ROUNDTABLE DISCUSSIONS

2008

• Soaring Commodity Prices Coupled
  with Fed Easing Fuels Inflation
  Supply/Demand Imbalances May Only be Part of
  the Ptroblem; Is the Weak Dollar Also to Blame?

Quarter 2, 2008

• FoFs Side Step Landmines and Post
  Market Beating Returns for 2007
  Will Funds Migrate Toward More Liquid Strategies
  as Liquidity Dries Up in Some Credit Sectors?

Quarter 1, 2008

2007

• Sub Prime Rubble Puts New Shine
  on Investing in Distressed Assets
  Opportunities Present in Today's Environment
  May be Comparable to Enron Debacle in 2002

Quarter 4, 2007

• CTAs Gain as Trending Markets
  in Q2 Increase AUM to $182 Bil.
  Long Vol Strategies Provide Attractive
  Returns if Investors Accept Higher Volatility

Quarter 3, 2007

• Creditworthy Firms Tap "PIPES"
  To Achieve Financing Objectives
  Insurance on the Rise as Regulators Clarify Rules
  and Investor Base Expands to Include Mutual Funds

Quarter 2, 2007

• 9.33% Return From FoFs in 2006
  Mirrors Ten-Year Average of 9.40%
  Merger Arbitrage is on the Front Burner Once
  Again as M&A Activity is Fueled by Private Equity

Quarter 1, 2007

2006

• Currency Fund Returns Decline but
  Interest in Sector Increases
  Astute Investors Seem More WIlling to Buy Low
  and Make Strategic Bet Rather That Case Returns

Quarter 4, 2006

• Merger Arbitrage Once Again A Top
  Performer After Years of Neglect
  As Interest Rates Rise and Acquisitions Abound,
  Returns to Sector Continue to Increase

Quarter 3, 2006

• Searching for Higher Returns, Investors Book
  Passage to India
  A Low Cost Structure Coupled with English
  Language Skills Provides Attractive Milieu

Quarter 2, 2006

• Average FoF Gains 6.85% in 2005
  Emerging Markets on Fire, + 22.3%
  Investor Risk Appetite on Rise as Money Moves
  From Low Risk to Higher Return Strategies

Quarter 1, 2006

2005

• Energy Based Funds Attracting Investors
  as Oil Prices Rise - Global Demand Continues to
  Increase Even as Replacement Reserve
  Growth Decreases

Quarter 4, 2005

• Rapid Growth in Assets Creates Capacity Issues
  for Investors
  FoFs Look to Emerging Managers & Startups to
  Increase Portfolio Returns and Add Alpha

Quarter 3, 2005

• Investors Search for Diversity as Fixed Income
  Spreads Compress - CDOs Allow Investors to
  Specify Levels of Acceptable Asset Quality and Default Risk

Quarter 2, 2005

• Large Hedge Fund Inflows Raise "Bubble" Concerns in the Media - Some Arbitrage Strategies
  Fall Out of Favor While Others Post Double Digit Returns

Quarter 1, 2005

2004

• Multi-Strategy Funds Continue to Attrack
  Risk Averse Investors - Ability to Rapidly
  Shift Assets to Exploit Pricing Inefficiencies is
  Considered an Edge

Quarter 4, 2004

• Asset Based Lending Strategies Currently
  Gaining in Popularity - Focus on Asset Value
  Rather than Credit Quality Provides Additional
  Diversification

Quarter 3, 2004

• Long/Short Japan Funds Attract Investor
  Interest and Assets - End of Prolonged Bear
  Market Provides Undervalued Opportunities
  Across Sectors

Quarter 2, 2004

• Double Digit Returns and Record Inflows Boost FoFs: Investor Appetite for Long/Short Strategies
  Increase Even as Share Prices Rise Sharply

Quarter 1, 2004

2003

• Weather Derivatives & CAT Bonds Attracting
  Hedge Fund Interest - Unique Set of Risks and
  Rewards Provides Exposures Uncorrelated to
  Financial Markets

Quarter 4, 2003

• Cap Structure Arb Gains Acceptance as Stand-
  Alone Investment Strategy - Increasing
  Complexity of Capital Structures Helps to
  Create Exploitable Inefficiencies

Quarter 3, 2003

• Collateralized Fund Obligations Enhance
  Investment Alternatives - Reduce Cost of
  Borrowing Coupled with Credit Ratings Create
  Attractive Options

Quarter 2, 2003

• FOFs Deliver Absolute Returns During the
  3-Year Bear Market - Key Hedge Fund Sectors
  Incur Losses, Yet FOFs Sustain Profitability for
  Another Year

Quarter 1, 2003

2002

• Managed Futures' Double Digit Returns Spark
  Investor Interest - Hedge Fund Investors
  Reassess How to Enhance Portfolio
  Diversification Benefits

Quarter 4, 2002

• Activist Investors Strive to Realize Value of
  Their Targets - Improving Corporate
  Governance Results in Higher Share Prices
  for Investors

Quarter 3, 2002

• Traditional Long-Only Managers Move into
  Hedge Fund Arena - Lack of Experience
  with Short-Sales and Leverage Are Major
  Investor Concern

Quarter 2, 2002

• FOFs Deliver on Their Promise to Provide
  Absolute Returns - Two Years of Falling
  Equity Markets Increases Investor Interest
  in Hedge Finds

Quarter 1, 2002

2001

• Fixed-Income Arbitrage Has Appeal in
  Uncertain Market Steep Yield Curve
  Increases Returns to this Set of Market
  Neutral Strategies

Quarter 4, 2001

• Distressed Investing Gains Favor as Defaults
  Increase Distressed Securities Managers
  Discuss Tactics to Exploit Market Opportunities

Quarter 3, 2001

• Investor Preferences Shift: Convertible Arb
  Gains Favor Four Respected Convert Arb
  Managers Share Their Insights and Strategy

Quarter 2, 2001

• Hedge Funds Demonstrate Value-Added in
  Down Market Funds are Forced to Evaluate
  Capacity Constraints as Assets Continue
  to Increase

Quarter 1, 2001

2000

• Recent CTA Underperformance Tests Investor
  Patience Asset Allocators Are Working
  Overtime to Manage Portfolio Volatility

Quarter 4, 2000

• Option Sellers Score High Sharpe Ratios,
  But No Equity Superior Risk/Returns Are
  Unable to Overcome Investor Prejudice

Quarter 3, 2000

• CTAs Begin Trading of Stocks For Customer
  Portfolios Momentum Approaches Start to
  Gain Acceptance Among Equity Investors;
  Advantages for U.S. Fund Investors

Quarter 2, 2000

• Better Benchmarks Promote Institutional
  Investment Long-only Indices and Manager
  Universes Provide Limited Relevance to
  Investors; Advantages for US Fund Investors

Quarter 1, 2000

1999

• Y2K Concerns Potentially More Disruptive
  Than Bugs Hoarding of Cash and Supplies
  Creating Risk of Bank Runs and Bottlenecks

Quarter 4, 1999

• Electronic Trading Challenges Dominance
  of Open-Outcry US Futures Exchanges Follow
  Europe’s Lead & Move To Electronic
  Enhancements

Quarter 3, 1999

• Converting Fund Units into Equity Yields Tax
  Benefits Offshore Insurance Companies
  Provide Possible Advantages to US Fund
  Investors

Quarter 2, 1999

• Total Return Portfolios Raise Allocations to
  Alternatives Alternative Investments Are
  Shown To Enhance Portfolio Risk/Reward
  Profiles

Quarter 1, 1999

1998

• Hedge Funds Stumble and Fed Takes
  Pre-emptive Action Four Experts Discuss
  Why Liquidity, Leverage and Transparency
  Are Crucial

Quarter 4, 1998

• Allocation to Discretionary CTAs Grow as
  Market Stalls

Quarter 3, 1998

• Allocations to Short-Term CTAs Increasing
  at Rapid Rate Four Experts Discuss Investor
  Preferences, Risk Adjusted Returns and
  Capacity Issues

Quarter 2, 1998

• CTAs Reposition Themselves to Compete with
  Hedge Funds Four Prominent Trading Advisors
  Discuss Their Reasons for Crossing Over

Quarter 1, 1998

1997

• EURO May Challenge the Dominance of US
  Dollar Three Experts Discuss the Implications
  of Economic and Monetary Union (EMU)

Quarter 4, 1997

• Energy Traders On The Verge Of Extinction
  Four Advisors Discuss The Challenges Of
  Trading In The Energy Complex

Quarter 3, 1997

• Structured Notes Offer Flexibility, Less
  Volatility Three Experts Discuss Why
  Institutional Investing in These Products
  is Growing

Quarter 2, 1997

• 'Turtle' Founders Successful With Differing
  Approaches

Quarter 1, 1997

1996

• Options Usage For CTAs Goes Beyond Risk
  Management

Quarter 4, 1996

• Managed Futures Returns: Skill-Based or
  Inherent?

Quarter 3, 1996

• Currency Overlay Managers Utilize CTA
  Trading Skills

Quarter 2, 1996

• Derivatives: Separating the FACTS from
  the FEARS

Quarter 1, 1996

1995

• Emerging CTA Firms Must Overcome Unique
  Challenges

Quarter 4, 1995

• Oldest CTAs in the Industry Have Survived
  and Thrived

Quarter 3, 1995

• Dollar's Drop Puts Pressure on Overseas
  Futures

Quarter 2, 1995

• Turtles Outperform Industry In a
  Challenging Year

Quarter 1, 1995

1994

• Institutions Assess Commodity Baskets and
  Indexation

Quarter 4, 1994

• Price Moves Rekindle Interest In Physical
  Commodities

Quarter 3, 1994

• Growth of International Assets Increases
  Currency Exposure

Quarter 2, 1994

• Yield Enhancement Programs: Greater
  Returns, Less Risk?

Quarter 1, 1994

1993

• Dealing with the Challenge of Unfavorable
  Markets Strategies and Methods CTAs Apply
  in Difficult Trading Environments

Quarter 4, 1993

• Looking Ahead to the Year 2000 An In-Depth
  Discussion with the President of Colorado
  Commodities Management

Quarter 3, 1993

• Systematic Approaches Apply Method to the
  Madness

Quarter 1, 1993

1992

• How Will Inflation Effect CTA Performance
  in the 90s?

Quarter 4, 1992

• How Traders Interpret Recent Industry
  Performance

Quarter 3, 1992

• European CTAs Look at US Economy and
  Global Markets US Dollar Seen as Less
  Dominant In Emerging New Economic Order

Quarter 2, 1992

1991

• Financial Futures Trading Expands to
  Worldwide Arena

Quarter 4, 1991

• Technical vs. Fundamental:
  How Do Traders Differ?

Quarter 3, 1991

• What's in store for 1991

Quarter 1, 1991