Oct 08 PINE RIVER ASIA FUND 30 Jun 04 O $147M 1.699.23 30 Apr 2.38% 2.76% 6.54% 8.08% 0.67% 5.54% 10.99% (37.86%) Nikhil Mankodi. Matthew Macpherson Apr 14 14 Jan 08 - Dec 08 Vid Avg. 2014 Convertible; Global 2.16% BASSO INVESTORS LTD 30 Sep 95 O $347M 7.332.00 02 May (0.05%) 3.63% 11.45% 9.5% 2.61% 11.31% 5.91% (25.00%) Howard Fischer Oct 13 14 Dec 07 - Oct 08 COS CONV & QUANT STRATS FEED FD. LTD 29 Feb 00 M $460M 3.090.82 30 Apr 0.20% 0.83% 5.9% 8.65% -1.88% 8.29% 8.03% (34.47%) CLASS-B- Apr 14 14 Oct 07 - Dec 08 Michael Hintze/ Alex Schoenenberger JABCAP GLOBAL CONVERTIBLE FUND Dl 30 Apr 07 W $371M 197.23 30 Apr (1.83%) 2.11% 27.14% 5.37% -14.15% 10.17% 12.90% (28.61%) Unrestricted Apr 14 14 May 08 - Nov 08 Philippe Jabre LAZARD RATHMORE FUND - CLASS A-2 31 May 07 QINI $1'186M 218.24 30 Apr 0.17% 2.69% 10.45% 4.59% -1.65% 11.94% 8.50% (16.23%) Sean Reynolds. Christopher Slenter° Mar 14 14 Aug 08 - Nov 08 SALAR CONVERTIBLE ABSOLUTE RETURN FUND 31 Aug 10 W $252M 118.86 02 May 0.03% 1.52% 10.34% 6.42% -2.86% 4.82% 3.19% (3.92%) Alex Warren. David Persaud Mar 14 14 Mar 11 - Deelt Vid Avg. 2014 Convertible/USA 1.00% PINE RIVER CONVERTIBLES FUND 31 Jul 09 O $159M 194.97 30 Apr 0.12% (0.83%) 19.34% 7.6% 4.98% 15.09% 6.88% (3.80%) Franklin Padamis Apr 14 14 Apr t0 - Jun 10 SILVERBACK ARBITRAGE FUND 31 Oct 06 O $571M 275.35 02 May 0.02% 1.51% 5.98% 3.34% 4.97% 14.45% 13.15% (25.79%) Silverback Asset Management Apr 14 14 Jun 08 - Nov 08 WATERSTONE MARKET NEUTRAL OFFSHORE FUND. 31 Jul 03 O $946M 201.57 02 May (0.37%) 2.33% -19.27% 11.1% 0.73% 6.73% 10.98% (19.41%) LTD Nov 13 14 Dec 12- Feb 14 Shawn Bergeisen 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group 1 12 EFTA00602711 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 Yld Avg. 2014 3.14% Yid Avg. 2014 Credit Emerging 2.74% ABSOLUTE INSIGHT EMERGING MARKET DEBT FUND 30 Apr 08 D €719M 1.46 07 May 0.47% 2.00% -0.65% 11.73% 0.08% 6.48% 7.64% (15.32%) CLASS BIP Apr 14 14 May 08 - Oct 08 Calm McDonagh BAF LATAM TRADE FINANCE FUND 29 Feb 08 M $330M 1.734.48 30 Apr 0.61% 2.47% 8.09% 8.71% 8.99% 9.34% 0.53% 0.00% Ernesto Lieniard & team. Mar 14 14 Jan 00 - Jan 00 BLUEBAY EMERGING MARKET FIXED INCOME 30 Nov 11 M $95M 104.40 31 Mar 0.12% 0.70% -2.49% 6.99% -0.62% 1.86% 3.84% (3.88%) OPPORTUNITY FUND Mar 14 14 Dec 12 - Jan to David Dowsett. Rodrigo Da Fonseca CONTRARIAN EMERGING MARKETS OFF FUND LTD 31 Dec 05 O $470M 324.47 30 Apr 0.41% 236% 14.61% 23.2% -7.16% 15.17% 14.18% (28.43%) Xiao Song Feb 14 14 Feb 08 .Oa 08 FINISTERRE SOVEREIGN DEBT FUND 31 Mar 03 O $662M 283.42 30 Apr 1.93% 8.09% 4.47% 4.3% 10.35% 9.85% 7.26% (21.00%) Paul Crean and Xavier Corin.Mick Apr 14 14 Jun 08 - Oa 08 IP ALL SEASONS ASIAN CREDIT HEDGE FUND 31 Jan 02 M $352M 22.51 23 Apr 0.84% 1.68% 2.2% 18.68% -1.37% 6.86% 9.31% (38.05%) Emil AIGUY Jul 13 14 Feb 08 - Mar 09 MONEDA LATIN AMERICAN CORPORATE DEBT FUND 30 Sep 07 O $146M 1.842.02 06 May 0.32% 1.49% 8.67% 11.48% 2.44% 9.69% 14.43% (32.05%) Mar 14 14 Aug 08 - Dec 08 Fernando Tisne and Javier Montem SCHRODER ISF EMERGING MARKET DEBT A/13 -I 31 Jan 02 Daily $860M 35.08 07 May 0.63% 2.93% 0.8% 5.36% 0.69% 8.30% 5.21% (9.31%) ACC- Dec 13 14 Mar 08 -Oa 08 Geoffrey 8/arming Ytd Avg. 2014 Credit/Europe 3.70% ABSOLUTE INSIGHT CREDIT FUND BI P2 EURO 30 Sep II W €585M 1.28 07 May 0.26% 3.45% 7.38% 12.65% 2.59% 10.08% 4.62% (1.77%) Alex Veroude Apr 14 14 Oct II - Dec it CAIRN CREDIT FOCUS FUND LTD 31 Jul 12 M $83M 110.88 31 Mar 0.17% (0.39%) 4.63% 6.38% 6.39% 2.84% (1.07%) Cairn Capital Limited Mar 14 14 Jan 14 - Feb 14 CAIRN SPECIAL OPPORTUNITIES CREDIT FUND 31 Dec 07 O €82M 184.29 31 Mar (0.49%) 1.37% 8.54% 19.95% -12.51% 10.27% 8.01% (13.94%) Cairn Capital Limited Mar 14 14 Jun II • Nov 11 CAPEVIEW RECOVERY FUND 30 Jun 03 O $404M 339.21 30 Apr 1.10% 4.71% 18.23% 8.41% 1.48% 11.93% 8.99% (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 11 - Nov 11 CHENAVARI REGULATORY CAPITAL STRATEGY - DR 31 Mar 11 O $231M 158.44 31 Mar 0.97% 3.43% 15.19% 36.91% -2.87% 16.56% 5.75% (4.65%) E Feb 14 14 Jul 11 - See 11 Chenavari Investment Managers 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. HSBC Alternative Investment Group I 13 Source - HSBC EFTA00602712 Credit Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown l Ytd Avg. 2014 Credit/Europe 3.70% CHENAVARI TORO CAPITAL I A 31 May 09 M $409 M 853.96 30 Apr 3.98% 13.34% 32.93% 32.42% 24.71% 54.67% 12.17% (5.11%) Chenavari Investment Managers Feb 14 14 Jul 11 -Oct It EIFFEL CREDIT OPPORTUNITIES FUND CLASS A 30 Nov 11 M C110M 1.414.97 02 May 0.10% 5.81% 8.11% 20.07% 3.01% 15.41% 6.61% (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 1.178.94 02 May 0.37% 4.99% 11.5% 0.71% 12.30% 3.32% (S20%) Chris Huggins Apr 14 14 Aug 13 - Sep 13 LNG EUROPA CREDIT FUND 31 Mar 11 M $67M 1.28737 31 Mar 1.24% 1.25% 16.1% 19.58% -7.79% 9.02% 8.78% (10.12%) LNG Capital LLP Feb 14 14 Apr II - May 12 OBSERVATORY CREDIT MARKETS FUND (THE) 30 Jun 04 M $1'030M 314.71 31 Mar 1.43% 3.70% 7.25% 13.46% -5.02% 12.47% 6.52% (12.74%) Shazad Ghatlar Mar 14 14 Jul 07 -Jul 08 OYSTER CREDIT OPPORTUNITIES FUND CLASS R 31 Jul 09 W C245M 1.158.79 06 May (0.19%) (1.59%) 0.31% 9.99% -1.61% 3.14% 3.31% (6.80%) EUR2 Mar 14 14 May11-Sepll Caim Capital Limited PAMPLONA CREDIT OPPORTUNITIES FUND 31 Aug 08 M C403M 194.54 25 Apr 0.00% 2.99% 12.68% 19.87% -9.26% 12.50% 7.74% (17.90%) Yves Leysen Mar 14 14 April-Dec 11 Ytd Avg. 2014 Credit/Global 3.03% AG MORTGAGE VALUE PARTNERS LTD 30 Apr 09 O $1O52M 233.95 31 Mar 1.10% 3.03% 12.91% 20.59% 7.47% 18.85% 4.31% (L66%) Jonathan Lieberman Dec 13 14 May 13 - Jun 13 ARISTEIA INTERNATIONAL LTD 01 Aug 97 O $2O49M 966.48 30 Apr 0.35% 4.86% 15.67% 11.2% 2.36% 14.50% 8.97% (30.20%) Anthony M. Frascella. William R. Techar Apr 14 14 May 08 - Dec 08 ASGARD FIXED INCOME FUND LTD 30 Jun 03 M C 260M 439.62 02 May (0.05%) 4.62% 16.11% 34.12% 25.31% 14.63% 6.80% (11.54%) Morten Mathiesen Jan 14 14 Aug 08 - Dec 08 AXONIC CREDIT OPPORTUNITIES OVERSEAS 31 Dec 10 O $747M 157.65 30 Apr 1.00% 5.55% 12.1% 25.69% 6.01% 14.64% 4.39% (3.35%) FUND.LTD Mar 14 14 Jul 11 -Oct 11 Clayton DeGiacinto BLUEBAY CREDIT ALPHA LONG SHORT FUND 31 Oct 11 M C213M 133.82 02 May (0.01%) 3.03% 11.78% 26.2% 0.3% 16.24% 4.74% (1.60%) Geraud Charpin Mar 14 14 Jan 13 - Mar 13 BLUECREST MULTI STRATEGY CREDIT FUND 31 Oct 07 O $1047M 170.70 30 Apr 0.45% 5.97% 8.99% 7.23% -1.31% 8.57% 5.99% (7.59%) Mike Platt Dec 12 14 Apr 11 - Jan 12 BLUEMOUNTAIN CREDIT ALTERNATIVES FUND 31 Oct 03 O mom 262.35 30 Apr 0.17% 2.25% 7.87% 14.51% 3.57% 9.62% 6.15% (11.82%) BlueMountain Capital Management Mar 14 14 Aug 08 - Dec 08 BLUEMOUNTAIN LONG SHORT CREDIT FUND LTD 31 Jan 10 M $1100M 1.181.84 30 Apr (0.22%) 1.88% 7.58% 7.84% 3.65% 7.22% 3.43% (3.43%) BlueMountain Capital Management Mar 14 14 Apr II - Sep 11 BREVAN HOWARD CREDIT CATALYSTS FUND LTD 31 Jul 09 M $4798M 181.58 31 Mar 0.55% 3.15% 13.91% 15.34% 1.22% 13.63% 4.26% (5.05%) CLASS A USD Mar 14 14 May 11 - Dec 11 OW Investment Management .LP 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 14 EFTA00602713 Credit Long/Short Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Dates Size Index Drawdown l Yid Avg. 2014 Credit/Global 3.03% BREVAN HOWARD CREDIT VALUE FUND LTD 29 Feb 12 HY $745M 152.73 31 Mar 1.04% 3.75% 23.7% 19.01% 22.52% 5.60% (2.00%) DW Investment Management .LP Mar 14 14 May 13 -Jun 13 CANDLEWOOD STRUCTURED CREDIT FUND LTD 31 Dec 10 M $539M 177.30 30 Apr 1.20% 5.20% 12% 20.12% 25.27% 18.76% 3.63% (1.55%) Greg Richter and Brian Herr Mar 14 14 May 13 -Jun 13 CANDLEWOOD STRUCTURED CREDIT HARVEST FD 31 Jul 12 O $223M 134.27 30 Apr 1.50% 6.34% 14.05% 10.71% 18.36% 4.06% (2.20%) LTD - Mar 14 14 May 13-Jun 13 Greg Richter and Brian Herr CHENAVARI CORPORATE CREDIT STRATEGY M1 30 Sep 08 M $537M 149.44 31 Mar 1.23% 3.26% 13.84% 17.22% 1.29% 14.17% 5.58% (6.82%) Chenavari Investment Managers Feb 14 14 Apr 11 - Aug t 1 COHERENCE CAPITAL SPECTRUM FUND OFFSHORE 31 Jul 12 O $67M 14.04 02 May 0.06% 3.38% 18.98% 14.17% 21.37% 4.57% (1.24%) FUND Mar 14 14 May 13-Jun 13 Coherence Capital Partners LLC COS ABS FEEDER FUND - CLASS -B1- USD 30 Sep 06 O $1948M 5.276.54 30 Apr 1.40% 4.54% 9.7% 16.85% 0.67% 24.51% 11.53% (3.86%) Simon Finch Apr 14 14 Apr 07 - Jun 07 COS CREDIT LONG SHORT FEEDER FUND LTD - B1 30 Apr 09 M $176M 1.029.54 30 Apr (1.11%) (2.20%) -6.23% -5.28% 7.74% 0.74% 3.89% (13.75%) EUR Feb 14 14 Sep 11 - Apr 14 Simon Finch ELLINGTON CREDIT OPPORTUNITIES FUND LTD 30 Apr 08 O $505M 261.89 30 Apr 0.82% 3.98% 15.28% 27.73% 1.86% 17.40% 5.93% (1.84%) Ellington Management Group. LLC Feb 14 14 AprIl -Jull1 ELLINGTON MORTGAGE OPPORTUNITIES MASTER 31 Jan 09 O $325M 254.67 30 Apr 0.29% 4.92% 9.64% 13.29% 16.19% 19.50% 3.90% (0.58%) FUND LTD Feb 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. Ian ClKeeffe Apr 13 14 Jun 07 - Dec 08 GREEN T G2 FUND 28 Feb 99 O $552M 197.38 02 May 0.16% 0.41% 2.66% 2.76% 0.8% 6.50% 3.55% (4.26%) Darryl Green. Geoffrey Sherry Feb 14 14 Dec 03 - Jul 00 III SELECT CREDIT FUND LTD CLASS -A- 31 Dec 07 O $246M 1.914.29 30 Apr 0.25% 2.30% 8.56% 11.95% 7.41% 10.96% 6.65% (8.44%) Lester Coyle Mar 14 14 Aug 08 - Nov 08 KINGDON CREDIT LTD AM 30 Sep 09 O $293M 1.640.04 02 May 0.33% 3.53% 15.67% 8.3% 1.64% 11.55% 5.32% (6.34%) Michael Pohly Apr 14 14 Mayit-Sepii LOOMIS SAYLES CREDIT LONG SHORT FUND 31 Aug 07 O $617M 178.04 25 Apr 0.06% 1.27% 4.76% 12.48% -0.76% 9.05% 6.60% (9.90%) Kevin Kearns and Tom Stolberg Dec 13 14 Jun 08 - Sep 08 LUCIDUS CAPITAL G4 FUND 28 Feb 11 O $580M 112.61 02 May 0.37% 0.85% 5.01% 5.23% 1.04% 3.81% 3.34% (1.97%) Darryl Green. Geoffrey Sherry Feb 14 14 Feb 11 - Jun 11 MACQUARIE CREDIT NEXUS FUND LTD 30 Sep 08 O $632M 1.264.03 31 Mar 0.49% 4.53% 8.44% 15.98% 1.85% 15.23% 5.13% (3.28%) Macquarie Crock Investment Management Inc. Mar 14 14 May It - Oct 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 EFTA00602714 Credit Long/Short Credit/Global Inception Liquidity Asset Last NAV or Date MTD YTD 2013 2012 2011 Ann Return Ann. Vol Max Dates Size Index Drawdown l Yid Avg. 2014 3.03% MKP CREDIT OFFSHORE FUND 28 Feb 99 O $1'622M 539.60 30 Apr 0.94% 3.67% 11.22% 19.59% -5.11% 11.75% 5.47% (8.94%) MKP Capital Management. L.L.C. Mar 14 14 Feb 11 -Oa 11 MLIS - BEACH POINT DIVERSIFIED CREDIT UCITS 31 Mar 13 W $84M 110.78 06 May (0.13%) 1.39% 9.26% 9.77% 3.64% (1.01%) FUND CLASS B USD Jan 14 14 May 13 - Jun 13 Carl Goldsmith and Scott Klein PALOMINO FUND LTD CLASS B ORIGINAL SERIES 31 Dec 94 Y mum 9.426.68 31 Mar (0.55%) 1.26% 42.36% 29.29% -3.53% 26.62% 20.06% (49.05%) David Tepper Dec 13 14 Feb 98 - See 98 PIMCO GLOBAL CREDIT OPPORTUNITY FUND 30 Jun 06 O $1'612M 174.60 31 Mar (0.29%) 2.42% 7.45% 15.18% 6.24% 7.45% 5.15% (12.86%) SERIES 1 Mar 14 14 Jun07 - akar 08 Dan lvascyn /Jon Home PINE RIVER CREDIT RELATIVE VALUE FUND 31 Dec 06 O $119M 217.52 30 Apr (0.48%) 3.17% 12.84% 14.26% 5.8% 11.18% 8.11% (12.14%) Mike O'Connell Apr 14 14 Dec 07 - Dec 08 PINE RIVER FIXED INCOME FUND LTD 31 Aug 08 O $3'476M 495.53 30 Apr 0.01% 3.62% 10.18% 34.85% 4.77% 32.64% 9.66% (8.83%) Steve Kuhn. Colin Teichholtz May 14 14 Jul 11 -Oct It PROSIRIS GLOBAL OPPORTUNITIES FUND 30 Jun 11 O $1'089M 166.59 31 Mar 0.27% 3.31% 16.35% 22.49% 13.15% 20.36% 4.25% 0.00% Reza Ali Mar 14 14 Jan 00 -Jan 00 SABA CAPITAL OFFSHORE FUND LTD 31 Jul 09 O $2218M 117.70 25 Apr 0.18% 0.37% -6.76% -3.87% 9.33% 3.50% 5.70% (12.48%) Boaz Weinstein Mar 14 14 Jun 12 - Dec 13 SPF CREDIT SUISSE SECURITIZED PRODUCTS 31 Dec 11 O $1'824M 142.79 31 Mar 1.28% 3.87% 18.04% 16.46% 17.16% 3.32% (0.57%) MASTER FUND LTD Mar 14 14 May 13 - Jun 13 Albert Sohn TIG SECURITIZED ASSET FUND LTD 30 Sep 12 M $415M 132.20 30 Apr 0.00% 4.55% 20.05% 5.33% 19.31% 3.16% (0.11%) Stuart Lippman. David Liu Mar 14 14 May 13 - Jun 13 TRICADIA CREDIT STRATEGIES. LTD 31 Mar 05 O $21 35M 353.33 30 Apr 0.10% 2.36% 10.57% 12.73% -0.81% 14.90% 7.39% (10.77%) Aril lnayatullah 8 Michael Barnes Mar 14 14 Jun08 - rtiv 08 VARDEN PACIFIC OPPORTUNITY OFFSHORE FUND I 31 Mar 11 O $48M 127.81 31 Mar 1.46% 1.66% 15.14% 28.54% •15.05% 8.51% 13.32% (18.02%) LTD Mar 14 14 Mar 11 - See 11 Varden Pacific LLC Yid Avg. 2014 Credit/USA 3.13% 400 CAPITAL CREDIT OPPORTUNITIES 31 Jan 09 O $681M 261.07 31 Mar 1.04% 3.26% 15.24% 34.21% 3.07% 20.42% 6.15% (2.91%) Chris Hentemann Feb 14 14 May 11 - Oct li ACUITY CORPORATE OPPORTUNITY FUND LTD 31 Dec 09 M $180M 152.24 30 Apr (0.13%) 0.22% 8.61% 11.14% 1.2% 10.19% 4.12% (3.23%) John Harnisch Apr 14 14 Jul 11 - Nov It BEACH POINT TOTAL RETURN OFFSHORE FUND II. 30 Jun 96 O $2200M 641.53 30 Apr 0.53% 2.25% 12.36% 13.86% -0.98% 10.98% 8.10% (24.04%) LTD Mar 14 14 Oct 07 - Dec 08 Carl Goldsmith. Scott Klein. 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 16 EFTA00602715 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 3.13% BRIGADE LEVERAGED CAPITAL STRUCTURES FUND 31 Dec 06 0 $4'867M 1.620.30 30 Apr 0.41% 2.10% 5.95% 6.7% 2.45% 6.80% 6.45% (19.42%) Don Morgan Apr 14 14 Jun Oa . Dec 08 MARINUS OPPORTUNITIES FUND (PROFORMA) 31 Dec 09 0 $319M 159.11 05 May 0.07% 1.99% 6.12% 14.54% 6% 11.28% 2.72% (0.99%) Najib Canaan Mar 14 14 May 13. Jun I3 MIDOCEAN ABSOLUTE RETURN CREDIT FUND 31 Jan 10 M $303M 146.24 30 Apr 0.97% 3.41% 7.66% 10.87% 9.99% 9.36% 3.52% (3.26%) MidOcean Credit Fund Management LP Feb 14 14 Jul 11 - Sep 11 MIDOCEAN CREDIT OPPORTUNITY FUND CLASS B 31 Mar 09 0 $704M 223.79 31 Mar 1.21% 3.36% 10.07% 10.78% 7.46% 17.47% 6.54% (2.69%) Mio'Ocean Credit Fund Management LP Feb 14 14 Jul 11 - Aug 11 OCP DEBT OPPORTUNITY INTERNATIONAL LTD 30 Jun 01 0 $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 Jun 07 • Dec 08 OCTAGON HIGH INCOME FUND 31 Jan 11 M $161M 132.05 30 Apr 0.27% 2.27% 9.04% 19.9% -1.24% 8.94% 7.73% (10.79%) Andrew D. Gordon. Nov 13 14 Jul 11 - Aug 11 ONE WILLIAM STREET CAPITAL FUND 31 Mar 08 '1 / 0 $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 $127M 166.77 31 Mar 0.36% 3.42% 5.8% 8.46% 6.53% 11.80% 5.01% (3.76%) Nate Brown. Guy Caplan. Bobby Richardson Mar 14 14 Jul 11 - Sep II TILDEN PARK OFFSHORE INVESTMENT FUND LTD 31 Dec 10 0 $1'853M 199.24 31 Mar 3.52% 6.62% 20.12% 41.34% 10.07% 23.63% 5.35% (0.90%) Josh Birnbaum Mar 14 14 Sep 11 - Oct 'it 1. Max Drawdown: Peak to trough. Past performance is not a reliable indicator of future performance. Source - HSBC HSBC Alternative Investment Group I 17 EFTA00602716 Distressed Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown Distressed Security Ytd Avg. 2014 4.54% Ytd Avg. 2014 Distressed Security/Europe 3.56% KING STREET EUROPE LTD CLASS A 30 Jun 07 O $1100M 177.29 30 Apr 0.63% 3.56% 12.53% 10.98% .4.82% 8.73% 6.41% (8.56%) 0. Francis Biondi. Jr.. Brian J. Higgins Mar 14 14 May 11 - Nov II Ytd Avg. 2014 Distressed Security/Global 4.75% CANDLEWOOD SPECIAL SITUATIONS FUND LTD 30 Apt 03 O $980M 832.79 30 Apr 1.10% 5.92% 12.53% 14.78% 3.88% 21.23% 11.15% (28.11%) Michael Lau and David Koenig Mar 14 14 May 08 - Nov 08 CANYON VALUE REALIZATION FD. LTD - CLASS A 31 Dec 94 O $6'448M 7.731.16 30 Apr 0.46% 3.09% 15.65% 18.05% .4.66% 11.15% 8.35% (28.82%) M.R. Julis & J.S. Friedman Mar 14 14 Oct 07 - Nov 08 CERBERUS INTL. LTD CLASS A AC 191 31 May 93 O $970M 888.712.26 30 Apr 0.14% 1.07% 14.1% 12.05% 9.6% 11.00% 5.75% (22.26%) Steve Feinberg Feb 14 14 May 08 - Feb09 CONTRARIAN CAPITAL FUND I OFFSHORE LTD 30 Sep 86 Y $2866M 2.704.32 30 Apr 0.47% 4.34% 17.01% 24.31% -1.32% 12.69% 9.61% (3122%) Jon Bauer Mar 14 14 Jun 07 - Feb09 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 Bastabla KING STREET CAPITAL. LTD 31 Dec 96 O $12200M 622.29 30 Apr 0.94% 3.60% 11.63% 12.54% -1.62% 11.12% 4.03% (5.21%) 0. Francis Biondi Jr & Brian J. Higgins Mar 14 14 May 11 - Nov 11 LC CAPITAL OFFSHORE FUND. LTD 30 Sep 99 Steven G Lampe & Richard F Conway Y ( O $110M dec 13 366.75 31 Mar 14 (0.37%) 6.61% -7.55% 9.61% 0.25% 9.37% 8.79% (34.48%) Jun 07 - Feb09 MONARCH DEBT RECOVERY FUND LTD 31 Mar 02 Y $1295M 3.970.16 31 Mar 1.59% 3.32% 18.06% 12.08% .0.45% 12.17% 7.96% (33.02%) Michael Weinstock. Andrew Herenstein Jan 14 14 Oct 07 - Dec 08 MUDRICK DISTRESSED OPPORTUNITY FUND LTD 30 Jun 09 O $450M 179.66 02 May (0.10%) 10.81% 7.73% 21.85% -3.72% 12.87% 6.09% (8.55%) Jason Mudrick Mar 14 14 Marll•Sepll 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 April-OG.111 PAULSON CREDIT OPPORTUNITIES LTD 30 Jun 06 Y $1394M 1.785.88 30 Apr (0.02%) 539% 21.8% 8.87% •18.24% 44.45% 40.89% (24.80%) John Paulson Feb 14 14 Aprll - 5ep 11 SILVER POINT CAPITAL OFFSHORE LTD 31 Dec 01 O $5111M 4.548.05 30 Apr 0.04% 3.40% 16.11% 20.04% 4.52% 13.06% 8.32% (35.48%) Edward Mutt* Jun 13 14 Jun07 - Dec 08 STONE LION FUND LTD CLASS A 31 Oct 08 O $720M 2.351.01 06 May (0.17%) 3.01% 16.52% 11.31% 0.05% 16.77% 8.27% (8.74%) Greg Hanley and Alan Mintz Apr 14 14 April-58FM STRATEGIC VALUE RESTRUCTURING FUND 31 Aug 02 O(Y $1'159M 355.95 30 Apr 1.04% 5.90% 16.17% 13.18% •11.03% 11.49% 7.56% (24.47%) Victor Khosla Dec 12 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 EFTA00602717 Distressed Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown l Ytd Avg. 2014 Distressed Security/Global 4.75% VR GLOBAL OFFSHORE FUND LTD 30 Apr 99 0 $1'733M 36.940.78 31 Mar 2.61% 2.67% 32.33% 20.69% 3.58% 27.35% 15.06% (48.38%) Richard De& Mar 14 14 May 08 - Mar 09 Ytd Avg. 2014 Distressed Security/USA 3.48% HALCYON OFF. ASSET•BACKED VALUE FUND LTD 30 Nov 05 0 $2'377M 2,823.40 30 Apr 1.08% 3.38% 6.66% 16.14% 4.12% 13.12% 5.46% (13.32%) Joseph Wolnick ,Joseph Godley and Jim Coppola Mar 14 14 Aug 08 - Mar 09 REDWOOD OFFSHORE FUND 31 Jul 00 Y $3'143M 735.39 30 Apr 0.70% 3.58% 17.62% 21.94% -1.98% 15.61% 10.74% (36.28%) Jonathan Kolatch 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 10 EFTA00602718 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown l Equity-Commodity Ytd Avg. 2014 1.08% Ytd Avg. 2014 Equity-Commodity/Global 1.08% OCEANIC HEDGE FUND CLASS A 31 Jul 02 M $843M 1633.91 02 May 0.62% 1.64% 232% -7.73% 5.24% 11.59% 8.19% (12.78%) Cato Brande. Andreas Vergouis. Bjorn Rise Sep 13 14 Nov 11 Jul 12 VAN ECK HARD ASSETS 2X FUND LTD 31 Dec 04 M $19M 189.71 31 Mar (2.37%) 0.52% -1.05% 11.04% •13.4% 7.17% 10.62% (22.23%) Shawn Reynolds and Charles Cameron Apr 13 14 Jun 08 Nov 08 Equity-Diversified Ytd Avg. 2014 (1.58%) Ytd Avg. 2014 Equity-Diversified/Asia (3.80%) AJIA-LIGHTHORSE CHINA GROWTH FUND LTD 31 Dec 05 M $137M 353.93 31 Mar (6.07%) (4.39%) 15.85% -14.51% -12.64% 16.55% 2159% (41.06%) Shawn Kang Feb 14 14 Feb 08 - Dec 08 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% 14/8% (27.12%) Richard Cardiff. Angus Coupland Jan 14 14 Dec 07 - Dec 08 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 $976M 134.28 02 May 0.35% (0.78%) 17.48% 26.91% -3.9% 26.87% 24.79% (64.64%) George Jiang. Feb 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 $23M 1.278.35 31 Mar (0.51%) (0.36%) 9.63% -1.58% -5.39% 5.30% 7.91% (17.30%) Justin Klintberg. David Nesbitt Sep 13 14 May lt - Aug 12 NEZU CYCLICALS FUND LTD 31 Jul 05 O $187M 238.63 02 May 1.22% 2.62% 27.39% -6.58% -5.09% 10.44% 12.66% (25.06%) Fuyuki Fujiwara Mar 14 14 Oct 07 - Feb 09 OCTAGON PAN ASIA FUND 30 Sep 04 M $136M 209.69 31 Mar (0.61%) (3.95%) 4.6% 11.8% -6.07% 8.10% 8.78% (10.69%) Poh Min Lam 8 Nelson Chia Mar 14 14 Oct 07 - Jan 09 PINPOINT CHINA FUND CLASS A USD 31 May 05 M $533M 719.99 30 Apr (0.96%) (2.96%) 9.26% 8.06% 0.6% 24.76% 20.49% (42.16%) Clang Wang Feb 14 14 Oct 07 - Nov 08 REAL RETURN ASIAN FUND LTD (THE) 30 Sep 04 M $484M 273.06 30 Apr (2.49%) (338%) 13.35% 9.02% -9.19% 11.05% 9.89% (15.09%) Ezra Sun Mar 14 14 Apr 11 - May 12 TELLIGENT GREATER CHINA FUND 31 Jul 04 M $301M 376.44 31 Mar (5.21%) (1.71%) 28.57% 10.76% -17.35% 14.69% 18.55% (46.90%) Ching-Shan Lin Apr 14 14 Oct 07 - Oct 08 WF ASIA FUND LTD Srl 31 Jan 01 M $429M 409.40 02 May 0.74% 1.99% 11.72% 27.68% -7.21% 11.22% 13.05% (37.65%) Stable Ward 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 Investment Group I 20 EFTA00602719 Equity Long/Short Inception Dates Liquidity Asset Size Last NAV or Index Date MTD YTD 2013 2012 2011 Ann. Return Ann. Vol Max Drawdown l Ytd Avg. 2014 Equity-DiversifieWAsia (3.80%) ZEAL CHINA FUND LIMITED 31 Dec 09 M $656M 137.09 02 May 1.40% (7.54%) 5.55% 12.9% 6.18% 7.54% 14.29% (13.00%) Daniel POON Chun Pong Jan 14 14 Dec 09 Feb 10 Ytd Avg. 2014 Equity-Diversified/Brazil 0.33% BNY MELLON ARX BRAZIL FUND SPC LONG SHORT 31 Jan 07 M 555M 1.751.09 02 May 0.67% 0.33% 5.22% 11.03% 3.58% 8.03% 8.74% (23.95%) Bruno Garcia. Frederico Saraiva & Rogerio Poppe Dec 13 14 Jun 08. Oct 08 Ytd Avg. 2014 Equity-DiversifiedrEmerging (4.98%) ADELPHI EMERGING EUROPE. FUND USD SHARES 31 Mar 07 O $170M 143.06 30 Apr (3.32%) (9.86%) 20.69% -2.13% -15.92% 5.18% 13.50% (28.62%) Lars Dollmann Feb 13 14 May 08 Jan 09 ARMAJARO EMERGING MARKETS FUND CLASS -A- 31 Jul 09 M $29M 130.47 02 May 0.47% (3.26%) 8.23% 17.35% -22.31% 5.75% 14.11% (28.30%) Michel Dansen' Mar 14 14 Apr11 - Dec 11 FIREBIRD NEW RUSSIA FUND. LTD CLASS A 30 Jun 96 O $150M 2.112.66 30 Apr (2.79%) (14.28%) 4.08% 11.42% -14.62% 18.64% 39.26% (81.79%) Harvey Sawikin & Ian Hague Mar 14 14 Mar 98 Sep 98 FIREBIRD REPUBLICS FUND. LTD 30 Apr 97 O $180M 1.086.95 30 Apr (0.15%) (5.62%) 24.05% 13.26% -19.42% 15.06% 30.19% (73.20%) Harvey Sawikin & Ian Hague Mar 14 14 Sep 97 Jan 99 GROWTH MANAGEMENT LTD 31 May 98 M SI59M 352.39 31 Mar (0.33%) (4.84%) 7.2% -6.37% -6.15% 8.27% 7.21% (33.23%) Stephan Pinter Sep 13 14 Jun 08 - Jul 12 JABCAP EMEA FUND CLASS XI 30 Sep 08 M $184M 231.12 14 Apr (1.21%) 2.92% 9.23% 6.94% .3.2% 16.32% 10.19% (10.02%) Carl Tohme Mar 14 14 Apr II -May 12 KALTCHUGA FUND - RUSSIA EO. SUB-FUND -5- 15 Nov 00 BM $59M 6.944.03 30 Apr (4.01%) (19.13%) 7.78% 12.91% -20.88% 15.48% 33.83% (81.80%) J-L. Tauvy Jim 13 14 Dec 07 Jan 09 MONTLAKE SKYLINE UCITS FUND INSTITUTIONAL 31 Jul 11 D 5152M 137.98 29 Apr (0.03%) (3.17%) 10.01% 25% 3.62% 12.43% 11.58% (9.65%) SHARE CLASS Jan 14 14 Oct 13 Jan 14 Geoll *Sambal.. David Tovar. OCCO EASTERN EUROPEAN FUND A SHARES 31 Dec 01 '1 I O $677M 389.25 30 Apr 0.17% (1.68%) 11.63